Navient will no longer service federal student loans

• The company was one of the largest student loan servicers partnered with the department, per CNBC.
• If it receives government approval, Navient will transfer its student loan accounts to Maximus, another servicer employed by the federal government.

What they're saying: "Navient is pleased to work with the Department of Education and Maximus to provide a smooth transition to borrowers," said Jack Remond, Navient President and CEO, in a statement.

Sen. Elizabeth Warren (D-Mass.), who has repeatedly pushed for executive action on student debt, welcomed the move saying, "Navient has spent decades misleading, cheating, and abusing student borrowers," per Insider.

• "The world has changed for student-loan-debt servicers," Warren added. "They can't sign a contract, do a lousy job, cost borrowers tons of money, and still get their contracts renewed."