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Allowance for Loan Losses (Tables) | 12 Months Ended
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Dec. 31, 2015
Receivables [Abstract] |
Allowance for Credit Losses and Recorded Investments in Loans | Allowance for Loan Losses Metrics
|  | Allowance for Loan Losses
|  | Year Ended December 31, 2015
|  | FFELP Loans |  | Private Education Loans |  | Total
Allowance for Loan Losses |  |  |  |  |  |
Beginning balance |  | $ | 5,268 |  |  | $ | 78,574 |  |  | $ | 83,842 |
Total provision |  | 1,005 |  |  | 87,344 |  |  | 88,349 |
Net charge-offs: |  |  |  |  |  |
Charge-offs |  | (2,582 | ) |  | (55,357 | ) |  | (57,939 | )
Recoveries |  | — |  |  | 5,820 |  |  | 5,820 |
Net charge-offs |  | (2,582 | ) |  | (49,537 | ) |  | (52,119 | )
Loan sales(1) |  | — |  |  | (7,565 | ) |  | (7,565 | )
Ending Balance |  | $ | 3,691 |  |  | $ | 108,816 |  |  | $ | 112,507 |
Allowance: |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 43,480 |  |  | $ | 43,480 |
Ending balance: collectively evaluated for impairment |  | $ | 3,691 |  |  | $ | 65,336 |  |  | $ | 69,027 |
Loans: |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 265,831 |  |  | $ | 265,831 |
Ending balance: collectively evaluated for impairment |  | $ | 1,115,663 |  |  | $ | 10,330,606 |  |  | $ | 11,446,269 |
Net charge-offs as a percentage of average loans in repayment(2) |  | 0.30 | % |  | 0.82 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.33 | % |  | 1.03 | % |  |
Allowance as a percentage of the ending loans in repayment(2) |  | 0.45 | % |  | 1.57 | % |  |
Allowance coverage of net charge-offs |  | 1.43 |  |  | 2.20 |  |  |
Ending total loans, gross |  | $ | 1,115,663 |  |  | $ | 10,596,437 |  |  |
Average loans in repayment(2) |  | $ | 857,359 |  |  | $ | 6,031,741 |  |  |
Ending loans in repayment(2) |  | $ | 813,815 |  |  | $ | 6,927,266 |  |  |
____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only and fixed payments as well as loans that have entered full principal and interest repayment status.
|  | Allowance for Loan Losses
|  | Year Ended December 31, 2014
|  | FFELP Loans |  | Private Education Loans |  | Total
Allowance for Loan Losses |  |  |  |  |  |
Beginning balance |  | $ | 6,318 |  |  | $ | 61,763 |  |  | $ | 68,081 |
Total provision |  | 1,946 |  |  | 83,583 |  |  | 85,529 |
Net charge-offs: |  |  |  |  |  |
Charge-offs(1) |  | (2,996 | ) |  | (14,442 | ) |  | (17,438 | )
Recoveries |  | — |  |  | 1,155 |  |  | 1,155 |
Net charge-offs |  | (2,996 | ) |  | (13,287 | ) |  | (16,283 | )
Loan sales(2) |  | — |  |  | (53,485 | ) |  | (53,485 | )
Ending Balance |  | $ | 5,268 |  |  | $ | 78,574 |  |  | $ | 83,842 |
Allowance: |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 9,815 |  |  | $ | 9,815 |
Ending balance: collectively evaluated for impairment |  | $ | 5,268 |  |  | $ | 68,759 |  |  | $ | 74,027 |
Loans: |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 59,402 |  |  | $ | 59,402 |
Ending balance: collectively evaluated for impairment |  | $ | 1,264,807 |  |  | $ | 8,251,974 |  |  | $ | 9,516,781 |
Net charge-offs as a percentage of average loans in repayment(3) |  | 0.31 | % |  | 0.30 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.42 | % |  | 0.95 | % |  |
Allowance as a percentage of the ending loans in repayment(3) |  | 0.57 | % |  | 1.53 | % |  |
Allowance coverage of net charge-offs |  | 1.76 |  |  | 5.91 |  |  |
Ending total loans, gross |  | $ | 1,264,807 |  |  | $ | 8,311,376 |  |  |
Average loans in repayment(3) |  | $ | 972,390 |  |  | $ | 4,495,709 |  |  |
Ending loans in repayment(3) |  | $ | 926,891 |  |  | $ | 5,149,215 |  |  |
____________
(1) | Prior to the Spin-Off, we sold all loans greater than 90 days delinquent to an entity that is now a subsidiary of Navient Corporation, prior to being charged-off. Consequently, many of the pre-Spin-Off, historical credit indicators and period-over-period trends are not comparable and may not be indicative of future performance.
(2) | Represents fair value adjustments on loans sold.
(3) | Loans in repayment include loans on which borrowers are making interest only and fixed payments as well as loans that have entered full principal and interest repayment status.
|  | Allowance for Loan Losses
|  | Year Ended December 31, 2013
|  | FFELP Loans |  | Private Education Loans |  | Total
Allowance for Loan Losses |  |  |  |  |  |
Beginning balance |  | $ | 3,971 |  |  | $ | 65,218 |  |  | $ | 69,189 |
Total provision |  | 4,384 |  |  | 64,955 |  |  | 69,339 |
Net charge-offs: |  |  |  |  |  |
Charge-offs(1) |  | (2,037 | ) |  | — |  |  | (2,037 | )
Recoveries |  | — |  |  | — |  |  | — |
Net charge-offs |  | (2,037 | ) |  | — |  |  | (2,037 | )
Loan sales(2) |  | — |  |  | (68,410 | ) |  | (68,410 | )
Ending Balance |  | $ | 6,318 |  |  | $ | 61,763 |  |  | $ | 68,081 |
Allowance: |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | — |  |  | $ | — |
Ending balance: collectively evaluated for impairment |  | $ | 6,318 |  |  | $ | 61,763 |  |  | $ | 68,081 |
Loans: |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | — |  |  | $ | — |
Ending balance: collectively evaluated for impairment |  | $ | 1,426,972 |  |  | $ | 6,563,342 |  |  | $ | 7,990,314 |
Net charge-offs as a percentage of average loans in repayment(3) |  | 0.23 | % |  | — | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.44 | % |  | 0.94 | % |  |
Allowance as a percentage of the ending loans in repayment(3) |  | 0.62 | % |  | 1.55 | % |  |
Allowance coverage of net charge-offs |  | 3.10 |  |  | — |  |  |
Ending total loans, gross |  | $ | 1,426,972 |  |  | $ | 6,563,342 |  |  |
Average loans in repayment(3) |  | $ | 870,460 |  |  | $ | 3,509,502 |  |  |
Ending loans in repayment(3) |  | $ | 1,023,471 |  |  | $ | 3,972,317 |  |  |
____________
(1) | Prior to the Spin-Off, we sold all loans greater than 90 days delinquent to an entity that is now a subsidiary of Navient Corporation, prior to being charged-off. Consequently, many of the pre-Spin-Off, historical credit indicators and period-over-period trends are not comparable and may not be indicative of future performance.
(2) | Represents fair value adjustments on loans sold.
(3) | Loans in repayment include loans on which borrowers are making interest only and fixed payments as well as loans that have entered full principal and interest repayment status.
Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans | At December 31, 2015 and 2014, all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.
| Recorded Investment |  | Unpaid Principal Balance |  | Allowance
December 31, 2015 |  |  |  |  |
TDR Loans | $ | 269,628 |  |  | $ | 265,831 |  |  | $ | 43,480 |
December 31, 2014 |  |  |  |  |
TDR Loans | $ | 60,278 |  |  | $ | 59,402 |  |  | $ | 9,815 |
Average recorded investment and interest income recognized | The following table provides the average recorded investment and interest income recognized for our TDR loans.
| Years Ended December 31,
| 2015 |  | 2014
| Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
TDR Loans | $ | 174,087 |  |  | $ | 14,081 |  |  | $ | 23,290 |  |  | $ | 1,105 |
Modified Loans Accounts For Troubled Debt Restructuring | The following table provides the amount of modified loans (which includes forbearance and reductions in interest rates) that became TDRs in the periods presented. Additionally, for the periods presented, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the relevant period presented and within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure.
| Years Ended December 31,
| 2015 |  | 2014
| Modified Loans(1) |  | Charge-offs |  | Payment-Default |  | Modified Loans(1) |  | Charge-offs |  | Payment-Default
TDR Loans | $ | 244,890 |  |  | $ | 10,877 |  |  | $ | 51,602 |  |  | $ | 59,402 |  |  | $ | 948 |  |  | $ | 325 |
_______ (1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR.
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators | The following table highlights the gross principal balance of our Private Education Loan portfolio stratified by key credit quality indicators.
|  | December 31, 2015 |  | December 31, 2014
Credit Quality Indicators: |  | Balance(1) |  | % of Balance |  | Balance(1) |  | % of Balance
Cosigners: |  |  |  |  |  |  |  |
With cosigner |  | $ | 9,515,136 |  |  | 90 | % |  | $ | 7,465,339 |  |  | 90 | %
Without cosigner |  | 1,081,301 |  |  | 10 |  |  | 846,037 |  |  | 10 |
Total |  | $ | 10,596,437 |  |  | 100 | % |  | $ | 8,311,376 |  |  | 100 | %
FICO at Origination: |  |  |  |  |  |  |  |
Less than 670 |  | $ | 700,779 |  |  | 7 | % |  | $ | 558,801 |  |  | 7 | %
670-699 |  | 1,554,959 |  |  | 15 |  |  | 1,227,860 |  |  | 15 |
700-749 |  | 3,403,823 |  |  | 32 |  |  | 2,626,238 |  |  | 32 |
Greater than or equal to 750 |  | 4,936,876 |  |  | 46 |  |  | 3,898,477 |  |  | 46 |
Total |  | $ | 10,596,437 |  |  | 100 | % |  | $ | 8,311,376 |  |  | 100 | %
Seasoning(2): |  |  |  |  |  |  |  |
1-12 payments |  | $ | 3,059,901 |  |  | 29 | % |  | $ | 2,373,117 |  |  | 29 | %
13-24 payments |  | 2,096,412 |  |  | 20 |  |  | 1,532,042 |  |  | 18 |
25-36 payments |  | 1,084,818 |  |  | 10 |  |  | 755,143 |  |  | 9 |
37-48 payments |  | 513,125 |  |  | 5 |  |  | 411,493 |  |  | 5 |
More than 48 payments |  | 414,217 |  |  | 4 |  |  | 212,438 |  |  | 3 |
Not yet in repayment |  | 3,427,964 |  |  | 32 |  |  | 3,027,143 |  |  | 36 |
Total |  | $ | 10,596,437 |  |  | 100 | % |  | $ | 8,311,376 |  |  | 100 | %
___________
(1) | Balance represents gross Private Education Loans.
(2) | Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due
Age Analysis of Past Due Loans Delinquencies | The following table provides information regarding the loan status of our Private Education Loans and the aging of our past due Private Education Loans. Loans in repayment include loans on which borrowers are making interest only and fixed payments as well as loans that have entered full principal and interest repayment status.
|  | Private Education Loan Delinquencies
|  | December 31,
|  | 2015 |  | 2014 |  | 2013
|  | Balance |  | % |  | Balance |  | % |  | Balance |  | %
Loans in-school/grace/deferment(1) |  | $ | 3,427,964 |  |  |  |  | $ | 3,027,143 |  |  |  |  | $ | 2,574,711 |  |  |
Loans in forbearance(2) |  | 241,207 |  |  |  |  | 135,018 |  |  |  |  | 16,314 |  |  |
Loans in repayment and percentage of each status: |  |  |  |  |  |  |  |  |  |  |  |
Loans current |  | 6,773,095 |  |  | 97.8 | % |  | 5,045,600 |  |  | 98.0 | % |  | 3,933,143 |  |  | 99.0 | %
Loans delinquent 31-60 days(3) |  | 91,129 |  |  | 1.3 |  |  | 63,873 |  |  | 1.2 |  |  | 28,854 |  |  | 0.7 |
Loans delinquent 61-90 days(3) |  | 42,048 |  |  | 0.6 |  |  | 29,041 |  |  | 0.6 |  |  | 10,280 |  |  | 0.3 |
Loans delinquent greater than 90 days(3) |  | 20,994 |  |  | 0.3 |  |  | 10,701 |  |  | 0.2 |  |  | 40 |  |  | — |
Total Private Education Loans in repayment |  | 6,927,266 |  |  | 100.0 | % |  | 5,149,215 |  |  | 100.0 | % |  | 3,972,317 |  |  | 100.0 | %
Total Private Education Loans, gross |  | 10,596,437 |  |  |  |  | 8,311,376 |  |  |  |  | 6,563,342 |  |  |
Private Education Loans deferred origination costs |  | 27,884 |  |  |  |  | 13,845 |  |  |  |  | 5,063 |  |  |
Total Private Education Loans |  | 10,624,321 |  |  |  |  | 8,325,221 |  |  |  |  | 6,568,405 |  |  |
Private Education Loans allowance for losses |  | (108,816 | ) |  |  |  | (78,574 | ) |  |  |  | (61,763 | ) |  |
Private Education Loans, net |  | $ | 10,515,505 |  |  |  |  | $ | 8,246,647 |  |  |  |  | $ | 6,506,642 |  |  |
Percentage of Private Education Loans in repayment(4) |  |  |  | 65.4 | % |  |  |  | 62.0 | % |  |  |  | 60.5 | %
Delinquencies as a percentage of Private Education Loans in repayment(4) |  |  |  | 2.2 | % |  |  |  | 2.0 | % |  |  |  | 1.0 | %
Loans in forbearance as a percentage of loans in repayment and forbearance(4) |  |  |  | 3.4 | % |  |  |  | 2.6 | % |  |  |  | 0.4 | %
(1) | Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2) | Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3) | The period of delinquency is based on the number of days scheduled payments are contractually past due.
(4) | Loans in repayment include loans on which borrowers are making interest only and fixed payments as well as loans that have entered full principal and interest repayment status.
The following table provides information regarding the loan status and aging of TDR loans.
|  | December 31, |  | December 31,
|  | 2015 |  | 2014
|  | Balance |  | % |  | Balance |  | %
TDR loans in in-school/grace/deferment(1) |  | $ | 6,869 |  |  |  |  | $ | 2,915 |  |  |
TDR loans in forbearance(2) |  | 43,756 |  |  |  |  | 18,620 |  |  |
TDR loans in repayment(3) and percentage of each status: |  |  |  |  |  |  |  |
Loans current |  | 185,936 |  |  | 86.4 | % |  | 34,554 |  |  | 91.2 | %
Loans delinquent 31-60 days(4) |  | 14,948 |  |  | 6.9 |  |  | 1,953 |  |  | 5.2 |
Loans delinquent 61-90 days(4) |  | 9,239 |  |  | 4.3 |  |  | 983 |  |  | 2.6 |
Loans delinquent greater than 90 days(4) |  | 5,083 |  |  | 2.4 |  |  | 377 |  |  | 1.0 |
Total TDR loans in repayment |  | 215,206 |  |  | 100.0 | % |  | 37,867 |  |  | 100.0 | %
Total TDR loans, gross |  | $ | 265,831 |  |  |  |  | $ | 59,402 |  |  |
_____
(1) | Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2) | Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3) | Loans in repayment include loans on which borrowers are making interest only and fixed payments as well as loans that have entered full principal and interest repayment status.
(4) | The period of delinquency is based on the number of days scheduled payments are contractually past due.
Accrued Interest Receivable | The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans greater than 90 days past due as compared to our allowance for uncollectible interest. The allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due portfolio for all periods presented.
|  | Private Education Loan
|  | Accrued Interest Receivable
|  | Total Interest Receivable |  | Greater Than 90 Days Past Due |  | Allowance for Uncollectible Interest
December 31, 2015 |  | $ | 542,919 |  |  | $ | 791 |  |  | $ | 3,332 |
December 31, 2014 |  | $ | 445,710 |  |  | $ | 443 |  |  | $ | 3,517 |

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