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Loans Held for Investment (Tables) | 6 Months Ended
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Jun. 30, 2016
Receivables [Abstract] |
Loans held for investment | Loans held for investment are summarized as follows:
|  | June 30, |  | December 31,
|  | 2016 |  | 2015
Private Education Loans |  | $ | 12,290,709 |  |  | $ | 10,596,437 |
Deferred origination costs |  | 35,212 |  |  | 27,884 |
Allowance for loan losses |  | (142,628 | ) |  | (108,816 | )
Total Private Education Loans, net |  | 12,183,293 |  |  | 10,515,505 |
FFELP Loans |  | 1,061,517 |  |  | 1,115,663 |
Unamortized acquisition costs, net |  | 2,913 |  |  | 3,114 |
Allowance for loan losses |  | (2,297 | ) |  | (3,691 | )
Total FFELP Loans, net |  | 1,062,133 |  |  | 1,115,086 |
Loans held for investment, net |  | $ | 13,245,426 |  |  | $ | 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 |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 12,217,890 |  |  | 7.98 | % |  | $ | 9,361,711 |  |  | 7.96 | % |  | $ | 12,017,799 |  |  | 8.00 | % |  | $ | 9,407,888 |  |  | 8.01 | %
FFELP Loans |  | 1,076,419 |  |  | 3.48 |  |  | 1,194,309 |  |  | 3.22 |  |  | 1,089,836 |  |  | 3.45 |  |  | 1,214,384 |  |  | 3.20 |
Total portfolio |  | $ | 13,294,309 |  |  |  |  | $ | 10,556,020 |  |  |  |  | $ | 13,107,635 |  |  |  |  | $ | 10,622,272 |  |  |

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