Loans Held for Investment (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:

	June 30,		December 31,
(Dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	11,965,510	$	11,108,079
Variable-rate	7,972,853		9,195,609
Total Private Education Loans, gross	19,938,363		20,303,688
Deferred origination costs and unamortized premium/(discount)	70,835		69,656
Allowance for credit losses	(1,360,294)		(1,353,631)
Total Private Education Loans, net	18,648,904		19,019,713
FFELP Loans	573,597		609,050
Deferred origination costs and unamortized premium/(discount)	1,439		1,549
Allowance for credit losses	(4,422)		(3,444)
Total FFELP Loans, net	570,614		607,155
Loans held for investment, net	$	19,219,518	$	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 June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,704,907	10.79	%	$	20,259,956	8.69	%
FFELP Loans	585,131		7.10		675,081		4.01
Credit Cards(1)	—		—		28,220		4.00
Total portfolio	$	21,290,038			$	20,963,257

	2023				2022
Six Months Ended June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,227,153	10.72	%	$	21,054,698	8.53	%
FFELP Loans	593,555		6.98		682,768		3.76
Credit Cards(1)	—		—		27,425		3.97
Total portfolio	$	21,820,708			$	21,764,891