Borrowings

6 Months Ended

Jun. 30, 2019

3. Borrowings

The following table summarizes our borrowings.

	June 30, 2019								December 31, 2018
(Dollars in millions)	Short Term		Long Term			Total			Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt⁽¹⁾	$	1,496	$	9,005		$	10,501		$	817		$	10,674		$	11,491
Total unsecured borrowings		1,496		9,005			10,501			817			10,674			11,491
Secured borrowings:
FFELP Loan securitizations⁽²⁾		72		62,405			62,477			—			66,318			66,318
Private Education Loan securitizations⁽³⁾		1,867		12,541			14,408			300			12,985			13,285
FFELP Loan — other facilities		2,270		1,836			4,106			2,927			2,625			5,552
Private Education Loan — other facilities		695		1,053			1,748			1,114			1,266			2,380
Other⁽⁴⁾		362		—			362			267			—			267
Total secured borrowings		5,266		77,835			83,101			4,608			83,194			87,802
Total before hedge accounting adjustments		6,762		86,840			93,602			5,425			93,868			99,293
Hedge accounting adjustments		23		(64	)		(41	)		(3	)		(349	)		(352	)
Total	$	6,785	$	86,776		$	93,561		$	5,422		$	93,519		$	98,941

⁽¹⁾	Includes principal amount of $1.5 billion and $817 million of short-term debt as of June 30, 2019 and December 31, 2018, respectively. Includes principal amount of $9.1 billion and $10.8 billion of long-term debt as of June 30, 2019 and December 31, 2018, respectively.

⁽²⁾

Includes $72 million and $0 of short-term debt related to the FFELP asset-backed securitization repurchase facilities (“FFELP Loan Repurchase Facilities”) as of June 30, 2019 and December 31, 2018, respectively. Includes $214 million and $244 million of long-term debt related to the FFELP Loan Repurchase Facilities as of June 30, 2019 and December 31, 2018, respectively.

⁽³⁾

Includes $1.9 billion and $300 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (“Private Education Loan Repurchase Facilities”) as of June 30, 2019 and December 31, 2018, respectively. Includes $921 million and $2.0 billion of long-term debt related to the Private Education Loan Repurchase Facilities as of June 30, 2019 and December 31, 2018, respectively.

⁽⁴⁾	“Other” primarily includes the obligation to return cash collateral held related to derivative exposures.

3. Borrowings (Continued)

Variable Interest Entities

We consolidated the following financing VIEs as of June 30, 2019 and December 31, 2018, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.

	June 30, 2019
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations⁽¹⁾	$	72	$	62,405		$	62,477		$	63,494	$	1,969	$	1,316		$	66,779
Private Education Loan securitizations⁽²⁾		1,867		12,541			14,408			16,433		541		173			17,147
FFELP Loan — other facilities		2,270		1,836			4,106			4,206		66		124			4,396
Private Education Loan — other facilities		695		1,053			1,748			2,602		64		18			2,684
Total before hedge accounting adjustments		4,904		77,835			82,739			86,735		2,640		1,631			91,006
Hedge accounting adjustments		—		(462	)		(462	)		—		—		(622	)		(622	)
Total	$	4,904	$	77,373		$	82,277		$	86,735	$	2,640	$	1,009		$	90,384

	December 31, 2018
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations⁽¹⁾	$	—	$	66,318		$	66,318		$	66,266	$	3,181	$	1,211		$	70,658
Private Education Loan securitizations⁽²⁾		300		12,985			13,285			16,336		536		198			17,070
FFELP Loan — other facilities		2,927		2,625			5,552			5,656		132		162			5,950
Private Education Loan — other facilities		1,114		1,266			2,380			3,361		79		27			3,467
Total before hedge accounting adjustments		4,341		83,194			87,535			91,619		3,928		1,598			97,145
Hedge accounting adjustments		—		(456	)		(456	)		—		—		(642	)		(642	)
Total	$	4,341	$	82,738		$	87,079		$	91,619	$	3,928	$	956		$	96,503

⁽¹⁾

Includes $72 million of short-term debt, $214 million of long-term debt and $9 million of restricted cash related to the FFELP Loan Repurchase Facilities as of June 30, 2019. Includes $244 million of long-term debt and $9 million of restricted cash related to the FFELP Loan Repurchase Facilities as of December 31, 2018.

⁽²⁾

Includes $1.9 billion of short-term debt, $921 million of long-term debt and $65 million of restricted cash related to the Private Education Loan Repurchase Facilities as of June 30, 2019. Includes $300 million of short-term debt, $2.0 billion of long-term debt and $115 million of restricted cash related to the Private Education Loan Repurchase Facilities as of December 31, 2018.