Loans Held for Investment (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:

	March 31,		December 31,
(Dollars in thousands)	2022		2021
Private Education Loans:
Fixed-rate	$	10,685,053	$	9,920,547
Variable-rate	11,050,316		10,796,316
Total Private Education Loans, gross	21,735,369		20,716,863
Deferred origination costs and unamortized premium/(discount)	71,907		67,488
Allowance for credit losses	(1,221,053)		(1,158,977)
Total Private Education Loans, net	20,586,223		19,625,374
FFELP Loans	682,273		695,216
Deferred origination costs and unamortized premium/(discount)	1,770		1,815
Allowance for credit losses	(3,999)		(4,077)
Total FFELP Loans, net	680,044		692,954
Credit Cards (fixed-rate)	27,547		25,014
Deferred origination costs and unamortized premium/(discount)	171		222
Allowance for credit losses	(2,310)		(2,281)
Total Credit Cards, net	25,408		22,955
Loans held for investment, net	$	21,291,675	$	20,341,283

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

	2022				2021
Three Months Ended March 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,858,270	8.38	%	$	20,984,491	8.22	%
FFELP Loans	690,540		3.51		734,289		3.41
Credit Cards	26,622		3.95		11,841		0.78
Total portfolio	$	22,575,432			$	21,730,621