Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Loans held for investment

Loans held for investment are summarized as follows:

	December 31,
	2018			2017
Private Education Loans:
Fixed-rate	$	6,759,019		$	4,000,447
Variable-rate	13,745,446			13,431,720
Total Private Education Loans, gross	20,504,465			17,432,167
Deferred origination costs and unamortized premium/ (discount)	68,321			56,378
Allowance for loan losses	(277,943		)	(243,715		)
Total Private Education Loans, net	20,294,843			17,244,830
FFELP Loans	846,487			927,660
Deferred origination costs and unamortized premium/ (discount)	2,379			2,631
Allowance for loan losses	(977		)	(1,132		)
Total FFELP Loans, net	847,889			929,159
Personal Loans (fixed-rate)	1,190,091			400,280
Deferred origination costs and unamortized premium/ (discount)	297			—
Allowance for loan losses	(62,201		)	(6,628		)
Total Personal Loans, net	1,128,187			393,652
Loans held for investment, net	$	22,270,919		$	18,567,641

The estimated weighted average life of education loans in our portfolio was approximately 5.4 years and 5.5 years at December 31, 2018 and 2017, respectively.

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

	Years Ended December 31,
	2018				2017				2016
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	19,282,500	9.10	%	$	16,176,351	8.43	%	$	12,747,756	8.02	%
FFELP Loans	888,301		4.57		970,738		3.91		1,063,325		3.53
Personal Loans	900,152		11.08		112,644		9.90		710		8.53
Total portfolio	$	21,070,953			$	17,259,733			$	13,811,791

Loans held for investment by Region

Loans Held for Investment by Region

At December 31, 2018, 39.9 percent of total education loans were concentrated in the following states:

	2018
New York	10.3	%
California	9.3
Pennsylvania	8.5
New Jersey	6.8
Illinois	5.0
	39.9	%

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	%

No other state had a concentration of total education loans in excess of 5 percent of the aggregate outstanding education loans held for investment.