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Loans Held for Investment (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Loans Held for Investment
Loans held for investment are summarized as follows:
September 30,December 31,
(Dollars in thousands)20242023
Private Education Loans:
Fixed-rate$16,510,149 $13,985,791 
Variable-rate5,267,317 7,040,053 
Total Private Education Loans, gross21,777,466 21,025,844 
Deferred origination costs and unamortized premium/(discount)96,088 81,554 
Allowance for credit losses(1,413,621)(1,335,105)
Total Private Education Loans, net20,459,933 19,772,293 
FFELP Loans(1)
— 537,401 
Deferred origination costs and unamortized premium/(discount)— 1,330 
Allowance for credit losses— (4,667)
Total FFELP Loans, net— 534,064 
Loans held for investment, net$20,459,933 $20,306,357 
 (1) FFELP Loans were transferred to loans held-for-sale at September 30, 2024.
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 September 30,
(dollars in thousands)
Average BalanceWeighted Average Interest RateAverage BalanceWeighted Average Interest Rate
Private Education Loans$20,497,173 10.79 %$20,649,663 10.96 %
FFELP Loans(1)
— — 563,502 7.35 
Total portfolio$20,497,173 $21,213,165 

20242023
Nine Months Ended September 30,
(dollars in thousands)		Average BalanceWeighted Average Interest RateAverage BalanceWeighted Average Interest Rate
Private Education Loans$20,805,777 10.90 %$21,032,541 10.80 %
FFELP Loans(1)
— — 583,427 7.10 
Total portfolio$20,805,777 $21,615,968 
(1) FFELP Loans were transferred to loans held for sale at September 30, 2024.