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Loans Held for Investment (Tables) | 9 Months Ended
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Sep. 30, 2016
Receivables [Abstract] |
Loans held for investment | Loans held for investment are summarized as follows:
|  | September 30, |  | December 31,
|  | 2016 |  | 2015
Private Education Loans |  | $ | 13,848,262 |  |  | $ | 10,596,437 |
Deferred origination costs |  | 40,327 |  |  | 27,884 |
Allowance for loan losses |  | (162,630 | ) |  | (108,816 | )
Total Private Education Loans, net |  | 13,725,959 |  |  | 10,515,505 |
FFELP Loans |  | 1,033,929 |  |  | 1,115,663 |
Unamortized acquisition costs, net |  | 2,825 |  |  | 3,114 |
Allowance for loan losses |  | (2,209 | ) |  | (3,691 | )
Total FFELP Loans, net |  | 1,034,545 |  |  | 1,115,086 |
Loans held for investment, net |  | $ | 14,760,504 |  |  | $ | 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 |  | Nine Months Ended
|  | September 30, |  | September 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 |  | $ | 12,881,890 |  |  | 8.00 | % |  | $ | 9,869,025 |  |  | 7.87 | % |  | $ | 12,307,932 |  |  | 8.00 | % |  | $ | 9,563,290 |  |  | 7.96 | %
FFELP Loans |  | 1,049,803 |  |  | 3.52 |  |  | 1,161,288 |  |  | 3.27 |  |  | 1,076,394 |  |  | 3.48 |  |  | 1,196,491 |  |  | 3.22 |
Total portfolio |  | $ | 13,931,693 |  |  |  |  | $ | 11,030,313 |  |  |  |  | $ | 13,384,326 |  |  |  |  | $ | 10,759,781 |  |  |

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