Loans Held for Investment (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:

	March 31,		December 31,
	2020		2019
Private Education Loans:
Fixed-rate	$	9,813,075	$	9,830,301
Variable-rate	11,813,672		13,359,290
Total Private Education Loans, gross	21,626,747		23,189,591
Deferred origination costs and unamortized premium/(discount)	65,267		81,224
Allowance for loan losses	(1,515,781)		(374,300)
Total Private Education Loans, net	20,176,233		22,896,515
FFELP Loans	766,954		783,306
Deferred origination costs and unamortized premium/(discount)	2,113		2,143
Allowance for loan losses	(4,296)		(1,633)
Total FFELP Loans, net	764,771		783,816
Personal Loans (fixed-rate)	899,704		1,049,007
Deferred origination costs and unamortized premium/(discount)	413		513
Allowance for loan losses	(152,673)		(65,877)
Total Personal Loans, net	747,444		983,643
Credit Cards (fixed-rate)	7,234		3,884
Deferred origination costs and unamortized premium/(discount)	743		36
Allowance for loan losses	(574)		(102)
Total Credit Cards, net	7,403		3,818
Loans held for investment, net	$	21,695,851	$	24,667,792

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

	Three Months Ended
	March 31,
	2020				2019
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	23,502,844	8.86	%	$	21,732,826	9.50	%
FFELP Loans	776,326		4.29		837,950		4.94
Personal Loans	973,671		12.11		1,176,466		11.81
Total portfolio	$	25,252,841			$	23,747,242

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