This is the best summary I could come up with:

“After a thorough review, we are announcing targeted actions intended to simplify our business, reduce our expense base, and increase our financial and operating flexibility,” David Yowan, the president and CEO of Navient, said in a statement.

“Over the longer-term, we believe these actions will increase the value shareholders derive from our loan portfolios and the returns we can achieve on business-building investments.”

Outsourcing servicing responsibility to MOHELA could spark concern for some borrowers, given how the company has fared since federal student-loan payments resumed in the fall.

Specifically, the department found that MOHELA failed to send on-time billing statements to 2.5 million borrowers.

In January, the department withheld varying amounts of pay from the remaining federal servicers for the same reason.

Before it ended its contract to service federal student loans in 2021, Democratic lawmakers, particularly Sen. Elizabeth Warren, accused the company of predatory behavior with its borrowers, including improper marketing of the loans that steered borrowers toward unaffordable products.

The original article contains 445 words, the summary contains 161 words. Saved 64%. I’m a bot and I’m open source!

Students aren’t actually borrowing from lenders. The Federal Reserve types in keystokes and the bursar’s account goes up by that amount. Lenders get the privilege to service all that newly minted debt. If the borrower dies before the debt is paid off, the lender gets that forgiven because they write the rules. This is fantasy land banking dreamed up by lobbyists. People need to stop pretending student debt industry is in anyway legitimate.