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Borrowings (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of debt

The following table summarizes our borrowings at September 30, 2018 and December 31, 2017.

		September 30, 2018												December 31, 2017
		Short-Term				Long-Term				Total				Short-Term				Long-Term				Total
Unsecured borrowings:
Unsecured debt		$	—			$	197,146			$	197,146			$	—			$	196,539			$	196,539
Total unsecured borrowings		—				197,146				197,146				—				196,539				196,539
Secured borrowings:
Private Education Loan term securitizations:
Fixed rate		—				2,337,004				2,337,004				—				1,565,760				1,565,760
Variable rate		—				1,998,071				1,998,071				—				1,512,971				1,512,971
Total Private Education Loan term securitizations		—				4,335,075				4,335,075				—				3,078,731				3,078,731
ABCP Facility		—				—				—				—				—				—
Total secured borrowings		—				4,335,075				4,335,075				—				3,078,731				3,078,731
Total		$	—			$	4,532,221			$	4,532,221			$	—			$	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
2018-C		September 2018		544,000				1-month LIBOR plus 0.77%		4.32
Total notes issued in 2018				$	1,900,500
Total loan and accrued interest amount securitized at inception in 2018				$	2,101,644

____________

⁽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 September 30, 2018 and December 31, 2017, respectively:

		September 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		$	—			$	4,335,075			$	4,335,075			$	5,174,592			$	111,555			$	381,760			$	5,667,907
ABCP Facility		—				—				—				—				—				430				430
Total		$	—			$	4,335,075			$	4,335,075			$	5,174,592			$	111,555			$	382,190			$	5,668,337

		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.

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