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Private Education Loan Securitization
6 Months Ended
Jun. 30, 2015
Transfers and Servicing of Financial Assets [Abstract]  
Private Education Loan Securitization
Private Education Loan Securitization

On April 23, 2015, we sold $738 million of Private Education Loans through a securitization transaction to qualified institutional buyers. The transaction removed 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 recorded a pre-tax gain on the sale of $77 million, net of closing adjustments and transaction costs, a 10.4 percent premium over the loans’ book value.