Navient is an education finance company focused on two loan portfolios: a legacy runoff portfolio of federally guaranteed student loans (FFELP) and a growing private education loan portfolio originated under its Earnest brand. The FFELP portfolio is a closed ~$28B book of loans from the now-discontinued Federal Family Education Loan Program — no new loans can be added, and the portfolio is expected to take over 15 years to fully amortize. Earnest is the growth engine, originating two products: refinance loans, which help prime and super-prime borrowers consolidate existing student debt into a single private loan, and in-school loans, primarily targeting graduate students as an alternative to federal programs. Earnest sells directly to consumers through a digital platform and through school financial aid office relationships. Navient earns money primarily through net interest income — the spread between loan yields and funding costs. Both portfolios are funded largely through asset-backed securitizations. Navient's growth strategy centers on Earnest, targeting $4B in 2026 originations, up from $2.5B in 2025. A key catalyst is the expected elimination of the federal GradPLUS program in July 2026, which Navient believes will significantly expand the private graduate lending market. Navient also returns capital to shareholders through buybacks and dividends, funded by cash flows from the legacy portfolios.