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Loans Held for Investment (Tables)
 6 Months Ended
Jun. 30, 2016
Receivables [Abstract]  
Loans held for investment
Loans held for investment are summarized as follows:
 
 
June 30,
 
December 31,
 
 
2016
 
2015
Private Education Loans
 
$
12,290,709

 
$
10,596,437

Deferred origination costs
 
35,212

 
27,884

Allowance for loan losses
 
(142,628
)
 
(108,816
)
Total Private Education Loans, net
 
12,183,293

 
10,515,505

 
 
 
 
 
FFELP Loans
 
1,061,517

 
1,115,663

Unamortized acquisition costs, net
 
2,913

 
3,114

Allowance for loan losses
 
(2,297
)
 
(3,691
)
Total FFELP Loans, net
 
1,062,133

 
1,115,086

 
 
 
 
 
Loans held for investment, net
 
$
13,245,426

 
$
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
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
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
 
$
12,217,890

 
7.98
%
 
$
9,361,711

 
7.96
%
 
$
12,017,799

 
8.00
%
 
$
9,407,888

 
8.01
%
FFELP Loans
 
1,076,419

 
3.48

 
1,194,309

 
3.22

 
1,089,836

 
3.45

 
1,214,384

 
3.20

Total portfolio
 
$
13,294,309

 
 
 
$
10,556,020

 
 
 
$
13,107,635

 
 
 
$
10,622,272