Navient unveils a virtual lab to test ideas that could transform student loan servicing
March 08 2017 - 8:00AM
Today, Navient announced the launch of Navient Labs, a digital lab
built to test new ideas and technology to enhance the student loan
experience. Navient Labs is a prototype built in response to
insights gleaned from student loan borrowers, focus groups, and
usability testing. This launch invites borrowers, consumer
advocates, policymakers, and other experts to review the ideas and
provide feedback.
“We gathered extensive feedback from call listening and other
research to develop a vision for what the future of student loan
servicing could look like and we are excited to test these ideas
for the future," said Navient CEO Jack Remondi. “2017 offers the
opportunity to reimagine the student loan experience from
origination to repayment. Every stage of the student loan life
cycle deserves careful review and innovative improvements so
students and their families can maximize the return on their
college investment. We look forward to working with policymakers to
find solutions that will holistically enhance the entire student
loan lifecycle."
Navient has a history of innovation to support the success of
student loan borrowers, pioneering efforts such as applying plain
language principles to student loan communications, establishing
"Voice of the Customer" panels to enhance processes, adopting a
human-assisted interactive voice telephone system, and creating an
online pay-by-loan option.
By focusing on creative solutions, Navient has established a
strong record of supporting borrower success. Forty-nine
percent of Navient balances serviced for the federal government are
enrolled in income-driven repayment programs, more than comparable
servicers. Further, Navient-serviced federal borrowers are 31
percent less likely to default.
The ideas developed through Navient Labs provide an added
opportunity to take a holistic look at policy reforms that could
improve the current student loan system. Navient has made concrete
recommendations to policymakers to address the most common issues,
including:
- Facilitate better lending and borrowing decisions using tools
such as a four-year award letter that provide borrowers with
information on the full cost of financing a degree before they
enter school.
- Simplify federal student loan repayment options, including
streamlining plans and reforming enrollment processes to make it
easier for customers to choose an affordable option.
- Help borrowers understand the value of paying off their loans
more quickly rather than extending loan repayment, which can
increase total cost.
- Encourage borrowers to connect with their servicers. Nine times
out of 10 when the company reaches struggling federal loan
borrowers, Navient can help them avoid default.
To learn more and to share feedback, visit
www.NavientLabs.com.
Connect with @Navient on Facebook, Twitter, LinkedIn
and Medium.
About NavientNavient (Nasdaq:NAVI) is a Fortune
500 company that provides asset management and business processing
services to education, healthcare, and government clients at the
federal, state, and local levels. The company helps its clients and
millions of Americans achieve financial success through services
and support. Headquartered in Wilmington, Del., Navient employs
team members in western New York, northeastern Pennsylvania,
Indiana, Tennessee, Texas, Virginia, and other locations. Learn
more at navient.com.
Contact:
Media: Patricia Nash Christel, 302-283-4076, patricia.christel@navient.com
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