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Loans Held for Investment (Tables) | 9 Months Ended
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Sep. 30, 2017
Receivables [Abstract] |
Loans held for investment | Loans held for investment are summarized as follows:
|  | September 30, |  | December 31,
|  | 2017 |  | 2016
Private Education Loans |  | $ | 17,132,907 |  |  | $ | 14,251,675 |
Deferred origination costs |  | 53,501 |  |  | 44,206 |
Allowance for loan losses |  | (227,167 | ) |  | (182,472 | )
Total Private Education Loans, net |  | 16,959,241 |  |  | 14,113,409 |
FFELP Loans |  | 949,180 |  |  | 1,010,908 |
Unamortized acquisition costs, net |  | 2,696 |  |  | 2,941 |
Allowance for loan losses |  | (1,352 | ) |  | (2,171 | )
Total FFELP Loans, net |  | 950,524 |  |  | 1,011,678 |
Personal Loans |  | 132,100 |  |  | 12,893 |
Allowance for loan losses |  | (1,400 | ) |  | (58 | )
Total Personal Loans, net |  | 130,700 |  |  | 12,835 |
Loans held for investment, net |  | $ | 18,040,465 |  |  | $ | 15,137,922 |
The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:
|  | Three Months Ended
|  | September 30,
|  | 2017 |  | 2016
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 16,228,751 |  |  | 8.50 | % |  | $ | 12,881,890 |  |  | 8.00 | %
FFELP Loans |  | 960,185 |  |  | 4.02 |  |  | 1,049,803 |  |  | 3.52 |
Personal Loans |  | 86,441 |  |  | 9.66 |  |  | — |  |  | — |
Total portfolio |  | $ | 17,275,377 |  |  |  |  | $ | 13,931,693 |  |  |
|  | Nine Months Ended
|  | September 30,
|  | 2017 |  | 2016
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 15,791,557 |  |  | 8.37 | % |  | $ | 12,307,932 |  |  | 8.00 | %
FFELP Loans |  | 981,106 |  |  | 3.86 |  |  | 1,076,394 |  |  | 3.48 |
Personal Loans |  | 61,263 |  |  | 9.44 |  |  | — |  |  | — |
Total portfolio |  | $ | 16,833,926 |  |  |  |  | $ | 13,384,326 |  |  |

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- References No definition available. + Details
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