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Subsequent Event | 3 Months Ended
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Mar. 31, 2015
Subsequent Events [Abstract] |
Subsequent Event | Subsequent Event On April 17, 2015, we announced plans to sell approximately $753 million of Private Education Loans through a securitization transaction to qualified institutional buyers. The transaction will remove the principal balance of the loans backing the securitization trust from our balance sheet on the settlement date. We will continue to service the loans in the trust. We expect to record a pre-tax gain on the sale of approximately $78 million, net of estimated closing adjustments and transaction costs, a 10.5 percent premium over the loans’ book value. The transaction is expected to settle on or about April 23, 2015, and will be reflected in our second quarter 2015 results.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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