Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:

As of December 31, (dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	13,985,791	$	11,108,079
Variable-rate	7,040,053		9,195,609
Total Private Education Loans, gross	21,025,844		20,303,688
Deferred origination costs and unamortized premium/ (discount)	81,554		69,656
Allowance for credit losses	(1,335,105)		(1,353,631)
Total Private Education Loans, net	19,772,293		19,019,713
FFELP Loans	537,401		609,050
Deferred origination costs and unamortized premium/ (discount)	1,330		1,549
Allowance for credit losses	(4,667)		(3,444)
Total FFELP Loans, net	534,064		607,155
Loans held for investment, net	$	20,306,357	$	19,626,868

The estimated weighted average life of education loans in our portfolio was approximately 5.0 years at both December 31, 2023 and 2022.

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

	2023				2022				2021
Years ended December 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,039,701	10.86	%	$	20,576,737	9.14	%	$	20,968,061	8.25	%
FFELP Loans	574,218		7.19		662,194		4.62		718,186		3.43
Credit Cards(1)	—		—		—		—		14,982		4.67
Total portfolio	$	21,613,919			$	21,238,931			$	21,701,229

(1) Credit Card loans were transferred to loans held for sale at September 30, 2022 and were subsequently sold to a third party in May 2023.

Schedule of Loans Held for Investment by Region

Loans Held for Investment by Region

At December 31, 2023 and 2022, 43.5 percent and 43.1 percent, respectively, of total education loans were concentrated in the following states:

As of December 31,	2023		2022
California	10.1	%	9.8	%
New York	9.0		9.1
Pennsylvania	7.2		7.4
Texas	6.3		6.0
New Jersey	5.6		5.8
Florida	5.3		5.0
	43.5	%	43.1	%