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Allowance for Loan Losses
 9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Allowance for Loan Losses Allowance for Loan Losses
Our provision for credit losses represents the periodic expense of maintaining an allowance sufficient to absorb incurred probable losses in the held-for-investment loan portfolios. The evaluation of the allowance for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe the allowance for loan losses is appropriate to cover probable losses incurred in the loan portfolios. See Note 2, “Significant Accounting Policies — Allowance for Loan Losses — Allowance for Private Education Loan Losses, — Allowance for Personal Loans, and — Allowance for FFELP Loan Losses” in our 2018 Form 10-K for additional details.

Allowance for Loan Losses Metrics
 
 
Allowance for Loan Losses
 
 
Three Months Ended September 30, 2019
 
 
FFELP
Loans
 
Private Education
Loans
 
Personal
Loans
 
Total
Allowance for Loan Losses
 
 
 
 
 
 
 
 
Beginning balance
 
$
1,734

 
$
307,968

 
$
74,295

 
$
383,997

Total provision
 
158

 
84,110

 
14,046

 
98,314

Net charge-offs:
 


 


 


 


Charge-offs
 
(203
)
 
(56,398
)
 
(19,626
)
 
(76,227
)
Recoveries
 
—

 
6,864

 
1,458

 
8,322

Net charge-offs
 
(203
)
 
(49,534
)
 
(18,168
)
 
(67,905
)
Ending Balance
 
$
1,689

 
$
342,544

 
$
70,173

 
$
414,406

Allowance:
 

 

 

 

Ending balance: individually evaluated for impairment
 
$
—

 
$
171,884

 
$
—

 
$
171,884

Ending balance: collectively evaluated for impairment
 
$
1,689

 
$
170,660

 
$
70,173

 
$
242,522

Loans:
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
1,474,819

 
$
—

 
$
1,474,819

Ending balance: collectively evaluated for impairment
 
$
798,168

 
$
21,645,350

 
$
1,131,833

 
$
23,575,351

Net charge-offs as a percentage of average loans in repayment (annualized)(1)
 
0.13
%
 
1.27
%
 
6.42
%
 

Allowance as a percentage of the ending total loan balance
 
0.21
%
 
1.48
%
 
6.20
%
 

Allowance as a percentage of the ending loans in repayment(1)
 
0.27
%
 
2.13
%
 
6.20
%
 

Allowance coverage of net charge-offs (annualized)
 
2.08

 
1.73

 
0.97

 

Ending total loans, gross
 
$
798,168

 
$
23,120,169

 
$
1,131,833

 

Average loans in repayment(1)
 
$
621,706

 
$
15,632,028

 
$
1,131,965

 

Ending loans in repayment(1)
 
$
631,626

 
$
16,072,979

 
$
1,131,833

 

____________
(1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.


 
 
Allowance for Loan Losses
 
 
Three Months Ended September 30, 2018
 
 
FFELP
Loans
 
Private Education
Loans
 
Personal
Loans
 
Total
Allowance for Loan Losses
 
 
 
 
 
 
 
 
Beginning balance
 
$
1,073

 
$
261,695

 
$
32,509

 
$
295,277

Total provision
 
259

 
42,482

 
26,155

 
68,896

Net charge-offs:
 
 
 
 
 
 
 
 
Charge-offs
 
(252
)
 
(34,229
)
 
(5,740
)
 
(40,221
)
Recoveries
 
—

 
4,736

 
286

 
5,022

Net charge-offs
 
(252
)
 
(29,493
)
 
(5,454
)
 
(35,199
)
Ending Balance
 
$
1,080

 
$
274,684

 
$
53,210

 
$
328,974

Allowance:
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
119,643

 
$
—

 
$
119,643

Ending balance: collectively evaluated for impairment
 
$
1,080

 
$
155,041

 
$
53,210

 
$
209,331

Loans:
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
1,199,493

 
$
—

 
$
1,199,493

Ending balance: collectively evaluated for impairment
 
$
866,786

 
$
19,040,498

 
$
1,133,005

 
$
21,040,289

Net charge-offs as a percentage of average loans in repayment (annualized)(1)
 
0.15
%
 
0.88
%
 
2.03
%
 
 
Allowance as a percentage of the ending total loan balance
 
0.12
%
 
1.36
%
 
4.70
%
 
 
Allowance as a percentage of the ending loans in repayment(1)
 
0.16
%
 
1.99
%
 
4.70
%
 
 
Allowance coverage of net charge-offs (annualized)
 
1.07

 
2.33

 
2.44

 
 
Ending total loans, gross
 
$
866,786

 
$
20,239,991

 
$
1,133,005

 
 
Average loans in repayment(1)
 
$
681,131

 
$
13,351,517

 
$
1,072,624

 
 
Ending loans in repayment(1)
 
$
679,110

 
$
13,815,415

 
$
1,133,005

 
 
____________
(1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.

    



 
 
Allowance for Loan Losses
 
 
Nine Months Ended September 30, 2019
 
 
FFELP
Loans
 
Private Education
Loans
 
Personal
Loans
 
Total
Allowance for Loan Losses
 
 
 
 
 
 
 
 
Beginning balance
 
$
977

 
$
277,943

 
$
62,201

 
$
341,121

Total provision
 
1,320

 
197,289

 
58,280

 
256,889

Net charge-offs:
 
 
 


 
 
 
 
Charge-offs
 
(608
)
 
(151,357
)
 
(53,951
)
 
(205,916
)
Recoveries
 
—

 
18,669

 
3,643

 
22,312

Net charge-offs
 
(608
)
 
(132,688
)
 
(50,308
)
 
(183,604
)
Ending Balance
 
$
1,689

 
$
342,544

 
$
70,173

 
$
414,406

Allowance:
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
171,884

 
$
—

 
$
171,884

Ending balance: collectively evaluated for impairment
 
$
1,689

 
$
170,660

 
$
70,173

 
$
242,522

Loans:
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
1,474,819

 
$
—

 
$
1,474,819

Ending balance: collectively evaluated for impairment
 
$
798,168

 
$
21,645,350

 
$
1,131,833

 
$
23,575,351

Net charge-offs as a percentage of average loans in repayment (annualized)(1)
 
0.13
%
 
1.15
%
 
5.82
%
 
 
Allowance as a percentage of the ending total loan balance
 
0.21
%
 
1.48
%
 
6.20
%
 
 
Allowance as a percentage of the ending loans in repayment(1)
 
0.27
%
 
2.13
%
 
6.20
%
 
 
Allowance coverage of net charge-offs (annualized)
 
2.08

 
1.94

 
1.05

 
 
Ending total loans, gross
 
$
798,168

 
$
23,120,169

 
$
1,131,833

 
 
Average loans in repayment(1)
 
$
636,538

 
$
15,351,188

 
$
1,152,555

 
 
Ending loans in repayment(1)
 
$
631,626

 
$
16,072,979

 
$
1,131,833

 
 
____________
     
(1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.







 
 
Allowance for Loan Losses
 
 
Nine Months Ended September 30, 2018
 
 
FFELP
Loans
 
Private Education
Loans
 
Personal
Loans
 
Total
Allowance for Loan Losses
 
 
 
 
 
 
 
 
Beginning balance
 
$
1,132

 
$
243,715

 
$
6,628

 
$
251,475

Total provision
 
742

 
130,616

 
55,981

 
187,339

Net charge-offs:
 
 
 
 
 
 
 
 
Charge-offs
 
(794
)
 
(113,852
)
 
(9,812
)
 
(124,458
)
Recoveries
 
—

 
15,421

 
413

 
15,834

Net charge-offs
 
(794
)
 
(98,431
)
 
(9,399
)
 
(108,624
)
Loan sales(1)
 
—

 
(1,216
)
 
—

 
(1,216
)
Ending Balance
 
$
1,080

 
$
274,684

 
$
53,210

 
$
328,974

Allowance:
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
119,643

 
$
—

 
$
119,643

Ending balance: collectively evaluated for impairment
 
$
1,080

 
$
155,041

 
$
53,210

 
$
209,331

Loans:
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
 
$
—

 
$
1,199,493

 
$
—

 
$
1,199,493

Ending balance: collectively evaluated for impairment
 
$
866,786

 
$
19,040,498

 
$
1,133,005

 
$
21,040,289

Net charge-offs as a percentage of average loans in repayment (annualized)(2)
 
0.15
%
 
1.01
%
 
1.56
%
 
 
Allowance as a percentage of the ending total loan balance
 
0.12
%
 
1.36
%
 
4.70
%
 
 
Allowance as a percentage of the ending loans in repayment(2)
 
0.16
%
 
1.99
%
 
4.70
%
 
 
Allowance coverage of net charge-offs (annualized)
 
1.02

 
2.09

 
4.25

 
 
Ending total loans, gross
 
$
866,786

 
$
20,239,991

 
$
1,133,005

 
 
Average loans in repayment(2)
 
$
700,679

 
$
13,009,704

 
$
803,928

 
 
Ending loans in repayment(2)
 
$
679,110

 
$
13,815,415

 
$
1,133,005

 
 
____________
(1) Represents fair value adjustments on loans sold.
(2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.


Troubled Debt Restructurings (“TDRs”)
All of our loans are collectively assessed for impairment, except for loans classified as TDRs (where we conduct individual assessments of impairment). We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations, achieve better student outcomes, and increase the collectability of the loan. These changes generally take the form of a temporary forbearance of payments, a temporary interest rate reduction, a temporary interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. When we give a borrower facing financial difficulty an interest rate reduction, we temporarily reduce the contractual interest rate on a loan to 4.0 percent (previously, to 2.0 percent) for a two-year period and, in the vast majority of cases, permanently extend the final maturity date of the loan. The combination of these two loan term changes helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate. At September 30, 2019 and September 30, 2018, 8.0 percent and 7.4 percent, respectively, of our loans then currently in full principal and interest repayment status were subject to interest rate reductions made under our rate modification program. Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life. As of September 30, 2019 and December 31, 2018, approximately 52 percent and 57 percent, respectively, of TDRs were classified as such due to their forbearance status. For additional information, see Note 2, “Significant Accounting Policies —Allowance for Loan Losses,” and Note 6, “Allowance for Loan Losses” in our 2018 Form 10-K.
Within the Private Education Loan portfolio, loans greater than 90 days past due are nonperforming. FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default and, therefore, we do not deem FFELP Loans as nonperforming from a credit risk perspective at any point in their life cycle prior to claim payment and continue to accrue interest on those loans through the date of claim.
At September 30, 2019 and December 31, 2018, all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.
 
 
Recorded Investment
 
Unpaid Principal Balance
 
Allowance
 
 
 
 
 
 
 
September 30, 2019
 
 
 
 
 
 
TDR Loans
 
$
1,503,740

 
$
1,474,819

 
$
171,884

 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
TDR Loans
 
$
1,280,713

 
$
1,257,856

 
$
120,110



The following table provides the average recorded investment and interest income recognized for our TDR loans.
 
 
Three Months Ended 
 September 30,
 
 
2019
 
2018
 
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
 
 
 
 
 
 
 
 
TDR Loans
 
$
1,467,098

 
$
24,639

 
$
1,180,206

 
$
19,943



 
 
Nine Months Ended 
 September 30,
 
 
2019
 
2018
 
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
 
 
 
 
 
 
 
 
TDR Loans
 
$
1,391,167

 
$
69,159

 
$
1,106,946

 
$
56,509



    
The following table provides information regarding the loan status and aging of TDR loans.

 
 
September 30,
 
December 31,
 
 
2019
 
2018
 
 
Balance
 
%
 
Balance
 
%
TDR loans in in-school/grace/deferment(1)
 
$
89,046

 
 
 
$
69,212

 
 
TDR loans in forbearance(2)
 
97,175

 
 
 
69,796

 
 
TDR loans in repayment(3) and percentage of each status:
 
 
 
 
 
 
 
 
Loans current
 
1,137,771

 
88.3
%
 
994,411

 
88.9
%
Loans delinquent 31-60 days(4)
 
74,243

 
5.7

 
63,074

 
5.6

Loans delinquent 61-90 days(4)
 
47,500

 
3.7

 
36,804

 
3.3

Loans delinquent greater than 90 days(4)
 
29,084

 
2.3

 
24,559

 
2.2

Total TDR loans in repayment
 
1,288,598

 
100.0
%
 
1,118,848

 
100.0
%
Total TDR loans, gross
 
$
1,474,819

 
 
 
$
1,257,856

 
 
_____
(1) 
Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2) 
Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3) 
Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
(4) 
The period of delinquency is based on the number of days scheduled payments are contractually past due.


The following table provides the amount of modified loans (which include forbearance and reductions in interest rates) that became TDRs in the periods presented. Additionally, for the periods presented, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the relevant period presented and within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure.

 
 
Three Months Ended 
 September 30, 2019
 
Three Months Ended 
 September 30, 2018
 
 
Modified Loans(1)
 
Charge-offs
 
Payment-
Default
 
Modified Loans(1)
 
Charge-offs
 
Payment-
Default
 
 
 
 
 
 
 
 
 
 
 
 
 
TDR Loans
 
$
115,195

 
$
21,092

 
$
29,258

 
$
101,117

 
$
11,090

 
$
20,595


 
 
Nine Months Ended 
 September 30, 2019
 
Nine Months Ended 
 September 30, 2018
 
 
Modified Loans(1)
 
Charge-offs
 
Payment-
Default
 
Modified Loans(1)
 
Charge-offs
 
Payment-
Default
 
 
 
 
 
 
 
 
 
 
 
 
 
TDR Loans
 
$
357,676

 
$
54,173

 
$
84,409

 
$
301,769

 
$
39,315

 
$
68,430

_____
(1) 
Represents the principal balance of loans that have been modified during the period and resulted in a TDR.



Private Education Loan Key Credit Quality Indicators
FFELP Loans are at least 97 percent insured and guaranteed as to their principal and accrued interest in the event of default; therefore, there are no key credit quality indicators associated with FFELP Loans.
For Private Education Loans, the key credit quality indicators are FICO scores, the existence of a cosigner, the loan status, and loan seasoning. The FICO scores are assessed at original approval and periodically refreshed/updated through the loan’s term. The following table highlights the gross principal balance of our Private Education Loan portfolio stratified by key credit quality indicators.

 
 
Private Education Loans
 
 
Credit Quality Indicators
 
 
September 30, 2019
 
December 31, 2018
Credit Quality Indicators:
 
Balance(1)
 
% of Balance
 
Balance(1)
 
% of Balance
 
 
 
 
 
 
 
 
 
Cosigners:
 
 
 
 
 
 
 
 
With cosigner
 
$
20,663,133

 
89
%
 
$
18,378,398

 
90
%
Without cosigner
 
2,457,036

 
11

 
2,126,067

 
10

Total
 
$
23,120,169

 
100
%
 
$
20,504,465

 
100
%
 
 
 
 
 
 
 
 
 
FICO at Original Approval(2):
 
 
 
 
 
 
 
 
Less than 670
 
$
1,635,201

 
7
%
 
$
1,409,789

 
7
%
670-699
 
3,528,152

 
15

 
3,106,983

 
15

700-749
 
7,632,035

 
33

 
6,759,721

 
33

Greater than or equal to 750
 
10,324,781

 
45

 
9,227,972

 
45

Total
 
$
23,120,169

 
100
%
 
$
20,504,465

 
100
%
 
 
 
 
 
 
 
 
 
FICO-Refreshed(2)(3):
 
 
 
 
 
 
 
 
Less than 670
 
$
2,819,600

 
12
%
 
$
2,416,979

 
12
%
670-699
 
2,843,463

 
12

 
2,504,467

 
12

700-749
 
6,830,464

 
30

 
6,144,489

 
30

Greater than or equal to 750
 
10,626,642

 
46

 
9,438,530

 
46

Total
 
$
23,120,169

 
100
%
 
$
20,504,465

 
100
%
 
 
 
 
 
 
 
 
 
Seasoning(4):
 
 
 
 
 
 
 
 
1-12 payments
 
$
5,970,773

 
26
%
 
$
4,969,334

 
24
%
13-24 payments
 
3,652,078

 
16

 
3,481,235

 
17

25-36 payments
 
2,684,175

 
11

 
2,741,954

 
13

37-48 payments
 
2,031,488

 
9

 
1,990,049

 
10

More than 48 payments
 
2,337,745

 
10

 
2,061,448

 
10

Not yet in repayment
 
6,443,910

 
28

 
5,260,445

 
26

Total
 
$
23,120,169

 
100
%
 
$
20,504,465

 
100
%
______
(1) 
Balance represents gross Private Education Loans.
(2) 
Represents the higher credit score of the cosigner or the borrower.
(3) 
Represents the FICO score updated as of the third-quarter 2019.
(4) 
Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due.
Private Education Loan Delinquencies

The following table provides information regarding the loan status of our Private Education Loans. Loans in repayment include loans making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.

 
 
Private Education Loans
 
 
September 30,
 
December 31,
 
 
2019
 
2018
 
 
Balance
 
%
 
Balance
 
%
Loans in-school/grace/deferment(1)
 
$
6,443,910

 
 
 
$
5,260,445

 
 
Loans in forbearance(2)
 
603,280

 
 
 
577,164

 
 
Loans in repayment and percentage of each status:
 
 
 
 
 
 
 
 
Loans current
 
15,627,722

 
97.2
%
 
14,289,705

 
97.4
%
Loans delinquent 31-60 days(3)
 
263,331

 
1.6

 
231,216

 
1.6

Loans delinquent 61-90 days(3)
 
120,007

 
0.8

 
95,105

 
0.7

Loans delinquent greater than 90 days(3)
 
61,919

 
0.4

 
50,830

 
0.3

Total Private Education Loans in repayment
 
16,072,979

 
100.0
%
 
14,666,856

 
100.0
%
Total Private Education Loans, gross
 
23,120,169

 
 
 
20,504,465

 
 
Private Education Loans deferred origination costs and unamortized premium/(discount)
 
78,103

 
 
 
68,321

 
 
Total Private Education Loans
 
23,198,272

 
 
 
20,572,786

 
 
Private Education Loans allowance for losses
 
(342,544
)
 
 
 
(277,943
)
 
 
Private Education Loans, net
 
$
22,855,728

 
 
 
$
20,294,843

 
 
Percentage of Private Education Loans in repayment
 
 
 
69.5
%
 
 
 
71.5
%
Delinquencies as a percentage of Private Education Loans in repayment
 
 
 
2.8
%
 
 
 
2.6
%
Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance
 
 
 
3.6
%
 
 
 
3.8
%
_______
(1) 
Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2) 
Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3) 
The period of delinquency is based on the number of days scheduled payments are contractually past due.

Personal Loan Key Credit Quality Indicators
For Personal Loans, the key credit quality indicators are FICO scores, loan seasoning, and loan delinquency status. The FICO scores are assessed at original approval and periodically refreshed/updated through the loan’s term. The following table highlights the gross principal balance of our Personal Loan portfolio stratified by key credit quality indicators.

 
 
Personal Loans
 
 
Credit Quality Indicators
 
 
September 30, 2019
 
December 31, 2018
Credit Quality Indicators:
 
Balance(1)
 
% of Balance
 
Balance(1)
 
% of Balance
 
 
 
 
 
 
 
 
 
FICO at Original Approval:
 
 
 
 
 
 
 
 
Less than 670
 
$
55,467

 
5
%
 
$
77,702

 
7
%
670-699
 
286,460

 
25

 
339,053

 
28

700-749
 
557,828

 
49

 
554,700

 
47

Greater than or equal to 750
 
232,078

 
21

 
218,636

 
18

Total
 
$
1,131,833

 
100
%
 
$
1,190,091

 
100
%
 
 
 
 
 
 
 
 
 
Seasoning(2):
 
 
 
 
 
 
 
 
0-12 payments
 
$
561,102

 
50
%
 
$
1,008,758

 
85
%
13-24 payments
 
552,313

 
49

 
181,333

 
15

25-36 payments
 
18,418

 
1

 
—

 
—

37-48 payments
 
—

 
—

 
—

 
—

More than 48 payments
 
—

 
—

 
—

 
—

Total
 
$
1,131,833

 
100
%
 
$
1,190,091

 
100
%
______
(1) 
Balance represents gross Personal Loans.
(2) 
Number of months in active repayment for which a scheduled payment was due.















Personal Loan Delinquencies

The following table provides information regarding the loan status of our Personal Loans.

 
 
Personal Loans
 
 
September 30,
 
December 31,
 
 
2019
 
2018
 
 
Balance
 
%
 
Balance
 
%
Loans in repayment and percentage of each status:
 
 
 
 
 
 
 
 
Loans current
 
$
1,109,512

 
98.0
%
 
$
1,172,776

 
98.5
%
Loans delinquent 31-60 days(1)
 
6,341

 
0.6

 
6,722

 
0.6

Loans delinquent 61-90 days(1)
 
8,382

 
0.7

 
5,416

 
0.5

Loans delinquent greater than 90 days(1)
 
7,598

 
0.7

 
5,177

 
0.4

Total Personal Loans in repayment
 
1,131,833

 
100.0
%
 
1,190,091

 
100.0
%
Total Personal Loans, gross
 
1,131,833

 
 
 
1,190,091

 
 
Personal Loans deferred origination costs and unamortized premium/(discount)
 
594

 
 
 
297

 
 
Total Personal Loans
 
1,132,427

 
 
 
1,190,388

 
 
Personal Loans allowance for losses
 
(70,173
)
 
 
 
(62,201
)
 
 
Personal Loans, net
 
$
1,062,254

 
 
 
$
1,128,187

 
 
Delinquencies as a percentage of Personal Loans in repayment
 
 
 
2.0
%
 
 
 
1.5
%
_______
(1) 
The period of delinquency is based on the number of days scheduled payments are contractually past due.


 Accrued Interest Receivable
The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans greater than 90 days past due as compared to our allowance for uncollectible interest. The allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due Private Education Loan portfolio for all periods presented.
 
 
Private Education Loans
 
 
Accrued Interest Receivable
 
 
Total Interest Receivable
 
Greater Than 90 Days Past Due
 
Allowance for Uncollectible Interest
 
 
 
 
 
 
 
September 30, 2019
 
$
1,488,628

 
$
2,348

 
$
7,505

December 31, 2018
 
$
1,168,823

 
$
1,920

 
$
6,322