Loans Held for Investment (Tables)

9 Months Ended

Sep. 30, 2021

Loans held for investment are summarized as follows:


	September 30,		December 31,
	2021		2020
Private Education Loans:
Fixed-rate	$	10,306,885	$	8,950,216
Variable-rate	11,395,952		10,779,121
Total Private Education Loans, gross	21,702,837		19,729,337
Deferred origination costs and unamortized premium/(discount)	68,584		63,475
Allowance for credit losses	(1,209,460)		(1,355,844)
Total Private Education Loans, net	20,561,961		18,436,968

FFELP Loans	705,691		737,593
Deferred origination costs and unamortized premium/(discount)	1,870		1,993
Allowance for credit losses	(4,206)		(4,378)
Total FFELP Loans, net	703,355		735,208






Credit Cards (fixed-rate)	17,766		12,238
Deferred origination costs and unamortized premium/(discount)	186		230
Allowance for credit losses	(1,741)		(1,501)
Total Credit Cards, net	16,211		10,967

Loans held for investment, net	$	21,281,527	$	19,183,143

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


	Three Months Ended
	September 30,
	2021				2020
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,944,581	8.26	%	$	21,937,758	8.24	%
FFELP Loans	713,517		3.45		750,925		3.46
Personal Loans	—		—		527,204		12.86
Credit Cards	14,894		6.95		11,086		(6.58)
Total portfolio	$	21,672,992			$	23,226,973


	Nine Months Ended
	September 30,
	2021				2020
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,860,973	8.23	%	$	22,342,353	8.48	%
FFELP Loans	723,656		3.43		762,863		3.86
Personal Loans	—		—		778,153		12.43
Credit Cards	12,821		4.97		8,588		(7.20)
Total portfolio	$	21,597,450			$	23,891,957

The following table provides the average recorded investment and interest income recognized for our TDR loans.


	Three Months Ended September 30,
	2021				2020
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,208,333	$	21,198	$	1,554,741	$	24,972

	Nine Months Ended September 30,
	2021				2020
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,249,721	$	64,177	$	1,579,640	$	75,530