Fair Value Measurements (Tables)

9 Months Ended

Sep. 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
	September 30, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Trading investments	$	—	$	—	$	36,792	$	36,792	$	—	$	—	$	16,923	$	16,923
Available-for-sale investments	—		2,505,372		—		2,505,372		—		1,996,634		—		1,996,634
Derivative instruments	—		527		—		527		—		729		—		729
Total	$	—	$	2,505,899	$	36,792	$	2,542,691	$	—	$	1,997,363	$	16,923	$	2,014,286
Liabilities
Derivative instruments	$	—	$	(909)	$	—	$	(909)	$	—	$	(287)	$	—	$	(287)
Total	$	—	$	(909)	$	—	$	(909)	$	—	$	(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.

	September 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	$	24,299,804	$	20,561,960	$	3,737,844	$	22,124,171	$	18,436,968	$	3,687,203
FFELP Loans	716,277		703,355		12,922		748,657		735,208		13,449
Credit Cards	17,791		16,212		1,579		12,249		10,967		1,282
Loans held for sale	—		—		—		3,226,029		2,885,640		340,389
Cash and cash equivalents	2,717,752		2,717,752		—		4,455,292		4,455,292		—
Trading investments	36,792		36,792		—		16,923		16,923		—
Available-for-sale investments	2,505,372		2,505,372		—		1,996,634		1,996,634		—
Accrued interest receivable	1,542,907		1,403,146		139,761		1,527,816		1,387,305		140,511
Tax indemnification receivable	12,486		12,486		—		18,492		18,492		—
Derivative instruments	527		527		—		729		729		—
Total earning assets	$	31,849,708	$	27,957,602	$	3,892,106	$	34,126,992	$	29,944,158	$	4,182,834
Interest-bearing liabilities:
Money-market and savings accounts	$	11,082,540	$	11,038,685	$	(43,855)	$	11,136,560	$	11,067,633	$	(68,927)
Certificates of deposit	9,944,973		9,851,607		(93,366)		11,799,223		11,597,266		(201,957)
Short-term borrowings	203,770		199,583		(4,187)		—		—		—
Long-term borrowings	5,387,187		5,219,748		(167,439)		5,398,309		5,189,217		(209,092)
Accrued interest payable	64,425		64,425		—		60,272		60,272		—
Derivative instruments	909		909		—		287		287		—
Total interest-bearing liabilities	$	26,683,804	$	26,374,957	$	(308,847)	$	28,394,651	$	27,914,675	$	(479,976)
Excess of net asset fair value over carrying value					$	3,583,259					$	3,702,858