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Unfunded Loan Commitments
 6 Months Ended
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
AllowanceUnfunded CommitmentsAllowanceUnfunded Commitments
Beginning Balance$29,707  $449,807  $295  $518,248  
Provision/New commitments98,741  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
AllowanceUnfunded CommitmentsAllowanceUnfunded Commitments
Beginning Balance$2,481  $1,910,603  $2,165  $2,010,744  
Day 1 adjustment for the adoption of CECL115,758  —  —  —  
Provision/New commitments146,804  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  
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(1)  When a loan commitment is funded, its related allowance for credit losses is transferred to the allowance for loan losses.