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Loans Held for Investment (Tables) | 3 Months Ended
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Mar. 31, 2016
Receivables [Abstract] |
Loans held for investment | Loans held for investment are summarized as follows:
|  | March 31, |  | December 31,
|  | 2016 |  | 2015
Private Education Loans |  | $ | 12,111,870 |  |  | $ | 10,596,437 |
Deferred origination costs |  | 31,772 |  |  | 27,884 |
Allowance for loan losses |  | (122,620 | ) |  | (108,816 | )
Total Private Education Loans, net |  | 12,021,022 |  |  | 10,515,505 |
FFELP Loans |  | 1,088,026 |  |  | 1,115,663 |
Unamortized acquisition costs, net |  | 3,006 |  |  | 3,114 |
Allowance for loan losses |  | (3,629 | ) |  | (3,691 | )
Total FFELP Loans, net |  | 1,087,403 |  |  | 1,115,086 |
Loans held for investment, net |  | $ | 13,108,425 |  |  | $ | 11,630,591 |
The average balance and the respective weighted average interest rates of education loans in our portfolio are summarized as follows:
|  | Three Months Ended
|  | March 31,
|  | 2016 |  | 2015
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 11,817,708 |  |  | 8.03 | % |  | $ | 9,454,579 |  |  | 8.07 | %
FFELP Loans |  | 1,103,253 |  |  | 3.42 |  |  | 1,234,682 |  |  | 3.19 |
Total portfolio |  | $ | 12,920,961 |  |  |  |  | $ | 10,689,261 |  |  |

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