The loss per share in the fourth quarter was 7 cents. On an adjusted basis, the Wilmington, Delaware-based company posted adjusted earnings per share of 78 cents. Analysts polled by FactSet had expected adjusted earnings per share of 87 cents.

Net interest income was $314 million, compared to $343 million a year earlier. Total other income was $165 million, down from $168 million a year earlier.

Interest income on federal loans in the quarter ended Dec. 31 was $359 million, down from $401 million in the same period last year. The company said the default rate for those loans had fallen from 9.2% to 10.6% and was below pre-pandemic levels.

Interest revenue from private education loans in the fourth quarter was $276 million, compared to $329 million in the fourth quarter of 2020.

Navient reported $448 million in operating expenses for the quarter, compared to $269 million in the same period last year. Analysts polled by FactSet expected $236 million in operating expenses.

Earlier this month, Navient agreed with 40 state attorneys general to cancel the debt of 66,000 borrowers totaling $1.7 billion and make a one-time payment of $145 million to the states. The company said in a regulatory filing that the loan cancellation fee was about $50 million. It also said it would record a regulatory expense of $170 million in the fourth quarter.

Through Tuesday’s close, Navient shares are down nearly 13% so far this year.

Write to Denny Jacob at denny.jacob@wsj.com