Loans Held for Investment (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:

	September 30,		December 31,
(Dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	14,000,110	$	11,108,079
Variable-rate	7,680,757		9,195,609
Total Private Education Loans, gross	21,680,867		20,303,688
Deferred origination costs and unamortized premium/(discount)	78,673		69,656
Allowance for credit losses	(1,411,232)		(1,353,631)
Total Private Education Loans, net	20,348,308		19,019,713
FFELP Loans	554,309		609,050
Deferred origination costs and unamortized premium/(discount)	1,380		1,549
Allowance for credit losses	(4,816)		(3,444)
Total FFELP Loans, net	550,873		607,155
Loans held for investment, net	$	20,899,181	$	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 September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,649,663	10.96	%	$	19,958,763	9.43	%
FFELP Loans	563,502		7.35		655,724		5.03
Total portfolio	$	21,213,165			$	20,614,487

	2023				2022
Nine Months Ended September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,032,541	10.80	%	$	20,685,372	8.82	%
FFELP Loans	583,427		7.10		673,654		4.18
Total portfolio	$	21,615,968			$	21,359,026