navi-10q_20220930.htm
false 2022 Q3 0001593538 --12-31 http://fasb.org/us-gaap/2022#InterestReceivableAndOtherAssets http://fasb.org/us-gaap/2022#InterestReceivableAndOtherAssets http://fasb.org/us-gaap/2022#OtherLiabilities http://fasb.org/us-gaap/2022#OtherLiabilities http://fasb.org/us-gaap/2022#ValuationTechniqueDiscountedCashFlowMember http://fasb.org/us-gaap/2022#ValuationTechniqueDiscountedCashFlowMember 0001593538 2022-01-01 2022-09-30 xbrli:shares 0001593538 2022-09-30 0001593538 navi:CommonStockParValuePointZeroOnePerShareMember 2022-01-01 2022-09-30 0001593538 navi:SeniorNotesDueDecemberFifteenTwoThousandFortyThreeMember 2022-01-01 2022-09-30 iso4217:USD 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 navi:PrivateEducationLoansMember 2022-09-30 0001593538 navi:PrivateEducationLoansMember 2021-12-31 0001593538 2021-12-31 iso4217:USD xbrli:shares 0001593538 navi:SeriesAJuniorParticipatingMember 2021-12-31 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:PrivateEducationLoansMember 2022-09-30 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:PrivateEducationLoansMember 2021-12-31 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-09-30 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-12-31 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-07-01 2022-09-30 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-07-01 2021-09-30 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-01-01 2022-09-30 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-01-01 2021-09-30 0001593538 navi:PrivateEducationLoansMember 2022-07-01 2022-09-30 0001593538 navi:PrivateEducationLoansMember 2021-07-01 2021-09-30 0001593538 navi:PrivateEducationLoansMember 2022-01-01 2022-09-30 0001593538 navi:PrivateEducationLoansMember 2021-01-01 2021-09-30 0001593538 2022-07-01 2022-09-30 0001593538 2021-07-01 2021-09-30 0001593538 2021-01-01 2021-09-30 0001593538 us-gaap:CommonStockMember 2021-06-30 0001593538 us-gaap:TreasuryStockMember 2021-06-30 0001593538 navi:CommonStockSharesOutstandingMember 2021-06-30 0001593538 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001593538 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001593538 us-gaap:RetainedEarningsMember 2021-06-30 0001593538 us-gaap:ParentMember 2021-06-30 0001593538 us-gaap:NoncontrollingInterestMember 2021-06-30 0001593538 2021-06-30 0001593538 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0001593538 us-gaap:ParentMember 2021-07-01 2021-09-30 0001593538 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-09-30 0001593538 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0001593538 navi:CommonStockSharesOutstandingMember 2021-07-01 2021-09-30 0001593538 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0001593538 us-gaap:TreasuryStockMember navi:OpenMarketShareRepurchasesMember 2021-07-01 2021-09-30 0001593538 navi:CommonStockSharesOutstandingMember navi:OpenMarketShareRepurchasesMember 2021-07-01 2021-09-30 0001593538 us-gaap:ParentMember navi:OpenMarketShareRepurchasesMember 2021-07-01 2021-09-30 0001593538 navi:OpenMarketShareRepurchasesMember 2021-07-01 2021-09-30 0001593538 us-gaap:TreasuryStockMember 2021-07-01 2021-09-30 0001593538 us-gaap:CommonStockMember 2021-09-30 0001593538 us-gaap:TreasuryStockMember 2021-09-30 0001593538 navi:CommonStockSharesOutstandingMember 2021-09-30 0001593538 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0001593538 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-30 0001593538 us-gaap:RetainedEarningsMember 2021-09-30 0001593538 us-gaap:ParentMember 2021-09-30 0001593538 us-gaap:NoncontrollingInterestMember 2021-09-30 0001593538 2021-09-30 0001593538 us-gaap:CommonStockMember 2022-06-30 0001593538 us-gaap:TreasuryStockMember 2022-06-30 0001593538 navi:CommonStockSharesOutstandingMember 2022-06-30 0001593538 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001593538 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0001593538 us-gaap:RetainedEarningsMember 2022-06-30 0001593538 us-gaap:ParentMember 2022-06-30 0001593538 2022-06-30 0001593538 us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0001593538 us-gaap:ParentMember 2022-07-01 2022-09-30 0001593538 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-07-01 2022-09-30 0001593538 us-gaap:CommonStockMember 2022-07-01 2022-09-30 0001593538 navi:CommonStockSharesOutstandingMember 2022-07-01 2022-09-30 0001593538 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0001593538 us-gaap:TreasuryStockMember navi:OpenMarketShareRepurchasesMember 2022-07-01 2022-09-30 0001593538 navi:CommonStockSharesOutstandingMember navi:OpenMarketShareRepurchasesMember 2022-07-01 2022-09-30 0001593538 us-gaap:ParentMember navi:OpenMarketShareRepurchasesMember 2022-07-01 2022-09-30 0001593538 navi:OpenMarketShareRepurchasesMember 2022-07-01 2022-09-30 0001593538 us-gaap:TreasuryStockMember 2022-07-01 2022-09-30 0001593538 us-gaap:CommonStockMember 2022-09-30 0001593538 us-gaap:TreasuryStockMember 2022-09-30 0001593538 navi:CommonStockSharesOutstandingMember 2022-09-30 0001593538 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0001593538 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-09-30 0001593538 us-gaap:RetainedEarningsMember 2022-09-30 0001593538 us-gaap:ParentMember 2022-09-30 0001593538 us-gaap:RetainedEarningsMember 2021-01-01 2021-09-30 0001593538 us-gaap:ParentMember 2021-01-01 2021-09-30 0001593538 us-gaap:RetainedEarningsMember 2022-01-01 2022-09-30 0001593538 us-gaap:ParentMember 2022-01-01 2022-09-30 0001593538 us-gaap:CommonStockMember 2020-12-31 0001593538 us-gaap:TreasuryStockMember 2020-12-31 0001593538 navi:CommonStockSharesOutstandingMember 2020-12-31 0001593538 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001593538 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001593538 us-gaap:RetainedEarningsMember 2020-12-31 0001593538 us-gaap:ParentMember 2020-12-31 0001593538 us-gaap:NoncontrollingInterestMember 2020-12-31 0001593538 2020-12-31 0001593538 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-09-30 0001593538 us-gaap:CommonStockMember 2021-01-01 2021-09-30 0001593538 navi:CommonStockSharesOutstandingMember 2021-01-01 2021-09-30 0001593538 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-09-30 0001593538 us-gaap:TreasuryStockMember navi:OpenMarketShareRepurchasesMember 2021-01-01 2021-09-30 0001593538 navi:CommonStockSharesOutstandingMember navi:OpenMarketShareRepurchasesMember 2021-01-01 2021-09-30 0001593538 us-gaap:ParentMember navi:OpenMarketShareRepurchasesMember 2021-01-01 2021-09-30 0001593538 navi:OpenMarketShareRepurchasesMember 2021-01-01 2021-09-30 0001593538 us-gaap:TreasuryStockMember 2021-01-01 2021-09-30 0001593538 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-09-30 0001593538 us-gaap:CommonStockMember 2021-12-31 0001593538 us-gaap:TreasuryStockMember 2021-12-31 0001593538 navi:CommonStockSharesOutstandingMember 2021-12-31 0001593538 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001593538 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001593538 us-gaap:RetainedEarningsMember 2021-12-31 0001593538 us-gaap:ParentMember 2021-12-31 0001593538 us-gaap:NoncontrollingInterestMember 2021-12-31 0001593538 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-09-30 0001593538 us-gaap:CommonStockMember 2022-01-01 2022-09-30 0001593538 navi:CommonStockSharesOutstandingMember 2022-01-01 2022-09-30 0001593538 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-09-30 0001593538 us-gaap:TreasuryStockMember navi:OpenMarketShareRepurchasesMember 2022-01-01 2022-09-30 0001593538 navi:CommonStockSharesOutstandingMember navi:OpenMarketShareRepurchasesMember 2022-01-01 2022-09-30 0001593538 us-gaap:ParentMember navi:OpenMarketShareRepurchasesMember 2022-01-01 2022-09-30 0001593538 navi:OpenMarketShareRepurchasesMember 2022-01-01 2022-09-30 0001593538 us-gaap:TreasuryStockMember 2022-01-01 2022-09-30 0001593538 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-09-30 0001593538 us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember 2022-01-01 2022-09-30 0001593538 us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember 2021-01-01 2021-09-30 0001593538 navi:FederalEducationLoansSegmentMember 2022-01-01 2022-09-30 0001593538 navi:ConsumerLendingMember 2022-01-01 2022-09-30 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-06-30 0001593538 navi:PrivateEducationLoansMember 2022-06-30 xbrli:pure 0001593538 navi:PrivateEducationLoansMember srt:MinimumMember 2022-07-01 2022-09-30 0001593538 navi:PrivateEducationLoansMember srt:MaximumMember 2022-07-01 2022-09-30 0001593538 navi:PrivateEducationLoansMember navi:LoansReceivableForPreviouslyFullyChargedOffLoansMember 2022-07-01 2022-09-30 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-06-30 0001593538 navi:PrivateEducationLoansMember 2021-06-30 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:PrivateEducationLoansMember 2021-09-30 0001593538 navi:PrivateEducationLoansMember srt:MinimumMember 2021-07-01 2021-09-30 0001593538 navi:PrivateEducationLoansMember srt:MaximumMember 2021-07-01 2021-09-30 0001593538 navi:PrivateEducationLoansMember navi:LoansReceivableForPreviouslyFullyChargedOffLoansMember 2021-07-01 2021-09-30 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2020-12-31 0001593538 navi:PrivateEducationLoansMember 2020-12-31 0001593538 2021-01-01 2021-12-31 0001593538 us-gaap:ContractualInterestRateReductionMember 2022-09-30 0001593538 us-gaap:ContractualInterestRateReductionMember 2021-12-31 0001593538 navi:SchoolGraceDefermentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 navi:SchoolGraceDefermentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 navi:SchoolGraceDefermentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:ForbearanceMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 navi:ForbearanceMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 navi:ForbearanceMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:RepaymentMember us-gaap:FinancialAssetNotPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 navi:RepaymentMember us-gaap:FinancialAssetNotPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 navi:RepaymentMember us-gaap:FinancialAssetNotPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:RepaymentMember navi:FinancialAsset31To60DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 navi:RepaymentMember navi:FinancialAsset31To60DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 navi:RepaymentMember navi:FinancialAsset31To60DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:RepaymentMember navi:FinancialAsset61To90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 navi:RepaymentMember navi:FinancialAsset61To90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 navi:RepaymentMember navi:FinancialAsset61To90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:RepaymentMember navi:FinancialAsset90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 navi:RepaymentMember navi:FinancialAsset90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 navi:RepaymentMember navi:FinancialAsset90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:RepaymentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 navi:RepaymentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 navi:RepaymentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:FinancingReceivablesCurrentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2022-01-01 2022-09-30 0001593538 navi:FinancingReceivablesCurrentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001593538 navi:FinancingReceivablesCurrentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001593538 navi:FinancingReceivables31To60DaysPastDueMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2022-09-30 0001593538 navi:FinancingReceivables31To60DaysPastDueMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-12-31 0001593538 navi:FinancingReceivables31To60DaysPastDueMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-09-30 0001593538 navi:FinancingReceivables61To90DaysPastDueMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2022-09-30 0001593538 navi:FinancingReceivables61To90DaysPastDueMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-12-31 0001593538 navi:FinancingReceivables61To90DaysPastDueMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-09-30 0001593538 navi:FinancingReceivables90DaysPastDueMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2022-09-30 0001593538 navi:FinancingReceivables90DaysPastDueMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-12-31 0001593538 navi:FinancingReceivables90DaysPastDueMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-09-30 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2022-01-01 2022-09-30 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001593538 us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001593538 navi:FinancingReceivablesLoansInRepaymentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2022-01-01 2022-09-30 0001593538 navi:FinancingReceivablesLoansInRepaymentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001593538 navi:FinancingReceivablesLoansInRepaymentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001593538 navi:FinancingReceivablesDelinquentLoansInRepaymentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2022-01-01 2022-09-30 0001593538 navi:FinancingReceivablesDelinquentLoansInRepaymentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001593538 navi:FinancingReceivablesDelinquentLoansInRepaymentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001593538 navi:FinancingReceivablesForbearanceLoansInRepaymentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2022-01-01 2022-09-30 0001593538 navi:FinancingReceivablesForbearanceLoansInRepaymentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001593538 navi:FinancingReceivablesForbearanceLoansInRepaymentMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001593538 navi:StaffordLoansMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 navi:ConsolidationLoansMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 navi:RehabLoansMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 navi:StaffordLoansMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:ConsolidationLoansMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:RehabLoansMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-09-30 0001593538 navi:StaffordLoansMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-01-01 2022-09-30 0001593538 navi:ConsolidationLoansMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-01-01 2022-09-30 0001593538 navi:RehabLoansMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-01-01 2022-09-30 0001593538 navi:FicoMember navi:SixFourZeroAndAboveMember 2022-09-30 0001593538 navi:FicoMember navi:BelowSixFourZeroMember 2022-09-30 0001593538 navi:FicoMember 2022-09-30 0001593538 navi:LoanStatusMember navi:SchoolOrGraceOrDefermentOrForbearanceMember 2022-09-30 0001593538 navi:LoanStatusMember navi:LoanStatusCurrentOrNinetyDaysOrLessDelinquentMember 2022-09-30 0001593538 navi:LoanStatusMember navi:LoanStatusGreaterThanNinetyDaysDelinquentMember 2022-09-30 0001593538 navi:LoanStatusMember 2022-09-30 0001593538 navi:RepaymentsMember navi:SeasoningOneThruTwelveMember 2022-09-30 0001593538 navi:RepaymentsMember navi:SchoolGraceDefermentMember 2022-09-30 0001593538 navi:RepaymentsMember 2022-09-30 0001593538 navi:PrivateEducationLoansTroubledDebtRestructuringStatusMember navi:PrivateEducationLoansTroubledDebtRestructuringMember 2022-09-30 0001593538 navi:PrivateEducationLoansTroubledDebtRestructuringStatusMember navi:PrivateEducationLoansNonTroubledDebtRestructuringMember 2022-09-30 0001593538 navi:PrivateEducationLoansTroubledDebtRestructuringStatusMember 2022-09-30 0001593538 navi:CosignersMember navi:CosignerLoanMember 2022-09-30 0001593538 navi:CosignersMember navi:NonCosignerLoanMember 2022-09-30 0001593538 navi:CosignersMember 2022-09-30 0001593538 navi:SchoolTypeMember navi:NotForProfitMember 2022-09-30 0001593538 navi:SchoolTypeMember navi:ForProfitMember 2022-09-30 0001593538 navi:SchoolTypeMember 2022-09-30 0001593538 navi:RepaymentsMember navi:SeasoningThirteenThruTwentyFourMember 2022-09-30 0001593538 navi:RepaymentsMember navi:SeasoningTwentyFiveThruThirtySixMember 2022-09-30 0001593538 navi:RepaymentsMember navi:SeasoningThirtySevenThruFortyEightMember 2022-09-30 0001593538 navi:RepaymentsMember navi:SeasoningMoreThanFortyEightMember 2022-09-30 0001593538 navi:CosignerLoanMember 2022-09-30 0001593538 navi:FicoMember navi:SixFourZeroAndAboveMember 2021-09-30 0001593538 navi:FicoMember navi:BelowSixFourZeroMember 2021-09-30 0001593538 navi:FicoMember 2021-09-30 0001593538 navi:LoanStatusMember navi:SchoolOrGraceOrDefermentOrForbearanceMember 2021-09-30 0001593538 navi:LoanStatusMember navi:LoanStatusCurrentOrNinetyDaysOrLessDelinquentMember 2021-09-30 0001593538 navi:LoanStatusMember navi:LoanStatusGreaterThanNinetyDaysDelinquentMember 2021-09-30 0001593538 navi:LoanStatusMember 2021-09-30 0001593538 navi:RepaymentsMember navi:SeasoningOneThruTwelveMember 2021-09-30 0001593538 navi:RepaymentsMember navi:SchoolGraceDefermentMember 2021-09-30 0001593538 navi:RepaymentsMember 2021-09-30 0001593538 navi:PrivateEducationLoansTroubledDebtRestructuringStatusMember navi:PrivateEducationLoansTroubledDebtRestructuringMember 2021-09-30 0001593538 navi:PrivateEducationLoansTroubledDebtRestructuringStatusMember navi:PrivateEducationLoansNonTroubledDebtRestructuringMember 2021-09-30 0001593538 navi:PrivateEducationLoansTroubledDebtRestructuringStatusMember 2021-09-30 0001593538 navi:CosignersMember navi:CosignerLoanMember 2021-09-30 0001593538 navi:CosignersMember navi:NonCosignerLoanMember 2021-09-30 0001593538 navi:CosignersMember 2021-09-30 0001593538 navi:SchoolTypeMember navi:NotForProfitMember 2021-09-30 0001593538 navi:SchoolTypeMember navi:ForProfitMember 2021-09-30 0001593538 navi:SchoolTypeMember 2021-09-30 0001593538 navi:RepaymentsMember navi:SeasoningThirteenThruTwentyFourMember 2021-09-30 0001593538 navi:RepaymentsMember navi:SeasoningTwentyFiveThruThirtySixMember 2021-09-30 0001593538 navi:RepaymentsMember navi:SeasoningThirtySevenThruFortyEightMember 2021-09-30 0001593538 navi:RepaymentsMember navi:SeasoningMoreThanFortyEightMember 2021-09-30 0001593538 navi:CosignerLoanMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesCurrentMember us-gaap:AccountsReceivableMember 2022-01-01 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesCurrentMember us-gaap:AccountsReceivableMember 2021-01-01 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesCurrentMember us-gaap:AccountsReceivableMember 2021-01-01 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivables31To60DaysPastDueMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivables31To60DaysPastDueMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivables31To60DaysPastDueMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivables61To90DaysPastDueMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivables61To90DaysPastDueMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivables61To90DaysPastDueMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivables90DaysPastDueMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivables90DaysPastDueMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivables90DaysPastDueMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember 2022-01-01 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember 2021-01-01 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember 2021-01-01 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesLoansInRepaymentMember us-gaap:AccountsReceivableMember 2022-01-01 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesLoansInRepaymentMember us-gaap:AccountsReceivableMember 2021-01-01 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesLoansInRepaymentMember us-gaap:AccountsReceivableMember 2021-01-01 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesDelinquentLoansInRepaymentMember us-gaap:AccountsReceivableMember 2022-01-01 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesDelinquentLoansInRepaymentMember us-gaap:AccountsReceivableMember 2021-01-01 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesDelinquentLoansInRepaymentMember us-gaap:AccountsReceivableMember 2021-01-01 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesForbearanceLoansInRepaymentMember us-gaap:AccountsReceivableMember 2022-01-01 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesForbearanceLoansInRepaymentMember us-gaap:AccountsReceivableMember 2021-01-01 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:FinancingReceivablesForbearanceLoansInRepaymentMember us-gaap:AccountsReceivableMember 2021-01-01 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:SchoolGraceDefermentMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:SchoolGraceDefermentMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:SchoolGraceDefermentMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:ForbearanceMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:ForbearanceMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:ForbearanceMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:FinancialAssetNotPastDueMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:FinancialAssetNotPastDueMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:FinancialAssetNotPastDueMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset31To60DaysPastDueMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset31To60DaysPastDueMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset31To60DaysPastDueMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset61To90DaysPastDueMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset61To90DaysPastDueMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset61To90DaysPastDueMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset90DaysPastDueMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset90DaysPastDueMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset90DaysPastDueMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 us-gaap:CreditConcentrationRiskMember navi:PrivateEducationLoansTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesCurrentMember us-gaap:CreditConcentrationRiskMember 2022-01-01 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesCurrentMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesCurrentMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivables31To60DaysPastDueMember us-gaap:CreditConcentrationRiskMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivables31To60DaysPastDueMember us-gaap:CreditConcentrationRiskMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivables31To60DaysPastDueMember us-gaap:CreditConcentrationRiskMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivables61To90DaysPastDueMember us-gaap:CreditConcentrationRiskMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivables61To90DaysPastDueMember us-gaap:CreditConcentrationRiskMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivables61To90DaysPastDueMember us-gaap:CreditConcentrationRiskMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivables90DaysPastDueMember us-gaap:CreditConcentrationRiskMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivables90DaysPastDueMember us-gaap:CreditConcentrationRiskMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivables90DaysPastDueMember us-gaap:CreditConcentrationRiskMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2022-01-01 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesLoansInRepaymentMember us-gaap:CreditConcentrationRiskMember 2022-01-01 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesLoansInRepaymentMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesLoansInRepaymentMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesDelinquentLoansInRepaymentMember us-gaap:CreditConcentrationRiskMember 2022-01-01 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesDelinquentLoansInRepaymentMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesDelinquentLoansInRepaymentMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesForbearanceLoansInRepaymentMember us-gaap:CreditConcentrationRiskMember 2022-01-01 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesForbearanceLoansInRepaymentMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:AccountsReceivableMember navi:FinancingReceivablesForbearanceLoansInRepaymentMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:SchoolGraceDefermentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:SchoolGraceDefermentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:SchoolGraceDefermentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:ForbearanceMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:ForbearanceMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:ForbearanceMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:FinancialAssetNotPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:FinancialAssetNotPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:FinancialAssetNotPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset31To60DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset31To60DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset31To60DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset61To90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset61To90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset61To90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember navi:FinancialAsset90DaysPastDueMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember navi:RepaymentMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-09-30 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-12-31 0001593538 navi:PrivateEducationLoansNonTroubledDebtRestructuringMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:SeniorUnsecuredDebtMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember us-gaap:UnsecuredDebtMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:FFELPLoanSecuritizationsMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:PrivateEducationLoanSecuritizationsMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:FFELPLoanABCPFacilitiesMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:PrivateEducationLoanABCPFacilitiesMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:OtherBorrowingsMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember us-gaap:SecuredDebtMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember 2022-09-30 0001593538 navi:HedgeAccountingAdjustmentsMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:PrivateEducationLoanSecuritizationsMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:FFELPLoanABCPFacilitiesMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:PrivateEducationLoanABCPFacilitiesMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:OtherBorrowingsMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember us-gaap:SecuredDebtMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:SeniorUnsecuredDebtMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember us-gaap:UnsecuredDebtMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:FFELPLoanSecuritizationsMember 2021-12-31 0001593538 navi:HedgeAccountingAdjustmentsMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:ShortTermUnsecuredDebtMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:ShortTermUnsecuredDebtMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember us-gaap:UnsecuredDebtMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember us-gaap:UnsecuredDebtMember 2021-12-31 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:FFELPLoanAssetBackedSecuritizationsRepurchaseFacilitiesMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:FFELPLoanAssetBackedSecuritizationsRepurchaseFacilitiesMember 2021-12-31 0001593538 navi:FFELPLoanAssetBackedSecuritizationsRepurchaseFacilitiesMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:PrivateEducationLoanSecuritizationsRepurchaseFacilityMember 2022-09-30 0001593538 navi:BeforeHedgeAccountingAdjustmentsMember navi:PrivateEducationLoanSecuritizationsRepurchaseFacilityMember 2021-12-31 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:FFELPLoanSecuritizationsMember 2022-09-30 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:PrivateEducationLoanSecuritizationsMember 2022-09-30 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:FFELPLoanABCPFacilitiesMember 2022-09-30 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:PrivateEducationLoanABCPFacilitiesMember 2022-09-30 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:BeforeHedgeAccountingAdjustmentsMember 2022-09-30 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:HedgeAccountingAdjustmentsMember 2022-09-30 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:PrivateEducationLoanSecuritizationsMember 2021-12-31 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:FFELPLoanABCPFacilitiesMember 2021-12-31 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:PrivateEducationLoanABCPFacilitiesMember 2021-12-31 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:BeforeHedgeAccountingAdjustmentsMember 2021-12-31 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:FFELPLoanSecuritizationsMember 2021-12-31 0001593538 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember navi:HedgeAccountingAdjustmentsMember 2021-12-31 0001593538 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:FairValueHedgingMember 2022-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:FairValueHedgingMember 2021-12-31 0001593538 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2021-12-31 0001593538 us-gaap:InterestRateSwapMember 2022-09-30 0001593538 us-gaap:InterestRateSwapMember 2021-12-31 0001593538 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:FairValueHedgingMember 2022-09-30 0001593538 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:FairValueHedgingMember 2021-12-31 0001593538 us-gaap:NondesignatedMember 2021-12-31 0001593538 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2022-09-30 0001593538 us-gaap:InterestRateFloorMember us-gaap:NondesignatedMember 2021-12-31 0001593538 us-gaap:InterestRateFloorMember 2021-12-31 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:FairValueHedgingMember 2022-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:FairValueHedgingMember 2021-12-31 0001593538 us-gaap:CrossCurrencyInterestRateContractMember 2022-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember 2021-12-31 0001593538 us-gaap:NondesignatedMember 2022-09-30 0001593538 us-gaap:ShortTermDebtMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-09-30 0001593538 us-gaap:LongTermDebtMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-09-30 0001593538 us-gaap:LongTermDebtMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-12-31 0001593538 us-gaap:CashFlowHedgingMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-09-30 0001593538 us-gaap:CashFlowHedgingMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-12-31 0001593538 us-gaap:InterestRateFloorMember us-gaap:NondesignatedMember 2022-09-30 0001593538 us-gaap:InterestRateFloorMember 2022-09-30 0001593538 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-09-30 0001593538 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-12-31 0001593538 us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-07-01 2022-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-07-01 2021-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-01-01 2022-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-07-01 2022-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-07-01 2021-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-01-01 2022-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001593538 us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-07-01 2022-09-30 0001593538 us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-07-01 2021-09-30 0001593538 us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-01-01 2022-09-30 0001593538 us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2022-07-01 2022-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2021-07-01 2021-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2022-01-01 2022-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2021-01-01 2021-09-30 0001593538 us-gaap:InterestRateFloorMember us-gaap:NondesignatedMember 2021-07-01 2021-09-30 0001593538 us-gaap:InterestRateFloorMember us-gaap:NondesignatedMember 2022-01-01 2022-09-30 0001593538 us-gaap:InterestRateFloorMember us-gaap:NondesignatedMember 2021-01-01 2021-09-30 0001593538 us-gaap:NondesignatedMember 2022-07-01 2022-09-30 0001593538 us-gaap:NondesignatedMember 2021-07-01 2021-09-30 0001593538 us-gaap:NondesignatedMember 2022-01-01 2022-09-30 0001593538 us-gaap:NondesignatedMember 2021-01-01 2021-09-30 0001593538 navi:InterestExpenseAndDerivativeInstrumentsHedgingActivitiesMember 2022-07-01 2022-09-30 0001593538 navi:InterestExpenseAndDerivativeInstrumentsHedgingActivitiesMember 2021-07-01 2021-09-30 0001593538 navi:InterestExpenseAndDerivativeInstrumentsHedgingActivitiesMember 2022-01-01 2022-09-30 0001593538 navi:InterestExpenseAndDerivativeInstrumentsHedgingActivitiesMember 2021-01-01 2021-09-30 0001593538 us-gaap:InterestExpenseMember 2022-07-01 2022-09-30 0001593538 us-gaap:InterestExpenseMember 2021-07-01 2021-09-30 0001593538 us-gaap:InterestExpenseMember 2022-01-01 2022-09-30 0001593538 us-gaap:InterestExpenseMember 2021-01-01 2021-09-30 0001593538 navi:CounterPartyMember 2022-09-30 0001593538 navi:CorporateContractsMember 2022-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001593538 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001593538 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001593538 us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001593538 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001593538 us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001593538 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001593538 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001593538 us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001593538 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001593538 us-gaap:InterestRateFloorMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001593538 us-gaap:InterestRateFloorMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001593538 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001593538 us-gaap:InterestRateSwapMember 2022-06-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember 2022-06-30 0001593538 us-gaap:InterestRateSwapMember 2022-07-01 2022-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember 2022-07-01 2022-09-30 0001593538 us-gaap:OtherContractMember 2022-07-01 2022-09-30 0001593538 us-gaap:OtherContractMember 2022-09-30 0001593538 us-gaap:InterestRateSwapMember 2021-06-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember 2021-06-30 0001593538 us-gaap:InterestRateSwapMember 2021-07-01 2021-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember 2021-07-01 2021-09-30 0001593538 us-gaap:OtherContractMember 2021-07-01 2021-09-30 0001593538 us-gaap:InterestRateSwapMember 2021-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember 2021-09-30 0001593538 us-gaap:InterestRateSwapMember 2022-01-01 2022-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember 2022-01-01 2022-09-30 0001593538 us-gaap:OtherContractMember 2022-01-01 2022-09-30 0001593538 us-gaap:InterestRateSwapMember 2020-12-31 0001593538 us-gaap:CrossCurrencyInterestRateContractMember 2020-12-31 0001593538 us-gaap:InterestRateSwapMember 2021-01-01 2021-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember 2021-01-01 2021-09-30 0001593538 us-gaap:OtherContractMember 2021-01-01 2021-09-30 0001593538 us-gaap:GainLossOnDerivativeInstrumentsMember 2022-07-01 2022-09-30 0001593538 us-gaap:GainLossOnDerivativeInstrumentsMember 2021-07-01 2021-09-30 0001593538 us-gaap:GainLossOnDerivativeInstrumentsMember 2022-01-01 2022-09-30 0001593538 us-gaap:GainLossOnDerivativeInstrumentsMember 2021-01-01 2021-09-30 0001593538 navi:PrimeLiborBasisSwapsMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0001593538 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0001593538 us-gaap:FairValueInputsLevel3Member 2022-09-30 0001593538 navi:PrimeLiborBasisSwapsMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputConstantPrepaymentRateMember 2022-09-30 0001593538 navi:PrimeLiborBasisSwapsMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountForLackOfMarketabilityMember 2022-09-30 0001593538 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-09-30 0001593538 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-12-31 0001593538 us-gaap:ChangeDuringPeriodFairValueDisclosureMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2022-09-30 0001593538 us-gaap:ChangeDuringPeriodFairValueDisclosureMember us-gaap:FederalFamilyEducationLoanProgramFfelpGuaranteedLoansMember 2021-12-31 0001593538 us-gaap:ChangeDuringPeriodFairValueDisclosureMember navi:PrivateEducationLoansMember 2022-09-30 0001593538 us-gaap:ChangeDuringPeriodFairValueDisclosureMember navi:PrivateEducationLoansMember 2021-12-31 0001593538 us-gaap:ChangeDuringPeriodFairValueDisclosureMember 2022-09-30 0001593538 us-gaap:ChangeDuringPeriodFairValueDisclosureMember 2021-12-31 0001593538 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-09-30 0001593538 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2021-12-31 navi:Case 0001593538 2016-01-01 2016-03-31 navi:StateAttorneysGeneral 0001593538 2022-01-01 2022-01-31 navi:Borrower 0001593538 2022-01-31 0001593538 2021-10-01 2021-12-31 0001593538 navi:SLMBankMember us-gaap:IndemnificationGuaranteeMember 2022-09-30 0001593538 navi:FederalEducationLoanAssetRecoveryServicesMember navi:FederalEducationLoansSegmentMember 2021-07-01 2021-09-30 0001593538 navi:FederalEducationLoanAssetRecoveryServicesMember 2021-07-01 2021-09-30 0001593538 navi:GovernmentServicesMember navi:BusinessProcessingMember 2022-07-01 2022-09-30 0001593538 navi:GovernmentServicesMember 2022-07-01 2022-09-30 0001593538 navi:GovernmentServicesMember navi:BusinessProcessingMember 2021-07-01 2021-09-30 0001593538 navi:GovernmentServicesMember 2021-07-01 2021-09-30 0001593538 navi:HealthcareServicesMember navi:BusinessProcessingMember 2022-07-01 2022-09-30 0001593538 navi:HealthcareServicesMember 2022-07-01 2022-09-30 0001593538 navi:HealthcareServicesMember navi:BusinessProcessingMember 2021-07-01 2021-09-30 0001593538 navi:HealthcareServicesMember 2021-07-01 2021-09-30 0001593538 navi:BusinessProcessingMember 2022-07-01 2022-09-30 0001593538 navi:FederalEducationLoansSegmentMember 2021-07-01 2021-09-30 0001593538 navi:BusinessProcessingMember 2021-07-01 2021-09-30 0001593538 navi:FederalEducationLoanAssetRecoveryServicesMember navi:FederalEducationLoansSegmentMember 2022-01-01 2022-09-30 0001593538 navi:FederalEducationLoanAssetRecoveryServicesMember 2022-01-01 2022-09-30 0001593538 navi:FederalEducationLoanAssetRecoveryServicesMember navi:FederalEducationLoansSegmentMember 2021-01-01 2021-09-30 0001593538 navi:FederalEducationLoanAssetRecoveryServicesMember 2021-01-01 2021-09-30 0001593538 navi:GovernmentServicesMember navi:BusinessProcessingMember 2022-01-01 2022-09-30 0001593538 navi:GovernmentServicesMember 2022-01-01 2022-09-30 0001593538 navi:GovernmentServicesMember navi:BusinessProcessingMember 2021-01-01 2021-09-30 0001593538 navi:GovernmentServicesMember 2021-01-01 2021-09-30 0001593538 navi:HealthcareServicesMember navi:BusinessProcessingMember 2022-01-01 2022-09-30 0001593538 navi:HealthcareServicesMember 2022-01-01 2022-09-30 0001593538 navi:HealthcareServicesMember navi:BusinessProcessingMember 2021-01-01 2021-09-30 0001593538 navi:HealthcareServicesMember 2021-01-01 2021-09-30 0001593538 navi:BusinessProcessingMember 2022-01-01 2022-09-30 0001593538 navi:FederalEducationLoansSegmentMember 2021-01-01 2021-09-30 0001593538 navi:BusinessProcessingMember 2021-01-01 2021-09-30 0001593538 navi:FederalGovernmentMember navi:BusinessProcessingMember 2022-07-01 2022-09-30 0001593538 navi:FederalGovernmentMember 2022-07-01 2022-09-30 0001593538 navi:FederalGovernmentMember navi:BusinessProcessingMember 2021-07-01 2021-09-30 0001593538 navi:FederalGovernmentMember 2021-07-01 2021-09-30 0001593538 navi:GuarantorAgenciesMember navi:FederalEducationLoansSegmentMember 2021-07-01 2021-09-30 0001593538 navi:GuarantorAgenciesMember 2021-07-01 2021-09-30 0001593538 navi:StateAndLocalGovernmentMember navi:BusinessProcessingMember 2022-07-01 2022-09-30 0001593538 navi:StateAndLocalGovernmentMember 2022-07-01 2022-09-30 0001593538 navi:StateAndLocalGovernmentMember navi:BusinessProcessingMember 2021-07-01 2021-09-30 0001593538 navi:StateAndLocalGovernmentMember 2021-07-01 2021-09-30 0001593538 navi:TollingAuthoritiesMember navi:BusinessProcessingMember 2022-07-01 2022-09-30 0001593538 navi:TollingAuthoritiesMember 2022-07-01 2022-09-30 0001593538 navi:TollingAuthoritiesMember navi:BusinessProcessingMember 2021-07-01 2021-09-30 0001593538 navi:TollingAuthoritiesMember 2021-07-01 2021-09-30 0001593538 navi:HospitalsAndOtherHealthCareProvidersMember navi:BusinessProcessingMember 2022-07-01 2022-09-30 0001593538 navi:HospitalsAndOtherHealthCareProvidersMember 2022-07-01 2022-09-30 0001593538 navi:HospitalsAndOtherHealthCareProvidersMember navi:BusinessProcessingMember 2021-07-01 2021-09-30 0001593538 navi:HospitalsAndOtherHealthCareProvidersMember 2021-07-01 2021-09-30 0001593538 navi:FederalGovernmentMember navi:BusinessProcessingMember 2022-01-01 2022-09-30 0001593538 navi:FederalGovernmentMember 2022-01-01 2022-09-30 0001593538 navi:FederalGovernmentMember navi:FederalEducationLoansSegmentMember 2021-01-01 2021-09-30 0001593538 navi:FederalGovernmentMember navi:BusinessProcessingMember 2021-01-01 2021-09-30 0001593538 navi:FederalGovernmentMember 2021-01-01 2021-09-30 0001593538 navi:GuarantorAgenciesMember navi:FederalEducationLoansSegmentMember 2022-01-01 2022-09-30 0001593538 navi:GuarantorAgenciesMember 2022-01-01 2022-09-30 0001593538 navi:GuarantorAgenciesMember navi:FederalEducationLoansSegmentMember 2021-01-01 2021-09-30 0001593538 navi:GuarantorAgenciesMember 2021-01-01 2021-09-30 0001593538 navi:StateAndLocalGovernmentMember navi:BusinessProcessingMember 2022-01-01 2022-09-30 0001593538 navi:StateAndLocalGovernmentMember 2022-01-01 2022-09-30 0001593538 navi:StateAndLocalGovernmentMember navi:BusinessProcessingMember 2021-01-01 2021-09-30 0001593538 navi:StateAndLocalGovernmentMember 2021-01-01 2021-09-30 0001593538 navi:TollingAuthoritiesMember navi:BusinessProcessingMember 2022-01-01 2022-09-30 0001593538 navi:TollingAuthoritiesMember 2022-01-01 2022-09-30 0001593538 navi:TollingAuthoritiesMember navi:BusinessProcessingMember 2021-01-01 2021-09-30 0001593538 navi:TollingAuthoritiesMember 2021-01-01 2021-09-30 0001593538 navi:HospitalsAndOtherHealthCareProvidersMember navi:BusinessProcessingMember 2022-01-01 2022-09-30 0001593538 navi:HospitalsAndOtherHealthCareProvidersMember 2022-01-01 2022-09-30 0001593538 navi:HospitalsAndOtherHealthCareProvidersMember navi:BusinessProcessingMember 2021-01-01 2021-09-30 0001593538 navi:HospitalsAndOtherHealthCareProvidersMember 2021-01-01 2021-09-30 0001593538 us-gaap:AccountingStandardsUpdate201409Member 2022-09-30 0001593538 us-gaap:AccountingStandardsUpdate201409Member 2021-09-30 navi:Segment 0001593538 navi:FederalEducationLoansSegmentMember 2022-09-30 0001593538 navi:FederalEducationLoansSegmentMember 2021-12-31 0001593538 navi:ConsumerLendingMember 2022-09-30 0001593538 navi:ConsumerLendingMember 2021-12-31 0001593538 navi:BusinessProcessingMember 2022-09-30 0001593538 navi:BusinessProcessingMember 2021-12-31 0001593538 us-gaap:AllOtherSegmentsMember 2022-09-30 0001593538 us-gaap:AllOtherSegmentsMember 2021-12-31 0001593538 navi:EducationLoanMember navi:FederalEducationLoansSegmentMember us-gaap:OperatingSegmentsMember 2022-07-01 2022-09-30 0001593538 navi:EducationLoanMember navi:ConsumerLendingMember us-gaap:OperatingSegmentsMember 2022-07-01 2022-09-30 0001593538 navi:EducationLoanMember us-gaap:OperatingSegmentsMember 2022-07-01 2022-09-30 0001593538 navi:EducationLoanMember navi:AdditionsSubtractionsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2022-07-01 2022-09-30 0001593538 navi:EducationLoanMember navi:AdjustmentsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2022-07-01 2022-09-30 0001593538 navi:EducationLoanMember 2022-07-01 2022-09-30 0001593538 navi:FederalEducationLoansSegmentMember us-gaap:OperatingSegmentsMember 2022-07-01 2022-09-30 0001593538 navi:ConsumerLendingMember us-gaap:OperatingSegmentsMember 2022-07-01 2022-09-30 0001593538 us-gaap:AllOtherSegmentsMember us-gaap:OperatingSegmentsMember 2022-07-01 2022-09-30 0001593538 us-gaap:OperatingSegmentsMember 2022-07-01 2022-09-30 0001593538 navi:AdditionsSubtractionsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2022-07-01 2022-09-30 0001593538 navi:AdjustmentsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2022-07-01 2022-09-30 0001593538 navi:ReclassificationsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2022-07-01 2022-09-30 0001593538 navi:BusinessProcessingMember us-gaap:OperatingSegmentsMember 2022-07-01 2022-09-30 0001593538 navi:AdjustmentsForCoreToGaapAccountingMember navi:NetImpactOfDerivativeAccountingMember navi:EliminationsAndReconcilingItemsMember 2022-07-01 2022-09-30 0001593538 navi:AdjustmentsForCoreToGaapAccountingMember navi:NetImpactOfGoodwillAndAcquiredIntangiblesMember navi:EliminationsAndReconcilingItemsMember 2022-07-01 2022-09-30 0001593538 navi:EducationLoanMember us-gaap:OperatingSegmentsMember navi:FederalEducationLoansSegmentMember 2021-07-01 2021-09-30 0001593538 navi:EducationLoanMember us-gaap:OperatingSegmentsMember navi:ConsumerLendingMember 2021-07-01 2021-09-30 0001593538 navi:EducationLoanMember us-gaap:OperatingSegmentsMember 2021-07-01 2021-09-30 0001593538 navi:EducationLoanMember navi:ReclassificationsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2021-07-01 2021-09-30 0001593538 navi:EducationLoanMember navi:AdditionsSubtractionsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2021-07-01 2021-09-30 0001593538 navi:EducationLoanMember navi:AdjustmentsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2021-07-01 2021-09-30 0001593538 navi:EducationLoanMember 2021-07-01 2021-09-30 0001593538 us-gaap:OperatingSegmentsMember navi:ConsumerLendingMember 2021-07-01 2021-09-30 0001593538 us-gaap:OperatingSegmentsMember 2021-07-01 2021-09-30 0001593538 us-gaap:OperatingSegmentsMember navi:FederalEducationLoansSegmentMember 2021-07-01 2021-09-30 0001593538 navi:ReclassificationsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2021-07-01 2021-09-30 0001593538 navi:AdditionsSubtractionsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2021-07-01 2021-09-30 0001593538 navi:AdjustmentsForCoreToGaapAccountingMember navi:EliminationsAndReconcilingItemsMember 2021-07-01 2021-09-30 0001593538 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2021-07-01 2021-09-30 0001593538 us-gaap:OperatingSegmentsMember navi:BusinessProcessingMember 2021-07-01 2021-09-30 0001593538 navi:AdjustmentsForCoreToGaapAccountingMember navi:NetImpactOfDerivativeAccountingMember navi:EliminationsAndReconcilingItemsMember 2021-07-01 2021-09-30 0001593538 navi:AdjustmentsForCoreToGaapAccountingMember navi:NetImpactOfGoodwillAndAcquiredIntangiblesMember navi:EliminationsAndReconcilingItemsMember 2021-07-01 2021-09-30 0001593538 navi:EducationLoanMember navi:FederalEducationLoansSegmentMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-09-30 0001593538 navi:EducationLoanMember navi:ConsumerLendingMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-09-30 0001593538 navi:EducationLoanMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-09-30 0001593538 navi:EducationLoanMember navi:EliminationsAndReconcilingItemsMember navi:ReclassificationsForCoreToGaapAccountingMember 2022-01-01 2022-09-30 0001593538 navi:EducationLoanMember navi:EliminationsAndReconcilingItemsMember navi:AdditionsSubtractionsForCoreToGaapAccountingMember 2022-01-01 2022-09-30 0001593538 navi:EducationLoanMember navi:EliminationsAndReconcilingItemsMember navi:AdjustmentsForCoreToGaapAccountingMember 2022-01-01 2022-09-30 0001593538 navi:EducationLoanMember 2022-01-01 2022-09-30 0001593538 navi:FederalEducationLoansSegmentMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-09-30 0001593538 navi:ConsumerLendingMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-09-30 0001593538 us-gaap:AllOtherSegmentsMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-09-30 0001593538 us-gaap:OperatingSegmentsMember 2022-01-01 2022-09-30 0001593538 navi:EliminationsAndReconcilingItemsMember navi:ReclassificationsForCoreToGaapAccountingMember 2022-01-01 2022-09-30 0001593538 navi:EliminationsAndReconcilingItemsMember navi:AdditionsSubtractionsForCoreToGaapAccountingMember 2022-01-01 2022-09-30 0001593538 navi:EliminationsAndReconcilingItemsMember navi:AdjustmentsForCoreToGaapAccountingMember 2022-01-01 2022-09-30 0001593538 navi:BusinessProcessingMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-09-30 0001593538 navi:AdjustmentsForCoreToGaapAccountingMember navi:NetImpactOfDerivativeAccountingMember navi:EliminationsAndReconcilingItemsMember 2022-01-01 2022-09-30 0001593538 navi:AdjustmentsForCoreToGaapAccountingMember navi:NetImpactOfGoodwillAndAcquiredIntangiblesMember navi:EliminationsAndReconcilingItemsMember 2022-01-01 2022-09-30 0001593538 navi:EducationLoanMember us-gaap:OperatingSegmentsMember navi:FederalEducationLoansSegmentMember 2021-01-01 2021-09-30 0001593538 navi:EducationLoanMember us-gaap:OperatingSegmentsMember navi:ConsumerLendingMember 2021-01-01 2021-09-30 0001593538 navi:EducationLoanMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-09-30 0001593538 navi:EducationLoanMember navi:EliminationsAndReconcilingItemsMember navi:ReclassificationsForCoreToGaapAccountingMember 2021-01-01 2021-09-30 0001593538 navi:EducationLoanMember navi:EliminationsAndReconcilingItemsMember navi:AdditionsSubtractionsForCoreToGaapAccountingMember 2021-01-01 2021-09-30 0001593538 navi:EducationLoanMember navi:EliminationsAndReconcilingItemsMember navi:AdjustmentsForCoreToGaapAccountingMember 2021-01-01 2021-09-30 0001593538 navi:EducationLoanMember 2021-01-01 2021-09-30 0001593538 us-gaap:OperatingSegmentsMember navi:ConsumerLendingMember 2021-01-01 2021-09-30 0001593538 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2021-01-01 2021-09-30 0001593538 us-gaap:OperatingSegmentsMember 2021-01-01 2021-09-30 0001593538 us-gaap:OperatingSegmentsMember navi:FederalEducationLoansSegmentMember 2021-01-01 2021-09-30 0001593538 navi:EliminationsAndReconcilingItemsMember navi:ReclassificationsForCoreToGaapAccountingMember 2021-01-01 2021-09-30 0001593538 navi:EliminationsAndReconcilingItemsMember navi:AdditionsSubtractionsForCoreToGaapAccountingMember 2021-01-01 2021-09-30 0001593538 navi:EliminationsAndReconcilingItemsMember navi:AdjustmentsForCoreToGaapAccountingMember 2021-01-01 2021-09-30 0001593538 us-gaap:OperatingSegmentsMember navi:BusinessProcessingMember 2021-01-01 2021-09-30 0001593538 navi:AdjustmentsForCoreToGaapAccountingMember navi:NetImpactOfDerivativeAccountingMember navi:EliminationsAndReconcilingItemsMember 2021-01-01 2021-09-30 0001593538 navi:AdjustmentsForCoreToGaapAccountingMember navi:NetImpactOfGoodwillAndAcquiredIntangiblesMember navi:EliminationsAndReconcilingItemsMember 2021-01-01 2021-09-30

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 

Commission File Number: 001-36228

 

Navient Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

46-4054283

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

123 Justison Street, Wilmington, Delaware

19801

(Address of principal executive offices)

(Zip Code)

(302) 283-8000

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes          No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes          No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes          No  

Securities registered pursuant to Section 12(b) of the Act.

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $.01 per share

 

NAVI

 

The NASDAQ Global Select Market

6% Senior Notes due December 15, 2043

 

JSM

 

The NASDAQ Global Select Market

 

As of September 30, 2022, there were 135,614,173 shares of common stock outstanding.

 

 

 

 


 

TABLE OF CONTENTS

Organization of Our Form 10-Q

The order and presentation of content in our Form 10-Q differs from the traditional Securities and Exchange Commission (SEC) Form 10-Q format. Our format is designed to improve readability and to better present how we organize and manage our business. See Appendix A, "Form 10-Q Cross-Reference Index" for a cross-reference index to the traditional SEC Form 10-Q format.

 

 

Page

Number

 

 

 

 

 

 

 

Forward-Looking and Cautionary Statements

1

Use of Non-GAAP Financial Measures

2

 

 

Business

3

Overview and Fundamentals of Our Business

3

How We Organize Our Business

6

 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

7

Selected Historical Financial Information and Ratios

7

The Quarter in Review

8

Navient’s Response to COVID-19

9

Results of Operations

9

Segment Results

12

Financial Condition

20

Liquidity and Capital Resources

26

Critical Accounting Policies and Estimates

29

Non-GAAP Financial Measures

31

 

 

Legal Proceedings

42

Risk Factors

42

Quantitative and Qualitative Disclosures about Market Risk

44

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

49

Controls and Procedures

49

Exhibits

50

Financial Statements

51

Signatures

92

Appendix A – Form 10-Q Cross-Reference Index

93

 

 

 

 

 

 

 


 

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking” statements and other information that is based on management’s current expectations as of the date of this report. Statements that are not historical facts, including statements about our beliefs, opinions, or expectations and statements that assume or are dependent upon future events, are forward-looking statements and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “may,” “could,” “should,” “goals,” or “target.” Such statements are based on management's expectations as of the date of this filing and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties are discussed more fully under the section titled “Risk Factors” and include, but are not limited to the following:  

 

 

the continuing impacts of the COVID-19 pandemic and related risks;

 

general economic conditions, including the potential impact of persistent inflation on Navient and its impact on the creditworthiness of third parties;

 

increased defaults on education loans held by us;

 

the cost and availability of funding in the capital markets;

 

changes in the general interest rate environment, including the availability of any relevant money-market index rate, including LIBOR, or the relationship between the relevant money-market index rate and the rate at which our assets are priced;

 

unanticipated repayment trends on education loans including prepayments or deferrals resulting from new interpretations of current laws, rules or regulations or future laws, executive orders or other policy initiatives which operate to encourage or require consolidation, abolish existing or create additional income-based repayment or debt forgiveness programs or establish other policies and programs which may increase the prepayment rates on education loans and accelerate repayment of the bonds in our securitization trusts;

 

our unhedged Floor Income is dependent on the future interest rate environment and therefore is variable;

 

a reduction in our credit ratings;

 

adverse market conditions or an inability to effectively manage our liquidity risk could negatively impact us;

 

the interest rate characteristics of our assets do not always match those of our funding arrangements;

 

our use of derivatives exposes us to credit and market risk;

 

our ability to continually and effectively align our cost structure with our business operations;

 

a failure of our operating systems, infrastructure or information technology systems;

 

failure by any third party providing us material services or products or a breach or violation of law by one of these third parties;

 

changes to applicable laws, rules, regulations and government policies and expanded regulatory and governmental oversight;

 

our work with government clients exposes us to additional risks inherent in the government contracting environment;

 

shareholder activism;

 

shareholders’ percentage ownership in Navient may be diluted in the future;

 

reputational risk and social factors;

 

obligations owed to parties under various transaction agreements that were executed as part of the spin-off of Navient from SLM Corporation (the Spin-Off); and

 

acquisitions or strategic investments that we pursue.

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this Form 10-Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.  

The preparation of our consolidated financial statements also requires management to make certain estimates and assumptions including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect and actual results could differ materially. All forward-looking statements contained in this report are qualified by these cautionary statements and are made only as of the date of this report. We do not undertake any obligation to update or revise these forward-looking statements except as required by law.

Through this discussion and analysis, we intend to provide the reader with some narrative context for how our management views our consolidated financial statements, additional context within which to assess our operating results, and information on the quality and variability of our earnings, liquidity and cash flows.

 

1


 

USE OF NON-GAAP FINANCIAL MEASURES

We prepare financial statements and present financial results in accordance with GAAP. However, we also evaluate our business segments and present our financial results on a basis that differs from GAAP. We refer to this different basis of presentation as Core Earnings, which is a non-GAAP financial measure. We provide this Core Earnings basis of presentation on a consolidated basis and for each business segment because this is what we review internally when making management decisions regarding our performance and how we allocate resources. We also include this information in our presentations with credit rating agencies, lenders and investors. Because our Core Earnings basis of presentation corresponds to our segment financial presentations, we are required by GAAP to provide Core Earnings disclosures in the notes to our consolidated financial statements for our business segments.

In addition to Core Earnings, we present the following other non-GAAP financial measures: Adjusted Core Earnings, Tangible Equity, Adjusted Tangible Equity Ratio, Pro forma Adjusted Tangible Equity Ratio, Earnings before Interest, Taxes, Depreciation and Amortization Expense (EBITDA) (for the Business Processing segment), and Allowance for Loan Losses Excluding Expected Future Recoveries on Previously Fully Charged-off Loans. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures” for a further discussion and a complete reconciliation between GAAP net income and Core Earnings.

 

 

 

2


 

Overview and Fundamentals of Our Business

Navient (Nasdaq: NAVI) provides technology-enabled education finance and business processing solutions that simplify complex programs and help millions of people achieve success. Our customer-focused, data-driven services deliver exceptional results for clients in education, health care and government. Learn more at navient.com.

With a focus on data-driven insights, service, compliance and innovative support, Navient’s business consists of:

 

 

Federal Education Loans

We own a portfolio of $46.9 billion of federally guaranteed Federal Family Education Loan Program (FFELP) Loans. As a servicer on our own portfolio and for third parties, we deploy data-driven approaches to support the success of our customers. Our flexible and scalable infrastructure manages large volumes of complex transactions, simplifying the customer experience and continually improving efficiency.

Consumer Lending

We help students and families succeed through the paying-for-college journey with innovative planning tools, student loans and refinancing products. Our $19.2 billion Private Education Loan portfolio demonstrates high customer success rates. In the third quarter of 2022, we originated $447 million in Private Education Loans.

Business Processing

We provide business processing solutions for approximately 500 public sector and healthcare organizations, and their tens of millions of clients, patients, and constituents. Our suite of workflow processing, customer experience and revenue cycle solutions enables our clients to focus on their missions, optimize their cash flow and deliver essential services.

 

Superior Operational Performance with a Strong Customer Service and Compliance Commitment

 

We help our customers — both individuals and institutions — navigate the path to financial success through proactive, simplified service and innovative solutions.

 

Deliver superior performance. Whether supporting student loan borrowers in successfully managing their loans, designing and implementing omnichannel contact center solutions for public sector agencies, generating additional revenue for hospitals and medical systems, or helping a state manage communication backlogs or recover revenue that funds essential services, Navient delivers value for our clients and customers.

We leverage our experience, data-driven insights, customer service skills, technology and scale to maximize value for our clients.  

 

Scalable, data-driven solutions. Annually, we support tens of millions of people in conducting hundreds of millions of transactions and interactions. Our systems are built for scale and rapid implementation. We harness the power of data to build tailored programs that optimize our clients’ results.

 

We leverage our omnichannel communication platform, predictive analytics, and decades of insight to stay in touch with people and address challenges that may arise.

 


3


 

Simplify complex processes. On our clients’ behalf, we help individuals successfully navigate a broad spectrum of complex transactions. Our people and platforms simplify complex programs – including education financing, healthcare, tax, and transportation programs – to help constituents understand and meet their obligations.

 

Improve customer experience and success. We continually make enhancements to improve the customer experience, drawing from a variety of inputs including customer surveys, research panels, analysis of customer inquiries and activities, complaint data, and regulator commentary. Across our businesses, our customer-facing representatives are trained to provide empathetic, accurate support.

 

o

Repayment plan education and outreach: We help student loan borrowers understand their repayment options so they can make informed choices that align with their financial circumstances and goals.

 

o

Office of the Customer Advocate: Our Office of the Customer Advocate, established in 1997, offers escalated assistance to customers. We are committed to working with customers and appreciate customer comments, which, combined with our own customer communication channels, help us improve the ways we assist our customers.

 

o

Private loan modification program: In 2009, we pioneered the creation of a loan modification program to help Private Education Loan borrowers needing additional assistance. As of September 30, 2022, approximately $900 million of our Private Education Loans were enrolled in this interest rate reduction program, helping customers through more affordable monthly payments while making progress in repaying their principal loan balance.

 

o

Serving military customers: Navient was the first student loan servicer to launch a dedicated military benefits customer service team, website (Navient.com/military) and toll-free number. Navient’s military benefits team supports service members and their families to access the benefits designed for them, including interest rate benefits, deferment and other options.

 

o

Financial literacy: We offer free resources, including videos, articles and online tools, to help customers and the general public build knowledge on personal finance topics. Our Going Merry platform enables students to match to and apply for scholarships, institutional aid and government grants.

 

Commitment to compliance. Our rigorous compliance posture ensures adherence with laws and regulations and helps protect our clients, customers, employees and shareholders. We use a “Three Lines of Defense” compliance framework, considered best practice by the U.S. Federal Financial Institutions Examination Council (FFIEC). This framework and other compliance protocols ensure we adhere to key industry laws and regulations including: Fair and Accurate Credit Transactions Act (FACTA); Fair Credit Reporting Act (FCRA); Fair Debt Collection Practices Act (FDCPA); Electronic Funds Transfer Act (EFTA); Equal Credit Opportunity Act (ECOA); Federal Information Security Management Act (FISMA); Gramm-Leach-Bliley Act (GLBA); Health Insurance Portability and Accountability Act (HIPAA); IRS Publication 1075; Servicemembers Civil Relief Act (SCRA); Military Lending Act (MLA); Telephone Consumer Protection Act (TCPA); Truth in Lending Act (TILA); Unfair, Deceptive, or Abusive Acts and Practices (UDAAP); state laws; and state and city licensing.

 

Corporate Social Responsibility. We are committed to contributing to the social and economic wellbeing of our local communities; fostering the success of our customers; supporting a culture of integrity, inclusion and equality in our workforce; and embracing sustainable business practices. Navient has earned recognition from several organizations for our continued commitment to fostering diversity. Our employees are active in our communities, through local and national organizations, including a significant national partnership with Boys & Girls Clubs of America.

Navient is committed to a sustainable future. Our work is largely services based; as a result, our day-to-day operations require relatively small amounts of natural resource and energy inputs. We leverage technology that minimizes energy usage in our office buildings and promote widespread adoption of “paperless” digital customer communications. Navient prioritizes adding or updating insulation and other power-saving features to our buildings to further reduce energy usage. Energy efficiency and reducing CO2 and CO2 equivalents are among the many factors considered in our growth and real estate decisions.  

 


4


 

Strong Financial Performance Resulting in a Strong Capital Return

 

Our third-quarter 2022 results continue to build upon our previous year’s results demonstrating the strength of our business model and our ability to deliver predictable and meaningful cash flow and earnings in all types of economic environments.

 

Our significant earnings generate significant capital which results in a strong capital return to our investors. Navient expects to continue to return excess capital to shareholders through dividends and share repurchases in accordance with our capital allocation policy.

 

By optimizing capital adequacy and allocating capital to highly accretive opportunities, including organic growth and acquisitions, we remain well positioned to pay dividends and repurchase stock, while maintaining appropriate leverage that supports our credit ratings and ensures ongoing access to capital markets.

 

In December 2021, our Board approved a share repurchase program authorizing the purchase of up to $1 billion of the Company’s outstanding common stock. At September 30, 2022, $685 million remained in share repurchase authorization.

 

To inform our capital allocation decisions, we use the Adjusted Tangible Equity Ratio(1) in addition to other metrics. Our Adjusted Tangible Equity Ratio(1) was 7.8% as of September 30, 2022.

 

 

(Dollars and shares in millions)

 

Q3-22

 

 

Q3-21

 

Shares repurchased

 

 

6.3

 

 

 

7.0

 

Reduction in shares outstanding

 

 

4

%

 

 

4

%

Total repurchases in dollars

 

$

95

 

 

$

150

 

Dividends paid

 

$

22

 

 

$

26

 

Total Capital Returned(2)

 

$

117

 

 

$

176

 

Adjusted Tangible Equity Ratio(1)

 

 

7.8

%

 

 

6.4

%

 

 

 

 

 

 

 

 

 

 

 

(1)

Item is a non-GAAP financial measure. For a description and reconciliation, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures.”        

(2)

Capital Returned is defined as share repurchases and dividends paid.

 

 

5


 

How We Organize Our Business

We operate our business in three primary segments: Federal Education Loans, Consumer Lending and Business Processing.  

 

 

Federal Education Loans Segment

Navient owns FFELP Loans and performs servicing and asset recovery services on this portfolio. We also service and perform asset recovery services on FFELP Loans owned by other institutions. Our servicing quality, data-driven strategies and omnichannel education about federal repayment options translate into positive results for the millions of borrowers we serve. We generate revenue primarily through net interest income on our FFELP Loans.

Consumer Lending Segment

Navient helps students and families through the paying-for-college journey. Our digital tools empower people to find grants and scholarships, compare financial aid offers and complete the FAFSA. Our Private Education Loans offer easy-to-understand payment options. After graduation, we offer student loan refinancing to help people simplify their repayment and earn a better rate. We believe our 50 years of experience, product design, digital marketing strategies, and origination and servicing platform provide a unique competitive advantage. We see meaningful growth opportunities in originating Private Education Loans to financially responsible consumers, generating attractive long-term, risk-adjusted returns. We generate revenue primarily through net interest income on our Private Education Loan portfolio.  

Business Processing Segment

Navient provides business processing solutions such as omnichannel contact center services, workflow processing, and revenue cycle optimization. Our support enables our clients to better serve their constituents, meet rapidly changing needs, improve technology, reduce operating expenses, manage risk and optimize revenue opportunities. Our clients include:

 

Government: We offer our solutions to federal agencies, state governments, tolling and parking authorities, and other public sector clients.

 

Healthcare: Our clients include hospitals, hospital systems, medical centers, large physician groups, other healthcare providers and public health departments.

Other Segment

This segment consists of our corporate liquidity portfolio, gains and losses incurred on the repurchase of debt, unallocated expenses of shared services (which includes regulatory expenses) and restructuring/other reorganization expenses.

 

 

 

6


 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Selected Historical Financial Information and Ratios

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(In millions, except per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

GAAP Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

105

 

 

$

173

 

 

$

540

 

 

$

728

 

Diluted earnings per common share

 

$

.75

 

 

$

1.04

 

 

$

3.67

 

 

$

4.15

 

Weighted average shares used to compute diluted earnings per share

 

$

141

 

 

 

167

 

 

 

147

 

 

 

176

 

Return on assets

 

 

.57

%

 

 

.86

%

 

 

.96

%

 

 

1.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Earnings Basis(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income(1)

 

$

87

 

 

$

149

 

 

$

356

 

 

$

618

 

Diluted earnings per common share(1)

 

$

.62

 

 

$

.89

 

 

$

2.42

 

 

$

3.52

 

Adjusted diluted earnings per common share(1)

 

$

.75

 

 

$

.92

 

 

$

2.58

 

 

$

3.65

 

Weighted average shares used to compute diluted earnings per share

 

 

141

 

 

 

167

 

 

 

147

 

 

 

176

 

Net interest margin, Federal Education Loans segment

 

 

.94

%

 

 

1.04

%

 

 

1.03

%

 

 

.99

%

Net interest margin, Consumer Lending segment

 

 

2.90

%

 

 

2.98

%

 

 

2.78

%

 

 

2.98

%

Return on assets

 

 

.47

%

 

 

.73

%

 

 

.63

%

 

 

1.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Education Loan Portfolios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending FFELP Loans, net

 

$

46,891

 

 

$

54,350

 

 

$

46,891

 

 

$

54,350

 

Ending Private Education Loans, net

 

 

19,151

 

 

 

20,018

 

 

 

19,151

 

 

 

20,018

 

Ending total education loans, net

 

$

66,042

 

 

$

74,368

 

 

$

66,042

 

 

$

74,368

 

Average FFELP Loans

 

$

48,443

 

 

$

55,435

 

 

$

50,398

 

 

$

56,711

 

Average Private Education Loans

 

 

20,308

 

 

 

20,938

 

 

 

20,771

 

 

 

21,266

 

Average total education loans

 

$

68,751

 

 

$

76,373

 

 

$

71,169

 

 

$

77,977

 

 

(1)   Item is a non-GAAP financial measure. For a description and reconciliation, see “Non-GAAP Financial Measures – Core Earnings.”

 


7


The Quarter in Review

We prepare financial statements and present financial results in accordance with GAAP. However, we also evaluate our business segments and present financial results on a basis that differs from GAAP. We refer to this different basis of presentation as Core Earnings. We provide this Core Earnings basis of presentation on a consolidated basis and for each business segment because this is what we review internally when making management decisions regarding our performance and how we allocate resources. We also include this information in our presentations with credit rating agencies, lenders and investors. Because our Core Earnings basis of presentation corresponds to our segment financial presentations, we are required by GAAP to provide certain Core Earnings disclosures in the notes to our consolidated financial statements for our business segments. See “Non-GAAP Financial Measures — Core Earnings” for a further discussion and a complete reconciliation between GAAP net income and Core Earnings.

Third-quarter 2022 GAAP net income was $105 million ($0.75 diluted earnings per share), compared with $173 million ($1.04 diluted Core Earnings per share) for the year-ago quarter. See “Results of Operations – Comparison of Third-Quarter 2022 Results with Third-Quarter 2021” for a discussion of the primary contributors to the change in GAAP earnings between periods.

Third-quarter 2022 Core Earnings net income was $87 million ($0.62 diluted Core Earnings per share), compared with $149 million ($0.89 diluted Core Earnings per share) for the year-ago quarter. Third-quarter 2022 and 2021 adjusted diluted Core Earnings(1) per share were $0.75 and $0.92, respectively. See “Segment Results” for a discussion of the primary contributors to the change in Core Earnings between periods.

 

Financial highlights of third-quarter 2022 include:

 

Federal Education Loans segment:

 

Net income of $94 million.

 

FFELP net interest margin of 0.94%.

 

Includes a net reduction to pre-tax income of $10 million related to incremental FFELP Loan consolidation activity in connection with recently announced loan forgiveness plans.

 

$13 million of the provision for loan losses in anticipation of a deteriorating economy.

Consumer Lending segment:

 

Net income of $65 million.

 

Originated $447 million of Private Education Loans.  

 

Private Education Loan delinquency rate of 4.4% remains below pre-pandemic levels.

 

$15 million of the provision for loan losses in anticipation of a deteriorating economy.

Business Processing segment:

 

EBITDA(1) of $13 million.  

 

Revenue of $79 million.

Capital, funding and liquidity:

 

Adjusted tangible equity ratio(1) of 7.8%.

 

Repurchased $95 million of common shares; $685 million common share repurchase authority remains outstanding.

 

Paid $22 million in common stock dividends.

Expenses:

 

Adjusted Core Earnings expenses(1) of $191 million.  

 

 

 

 

 

 

(1) 

Item is a non-GAAP financial measure. For a description and reconciliation, see “Non-GAAP Financial Measures.”

 

8


 

Since its emergence in early 2020, the impacts of COVID-19 have been dynamic and unpredictable. In response to COVID-19, we prioritized the safety of our employees and business partners, while continually striving to support the needs of our customers and communities. During 2021 and the first nine months of 2022, the COVID-19 pandemic and long-lasting changes it has produced have continued to affect our business operations. The future direct and indirect impact of the pandemic on our businesses, results of operations and financial condition remains uncertain. Should current economic conditions deteriorate or if public health worsened due to various factors, such conditions could have an adverse effect on our businesses and results of operations and could adversely affect our financial condition. For more information on the pandemic, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Navient’s Response to COVID-19” in our 2021 Form 10-K.

Results of Operations

GAAP Income Statements (Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Increase

(Decrease)

 

 

Nine Months Ended September 30,

 

 

Increase

(Decrease)

 

(In millions, except per share data)

 

2022

 

 

2021

 

 

$

 

 

%

 

 

2022

 

 

2021

 

 

$

 

 

%

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFELP Loans

 

$

553

 

 

$

368

 

 

$

185

 

 

 

50

%

 

$

1,312

 

 

$

1,106

 

 

$

206

 

 

 

19

%

Private Education Loans

 

 

309

 

 

 

291

 

 

 

18

 

 

 

6

 

 

 

862

 

 

 

905

 

 

 

(43

)

 

 

(5

)

Cash and investments

 

 

19

 

 

 

1

 

 

 

18

 

 

 

1,800

 

 

 

25

 

 

 

2

 

 

 

23

 

 

 

1,150

 

Total interest income

 

 

881

 

 

 

660

 

 

 

221

 

 

 

33

 

 

 

2,199

 

 

 

2,013

 

 

 

186

 

 

 

9

 

Total interest expense

 

 

641

 

 

 

326

 

 

 

315

 

 

 

97

 

 

 

1,301

 

 

 

995

 

 

 

306

 

 

 

31

 

Net interest income

 

 

240

 

 

 

334

 

 

 

(94

)

 

 

(28

)

 

 

898

 

 

 

1,018

 

 

 

(120

)

 

 

(12

)

Less: provisions for loan losses

 

 

28

 

 

 

22

 

 

 

6

 

 

 

27

 

 

 

62