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Allowance for Loan Losses

3 Months Ended

Mar. 31, 2020

Allowance for Loan Losses Our provision for credit losses represents the periodic expense of maintaining an allowance sufficient to absorb lifetime expected credit 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 lifetime expected losses incurred in the loan portfolios. See Note 1, “Significant Accounting Policies — Allowance for Credit Losses — Allowance for Private Education Loan Losses, — Allowance for Personal Loans, — Allowance for FFELP Loan Losses, and — Allowance for Credit Card Loans” in this Form 10-Q for additional details.

Allowance for Loan Losses Metrics


	Allowance for Loan Losses
	Three Months Ended March 31, 2020
	FFELP Loans			Private Education Loans			Personal Loans			Credit Cards			Total
Allowance for Loan Losses
Beginning balance	$	1,633		$	374,300		$	65,877		$	102		$	441,912
Day 1 adjustment for the adoption of CECL	2,852			1,060,830			79,183			188			1,143,053
Transfer from unfunded commitment liability	—			142,075			—			—			142,075
Provisions:
Provision for current period	37			143,862			25,318			291			169,508
Loan sale reduction to provision	—			(161,793)			—			—			(161,793)
Total provision⁽¹⁾	37			(17,931)			25,318			291			7,715
Net charge-offs:
Charge-offs	(226)			(51,469)			(19,247)			(7)			(70,949)
Recoveries	—			7,976			1,542			—			9,518
Net charge-offs	(226)			(43,493)			(17,705)			(7)			(61,431)

Ending Balance	$	4,296		$	1,515,781		$	152,673		$	574		$	1,673,324
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	150,822		$	—		$	—		$	150,822
Ending balance: collectively evaluated for impairment	$	4,296		$	1,364,959		$	152,673		$	574		$	1,522,502
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,518,763		$	—		$	—		$	1,518,763
Ending balance: collectively evaluated for impairment	$	766,954		$	20,107,984		$	899,704		$	7,234		$	21,781,876
Net charge-offs as a percentage of average loans in repayment (annualized)⁽²⁾	0.15		%	1.05		%	7.27		%	0.52		%
Allowance as a percentage of the ending total loan balance	0.56		%	7.01		%	16.97		%	7.93		%
Allowance as a percentage of the ending loans in repayment⁽²⁾	0.74		%	10.11		%	16.97		%	7.93		%
Allowance coverage of net charge-offs (annualized)	4.75			8.71			2.16			20.50
Ending total loans, gross	$	766,954		$	21,626,747		$	899,704		$	7,234
Average loans in repayment⁽²⁾	$	600,534		$	16,521,356		$	973,772		$	5,364
Ending loans in repayment⁽²⁾	$	581,997		$	14,988,345		$	899,704		$	7,234

____________

⁽¹⁾ Below is a reconciliation of the provision for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for loan losses.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
	Three Months Ended March 31, 2020
Provisions for credit losses for new loan commitments made during the quarter	$	53,543
Total provision for allowance for loan losses	7,715
Provisions for credit losses reported in consolidated statements of income	$	61,258

⁽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.


	Allowance for Loan Losses
	Three Months Ended March 31, 2019
	FFELP Loans			Private Education Loans			Personal Loans			Total
Allowance for Loan Losses
Beginning balance	$	977		$	277,943		$	62,201		$	341,121
Total provision	1,017			41,883			22,760			65,660
Net charge-offs:
Charge-offs	(234)			(39,577)			(15,251)			(55,062)
Recoveries	—			5,697			909			6,606
Net charge-offs	(234)			(33,880)			(14,342)			(48,456)

Ending Balance	$	1,760		$	285,946		$	70,619		$	358,325
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	132,442		$	—		$	132,442
Ending balance: collectively evaluated for impairment	$	1,760		$	153,504		$	70,619		$	225,883
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,327,668		$	—		$	1,327,668
Ending balance: collectively evaluated for impairment	$	828,640		$	20,463,954		$	1,162,874		$	22,455,468
Net charge-offs as a percentage of average loans in repayment (annualized)⁽¹⁾	0.14		%	0.89		%	4.88		%
Allowance as a percentage of the ending total loan balance	0.21		%	1.31		%	6.07		%
Allowance as a percentage of the ending loans in repayment⁽¹⁾	0.27		%	1.87		%	6.07		%
Allowance coverage of net charge-offs (annualized)	1.88			2.11			1.23
Ending total loans, gross	$	828,640		$	21,791,622		$	1,162,874
Average loans in repayment⁽¹⁾	$	650,196		$	15,165,072		$	1,175,356
Ending loans in repayment⁽¹⁾	$	641,658		$	15,310,560		$	1,162,874

____________

⁽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.

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 March 31, 2020 and March 31, 2019, 8.5 percent and 7.2 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 March 31, 2020 and December 31, 2019, approximately 48 percent and 50 percent, respectively, of TDRs were classified as such due to their forbearance status. For additional information, see Note 2, “Significant Accounting Policies —Allowance for Credit Losses — TDRs,” and Note 6, “Allowance for Loan Losses” in our 2019 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 March 31, 2020 and December 31, 2019, 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

March 31, 2020
TDR Loans	$	1,550,600	$	1,518,763	$	150,822

December 31, 2019
TDR Loans	$	1,612,896	$	1,581,966	$	186,697

The following table provides the average recorded investment and interest income recognized for our TDR loans.


	Three Months Ended March 31,
	2020						2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,615,764	$	26,488	$	1,312,729	$	21,566

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


	March 31,						December 31,
	2020						2019
	Balance		%		Balance		%
TDR loans in in-school/grace/deferment⁽¹⁾	$	83,964			$	87,749
TDR loans in forbearance⁽²⁾	162,048				99,054
TDR loans in repayment⁽³⁾ and percentage of each status:
Loans current	1,113,104		87.5	%	1,230,954		88.2	%
Loans delinquent 31-60 days⁽⁴⁾	74,856		5.9		85,555		6.1
Loans delinquent 61-90 days⁽⁴⁾	50,237		3.9		49,626		3.6
Loans delinquent greater than 90 days⁽⁴⁾	34,554		2.7		29,028		2.1
Total TDR loans in repayment	1,272,751		100.0	%	1,395,163		100.0	%
Total TDR loans, gross	$	1,518,763			$	1,581,966

_____

⁽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 March 31, 2020										Three Months Ended March 31, 2019
	Modified Loans⁽¹⁾		Charge-offs		Payment- Default		Modified Loans⁽¹⁾		Charge-offs		Payment- Default

TDR Loans	$	132,815	$	19,375	$	30,725	$	111,208	$	16,005	$	25,462

_____

⁽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 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 tables highlights the gross principal balance of our Private Education Loan portfolio, by year of origination, stratified by key credit quality indicators.


	Private Education Loans Credit Quality Indicators
	March 31, 2020
Year of Origination	2020		2019		2018		2017		2016		2015 and Prior		Total		% of Balance

Cosigners:
With cosigner	$	698,291	$	4,527,042	$	3,311,178	$	2,869,295	$	2,515,751	$	5,295,854	$	19,217,411	89	%
Without cosigner	126,138		676,071		489,070		353,832		268,799		495,426		2,409,336		11
Total	$	824,429	$	5,203,113	$	3,800,248	$	3,223,127	$	2,784,550	$	5,791,280	$	21,626,747	100	%

FICO at Origination:
Less than 670	$	62,064	$	363,345	$	274,016	$	237,052	$	197,390	$	446,246	$	1,580,113	7	%
670-699	123,512		757,806		555,719		502,930		435,075		955,404		3,330,446		15
700-749	268,388		1,688,114		1,243,712		1,068,091		937,643		1,933,589		7,139,537		33
Greater than or equal to 750	370,465		2,393,848		1,726,801		1,415,054		1,214,442		2,456,041		9,576,651		45
Total	$	824,429	$	5,203,113	$	3,800,248	$	3,223,127	$	2,784,550	$	5,791,280	$	21,626,747	100	%


FICO Refreshed:
Less than 670	$	86,212	$	544,160	$	442,893	$	419,466	$	400,833	$	1,029,741	$	2,923,305	14	%
670-699	127,503		735,546		495,808		400,096		324,334		651,732		2,735,019		13
700-749	261,585		1,633,986		1,145,724		952,467		795,350		1,542,487		6,331,599		29
Greater than or equal to 750	349,129		2,289,421		1,715,823		1,451,098		1,264,033		2,567,320		9,636,824		44
Total	$	824,429	$	5,203,113	$	3,800,248	$	3,223,127	$	2,784,550	$	5,791,280	$	21,626,747	100	%

Seasoning⁽²⁾:
1-12 payments	$	460,330	$	2,838,628	$	469,314	$	529,441	$	460,742	$	715,809	$	5,474,264	25	%
13-24 payments	—		255,403		1,979,761		277,499		258,606		580,426		3,351,695		15
25-36 payments	—		—		169,436		1,494,597		268,357		538,209		2,470,599		11
37-48 payments	—		—		—		117,409		1,194,038		568,792		1,880,239		9
More than 48 payments	—		—		—		—		87,201		2,714,272		2,801,473		13
Not yet in repayment	364,099		2,109,082		1,181,737		804,181		515,606		673,772		5,648,477		27
Total	$	824,429	$	5,203,113	$	3,800,248	$	3,223,127	$	2,784,550	$	5,791,280	$	21,626,747	100	%

Current period gross charge-offs	$	—	$	(1,597)	$	(5,241)	$	(8,136)	$	(10,284)	$	(26,211)	$	(51,469)
Current period recoveries	—		92		599		1,080		1,505		4,700		7,976
Current period net charge-offs	$	—	$	(1,505)	$	(4,642)	$	(7,056)	$	(8,779)	$	(21,511)	$	(43,493)

Total accrued interest by origination vintage	$	9,927	$	181,551	$	281,619	$	279,039	$	217,988	$	288,627	$	1,258,751
______ ⁽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 first-quarter 2020. ⁽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 Loans Credit Quality Indicators
	December 31, 2019
Year of Origination	2019		2018		2017		2016		2015		2014 and Prior		Total		% of Balance

Cosigners:
With cosigner	$	3,475,256	$	4,303,772	$	3,575,973	$	3,112,873	$	2,579,214	$	3,662,547	$	20,709,635	89	%
Without cosigner	571,792		584,601		427,512		320,985		241,958		333,108		2,479,956		11
Total	$	4,047,048	$	4,888,373	$	4,003,485	$	3,433,858	$	2,821,172	$	3,995,655	$	23,189,591	100	%

FICO at Origination:
Less than 670	$	283,040	$	343,613	$	285,747	$	236,457	$	203,145	$	313,587	$	1,665,589	7	%
670-699	592,376		714,779		617,676		529,575		439,050		676,569		3,570,025		16
700-749	1,319,563		1,601,904		1,325,387		1,155,253		944,135		1,324,506		7,670,748		33
Greater than or equal to 750	1,852,069		2,228,077		1,774,675		1,512,573		1,234,842		1,680,993		10,283,229		44
Total	$	4,047,048	$	4,888,373	$	4,003,485	$	3,433,858	$	2,821,172	$	3,995,655	$	23,189,591	100	%


FICO Refreshed:
Less than 670	$	401,979	$	515,901	$	475,007	$	449,568	$	419,308	$	717,674	$	2,979,437	13	%
670-699	582,256		645,422		497,497		397,889		308,607		451,451		2,883,122		13
700-749	1,284,867		1,506,849		1,199,564		994,309		772,205		1,048,808		6,806,602		29
Greater than or equal to 750	1,777,946		2,220,201		1,831,417		1,592,092		1,321,052		1,777,722		10,520,430		45
Total	$	4,047,048	$	4,888,373	$	4,003,485	$	3,433,858	$	2,821,172	$	3,995,655	$	23,189,591	100	%

Seasoning⁽²⁾:
1-12 payments	$	2,376,404	$	719,158	$	705,181	$	617,174	$	462,946	$	470,839	$	5,351,702	23	%
13-24 payments	—		2,588,702		424,953		305,078		285,513		399,905		4,004,151		17
25-36 payments	—		—		1,862,587		418,048		227,391		394,339		2,902,365		12
37-48 payments	—		—		—		1,457,760		413,508		342,676		2,213,944		10
More than 48 payments	—		—		—		—		1,056,229		1,973,795		3,030,024		13
Not yet in repayment	1,670,644		1,580,513		1,010,764		635,798		375,585		414,101		5,687,405		25
Total	$	4,047,048	$	4,888,373	$	4,003,485	$	3,433,858	$	2,821,172	$	3,995,655	$	23,189,591	100	%

2019 gross charge-offs	$	(1,697)	$	(14,650)	$	(29,119)	$	(40,576)	$	(41,141)	$	(81,795)	$	(208,978)
2019 recoveries	69		1,016		2,622		4,431		5,175		12,452		25,765
2019 net charge-offs	$	(1,628)	$	(13,634)	$	(26,497)	$	(36,145)	$	(35,966)	$	(69,343)	$	(183,213)

Total accrued interest by origination vintage	$	116,423	$	321,568	$	327,002	$	261,083	$	165,764	$	174,318	$	1,366,158

______

⁽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 fourth-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 tables provide information regarding the loan status of our Private Education Loans, by year of origination. 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.


	Private Education Loan Delinquencies by Origination Vintage
	March 31, 2020
	2020		2019		2018		2017		2016		2015 and Prior		Total

Loans in-school/grace/deferment⁽¹⁾	$	364,100	$	2,109,092	$	1,181,737	$	804,181	$	515,606	$	673,761	$	5,648,477
Loans in forbearance⁽²⁾	4,370		51,418		144,691		180,617		186,362		422,467		989,925
Loans in repayment:
Loans current	454,436		3,020,099		2,422,162		2,162,435		1,999,047		4,458,032		14,516,211
Loans delinquent 31-60 days⁽³⁾	1,524		15,771		27,690		40,349		43,630		125,661		254,625
Loans delinquent 61-90 days⁽³⁾	—		4,760		15,016		22,286		24,645		69,189		135,896
Loans delinquent greater than 90 days⁽³⁾	—		1,983		8,952		13,259		15,260		42,159		81,613
Total Private Education Loans in repayment	455,960		3,042,613		2,473,820		2,238,329		2,082,582		4,695,041		14,988,345
Total Private Education Loans, gross	824,430		5,203,123		3,800,248		3,223,127		2,784,550		5,791,269		21,626,747
Private Education Loans deferred origination costs and unamortized premium/(discount)	4,958		20,484		12,515		9,491		7,960		9,859		65,267
Total Private Education Loans	829,388		5,223,607		3,812,763		3,232,618		2,792,510		5,801,128		21,692,014
Private Education Loans allowance for losses	(59,208)		(369,890)		(275,259)		(234,085)		(195,324)		(382,015)		(1,515,781)
Private Education Loans, net	$	770,180	$	4,853,717	$	3,537,504	$	2,998,533	$	2,597,186	$	5,419,113	$	20,176,233

Percentage of Private Education Loans in repayment	55.3 %		58.5 %		65.1 %		69.4 %		74.8 %		81.1 %		69.3 %
Delinquencies as a percentage of Private Education Loans in repayment	0.3 %		0.7 %		2.1 %		3.4 %		4.0 %		5.0 %		3.2 %
Loans in forbearance as a percentage of loans in repayment and forbearance	0.9 %		1.7 %		5.5 %		7.5 %		8.2 %		8.3 %		6.2 %

_______

⁽³⁾The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Private Education Loan Delinquencies by Origination Vintage
	December 31, 2019
	2019		2018		2017		2016		2015		2014 and Prior		Total

Loans in-school/grace/deferment⁽¹⁾	$	1,670,644	$	1,580,513	$	1,010,764	$	635,798	$	375,585	$	414,101	$	5,687,405
Loans in forbearance⁽²⁾	21,009		108,509		142,341		146,114		127,799		168,744		714,516
Loans in repayment:
Loans current	2,340,221		3,159,878		2,781,132		2,566,815		2,225,721		3,241,884		16,315,651
Loans delinquent 31-60 days⁽³⁾	11,152		26,096		44,382		51,656		54,559		100,206		288,051
Loans delinquent 61-90 days⁽³⁾	3,087		9,527		17,048		21,161		24,562		45,917		121,302
Loans delinquent greater than 90 days⁽³⁾	935		3,850		7,818		12,314		12,946		24,803		62,666
Total Private Education Loans in repayment	2,355,395		3,199,351		2,850,380		2,651,946		2,317,788		3,412,810		16,787,670
Total Private Education Loans, gross	4,047,048		4,888,373		4,003,485		3,433,858		2,821,172		3,995,655		23,189,591
Private Education Loans deferred origination costs and unamortized premium/(discount)	23,661		17,699		13,843		12,304		8,564		5,153		81,224
Total Private Education Loans	4,070,709		4,906,072		4,017,328		3,446,162		2,829,736		4,000,808		23,270,815
Private Education Loans allowance for losses	(3,013)		(19,105)		(44,858)		(71,598)		(80,974)		(154,752)		(374,300)
Private Education Loans, net	$	4,067,696	$	4,886,967	$	3,972,470	$	3,374,564	$	2,748,762	$	3,846,056	$	22,896,515

Percentage of Private Education Loans in repayment	58.2 %		65.4 %		71.2 %		77.2 %		82.2 %		85.4 %		72.4 %
Delinquencies as a percentage of Private Education Loans in repayment	0.6 %		1.2 %		2.4 %		3.2 %		4.0 %		5.0 %		2.8 %
Loans in forbearance as a percentage of loans in repayment and forbearance	0.9 %		3.3 %		4.8 %		5.2 %		5.2 %		4.7 %		4.1 %

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⁽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 tables highlights the gross principal balance of our Personal Loan portfolio, by year of origination, stratified by key credit quality indicators.


	Personal Loans Credit Quality Indicators
	March 31, 2020
Year of Origination	2020⁽¹⁾		2019⁽¹⁾		2018⁽¹⁾		2017⁽¹⁾		2016⁽¹⁾		Total⁽¹⁾		% of Balance

FICO at Origination:
Less than 670	$	—	$	7,501	$	26,745	$	5,072	$	—	$	39,318	4	%
670-699	—		70,479		128,797		21,295		47		220,618		25
700-749	40		195,857		215,424		37,261		456		449,038		50
Greater than or equal to 750	—		91,012		84,726		14,708		284		190,730		21
Total	$	40	$	364,849	$	455,692	$	78,336	$	787	$	899,704	100	%

Seasoning⁽²⁾:
1-12 payments	$	40	$	331,474	$	400	$	—	$	—	$	331,914	37	%
13-24 payments	—		33,375		393,608		6		—		426,989		48
25-36 payments	—		—		61,684		76,924		—		138,608		15
37-48 payments	—		—		—		1,406		787		2,193		—
More than 48 payments	—		—		—		—		—		—		—
Not yet in repayment	—		—		—		—		—		—		—
Total	$	40	$	364,849	$	455,692	$	78,336	$	787	$	899,704	100	%

Current period gross charge-offs	$	—	$	(2,885)	$	(13,758)	$	(2,563)	$	(41)	$	(19,247)
Current period recoveries	—		15		1,127		389		11		1,542
Current period net charge-offs	$	—	$	(2,870)	$	(12,631)	$	(2,174)	$	(30)	$	(17,705)

Total accrued interest by origination vintage	$	—	$	3,161	$	3,443	$	414	$	3	$	7,021

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⁽¹⁾Balance represents gross Personal Loans.

⁽²⁾Number of months in active repayment for which a scheduled payment was due.


	Personal Loans Credit Quality Indicators
	December 31, 2019
Year of Origination	2019⁽¹⁾		2018⁽¹⁾		2017⁽¹⁾		2016⁽¹⁾		Total⁽¹⁾		% of Balance

FICO at Origination:
Less than 670	$	8,315	$	32,021	$	7,030	$	1	$	47,367	4	%
670-699	77,746		152,909		28,384		59		259,098		25
700-749	217,642		255,374		48,254		586		521,856		50
Greater than or equal to 750	101,073		100,480		18,795		338		220,686		21
Total	$	404,776	$	540,784	$	102,463	$	984	$	1,049,007	100	%

Seasoning⁽²⁾:
1-12 payments	$	404,776	$	65,164	$	—	$	—	$	469,940	45	%
13-24 payments	—		475,620		29,698		—		505,318		48
25-36 payments	—		—		72,765		984		73,749		7
37-48 payments	—		—		—		—		—		—
More than 48 payments	—		—		—		—		—		—
Not yet in repayment	—		—		—		—		—		—
Total	$	404,776	$	540,784	$	102,463	$	984	$	1,049,007	100	%

2019 gross charge-offs	$	(2,350)	$	(58,134)	$	(13,693)	$	(136)	$	(74,313)
2019 recoveries	48		3,397		1,722		39		5,206
2019 net charge-offs	$	(2,302)	$	(54,737)	$	(11,971)	$	(97)	$	(69,107)

Total accrued interest by origination vintage	$	3,431	$	4,166	$	572	$	5	$	8,174

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⁽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 tables provides information regarding the loan status of our Personal Loans, by vintage.


	Personal Loan Delinquencies by Origination Vintage
	March 31, 2020
	2020			2019			2018			2017			2016			Total			% of Balance

Loans in Forbearance	$	—		$	12,380		$	7,137		$	—		$	—		$	19,517
Loans in repayment:
Loans current	40			346,123			433,664			76,188			787			856,802			97.4	%
Loans delinquent 31-60 days⁽¹⁾	—			3,321			7,448			810			—			11,579			1.3
Loans delinquent 61-90 days⁽¹⁾	—			991			2,663			701			—			4,355			0.5
Loans delinquent greater than 90 days⁽¹⁾	—			2,034			4,781			636			—			7,451			0.8
Total Personal Loans in repayment	40			352,469			448,556			78,335			787			880,187			100.0	%
Total Personal Loans, gross	40			364,849			455,693			78,335			787			899,704
Personal Loans deferred origination costs and unamortized premium/(discount)	—			335			78			—			—			413
Total Personal Loans	40			365,184			455,771			78,335			787			900,117
Personal Loans allowance for loan losses	(6)			(51,280)			(89,194)			(12,110)			(83)			(152,673)
Personal Loans, net	$	34		$	313,904		$	366,577		$	66,225		$	704		$	747,444

Delinquencies as a percentage of Personal Loans in repayment	—		%	1.8		%	3.3		%	2.7		%	—		%	2.6		%

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⁽¹⁾The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Personal Loan Delinquencies by Origination Vintage
	December 31, 2019
	2019			2018			2017			2016			Total			% of Balance

Loans in Forbearance	$	—		$	—		$	—		$	—		$	—
Loans in repayment:
Loans current	400,216			522,778			99,581			942			1,023,517			97.6	%
Loans delinquent 31-60 days⁽¹⁾	2,164			6,213			1,045			13			9,435			0.9
Loans delinquent 61-90 days⁽¹⁾	1,074			5,148			943			7			7,172			0.7
Loans delinquent greater than 90 days⁽¹⁾	1,322			6,645			895			21			8,883			0.8
Total Personal Loans in repayment	404,776			540,784			102,464			983			1,049,007			100.0	%
Total Personal Loans, gross	404,776			540,784			102,464			983			1,049,007
Personal Loans deferred origination costs and unamortized premium/(discount)	380			133			—			—			513
Total Personal Loans	405,156			540,917			102,464			983			1,049,520
Personal Loans allowance for loan losses	(21,589)			(37,492)			(6,722)			(74)			(65,877)
Personal Loans, net	$	383,567		$	503,425		$	95,742		$	909		$	983,643

Delinquencies as a percentage of Personal Loans in repayment	1.1		%	3.3		%	2.8		%	4.2		%	2.4		%

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⁽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 on loans making full interest payments. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period after separation from school. The allowance for this portion of interest is included in our loan loss reserve. 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

March 31, 2020	$	1,258,751	$	3,127	$	3,479
December 31, 2019	$	1,366,158	$	2,390	$	5,309