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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Valuation of Financial Instruments that are Marked-to-market on Recurring Basis
The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.

 
 Fair Value Measurements on a Recurring Basis
 20232022
As of December 31,
(dollars in thousands)		Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 
Assets:
Trading investments$— $— $54,481 $54,481 $— $— $55,903 $55,903 
Available-for-sale investments— 2,411,622 — 2,411,622 — 2,342,089 — 2,342,089 
Derivative instruments— — — — — 972 — 972 
Total$— $2,411,622 $54,481 $2,466,103 $— $2,343,061 $55,903 $2,398,964 
Liabilities:
Derivative instruments$— $(370)$— $(370)$— $(567)$— $(567)
Total$— $(370)$— $(370)$— $(567)$— $(567)
Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments
The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.

As of December 31,
(dollars in thousands)		20232022
Fair
Value		Carrying
Value		DifferenceFair
Value		Carrying
Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans$22,229,045 $19,772,293 $2,456,752 $21,062,548 $19,019,713 $2,042,835 
FFELP Loans542,775 534,064 8,711 618,186 607,155 11,031 
Loans held for sale— — — 29,448 29,448 — 
Cash and cash equivalents4,149,838 4,149,838 — 4,616,117 4,616,117 — 
Trading investments54,481 54,481 — 55,903 55,903 — 
Available-for-sale investments2,411,622 2,411,622 — 2,342,089 2,342,089 — 
Accrued interest receivable1,448,766 1,379,904 68,862 1,237,074 1,202,059 35,015 
Tax indemnification receivable— — — 2,816 2,816 — 
Derivative instruments— — — 972 972 — 
Total earning assets$30,836,527 $28,302,202 $2,534,325 $29,965,153 $27,876,272 $2,088,881 
Interest-bearing liabilities:
Money-market and savings accounts$11,134,883 $11,203,292 $68,409 $11,854,849 $11,959,828 $104,979 
Certificates of deposit10,380,684 10,448,365 67,681 9,175,339 9,486,819 311,480 
Long-term borrowings4,873,690 5,227,512 353,822 4,813,233 5,235,114 421,881 
Accrued interest payable105,066 105,066 — 71,586 71,586 — 
Derivative instruments370 370 — 567 567 — 
Total interest-bearing liabilities$26,494,693 $26,984,605 $489,912 $25,915,574 $26,753,914 $838,340 
Excess of net asset fair value over carrying value$3,024,237 $2,927,221