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NAVIENT WILMINGTON , Del . , October 26 , 2021 Navient ( Nasdaq : NAVI ) today released its third - quarter 2021 financial results . GAAP net income of $ 173 million ( $ 1.04 diluted earnings per share ) compared to net income of $ 207 million ( $ 1.07 diluted earnings per share ) in the year - ago quarter . Adjusted diluted Core Earnings ( ¹ ) per share of $ 0.92 compared to $ 1.03 in the year - ago quarter . OVERALL RESULTS CEO COMMENTARY - " Our business model and ability to meet our clients ' needs delivered another quarter of exceptional results , " said Jack Remondi , president and CEO of Navient . " In particular , we saw strong performance in both loan originations and our business processing operations . I am pleased that we completed the transfer of our servicing contract with the Department of Education and are focused on delivering a smooth transition for borrowers and the employees who will move to Maximus . This transfer allows us to continue to simplify our business and keep our full attention on growing our consumer lending and business processing segments . " HIGHLIGHTS COMPARED TO THE YEAR - AGO QUARTER FEDERAL EDUCATION LOANS SEGMENT CONSUMER LENDING SEGMENT BUSINESS PROCESSING SEGMENT CAPITAL FUNDING & LIQUIDITY EXPENSES ● ● ● NAVIENT REPORTS THIRD - QUARTER 2021 FINANCIAL RESULTS ● Core Earnings ( ¹ ) of $ 149 million ( $ 0.89 diluted Core Earnings per share ) compared to $ 192 million ( $ 0.99 diluted Core Earnings per share ) in the year - ago quarter . ● Net income decreased $ 15 million , or 11 % , from $ 137 million to $ 122 million . FFELP Loan delinquency rate decreased from 9.3 % to 8.5 % . Received all required approvals and closed on the novation and transfer of our Department of Education ( ED ) servicing contract to a third party in October 2021 . Net income decreased $ 37 million , or 34 % , from $ 110 million to $ 73 million . Originated $ 1.6 billion of Private Education Loans . Private Education Loan delinquency rate increased from 2.4 % to 3.0 % . EBITDA ( 1 ) increased $ 15 million , or 65 % , from $ 23 million to $ 38 million , primarily due to revenue earned from contracts to support states . Revenue increased $ 32 million , or 36 % , to $ 122 million . Adjusted tangible equity ratio ( 1 ) increased to 6.4 % from 4.1 % . Repurchased $ 150 million of common shares . An additional $ 150 million repurchase authority remains outstanding . Paid $ 26 million in common stock dividends . Issued $ 2.0 billion in term ABS . Repurchased $ 757 million of unsecured debt , resulting in a pre - tax loss of $ 20 million ( $ 0.09 per share ) . There was no repurchase activity in the year - ago quarter . Adjusted Core Earnings expenses ( 1 ) increased $ 18 million to $ 242 million . This increase was primarily a result of an $ 18 million increase in expenses in the Business Processing segment . ( 1 ) Item is a non - GAAP financial measure . For a description and reconciliation , see " Non - GAAP Financial Measures " on pages 18 - 29 .