Loans Held for Investment (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:

	March 31,		December 31,
(Dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	12,726,875	$	11,108,079
Variable-rate	9,171,128		9,195,609
Total Private Education Loans, gross	21,898,003		20,303,688
Deferred origination costs and unamortized premium/(discount)	75,051		69,656
Allowance for credit losses	(1,475,379)		(1,353,631)
Total Private Education Loans, net	20,497,675		19,019,713
FFELP Loans	592,318		609,050
Deferred origination costs and unamortized premium/(discount)	1,497		1,549
Allowance for credit losses	(3,927)		(3,444)
Total FFELP Loans, net	589,888		607,155
Loans held for investment, net	$	21,087,563	$	19,626,868

The average balance (net of unamortized premium/(discount)) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:

	2023				2022
Three Months Ended March 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,755,202	10.66	%	$	21,858,270	8.38	%
FFELP Loans	602,072		6.87		690,540		3.51
Credit Cards(1)	—		—		26,622		3.95
Total portfolio	$	22,357,274			$	22,575,432