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Navient Corp. is returning to all fixed-rate collateral for its next securitization of refinanced private student loans issued via its Earnest affiliate to high-earning college graduate professionals.
That's a departure from the state student loan authority's previous offering, completed in 2017, which was backed by a mix of private and federally guaranteed student loans, and was rated one notch lower by S&P Global Ratings.
Qualifying borrowers have their maximum monthly payment reduced to 15% of the total of the household income, but the maximum dollar amount that can be extended is capped at $4 million.
SoFi Lending, the marketplace lender that specializes in refinancing student loans to borrowers in post-graduate medical, legal and professional fields, has baked some additional investor protections into its latest securitization.
New Jersey is the latest private student lender to test the securitization market.