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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Valuation of financial instruments that are marked-to-market on recurring basis
The following table summarizes the valuation of our financial instruments that are marked to fair value on a recurring basis.

 Fair Value Measurements on a Recurring Basis
 March 31, 2021December 31, 2020
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 
Assets
Trading investments$— $— $30,594 $30,594 $— $— $16,923 $16,923 
Available-for-sale investments— 2,115,885 — 2,115,885 — 1,996,634 — 1,996,634 
Derivative instruments— 1,054 — 1,054 — 729 — 729 
Total$— $2,116,939 $30,594 $2,147,533 $— $1,997,363 $16,923 $2,014,286 
Liabilities
Derivative instruments$— $(451)$— $(451)$— $(287)$— $(287)
Total$— $(451)$— $(451)$— $(287)$— $(287)
Fair values of financial assets and liabilities, including derivative financial instruments
The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.

 March 31, 2021December 31, 2020
Fair
Value		Carrying
Value		DifferenceFair
Value		Carrying
Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans$22,889,920 $19,632,933 $3,256,987 $22,124,171 $18,436,968 $3,687,203 
FFELP Loans738,579 725,300 13,279 748,657 735,208 13,449 
Credit Cards11,332 10,054 1,278 12,249 10,967 1,282 
Loans held for sale— — — 3,226,029 2,885,640 340,389 
Cash and cash equivalents6,207,001 6,207,001 — 4,455,292 4,455,292 — 
Trading investments30,594 30,594 — 16,923 16,923 — 
Available-for-sale investments2,115,885 2,115,885 — 1,996,634 1,996,634 — 
Accrued interest receivable1,373,593 1,264,960 108,633 1,527,816 1,387,305 140,511 
Tax indemnification receivable15,678 15,678 — 18,492 18,492 — 
Derivative instruments1,054 1,054 — 729 729 — 
Total earning assets$33,383,636 $30,003,459 $3,380,177 $34,126,992 $29,944,158 $4,182,834 
Interest-bearing liabilities:
Money-market and savings accounts$11,961,848 $11,907,142 $(54,706)$11,136,560 $11,067,633 $(68,927)
Certificates of deposit11,048,527 10,894,181 (154,346)11,799,223 11,597,266 (201,957)
Long-term borrowings5,117,766 4,918,670 (199,096)5,398,309 5,189,217 (209,092)
Accrued interest payable79,231 79,231 — 60,272 60,272 — 
Derivative instruments451 451 — 287 287 — 
Total interest-bearing liabilities$28,207,823 $27,799,675 $(408,148)$28,394,651 $27,914,675 $(479,976)
Excess of net asset fair value over carrying value$2,972,029 $3,702,858