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Borrowings (Tables)

12 Months Ended

Dec. 31, 2017

The following table summarizes our secured borrowings at December 31, 2017 and 2016.



	December 31, 2017						December 31, 2016
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt	$	—	$	196,539	$	196,539	$	—	$	—	$	—
Total unsecured borrowings	—		196,539		196,539		—		—		—

Secured borrowings:
Private Education Loan term securitizations	—		3,078,731		3,078,731		—		2,167,979		2,167,979
ABCP Facility	—		—		—		—		—		—
Total secured borrowings	—		3,078,731		3,078,731		—		2,167,979		2,167,979

Total	$	—	$	3,275,270	$	3,275,270	$	—	$	2,167,979	$	2,167,979

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, 2017				Year Ended December 31, 2017
	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
ABCP Facility	$	—	—	%	$	81,370	6.09	%
Maximum outstanding at any month end	$	300,000



	December 31, 2016				Year Ended December 31, 2016
	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
ABCP Facility	$	—	—	%	$	229,719	2.61	%
Maximum outstanding at any month end	$	526,500

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, 2017				Year Ended December 31, 2017		December 31, 2016				Year Ended December 31, 2016
	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Floating rate borrowings	$	1,512,970	2.32	%	$	1,422,856	$	1,175,819	1.71	%	$	687,580
Fixed rate borrowings	1,762,300		3.04		1,420,737		992,160		2.68		548,465
Total long-term borrowings	$	3,275,270	2.71	%	$	2,843,593	$	2,167,979	2.15	%	$	1,236,045

Secured financing

Secured Financings



Issue	Date Issued	Total Issued		Weighted Average Cost of Funds⁽¹⁾	Weighted Average Life (in years)

Private Education:
2016-A	May 2016	$	501,000	1 month LIBOR plus 1.38%	4.01
2016-B	July 2016	607,000		1 month LIBOR plus 1.36%	4.01
2016-C	October 2016	674,000		1 month LIBOR plus 1.15%	4.27
Total notes issued in 2016		$	1,782,000

Total loans and accrued interest amount securitized at inception in 2016		$	2,107,042

2017-A	February 2017	$	772,000	1 month LIBOR plus 0.93%	4.27
2017-B	November 2017	676,000		I month LIBOR plus 0.80%	4.07
		—
Total notes issued in 2017		$	1,448,000

Total loans and accrued interest amount securitized at inception in 2017		$	1,606,804

____________

⁽¹⁾ Represents LIBOR equivalent cost of funds for floating and fixed rate bonds, excluding issuance costs.

Schedule of variable interest entities



	December 31, 2017
	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 securitizations	$	—	$	3,078,731	$	3,078,731	$	3,691,024	$	95,966	$	240,208	$	4,027,198
ABCP Facility	—		—		—		—		1,017		161		1,178
Total	$	—	$	3,078,731	$	3,078,731	$	3,691,024	$	96,983	$	240,369	$	4,028,376



	December 31, 2016
	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 securitizations	$	—	$	2,167,979	$	2,167,979	$	2,562,156	$	44,617	$	160,783	$	2,767,556
ABCP Facility	—		—		—		—		—		—		—
Total	$	—	$	2,167,979	$	2,167,979	$	2,562,156	$	44,617	$	160,783	$	2,767,556

________

⁽¹⁾Other assets primarily represent accrued interest receivable.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Publisher FASB
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+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details