Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2019

Loans held for investment are summarized as follows:



	December 31,
	2019			2018
Private Education Loans:
Fixed-rate	$	9,830,301		$	6,759,019
Variable-rate	13,359,290			13,745,446
Total Private Education Loans, gross	23,189,591			20,504,465
Deferred origination costs and unamortized premium/ (discount)	81,224			68,321
Allowance for loan losses	(374,300		)	(277,943		)
Total Private Education Loans, net	22,896,515			20,294,843

FFELP Loans	783,306			846,487
Deferred origination costs and unamortized premium/ (discount)	2,143			2,379
Allowance for loan losses	(1,633		)	(977		)
Total FFELP Loans, net	783,816			847,889

Personal Loans (fixed-rate)	1,049,007			1,190,091
Deferred origination costs and unamortized premium/ (discount)	513			297
Allowance for loan losses	(65,877		)	(62,201		)
Total Personal Loans, net	983,643			1,128,187

Credit Cards (fixed-rate)	3,884			—
Deferred origination costs and unamortized premium/ (discount)	36			—
Allowance for loan losses	(102		)	—
Total Credit Cards, net	3,818			—

Loans held for investment, net	$	24,667,792		$	22,270,919

The estimated weighted average life of education loans in our portfolio was approximately 5.4 years at both December 31, 2019 and 2018, respectively.

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



	Years Ended December 31,
	2019				2018				2017
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	22,225,473	9.32	%	$	19,282,500	9.10	%	$	16,176,351	8.43	%
FFELP Loans	814,198		4.79		888,301		4.57		970,738		3.91
Personal Loans	1,141,503		12.09		900,152		11.08		112,644		9.90
Total portfolio	$	24,181,174			$	21,070,953			$	17,259,733

Loans Held for Investment by Region

At December 31, 2019, 39.4 percent of total education loans were concentrated in the following states:

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

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