<SEC-DOCUMENT>0001654954-20-006985.txt : 20200626
<SEC-HEADER>0001654954-20-006985.hdr.sgml : 20200626
<ACCEPTANCE-DATETIME>20200626121716
ACCESSION NUMBER:		0001654954-20-006985
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200626
DATE AS OF CHANGE:		20200626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NAVIENT CORP
		CENTRAL INDEX KEY:			0001593538
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				464054283
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36228
		FILM NUMBER:		20992326

	BUSINESS ADDRESS:	
		STREET 1:		123 JUSTISON STREET
		STREET 2:		SUITE 300
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19801
		BUSINESS PHONE:		302-283-8000

	MAIL ADDRESS:	
		STREET 1:		123 JUSTISON STREET
		STREET 2:		SUITE 300
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New Corp
		DATE OF NAME CHANGE:	20131205
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>navi_11k.htm
<DESCRIPTION>11-K
<TEXT>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">UNITED
STATES</font></font></div>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">SECURITIES AND
EXCHANGE COMMISSION</font></font></div>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Washington, D.C.
20549</font></font></div>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">FORM
11-K</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934</font></font></div>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">For the fiscal
year ended: December 31, 2019</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Commission File
No. 001-36228</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
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<font style="font-size: 13px"><font style="text-decoration: underline; color: rgb(0, 0, 0); font-family: Times New Roman;">
Navient 401(k) Savings Plan</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">(Full title of
the plan)</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="text-decoration: underline; color: rgb(0, 0, 0); font-family: Times New Roman;">
Navient Corporation</font></font></div>
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<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">(Name of
issuer of securities)</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="text-decoration: underline; color: rgb(0, 0, 0); font-family: Times New Roman;">
123 Justison Street, Wilmington, Delaware 19801</font></font></div>
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<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">(Address of
issuer's principal executive offices)</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times New Roman;"><br></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Navient 401(k)
Savings Plan</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Financial
Statements and Supplemental Schedule</font></font></div>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">December 31,
2019 and 2018</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Navient 401(k) Savings Plan</font></div>
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Table of Contents</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
December 31, 2019 and 2018</font></div>
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<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Page</font></font></div>
</td>
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<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
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<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
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<td style="vertical-align: top; width: 91%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Report of
Independent Registered Public Accounting Firm</font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">1</font></font></div>
</td>
</tr><tr>
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<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
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<td style="vertical-align: top; width: 9%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 91%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Financial
Statements</font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 91%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Statements of Net Assets Available
for Benefits <font style="font-family: Times New Roman">As of
December 31, 2019 and 2018</font></font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">2</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 91%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Statement of Changes in Net Assets
Available for Benefits <font style="font-family: Times New Roman">Year Ended December 31,
2019</font></font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">3</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 91%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Notes to Financial
Statements</font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">4</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 91%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Supplemental
Schedule<font style="font-size: 70%; vertical-align: top">*</font></font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 91%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Schedule of Assets (Held at End of
Year)</font></font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">10</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-size: 13px"><font style="font-family: Times New Roman;"><a name="ref.YIAED1"><font style="font-size: 70%; vertical-align: top">*</font></a></font></font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-size: 13px"><font style="font-family: Times New Roman;"><a name="ref.YIAED1">Other schedules required by 29 CFR 2520.103-10 of the
Department of Labor&#x2019;s Rules and Regulations for Reporting and
Disclosure under</a> ERISA have been omitted because they were not
applicable.</font></font></div>
</div>
</div>
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<font style="font-size: 13px"></font></div>
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</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="text-decoration: underline; font-family: Times New Roman;">Report
of Independent Registered Public Accounting
Firm</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">To the Employee Benefits Fiduciary
Committee</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Navient 401(k) Savings
Plan</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-style: italic; font-family: Times New Roman;">Opinion on the
Financial Statements</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">We have audited the accompanying
statements of net assets available for benefits of Navient 401(k)
Savings Plan (the &#x201C;Plan&#x201D;) as of December 31, 2019 and
2018, and the related statement of changes in net assets available
for benefits for the year ended December 31, 2019, and the related
notes to the financial statements (collectively referred to as the
&#x201C;financial statements&#x201D;). In our opinion, the financial
statements present fairly, in all material respects, the net assets
available for benefits of the Plan as of December 31, 2019 and
2018, and the changes in net assets available for benefits for the
year ended December 31, 2019, in conformity with accounting
principles generally accepted in the United States of
America.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-style: italic; font-family: Times New Roman;">Basis for
Opinion</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">These financial statements are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on the Plan&#x2019;s financial statements based
on our audits. We are a public accounting firm registered with the
Public Company Accounting Oversight Board (United States) ("PCAOB")
and are required to be independent with respect to the Plan in
accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and
the PCAOB.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">We conducted our audits in
accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement, whether due to error or fraud.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Our audits included performing
procedures to assess the risks of material misstatement of the
financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-style: italic; font-family: Times New Roman;">Supplemental
Information</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The schedule of assets (held at end
of year) as of December 31, 2019 has been subjected to audit
procedures performed in conjunction with the audit of the Plan's
2019 financial statements. The supplemental information is the
responsibility of the Plan's management. Our audit procedures
included determining whether the supplemental information
reconciles to the financial statements or the underlying accounting
and other records, as applicable, and performing procedures to test
the completeness and accuracy of the information presented in the
supplemental information. In forming our opinion on the
supplemental information, we evaluated whether the supplemental
information, including its form and content, is presented in
conformity with the Department of Labor&#x2019;s Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. In our opinion, the
supplemental information is fairly stated, in all material
respects, in relation to the financial statements as a
whole.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">/s/ CohnReznick
LLP</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">We have served as the Plan's
auditor since 2014.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Bethesda,
Maryland</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">June 26, 2020</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
</div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Navient 401(k)
Savings Plan</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Statements of
Net Assets Available for Benefits</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">As of December
31, 2019 and 2018</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 2px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left: 0px; padding-bottom: 2px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px; font-size: 11px; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0); font-size: 11px; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;">
2019</font></font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px; font-size: 11px; font-weight: bold;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px; font-size: 11px; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0); font-size: 11px; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; color: rgb(0, 0, 0); font-weight: bold;">
2018</font></font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px; font-size: 11px; font-weight: bold;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="color: #000; font-family: Times New Roman">Assets</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-size: 13px"><font style="color: #000; font-family: Times New Roman">Investments, at fair
value</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">616,687,829</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">525,487,478</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-size: 13px"><font style="color: #000; font-family: Times New Roman">Receivables:</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:48px;"><font style="font-size: 13px"><font style="color: #000; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;Notes
receivable from participants</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">14,728,370</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">14,494,261</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-size: 13px"><font style="color: #000; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
receivables</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">14,728,370</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">14,494,261</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:96px;"><font style="font-size: 13px"><font style="color: #000; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;Net
assets available for benefits</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">631,416,199</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">539,981,739</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">See Notes to Financial
Statements<font style="font-style: italic">.</font></font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
</div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Navient 401(k)
Savings Plan</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Statement of
Changes in Net Assets Available for Benefits</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Year Ended
December 31, 2019</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 2px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr style="background-color:#cceeff;">
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Additions to net assets attributed
to:</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Investment
income</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Net appreciation in fair value of
investments</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">98,461,977</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Dividends and
interest</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">26,466,294</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">124,928,271</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Interest on notes receivable from
participants</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">657,265</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Contributions</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:60px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Employer</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">14,139,703</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:60px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Participant</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">22,726,871</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:60px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Rollover</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,535,222</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">38,401,796</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:60px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Total additions</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">163,987,332</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Deductions from net assets
attributed to:</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Benefits paid to
participants</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">72,451,360</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px; padding-bottom: 2px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Administrative
expenses</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">101,512</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:60px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Total deductions</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">72,552,872</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Net increase</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">91,434,460</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Net assets available for
benefits</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Beginning of
year</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">539,981,739</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:24px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">End of year</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">631,416,199</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">See Notes to Financial
Statements<font style="font-style: italic">.</font></font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
</div>
<div id="hdr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Navient 401(k)
Savings Plan</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Notes to
Financial Statements</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">December 31,
2019 and 2018</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 2px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">1.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Plan
Description</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">General</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Navient 401(k) Savings Plan (the
&#x201C;Plan&#x201D;) is a defined contribution plan established for
the benefit of certain eligible employees of Navient Corporation
(the &#x201C;Company&#x201D;) and its participating subsidiaries. The
Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974, as amended (&#x201C;ERISA&#x201D;). The
following description of the Plan provides only general
information. Participants should refer to the Plan documents for a
more complete description of the Plan's
provisions.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The Plan covers substantially all
employees of the Company and its participating subsidiaries.
Eligible employees may participate in the Plan after one month of
service.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Fidelity Management Trust Company
(&#x201C;Fidelity&#x201D;) is the Plan Trustee. An affiliate of
Fidelity, Fidelity Investments Institutional Operations Company,
Inc. (&#x201C;FIIOC&#x201D;), serves as
recordkeeper.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Contributions
and vesting</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Participants are eligible to
contribute from 1 to 75 percent of their eligible compensation to
the Plan, in increments of whole percentages, up to the Internal
Revenue Service (&#x201C;IRS&#x201D;) annual maximum limits. The Plan
allows participants who will attain age 50 in the current Plan year
to make catch-up contributions into the Plan up to the IRS maximum.
The Plan has a qualified automatic contribution arrangement
(&#x201C;QACA&#x201D;) in which eligible employees are automatically
enrolled to contribute three percent of their eligible compensation
each pay period. This contribution amount automatically increases
each year by one percent of eligible compensation, up to a maximum
employee contribution equal to 10% of eligible compensation.
Participants have the ability to opt out of automatic enrollments
and automatic increases. Participants may also contribute amounts
into the Plan from other qualified employer plans in which they had
previously participated. Participants direct the investment of
their contributions into various investment options offered by the
Plan.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;"><font style="color: #000000">The
Company makes a QACA safe harbor matching contribution on behalf of
each participant after the participant has accrued six months of
service.</font><font style="color: #FF0000">&#xA0;</font>This
matching contribution is 100 percent of employee contributions
(i.e., a dollar-for-dollar match) up to the first five&#xA0;percent
of a participant&#x2019;s compensation. These matching contributions
and related earnings vest after one year of service. Certain
employees subject to the Service Contract Act were eligible to
receive fully-vested employer contributions based on the service
contract fringe benefit differential rate compared with the Company
cost of benefits they have elected. Effective January 1, 2019, the
aforementioned benefits derived from the service contract fringe
benefit differential rate were provided as wages to the participant
and no longer as an employer contribution to the Plan. Participants
also direct the investments of Company
contributions.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Participants forfeit their right to
Company contributions that are unvested at the time of their
termination of service. During 2019, Company contributions were
reduced by $120,526 from previously forfeited non-vested accounts.
Unused forfeitures at December 31, 2019 and 2018 totaled $22,423
and $19,503, respectively, which will be used to offset future
Company contributions.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The Plan also allows the Company to
make a discretionary profit sharing contribution, whereby the
Company determines the amount of net profits, if any, to contribute
to the Plan. The Company did not make any profit sharing
contributions for the year ended December 31,
2019.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</div>
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</div>
<div id="hdr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Navient 401(k)
Savings Plan</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Notes to
Financial Statements</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">December 31,
2019 and 2018</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 2px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Notes receivable
from participants</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Participants may generally borrow
up to 50 percent of their vested benefit to a maximum of $50,000.
Participants may have no more than two loans outstanding at any
time. The term of a loan will be three or five years, at the
election of the participant, except for a loan to purchase the
participant's principal residence, which can be repaid over 20
years. Loans are secured by the participant's account balance, bear
interest at the prime rate established by the Federal Reserve, and
are repaid biweekly through automatic payroll deductions. In
addition, participants may repay all or a portion (in $500
increments) of such loans at any time. Loans allowable under the
Plan, collateralized by participant account balances, are due in
varying installments through 2036, with interest rates ranging from
3.25% to 9%.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Investment
elections</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The Plan offers a variety of
investment options, including various registered investment
companies, a unitized employer stock fund and a common collective
trust fund. In addition, participants have the option to direct
investments through a self-directed brokerage account. Under the
self-directed brokerage account, participants may direct
investments in many eligible security types other than Company
stock or other investments offered by Fidelity within the Plan. If
a participant does not make an investment election, contributions
are made to a qualified default investment. The qualified default
investment is the Fidelity Freedom Fund, based on the
participant&#x2019;s date of birth and year in which the participant
attains age 65.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Participant
accounts</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Each participant&#x2019;s account is
credited with the participant&#x2019;s and the Company&#x2019;s
contributions and their portion of the Plan&#x2019;s earnings
(losses). Plan earnings (losses) are allocated based on the
participant&#x2019;s designated investments of their account
balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the
participant&#x2019;s vested account.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Payment of
benefits</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Participants may withdraw funds
from their account upon retirement, disability, separation from
employment, attainment of age 59-1/2, and certain other times as
specified in the Plan document. Distributions shall be made in a
lump sum in cash, in the Company&#x2019;s common stock, or a
combination thereof, reduced by the outstanding balance of any
loans not repaid by the participant.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Administrative
expenses</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Participants pay fees relating to
participant&#x2019;s loans and withdrawals. Additionally,
participants may pay for commissions associated with common stock
purchases and sales and short term transaction fees in certain
funds when participants trade in and out of the funds within the
time restriction specified for such funds. Participant costs,
including investment management fees charged by the respective
funds, are charged directly to the participant's account and are
reflected in the statement of changes in net assets available for
benefits. The Company bears the remaining cost of Plan
administration.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Plan
administration</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The Navient Corporation Employee
Benefits Fiduciary Committee administers the Plan and is
responsible for development of Plan investment policies and
guidelines. Officers of the Company or its subsidiaries presently
serve as Committee members. The Plan did not pay the Company, its
subsidiaries or the Committee members for their
services.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</div>
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</div>
<div id="hdr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Navient 401(k)
Savings Plan</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Notes to
Financial Statements</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">December 31,
2019 and 2018</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 2px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">2.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Summary of
Significant Accounting Policies</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Basis of
accounting</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The financial statements of the
Plan are prepared on the accrual basis of accounting in accordance
with accounting principles generally accepted in the United States
of America.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Fair value
measurements</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;"><font style="color: #000000">Financial Accounting Standards Board&#x2019;s
("FASB") Accounting Standards Codification Topic 820,</font>
<font style="font-style: italic; color: #000000">Fair Value
Measurements and Disclosures</font> <font style="color: #000000">(&#x201C;ASC 820&#x201D;), defines fair value as the
price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at
the measurement date. ASC 820 specifies a fair value hierarchy
which prioritizes the inputs to valuation techniques used to
measure fair value into three broad levels. Classification is based
on the lowest level of input that is significant to the fair value
of the instrument. The three levels are as
follows:</font></font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Level 1 &#x2013; Quoted prices
(unadjusted) in active markets for identical assets or liabilities
that the reporting entity has the ability to access at the
measurement date. The types of financial instruments included in
level 1 are highly liquid instruments with quoted
prices.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Level 2 &#x2013; Inputs to the
valuation methodology include: quoted prices for similar assets or
liabilities in active markets; quoted prices for identical or
similar assets or liabilities in inactive markets; inputs other
than quoted prices that are observable for the asset or liability
and inputs that are derived principally from or corroborated by
observable market data by correlation or other means. If the asset
or liability has a specified (contractual) term, the level 2 input
must be observable for substantially the full term of the asset or
liability.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Level 3 &#x2013; Pricing inputs
significant to the valuation are unobservable. Inputs are developed
based on the best information available; however, significant
judgment is required by management in developing the
inputs.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The related disclosures are in note
3.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Investment
valuation and income recognition</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Investments held by the Plan at
December 31, 2019 consist of various registered investment
companies, a unitized employer stock fund, a common collective
trust fund (&#x201C;CCT&#x201D;), and a self-directed brokerage
option. Common stock, securities and brokerage account investments
traded on national securities exchanges are carried at market value
based on the closing price on the last business day of the year.
The fair value of registered investment companies is determined
based on quoted market prices, which represents the net asset value
(&#x201C;NAV&#x201D;) for shares held at year-end. The unit value of
the Navient Stock Fund is based on the closing price of the
Company&#x2019;s stock and the value of the money market component
on the last business day of the Plan year. The Company&#x2019;s
stock is listed and traded on the NASDAQ Global Select Market.
Investments traded in the over-the-counter market and listed
securities for which no sale was reported on that date are valued
at the average of the last reported bid and asked prices.
Investments in CCTs are valued at the NAV of units of a collective
trust. The NAV, as provided by the CCT managers, is used as a
practical expedient to estimate fair value. The net asset value is
based on the fair value of the underlying investments held by the
fund less its liabilities.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Dividend income is recorded on the
ex-dividend date. Interest earned on investments is recorded on the
accrual basis. Purchases and sales of securities are recorded on
the trade date.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
</div>
<div id="hdr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Navient 401(k)
Savings Plan</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Notes to
Financial Statements</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">December 31,
2019 and 2018</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 2px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(37, 37, 37); font-weight: bold; font-family: Times New Roman;">
Notes receivable from participants</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Notes receivable from participants
are measured at their unpaid principal balance plus any accrued but
unpaid interest. Interest income is recorded on the accrual basis.
No allowance for credit losses has been recorded as of December 31,
2019 or 2018. If a participant ceases to make loan repayments and
the Plan administrator deems the participant loan to be in default,
the participant loan balance is reduced and a benefit payment is
recorded.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Contributions</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Contributions made by employees
electing to participate in the Plan under salary reduction
agreements or by automatic enrollment and Company contributions are
recorded when payable into the Plan.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Use of
estimates</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The preparation of financial
statements in accordance with accounting principles generally
accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and changes therein, and disclosure of
contingent assets and liabilities. Actual results could differ from
those estimates.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Risks and
uncertainties</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The Plan provides for various
investment options. Such investments are subject to various risks
such as interest rate, market and credit risks. Due to the level of
risk associated with certain investment securities, it is
reasonably possible that changes in the value of investment
securities will occur in the near term, including a decrease in
value, and that such changes could materially affect participants'
account balances and the amounts reported in the statement of net
assets available for benefits.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Benefit
payments</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Benefits are recorded when
paid.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
</div>
<div id="hdr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Navient 401(k)
Savings Plan</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Notes to
Financial Statements</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">December 31,
2019 and 2018</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 2px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">3.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Fair Value
Measurements</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The fair value of Plan investments
at December 31, 2019 and 2018 are shown in the tables
below.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-size: 11px; font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:36%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 3%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 94%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">Based
on&#xA0;</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 3%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-size: 11px; font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">Fair Value at
December 31,</font></font></div>
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">2019</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">Quoted prices in
active markets (Level 1)</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">Other observable
inputs (Level 2)</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">Unobservable
inputs (Level 3)</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;&#xA0;&#xA0;Mutual
Funds</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">583,577,784</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">583,577,784</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;&#xA0;&#xA0;Navient Stock
Fund</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,287,749</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,287,749</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;&#xA0;&#xA0;Self-directed
brokerage account</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">21,111,823</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">21,111,823</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Total Investments at Fair
Value</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 4px;">612,977,356</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">604,689,607</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">8,287,749</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Investments measured at NAV
(a)</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">3,710,473</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Total
Investments</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">616,687,829</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-size: 11px; font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:36%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 3%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 94%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">Based
on</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 3%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-size: 11px; font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">Fair Value at
December 31,</font></font></div>
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">2018</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">Quoted prices in
active markets (Level 1)</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">Other observable
inputs (Level 2)</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">Unobservable
inputs (Level 3)</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;&#xA0;&#xA0;Mutual
Funds</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">501,354,631</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">501,354,631</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;&#xA0;&#xA0;Navient Stock
Fund</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,869,538</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,869,538</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">&#xA0;&#xA0;&#xA0;Self-directed
brokerage account</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">14,922,953</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">14,922,953</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Total Investments at Fair
Value</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 4px;">522,147,122</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">516,277,584</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5,869,538</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Investments measured at NAV
(a)</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">3,340,356</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman">Total
Investments</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">525,487,478</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">(a) In
accordance with Subtopic 820-10, investments in common collective
trusts that were measured at net asset value per share (or its
equivalent) have not been classified in the fair value hierarchy.
The fair value amounts presented in this table are intended to
permit reconciliation of the fair value hierarchy to the line items
presented in the statements of net assets available for benefits.
There are no participant redemptions restrictions for these
investments; however, the Plan is required to provide a one-year
redemption notice to liquidate its entire
share.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
</div>
<div id="hdr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Navient 401(k)
Savings Plan</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Notes to
Financial Statements</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">December 31,
2019 and 2018</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 2px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">4.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Plan
Termination</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Although it has not expressed any
intent to do so, the Company has the right under the Plan to
discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA and the Internal Revenue Code
(&#x201C;IRC&#x201D;). In the event of Plan termination, participants
would become 100 percent vested in their Company
contributions.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">5.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Related-Party
Transactions and Party-In-Interest Transactions</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Certain Plan investments are
managed by Fidelity. Fidelity is the trustee as defined by the Plan
and therefore these transactions qualify as party-in-interest
transactions. Fees paid by the Plan for administrative services to
Fidelity and its affiliates were $119,262 for the year ended
December 31, 2019. The Plan also receives funding from Fidelity
Management Trust Company. During 2019, the Plan received $42,500
which is recorded net of administrative
expenses.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Additionally, the Plan has
investments in the Navient Stock Fund comprised principally of
Navient Corporation common stock. At December 31, 2019 and 2018,
the Plan held 787,198 and 861,629 units, respectively, valued at
$8,287,749 and $5,869,538, respectively. During 2019, 133,595 units
in the amount of $1,298,556 were purchased and 208,026 units in the
amount of $2,145,255 were sold related to the Navient Stock Fund.
Such transactions qualify as party-in-interest transactions, as
Navient Corporation is the Plan&#x2019;s sponsor. During 2019, the
Plan recorded dividend income in the amount of $409,979 from
participants&#x2019; investments in the Navient Stock
Fund.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">6.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Income Tax
Status</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">The IRS has determined and informed
the Company by a letter dated August 10, 2016, that the Plan is
designed in accordance with applicable sections of the IRC.
Although the Plan has been amended since receiving the
determination letter, the Plan administrator believes that the Plan
and related trust are operating in accordance with the IRC and are
qualified under Section 401(a) of the IRC. Accordingly, no
provision for income taxes has been made.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Accounting principles generally
accepted in the United States of America require Plan management to
evaluate tax positions taken by the Plan and recognize a tax
liability if the Plan has taken an uncertain position that more
likely than not would not be sustained upon examination by the IRS.
The Plan is subject to routine audits by taxing jurisdictions for
years since inception; however, there are currently no audits for
any tax periods in progress.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">7.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Subsequent
Event</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">In December 2019, illnesses
associated with novel coronavirus disease of 2019 (COVID-19) were
reported and the virus has since caused widespread and significant
disruptions to daily life and economies across geographies. The
World Health Organization has classified the outbreak as a
pandemic. Since December 31, 2019, there has been volatility in the
financial markets largely driven by concerns over COVID-19.
Effective April 5, 2020, the Plan began adopting certain provisions
of the Coronavirus Aid, Relief, and Economic Security Act (the
CARES Act) due to the global pandemic, which allows participants to
take special withdrawals and defer loan repayments as permitted
under the CARES Act.</font></font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Navient
401(k) Savings Plan</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Schedule
H, Line 4i &#x2013; Schedule of Assets (Held at End of
Year)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">EIN:
46-4054283 Plan: 001</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">December
31, 2019</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #ffffff">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-weight: bold;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-weight: bold;">
Identity of issuer, borrower or similar
entity</font></font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-weight: bold;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-weight: bold;">
Description of Investment</font></font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-weight: bold;"><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-weight: bold;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-weight: bold;">
Current value</font></font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID 500
INDEX</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;$
74,818,508</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID CONTRAFUND
K6</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;57,142,656</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID OTC
K6</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;44,553,371</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID FREEDOM
2030 K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;35,605,270</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID FREEDOM
2040 K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;31,232,013</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">VANG VMMR-FED
MMKT</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;29,335,321</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">VICTORY S ESTB
VAL Y</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;27,567,844</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID BALANCED
K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
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<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
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<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID FREEDOM
2050 K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;12,976,127</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID FREEDOM
2045 K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;11,955,924</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">NAVIENT STOCK
FUND</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Common Stock
Fund</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;8,287,749</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">GS SM CAP
VALUE INST</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;7,388,887</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID FREEDOM
2060 K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;5,346,599</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID MID CAP
IDX</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;5,303,042</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">PUTNAM STABLE
VALUE</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Common
Collective Trust</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3,710,473</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID SM CAP
IDX</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3,709,527</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID FREEDOM
2010 K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3,145,164</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID FREEDOM
INC K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1,629,852</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID FREEDOM
2015 K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1,402,554</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID FREEDOM
2065 K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;88,991</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">FID FREEDOM
2005 K</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%; border-bottom: 2px solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Registered
Investment Company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-left: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;44,247</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%; border-left: 0.5pt solid #FFFFFF; border-bottom: 2px solid #ffffff">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%; border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(255, 255, 255);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: right; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times New Roman;">
Participant Loans:</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid rgb(255, 255, 255);">
<div style="text-align: right; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">*</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Plan
participants</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Loans
allowable under the plan instrument, collateralized by participant
account balances, are due in varying installments through 2036,
with interest rates ranging from 3.25% to 9%</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-left: 0.5pt solid rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;"><font style="color: #000000">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font style="color: #000000; font-family: Times New Roman">14,728,370</font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Total</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">$631,416,199</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td colspan="5" style="vertical-align: bottom;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">* Denotes a
party-in-interest</font></font> <font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font> <font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font> <font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font> <font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td colspan="4" style="vertical-align: bottom; width: 78%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Note: Cost
information is not required for participant-directed investments
and therefore is not included.</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div><font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">See Report of Independent Registered
Public Accounting Firm</font><font style="font-family: Times New Roman; font-size: 13px;"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">SIGNATURES</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;<br></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;"><font style="font-style: italic; font-family: Times New Roman">The Plan</font>.
Pursuant to the requirements of the Securities Exchange Act of
1934, the Plan Administrator has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="font-family: inherit; font-size: inherit; margin-right:0px;width:100%;margin-left:0px;">
<tr>
<td rowspan="1" style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 38%;">
<div><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">NAVIENT 401(K)
SAVINGS PLAN</font></font></font></font></div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Date:
June 26, 2020</font></font></font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">By:&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 35%; border-bottom: 2px solid black; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/ <font style="font-size: 13px"><font style="font-size: 13px">TED A.
MORRIS</font></font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 35%; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Ted
A. Morris</font></font></font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-size: 13px"><font style="font-family: Times New Roman;">Senior Vice President and
Controller</font></font></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-size: 13px"><font style="font-family: Times New Roman;"><font style="font-size: 13px"><font style="font-family: Times New Roman;">On
behalf of the Navient Corporation Employee Benefits Fiduciary
Committee</font></font></font></font></font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<br>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">EXHIBIT
INDEX</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Exhibit
No.</font></font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 87%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">Description</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="navi_ex231.htm"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman;">23.1</font></font></a></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 87%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">Consent of Independent Registered
Public Accounting Firm &#x2013; CohnReznick LLP</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">12</font></div>
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<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>navi_ex231.htm
<DESCRIPTION>CONSENTS OF EXPERTS AND COUNSEL
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Exhibit 23.1</font></font></div>
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Consent of Independent Registered Public Accounting
Firm</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">We
consent to the incorporation by reference in the Registration
Statement of Navient Corporation on Form S-8 (No. 333-195535) of
our report dated June 26, 2020 to Navient 401(k) Savings Plan
statements of net assets available for benefits as of December 31,
2019 and 2018 and related statement of changes in net assets
available for benefits for the year ended December 31, 2019,
appearing in this Annual Report on Form 11-K of Navient 401(k)
Savings Plan for the year ended December 31, 2019.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">/s/
CohnReznick LLP</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Bethesda,
Maryland</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">June
26, 2020</font></div>
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