SBPC and AFR Demand Navient Board of Directors Invest in Student Borrowers, Not Shareholders

In a letter sent to the Board of Directors of Navient Corporation, the SBPC and Americans for Financial Reform, urge the company’s board to halt dividends and stock buybacks, pause planned compensation for itself and the company’s managers, and focus on investing in customer service infrastructure for the remainder of the coronavirus pandemic.

Since 2014, Navient has spent approximately $4.5 billion on executive pay, board compensation, and returns to the company’s investors. Meanwhile, as illustrated in lawsuits and tens of thousands of consumer complaints submitted to the CFPB, Navient has systematically failed to offer student loan borrowers the quality customer service they desperately need. In light of the coronavirus pandemic, these breakdowns require immediate action by Navient’s leadership.

Read: Letter to Board of Directors of Navient Corporation