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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Secured borrowings | The following table summarizes our secured borrowings at December 31, 2018 and 2017.
|  | December 31, 2018 |  | December 31, 2017
|  | Short-Term |  | Long-Term |  | Total |  | Short-Term |  | Long-Term |  | Total
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debt (fixed) |  | $ | — |  |  | $ | 197,348 |  |  | $ | 197,348 |  |  | $ | — |  |  | $ | 196,539 |  |  | $ | 196,539 |
Total unsecured borrowings |  | — |  |  | 197,348 |  |  | 197,348 |  |  | — |  |  | 196,539 |  |  | 196,539 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitizations: |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate |  | — |  |  | 2,284,347 |  |  | 2,284,347 |  |  | — |  |  | 1,565,760 |  |  | 1,565,760 |
Variable-rate |  | — |  |  | 1,802,609 |  |  | 1,802,609 |  |  | — |  |  | 1,512,971 |  |  | 1,512,971 |
Total Private Education Loan term securitizations |  | — |  |  | 4,086,956 |  |  | 4,086,956 |  |  | — |  |  | 3,078,731 |  |  | 3,078,731 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total secured borrowings |  | — |  |  | 4,086,956 |  |  | 4,086,956 |  |  | — |  |  | 3,078,731 |  |  | 3,078,731 |
Total |  | $ | — |  |  | $ | 4,284,304 |  |  | $ | 4,284,304 |  |  | $ | — |  |  | $ | 3,275,270 |  |  | $ | 3,275,270 |
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 Secured Borrowing 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 Secured Borrowing 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, 2018 |  | Year Ended December 31, 2018
|  | Ending Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Short-term borrowings: |  |  |  |  |  |  |  |
Secured Borrowing Facility |  | $ | — |  |  | — | % |  | $ | 52,603 |  |  | 8.91 | %
Maximum outstanding at any month end |  | $ | 300,000 |  |  |  |  |  |  |
|  | December 31, 2017 |  | Year Ended December 31, 2017
|  | Ending Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Short-term borrowings: |  |  |  |  |  |  |  |
Secured Borrowing Facility |  | $ | — |  |  | — | % |  | $ | 81,370 |  |  | 6.09 | %
Maximum outstanding at any month end |  | $ | 300,000 |  |  |  |  |  |  |
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, 2018 |  | Year Ended December 31, 2018 |  | December 31, 2017 |  | Year Ended December 31, 2017
|  | Ending Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Ending Balance |  | Weighted Average Interest Rate |  | Average Balance
Floating-rate borrowings |  | $ | 1,802,609 |  |  | 3.26 | % |  | $ | 1,720,540 |  |  | $ | 1,512,970 |  |  | 2.32 | % |  | $ | 1,422,856 |
Fixed-rate borrowings |  | 2,481,695 |  |  | 3.28 |  |  | 2,172,993 |  |  | 1,762,300 |  |  | 3.04 |  |  | 1,420,737 |
Total long-term borrowings |  | $ | 4,284,304 |  |  | 3.27 | % |  | $ | 3,893,533 |  |  | $ | 3,275,270 |  |  | 2.71 | % |  | $ | 2,843,593 |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of December 31, 2018, the stated maturity and maturity to call date of our brokered deposits and borrowings are summarized below.
| December 31, 2018
| Stated Maturity(1) |  | Maturity to Call Date(2)
| Brokered Deposits |  | Unsecured Debt |  | Secured Borrowings |  | Total |  | Brokered Deposits |  | Unsecured Debt |  | Secured Borrowings |  | Total
Year of Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 | $ | 2,990,740 |  |  | $ | — |  |  | $ | 586,536 |  |  | $ | 3,577,276 |  |  | $ | 2,990,740 |  |  | $ | — |  |  | $ | 586,536 |  |  | $ | 3,577,276 |
2020 | 1,706,761 |  |  | — |  |  | 500,618 |  |  | 2,207,379 |  |  | 1,706,761 |  |  | — |  |  | 500,618 |  |  | 2,207,379 |
2021 | 1,381,842 |  |  | — |  |  | 459,920 |  |  | 1,841,762 |  |  | 1,381,842 |  |  | — |  |  | 459,920 |  |  | 1,841,762 |
2022 | 465,809 |  |  | 200,000 |  |  | 459,720 |  |  | 1,125,529 |  |  | 465,809 |  |  | 200,000 |  |  | 459,720 |  |  | 1,125,529 |
2023 | 1,272,479 |  |  | — |  |  | 473,033 |  |  | 1,745,512 |  |  | 1,272,479 |  |  | — |  |  | 473,033 |  |  | 1,745,512 |
2024 and after | 161,549 |  |  | — |  |  | 1,794,896 |  |  | 1,956,445 |  |  | 161,549 |  |  | — |  |  | 1,794,896 |  |  | 1,956,445 |
| 7,979,180 |  |  | 200,000 |  |  | 4,274,723 |  |  | 12,453,903 |  |  | 7,979,180 |  |  | 200,000 |  |  | 4,274,723 |  |  | 12,453,903 |
Hedge accounting adjustments | (10,330 | ) |  | — |  |  | — |  |  | (10,330 | ) |  | (10,330 | ) |  | — |  |  | — |  |  | (10,330 | )
Total | $ | 7,968,850 |  |  | $ | 200,000 |  |  | $ | 4,274,723 |  |  | $ | 12,443,573 |  |  | $ | 7,968,850 |  |  | $ | 200,000 |  |  | $ | 4,274,723 |  |  | $ | 12,443,573 |
____________ (1)We view our securitization trust debt as long-term based on the contractual maturity dates and projected principal paydowns based on our current estimates regarding loan prepayment speeds. The projected principal paydowns in year 2019 include $586 million related to the securitization trust debt. (2)The aggregate principal amount of debt that matures in each period is $3.6 billion in 2019, $2.2 billion in 2020, $1.8 billion in 2021, $1.1 billion in 2022, $1.7 billion in 2023, and $2.0 billion in 2024 and after.
Secured financing | Secured Financings
Issue |  | Date Issued |  | Total Issued |  | Weighted Average Cost of Funds(1) |  | Weighted Average Life (in years)
Private Education: |  |  |  |  |  |
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 |
|  | December 31, 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 |  | $ | — |  |  | $ | 4,086,956 |  |  | $ | 4,086,956 |  |  | $ | 5,030,837 |  |  | $ | 113,431 |  |  | $ | 326,570 |  |  | $ | 5,470,838 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 157 |  |  | 157 |
Total |  | $ | — |  |  | $ | 4,086,956 |  |  | $ | 4,086,956 |  |  | $ | 5,030,837 |  |  | $ | 113,431 |  |  | $ | 326,727 |  |  | $ | 5,470,995 |
|  | 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 |
Secured Borrowing 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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