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Subsequent Event
3 Months Ended
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.