This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Established market position in the student loan industry with steady margin on private student loans. Run-off in FFELP loans in recent years resulted in declining interest income Limited credit risk in its portfolio of federally guaranteed education loans (Federal Family Education Loan Program; FFELP). Rising delinquencies as forbearance ends under uncertain macroeconomic conditions. Stable capital and liquidity position. Business concentration in the education loan industry. Navient originated $1.0 billion of private education loans in the first six months of 2025, compared with $538 million in the first six months of 2024. At the
