Loans Held for Investment (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:

	June 30,		December 31,
(Dollars in thousands)	2022		2021
Private Education Loans:
Fixed-rate	$	9,748,824	$	9,920,547
Variable-rate	9,770,361		10,796,316
Total Private Education Loans, gross	19,519,185		20,716,863
Deferred origination costs and unamortized premium/(discount)	66,809		67,488
Allowance for credit losses	(1,074,744)		(1,158,977)
Total Private Education Loans, net	18,511,250		19,625,374
FFELP Loans	665,666		695,216
Deferred origination costs and unamortized premium/(discount)	1,715		1,815
Allowance for credit losses	(3,929)		(4,077)
Total FFELP Loans, net	663,452		692,954
Credit Cards (fixed-rate)	28,900		25,014
Deferred origination costs and unamortized premium/(discount)	119		222
Allowance for credit losses	(2,393)		(2,281)
Total Credit Cards, net	26,626		22,955
Loans held for investment, net	$	19,201,328	$	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 June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,259,956	8.69	%	$	20,654,285	8.22	%
FFELP Loans	675,081		4.01		723,391		3.41
Credit Cards	28,220		4.00		11,694		6.64
Total portfolio	$	20,963,257			$	21,389,370

	2022				2021
Six Months Ended June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,054,698	8.53	%	$	20,818,476	8.22	%
FFELP Loans	682,768		3.76		728,810		3.41
Credit Cards	27,425		3.97		11,767		3.71
Total portfolio	$	21,764,891			$	21,559,053