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Student loan servicer Navient is moving into loan origination by acquiring financial technology start-up Earnest for $155 million.
Earnest specializes in online lending and is expected to originate nearly $1 billion in student loan refinancing loans this year. It had been working with Barclays to find a buyer after raising just over $300 million since it was founded in 2013.
Since its spinoff from Sallie Mae in 2014, Navient has focused on servicing and collecting some $300 billion in existing private...