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Loans Held for Investment (Tables) | 6 Months Ended
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Jun. 30, 2015
Receivables [Abstract] |
Loans held for investment | Loans held for investment are summarized as follows:
|  | June 30, |  | December 31,
|  | 2015 |  | 2014
Private Education Loans |  | $ | 9,312,937 |  |  | $ | 8,311,376 |
Deferred origination costs |  | 19,632 |  |  | 13,845 |
Allowance for loan losses |  | (87,310 | ) |  | (78,574 | )
Total Private Education Loans, net |  | 9,245,259 |  |  | 8,246,647 |
FFELP Loans |  | 1,178,876 |  |  | 1,264,807 |
Unamortized acquisition costs, net |  | 3,329 |  |  | 3,600 |
Allowance for loan losses |  | (4,556 | ) |  | (5,268 | )
Total FFELP Loans, net |  | 1,177,649 |  |  | 1,263,139 |
Loans held for investment, net |  | $ | 10,422,908 |  |  | $ | 9,509,786 |
The estimated weighted average life of education loans in our portfolio was approximately 6.2 years at both June 30, 2015 and December 31, 2014. The average balance and the respective weighted average interest rates are summarized as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 9,361,711 |  |  | 7.96 | % |  | $ | 7,357,599 |  |  | 8.22 | % |  | $ | 9,407,888 |  |  | 8.01 | % |  | $ | 7,388,484 |  |  | 8.18 | %
FFELP Loans |  | 1,194,309 |  |  | 3.22 |  |  | 1,378,206 |  |  | 3.32 |  |  | 1,214,384 |  |  | 3.20 |  |  | 1,391,327 |  |  | 3.26 |
Total portfolio |  | $ | 10,556,020 |  |  |  |  | $ | 8,735,805 |  |  |  |  | $ | 10,622,272 |  |  |  |  | $ | 8,779,811 |  |  |

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