Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term ABS program and our Secured Borrowing Facility. The issuing entities for those secured borrowings are VIEs and are consolidated for accounting purposes. The following table summarizes our secured borrowings at December 31, 2020 and 2019.


	December 31, 2020						December 31, 2019
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	692,879	$	692,879	$	—	$	198,159	$	198,159
Total unsecured borrowings	—		692,879		692,879		—		198,159		198,159

Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,261,233		3,261,233		—		2,629,902		2,629,902
Variable-rate	—		1,235,105		1,235,105		—		1,525,976		1,525,976
Total Private Education Loan term securitizations	—		4,496,338		4,496,338		—		4,155,878		4,155,878
Secured Borrowing Facility	—		—		—		289,230		—		289,230
Total secured borrowings	—		4,496,338		4,496,338		289,230		4,155,878		4,445,108

Total	$	—	$	5,189,217	$	5,189,217	$	289,230	$	4,354,037	$	4,643,267

On February 19, 2020, we amended our Secured Borrowing Facility to, among other things, increase the amount that can be borrowed under the facility to $2 billion (from $750 million) and extend the maturity of the facility. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the amended Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstanding advances. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay and reborrow funds, until February 17, 2021. On February 17, 2021, we further amended and extended the maturity of our Secured Borrowing Facility such that the revolving period now extends until February 16, 2022. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, now ends on February 16, 2023 (or earlier, if certain material adverse events occur). At December 31, 2020, there were no secured borrowings outstanding under the Secured Borrowing Facility, and at December 31, 2019, $289 million secured borrowings were outstanding under the Secured Borrowing Facility. For additional information, see Notes to Consolidated Financial Statements, Note 25, “Subsequent Events.”

Short-term borrowings have a remaining term to maturity of one year or less. The following table summarizes the outstanding short-term borrowings, the weighted average interest rates at the end of the period and the related average balance and weighted average interest rates during the period. The Secured Borrowing Facility’s contractual maturity is two years from the date of inception or renewal (one-year revolving period plus a one-year amortization period); however, we classify advances under our Secured Borrowing Facility as short-term borrowings because it is our intention to repay those advances within one year.


	December 31, 2020				Year Ended December 31, 2020
	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate(1)
Short-term borrowings:
Secured Borrowing Facility	$	—	—	%	$	45,820	24.99	%
Maximum outstanding at any month end	$	289,230


	December 31, 2019				Year Ended December 31, 2019
	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
Secured Borrowing Facility	$	289,230	1.74	%	$	102,639	4.91	%
Maximum outstanding at any month end	$	297,800

On February 12, 2020, we executed our $636 million SMB Private Education Loan Trust 2020-A term ABS transaction, which was accounted for as a secured financing. We sold $636 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $634 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.18 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.88 percent. At December 31, 2020, $605 million of our Private Education Loans, including $567 million of principal and $38 million in capitalized interest, were encumbered because of this transaction.

On August 12, 2020, we executed our $707 million SMB Private Education Loan Trust 2020-B term ABS transaction, which was accounted for as a secured financing. We sold $707 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $705 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.14 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 1.30 percent. At December 31, 2020, $748 million of our Private Education Loans, including $701 million of principal and $47 million in capitalized interest, were encumbered because of this transaction.

On March 13, 2019, we executed our $453 million SMB Private Education Loan Trust 2019-A term ABS transaction, which was accounted for as a secured financing. We sold $453 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $451 million of gross proceeds. The Class

A and Class B notes had a weighted average life of 4.26 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.92 percent. At December 31, 2020, $377 million of our Private Education Loans, including $355 million of principal and $22 million in capitalized interest, were encumbered because of this transaction.

On June 12, 2019, we executed our $657 million SMB Private Education Loan Trust 2019-B term ABS transaction, which was accounted for as a secured financing. We sold $657 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $655 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.41 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 1.01 percent. At December 31, 2020, $578 million of our Private Education Loans, including $542 million of principal and $36 million in capitalized interest, were encumbered because of this transaction.

Prior to 2019, we executed a total of $5.8 billion in ABS transactions that were accounted for as secured financings. At December 31, 2020, $3.7 billion of our Private Education Loans, including $3.5 billion of principal and $159 million in capitalized interest, were encumbered as a result of these transactions.

The following table summarizes the outstanding long-term borrowings, the weighted average interest rates at the end of the period and the related average balance during the period. Rates reflect stated interest of borrowings and related discounts and premiums. The long-term borrowings amortize over time and mature serially from 2025 to 2053.


	December 31, 2020				Year Ended December 31, 2020		December 31, 2019				Year Ended December 31, 2019
	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Floating-rate borrowings	$	1,235,105	1.09	%	$	1,432,446	$	1,525,976	2.61	%	$	1,731,675
Fixed-rate borrowings	3,954,112		3.08		3,316,425		2,828,061		3.31		2,752,183
Total long-term borrowings	$	5,189,217	2.60	%	$	4,748,871	$	4,354,037	3.07	%	$	4,483,858


	December 31, 2020
	Stated Maturity(1)								Maturity to Call Date
	Brokered Deposits		Unsecured Debt		Secured Borrowings		Total		Brokered Deposits		Unsecured Debt		Secured Borrowings		Total
Year of Maturity
2021	$	3,691,601	$	—	$	612,195	$	4,303,796	$	3,691,601	$	—	$	612,195	$	4,303,796
2022	2,918,823		200,000		567,540		3,686,363		2,918,823		200,000		567,540		3,686,363
2023	1,536,077		—		605,658		2,141,735		1,536,077		—		605,658		2,141,735
2024	499,112		—		596,843		1,095,955		499,112		—		596,843		1,095,955
2025	270,274		500,000		587,801		1,358,075		270,274		500,000		587,801		1,358,075
2026 and after	47,401		—		1,705,576		1,752,977		47,401		—		1,705,576		1,752,977
	8,963,288		700,000		4,675,613		14,338,901		8,963,288		700,000		4,675,613		14,338,901
Hedge accounting adjustments	108,913		—		—		108,913		108,913		—		—		108,913
Total	$	9,072,201	$	700,000	$	4,675,613	$	14,447,814	$	9,072,201	$	700,000	$	4,675,613	$	14,447,814

(1)We view our securitization trust debt as long-term based on the contractual maturity dates and projected principal paydowns based on our current estimates regarding loan prepayment speeds. The projected principal paydowns in year 2021 include $612 million related to the securitization trust debt.


Issue	Date Issued	Total Issued		Weighted Average Cost of Funds(1)	Weighted Average Life (in years)

Private Education Loans:





















2019-A	March 2019	$	453,000	1-month LIBOR plus 0.92%	4.26
2019-B	June 2019	657,000		1-month LIBOR plus 1.01%	4.41
Total notes issued in 2019		$	1,110,000

Total loan and accrued interest amount securitized at inception in 2019		$	1,208,963

2020-A	February 2020	$	636,000	1-month LIBOR plus 0.88%	4.18
2020-B	August 2020	707,000		1-month LIBOR plus 1.30%	4.14
Total notes issued in 2020		$	1,343,000

Total loan and accrued interest amount securitized at inception in 2020		$	1,463,230


	December 31, 2020
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets(1)		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,496,338	$	4,496,338	$	5,661,123	$	154,417	$	356,967	$	6,172,507
Secured Borrowing Facility	—		—		—		—		—		436		436
Total	$	—	$	4,496,338	$	4,496,338	$	5,661,123	$	154,417	$	357,403	$	6,172,943


	December 31, 2019
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets(1)		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,155,878	$	4,155,878	$	5,246,986	$	145,760	$	333,173	$	5,725,919
Secured Borrowing Facility	289,230		—		289,230		339,666		8,803		23,832		372,301
Total	$	289,230	$	4,155,878	$	4,445,108	$	5,586,652	$	154,563	$	357,005	$	6,098,220

Our unconsolidated VIEs include variable interests that we hold in certain securitization trusts created by the sale of our Private Education Loans to unaffiliated third parties in the first quarter of 2020. The Company remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales, and is also the administrator of these trusts. Additionally, we own 5 percent of the securities issued by the trusts in order to meet risk retention requirements. We were not required to consolidate these entities because we do not have the power to direct the activities that most significantly impact their economic performance. Our maximum exposure to these entities is limited to the investment on our consolidated balance sheet of $86 million as of December 31, 2020.

We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Discount Window (the “Window”). The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At December 31, 2020 and December 31, 2019, the value of our pledged collateral at the FRB totaled $3.8 billion and $3.2 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the years ended December 31, 2020 and 2019.