Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2020

Loans held for investment are summarized as follows:


	December 31,
	2020		2019
Private Education Loans:
Fixed-rate	$	8,950,216	$	9,830,301
Variable-rate	10,779,121		13,359,290
Total Private Education Loans, gross	19,729,337		23,189,591
Deferred origination costs and unamortized premium/ (discount)	63,475		81,224
Allowance for credit losses	(1,355,844)		(374,300)
Total Private Education Loans, net	18,436,968		22,896,515

FFELP Loans	737,593		783,306
Deferred origination costs and unamortized premium/ (discount)	1,993		2,143
Allowance for credit losses	(4,378)		(1,633)
Total FFELP Loans, net	735,208		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)	12,238		3,884
Deferred origination costs and unamortized premium/ (discount)	230		36
Allowance for credit losses	(1,501)		(102)
Total Credit Cards, net	10,967		3,818

Loans held for investment, net	$	19,183,143	$	24,667,792

The estimated weighted average life of education loans in our portfolio was approximately 5.4 years at both December 31, 2020 and 2019, respectively.

The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:


	Years Ended December 31,
	2020				2019				2018
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	22,426,216	8.42	%	$	22,225,473	9.32	%	$	19,282,500	9.10	%
FFELP Loans	757,953		3.76		814,198		4.79		888,301		4.57
Personal Loans	582,552		12.43		1,141,503		12.09		900,152		11.08
Total portfolio	$	23,766,721			$	24,181,174			$	21,070,953

Loans Held for Investment by Region

At December 31, 2020, 38.8 percent of total education loans were concentrated in the following states:

At December 31, 2019, 39.4 percent of total education loans were concentrated in the following states:

No other state had a concentration of total education loans in excess of 5 percent of the aggregate outstanding education loans held for investment.