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Loans Held for Investment (Tables) | 12 Months Ended
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Dec. 31, 2018
Receivables [Abstract] |
Loans held for investment | Loans held for investment are summarized as follows:
|  | December 31,
|  | 2018 |  | 2017
Private Education Loans: |  |  |  |
Fixed-rate |  | $ | 6,759,019 |  |  | $ | 4,000,447 |
Variable-rate |  | 13,745,446 |  |  | 13,431,720 |
Total Private Education Loans, gross |  | 20,504,465 |  |  | 17,432,167 |
Deferred origination costs and unamortized premium/ (discount) |  | 68,321 |  |  | 56,378 |
Allowance for loan losses |  | (277,943 | ) |  | (243,715 | )
Total Private Education Loans, net |  | 20,294,843 |  |  | 17,244,830 |
FFELP Loans |  | 846,487 |  |  | 927,660 |
Deferred origination costs and unamortized premium/ (discount) |  | 2,379 |  |  | 2,631 |
Allowance for loan losses |  | (977 | ) |  | (1,132 | )
Total FFELP Loans, net |  | 847,889 |  |  | 929,159 |
Personal Loans (fixed-rate) |  | 1,190,091 |  |  | 400,280 |
Deferred origination costs and unamortized premium/ (discount) |  | 297 |  |  | — |
Allowance for loan losses |  | (62,201 | ) |  | (6,628 | )
Total Personal Loans, net |  | 1,128,187 |  |  | 393,652 |
Loans held for investment, net |  | $ | 22,270,919 |  |  | $ | 18,567,641 |
The estimated weighted average life of education loans in our portfolio was approximately 5.4 years and 5.5 years at December 31, 2018 and 2017, respectively. The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:
|  | Years Ended December 31,
|  | 2018 |  | 2017 |  | 2016
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 19,282,500 |  |  | 9.10 | % |  | $ | 16,176,351 |  |  | 8.43 | % |  | $ | 12,747,756 |  |  | 8.02 | %
FFELP Loans |  | 888,301 |  |  | 4.57 |  |  | 970,738 |  |  | 3.91 |  |  | 1,063,325 |  |  | 3.53 |
Personal Loans |  | 900,152 |  |  | 11.08 |  |  | 112,644 |  |  | 9.90 |  |  | 710 |  |  | 8.53 |
Total portfolio |  | $ | 21,070,953 |  |  |  |  | $ | 17,259,733 |  |  |  |  | $ | 13,811,791 |  |  |
Loans held for investment by Region | Loans Held for Investment by Region At December 31, 2018, 39.9 percent of total education loans were concentrated in the following states:
|  | 2018
New York |  | 10.3 | %
California |  | 9.3 |
Pennsylvania |  | 8.5 |
New Jersey |  | 6.8 |
Illinois |  | 5.0 |
|  | 39.9 | %
At December 31, 2017, 40.4 percent of total education loans were concentrated in the following states:
|  | 2017
New York |  | 10.5 | %
California |  | 9.3 |
Pennsylvania |  | 8.5 |
New Jersey |  | 6.9 |
Illinois |  | 5.2 |
|  | 40.4 | %
No other state had a concentration of total education loans in excess of 5 percent of the aggregate outstanding education loans held for investment.

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