Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Loans held for investment

Loans held for investment are summarized as follows:

	December 31,
	2016			2015
Private Education Loans	$	14,251,675		$	10,596,437
Deferred origination costs	44,206			27,884
Allowance for loan losses	(182,472		)	(108,816		)
Total Private Education Loans, net	14,113,409			10,515,505
FFELP Loans	1,010,908			1,115,663
Unamortized acquisition costs, net	2,941			3,114
Allowance for loan losses	(2,171		)	(3,691		)
Total FFELP Loans, net	1,011,678			1,115,086
Personal Loans	12,893			—
Allowance for loan losses	(58		)	—
Total Personal Loans, net	12,835			—
Loans held for investment, net	$	15,137,922		$	11,630,591

The estimated weighted average life of education loans in our portfolio was approximately 6.0 years and 6.2 years at December 31, 2016 and 2015, respectively.

The average balance and the respective weighted average interest rates for our education loan portfolio are summarized as follows:

	Years Ended December 31,
	2016				2015				2014
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	12,747,756	8.02	%	$	9,819,053	7.93	%	$	7,563,356	8.16	%
FFELP Loans	1,063,325		3.53		1,179,723		3.26		1,353,497		3.24
Total education loan portfolio	$	13,811,081			$	10,998,776			$	8,916,853

Loans held for investment by Region

At December 31, 2016, 40.3 percent of total education loans were concentrated in the following states:

	2016
New York	10.3	%
California	9.4
Pennsylvania	8.4
New Jersey	6.9
Illinois	5.3
	40.3	%

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	%