Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Loans held for investment

Loans held for investment are summarized as follows:

	December 31,
	2017			2016
Private Education Loans	$	17,432,167		$	14,251,675
Deferred origination costs	56,378			44,206
Allowance for loan losses	(243,715		)	(182,472		)
Total Private Education Loans, net	17,244,830			14,113,409
FFELP Loans	927,660			1,010,908
Unamortized acquisition costs, net	2,631			2,941
Allowance for loan losses	(1,132		)	(2,171		)
Total FFELP Loans, net	929,159			1,011,678
Personal Loans	400,280			12,893
Allowance for loan losses	(6,628		)	(58		)
Total Personal Loans, net	393,652			12,835
Loans held for investment, net	$	18,567,641		$	15,137,922

The estimated weighted average life of education loans in our portfolio was approximately 5.5 years and 6.0 years at December 31, 2017 and 2016, respectively.

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

	Years Ended December 31,
	2017				2016				2015
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	16,176,351	8.43	%	$	12,747,756	8.02	%	$	9,819,053	7.93	%
FFELP Loans	970,738		3.91		1,063,325		3.53		1,179,723		3.26
Personal Loans	112,644		9.90		710		8.53		—		—
Total portfolio	$	17,259,733			$	13,811,791			$	10,998,776

Loans held for investment by Region

At December 31, 2017, 40.4 percent of total education loans were concentrated in the following states:

	2017
New York	10.5	%
California	9.3
Pennsylvania	8.5
New Jersey	6.9
Illinois	5.2
	40.4	%

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	%