Maximus Federal Student Loan Service Contract Novation Completed

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RESTON, Virginia – (COMMERCIAL THREAD) – Maximus (NYSE: MMS), a leading provider of government services in the world, today announced that the novation of the contract to transfer loan management for student loan accounts owned by the U.S. Department of Education from Navient to Maximus has received all necessary approvals from the United States Department of Education Office of Federal Student Aid (FSA). Maximus replaces Navient as contractor for the loan service of 5.6 million student loan accounts owned by the Department of Education.

Accounts will be transferred to Maximus’ service division, Aidvantage, by the end of the year, following a series of communications to borrowers. The loans will remain on the same student loan management technology platform, owned by Fiserv, and around 800 Navient employees who previously worked in the Department of Education’s loan management team will be transferred to Maximus.

“We are pleased to announce the completion of the contract novation for student loan accounts owned by the United States Department of Education. We look forward to supporting FSA as an independent and conflict-free provider committed to placing more emphasis on the borrower’s experience and helping to fulfill FSA’s mission, ”said Teresa Weipert, Managing Director of Maximus Federal Services.

“We welcome our new colleagues from Navient, many of whom have decades of service and bring a deep understanding of borrower experience,” commented Weipert. “To help ensure a smooth transition, Navient will be outsourcing to Maximus for the first 90 days. ”

About Maximus

Since 1975, Maximus (NYSE: MMS) has been operating as part of its founding mission of Help the government serve the people®, enabling citizens around the world to successfully engage with their governments at all levels and through a variety of health and social service programs. Maximus offers innovative technology and business process management solutions that contribute to improved outcomes for citizens and to higher levels of productivity, accuracy, accountability and efficiency of government sponsored programs. With approximately 34,000 employees worldwide, Maximus is a proud partner of government agencies in the United States, Australia, Canada, Italy, Saudi Arabia, Singapore, South Korea, Sweden and the UK. United. For more information, visit maximus.com.


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