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Unfunded Loan Commitments | 6 Months Ended
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Jun. 30, 2020
Credit Loss [Abstract] |
Unfunded Loan Commitments | Unfunded Loan Commitments When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. See Note 1, “Significant Accounting Policies — Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” for additional information. At June 30, 2020, we had $1 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2020/2021 academic year. The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.
| Three Months Ended June 30, 2020 |  |  |  | Three Months Ended June 30, 2019 |  |
| Allowance |  | Unfunded Commitments |  | Allowance |  | Unfunded Commitments
Beginning Balance | $ | 29,707 |  |  | $ | 449,807 |  |  | $ | 295 |  |  | $ | 518,248 |
Provision/New commitments | 98,741 |  |  | 1,165,224 |  |  | 768 |  |  | 1,348,938 |
Transfer - funded loans(1) | (42,490) |  |  | (495,989) |  |  | (308) |  |  | (531,431) |
Ending Balance | $ | 85,958 |  |  | $ | 1,119,042 |  |  | $ | 755 |  |  | $ | 1,335,755 |
| Six Months Ended June 30, 2020 |  |  |  | Six Months Ended June 30, 2019 |  |
| Allowance |  | Unfunded Commitments |  | Allowance |  | Unfunded Commitments
Beginning Balance | $ | 2,481 |  |  | $ | 1,910,603 |  |  | $ | 2,165 |  |  | $ | 2,010,744 |
Day 1 adjustment for the adoption of CECL | 115,758 |  |  | — |  |  | — |  |  | — |
Provision/New commitments | 146,804 |  |  | 2,000,170 |  |  | 2,134 |  |  | 1,982,240 |
Transfer - funded loans(1) | (179,085) |  |  | (2,791,731) |  |  | (3,544) |  |  | (2,657,229) |
Ending Balance | $ | 85,958 |  |  | $ | 1,119,042 |  |  | $ | 755 |  |  | $ | 1,335,755 |
________________ (1) When a loan commitment is funded, its related allowance for credit losses is transferred to the allowance for loan losses.

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- Definition The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922895-210455 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919272-210447 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919236-210447 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919269-210447 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919244-210447 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447 + Details
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