Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Loans held for investment

Loans held for investment are summarized as follows:

	December 31,
	2015			2014
Private Education Loans	$	10,596,437		$	8,311,376
Deferred origination costs	27,884			13,845
Allowance for loan losses	(108,816		)	(78,574		)
Total Private Education Loans, net	10,515,505			8,246,647
FFELP Loans	1,115,663			1,264,807
Unamortized acquisition costs, net	3,114			3,600
Allowance for loan losses	(3,691		)	(5,268		)
Total FFELP Loans, net	1,115,086			1,263,139
Loans held for investment, net	$	11,630,591		$	9,509,786

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

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

	Years Ended December 31,
	2015				2014				2013
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	9,819,053	7.93	%	$	7,563,356	8.16	%	$	5,996,651	8.16	%
FFELP Loans	1,179,723		3.26		1,353,497		3.24		1,142,979		3.32
Total portfolio	$	10,998,776			$	8,916,853			$	7,139,630

Loans held for investment by Region

At December 31, 2015, 39.8 percent of total education loans were concentrated in the following states:

	2015
New York	10.1	%
California	9.6
Pennsylvania	8.1
New Jersey	6.7
Illinois	5.3
	39.8	%

At December 31, 2014, 38.8 percent of total education 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	%