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Loans Held for Investment (Tables)
 3 Months Ended
Mar. 31, 2015
Receivables [Abstract]  
Loans held for investment
Loans held for investment are summarized as follows:
 
 
March 31,
 
December 31,
 
 
2015
 
2014
Private Education Loans
 
$
9,768,761

 
$
8,311,376

Deferred origination costs
 
17,627

 
13,845

Allowance for loan losses
 
(85,236
)
 
(78,574
)
Total Private Education Loans, net
 
9,701,152

 
8,246,647

 
 
 
 
 
FFELP Loans
 
1,208,977

 
1,264,807

Unamortized acquisition costs, net
 
3,454

 
3,600

Allowance for loan losses
 
(4,569
)
 
(5,268
)
Total FFELP Loans, net
 
1,207,862

 
1,263,139

 
 
 
 
 
Loans held for investment, net
 
$
10,909,014

 
$
9,509,786


 
The estimated weighted average life of education loans in our portfolio was approximately 6.4 years and 6.2 years at March 31, 2015 and December 31, 2014, respectively.

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


 
 
Three Months Ended
 
 
March 31,
 
 
2015
 
2014
 
 
Average Balance
 
Weighted Average Interest Rate
 
Average Balance
 
Weighted Average Interest Rate
Private Education Loans
 
$
9,454,579

 
8.07
%
 
$
7,419,714

 
8.14
%
FFELP Loans
 
1,234,682

 
3.19

 
1,404,595

 
3.19

Total portfolio
 
$
10,689,261

 
 
 
$
8,824,309