XML 33 R15.htm IDEA: XBRL DOCUMENT v3.20.4
Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Allowance for Credit Losses Allowance for Credit 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 credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe the allowance for credit losses is appropriate to cover lifetime expected losses incurred in the loan portfolios. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses 2020 — Allowance for Private Education Loan Losses, — Allowance for FFELP Loan Losses, and — Allowance for Credit Cards” for a more detailed discussion.

Allowance for Credit Losses Metrics
 
 Allowance for Credit Losses
 Year Ended December 31, 2020
FFELP 
Loans		Private Education
Loans		Personal
Loans		Credit CardsTotal
Allowance for Credit Losses
Beginning balance$1,633 $374,300 $65,877 $102 $441,912 
Day 1 adjustment for the adoption of CECL2,852 1,060,830 79,183 188 1,143,053 
Balance at January 1, 20204,485 1,435,130 145,060 290 1,584,965 
Transfer from unfunded commitment liability(1)
— 320,808 — — 320,808 
Provisions:
Provision for current period412 148,673 40,485 1,328 190,898 
Loan sale reduction to provision— (161,793)(42,916)— (204,709)
Loan transfer to held-for-sale— (205,669)— — (205,669)
Total provisions(2)
412 (218,789)(2,431)1,328 (219,480)
Net charge-offs:
Charge-offs(519)(205,326)(39,079)(119)(245,043)
Recoveries— 24,021 4,984 2 29,007 
Net charge-offs(519)(181,305)(34,095)(117)(216,036)
Loan sales— — (108,534)— (108,534)
Ending Balance$4,378 $1,355,844 $— $1,501 $1,361,723 
Allowance:
Ending balance: individually evaluated for impairment$— $104,265 $— $— $104,265 
Ending balance: collectively evaluated for impairment$4,378 $1,251,579 $— $1,501 $1,257,458 
Loans:
Ending balance: individually evaluated for impairment$— $1,274,590 $— $— $1,274,590 
Ending balance: collectively evaluated for impairment$737,593 $18,454,747 $— $12,238 $19,204,578 
Net charge-offs as a percentage of average loans in repayment(3)
0.09 %1.17 %— %1.26 %
Allowance as a percentage of the ending total loan balance0.59 %6.87 %— %12.27 %
Allowance as a percentage of the ending loans in repayment(3)
0.76 %9.48 %— %12.27 %
Allowance coverage of net charge-offs8.44 7.48 — 12.83 
Ending total loans, gross$737,593 $19,729,337 $— $12,238 
Average loans in repayment(3)
$549,584 $15,518,851 $— $9,286 
Ending loans in repayment(3)
$573,361 $14,304,821 $— $12,238 
____________
(1) See Note 8, “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 provisions 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 loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.



Consolidated Statements of Income
Provisions for Credit Losses Reconciliation
Year Ended 
 December 31, 2020
Private Education Loan provisions for credit losses:
Provisions for loan losses$(218,789)
Provisions for unfunded loan commitments312,613 
Total Private Education Loan provisions for credit losses93,824 
Other impacts to the provisions for credit losses:
Personal Loans(2,431)
FFELP Loans412 
Credit Cards1,328 
Total(691)
Provisions for credit losses reported in consolidated statements of income$93,133 


(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.
 Allowance for Credit Losses
 Year Ended December 31, 2019
FFELP
Loans		Private Education
Loans		Personal
Loans		Credit CardsTotal
Allowance for Credit Losses
Beginning balance$977 $277,943 $62,201 $— $341,121 
Total provision1,478 279,570 72,783 103 353,934 
Net charge-offs:
   Charge-offs(822)(208,978)(74,313)(1)(284,114)
   Recoveries— 25,765 5,206 — 30,971 
Net charge-offs(822)(183,213)(69,107)(1)(253,143)
Ending Balance$1,633 $374,300 $65,877 $102 $441,912 
Allowance:
Ending balance: individually evaluated for impairment$— $186,697 $— $— $186,697 
Ending balance: collectively evaluated for impairment$1,633 $187,603 $65,877 $102 $255,215 
Loans:
Ending balance: individually evaluated for impairment$— $1,581,966 $— $— $1,581,966 
Ending balance: collectively evaluated for impairment$783,306 $21,607,625 $1,049,007 $3,884 $23,443,822 
Net charge-offs as a percentage of average loans in repayment(1)
0.13 %1.17 %6.07 %0.13 %
Allowance as a percentage of the ending total loan balance0.21 %1.61 %6.28 %2.63 %
Allowance as a percentage of the ending loans in repayment(1)
0.26 %2.23 %6.28 %2.63 %
Allowance coverage of net charge-offs1.99 2.04 0.95 102.00 
Ending total loans, gross$783,306 $23,189,591 $1,049,007 $3,884 
Average loans in repayment(1)
$631,029 $15,605,927 $1,138,887 $786 
Ending loans in repayment(1)
$617,646 $16,787,670 $1,049,007 $3,884 
____________
(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.


 
 Allowance for Credit Losses
 Year Ended December 31, 2018
FFELP
Loans		Private Education
Loans		Personal
Loans		Total
Allowance for Credit Losses
Beginning balance$1,132 $243,715 $6,628 $251,475 
Total provision980 169,287 74,317 244,584 
Net charge-offs:
   Charge-offs(1,135)(154,701)(19,690)(175,526)
   Recoveries— 20,858 946 21,804 
Net charge-offs(1,135)(133,843)(18,744)(153,722)
Loan sales(1)
— (1,216)— (1,216)
Ending Balance$977 $277,943 $62,201 $341,121 
Allowance:
Ending balance: individually evaluated for impairment$— $120,110 $— $120,110 
Ending balance: collectively evaluated for impairment$977 $157,833 $62,201 $221,011 
Loans:
Ending balance: individually evaluated for impairment$— $1,257,856 $— $1,257,856 
Ending balance: collectively evaluated for impairment$846,487 $19,246,609 $1,190,091 $21,283,187 
Net charge-offs as a percentage of average loans in repayment(2)
0.16 %1.01 %2.11 %
Allowance as a percentage of the ending total loan balance0.12 %1.36 %5.23 %
Allowance as a percentage of the ending loans in repayment(2)
0.15 %1.90 %5.23 %
Allowance coverage of net charge-offs0.86 2.08 3.32 
Ending total loans, gross$846,487 $20,504,465 $1,190,091 
Average loans in repayment(2)
$691,406 $13,303,801 $889,348 
Ending loans in repayment(2)
$665,807 $14,666,856 $1,190,091 
    ____________
(1)Represents fair value adjustments on loans sold.
(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 Credit Losses - Forecast Assumptions
In determining the adequacy of the allowance for credit losses, we include forecasts of college graduate unemployment and the Consumer Price Index in our loss forecasting models. We obtain forecasts for these two inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurring. We determine which forecasts we will include in our estimation of allowance for credit losses and the associated weightings for each of these inputs. At both January 1, 2020 (the initial adoption date of CECL), and December 31, 2020, we used the Base (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario with 10 percent likelihood of occurring)/S3 (downside scenario with 10 percent likelihood of occurring) scenarios and weighted them 40 percent, 30 percent and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses.
For the year ended December 31, 2020, we had total provisions for credit losses of $93 million. The provisions for credit losses for 2020 were affected primarily by $290 million in additional provisions for credit losses related to new commitments made in 2020, an additional $129 million due to deteriorating economic conditions during the year as a result of the COVID-19 pandemic, and $99 million caused by lower recovery rates and various overlays and other adjustments applied during the year. Offsetting these was a $206 million reduction in the provisions for credit losses as a result of $2.9 billion of loans transferred to held-for-sale from held for investment in the fourth quarter of 2020, the sale of $3.1 billion of Private Education Loans in the first quarter of 2020, which resulted in a reduction to our provision for credit losses of $162 million, a benefit of $121 million from faster prepayment speeds, and the sale of our entire Personal Loan portfolio, which resulted in a reduction to our provision for credit losses of $43 million. The benefit from faster prepayment speeds reflected actual loan prepayment speeds being higher than what our models were predicting due to the significant amount of COVID-19 related government stimulus. As COVID-19 continues to impact the economy, we could continue to experience significant changes in our allowance for credit losses in 2021. See Note 5, “Loans Held for Investment - Certain Collection Tools - Private Education Loans,” for additional information.
Troubled Debt Restructurings
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 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 December 31, 2020 and 2019, 7.8 percent and 7.2 percent, respectively, of our Private Education Loans held for investment 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 December 31, 2020 and 2019, approximately 47 percent and 50 percent, respectively, of TDRs were classified as such due to their forbearance status. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses 2020” for a more detailed discussion.
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 December 31, 2020 and 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 InvestmentUnpaid Principal BalanceAllowance
December 31, 2020
TDR Loans$1,312,805 $1,274,590 $104,265 
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.

Years Ended December 31,
202020192018
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
TDR Loans$1,546,908 $100,125 $1,434,137 $95,507 $1,141,993 $77,670 

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

 December 31,December 31,
 20202019
Balance%Balance%
TDR loans in in-school/grace/deferment(1)
$88,750 $87,749 
TDR loans in forbearance(2)
76,704 99,054 
TDR loans in repayment(3) and percentage of each status:
Loans current971,880 87.7 %1,230,954 88.2 %
Loans delinquent 31-60 days(4)
59,249 5.3 85,555 6.1 
Loans delinquent 61-90 days(4)
43,576 3.9 49,626 3.6 
Loans delinquent greater than 90 days(4)
34,431 3.1 29,028 2.1 
Total TDR loans in repayment(3)
1,109,136 100.0 %1,395,163 100.0 %
Total TDR loans, gross$1,274,590 $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, (but, for purposes of the table, do not include those loans while they are in forbearance).
(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.

Years Ended December 31,
202020192018
Modified Loans(1)
Charge-offsPayment-Default
Modified Loans(1)
Charge-offsPayment-Default
Modified Loans(1)
Charge-offsPayment-Default
TDR Loans$207,001 $71,267 $75,153 $515,398 $74,137 $111,810 $394,639 $52,823 $90,231 
    _______
    (1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR.


Private Education Loans Held for Investment - 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 highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination, stratified by key credit quality indicators.
Private Education Loans Held for Investment - Credit Quality Indicators
December 31, 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$2,915,328 $3,467,219 $2,556,400 $2,262,635 $1,977,952 $4,198,748 $17,378,282 88 %
Without cosigner527,437 559,629 384,111 277,159 211,270 391,449 2,351,055 12 
Total$3,442,765 $4,026,848 $2,940,511 $2,539,794 $2,189,222 $4,590,197 $19,729,337 100 %
FICO at Origination(2):
Less than 670$195,214 $290,711 $225,276 $197,948 $162,413 $369,609 $1,441,171 7 %
670-699464,785 594,950 441,357 407,394 351,303 771,477 3,031,266 16 
700-7491,111,373 1,310,390 967,802 846,983 740,028 1,533,517 6,510,093 33 
Greater than or equal to 7501,671,393 1,830,797 1,306,076 1,087,469 935,478 1,915,594 8,746,807 44 
Total$3,442,765 $4,026,848 $2,940,511 $2,539,794 $2,189,222 $4,590,197 $19,729,337 100 %
FICO Refreshed(2)(3):
Less than 670$240,154 $331,229 $301,784 $298,195 $293,077 $734,599 $2,199,038 11 %
670-699438,665 493,135 336,966 283,906 231,759 504,779 2,289,210 12 
700-7491,102,666 1,248,806 871,677 734,222 603,160 1,220,468 5,780,999 29 
Greater than or equal to 7501,661,280 1,953,678 1,430,084 1,223,471 1,061,226 2,130,351 9,460,090 48 
Total$3,442,765 $4,026,848 $2,940,511 $2,539,794 $2,189,222 $4,590,197 $19,729,337 100 %
Seasoning(4):
1-12 payments$2,068,517 $600,038 $469,143 $472,258 $381,197 $507,343 $4,498,496 23 %
13-24 payments163 2,096,635 383,977 223,332 217,379 425,345 3,346,831 17 
25-36 payments— — 1,353,567 370,250 181,940 439,337 2,345,094 12 
37-48 payments— — — 965,476 351,433 402,552 1,719,461 9 
More than 48 payments— — — — 729,510 2,310,905 3,040,415 15 
Not yet in repayment1,374,085 1,330,175 733,824 508,478 327,763 504,715 4,779,040 24 
Total$3,442,765 $4,026,848 $2,940,511 $2,539,794 $2,189,222 $4,590,197 $19,729,337 100 %
2020 Current period(5) gross charge-offs
$(1,087)$(10,940)$(27,000)$(35,851)$(36,416)$(94,032)$(205,326)
2020 Current period(5) recoveries
42 636 2,274 3,585 4,284 13,200 24,021 
2020 Current period(5) net charge-offs
$(1,045)$(10,304)$(24,726)$(32,266)$(32,132)$(80,832)$(181,305)
Total accrued interest by origination vintage$90,438 $265,688 $252,251 $209,178 $141,094 $210,247 $1,168,896 
______
(1)Balance represents gross Private Education Loans, held for investment.
(2)Represents the higher credit score of the cosigner or the borrower.
(3)Represents the FICO score updated as of the fourth-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 December 31, 2020.
Private Education Loans Held for Investment - 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 cosigner571,792 584,601 427,512 320,985 241,958 333,108 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 %
670-699592,376 714,779 617,676 529,575 439,050 676,569 3,570,025 16 
700-7491,319,563 1,601,904 1,325,387 1,155,253 944,135 1,324,506 7,670,748 33 
Greater than or equal to 7501,852,069 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 %
670-699582,256 645,422 497,497 397,889 308,607 451,451 2,883,122 13 
700-7491,284,867 1,506,849 1,199,564 994,309 772,205 1,048,808 6,806,602 29 
Greater than or equal to 7501,777,946 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 repayment1,670,644 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 recoveries69 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, held for investment.
(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.
Delinquencies - Private Education Loans Held for Investment

The following tables provide information regarding the loan status of our Private Education Loans, held for investment, 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 Loans Held for Investment - Delinquencies by Origination Vintage
December 31, 2020
202020192018201720162015 and PriorTotal
Loans in-school/grace/deferment(1)(2)
$1,374,085 $1,330,175 $733,824 $508,478 $327,763 $504,715 $4,779,040 
Loans in forbearance(1)(3)
16,159 92,677 110,319 118,946 109,073 198,302 645,476 
Loans in repayment(1):
— 
Loans current2,043,033 2,573,228 2,045,012 1,850,539 1,685,572 3,701,564 13,898,948 
Loans delinquent 31-60 days(4)
6,400 16,983 26,934 30,771 33,040 91,400 205,528 
Loans delinquent 61-90 days(4)
2,628 9,143 15,026 18,121 19,064 55,661 119,643 
Loans delinquent greater than 90 days(4)
460 4,642 9,396 12,939 14,710 38,555 80,702 
Total Private Education Loans in repayment2,052,521 2,603,996 2,096,368 1,912,370 1,752,386 3,887,180 14,304,821 
Total Private Education Loans, gross3,442,765 4,026,848 2,940,511 2,539,794 2,189,222 4,590,197 19,729,337 
Private Education Loans deferred origination costs and unamortized premium/(discount)21,129 13,933 8,671 6,708 5,721 7,313 63,475 
Total Private Education Loans3,463,894 4,040,781 2,949,182 2,546,502 2,194,943 4,597,510 19,792,812 
Private Education Loans allowance for losses(210,875)(298,776)(218,136)(184,265)(150,150)(293,642)(1,355,844)
Private Education Loans, net$3,253,019 $3,742,005 $2,731,046 $2,362,237 $2,044,793 $4,303,868 $18,436,968 
Percentage of Private Education Loans in repayment59.6 %64.7 %71.3 %75.3 %80.0 %84.7 %72.5 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment0.5 %1.2 %2.4 %3.2 %3.8 %4.8 %2.8 %
Loans in forbearance as a percentage of loans in repayment and forbearance0.8 %3.4 %5.0 %5.9 %5.9 %4.9 %4.3 %
_______
(1)For some students, going back to school in the fall was not an option because of the pandemic, or for other reasons. Therefore, some students are taking a “gap year” before returning to school. In 2020, for those students that had unexpectedly separated from school, we provided an extension of time through fall 2021 to re-enroll, before beginning their grace period that occurs prior to entering full principal and interest repayment status. At December 31, 2020, the loans in the “in-school/grace/deferment” category above include $401 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. At December 31, 2020, the loans in the “in forbearance” category above include $30 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. At December 31, 2020, the loans in the “in repayment” category above include $609 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period.
(2)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).
(3)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.
(4)The period of delinquency is based on the number of days scheduled payments are contractually past due.
Private Education Loans Held for Investment - Delinquencies by Origination Vintage
December 31, 2019
201920182017201620152014 and PriorTotal
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 current2,340,221 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 repayment2,355,395 3,199,351 2,850,380 2,651,946 2,317,788 3,412,810 16,787,670 
Total Private Education Loans, gross4,047,048 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 Loans4,070,709 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 repayment58.2 %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 repayment0.6 %1.2 %2.4 %3.2 %4.0 %5.0 %2.8 %
Loans in forbearance as a percentage of loans in repayment and forbearance0.9 %3.3 %4.8 %5.2 %5.2 %4.7 %4.1 %
______
(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 Loans Held for Investment - Delinquencies by Origination Vintage
December 31, 2018
201820172016201520142013 and PriorTotal
Loans in-school/grace/deferment(1)
$1,602,476 $1,497,955 $975,796 $589,558 $314,393 $280,267 $5,260,445 
Loans in forbearance(2)
14,543 93,018 127,389 133,023 101,285 107,906 577,164 
Loans in repayment:
Loans current2,233,102 2,800,142 2,769,458 2,533,550 1,865,094 2,088,359 14,289,705 
Loans delinquent 31-60 days(3)
10,263 22,219 41,788 49,762 43,291 63,893 231,216 
Loans delinquent 61-90 days(3)
3,521 7,227 15,893 19,935 18,561 29,968 95,105 
Loans delinquent greater than 90 days(3)
640 3,322 8,042 10,549 10,983 17,294 50,830 
Total Private Education Loans in repayment2,247,526 2,832,910 2,835,181 2,613,796 1,937,929 2,199,514 14,666,856 
Total Private Education Loans, gross3,864,545 4,423,883 3,938,366 3,336,377 2,353,607 2,587,687 20,504,465 
Private Education Loans deferred origination costs and unamortized premium/(discount)20,433 16,362 14,747 10,422 4,992 1,365 68,321 
Total Private Education Loans3,884,978 4,440,245 3,953,113 3,346,799 2,358,599 2,589,052 20,572,786 
Private Education Loans allowance for losses(2,670)(15,469)(43,469)(63,442)(62,852)(90,041)(277,943)
Private Education Loans, net$3,882,308 $4,424,776 $3,909,644 $3,283,357 $2,295,747 $2,499,011 $20,294,843 
Percentage of Private Education Loans in repayment58.2 %64.0 %72.0 %78.3 %82.3 %85.0 %71.5 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment0.6 %1.2 %2.3 %3.1 %3.8 %5.1 %2.6 %
Loans in forbearance as a percentage of loans in repayment and forbearance0.6 %3.2 %4.3 %4.8 %5.0 %4.7 %3.8 %
______
(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.
 
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 upon 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
December 31, 2020$1,168,895 $4,354 $4,467 
December 31, 2019$1,366,158 $2,390 $5,309