XML 40 R27.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Borrowings (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
Debt Disclosure [Abstract] |
Schedule of debt | The following table summarizes our borrowings at June 30, 2018 and December 31, 2017.
|  | June 30, 2018 |  | December 31, 2017
|  | Short-Term |  | Long-Term |  | Total |  | Short-Term |  | Long-Term |  | Total
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debt |  | $ | — |  |  | $ | 196,943 |  |  | $ | 196,943 |  |  | $ | — |  |  | $ | 196,539 |  |  | $ | 196,539 |
Total unsecured borrowings |  | — |  |  | 196,943 |  |  | 196,943 |  |  | — |  |  | 196,539 |  |  | 196,539 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitizations: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  | — |  |  | 2,125,035 |  |  | 2,125,035 |  |  | — |  |  | 1,565,760 |  |  | 1,565,760 |
Variable rate |  | — |  |  | 1,895,141 |  |  | 1,895,141 |  |  | — |  |  | 1,512,971 |  |  | 1,512,971 |
Total Private Education Loan term securitizations |  | — |  |  | 4,020,176 |  |  | 4,020,176 |  |  | — |  |  | 3,078,731 |  |  | 3,078,731 |
ABCP Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total secured borrowings |  | — |  |  | 4,020,176 |  |  | 4,020,176 |  |  | — |  |  | 3,078,731 |  |  | 3,078,731 |
Total |  | $ | — |  |  | $ | 4,217,119 |  |  | $ | 4,217,119 |  |  | $ | — |  |  | $ | 3,275,270 |  |  | $ | 3,275,270 |
Schedule of securities financing transactions | Secured Financings at Issuance
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 loan 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 |  |  | 1-month LIBOR plus 0.80% |  | 4.07
Total notes issued in 2017 |  | $ | 1,448,000 |  |  |  |  |
Total loan and accrued interest amount securitized at inception in 2017 |  | $ | 1,606,804 |  |  |  |  |
2018-A |  | March 2018 |  | $ | 670,000 |  |  | 1-month LIBOR plus 0.78% |  | 4.43
2018-B |  | June 2018 |  | 686,500 |  |  | 1-month LIBOR plus 0.76% |  | 4.40
Total notes issued in 2018 |  | $ | 1,356,500 |  |  |  |  |
Total loan and accrued interest amount securitized at inception in 2018 |  | $ | 1,504,121 |  |  |  |  |
____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed rate bonds, excluding issuance costs.
Schedule of variable interest entities | We consolidate the following financing VIEs as of June 30, 2018 and December 31, 2017, respectively:
|  | June 30, 2018
|  | 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 |  | $ | — |  |  | $ | 4,020,176 |  |  | $ | 4,020,176 |  |  | $ | 4,793,290 |  |  | $ | 105,963 |  |  | $ | 334,333 |  |  | $ | 5,233,586 |
ABCP Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 706 |  |  | 706 |
Total |  | $ | — |  |  | $ | 4,020,176 |  |  | $ | 4,020,176 |  |  | $ | 4,793,290 |  |  | $ | 105,963 |  |  | $ | 335,039 |  |  | $ | 5,234,292 |
|  | 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 |
____ (1) Other assets primarily represent accrued interest receivable.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of securities financing transactions including resale and repurchase agreements, securities borrowed and lending transactions, securities received as collateral and obligations to return securities received as collateral. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(m)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.3,13(1)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49176635&loc=d3e9760-107771 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 405 -Section 55 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35710563&loc=d3e44140-110984 + Details
Name: | us-gaap_ScheduleOfSecuritiesFinancingTransactionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=108788376&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=108788376&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=108788376&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=108788376&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=108788376&loc=d3e5728-111685 + Details
Name: | us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration