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Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of debt | The following table summarizes our borrowings at September 30, 2020 and December 31, 2019.
|  | September 30, 2020 |  |  |  |  |  | December 31, 2019 |  |  |  |
|  | Short-Term |  | Long-Term |  | Total |  | Short-Term |  | Long-Term |  | Total
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debt (fixed-rate) |  | $ | — |  |  | $ | 198,768 |  |  | $ | 198,768 |  |  | $ | — |  |  | $ | 198,159 |  |  | $ | 198,159 |
Total unsecured borrowings |  | — |  |  | 198,768 |  |  | 198,768 |  |  | — |  |  | 198,159 |  |  | 198,159 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitizations: |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate |  | — |  |  | 3,398,239 |  |  | 3,398,239 |  |  | — |  |  | 2,629,902 |  |  | 2,629,902 |
Variable-rate |  | — |  |  | 1,350,640 |  |  | 1,350,640 |  |  | — |  |  | 1,525,976 |  |  | 1,525,976 |
Total Private Education Loan term securitizations |  | — |  |  | 4,748,879 |  |  | 4,748,879 |  |  | — |  |  | 4,155,878 |  |  | 4,155,878 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | 289,230 |  |  | — |  |  | 289,230 |
Total secured borrowings |  | — |  |  | 4,748,879 |  |  | 4,748,879 |  |  | 289,230 |  |  | 4,155,878 |  |  | 4,445,108 |
Total |  | $ | — |  |  | $ | 4,947,647 |  |  | $ | 4,947,647 |  |  | $ | 289,230 |  |  | $ | 4,354,037 |  |  | $ | 4,643,267 |
Schedule of securities financing transactions | Secured Financings at Issuance The following summarizes our secured financings issued in 2019 and through September 30, 2020:
Issue |  | Date Issued |  | Total Issued |  | Weighted Average Cost of Funds(1) |  | Weighted Average Life (in years)
Private Education: |  |  |  |  |  |  |  |
2019-A |  | March 2019 |  | $ | 453,000 |  |  | 1-month LIBOR plus 0.92% |  | 4.26
2019-B |  | June 2019 |  | 657,000 |  |  | 1-month LIBOR plus 1.01% |  | 4.41
Total notes issued in 2019 |  |  |  | $ | 1,110,000 |  |  |  |  |
Total loan and accrued interest amount securitized at inception in 2019 |  |  |  | $ | 1,208,963 |  |  |  |  |
2020-A |  | February 2020 |  | $ | 636,000 |  |  | 1-month LIBOR plus 0.88% |  | 4.18
2020-B |  | August 2020 |  | 707,000 |  |  | 1-month LIBOR plus 1.30% |  | 4.14
Total notes issued in 2020 |  |  |  | $ | 1,343,000 |  |  |  |  |
Total loan and accrued interest amount securitized at inception in 2020 |  |  |  | $ | 1,463,230 |  |  |  |  |
____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs.
Schedule of variable interest entities | We consolidate the following financing VIEs as of September 30, 2020 and December 31, 2019, respectively:
|  | September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | $ | — |  |  | $ | 4,748,879 |  |  | $ | 4,748,879 |  |  | $ | 5,865,487 |  |  | $ | 162,448 |  |  | $ | 426,404 |  |  | $ | 6,454,339 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,248 |  |  | 1,248 |
Total |  | $ | — |  |  | $ | 4,748,879 |  |  | $ | 4,748,879 |  |  | $ | 5,865,487 |  |  | $ | 162,448 |  |  | $ | 427,652 |  |  | $ | 6,455,587 |
____ (1) Other assets primarily represent accrued interest receivable.
|  | December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | $ | — |  |  | $ | 4,155,878 |  |  | $ | 4,155,878 |  |  | $ | 5,246,986 |  |  | $ | 145,760 |  |  | $ | 333,173 |  |  | $ | 5,725,919 |
Secured Borrowing Facility |  | 289,230 |  |  | — |  |  | 289,230 |  |  | 339,666 |  |  | 8,803 |  |  | 23,832 |  |  | 372,301 |
Total |  | $ | 289,230 |  |  | $ | 4,155,878 |  |  | $ | 4,445,108 |  |  | $ | 5,586,652 |  |  | $ | 154,563 |  |  | $ | 357,005 |  |  | $ | 6,098,220 |
____ (1) Other assets primarily represent accrued interest receivable.

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