Loans Held for Investment (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:

	June 30,		December 31,
	2020		2019
Private Education Loans:
Fixed-rate	$	9,822,370	$	9,830,301
Variable-rate	11,663,095		13,359,290
Total Private Education Loans, gross	21,485,465		23,189,591
Deferred origination costs and unamortized premium/(discount)	67,609		81,224
Allowance for loan losses	(1,760,559)		(374,300)
Total Private Education Loans, net	19,792,515		22,896,515
FFELP Loans	754,340		783,306
Deferred origination costs and unamortized premium/(discount)	2,066		2,143
Allowance for loan losses	(4,385)		(1,633)
Total FFELP Loans, net	752,021		783,816
Personal Loans (fixed-rate)	772,086		1,049,007
Deferred origination costs and unamortized premium/(discount)	302		513
Allowance for loan losses	(163,337)		(65,877)
Total Personal Loans, net	609,051		983,643
Credit Cards (fixed-rate)	10,706		3,884
Deferred origination costs and unamortized premium/(discount)	680		36
Allowance for loan losses	(1,042)		(102)
Total Credit Cards, net	10,344		3,818
Loans held for investment, net	$	21,163,931	$	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
	June 30,
	2020				2019
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,590,905	8.33	%	$	21,748,247	9.39	%
FFELP Loans	761,469		3.82		821,138		5.01
Personal Loans	836,342		12.54		1,149,247		12.00
Total portfolio	$	23,188,716			$	23,718,632

	Six Months Ended
	June 30,
	2020				2019
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	22,546,874	8.60	%	$	21,740,579	9.44	%
FFELP Loans	768,897		4.06		829,497		4.98
Personal Loans	905,007		12.31		1,162,782		11.90
Total portfolio	$	24,220,778			$	23,732,858

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

	Three Months Ended   June 30,
	2020				2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
TDR Loans	$	1,556,278	$	24,071	$	1,395,756	$	22,954

	Six Months Ended   June 30,
	2020				2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
TDR Loans	$	1,591,081	$	50,559	$	1,354,467	$	44,520