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Loans Held for Investment (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Loans Held for Investment
Loans held for investment are summarized as follows:
March 31,December 31,
(Dollars in thousands)20242023
Private Education Loans:
Fixed-rate$14,788,341 $13,985,791 
Variable-rate6,164,005 7,040,053 
Total Private Education Loans, gross20,952,346 21,025,844 
Deferred origination costs and unamortized premium/(discount)80,868 81,554 
Allowance for credit losses(1,345,431)(1,335,105)
Total Private Education Loans, net19,687,783 19,772,293 
FFELP Loans516,363 537,401 
Deferred origination costs and unamortized premium/(discount)1,270 1,330 
Allowance for credit losses(4,627)(4,667)
Total FFELP Loans, net513,006 534,064 
Loans held for investment, net$20,200,789 $20,306,357 
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:

20242023
Three Months Ended March 31,
(dollars in thousands)
Average BalanceWeighted Average Interest RateAverage BalanceWeighted Average Interest Rate
Private Education Loans$21,442,744 11.01 %$21,755,202 10.66 %
FFELP Loans527,012 7.24 602,072 6.87 
Total portfolio$21,969,756 $22,357,274