Navient is an American company based in Wilmington, Delaware, whose operations include student loan servicing and collection. Managing nearly $300 billion in student loans for more than 12 million debtors, the company was formed in 2014 by dividing Sally May into two distinct entities, Sally May Bank and Navient. Navient employs 6,000 people in offices across the United States as of 2018, Navient services 25% of student loans in the United States. Navient was founded in 1973 as a government-sponsored institution (GSE) called Student Loan Marketing Association (aka Sally May). The company was created by Congress to support the student loan program created under the Higher Education Act of 1965. in 2004, Sally Mae GSE's charter was dissolved and became a private company with an independent board. The U.S. Department of Education selected Sally May in 2009 to serve federal loans on her behalf. In 2010, Congress passed the Health Care and Educational Reconciliation Act of 2010, which eliminated the federally guaranteed loan program known as the Federal Family Education Loan Program (FFELP), under which banks and companies such as Sally May provided loans to college students backed by federal guarantee. As a result, as of July 1, 2010, all federal loans were created directly by the U.S. Department of Education.