Loans held for investment are summarized as follows:



	June 30,			December 31,
	2015			2014
Private Education Loans	$	9,312,937		$	8,311,376
Deferred origination costs	19,632			13,845
Allowance for loan losses	(87,310		)	(78,574		)
Total Private Education Loans, net	9,245,259			8,246,647

FFELP Loans	1,178,876			1,264,807
Unamortized acquisition costs, net	3,329			3,600
Allowance for loan losses	(4,556		)	(5,268		)
Total FFELP Loans, net	1,177,649			1,263,139

Loans held for investment, net	$	10,422,908		$	9,509,786

The estimated weighted average life of education loans in our portfolio was approximately 6.2 years at both June 30, 2015 and December 31, 2014.

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



	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2015				2014				2015				2014
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	9,361,711	7.96	%	$	7,357,599	8.22	%	$	9,407,888	8.01	%	$	7,388,484	8.18	%
FFELP Loans	1,194,309		3.22		1,378,206		3.32		1,214,384		3.20		1,391,327		3.26
Total portfolio	$	10,556,020			$	8,735,805			$	10,622,272			$	8,779,811