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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Secured borrowings | The following table summarizes our secured borrowings at December 31, 2020 and 2019.
|  | December 31, 2020 |  | December 31, 2019
|  | Short-Term |  | Long-Term |  | Total |  | Short-Term |  | Long-Term |  | Total
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debt (fixed-rate) |  | $ | — |  |  | $ | 692,879 |  |  | $ | 692,879 |  |  | $ | — |  |  | $ | 198,159 |  |  | $ | 198,159 |
Total unsecured borrowings |  | — |  |  | 692,879 |  |  | 692,879 |  |  | — |  |  | 198,159 |  |  | 198,159 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitizations: |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate |  | — |  |  | 3,261,233 |  |  | 3,261,233 |  |  | — |  |  | 2,629,902 |  |  | 2,629,902 |
Variable-rate |  | — |  |  | 1,235,105 |  |  | 1,235,105 |  |  | — |  |  | 1,525,976 |  |  | 1,525,976 |
Total Private Education Loan term securitizations |  | — |  |  | 4,496,338 |  |  | 4,496,338 |  |  | — |  |  | 4,155,878 |  |  | 4,155,878 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | 289,230 |  |  | — |  |  | 289,230 |
Total secured borrowings |  | — |  |  | 4,496,338 |  |  | 4,496,338 |  |  | 289,230 |  |  | 4,155,878 |  |  | 4,445,108 |
Total |  | $ | — |  |  | $ | 5,189,217 |  |  | $ | 5,189,217 |  |  | $ | 289,230 |  |  | $ | 4,354,037 |  |  | $ | 4,643,267 |
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.
|  | December 31, 2020 |  | Year Ended December 31, 2020
|  | Ending Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate(1)
Short-term borrowings: |  |  |  |  |  |  |  |
Secured Borrowing Facility |  | $ | — |  |  | — | % |  | $ | 45,820 |  |  | 24.99 | %
Maximum outstanding at any month end |  | $ | 289,230 |  |  |  |  |  |  |
|  | December 31, 2019 |  | Year Ended December 31, 2019
|  | Ending Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Short-term borrowings: |  |  |  |  |  |  |  |
Secured Borrowing Facility |  | $ | 289,230 |  |  | 1.74 | % |  | $ | 102,639 |  |  | 4.91 | %
Maximum outstanding at any month end |  | $ | 297,800 |  |  |  |  |  |  |
___________ (1)The interest for the non-use fees is calculated based on the Secured Borrowing Facility’s maximum borrowing limit, which increased to $2 billion in 2020.
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 2025 to 2053.
|  | December 31, 2020 |  | Year Ended December 31, 2020 |  | December 31, 2019 |  | Year Ended December 31, 2019
|  | Ending Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Ending Balance |  | Weighted Average Interest Rate |  | Average Balance
Floating-rate borrowings |  | $ | 1,235,105 |  |  | 1.09 | % |  | $ | 1,432,446 |  |  | $ | 1,525,976 |  |  | 2.61 | % |  | $ | 1,731,675 |
Fixed-rate borrowings |  | 3,954,112 |  |  | 3.08 |  |  | 3,316,425 |  |  | 2,828,061 |  |  | 3.31 |  |  | 2,752,183 |
Total long-term borrowings |  | $ | 5,189,217 |  |  | 2.60 | % |  | $ | 4,748,871 |  |  | $ | 4,354,037 |  |  | 3.07 | % |  | $ | 4,483,858 |
Schedule of Maturities of Long-term Debt | As of December 31, 2020, the stated maturity and maturity to call date of our brokered deposits and borrowings are summarized below.
| December 31, 2020
| Stated Maturity(1) |  | Maturity to Call Date
| Brokered Deposits |  | Unsecured Debt |  | Secured Borrowings |  | Total |  | Brokered Deposits |  | Unsecured Debt |  | Secured Borrowings |  | Total
Year of Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 | $ | 3,691,601 |  |  | $ | — |  |  | $ | 612,195 |  |  | $ | 4,303,796 |  |  | $ | 3,691,601 |  |  | $ | — |  |  | $ | 612,195 |  |  | $ | 4,303,796 |
2022 | 2,918,823 |  |  | 200,000 |  |  | 567,540 |  |  | 3,686,363 |  |  | 2,918,823 |  |  | 200,000 |  |  | 567,540 |  |  | 3,686,363 |
2023 | 1,536,077 |  |  | — |  |  | 605,658 |  |  | 2,141,735 |  |  | 1,536,077 |  |  | — |  |  | 605,658 |  |  | 2,141,735 |
2024 | 499,112 |  |  | — |  |  | 596,843 |  |  | 1,095,955 |  |  | 499,112 |  |  | — |  |  | 596,843 |  |  | 1,095,955 |
2025 | 270,274 |  |  | 500,000 |  |  | 587,801 |  |  | 1,358,075 |  |  | 270,274 |  |  | 500,000 |  |  | 587,801 |  |  | 1,358,075 |
2026 and after | 47,401 |  |  | — |  |  | 1,705,576 |  |  | 1,752,977 |  |  | 47,401 |  |  | — |  |  | 1,705,576 |  |  | 1,752,977 |
| 8,963,288 |  |  | 700,000 |  |  | 4,675,613 |  |  | 14,338,901 |  |  | 8,963,288 |  |  | 700,000 |  |  | 4,675,613 |  |  | 14,338,901 |
Hedge accounting adjustments | 108,913 |  |  | — |  |  | — |  |  | 108,913 |  |  | 108,913 |  |  | — |  |  | — |  |  | 108,913 |
Total | $ | 9,072,201 |  |  | $ | 700,000 |  |  | $ | 4,675,613 |  |  | $ | 14,447,814 |  |  | $ | 9,072,201 |  |  | $ | 700,000 |  |  | $ | 4,675,613 |  |  | $ | 14,447,814 |
____________ (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 2021 include $612 million related to the securitization trust debt.
Secured financing | Secured Financings The following summarizes our secured financings issued in 2019 and 2020:
Issue |  | Date Issued |  | Total Issued |  | Weighted Average Cost of Funds(1) |  | Weighted Average Life (in years)
Private Education Loans: |  |  |  |  |  |
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 our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings.
|  | December 31, 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 |  | $ | — |  |  | $ | 4,496,338 |  |  | $ | 4,496,338 |  |  | $ | 5,661,123 |  |  | $ | 154,417 |  |  | $ | 356,967 |  |  | $ | 6,172,507 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 436 |  |  | 436 |
Total |  | $ | — |  |  | $ | 4,496,338 |  |  | $ | 4,496,338 |  |  | $ | 5,661,123 |  |  | $ | 154,417 |  |  | $ | 357,403 |  |  | $ | 6,172,943 |
|  | 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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