Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Loans held for investment

Loans held for investment are summarized as follows:

	December 31,
	2014			2013
Private Education Loans	$	8,311,376		$	6,563,342
Deferred origination costs	13,845			5,063
Allowance for loan losses	(78,574		)	(61,763		)
Total Private Education Loans, net	8,246,647			6,506,642
FFELP Loans	1,264,807			1,426,972
Unamortized acquisition costs, net	3,600			4,081
Allowance for loan losses	(5,268		)	(6,318		)
Total FFELP Loans, net	1,263,139			1,424,735
Loans held for investment, net	$	9,509,786		$	7,931,377

The estimated weighted average life of student loans in our portfolio was approximately 6.2 years and 7.0 years at December 31, 2014 and 2013, respectively.

The average balance and the respective weighted average interest rates are summarized as follows:

	Years Ended December 31,
	2014				2013				2012
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	7,563,356	8.16	%	$	5,996,651	8.16	%	$	5,347,239	8.34	%
FFELP Loans	1,353,497		3.24		1,142,979		3.32		527,935		2.85
Total portfolio	$	8,916,853			$	7,139,630			$	5,875,174

Loans held for investment by Region

At December 31, 2014, 38.8 percent of loans were concentrated in the following states:

	2014
California	10.1	%
New York	9.5
Pennsylvania	7.7
New Jersey	6.3
Illinois	5.2
	38.8	%

At December 31, 2013, 37.8 percent of loans were concentrated in the following states:

	2013
California	9.7	%
New York	9.3
Pennsylvania	7.5
New Jersey	6.2
Illinois	5.1
	37.8	%