March 20, 2018
Educational Credit Management Corporation (ECMC) announced today that it has entered into an agreement with Navient to assume the third-party guarantor servicing contracts currently being managed by Navient. Effective July 1, 2018, the following four guarantors will become new third-party servicing clients of ECMC:
- Michigan Guaranty Agency
- Oklahoma College Assistance Program
- Louisiana Office of Student Financial Assistance
- Finance Authority of Maine
"ECMC remains committed to providing high-quality customer service that Navient's third-party servicing clients have come to expect," said Jan Hines, president and chief executive officer of ECMC.
"We are proud to have served student loan borrowers supported by guarantors in these four states over the years, and are pleased to turn over this important work to one of the largest, most experienced players in this field," said Jeff Whorley, group president, asset management and servicing, at Navient.
Navient and ECMC are working with these organizations to ensure a seamless transition and uninterrupted service support for borrowers.
About ECMC
ECMC is a nonprofit corporation with a mission to help students succeed. ECMC works to lower student loan default rates; sponsors college access and success initiatives, and financial education programs; and provides resources to support student loan borrowers to successfully repay their loans. Visit www.ecmc.org for more information.
About Navient
Navient (Nasdaq: NAVI) is a leading provider of asset management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels. Headquartered in Wilmington, Delaware, Navient also employs team members in Indiana, western New York, northeastern Pennsylvania, Tennessee, Texas, Virginia, Wisconsin, and other locations. Visit www.navient.com for more information.