Borrowings

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Borrowings

3.   Borrowings

The following table summarizes our borrowings.

	March 31, 2022								December 31, 2021
(Dollars in millions)	Short Term		Long Term			Total			Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt(1)	$	999	$	6,018		$	7,017		$	—	$	7,014	$	7,014
Total unsecured borrowings		999		6,018			7,017			—		7,014		7,014
Secured borrowings:
FFELP Loan securitizations(2)(3)		—		49,622			49,622			—		51,841		51,841
Private Education Loan securitizations(4)		515		14,038			14,553			543		14,074		14,617
FFELP Loan ABCP facilities		619		145			764			282		150		432
Private Education Loan ABCP facilities		1,462		1,114			2,576			1,363		1,152		2,515
Other(5)		204		—			204			302		—		302
Total secured borrowings		2,800		64,919			67,719			2,490		67,217		69,707
Total before hedge accounting adjustments		3,799		70,937			74,736			2,490		74,231		76,721
Hedge accounting adjustments		3		(112	)		(109	)		—		257		257
Total	$	3,802	$	70,825		$	74,627		$	2,490	$	74,488	$	76,978

⁽¹⁾ Includes principal amount of $1.0 billion and $0 of short-term debt as of March 31, 2022 and December 31, 2021, respectively. Includes principal amount of $6.0 billion and $7.0 billion of long-term debt as of March 31, 2022 and December 31, 2021, respectively.

⁽²⁾ Includes $93 million and $49 million of long-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (FFELP Loan Repurchase Facilities) as of March 31, 2022 and December 31, 2021, respectively.

⁽³⁾ Includes defaulted FFELP secured debt tranches with a remaining principal amount of $683 million as of March 31, 2022 as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2029 and 2035. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date.  

⁽⁴⁾ Includes $515 million and $543 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (Private Education Loan Repurchase Facilities) as of March 31, 2022 and December 31, 2021, respectively.  

⁽⁵⁾ “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 March 31, 2022 and December 31, 2021, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.

	March 31, 2022
	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	$	—	$	49,622		$	49,622		$	50,024	$	1,860	$	1,535		$	53,419
Private Education Loan securitizations		515		14,038			14,553			15,467		518		138			16,123
FFELP Loan ABCP facilities		619		145			764			755		14		26			795
Private Education Loan ABCP facilities		1,462		1,114			2,576			2,757		79		30			2,866
Total before hedge accounting    adjustments		2,596		64,919			67,515			69,003		2,471		1,729			73,203
Hedge accounting adjustments		—		(164	)		(164	)		—		—		(229	)		(229	)
Total	$	2,596	$	64,755		$	67,351		$	69,003	$	2,471	$	1,500		$	72,974

	December 31, 2021
	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	$	—	$	51,841		$	51,841		$	52,066	$	2,073	$	1,520		$	55,659
Private Education Loan securitizations		543		14,074			14,617			15,506		505		150			16,161
FFELP Loan ABCP facilities		282		150			432			436		8		15			459
Private Education Loan ABCP facilities		1,363		1,152			2,515			2,641		63		32			2,736
Total before hedge accounting    adjustments		2,188		67,217			69,405			70,649		2,649		1,717			75,015
Hedge accounting adjustments		—		(110	)		(110	)		—		—		(195	)		(195	)
Total	$	2,188	$	67,107		$	69,295		$	70,649	$	2,649	$	1,522		$	74,820