Borrowings

9 Months Ended

Sep. 30, 2020

3. Borrowings

The following table summarizes our borrowings.

	September 30, 2020						December 31, 2019
(Dollars in millions)	Short Term		Long Term		Total		Short Term		Long Term			Total
Unsecured borrowings:
Senior unsecured debt⁽¹⁾	$	1,780	$	7,709	$	9,489	$	1,052	$	8,461		$	9,513
Total unsecured borrowings		1,780		7,709		9,489		1,052		8,461			9,513
Secured borrowings:
FFELP Loan securitizations⁽²⁾		—		55,354		55,354		72		59,735			59,807
Private Education Loan securitizations⁽³⁾		1,297		13,499		14,796		2,120		11,430			13,550
FFELP Loan ABCP facilities		2,304		843		3,147		2,783		617			3,400
Private Education Loan ABCP facilities		1,358		1,276		2,634		2,114		1,513			3,627
Other⁽⁴⁾		328		—		328		338		—			338
Total secured borrowings		5,287		70,972		76,259		7,427		73,295			80,722
Total before hedge accounting adjustments		7,067		78,681		85,748		8,479		81,756			90,235
Hedge accounting adjustments		11		456		467		4		(41	)		(37	)
Total	$	7,078	$	79,137	$	86,215	$	8,483	$	81,715		$	90,198

⁽¹⁾	Includes principal amount of $1.8 billion and $1.1 billion of short-term debt as of September 30, 2020 and December 31, 2019, respectively. Includes principal amount of $7.8 billion and $8.5 billion of long-term debt as of September 30, 2020 and December 31, 2019, respectively.

⁽²⁾

Includes $0 million and $72 million of short-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (“FFELP Loan Repurchase Facilities”) as of September 30, 2020 and December 31, 2019, respectively. Includes $133 million and $231 million of long-term debt related to the FFELP Loan Repurchase Facilities as of September 30, 2020 and December 31, 2019, respectively.

⁽³⁾

Includes $1.3 billion and $2.1 billion of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (“Private Education Loan Repurchase Facilities”) as of September 30, 2020 and December 31, 2019, respectively. Includes $260 million and $194 million of long-term debt related to the Private Education Loan Repurchase Facilities as of September 30, 2020 and December 31, 2019, 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 September 30, 2020 and December 31, 2019, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.

	September 30, 2020
	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	$	—	$	55,354		$	55,354		$	56,044	$	1,637	$	1,448		$	59,129
Private Education Loan securitizations		1,297		13,499			14,796			15,814		638		196			16,648
FFELP Loan ABCP facilities		2,304		843			3,147			3,178		50		110			3,338
Private Education Loan ABCP facilities		1,358		1,276			2,634			2,883		80		29			2,992
Total before hedge accounting adjustments		4,959		70,972			75,931			77,919		2,405		1,783			82,107
Hedge accounting adjustments		—		(331	)		(331	)		—		—		(475	)		(475	)
Total	$	4,959	$	70,641		$	75,600		$	77,919	$	2,405	$	1,308		$	81,632

	December 31, 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	$	72	$	59,735		$	59,807		$	60,834	$	1,833	$	1,400		$	64,067
Private Education Loan securitizations		2,120		11,430			13,550			15,412		509		152			16,073
FFELP Loan ABCP facilities		2,783		617			3,400			3,421		63		102			3,586
Private Education Loan ABCP facilities		2,114		1,513			3,627			4,197		101		28			4,326
Total before hedge accounting adjustments		7,089		73,295			80,384			83,864		2,506		1,682			88,052
Hedge accounting adjustments		—		(439	)		(439	)		—		—		(593	)		(593	)
Total	$	7,089	$	72,856		$	79,945		$	83,864	$	2,506	$	1,089		$	87,459