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Loans Held for Investment (Tables) | 12 Months Ended
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Dec. 31, 2015
Receivables [Abstract] |
Loans held for investment | Loans held for investment are summarized as follows:
|  | December 31,
|  | 2015 |  | 2014
Private Education Loans |  | $ | 10,596,437 |  |  | $ | 8,311,376 |
Deferred origination costs |  | 27,884 |  |  | 13,845 |
Allowance for loan losses |  | (108,816 | ) |  | (78,574 | )
Total Private Education Loans, net |  | 10,515,505 |  |  | 8,246,647 |
FFELP Loans |  | 1,115,663 |  |  | 1,264,807 |
Unamortized acquisition costs, net |  | 3,114 |  |  | 3,600 |
Allowance for loan losses |  | (3,691 | ) |  | (5,268 | )
Total FFELP Loans, net |  | 1,115,086 |  |  | 1,263,139 |
Loans held for investment, net |  | $ | 11,630,591 |  |  | $ | 9,509,786 |
The estimated weighted average life of education loans in our portfolio was approximately 6.2 years at both December 31, 2015 and 2014. The average balance and the respective weighted average interest rates are summarized as follows:
|  | Years Ended December 31,
|  | 2015 |  | 2014 |  | 2013
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 9,819,053 |  |  | 7.93 | % |  | $ | 7,563,356 |  |  | 8.16 | % |  | $ | 5,996,651 |  |  | 8.16 | %
FFELP Loans |  | 1,179,723 |  |  | 3.26 |  |  | 1,353,497 |  |  | 3.24 |  |  | 1,142,979 |  |  | 3.32 |
Total portfolio |  | $ | 10,998,776 |  |  |  |  | $ | 8,916,853 |  |  |  |  | $ | 7,139,630 |  |  |
Loans held for investment by Region | At December 31, 2015, 39.8 percent of total education loans were concentrated in the following states:
|  | 2015
New York |  | 10.1 | %
California |  | 9.6 |
Pennsylvania |  | 8.1 |
New Jersey |  | 6.7 |
Illinois |  | 5.3 |
|  | 39.8 | %
At December 31, 2014, 38.8 percent of total education loans were concentrated in the following states:
|  | 2014
California |  | 10.1 | %
New York |  | 9.5 |
Pennsylvania |  | 7.7 |
New Jersey |  | 6.3 |
Illinois |  | 5.2 |
|  | 38.8 | %

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