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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Secured borrowings | The following table summarizes our secured borrowings at December 31, 2015. We had no secured borrowings outstanding at December 31, 2014.
|  | December 31, 2015
|  | Short-Term |  | Long-Term |  | Total
Secured borrowings: |  |  |  |  |  |
Private Education Loan term securitizations |  | $ | — |  |  | $ | 579,101 |  |  | $ | 579,101 |
ABCP Facility |  | 500,175 |  |  | — |  |  | 500,175 |
Total |  | $ | 500,175 |  |  | $ | 579,101 |  |  | $ | 1,079,276 |
Short-term borrowings | The following table summarizes the outstanding short-term borrowings, the weighted average interest rates at the end of the period and the related average balance and weighted average interest rates during the period. The ABCP Facility's contractual maturity is two years from the date of inception or renewal (one year revolving period plus a one year amortization period); however, we classify advances under our ABCP Facility as short term borrowings because it is our intention to repay those advances within one-year. Rates reflect stated interest of borrowings and related discounts and premiums.
|  | December 31, 2015 |  | Year Ended December 31, 2015
|  | Ending Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Short-term borrowings: |  |  |  |  |  |  |  |
ABCP Facility |  | $ | 500,175 |  |  | 0.84 | % |  | $ | 135,064 |  |  | 3.10 | %
Maximum outstanding at any month end |  | $ | 710,005 |  |  |  |  |  |  |
Long-term borrowings | The following table summarizes the outstanding long-term borrowings, the weighted average interest rates at the end of the period and the related average balance during the period. Rates reflect stated interest of borrowings and related discounts and premiums. The long-term borrowings amortize over time and mature serially from 2023 to 2040.
|  | December 31, 2015 |  | Year Ended December 31, 2015
|  | Ending Balance |  | Weighted Average Interest Rate |  | Average Balance
Floating rate borrowings |  | $ | 337,098 |  |  | 1.38 | % |  | $ | 151,373 |
Fixed rate borrowings |  | $ | 242,003 |  |  | 3.11 | % |  | $ | 102,386 |
Total long-term borrowings |  | $ | 579,101 |  |  | 2.10 | % |  | $ | 253,759 |
Secured borrowings maturity dates |
Secured financing | Secured Financings
Issue |  | Date Issued |  | Total Issued To Third-Parties |  | Weighted Average Cost of Funds(1) |  | Weighted Average Life
Private Education: |  |  |  |  |  |
2015-B |  | July 2015 |  | $ | 630,800 |  |  | 1 month LIBOR plus 1.53% |  | 4.82
Total notes issued in 2015 |  | $ | 630,800 |  |  |  |  |
Total loan amount securitized in secured financing in 2015 |  | $ | 745,580 |  |  |  |  |
____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed rate bonds, excluding issuance costs.
Schedule of variable interest entities | We consolidate the following financing VIEs as of December 31, 2015:
|  | December 31, 2015
|  | Debt Outstanding |  | Carrying Amount of Assets Securing Debt Outstanding
|  | Short-Term |  | Long-Term |  | Total |  | Loans |  | Restricted Cash |  | Other Assets(1) |  | Total
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitization |  | $ | — |  |  | $ | 579,101 |  |  | $ | 579,101 |  |  | $ | 687,298 |  |  | $ | 9,996 |  |  | $ | 45,566 |  |  | $ | 742,860 |
ABCP Facility |  | 500,175 |  |  | — |  |  | 500,175 |  |  | 923,687 |  |  | 12,443 |  |  | 58,095 |  |  | 994,225 |
Total |  | $ | 500,175 |  |  | $ | 579,101 |  |  | $ | 1,079,276 |  |  | $ | 1,610,985 |  |  | $ | 22,439 |  |  | $ | 103,661 |  |  | $ | 1,737,085 |
________ (1) Other assets primarily represents accrued interest receivable.

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