NAVIENT CORPORATION

Navient Corporation holds the portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program (FFELP Loans), as well as the portfolio of private education loans (Private Education Loans). FFELP Loans are insured or guaranteed by state or not-for-profit agencies and are also protected by contractual rights to recovery from the United States pursuant to guaranty agreements among the United States Department of Education(ED), and these agencies. The Company operat... es in four segments: Consumer Lending, Business Services, FFELP Loans and Other. At December 31, 2013, 84% of its FFELP Loan portfolio was funded to term with non-recourse, long-term securitization debt. The Company also sold its Campus Solution business and its 529 college-savings plan administration business in 2013 in connection with better aligning its core business. The results of both of these businesses are reported in discontinued operations for all periods presentedMore