Starting October 13, Sallie Mae will split into two different companies. Navient will now handle all Federal Direct Loans while Sallie Mae will continue to handle private loans and banking. This change was announced to its customers on September 11, 2014.
According to this International Business Times article, this split began in the making after 2010 legislation that prohibited private banks serving as intermediaries for federal student loans and instead using the government direct. While Sallie Mae fought this decision, it ultimately was not able to persuade anyone overturn it.
This will allow Sallie Mae to continue their banking which includes an expected 4 billion in new loans this year. While Navient will be a new company, none of the rules will change. Similar to FedLoan Servicing, Great Lakes, and Nelnet these loans will be owned by the Department of Education thus falling under all the federal guidelines the other servicers use and Sallie Mae used themselves prior to the split.