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Loans Held for Investment (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Loans Held for Investment
Loans held for investment are summarized as follows:
June 30,December 31,
(Dollars in thousands)20242023
Private Education Loans:
Fixed-rate$14,124,662 $13,985,791 
Variable-rate5,494,869 7,040,053 
Total Private Education Loans, gross19,619,531 21,025,844 
Deferred origination costs and unamortized premium/(discount)78,661 81,554 
Allowance for credit losses(1,265,592)(1,335,105)
Total Private Education Loans, net18,432,600 19,772,293 
FFELP Loans485,608 537,401 
Deferred origination costs and unamortized premium/(discount)1,185 1,330 
Allowance for credit losses(4,060)(4,667)
Total FFELP Loans, net482,733 534,064 
Loans held for investment, net$18,915,333 $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 June 30,
(dollars in thousands)
Average BalanceWeighted Average Interest RateAverage BalanceWeighted Average Interest Rate
Private Education Loans$20,480,805 10.91 %$20,704,907 10.79 %
FFELP Loans501,439 7.73 585,131 7.10 
Total portfolio$20,982,244 $21,290,038 

20242023
Six Months Ended June 30,
(dollars in thousands)		Average BalanceWeighted Average Interest RateAverage BalanceWeighted Average Interest Rate
Private Education Loans$20,961,775 10.96 %$21,227,153 10.72 %
FFELP Loans514,225 7.48 593,555 6.98 
Total portfolio$21,476,000 $21,820,708