Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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
	June 30, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Trading investments	$	—	$	—	$	35,908	$	35,908	$	—	$	—	$	16,923	$	16,923
Available-for-sale investments	—		2,072,309		—		2,072,309		—		1,996,634		—		1,996,634
Derivative instruments	—		459		—		459		—		729		—		729
Total	$	—	$	2,072,768	$	35,908	$	2,108,676	$	—	$	1,997,363	$	16,923	$	2,014,286
Liabilities
Derivative instruments	$	—	$	(360)	$	—	$	(360)	$	—	$	(287)	$	—	$	(287)
Total	$	—	$	(360)	$	—	$	(360)	$	—	$	(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.

	June 30, 2021						December 31, 2020
	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	22,528,229	$	19,389,089	$	3,139,140	$	22,124,171	$	18,436,968	$	3,687,203
FFELP Loans	727,713		714,609		13,104		748,657		735,208		13,449
Credit Cards	12,802		11,446		1,356		12,249		10,967		1,282
Loans held for sale	—		—		—		3,226,029		2,885,640		340,389
Cash and cash equivalents	4,497,310		4,497,310		—		4,455,292		4,455,292		—
Trading investments	35,908		35,908		—		16,923		16,923		—
Available-for-sale investments	2,072,309		2,072,309		—		1,996,634		1,996,634		—
Accrued interest receivable	1,433,379		1,323,448		109,931		1,527,816		1,387,305		140,511
Tax indemnification receivable	12,842		12,842		—		18,492		18,492		—
Derivative instruments	459		459		—		729		729		—
Total earning assets	$	31,320,951	$	28,057,420	$	3,263,531	$	34,126,992	$	29,944,158	$	4,182,834
Interest-bearing liabilities:
Money-market and savings accounts	$	11,921,904	$	11,868,807	$	(53,097)	$	11,136,560	$	11,067,633	$	(68,927)
Certificates of deposit	9,377,702		9,253,003		(124,699)		11,799,223		11,597,266		(201,957)
Short-term borrowings	204,768		199,379		(5,389)		—		—		—
Long-term borrowings	5,162,367		4,989,060		(173,307)		5,398,309		5,189,217		(209,092)
Accrued interest payable	51,980		51,980		—		60,272		60,272		—
Derivative instruments	360		360		—		287		287		—
Total interest-bearing liabilities	$	26,719,081	$	26,362,589	$	(356,492)	$	28,394,651	$	27,914,675	$	(479,976)
Excess of net asset fair value over carrying value					$	2,907,039					$	3,702,858