Borrowings (Tables)

6 Months Ended

Jun. 30, 2011

Borrowings (Tables) [Abstract]

Company's borrowings

	June 30, 2011						December 31, 2010
	Short		Long				Short		Long
(Dollars in millions)	Term		Term		Total		Term		Term		Total
Unsecured borrowings:
Senior unsecured debt	$	2,464	$	16,787	$	19,251	$	4,361	$	15,742	$	20,103
Brokered deposits		1,550		1,654		3,204		1,387		3,160		4,547
Retail and other deposits		1,487		—		1,487		1,370		—		1,370
Other(1)		1,004		—		1,004		887		—		887
Total unsecured borrowings		6,505		18,441		24,946		8,005		18,902		26,907
Secured borrowings:
FFELP Loans securitizations		—		109,524		109,524		—		112,425		112,425
Private Education Loans securitizations		—		21,815		21,815		—		21,409		21,409
ED Conduit Program Facility		22,756		—		22,756		24,484		—		24,484
ABCP borrowings		314		5,000		5,314		—		5,853		5,853
Acquisition financing(2)		—		1,010		1,010		—		1,064		1,064
FHLB-DM Facility		1,000		—		1,000		900		—		900
Indentured trusts		—		1,125		1,125		—		1,246		1,246
Total secured borrowings		24,070		138,474		162,544		25,384		141,997		167,381
Total before hedge accounting adjustments		30,575		156,915		187,490		33,389		160,899		194,288
Hedge accounting adjustments		191		3,850		4,041		227		2,644		2,871
Total	$	30,766	$	160,765	$	191,531	$	33,616	$	163,543	$	197,159

(1)	“Other” primarily consists of cash collateral held related to derivative exposures that are recorded as a short-term debt obligation.
(2)	Relates to the acquisition of $25 billion of student loans at the end of 2010.

Financing VIEs

	June 30, 2011
	Debt Outstanding						Carrying Amount of Assets Securing Debt
	Short		Long				Outstanding
(Dollars in millions)	Term		Term		Total		Loans		Cash		Other Assets		Total
Secured Borrowings — VIEs:
ED Conduit Program Facility	$	22,756	$	—	$	22,756	$	22,802	$	647	$	572	$	24,021
ABCP borrowings		314		5,000		5,314		5,661		77		75		5,813
Securitizations — FFELP Loans		—		109,524		109,524		110,434		3,825		575		114,834
Securitizations — Private Education Loans		—		21,815		21,815		25,084		1,171		753		27,008
Indentured trusts		—		1,125		1,125		1,441		126		13		1,580
Total before hedge accounting adjustments		23,070		137,464		160,534		165,422		5,846		1,988		173,256
Hedge accounting adjustments		—		2,414		2,414		—		—		2,135		2,135
Total	$	23,070	$	139,878	$	162,948	$	165,422	$	5,846	$	4,123	$	175,391

	December 31, 2010
	Debt Outstanding						Carrying Amount of Assets Securing Debt
	Short		Long				Outstanding
(Dollars in millions)	Term		Term		Total		Loans		Cash		Other Assets		Total
Secured Borrowings — VIEs:
ED Conduit Program Facility	$	24,484	$	—	$	24,484	$	24,511	$	819	$	634	$	25,964
ABCP borrowings		—		5,853		5,853		6,290		94		53		6,437
Securitizations — FFELP Loans		—		112,425		112,425		113,400		3,728		966		118,094
Securitizations — Private Education Loans		—		21,409		21,409		24,355		1,213		690		26,258
Indentured trusts		—		1,246		1,246		1,549		129		15		1,693
Total before hedge accounting adjustments		24,484		140,933		165,417		170,105		5,983		2,358		178,446
Hedge accounting adjustments		—		1,311		1,311		—		—		1,348		1,348
Total	$	24,484	$	142,244	$	166,728	$	170,105	$	5,983	$	3,706	$	179,794

Securitization Activity

	Three Months Ended June 30,								Six Months Ended June 30,
	2011				2010				2011				2010
			Loan				Loan				Loan				Loan
	No. of		Amount		No. of		Amount		No. of		Amount		No. of		Amount
(Dollars in millions)	Transactions		Securitized		Transactions		Securitized		Transactions		Securitized		Transactions		Securitized
Securitizations:
FFELP Stafford/PLUS Loans		—	$	—		1	$	1,211		—	$	—		1	$	1,211
FFELP Consolidation Loans		1		774		—		—		2		1,546		—		—
Private Education Loans		2		1,699		—		—		2		1,699		1		1,929
Total securitizations		3	$	2,473		1	$	1,211		4	$	3,245		2	$	3,140