Loans Held for Investment (Tables)

9 Months Ended

Sep. 30, 2020

Loans held for investment are summarized as follows:


	September 30,		December 31,
	2020		2019
Private Education Loans:
Fixed-rate	$	10,353,809	$	9,830,301
Variable-rate	12,260,518		13,359,290
Total Private Education Loans, gross	22,614,327		23,189,591
Deferred origination costs and unamortized premium/(discount)	70,406		81,224
Allowance for credit losses	(1,728,811)		(374,300)
Total Private Education Loans, net	20,955,922		22,896,515

FFELP Loans	745,556		783,306
Deferred origination costs and unamortized premium/(discount)	2,027		2,143
Allowance for credit losses	(4,363)		(1,633)
Total FFELP Loans, net	743,220		783,816

Personal Loans (fixed-rate)	—		1,049,007
Deferred origination costs and unamortized premium/(discount)	—		513
Allowance for credit losses	—		(65,877)
Total Personal Loans, net	—		983,643

Credit Cards (fixed-rate)	11,540		3,884
Deferred origination costs and unamortized premium/(discount)	474		36
Allowance for credit losses	(1,385)		(102)
Total Credit Cards, net	10,629		3,818

Loans held for investment, net	$	21,709,771	$	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
	September 30,
	2020						2019
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,937,758	8.24	%	$	22,202,420	9.30	%
FFELP Loans	750,925		3.46		806,865		4.54
Personal Loans	527,204		12.86		1,132,185		12.16
Total portfolio	$	23,215,887			$	24,141,470


	Nine Months Ended
	September 30,
	2020						2019
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	22,342,353	8.48	%	$	21,896,218	9.40	%
FFELP Loans	762,863		3.86		821,870		4.83
Personal Loans	778,153		12.43		1,152,471		11.99
Total portfolio	$	23,883,369			$	23,870,559

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


	Three Months Ended September 30,
	2020						2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,554,741	$	24,972	$	1,467,098	$	24,639


	Nine Months Ended September 30,
	2020						2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,579,640	$	75,530	$	1,391,167	$	69,159