Navient Corporation · NASDAQ:NAVI
Navient — SFVegas 2026
20 slides from Navient's conference presentation, 2026
Slide 1: SFVegas 2026
SFVegas 2026 Confidential and proprietary information © 2026 Navient Refinance Solutions, LLC. All rights reserved. 1
Slide 2: Table of Contents
Table of Contents Corporate Overview 3 Refinance Student Loans “NAVRL 2026-A” 6 In-School Student Loans “NAVEL 2025-A” 11 Personal Loans 15 Investor Relations 18 Confidential and proprietary information © 2026 Navient Refinance Solutions, LLC. All rights reserved. 2
Slide 3: Corporate Overview - Navient
Corporate Overview - Navient • Publicly traded leader in consumer lending with deep history in education finance (NASDAQ: NAVI) • Offers Private Student Loans (in-school loans for undergraduates and graduates) • Manages and services a portfolio of education loans for millions of customers nationwide
Slide 4: Corporate Overview - Earnest
Corporate Overview - Earnest ● Digital lender founded in 2013, acquired by Navient in 2017 ● Division of Navient using “Earnest” brand since acquisition ● Offers Student Loan Refinancing (refi of existing student debt) and Personal Loans to expand further into consumer lending ● Customer-first model
Slide 5: Platform Naming Convention
Platform Naming Convention • Navient employs a standardized and differentiated naming convention across its asset-backed securities (ABS) platforms. Through year-end 2024, all Navient ABS issuances utilized the NAVSL shelf. Beginning in 2025, Navient introduced distinct issuance platforms for each c
Slide 6: Refinance Student Loans “NAVRL 2026-A”
Refinance Student Loans “NAVRL 2026-A” Confidential and proprietary information © 2026 Navient Refinance Solutions, LLC. All rights reserved. 6
Slide 7: NAVRL 2026-A Structural Overview
NAVRL 2026-A Structural Overview Percent of Wtd Avg Principal Expected Principal Offered Expected Ratings Index Class Note Life to Call Window to Maturity to Call Legal Maturity Amount Amount (Moody’s / DBRS) Priced on 2/17/26 Balance (12 CPR) Call (months) (12 CPR) A $642,200,000 $610,090,000 94.01
Slide 8: Refi Performance - Trust Student Loans
Refi Performance - Trust Student Loans • Recent ABS deal collateral composition reflects a meaningful improvement in origination quality beginning in late 2024 and accelerating through 2025, driven by the return of high-income graduate borrowers following OBBAA passage and interest rate cuts, as wel
Slide 9: Navient Private Refinance Trusts
Navient Private Refinance Trusts As of the respective statistical cutoff dates for each transaction (1) • The NAVRL 2026-A collateral pool mirrors the high FICOs, and high Graduate make-up seen in historical Navient 2021 issuance. 2021-2026 YTD NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV
Slide 10: Static Pool CPRs
Static Pool CPRs • The below chart features an overview of prepayments based on a combination of borrower coupons and prevailing rate environments • Current rate backdrop supports a stable prepayment performance Earnest Refi Quarterly CPR by Coupon CPR Rate 50.00% 9.00% 45.00% 8.00% 40.00% 7.00% 35.
Slide 11: In-School Student Loans “NAVEL 2025-A”
In-School Student Loans “NAVEL 2025-A” Confidential and proprietary information © 2026 Navient Refinance Solutions, LLC. All rights reserved. 11
Slide 12: NAVEL 2025-A Structural Overview
NAVEL 2025-A Structural Overview Expected Principal Principal Percent Ratings Wtd Avg Expected Offered Index Window to Class Amount of Note (S&P / Life to Call Maturity to Call Legal Maturity Amount Priced on 6/17/25 Call Balance DBRS) (100% PPC) (100% PPC) (months) A $405,700,000 $385,415,000 75.65
Slide 13: NAVEL 2025-A Collateral Characteristics – Total Pool
NAVEL 2025-A Collateral Characteristics – Total Pool Summary1 Total Original Repayment Terms Aggregate Outstanding Principal Balance $544,725,918 Aggregate Outstanding Principal Balance of Fixed Rate Loans $522,655,909 Full P&I 6.66% Percent of Aggregate Outstanding Principal Balance of Fixed Rate L
Slide 14: Comparison of In-School Student Loan Collateral
Comparison of In-School Student Loan Collateral Please see below a comparison of Earnest’s in-school loans to recent in-school SLABS transactions: NAVEL 2025-A1 SMB 2025-A2 CASL 2024-B3 Aggregate Principal Balance ($) $544,725,918 $575,057,269 $491,986,944 Number of Loans 23,871 34,046 27,863 Averag
Slide 15: Personal Loans
Personal Loans Confidential and proprietary information © 2026 Navient Refinance Solutions, LLC. All rights reserved. 15
Slide 16: Earnest is Bringing a Differentiated Product to Market
Earnest is Bringing a Differentiated Product to Market Earnest empowers ambitious professionals to make confident financial decisions and build the life they envision. Personal loans from Earnest are built around that mission and are designed to evolve with the borrower’s financial situation while p
Slide 17: The Result is a Product that is Extremely Competitive in the Market
The Result is a Product that is Extremely Competitive in the Market Feature Details Earnest SoFi Discover Lending Club Upstart Loan Size $3K-$50K $5K-$100K $2.5K-$40K $1K-$40K $1K-$50K Customer Targeted customer market Upmarket Upmarket Upmarket Near Prime Broad Market Segmentation Rates Fixed rates
Slide 18: Investor Relations
Investor Relations Confidential and proprietary information © 2026 Navient Refinance Solutions, LLC. All rights reserved. 18
Slide 19: Investor Relations Website
Investor Relations Website www.navient.com/investors www.navient.com/abs • Environmental Social Governance (ESG) information - Navient Corporate Social Responsibility report • Student loan asset-backed security (ABS) trust data - Static pool information – detailed portfolio stratifications by trust
Slide 20: NAVIENT.
NAVIENT.