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Allowance for Credit Losses (Tables)
9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Allowance for Credit Losses and Recorded Investments in Loans
Allowance for Credit Losses Metrics

Three Months Ended September 30, 2022
(dollars in thousands)
FFELP
Loans
Private Education
Loans
Credit CardsTotal
Allowance for Credit Losses
Beginning balance$3,929 $1,074,744 $2,393 $1,081,066 
Transfer from unfunded commitment liability(1)
— 168,377 — 168,377 
Provisions:
Provision for current period29 95,482 2,039 97,550 
Loan sale reduction to provision— (50,226)— (50,226)
Loans transferred to held-for-sale— — (2,372)(2,372)
Total provisions(2)
29 45,256 (333)44,952 
Net charge-offs:
Charge-offs(147)(109,350)(2,062)(111,559)
Recoveries— 11,400 11,402 
Net charge-offs(147)(97,950)(2,060)(100,157)
Ending Balance$3,811 $1,190,427 $— $1,194,238 
Allowance:
Ending balance: individually evaluated for impairment$— $— $— $— 
Ending balance: collectively evaluated for impairment$3,811 $1,190,427 $— $1,194,238 
Loans:
Ending balance: individually evaluated for impairment$— $— $— $— 
Ending balance: collectively evaluated for impairment$643,614 $20,104,463 $— $20,748,077 
Net charge-offs as a percentage of average loans in repayment (annualized)(3)
0.11 %2.67 %— %
Allowance as a percentage of the ending total loan balance0.59 %5.92 %— %
Allowance as a percentage of the ending loans in repayment(3)
0.78 %8.18 %— %
Allowance coverage of net charge-offs (annualized)6.48 3.04 — 
Ending total loans, gross$643,614 $20,104,463 $— 
Average loans in repayment(3)
$518,226 $14,674,437 $— 
Ending loans in repayment(3)
$489,920 $14,546,556 $— 

(1) See Note 6, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.
(2) Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.
Consolidated Statements of Income
Provisions for Credit Losses Reconciliation
Three Months Ended September 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses$45,256 
Provisions for unfunded loan commitments162,646 
Total Private Education Loan provisions for credit losses207,902 
Other impacts to the provisions for credit losses:
FFELP Loans29 
Credit Cards(333)
Total(304)
Provisions for credit losses reported in consolidated statements of income$207,598 

(3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).
Three Months Ended September 30, 2021
(dollars in thousands)
FFELP 
Loans
Private
 Education
Loans
Credit CardsTotal
Allowance for Credit Losses
Beginning balance$4,262 $1,154,540 $1,442 $1,160,244 
Transfer from unfunded commitment liability(1)
— 110,613 — 110,613 
Provisions:
Provision for current period50 (6,995)415 (6,530)
Loan sale reduction to provision— — — — 
Total provisions(2)
50 (6,995)415 (6,530)
Net charge-offs:
Charge-offs(106)(56,000)(119)(56,225)
Recoveries— 7,302 7,305 
Net charge-offs(106)(48,698)(116)(48,920)
Ending Balance$4,206 $1,209,460 $1,741 $1,215,407 
Allowance:
Ending balance: individually evaluated for impairment$— $69,626 $— $69,626 
Ending balance: collectively evaluated for impairment$4,206 $1,139,834 $1,741 $1,145,781 
Loans:
Ending balance: individually evaluated for impairment$— $1,148,282 $— $1,148,282 
Ending balance: collectively evaluated for impairment$705,691 $20,554,555 $17,766 $21,278,012 
Net charge-offs as a percentage of average loans in repayment (annualized)(3)
0.08 %1.29 %3.07 %
Allowance as a percentage of the ending total loan balance0.60 %5.57 %9.80 %
Allowance as a percentage of the ending loans in repayment(3)
0.79 %7.81 %9.80 %
Allowance coverage of net charge-offs (annualized)9.92 6.21 3.75 
Ending total loans, gross$705,691 $21,702,837 $17,766 
Average loans in repayment(3)
$540,018 $15,108,802 $15,098 
Ending loans in repayment(3)
$530,476 $15,490,132 $17,766 
(1) See Note 6, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.
(2) Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.
Consolidated Statements of Income
Provisions for Credit Losses Reconciliation
Three Months Ended September 30, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses$(6,995)
Provisions for unfunded loan commitments144,972 
Total Private Education Loan provisions for credit losses137,977 
Other impacts to the provisions for credit losses:
FFELP Loans50 
Credit Cards415 
Total465 
Provisions for credit losses reported in consolidated statements of income$138,442 
(3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).
Nine Months Ended September 30, 2022
(dollars in thousands)
FFELP
Loans
Private Education
Loans
Credit CardsTotal
Allowance for Credit Losses
Beginning balance$4,077 $1,158,977 $2,281 $1,165,335 
Transfer from unfunded commitment liability(1)
— 303,591 — 303,591 
Provisions:
Provision for current period110 168,473 2,635 171,218 
Loan sale reduction to provision— (171,325)— (171,325)
Loans transferred to held-for-sale— — (2,372)(2,372)
Total provisions(2)
110 (2,852)263 (2,479)
Net charge-offs:
Charge-offs(376)(299,699)(2,549)(302,624)
Recoveries— 30,410 30,415 
Net charge-offs(376)(269,289)(2,544)(272,209)
Ending Balance$3,811 $1,190,427 $— $1,194,238 
Allowance:
Ending balance: individually evaluated for impairment$— $— $— $— 
Ending balance: collectively evaluated for impairment$3,811 $1,190,427 $— $1,194,238 
Loans:
Ending balance: individually evaluated for impairment$— $— $— $— 
Ending balance: collectively evaluated for impairment$643,614 $20,104,463 $— $20,748,077 
Net charge-offs as a percentage of average loans in repayment (annualized)(3)
0.09 %2.37 %— %
Allowance as a percentage of the ending total loan balance0.59 %5.92 %— %
Allowance as a percentage of the ending loans in repayment(4)
0.78 %8.18 %— %
Allowance coverage of net charge-offs (annualized)7.60 3.32 — 
Ending total loans, gross$643,614 $20,104,463 $— 
Average loans in repayment(3)
$532,275 $15,173,465 $— 
Ending loans in repayment(3)
$489,920 $14,546,556 $— 

(1) See Note 6, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.
(2) Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.
Consolidated Statements of Income
Provisions for Credit Losses Reconciliation
Nine Months Ended September 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses$(2,852)
Provisions for unfunded loan commitments338,672 
Total Private Education Loan provisions for credit losses335,820 
Other impacts to the provisions for credit losses:
FFELP Loans110 
Credit Cards263 
Total373 
Provisions for credit losses reported in consolidated statements of income$336,193 

(3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).
Nine Months Ended September 30, 2021
(dollars in thousands)
FFELP 
Loans
Private Education
Loans
Credit CardsTotal
Allowance for Credit Losses
Beginning balance$4,378 $1,355,844 $1,501 $1,361,723 
Transfer from unfunded commitment liability(1)
— 262,049 — 262,049 
Provisions:
Provision for current period77 (260,923)511 (260,335)
Loan sale reduction to provision— (10,335)— (10,335)
Loans transferred from held-for-sale— 1,887 — 1,887 
Total provisions(2)
77 (269,371)511 (268,783)
Net charge-offs:
Charge-offs(249)(161,039)(281)(161,569)
Recoveries— 21,977 10 21,987 
Net charge-offs(249)(139,062)(271)(139,582)
Ending Balance$4,206 $1,209,460 $1,741 $1,215,407 
Allowance:
Ending balance: individually evaluated for impairment$— $69,626 $— $69,626 
Ending balance: collectively evaluated for impairment$4,206 $1,139,834 $1,741 $1,145,781 
Loans:
Ending balance: individually evaluated for impairment$— $1,148,282 $— $1,148,282 
Ending balance: collectively evaluated for impairment$705,691 $20,554,555 $17,766 $21,278,012 
Net charge-offs as a percentage of average loans in repayment (annualized)(3)
0.06 %1.25 %2.75 %
Allowance as a percentage of the ending total loan balance0.60 %5.57 %9.80 %
Allowance as a percentage of the ending loans in repayment(3)
0.79 %7.81 %9.80 %
Allowance coverage of net charge-offs (annualized)12.67 6.52 4.82 
Ending total loans, gross$705,691 $21,702,837 $17,766 
Average loans in repayment(3)
$547,394 $14,877,937 $13,136 
Ending loans in repayment(3)
$530,476 $15,490,132 $17,766 
(1) See Note 6, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.
(2) Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.
Consolidated Statements of Income
Provisions for Credit Losses Reconciliation
Nine Months Ended September 30, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses$(269,371)
Provisions for unfunded loan commitments251,135 
Total Private Education Loan provisions for credit losses(18,236)
Other impacts to the provisions for credit losses:
FFELP Loans77 
Credit Cards511 
Total588 
Provisions for credit losses reported in consolidated statements of income$(17,648)
(3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).
The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.
20222021
Three Months Ended September 30,
(dollars in thousands)
AllowanceUnfunded CommitmentsAllowanceUnfunded Commitments
Beginning Balance$113,525 $1,413,840 $64,772 $1,161,696 
Provision/New commitments - net(1)
192,559 3,148,434 129,904 2,885,024 
Other provision items(29,913)— 15,068 — 
Transfer - funded loans(2)
(168,377)(2,345,348)(110,613)(2,083,128)
Ending Balance$107,794 $2,216,926 $99,131 $1,963,592 
20222021
Nine Months Ended September 30,
(dollars in thousands)
AllowanceUnfunded CommitmentsAllowanceUnfunded Commitments
Beginning Balance$72,713 $1,776,976 $110,044 $1,673,018 
Provision/New commitments - net(1)
339,705 5,584,129 218,304 4,963,789 
Other provision items(1,033)— 32,831 — 
Transfer - funded loans(2)
(303,591)(5,144,179)(262,048)(4,673,215)
Ending Balance$107,794 $2,216,926 $99,131 $1,963,592 
(1)     Net of expirations of commitments unused.
(2)     When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.
Amortized Cost Basis of Financing Receivables
The following table shows the amortized cost basis at the end of the reporting period of the loans to borrowers experiencing financial difficulty that were modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period, disaggregated by class of financing receivable and type of modification. When we approve a Private Education Loan at the beginning of an academic year, we do not always disburse the full amount of the loan at the time of approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We consider borrowers to be in financial difficulty after they have exited school and have difficulty making their scheduled principal and interest payments.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended September 30, 2022
(dollars in thousands)
Interest Rate ReductionCombination - Interest Rate Reduction and Term Extension
Loan Type:Amortized Cost Basis% of Total Class of Financing ReceivableAmortized Cost Basis% of Total Class of Financing Receivable
Private Education Loans$9,750 0.05 %$79,765 0.40 %
Total$9,750 0.05 %$79,765 0.40 %

Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Nine Months Ended September 30, 2022
(dollars in thousands)
Interest Rate ReductionCombination - Interest Rate Reduction and Term Extension
Loan Type:Amortized Cost Basis% of Total Class of Financing ReceivableAmortized Cost Basis% of Total Class of Financing Receivable
Private Education Loans$25,065 0.12 %$237,588 1.18 %
Total$25,065 0.12 %$237,588 1.18 %
The following tables describes the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:

Three Months Ended September 30, 2022
Interest Rate ReductionCombination - Interest Rate
Reduction and Term Extension
Loan TypeFinancial EffectLoan TypeFinancial Effect
Private Education Loans
Reduced average contractual rate from 11.31% to 4.00%
Private Education Loans
Added a weighted average 10.24 years to the life of loans

Reduced average contractual rate from 10.87% to 4.00%


Nine Months Ended September 30, 2022
Interest Rate ReductionCombination - Interest Rate
Reduction and Term Extension
Loan TypeFinancial EffectLoan TypeFinancial Effect
Private Education Loans
Reduced average contractual rate from 10.76% to 4.00%
Private Education Loans
Added a weighted average 10.38 years to the life of loans

Reduced average contractual rate from 10.17% to 4.00%
The following table provides the amount of financing receivables whose borrowers were experiencing financial difficulty and had a payment default and were modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period. We define payment default as 60 days past due for purposes of this disclosure.
Three Months Ended
September 30, 2022
Nine Months Ended
September 30, 2022
(Dollars in thousands)
Modified Loans(1)(2)
Payment Default
Modified Loans(1)(2)
Payment Default
Loan Type:
Private Education Loans$9,467 $9,289 $12,660 $12,463 
Total$9,467 $9,289 $12,660 $12,463 
(1) Represents amortized cost basis of loans that have been modified.
(2) For the three months ended September 30, 2022, the modified loans include $8.5 million of interest rate reduction and term extension loan modifications and $1.0 million of interest rate reduction only loan modifications. For the nine months ended September 30, 2022, the modified loans include $11.4 million of interest rate reduction and term extension loan modifications and $1.2 million of interest rate reduction only loan modifications.
Age Analysis of Past Due Loans Delinquencies The following table depicts the performance of loans that have
been modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period.
Payment Status (Amortized Cost Basis)
At September 30, 2022
(dollars in thousands)
Deferment(1)
Current(2)(3)
30-59 Days
Past Due(2)(3)
60-89 Days
Past Due(2)(3)
90 Days or Greater
 Past Due(2)(3)
Loan Type:
Private Education Loans$5,575 $236,477 $10,335 $5,835 $4,431 
Total$5,575 $236,477 $10,335 $5,835 $4,431 
(1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make full principal and interest payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2) Loans in repayment include loans on which borrowers are making full principal and interest payments after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).
(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
The following tables provide information regarding the loan status of our Private Education Loans held for investment, by year of origination. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the following tables, do not include those loans while they are in forbearance).

Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of September 30, 2022
(dollars in thousands)
202220212020201920182017 and PriorTotal
Loans in-school/grace/deferment(1)
$1,576,993 $1,745,245 $730,081 $488,712 $284,858 $530,971 $5,356,860 
Loans in forbearance(2)
4,034 19,309 21,994 24,534 24,589 106,587 201,047 
Loans in repayment:
Loans current1,950,830 2,802,675 1,854,054 1,654,125 1,293,502 4,447,769 14,002,955 
Loans delinquent 30-59 days(3)
4,690 25,836 28,361 32,374 28,952 135,028 255,241 
Loans delinquent 60-89 days(3)
1,542 13,268 17,592 19,004 18,721 81,685 151,812 
Loans 90 days or greater past due(3)
628 6,964 13,526 18,632 16,528 80,270 136,548 
Total Private Education Loans in repayment1,957,690 2,848,743 1,913,533 1,724,135 1,357,703 4,744,752 14,546,556 
Total Private Education Loans, gross3,538,717 4,613,297 2,665,608 2,237,381 1,667,150 5,382,310 20,104,463 
Private Education Loans deferred origination costs and unamortized premium/(discount)20,938 16,761 9,719 5,935 3,867 9,596 66,816 
Total Private Education Loans3,559,655 4,630,058 2,675,327 2,243,316 1,671,017 5,391,906 20,171,279 
Private Education Loans allowance for losses(260,520)(296,638)(153,743)(135,939)(91,886)(251,701)(1,190,427)
Private Education Loans, net$3,299,135 $4,333,420 $2,521,584 $2,107,377 $1,579,131 $5,140,205 $18,980,852 
Percentage of Private Education Loans in repayment55.3 %61.8 %71.8 %77.1 %81.4 %88.2 %72.4 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment0.4 %1.6 %3.1 %4.1 %4.7 %6.3 %3.7 %
Loans in forbearance as a percentage of loans in repayment and forbearance0.2 %0.7 %1.1 %1.4 %1.8 %2.2 %1.4 %
(1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.
Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2021
(dollars in thousands)
202120202019201820172016 and PriorTotal
Loans in-school/grace/deferment(1)
$1,556,550 $1,283,523 $773,320 $435,657 $296,008 $559,356 $4,904,414 
Loans in forbearance(2)
11,951 55,844 52,364 43,613 41,355 96,110 301,237 
Loans in repayment:
Loans current2,234,876 2,786,646 2,321,728 1,772,651 1,570,815 4,319,057 15,005,773 
Loans delinquent 30-59 days(3)
15,148 29,146 46,616 43,197 41,695 132,757 308,559 
Loans delinquent 60-89 days(3)
3,194 7,441 14,044 14,310 16,425 61,533 116,947 
Loans 90 days or greater past due(3)
642 3,683 8,453 10,632 11,935 44,588 79,933 
Total Private Education Loans in repayment2,253,860 2,826,916 2,390,841 1,840,790 1,640,870 4,557,935 15,511,212 
Total Private Education Loans, gross3,822,361 4,166,283 3,216,525 2,320,060 1,978,233 5,213,401 20,716,863 
Private Education Loans deferred origination costs and unamortized premium/(discount)22,169 16,067 9,575 5,918 4,588 9,171 67,488 
Total Private Education Loans3,844,530 4,182,350 3,226,100 2,325,978 1,982,821 5,222,572 20,784,351 
Private Education Loans allowance for losses(248,102)(239,507)(195,223)(129,678)(99,982)(246,485)(1,158,977)
Private Education Loans, net$3,596,428 $3,942,843 $3,030,877 $2,196,300 $1,882,839 $4,976,087 $19,625,374 
Percentage of Private Education Loans in repayment59.0 %67.9 %74.3 %79.3 %82.9 %87.4 %74.9 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment0.8 %1.4 %2.9 %3.7 %4.3 %5.2 %3.3 %
Loans in forbearance as a percentage of loans in repayment and forbearance0.5 %1.9 %2.1 %2.3 %2.5 %2.1 %1.9 %

(1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators The following tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination, stratified by key credit quality indicators.
As of September 30, 2022
(dollars in thousands)
Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination
2022(1)
2021(1)
2020(1)
2019(1)
2018(1)
2017 and Prior(1)
Total(1)
% of Balance
Cosigners:
With cosigner$3,047,398 $3,994,466 $2,273,147 $1,903,962 $1,443,011 $4,871,685 $17,533,669 87 %
Without cosigner491,319 618,831 392,461 333,419 224,139 510,625 2,570,794 13 
Total$3,538,717 $4,613,297 $2,665,608 $2,237,381 $1,667,150 $5,382,310 $20,104,463 100 %
FICO at Origination(2):
Less than 670$271,510 $308,184 $161,273 $180,403 $146,085 $460,074 $1,527,529 %
670-699490,170 615,019 364,369 348,359 266,501 922,131 3,006,549 15 
700-7491,106,786 1,457,396 859,924 739,722 554,847 1,813,627 6,532,302 32 
Greater than or equal to 7501,670,251 2,232,698 1,280,042 968,897 699,717 2,186,478 9,038,083 45 
Total$3,538,717 $4,613,297 $2,665,608 $2,237,381 $1,667,150 $5,382,310 $20,104,463 100 %
FICO Refreshed(2)(3):
Less than 670$330,446 $431,998 $233,480 $239,180 $206,833 $811,604 $2,253,541 11 %
670-699494,948 594,535 292,414 246,158 179,979 589,077 2,397,111 12 
700-7491,092,230 1,402,767 778,630 649,713 466,824 1,458,193 5,848,357 29 
Greater than or equal to 7501,621,093 2,183,997 1,361,084 1,102,330 813,514 2,523,436 9,605,454 48 
Total$3,538,717 $4,613,297 $2,665,608 $2,237,381 $1,667,150 $5,382,310 $20,104,463 100 %
Seasoning(4):
1-12 payments$1,961,724 $1,921,089 $323,754 $305,985 $224,662 $482,794 $5,220,008 26 %
13-24 payments— 946,963 1,028,413 169,959 156,320 489,470 2,791,125 14 
25-36 payments— — 583,318 909,963 130,692 508,953 2,132,926 11 
37-48 payments— — 42 362,762 639,349 483,212 1,485,365 
More than 48 payments— — — — 231,269 2,886,910 3,118,179 16 
Not yet in repayment1,576,993 1,745,245 730,081 488,712 284,858 530,971 5,356,860 26 
Total$3,538,717 $4,613,297 $2,665,608 $2,237,381 $1,667,150 $5,382,310 $20,104,463 100 %
2022 Current period(5) gross charge-offs
$(696)$(13,397)$(33,009)$(44,122)$(42,589)$(165,886)$(299,699)
2022 Current period(5) recoveries
40 928 2,901 4,092 4,049 18,400 30,410 
2022 Current period(5) net charge-offs
$(656)$(12,469)$(30,108)$(40,030)$(38,540)$(147,486)$(269,289)
Total accrued interest by origination vintage$72,446 $292,512 $222,265 $217,871 $149,759 $246,305 $1,201,158 
        
(1)Balance represents gross Private Education Loans held for investment.
(2)Represents the higher credit score of the cosigner or the borrower.
(3)Represents the FICO score updated as of the third-quarter 2022.
(4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due.
(5)Current period refers to period from January 1, 2022 through September 30, 2022.
As of December 31, 2021
(dollars in thousands)
Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination
2021(1)
2020(1)
2019(1)
2018(1)
2017(1)
2016 and Prior(1)
Total(1)
% of Balance
Cosigners:
With cosigner$3,263,892 $3,604,553 $2,778,262 $2,025,463 $1,765,719 $4,753,775 $18,191,664 88 %
Without cosigner558,469 561,730 438,263 294,597 212,514 459,626 2,525,199 12 
Total$3,822,361 $4,166,283 $3,216,525 $2,320,060 $1,978,233 $5,213,401 $20,716,863 100 %
FICO at Origination(2):
Less than 670$248,368 $238,005 $251,157 $193,123 $166,048 $428,416 $1,525,117 %
670-699508,264 564,497 493,237 363,313 329,807 884,981 3,144,099 15 
700-7491,210,833 1,348,269 1,057,001 770,452 660,270 1,753,709 6,800,534 33 
Greater than or equal to 7501,854,896 2,015,512 1,415,130 993,172 822,108 2,146,295 9,247,113 45 
Total$3,822,361 $4,166,283 $3,216,525 $2,320,060 $1,978,233 $5,213,401 $20,716,863 100 %
FICO Refreshed(2)(3):
Less than 670$326,613 $279,578 $273,652 $235,684 $233,022 $739,268 $2,087,817 10 %
670-699506,021 475,674 365,133 256,400 209,536 570,605 2,383,369 12 
700-7491,209,493 1,285,015 978,763 682,024 568,766 1,448,692 6,172,753 30 
Greater than or equal to 7501,780,234 2,126,016 1,598,977 1,145,952 966,909 2,454,836 10,072,924 48 
Total$3,822,361 $4,166,283 $3,216,525 $2,320,060 $1,978,233 $5,213,401 $20,716,863 100 %
Seasoning(4):
1-12 payments$2,265,811 $594,850 $515,328 $385,246 $340,242 $501,269 $4,602,746 22 %
13-24 payments2,287,737362,674203,674211,064479,5403,544,68917 
25-36 payments1731,565,203312,049164,575482,3692,524,36912 
37-48 payments983,434295,206464,5631,743,203
More than 48 payments671,1382,726,3043,397,44216 
Not yet in repayment1,556,5501,283,523773,320435,657296,008559,3564,904,41425 
Total$3,822,361 $4,166,283 $3,216,525 $2,320,060 $1,978,233 $5,213,401 $20,716,863 100 %
2021 Current period(5) gross charge-offs
$(1,183)$(8,604)$(23,866)$(32,741)$(37,186)$(126,011)$(229,591)
2021 Current period(5) recoveries
35 540 2,092 3,693 4,450 18,684 29,494 
2021 Current period(5) net charge-offs
$(1,148)$(8,064)$(21,774)$(29,048)$(32,736)$(107,327)$(200,097)
Total accrued interest by origination vintage$109,233 $247,418 $270,242 $198,816 $131,685 $229,729 $1,187,123 
(1)Balance represents gross Private Education Loans held for investment.
(2)Represents the higher credit score of the cosigner or the borrower.
(3)Represents the FICO score updated as of the fourth-quarter 2021.
(4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due.
(5)Current period refers to January 1, 2021 through December 31, 2021.
Accrued Interest Receivable
The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans 90 days or greater past due as compared to our allowance for uncollectible interest on loans making full interest payments. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period after separation from school. The allowance for this portion of interest is included in our loan loss reserve.

 Private Education Loans
Accrued Interest Receivable
(Dollars in thousands)Total Interest Receivable90 Days or Greater Past DueAllowance for Uncollectible Interest
September 30, 2022$1,201,159 $6,515 $7,783 
December 31, 2021$1,187,123 $3,635 $4,937