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Photo: Logan Cyrus/Bloomberg via Getty Images

Navient announced Tuesday that it would no longer service federal student loans, leaving about 6 million borrowers waiting to be assigned to a new servicer.

Why it matters: The announcement comes after two other lenders ended their existing relationship with the Department of Education, and as prominent Democratic lawmakers continue to call on President Biden to relieve student debt.

  • 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."

Go deeper

By the numbers: Debt ceiling history

Expand chart
Data: U.S. Department of the Treasury, Congressional Research Service; Chart: Axios Visuals

Congress made its first moves Wednesday toward raising or suspending the debt ceiling, as the country faced the prospect of defaulting on its obligations in less than two weeks.

Why it matters: Although it's not the first time Congress has waited until the last minute to deal with the federal debt ceiling, the U.S. has never defaulted. Treasury Secretary Janet Yellen recently said defaulting would likely trigger a recession.

Updated 47 mins ago - World

North Korea claims latest missile test new weapon launched from submarine

North Korean state media claims the country's military fired this missile on Tuesday. Photo: Korean Central News Agency

North Korean state media announced that a detected ballistic missile launch off its east coast on Tuesday was a newly developed weapon test-fired from a submarine.

Why it matters: Pyongyang's latest in a series of recent missile launches into the sea happened hours after U.S. officials emphasized their commitment to restart negotiations on North Korea's nuclear weapons program, which have stalled since talks broke down during the Trump administration, AP notes.

3 hours ago - Politics & Policy

Manchin's massive means test

Illustration: Aïda Amer/Axios

Sen. Joe Manchin (D-W.Va.) is offering progressives a trade: He'll vote for their cherished social programs if they accept strict income caps for the recipients, people familiar with the matter tell Axios.

Why it matters: Manchin’s plan to use so-called means-testing for everything from paid family medical leave to elder and disabled care would drastically shrink the size and scope of the programs. It also would bring a key moderate vote to the progressive cause.