Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term ABS program and our Secured Borrowing Facility. The issuing entities for those secured borrowings are VIEs and are consolidated for accounting purposes. The following table summarizes our secured borrowings at December 31, 2019 and 2018.



	December 31, 2019						December 31, 2018
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	198,159	$	198,159	$	—	$	197,348	$	197,348
Total unsecured borrowings	—		198,159		198,159		—		197,348		197,348

Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		2,629,902		2,629,902		—		2,284,347		2,284,347
Variable-rate	—		1,525,976		1,525,976		—		1,802,609		1,802,609
Total Private Education Loan term securitizations	—		4,155,878		4,155,878		—		4,086,956		4,086,956
Secured Borrowing Facility	289,230		—		289,230		—		—		—
Total secured borrowings	289,230		4,155,878		4,445,108		—		4,086,956		4,086,956

Total	$	289,230	$	4,354,037	$	4,643,267	$	—	$	4,284,304	$	4,284,304

On February 20, 2019, we amended and extended the maturity of our Secured Borrowing Facility. On February 19, 2020, we amended our Secured Borrowing Facility to, among other things, increase the amount that can be borrowed under the facility to $2 billion (from $750 million) and extend the maturity of the facility. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the amended Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstandings. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay and reborrow funds, until February 17, 2021. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on February 17, 2022 (or earlier, if certain material adverse events occur). At December 31, 2019, $289 million secured borrowings were outstanding under the Secured Borrowing Facility, and at December 31, 2018, there were no secured borrowings outstanding under the Secured Borrowing Facility. For additional information, see Notes to Consolidated Financial Statements, Note 23, “Subsequent Events.”

Short-term borrowings have a remaining term to maturity of one year or less. The following table summarizes the outstanding short-term borrowings, the weighted average interest rates at the end of the period and the related average balance and weighted average interest rates during the period. The Secured Borrowing Facility’s contractual maturity is two years from the date of inception or renewal (one-year revolving period plus a one-year amortization period); however, we classify advances under our Secured Borrowing Facility as short-term borrowings because it is our intention to repay those advances within one year.



	December 31, 2019				Year Ended December 31, 2019
	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
Secured Borrowing Facility	$	289,230	1.74	%	$	102,639	4.91	%
Maximum outstanding at any month end	$	297,800



	December 31, 2018				Year Ended December 31, 2018
	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
Secured Borrowing Facility	$	—	—	%	$	52,603	8.91	%
Maximum outstanding at any month end	$	300,000

On March 13, 2019, we executed our $453 million SMB Private Education Loan Trust 2019-A term ABS transaction, which was accounted for as a secured financing. We sold $453 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $451 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.26 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.92 percent. At December 31, 2019, $445 million of our Private Education Loans, including $417 million of principal and $28 million in capitalized interest, were encumbered because of this transaction.

On June 12, 2019, we executed our $657 million SMB Private Education Loan Trust 2019-B term ABS transaction, which was accounted for as a secured financing. We sold $657 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $655 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.41 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 1.01 percent. At December 31, 2019, $666 million of our Private Education Loans, including $625 million of principal and $41 million in capitalized interest, were encumbered because of this transaction.

On March 21, 2018, we executed our $670 million SMB Private Education Loan Trust 2018-A term ABS transaction, which was accounted for as a secured financing. We sold $670 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $668 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.43 years and priced at a weighted average LIBOR equivalent cost of 1-

On June 20, 2018, we executed our $687 million SMB Private Education Loan Trust 2018-B term ABS transaction, which was accounted for as a secured financing. We sold $687 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $683 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.40 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.76 percent. At December 31, 2019, $623 million of our Private Education Loans, including $585 million of principal and $38 million in capitalized interest, were encumbered because of this transaction.

On September 19, 2018, we executed our $544 million SMB Private Education Loan Trust 2018-C term ABS transaction, which was accounted for as a secured financing. We sold $544 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $541 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.32 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.77 percent. At December 31, 2019, $502 million of our Private Education Loans, including $471 million of principal and $31 million in capitalized interest, were encumbered because of this transaction.

Prior to 2018, we executed a total of $3.9 billion in ABS transactions that were accounted for as secured financings. At December 31, 2019, $2.7 billion of our Private Education Loans, including $2.6 billion of principal and $115 million in capitalized interest, were encumbered as a result of these transactions.

The following table summarizes the outstanding long-term borrowings, the weighted average interest rates at the end of the period and the related average balance during the period. Rates reflect stated interest of borrowings and related discounts and premiums. The long-term borrowings amortize over time and mature serially from 2023 to 2040.



	December 31, 2019				Year Ended December 31, 2019		December 31, 2018				Year Ended December 31, 2018
	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Floating-rate borrowings	$	1,525,976	2.61	%	$	1,731,675	$	1,802,609	3.26	%	$	1,720,540
Fixed-rate borrowings	2,828,061		3.31		2,752,183		2,481,695		3.28		2,172,993
Total long-term borrowings	$	4,354,037	3.07	%	$	4,483,858	$	4,284,304	3.27	%	$	3,893,533



	December 31, 2019
	Stated Maturity⁽¹⁾								Maturity to Call Date⁽²⁾
	Brokered Deposits		Unsecured Debt		Secured Borrowings		Total		Brokered Deposits		Unsecured Debt		Secured Borrowings		Total
Year of Maturity
2020	$	2,650,654	$	—	$	565,805	$	3,216,459	$	2,650,654	$	—	$	565,805	$	3,216,459
2021	3,691,692		—		507,319		4,199,011		3,691,692		—		507,319		4,199,011
2022	2,690,974		200,000		512,718		3,403,692		2,690,974		200,000		512,718		3,403,692
2023	1,270,385		—		534,692		1,805,077		1,270,385		—		534,692		1,805,077
2024	499,112		—		529,471		1,028,583		499,112		—		529,471		1,028,583
2025 and after	92,822		—		1,688,473		1,781,295		92,822		—		1,688,473		1,781,295
	10,895,639		200,000		4,338,478		15,434,117		10,895,639		200,000		4,338,478		15,434,117
Hedge accounting adjustments	45,887		—		—		45,887		45,887		—		—		45,887
Total	$	10,941,526	$	200,000	$	4,338,478	$	15,480,004	$	10,941,526	$	200,000	$	4,338,478	$	15,480,004

⁽¹⁾We view our securitization trust debt as long-term based on the contractual maturity dates and projected principal paydowns based on our current estimates regarding loan prepayment speeds. The projected principal paydowns in year 2020 include $566 million related to the securitization trust debt.



Issue	Date Issued	Total Issued		Weighted Average Cost of Funds⁽¹⁾	Weighted Average Life (in years)

Private Education:

2018-A	March 2018	$	670,000	1-month LIBOR plus 0.78%	4.43
2018-B	June 2018	686,500		1-month LIBOR plus 0.76%	4.40
2018-C	September 2018	544,000		1-month LIBOR plus 0.77%	4.32
Total notes issued in 2018		$	1,900,500

Total loan and accrued interest amount securitized at inception in 2018		$	2,101,644

2019-A	March 2019	$	453,000	1-month LIBOR plus 0.92%	4.26
2019-B	June 2019	657,000		1-month LIBOR plus 1.01%	4.41
Total notes issued in 2019		$	1,110,000

Total loan and accrued interest amount securitized at inception in 2019		$	1,208,963



	December 31, 2019
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets⁽¹⁾		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,155,878	$	4,155,878	$	5,246,986	$	145,760	$	333,173	$	5,725,919
Secured Borrowing Facility	289,230		—		289,230		339,666		8,803		23,832		372,301
Total	$	289,230	$	4,155,878	$	4,445,108	$	5,586,652	$	154,563	$	357,005	$	6,098,220



	December 31, 2018
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets⁽¹⁾		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,086,956	$	4,086,956	$	5,030,837	$	113,431	$	326,570	$	5,470,838
Secured Borrowing Facility	—		—		—		—		—		157		157
Total	$	—	$	4,086,956	$	4,086,956	$	5,030,837	$	113,431	$	326,727	$	5,470,995

We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $125 million at December 31, 2019. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing, and is payable daily. We did not utilize these lines of credit in the years ended December 31, 2019 and 2018.

We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Discount Window (the “Window”). The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At December 31, 2019 and December 31, 2018, the value of our pledged collateral at the FRB totaled $3.2 billion and $3.1 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the years ended December 31, 2019 and 2018.