XML 42 R26.htm IDEA: XBRL DOCUMENT

Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2020

Allowance for credit losses and recorded investments in loans


	Allowance for Loan Losses
	Six Months Ended June 30, 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⁽¹⁾	—			179,085			—			—			179,085
Provisions:
Provision for current period	210			377,877			49,247			800			428,134
Loan sale reduction to provision	—			(161,793)			—			—			(161,793)
Total provision⁽²⁾	210			216,084			49,247			800			266,341
Net charge-offs:
Charge-offs	(310)			(83,248)			(33,848)			(48)			(117,454)
Recoveries	—			13,508			2,878			—			16,386
Net charge-offs	(310)			(69,740)			(30,970)			(48)			(101,068)

Ending Balance	$	4,385		$	1,760,559		$	163,337		$	1,042		$	1,929,323
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	160,234		$	—		$	—		$	160,234
Ending balance: collectively evaluated for impairment	$	4,385		$	1,600,325		$	163,337		$	1,042		$	1,769,089
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,520,240		$	—		$	—		$	1,520,240
Ending balance: collectively evaluated for impairment	$	754,340		$	19,965,225		$	772,086		$	10,706		$	21,502,357
Net charge-offs as a percentage of average loans in repayment (annualized)⁽³⁾	0.11		%	0.91		%	7.13		%	1.31		%
Allowance as a percentage of the ending total loan balance	0.58		%	8.19		%	21.16		%	9.73		%
Allowance as a percentage of the ending loans in repayment⁽³⁾	0.97		%	12.13		%	22.46		%	9.73		%
Allowance coverage of net charge-offs (annualized)	7.07			12.62			2.64			10.85
Ending total loans, gross	$	754,340		$	21,485,465		$	772,086		$	10,706
Average loans in repayment⁽³⁾	$	553,402		$	15,306,349		$	869,133		$	7,326
Ending loans in repayment⁽³⁾	$	452,617		$	14,512,723		$	727,214		$	10,706

____________

⁽¹⁾See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.

⁽²⁾ Below is a reconciliation of the provision for credit losses reported in the consolidated statements of operations. 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 Operations Provisions for Credit Losses Reconciliation
	Six Months Ended June 30, 2020
Provisions for credit losses for new loan commitments made during the period	$	146,804
Total provision for allowance for loan losses	266,341
Provisions for credit losses reported in consolidated statements of operations	$	413,145

⁽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.

The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.


	Three Months Ended June 30, 2020						Three Months Ended June 30, 2019
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	29,707	$	449,807	$	295	$	518,248
Provision/New commitments	98,741		1,165,224		768		1,348,938
Transfer - funded loans⁽¹⁾	(42,490)		(495,989)		(308)		(531,431)
Ending Balance	$	85,958	$	1,119,042	$	755	$	1,335,755


	Six Months Ended June 30, 2020						Six Months Ended June 30, 2019
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	2,481	$	1,910,603	$	2,165	$	2,010,744
Day 1 adjustment for the adoption of CECL	115,758		—		—		—
Provision/New commitments	146,804		2,000,170		2,134		1,982,240
Transfer - funded loans⁽¹⁾	(179,085)		(2,791,731)		(3,544)		(2,657,229)
Ending Balance	$	85,958	$	1,119,042	$	755	$	1,335,755

________________

⁽¹⁾ When a loan commitment is funded, its related allowance for credit losses is transferred to the allowance for loan losses

Impaired financing receivables

The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.


	Recorded Investment		Unpaid Principal Balance		Allowance

June 30, 2020
TDR Loans	$	1,560,124	$	1,520,240	$	160,234

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

Average recorded investment and interest income recognized for troubled debt restructuring loans

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

Age analysis of past due loans 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 (but, for purposes of the following tables, do not include those loans while they are in forbearance).


	Private Education Loan Delinquencies by Origination Vintage
	June 30, 2020
	2020			2019			2018			2017			2016			2015 and Prior			Total

Loans in-school/grace/deferment⁽¹⁾	$	532,190		$	2,038,059		$	1,100,549		$	740,554		$	465,662		$	603,033		$	5,480,047
Loans in forbearance:
Loans in forbearance - loans current⁽²⁾	17,801			123,106			222,065			248,986			248,467			560,160			1,420,585
Loans in forbearance - loans delinquent 31-60 days⁽²⁾⁽³⁾	112			1,979			4,996			6,642			7,988			18,738			40,455
Loans in forbearance - loans delinquent 61-90 days⁽²⁾⁽³⁾	56			521			2,503			3,859			4,093			10,254			21,286
Loans in forbearance - loans delinquent greater than 90 days⁽²⁾⁽³⁾	—			364			1,166			1,951			1,865			5,023			10,369
Total Private Education Loans in forbearance⁽²⁾	17,969			125,970			230,730			261,438			262,413			594,175			1,492,695
Loans in repayment:
Loans current	664,058			3,004,489			2,346,348			2,076,951			1,907,320			4,191,163			14,190,329
Loans delinquent 31-60 days⁽³⁾	1,914			10,970			19,053			26,884			28,314			79,449			166,584
Loans delinquent 61-90 days⁽³⁾	448			4,064			11,536			17,106			19,241			47,258			99,653
Loans delinquent greater than 90 days⁽³⁾	261			1,601			6,390			8,544			9,974			29,387			56,157
Total Private Education Loans in repayment	666,681			3,021,124			2,383,327			2,129,485			1,964,849			4,347,257			14,512,723
Total Private Education Loans, gross	1,216,840			5,185,153			3,714,606			3,131,477			2,692,924			5,544,465			21,485,465
Private Education Loans deferred origination costs and unamortized premium/(discount)	10,625			19,555			11,819			8,911			7,454			9,245			67,609
Total Private Education Loans	1,227,465			5,204,708			3,726,425			3,140,388			2,700,378			5,553,710			21,553,074
Private Education Loans allowance for losses	(149,416)			(408,844)			(305,239)			(260,677)			(217,161)			(419,222)			(1,760,559)
Private Education Loans, net	$	1,078,049		$	4,795,864		$	3,421,186		$	2,879,711		$	2,483,217		$	5,134,488		$	19,792,515

Percentage of Private Education Loans in repayment	54.8		%	58.3		%	64.2		%	68.0		%	73.0		%	78.4		%	67.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.4		%	0.6		%	1.6		%	2.5		%	2.9		%	3.6		%	2.2		%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans	0.4		%	0.6		%	1.9		%	3.0		%	3.6		%	4.3		%	2.7		%
Loans in forbearance as a percentage of loans in repayment and forbearance	2.6		%	4.0		%	8.8		%	10.9		%	11.8		%	12.0		%	9.3		%

_______

⁽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⁾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:
Loans in forbearance - current⁽²⁾	21,009		108,509		142,341		146,114		127,799		168,744		714,516
Loans in forbearance - delinquent 31-60 days⁽²⁾⁽³⁾	—		—		—		—		—		—		—
Loans in forbearance - delinquent 61-90 days⁽²⁾⁽³⁾	—		—		—		—		—		—		—
Loans in forbearance - delinquent greater than 90 days⁽²⁾⁽³⁾	—		—		—		—		—		—		—
Total Private Education 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 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.6 %		1.2 %		2.4 %		3.2 %		4.0 %		5.0 %		2.8 %
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans	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 %

______

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

Modified loans accounts for troubled debt restructuring

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 June 30, 2020										Three Months Ended June 30, 2019
	Modified Loans⁽¹⁾		Charge-offs		Payment- Default		Modified Loans⁽¹⁾		Charge-offs		Payment- Default

TDR Loans	$	36,666	$	8,623	$	17,910	$	131,273	$	17,076	$	30,309


	Six Months Ended June 30, 2020										Six Months Ended June 30, 2019
	Modified Loans⁽¹⁾		Charge-offs		Payment- Default		Modified Loans⁽¹⁾		Charge-offs		Payment- Default

TDR Loans	$	169,481	$	27,998	$	49,002	$	242,481	$	33,081	$	55,755

_____

(1)Represents the principal balance of loans that have been modified during the period and resulted in a TDR.

Private education loan portfolio stratified by key credit quality indicators

The following tables highlight 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
	June 30, 2020
Year of Origination	2020⁽¹⁾		2019⁽¹⁾		2018⁽¹⁾		2017⁽¹⁾		2016⁽¹⁾		2015 and Prior⁽¹⁾		Total⁽¹⁾		% of Balance

Cosigners:
With cosigner	$	985,808	$	4,513,841	$	3,244,267	$	2,790,768	$	2,434,473	$	5,072,593	$	19,041,750	89	%
Without cosigner	231,032		671,312		470,339		340,709		258,451		471,872		2,443,715		11
Total	$	1,216,840	$	5,185,153	$	3,714,606	$	3,131,477	$	2,692,924	$	5,544,465	$	21,485,465	100	%

FICO at Origination⁽²⁾:
Less than 670	$	86,008	$	363,637	$	271,480	$	233,371	$	193,171	$	431,144	$	1,578,811	7	%
670-699	181,178		758,383		547,683		492,944		423,603		920,255		3,324,046		16
700-749	398,370		1,685,282		1,218,105		1,039,210		907,291		1,854,579		7,102,837		33
Greater than or equal to 750	551,284		2,377,851		1,677,338		1,365,952		1,168,859		2,338,487		9,479,771		44
Total	$	1,216,840	$	5,185,153	$	3,714,606	$	3,131,477	$	2,692,924	$	5,544,465	$	21,485,465	100	%


FICO Refreshed⁽²⁾⁽³⁾:
Less than 670	$	102,547	$	476,798	$	398,671	$	379,970	$	366,824	$	927,051	$	2,651,861	12	%
670-699	169,846		673,935		449,316		365,351		296,192		613,518		2,568,158		12
700-749	396,337		1,623,733		1,108,642		911,600		754,672		1,466,464		6,261,448		29
Greater than or equal to 750	548,110		2,410,687		1,757,977		1,474,556		1,275,236		2,537,432		10,003,998		47
Total	$	1,216,840	$	5,185,153	$	3,714,606	$	3,131,477	$	2,692,924	$	5,544,465	$	21,485,465	100	%

Seasoning⁽⁴⁾:
1-12 payments	$	684,650	$	2,718,782	$	506,754	$	542,026	$	466,704	$	695,822	$	5,614,738	26	%
13-24 payments	—		428,312		1,826,430		264,902		250,678		544,044		3,314,366		15
25-36 payments	—		—		280,873		1,394,821		243,690		528,094		2,447,478		11
37-48 payments	—		—		—		189,174		1,123,215		522,030		1,834,419		9
More than 48 payments	—		—		—		—		142,975		2,651,442		2,794,417		13
Not yet in repayment	532,190		2,038,059		1,100,549		740,554		465,662		603,033		5,480,047		26
Total	$	1,216,840	$	5,185,153	$	3,714,606	$	3,131,477	$	2,692,924	$	5,544,465	$	21,485,465	100	%

Current period⁽⁵⁾gross charge-offs	$	(99)	$	(3,325)	$	(10,513)	$	(14,602)	$	(15,397)	$	(39,312)	$	(83,248)
Current period⁽⁵⁾ recoveries	—		221		1,178		1,988		2,506		7,615		13,508
Current period⁽⁵⁾ net charge-offs	$	(99)	$	(3,104)	$	(9,335)	$	(12,614)	$	(12,891)	$	(31,697)	$	(69,740)

Total accrued interest by origination vintage	$	24,602	$	248,904	$	307,765	$	287,159	$	215,989	$	281,753	$	1,366,172
______ ⁽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 second-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. ⁽⁵⁾Current period refers to period from January 1, 2020 through June 30, 2020.


	Private Education Loans Credit Quality Indicators
	December 31, 2019
Year of Origination	2019⁽¹⁾		2018⁽¹⁾		2017⁽¹⁾		2016⁽¹⁾		2015⁽¹⁾		2014 and Prior⁽¹⁾		Total⁽¹⁾		% 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⁽²⁾:
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⁽²⁾⁽³⁾:
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⁽⁴⁾:
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.

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


	Personal Loans Credit Quality Indicators
	June 30, 2020
Year of Origination	2020⁽¹⁾		2019⁽¹⁾		2018⁽¹⁾		2017⁽¹⁾		2016⁽¹⁾		Total⁽¹⁾		% of Balance

FICO at Origination:
Less than 670	$	—	$	6,736	$	22,258	$	3,647	$	—	$	32,641	4	%
670-699	—		63,228		109,253		15,818		33		188,332		25
700-749	39		176,293		181,925		28,432		368		387,057		50
Greater than or equal to 750	—		80,819		71,534		11,466		237		164,056		21
Total	$	39	$	327,076	$	384,970	$	59,363	$	638	$	772,086	100	%

Seasoning⁽²⁾:
1-12 payments	$	39	$	230,341	$	251	$	—	$	—	$	230,631	30	%
13-24 payments	—		96,735		243,781		—		—		340,516		44
25-36 payments	—		—		140,938		56,281		—		197,219		26
37-48 payments	—		—		—		3,082		638		3,720		—
More than 48 payments	—		—		—		—		—		—		—

Total	$	39	$	327,076	$	384,970	$	59,363	$	638	$	772,086	100	%

Current period⁽³⁾ gross charge-offs	$	—	$	(6,623)	$	(22,881)	$	(4,294)	$	(50)	$	(33,848)
Current period⁽³⁾ recoveries	—		67		2,091		701		19		2,878
Current period⁽³⁾ net charge-offs	$	—	$	(6,556)	$	(20,790)	$	(3,593)	$	(31)	$	(30,970)

Total accrued interest by origination vintage	$	—	$	3,850	$	3,977	$	397	$	3	$	8,227

______

⁽¹⁾Balance represents gross Personal Loans.

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

⁽³⁾Current period refers to period from January 1, 2020 through June 30, 2020.


	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	—		—		—		—		—		—

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

______

⁽¹⁾Balance represents gross Personal Loans.

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

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


	Personal Loan Delinquencies by Origination Vintage
	June 30, 2020
	2020			2019			2018			2017			2016			Total			% of Balance

Loans in forbearance:
Loans in forbearance - current	$	—		$	17,037		$	23,214		$	3,646		$	25		$	43,922		97.9	%
Loans in forbearance - delinquent 31-60 days⁽¹⁾	—			23			70			—			—			93			0.2
Loans in forbearance - delinquent 61-90 days⁽¹⁾	—			258			130			—			—			388			0.9
Loans in forbearance - delinquent greater than 90 days⁽¹⁾	—			180			289			—			—			469			1.0
Total loans in forbearance	—			17,498			23,703			3,646			25			44,872			100.0	%
Loans in repayment:
Loans current	39			305,862			353,667			54,815			613			714,996			98.3	%
Loans delinquent 31-60 days⁽¹⁾	—			813			1,821			175			—			2,809			0.4
Loans delinquent 61-90 days⁽¹⁾	—			1,177			2,589			343			—			4,109			0.6
Loans delinquent greater than 90 days⁽¹⁾	—			1,725			3,192			383			—			5,300			0.7
Total Personal Loans in repayment	39			309,577			361,269			55,716			613			727,214			100.0	%
Total Personal Loans, gross	39			327,075			384,972			59,362			638			772,086
Personal Loans deferred origination costs and unamortized premium/(discount)	—			253			49			—			—			302
Total Personal Loans	39			327,328			385,021			59,362			638			772,388
Personal Loans allowance for loan losses	(7)			(59,623)			(92,209)			(11,419)			(79)			(163,337)
Personal Loans, net	$	32		$	267,705		$	292,812		$	47,943		$	559		$	609,051

Delinquent Personal Loans in repayment⁽²⁾ as a percentage of Personal Loans in repayment	—		%	1.2		%	2.1		%	1.6		%	—		%	1.7		%
Delinquencies as a percentage of Personal Loans in repayment and delinquent forbearance loans	—		%	1.3		%	2.2		%	1.6		%	—		%	1.8		%

_______

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

⁽²⁾For purposes of this table, do not include delinquent Personal Loans in forbearance.


	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		%

_______

⁽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

June 30, 2020	$	1,366,172	$	3,478	$	5,012
December 31, 2019	$	1,366,158	$	2,390	$	5,309