Loans held for investment are summarized as follows:



	September 30,			December 31,
	2015			2014
Private Education Loans	$	10,840,261		$	8,311,376
Deferred origination costs	26,283			13,845
Allowance for loan losses	(100,033		)	(78,574		)
Total Private Education Loans, net	10,766,511			8,246,647

FFELP Loans	1,143,595			1,264,807
Unamortized acquisition costs, net	3,212			3,600
Allowance for loan losses	(4,170		)	(5,268		)
Total FFELP Loans, net	1,142,637			1,263,139

Loans held for investment, net	$	11,909,148		$	9,509,786

The estimated weighted average life of education loans in our portfolio was approximately 6.3 years and 6.2 years at September 30, 2015 and December 31, 2014, respectively.

The average balance and the respective weighted average interest rates of education loans in our portfolio are summarized as follows:



	Three Months Ended								Nine Months Ended
	September 30,								September 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	$	9,869,025	7.87	%	$	7,407,774	8.20	%	$	9,563,290	7.96	%	$	7,394,985	8.19	%
FFELP Loans	1,161,288		3.27		1,339,748		3.23		1,196,491		3.22		1,373,945		3.25
Total portfolio	$	11,030,313			$	8,747,522			$	10,759,781			$	8,768,930