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Loans Held for Investment (Tables) | 6 Months Ended
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Jun. 30, 2020
Receivables [Abstract] |
Schedule of Loans Held for Investment | Loans held for investment are summarized as follows:
|  | June 30, |  | December 31,
|  | 2020 |  | 2019
Private Education Loans: |  |  |  |
Fixed-rate |  | $ | 9,822,370 |  |  | $ | 9,830,301 |
Variable-rate |  | 11,663,095 |  |  | 13,359,290 |
Total Private Education Loans, gross |  | 21,485,465 |  |  | 23,189,591 |
Deferred origination costs and unamortized premium/(discount) |  | 67,609 |  |  | 81,224 |
Allowance for loan losses |  | (1,760,559) |  |  | (374,300) |
Total Private Education Loans, net |  | 19,792,515 |  |  | 22,896,515 |
FFELP Loans |  | 754,340 |  |  | 783,306 |
Deferred origination costs and unamortized premium/(discount) |  | 2,066 |  |  | 2,143 |
Allowance for loan losses |  | (4,385) |  |  | (1,633) |
Total FFELP Loans, net |  | 752,021 |  |  | 783,816 |
Personal Loans (fixed-rate) |  | 772,086 |  |  | 1,049,007 |
Deferred origination costs and unamortized premium/(discount) |  | 302 |  |  | 513 |
Allowance for loan losses |  | (163,337) |  |  | (65,877) |
Total Personal Loans, net |  | 609,051 |  |  | 983,643 |
Credit Cards (fixed-rate) |  | 10,706 |  |  | 3,884 |
Deferred origination costs and unamortized premium/(discount) |  | 680 |  |  | 36 |
Allowance for loan losses |  | (1,042) |  |  | (102) |
Total Credit Cards, net |  | 10,344 |  |  | 3,818 |
Loans held for investment, net |  | $ | 21,163,931 |  |  | $ | 24,667,792 |
The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:
|  | Three Months Ended |  |  |  |  |  |
|  | June 30, |  |  |  |  |  |
|  | 2020 |  |  |  | 2019 |  |
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 21,590,905 |  |  | 8.33 | % |  | $ | 21,748,247 |  |  | 9.39 | %
FFELP Loans |  | 761,469 |  |  | 3.82 |  |  | 821,138 |  |  | 5.01 |
Personal Loans |  | 836,342 |  |  | 12.54 |  |  | 1,149,247 |  |  | 12.00 |
Total portfolio |  | $ | 23,188,716 |  |  |  |  | $ | 23,718,632 |  |  |
|  | Six Months Ended |  |  |  |  |  |
|  | June 30, |  |  |  |  |  |
|  | 2020 |  |  |  | 2019 |  |
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 22,546,874 |  |  | 8.60 | % |  | $ | 21,740,579 |  |  | 9.44 | %
FFELP Loans |  | 768,897 |  |  | 4.06 |  |  | 829,497 |  |  | 4.98 |
Personal Loans |  | 905,007 |  |  | 12.31 |  |  | 1,162,782 |  |  | 11.90 |
Total portfolio |  | $ | 24,220,778 |  |  |  |  | $ | 23,732,858 |  |  |
The following table provides the average recorded investment and interest income recognized for our TDR loans.
|  | Three Months Ended June 30, |  |  |  |  |  |
|  | 2020 |  |  |  | 2019 |  |
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
TDR Loans |  | $ | 1,556,278 |  |  | $ | 24,071 |  |  | $ | 1,395,756 |  |  | $ | 22,954 |
|  | Six Months Ended June 30, |  |  |  |  |  |
|  | 2020 |  |  |  | 2019 |  |
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
TDR Loans |  | $ | 1,591,081 |  |  | $ | 50,559 |  |  | $ | 1,354,467 |  |  | $ | 44,520 |

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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