Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Credit Losses Metrics

Three Months Ended March 31, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,444		$	1,353,631		$	—		$	1,357,075
Transfer from unfunded commitment liability(1)	—			148,513			—			148,513
Provisions:
Provision for current period	739			56,334			730			57,803
Total provisions(2)	739			56,334			730			57,803
Net charge-offs:
Charge-offs	(256)			(95,085)			(741)			(96,082)
Recoveries	—			11,986			11			11,997
Net charge-offs	(256)			(83,099)			(730)			(84,085)
Ending Balance	$	3,927		$	1,475,379		$	—		$	1,479,306
Allowance(3):
Ending balance: collectively evaluated for impairment	$	3,927		$	1,475,379		$	—		$	1,479,306
Loans(3):
Ending balance: collectively evaluated for impairment	$	592,318		$	21,898,003		$	—		$	22,490,321
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,150,802		$	—		$	1,150,802
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.23		%	2.11		%	—		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.66		%	6.40		%	—		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.88		%	9.00		%	—		%
Allowance coverage of net charge-offs (annualized)	3.83			4.44			—
Ending total loans, gross	$	592,318		$	21,898,003		$	—
Average loans in repayment(4)	$	451,451		$	15,764,143		$	—
Ending loans in repayment(4)	$	446,214		$	15,990,459		$	—
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	408,263		$	—

(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 March 31, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	56,334
Provisions for unfunded loan commitments	56,309
Total Private Education Loan provisions for credit losses	112,643
Other impacts to the provisions for credit losses:
FFELP Loans	739
Credit Cards	730
Total	1,469
Provisions for credit losses reported in consolidated statements of income	$	114,112

(3) For the three months ended March 31, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(4) 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).

(5) Accrued interest to be capitalized on Private Education Loans only.

(6) Accrued interest to be capitalized on loans in repayment includes interest on loans that are in repayment but have not yet entered into full principal and interest repayment status after any applicable grace period (but, for purposes of the table, does not include the interest on those loans while they are in forbearance).

Three Months Ended March 31, 2022 (dollars in thousands)	FFELP  Loans			Private  Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Transfer from unfunded commitment liability(1)	—			94,686			—			94,686
Provisions:
Provision for current period	21			48,460			137			48,618
Loan sale reduction to provision	—			(5,247)			—			(5,247)
Total provisions(2)	21			43,213			137			43,371
Net charge-offs:
Charge-offs	(99)			(83,856)			(111)			(84,066)
Recoveries	—			8,033			3			8,036
Net charge-offs	(99)			(75,823)			(108)			(76,030)
Ending Balance	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Allowance(3):
Ending balance: collectively evaluated for impairment	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Loans(3):
Ending balance: collectively evaluated for impairment	$	682,273		$	21,735,369		$	27,547		$	22,445,189
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	993,698		$	—		$	993,698
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.07		%	1.89		%	1.63		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.59		%	5.37		%	8.39		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.75		%	7.43		%	8.39		%
Allowance coverage of net charge-offs (annualized)	10.10			4.03			5.35
Ending total loans, gross	$	682,273		$	21,735,369		$	27,547
Average loans in repayment(4)	$	543,303		$	16,013,289		$	26,551
Ending loans in repayment(4)	$	535,080		$	16,095,157		$	27,547
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	331,405		$	—

(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 March 31, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	43,213
Provisions for unfunded loan commitments	54,679
Total Private Education Loan provisions for credit losses	97,892
Other impacts to the provisions for credit losses:
FFELP Loans	21
Credit Cards	137
Total	158
Provisions for credit losses reported in consolidated statements of income	$	98,050

(3) For the three months ended March 31, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(4) 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).

(5) Accrued interest to be capitalized on Private Education Loans only.

(6) Accrued interest to be capitalized on loans in repayment includes interest on loans that are in repayment but have not yet entered into full principal and interest repayment status after any applicable grace period (but, for purposes of the table, does not include the interest on 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.

	2023				2022
Three Months Ended March 31, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments
Beginning Balance	$	124,924	$	1,995,808	$	72,713	$	1,776,976
Provision/New commitments - net(1)	52,252		1,124,816		47,454		968,830
Other provision items	4,057		—		7,226		—
Transfer - funded loans(2)	(148,513)		(2,436,271)		(94,686)		(2,184,058)
Ending Balance	$	32,720	$	684,353	$	32,707	$	561,748

(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.

Schedule of Amortized Cost Basis of Financing Receivables

The following tables show the amortized cost basis at the end of the respective reporting periods of the loans to borrowers experiencing financial difficulty that were modified during the 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 March 31, 2023 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	12,902	0.06	%	$	81,780	0.35	%
Total	$	12,902	0.06	%	$	81,780	0.35	%

	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended March 31, 2022 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	7,679	0.04	%	$	79,597	0.37	%
Total	$	7,679	0.04	%	$	79,597	0.37	%

The following tables describe the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:

Three Months Ended March 31, 2023
Interest Rate Reduction		Combination - Interest Rate Reduction and Term Extension
Loan Type	Financial Effect	Loan Type	Financial Effect
Private Education Loans	Reduced average contractual rate from 12.47% to 4.00%	Private Education Loans	Added a weighted average 10.19 years to the life of loans Reduced average contractual rate from 12.74% to 4.00%

Three Months Ended March 31, 2022
Interest Rate Reduction		Combination - Interest Rate Reduction and Term Extension
Loan Type	Financial Effect	Loan Type	Financial Effect
Private Education Loans	Reduced average contractual rate from 10.09% to 4.00%	Private Education Loans	Added a weighted average 10.51 years to the life of loans Reduced average contractual rate from 9.43% to 4.00%

We define payment default as 60 days past due for purposes of this disclosure.

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
(Dollars in thousands)	Modified Loans(1)(2)		Payment Default(3)		Charge-Offs(4)		Modified Loans(1)(2)		Payment Default(3)		Charge-Offs(4)
Loan Type:
Private Education Loans	$	11,624	$	11,404	$	4,628	$	290	$	287	$	—
Total	$	11,624	$	11,404	$	4,628	$	290	$	287	$	—

(1) Represents period-end amortized cost basis of loans that have been modified and for which a payment default occurred in the relevant period presented and within 12 months of receiving a modification (or within the reporting period, for the loans shown in in the year-ago period, as the case may be).

(2) For the three months ended March 31, 2023, the modified loans include $10.4 million of interest rate reduction and term extension loan modifications and $1.2 million of interest rate reduction only loan modifications. For the three months ended March 31, 2022, the modified loans include $0.3 million of interest rate reduction and term extension loan modifications and no interest rate reduction only loan modifications.

(3) Represents the unpaid principal balance at the time of payment default.

(4) Represents the unpaid principal balance at the time of charge off.

Age Analysis of Past Due Loans Delinquencies

The following tables depict the performance of loans that have been modified during the respective reporting periods (first-quarter 2023 and full year 2022, respectively).

	Payment Status (Amortized Cost Basis)
At March 31, 2023 (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)		Total
Loan Type:
Private Education Loans	$	412	$	92,213	$	1,353	$	358	$	346	$	94,682
Total	$	412	$	92,213	$	1,353	$	358	$	346	$	94,682

	Payment Status (Amortized Cost Basis)
At December 31, 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)		Total
Loan Type:
Private Education Loans	$	7,698	$	289,134	$	13,859	$	8,809	$	6,616	$	326,116
Total	$	7,698	$	289,134	$	13,859	$	8,809	$	6,616	$	326,116

(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). Deferment also includes loans that have entered a forbearance after the loan modification was granted.

(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 March 31, 2023 (dollars in thousands)	2023			2022			2021			2020			2019			2018 and Prior			Total
Loans in-school/grace/deferment(1)	$	408,842		$	2,374,557		$	1,348,206		$	543,621		$	359,759		$	651,401		$	5,686,386
Loans in forbearance(2)	1,256			20,755			42,385			27,115			28,094			101,553			221,158
Loans in repayment:
Loans current	441,192			3,263,917			2,972,969			1,859,452			1,632,668			5,275,984			15,446,182
Loans delinquent 30-59 days(3)	1,115			17,902			38,446			28,762			31,442			149,333			267,000
Loans delinquent 60-89 days(3)	—			6,395			22,104			17,136			18,428			76,723			140,786
Loans 90 days or greater past due(3)	—			4,592			20,544			15,165			17,063			79,127			136,491
Total Private Education Loans in repayment	442,307			3,292,806			3,054,063			1,920,515			1,699,601			5,581,167			15,990,459
Total Private Education Loans, gross	852,405			5,688,118			4,444,654			2,491,251			2,087,454			6,334,121			21,898,003
Private Education Loans deferred origination costs and unamortized premium/(discount)	5,089			29,718			15,151			8,476			5,109			11,508			75,051
Total Private Education Loans	857,494			5,717,836			4,459,805			2,499,727			2,092,563			6,345,629			21,973,054
Private Education Loans allowance for losses	(61,767)			(372,947)			(296,851)			(170,497)			(138,625)			(434,692)			(1,475,379)
Private Education Loans, net	$	795,727		$	5,344,889		$	4,162,954		$	2,329,230		$	1,953,938		$	5,910,937		$	20,497,675
Percentage of Private Education Loans in repayment	51.9		%	57.9		%	68.7		%	77.1		%	81.4		%	88.1		%	73.0		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.3		%	0.9		%	2.7		%	3.2		%	3.9		%	5.5		%	3.4		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.3		%	0.6		%	1.4		%	1.4		%	1.6		%	1.8		%	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, 2022 (dollars in thousands)	2022			2021			2020			2019			2018			2017 and Prior			Total
Loans in-school/grace/deferment(1)	$	1,827,649		$	1,433,322		$	578,253		$	380,639		$	219,280		$	455,910		$	4,895,053
Loans in forbearance(2)	16,046			64,360			38,613			37,802			30,583			91,681			279,085
Loans in repayment:
Loans current	2,411,441			2,991,839			1,907,574			1,683,986			1,301,809			4,262,698			14,559,347
Loans delinquent 30-59 days(3)	14,164			30,740			30,877			35,213			31,366			144,948			287,308
Loans delinquent 60-89 days(3)	5,523			15,056			14,433			18,201			16,697			77,595			147,505
Loans 90 days or greater past due(3)	1,710			11,842			14,872			16,819			16,107			74,040			135,390
Total Private Education Loans in repayment	2,432,838			3,049,477			1,967,756			1,754,219			1,365,979			4,559,281			15,129,550
Total Private Education Loans, gross	4,276,533			4,547,159			2,584,622			2,172,660			1,615,842			5,106,872			20,303,688
Private Education Loans deferred origination costs and unamortized premium/(discount)	26,714			15,933			9,062			5,496			3,575			8,876			69,656
Total Private Education Loans	4,303,247			4,563,092			2,593,684			2,178,156			1,619,417			5,115,748			20,373,344
Private Education Loans allowance for losses	(304,943)			(323,506)			(181,915)			(141,424)			(101,023)			(300,820)			(1,353,631)
Private Education Loans, net	$	3,998,304		$	4,239,586		$	2,411,769		$	2,036,732		$	1,518,394		$	4,814,928		$	19,019,713
Percentage of Private Education Loans in repayment	56.9		%	67.1		%	76.1		%	80.7		%	84.5		%	89.3		%	74.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.9		%	1.9		%	3.1		%	4.0		%	4.7		%	6.5		%	3.8		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.7		%	2.1		%	1.9		%	2.1		%	2.2		%	2.0		%	1.8		%

(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.

Schedule of 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 March 31, 2023 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2023(1)		2022(1)		2021(1)		2020(1)		2019(1)		2018 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	728,950	$	4,951,808	$	3,858,219	$	2,130,947	$	1,782,069	$	5,681,899	$	19,133,892	87	%
Without cosigner	123,455		736,310		586,435		360,304		305,385		652,222		2,764,111		13
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%
FICO at Origination(2):
Less than 670	$	72,432	$	438,029	$	304,216	$	154,665	$	171,983	$	554,184	$	1,695,509	8	%
670-699	125,846		785,900		602,706		346,297		327,433		1,077,557		3,265,739		15
700-749	270,689		1,771,760		1,410,157		806,546		692,615		2,132,757		7,084,524		32
Greater than or equal to 750	383,438		2,692,429		2,127,575		1,183,743		895,423		2,569,623		9,852,231		45
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%
FICO Refreshed(2)(3):
Less than 670	$	88,378	$	659,414	$	498,641	$	256,177	$	249,547	$	969,883	$	2,722,040	12	%
670-699	128,620		792,523		571,683		277,061		235,805		706,213		2,711,905		12
700-749	267,500		1,715,364		1,324,781		710,463		591,355		1,717,774		6,327,237		30
Greater than or equal to 750	367,907		2,520,817		2,049,549		1,247,550		1,010,747		2,940,251		10,136,821		46
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%
Seasoning(4):
1-12 payments	$	443,563	$	2,988,688	$	522,305	$	327,647	$	271,788	$	507,620	$	5,061,611	23	%
13-24 payments	—		324,873		2,414,470		201,750		211,025		586,952		3,739,070		17
25-36 payments	—		—		159,673		1,299,993		158,750		570,770		2,189,186		10
37-48 payments	—		—		—		118,240		1,023,883		568,996		1,711,119		8
More than 48 payments	—		—		—		—		62,249		3,448,382		3,510,631		16
Not yet in repayment	408,842		2,374,557		1,348,206		543,621		359,759		651,401		5,686,386		26
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%
2023 Current period(5) gross charge-offs	$	—	$	(2,262)	$	(12,072)	$	(10,615)	$	(11,773)	$	(58,363)	$	(95,085)
2023 Current period(5) recoveries	—		207		1,428		1,167		1,460		7,723		11,985
2023 Current period(5) net charge-offs	$	—	$	(2,055)	$	(10,644)	$	(9,448)	$	(10,313)	$	(50,640)	$	(83,100)
Total accrued interest by origination vintage	$	13,564	$	241,786	$	351,527	$	209,889	$	177,587	$	310,373	$	1,304,726
(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 first-quarter 2023. (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, 2023 through March 31, 2023.

As of December 31, 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	$	3,656,111	$	3,941,921	$	2,208,033	$	1,853,619	$	1,402,828	$	4,626,491	$	17,689,003	87	%
Without cosigner	620,422		605,238		376,589		319,041		213,014		480,381		2,614,685		13
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%
FICO at Origination(2):
Less than 670	$	326,991	$	307,646	$	158,606	$	177,098	$	143,674	$	439,587	$	1,553,602	8	%
670-699	593,216		611,649		356,541		339,685		259,142		878,426		3,038,659		15
700-749	1,336,765		1,440,510		834,819		719,777		537,680		1,722,068		6,591,619		32
Greater than or equal to 750	2,019,561		2,187,354		1,234,656		936,100		675,346		2,066,791		9,119,808		45
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%
FICO Refreshed(2)(3):
Less than 670	$	443,868	$	461,589	$	242,310	$	237,105	$	204,894	$	773,324	$	2,363,090	12	%
670-699	594,118		579,784		284,244		240,999		173,754		564,344		2,437,243		12
700-749	1,322,558		1,378,910		748,368		628,060		449,701		1,388,090		5,915,687		29
Greater than or equal to 750	1,915,989		2,126,876		1,309,700		1,066,496		787,493		2,381,114		9,587,668		47
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%
Seasoning(4):
1-12 payments	$	2,448,884	$	636,073	$	384,334	$	330,316	$	235,878	$	424,636	$	4,460,121	22	%
13-24 payments	—		2,477,764		255,510		195,753		166,045		455,782		3,550,854		18
25-36 payments	—		—		1,366,398		257,534		126,223		489,157		2,239,312		11
37-48 payments	—		—		127		1,008,418		224,805		451,102		1,684,452		8
More than 48 payments	—		—		—		—		643,611		2,830,285		3,473,896		17
Not yet in repayment	1,827,649		1,433,322		578,253		380,639		219,280		455,910		4,895,053		24
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%
2022 Current period(5) gross charge-offs	$	(2,224)	$	(25,698)	$	(48,271)	$	(62,071)	$	(57,505)	$	(231,647)	$	(427,416)
2022 Current period(5) recoveries	124		1,841		4,170		5,556		5,407		24,639		41,737
2022 Current period(5) net charge-offs	$	(2,100)	$	(23,857)	$	(44,101)	$	(56,515)	$	(52,098)	$	(207,008)	$	(385,679)
Total accrued interest by origination vintage	$	142,915	$	315,308	$	207,858	$	184,832	$	116,211	$	210,438	$	1,177,562

(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 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 January 1, 2022 through December 31, 2022.

Schedule of 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, and the current expected credit losses on accrued interest that will be capitalized is included in our allowance for credit losses.

	Private Education Loans
	Accrued Interest Receivable
(Dollars in thousands)	Total Interest Receivable		90 Days or Greater Past Due		Allowance for Uncollectible Interest(1)
March 31, 2023	$	1,304,726	$	6,638	$	6,523
December 31, 2022	$	1,177,562	$	6,609	$	8,121

(1)The allowance for uncollectible interest at March 31, 2023 and December 31, 2022 represents the expected losses related to the portion of accrued interest receivable on those loans that are in repayment (at March 31, 2023 and December 31, 2022 relates to $154 million and $240 million, respectively, of accrued interest receivable) that is not expected to be capitalized. The accrued interest receivable that is expected to be capitalized ($1.2 billion and $937 million at March 31, 2023 and December 31, 2022, respectively) is reserved in the allowance for credit losses.