Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Loans held for investment

Loans held for investment are summarized as follows:

As of December 31, (dollars in thousands)	2021		2020
Private Education Loans:
Fixed-rate	$	9,920,547	$	8,950,216
Variable-rate	10,796,316		10,779,121
Total Private Education Loans, gross	20,716,863		19,729,337
Deferred origination costs and unamortized premium/ (discount)	67,488		63,475
Allowance for credit losses	(1,158,977)		(1,355,844)
Total Private Education Loans, net	19,625,374		18,436,968
FFELP Loans	695,216		737,593
Deferred origination costs and unamortized premium/ (discount)	1,815		1,993
Allowance for credit losses	(4,077)		(4,378)
Total FFELP Loans, net	692,954		735,208
Credit Cards (fixed-rate)	25,014		12,238
Deferred origination costs and unamortized premium/ (discount)	222		230
Allowance for credit losses	(2,281)		(1,501)
Total Credit Cards, net	22,955		10,967
Loans held for investment, net	$	20,341,283	$	19,183,143

The estimated weighted average life of education loans in our portfolio was approximately 4.7 years and 5.4 years at December 31, 2021 and 2020, respectively.

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

	2021				2020				2019
Years ended December 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,968,061	8.25	%	$	22,426,216	8.42	%	$	22,225,473	9.32	%
FFELP Loans	718,186		3.43		757,953		3.76		814,198		4.79
Personal Loans	—		—		582,552		12.43		1,141,503		12.09
Credit Cards	14,982		4.67		9,390		(6.04)		—		—
Total portfolio	$	21,701,229			$	23,776,111			$	24,181,174

Loans held for investment by Region

Loans Held for Investment by Region

At December 31, 2021 and 2020, 38.4 percent and 38.8 percent, respectively, of total education loans were concentrated in the following states:

As of December 31,	2021		2020
New York	9.4	%	9.7	%
California	9.6		9.6
Pennsylvania	7.8		8.0
New Jersey	6.0		6.2
Texas	5.6		5.3
	38.4	%	38.8	%

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