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Loans Held for Investment (Tables)
 3 Months Ended
Mar. 31, 2016
Receivables [Abstract]  
Loans held for investment
Loans held for investment are summarized as follows:
 
 
March 31,
 
December 31,
 
 
2016
 
2015
Private Education Loans
 
$
12,111,870

 
$
10,596,437

Deferred origination costs
 
31,772

 
27,884

Allowance for loan losses
 
(122,620
)
 
(108,816
)
Total Private Education Loans, net
 
12,021,022

 
10,515,505

 
 
 
 
 
FFELP Loans
 
1,088,026

 
1,115,663

Unamortized acquisition costs, net
 
3,006

 
3,114

Allowance for loan losses
 
(3,629
)
 
(3,691
)
Total FFELP Loans, net
 
1,087,403

 
1,115,086

 
 
 
 
 
Loans held for investment, net
 
$
13,108,425

 
$
11,630,591

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


 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
 
 
Average Balance
 
Weighted Average Interest Rate
 
Average Balance
 
Weighted Average Interest Rate
Private Education Loans
 
$
11,817,708

 
8.03
%
 
$
9,454,579

 
8.07
%
FFELP Loans
 
1,103,253

 
3.42

 
1,234,682

 
3.19

Total portfolio
 
$
12,920,961

 
 
 
$
10,689,261