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Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Allowance for Credit Losses and Recorded Investments in Loans
Allowance for Loan Losses Metrics
 
 
 
Allowance for Loan Losses
 
 
Year Ended December 31, 2014
 
 
FFELP Loans
 
Private Education
Loans
 
Total
Allowance for Loan Losses
 
 
 
 
 
 
Beginning balance
 
$
6,318

 
$
61,763

 
$
68,081

Total provision
 
1,946

 
83,583

 
85,529

   Charge-offs(1)
 
(2,996
)
 
(14,442
)
 
(17,438
)
   Recoveries
 
—

 
1,155

 
1,155

Net charge-offs
 
(2,996
)
 
(13,287
)
 
(16,283
)
Student loan sales(2)
 
—

 
(53,485
)
 
(53,485
)
Ending Balance
 
$
5,268

 
$
78,574

 
$
83,842

Allowance:
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
9,815

 
$
9,815

Ending balance: collectively evaluated for impairment
 
$
5,268

 
$
68,759

 
$
74,027

Loans:
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
59,402

 
$
59,402

Ending balance: collectively evaluated for impairment
 
$
1,264,807

 
$
8,251,974

 
$
9,516,781

Net charge-offs as a percentage of average loans in repayment
 
0.31
%
 
0.30
%
 
 
Allowance as a percentage of the ending total loan balance
 
0.42
%
 
0.95
%
 
 
Allowance as a percentage of the ending loans in repayment
 
0.57
%
 
1.53
%
 
 
Allowance coverage of net charge-offs
 
1.76

 
5.91

 
 
Ending total loans
 
$
1,264,807

 
$
8,311,376

 
 
Average loans in repayment
 
$
972,390

 
$
4,495,709

 
 
Ending loans in repayment
 
$
926,891

 
$
5,149,215

 
 
_________
(1) 
Prior to the Spin-Off, Private Education Loans were sold to an entity that is now a subsidiary of Navient, prior to being charged off.
(2) 
Represents fair value write-downs on loans sold.

 
 
Allowance for Loan Losses
 
 
Year Ended December 31, 2013
 
 
FFELP Loans
 
Private Education
Loans
 
Total
Allowance for Loan Losses
 
 
 
 
 
 
Beginning balance
 
$
3,971

 
$
65,218

 
$
69,189

Total provision
 
4,384

 
64,955

 
69,339

Charge-offs(1)
 
(2,037
)
 
—

 
(2,037
)
Student loan sales(2)
 
—

 
(68,410
)
 
(68,410
)
Ending Balance
 
$
6,318

 
$
61,763

 
$
68,081

Allowance:
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
—

 
$
—

Ending balance: collectively evaluated for impairment
 
$
6,318

 
$
61,763

 
$
68,081

Loans:
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
—

 
$
—

Ending balance: collectively evaluated for impairment
 
$
1,426,972

 
$
6,563,342

 
$
7,990,314

Charge-offs as a percentage of average loans in repayment
 
0.23
%
 
—
%
 
 
Allowance as a percentage of the ending total loan balance
 
0.44
%
 
0.94
%
 
 
Allowance as a percentage of the ending loans in repayment
 
0.62
%
 
1.55
%
 
 
Allowance coverage of charge-offs
 
3.10

 
—

 
 
Ending total loans
 
$
1,426,972

 
$
6,563,342

 
 
Average loans in repayment
 
$
870,460

 
$
3,509,502

 
 
Ending loans in repayment
 
$
1,023,471

 
$
3,972,317

 
 
(1) 
Prior to the Spin-Off, Private Education Loans were sold to an entity that is now a subsidiary of Navient prior to being charged off.
(2) 
Represents fair value write-downs on loans sold.


 
 
 
Allowance for Loan Losses
 
 
Year Ended December 31, 2012
 
 
FFELP Loans
 
Private Education
Loans
 
Total
Allowance for Loan Losses
 
 
 
 
 
 
Beginning balance
 
$
402

 
$
69,090

 
$
69,492

Total provision
 
3,669

 
62,447

 
66,116

Charge-offs(1)
 
(100
)
 
—

 
(100
)
Student loan sales(2)
 
—

 
(66,319
)
 
(66,319
)
Ending Balance
 
$
3,971

 
$
65,218

 
$
69,189

Allowance:
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
—

 
$
—

Ending balance: collectively evaluated for impairment
 
$
3,971

 
$
65,218

 
$
69,189

Loans:
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
—

 
$
—

Ending balance: collectively evaluated for impairment
 
$
1,043,521

 
$
5,507,908

 
$
6,551,429

Charge-offs as a percentage of average loans in repayment
 
0.03
%
 
—
%
 
 
Allowance as a percentage of the ending total loan balance
 
0.38
%
 
1.18
%
 
 
Allowance as a percentage of the ending loans in repayment
 
0.52
%
 
1.74
%
 
 
Allowance coverage of charge-offs
 
39.77

 
—

 
 
Ending total loans
 
$
1,043,521

 
$
5,507,908

 
 
Average loans in repayment
 
$
367,789

 
$
3,928,692

 
 
Ending loans in repayment
 
$
770,772

 
$
3,750,223

 
 

(1) 
Prior to the Spin-Off, Private Education Loans were sold to an entity that is now a subsidiary of Navient prior to being charged off.
(2) 
Represents fair value write-downs on loans sold.
Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans
At December 31, 2014, all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.
 
Recorded Investment
 
Unpaid Principal Balance
 
Allowance
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
TDR Loans
$
60,278

 
$
59,402

 
$
9,815
Average Recorded Investment And Interest Income Recognized For TDR
The following table provides the average recorded investment and interest income recognized for our TDR loans.
 
Year Ended December 31, 2014
 
Average Recorded Investment
 
Interest Income Recognized
 
 
 
 
TDR Loans
$
23,290

 
$
1,105
Age Analysis of Past Due Loans Delinquencies
 The following tables provide information regarding the loan status and aging of past due loans. Loans in repayment includes in-school loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status after any applicable grace period.

 
 
Private Education Loan Delinquencies
 
 
December 31,
 
 
2014
 
2013
 
2012
 
 
Balance
 
%
 
Balance
 
%
 
Balance
 
%
Loans in-school/grace/deferment(1)
 
$
3,027,143

 
 
 
$
2,574,711

 
 
 
$
1,748,757

 
 
Loans in forbearance(2)
 
135,018

 
 
 
16,314

 
 
 
8,928

 
 
Loans in repayment and percentage of each status:
 
 
 
 
 
 
 
 
 
 
 
 
Loans current
 
5,045,600

 
98.0
%
 
3,933,143

 
99.0
%
 
3,705,634

 
98.8
%
Loans delinquent 31-60 days(3)
 
63,873

 
1.2

 
28,854

 
0.7

 
33,412

 
0.9

Loans delinquent 61-90 days(3)
 
29,041

 
0.6

 
10,280

 
0.3

 
10,483

 
0.3

Loans delinquent greater than 90 days(3)
 
10,701

 
0.2

 
40

 
—

 
694

 
—

Total Private Education Loans in repayment
 
5,149,215

 
100.0
%
 
3,972,317

 
100.0
%
 
3,750,223

 
100.0
%
Total Private Education Loans, gross
 
8,311,376

 
 
 
6,563,342

 
 
 
5,507,908

 
 
Private Education Loans deferred origination costs
 
13,845

 
 
 
5,063

 
 
 
5,009

 
 
Total Private Education Loans
 
8,325,221

 
 
 
6,568,405

 
 
 
5,512,917

 
 
Private Education Loans allowance for losses
 
(78,574
)
 
 
 
(61,763
)
 
 
 
(65,218
)
 
 
Private Education Loans, net
 
$
8,246,647

 
 
 
$
6,506,642

 
 
 
$
5,447,699

 
 
Percentage of Private Education Loans in repayment
 
 
 
62.0
%
 
 
 
60.5
%
 
 
 
68.1
%
Delinquencies as a percentage of Private Education Loans in repayment
 
 
 
2.0
%
 
 
 
1.0
%
 
 
 
1.2
%
Loans in forbearance as a percentage of loans in repayment and forbearance
 
 
 
2.6
%
 
 
 
0.4
%
 
 
 
0.2
%
(1)
Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2)
Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3)
The period of delinquency is based on the number of days scheduled payments are contractually past due.
The following table provides information regarding the loan status and aging of TDR loans that are past due.

 
 
December 31,
 
 
2014
 
 
Balance
 
%
Loans in in-school/grace/deferment(1)
 
$
2,915

 
 
Loans in forbearance(2)
 
18,620

 
 
Loans in repayment and percentage of each status:
 
 
 
 
Loans current
 
34,554

 
91.2
%
Loans delinquent 31-60 days(3)
 
1,953

 
5.2

Loans delinquent 61-90 days(3)
 
983

 
2.6

Loans delinquent greater than 90 days(3)
 
377

 
1.0

Total TDR loans in repayment
 
37,867

 
100.0
%
Total TDR loans, gross
 
$
59,402

 
 
_____
(1) 
Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2) 
Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3) 
The period of delinquency is based on the number of days scheduled payments are contractually past due.
Modified Loans Accounts For Troubled Debt Restructuring
The following table provides the amount of modified loans that resulted in a TDR in the periods presented. Additionally, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. The majority of our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan.

 
Year Ended December 31, 2014
 
Modified Loans
 
Charge-offs
 
Payment-Default
 
 
 
 
 
 
TDR Loans
$
59,402

 
$
948

 
$
325
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators
The following table highlights the gross principal balance of our Private Education Loan portfolio stratified by key credit quality indicators.

 
 
December 31, 2014
 
December 31, 2013
Credit Quality Indicators:
 
Balance(1)
 
% of Balance
 
Balance(1)
 
% of Balance
 
 
 
 
 
 
 
 
 
Cosigners:
 
 
 
 
 
 
 
 
With cosigner
 
$
7,465,339

 
90
%
 
$
5,898,751

 
90
%
Without cosigner
 
846,037

 
10

 
664,591

 
10

Total
 
$
8,311,376

 
100
%
 
$
6,563,342

 
100
%
 
 
 
 
 
 
 
 
 
FICO at Origination:
 
 
 
 
 
 
 
 
Less than 670
 
$
558,801

 
7
%
 
$
461,412

 
7
%
670-699
 
1,227,860

 
15

 
1,364,286

 
21

700-749
 
2,626,238

 
32

 
1,649,192

 
25

Greater than or equal to 750
 
3,898,477

 
46

 
3,088,452

 
47

Total
 
$
8,311,376

 
100
%
 
$
6,563,342

 
100
%
 
 
 
 
 
 
 
 
 
Seasoning(2):
 
 
 
 
 
 
 
 
1-12 payments
 
$
2,373,117

 
29
%
 
$
1,840,538

 
28
%
13-24 payments
 
1,532,042

 
18

 
1,085,393

 
17

25-36 payments
 
755,143

 
9

 
669,685

 
10

37-48 payments
 
411,493

 
5

 
362,124

 
6

More than 48 payments
 
212,438

 
3

 
30,891

 
—

Not yet in repayment
 
3,027,143

 
36

 
2,574,711

 
39

Total
 
$
8,311,376

 
100
%
 
$
6,563,342

 
100
%

___________     
(1) 
Balance represents gross Private Education Loans.
(2) 
Number of months in active repayment for which a scheduled payment was due.
Accrued Interest Receivable
The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans greater than 90 days past due as compared to our allowance for uncollectible interest. The allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due portfolio for all periods presented.
 
 
Private Education Loan
 
 
Accrued Interest Receivable
 
 
Total Interest
Receivable
 
Greater Than
90 Days
Past Due
 
Allowance for Uncollectible Interest
 
 
 
 
 
 
 
December 31, 2014
 
$
445,710

 
$
443

 
$
3,517

December 31, 2013
 
$
333,857

 
$
1

 
$
4,076