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Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2020
Receivables [Abstract] |
Allowance for Credit Losses | Allowance for Credit Losses Our provision for credit losses represents the periodic expense of maintaining an allowance sufficient to absorb lifetime expected credit losses in the held for investment loan portfolios. The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe the allowance for credit losses is appropriate to cover lifetime expected losses incurred in the loan portfolios. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses 2020 — Allowance for Private Education Loan Losses, — Allowance for FFELP Loan Losses, and — Allowance for Credit Cards” for a more detailed discussion. Allowance for Credit Losses Metrics
|  | Allowance for Credit Losses
|  | Year Ended December 31, 2020
|  | FFELP Loans |  | Private Education Loans |  | Personal Loans |  | Credit Cards |  | Total
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,633 |  |  | $ | 374,300 |  |  | $ | 65,877 |  |  | $ | 102 |  |  | $ | 441,912 |
Day 1 adjustment for the adoption of CECL |  | 2,852 |  |  | 1,060,830 |  |  | 79,183 |  |  | 188 |  |  | 1,143,053 |
Balance at January 1, 2020 |  | 4,485 |  |  | 1,435,130 |  |  | 145,060 |  |  | 290 |  |  | 1,584,965 |
Transfer from unfunded commitment liability(1) |  | — |  |  | 320,808 |  |  | — |  |  | — |  |  | 320,808 |
Provisions: |  |  |  |  |  |  |  |  |  |
Provision for current period |  | 412 |  |  | 148,673 |  |  | 40,485 |  |  | 1,328 |  |  | 190,898 |
Loan sale reduction to provision |  | — |  |  | (161,793) |  |  | (42,916) |  |  | — |  |  | (204,709) |
Loan transfer to held-for-sale |  | — |  |  | (205,669) |  |  | — |  |  | — |  |  | (205,669) |
Total provisions(2) |  | 412 |  |  | (218,789) |  |  | (2,431) |  |  | 1,328 |  |  | (219,480) |
Net charge-offs: |  |  |  |  |  |  |  |  |  |
Charge-offs |  | (519) |  |  | (205,326) |  |  | (39,079) |  |  | (119) |  |  | (245,043) |
Recoveries |  | — |  |  | 24,021 |  |  | 4,984 |  |  | 2 |  |  | 29,007 |
Net charge-offs |  | (519) |  |  | (181,305) |  |  | (34,095) |  |  | (117) |  |  | (216,036) |
Loan sales |  | — |  |  | — |  |  | (108,534) |  |  | — |  |  | (108,534) |
Ending Balance |  | $ | 4,378 |  |  | $ | 1,355,844 |  |  | $ | — |  |  | $ | 1,501 |  |  | $ | 1,361,723 |
Allowance: |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 104,265 |  |  | $ | — |  |  | $ | — |  |  | $ | 104,265 |
Ending balance: collectively evaluated for impairment |  | $ | 4,378 |  |  | $ | 1,251,579 |  |  | $ | — |  |  | $ | 1,501 |  |  | $ | 1,257,458 |
Loans: |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 1,274,590 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,274,590 |
Ending balance: collectively evaluated for impairment |  | $ | 737,593 |  |  | $ | 18,454,747 |  |  | $ | — |  |  | $ | 12,238 |  |  | $ | 19,204,578 |
Net charge-offs as a percentage of average loans in repayment(3) |  | 0.09 | % |  | 1.17 | % |  | — | % |  | 1.26 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.59 | % |  | 6.87 | % |  | — | % |  | 12.27 | % |  |
Allowance as a percentage of the ending loans in repayment(3) |  | 0.76 | % |  | 9.48 | % |  | — | % |  | 12.27 | % |  |
Allowance coverage of net charge-offs |  | 8.44 |  |  | 7.48 |  |  | — |  |  | 12.83 |  |  |
Ending total loans, gross |  | $ | 737,593 |  |  | $ | 19,729,337 |  |  | $ | — |  |  | $ | 12,238 |  |  |
Average loans in repayment(3) |  | $ | 549,584 |  |  | $ | 15,518,851 |  |  | $ | — |  |  | $ | 9,286 |  |  |
Ending loans in repayment(3) |  | $ | 573,361 |  |  | $ | 14,304,821 |  |  | $ | — |  |  | $ | 12,238 |  |  |
____________ (1) See Note 8, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.
Consolidated Statements of Income Provisions for Credit Losses Reconciliation
|  | Year Ended December 31, 2020
Private Education Loan provisions for credit losses: |  |
Provisions for loan losses |  | $ | (218,789) |
Provisions for unfunded loan commitments |  | 312,613 |
Total Private Education Loan provisions for credit losses |  | 93,824 |
Other impacts to the provisions for credit losses: |  |
Personal Loans |  | (2,431) |
FFELP Loans |  | 412 |
Credit Cards |  | 1,328 |
Total |  | (691) |
Provisions for credit losses reported in consolidated statements of income |  | $ | 93,133 |
(3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
|  | Allowance for Credit Losses
|  | Year Ended December 31, 2019
|  | FFELP Loans |  | Private Education Loans |  | Personal Loans |  | Credit Cards |  | Total
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 977 |  |  | $ | 277,943 |  |  | $ | 62,201 |  |  | $ | — |  |  | $ | 341,121 |
Total provision |  | 1,478 |  |  | 279,570 |  |  | 72,783 |  |  | 103 |  |  | 353,934 |
Net charge-offs: |  |  |  |  |  |  |  |  |  |
Charge-offs |  | (822) |  |  | (208,978) |  |  | (74,313) |  |  | (1) |  |  | (284,114) |
Recoveries |  | — |  |  | 25,765 |  |  | 5,206 |  |  | — |  |  | 30,971 |
Net charge-offs |  | (822) |  |  | (183,213) |  |  | (69,107) |  |  | (1) |  |  | (253,143) |
Ending Balance |  | $ | 1,633 |  |  | $ | 374,300 |  |  | $ | 65,877 |  |  | $ | 102 |  |  | $ | 441,912 |
Allowance: |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 186,697 |  |  | $ | — |  |  | $ | — |  |  | $ | 186,697 |
Ending balance: collectively evaluated for impairment |  | $ | 1,633 |  |  | $ | 187,603 |  |  | $ | 65,877 |  |  | $ | 102 |  |  | $ | 255,215 |
Loans: |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 1,581,966 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,581,966 |
Ending balance: collectively evaluated for impairment |  | $ | 783,306 |  |  | $ | 21,607,625 |  |  | $ | 1,049,007 |  |  | $ | 3,884 |  |  | $ | 23,443,822 |
Net charge-offs as a percentage of average loans in repayment(1) |  | 0.13 | % |  | 1.17 | % |  | 6.07 | % |  | 0.13 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.21 | % |  | 1.61 | % |  | 6.28 | % |  | 2.63 | % |  |
Allowance as a percentage of the ending loans in repayment(1) |  | 0.26 | % |  | 2.23 | % |  | 6.28 | % |  | 2.63 | % |  |
Allowance coverage of net charge-offs |  | 1.99 |  |  | 2.04 |  |  | 0.95 |  |  | 102.00 |  |  |
Ending total loans, gross |  | $ | 783,306 |  |  | $ | 23,189,591 |  |  | $ | 1,049,007 |  |  | $ | 3,884 |  |  |
Average loans in repayment(1) |  | $ | 631,029 |  |  | $ | 15,605,927 |  |  | $ | 1,138,887 |  |  | $ | 786 |  |  |
Ending loans in repayment(1) |  | $ | 617,646 |  |  | $ | 16,787,670 |  |  | $ | 1,049,007 |  |  | $ | 3,884 |  |  |
____________ (1)Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
|  | Allowance for Credit Losses
|  | Year Ended December 31, 2018
|  | FFELP Loans |  | Private Education Loans |  | Personal Loans |  | Total
Allowance for Credit Losses |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,132 |  |  | $ | 243,715 |  |  | $ | 6,628 |  |  | $ | 251,475 |
Total provision |  | 980 |  |  | 169,287 |  |  | 74,317 |  |  | 244,584 |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  | (1,135) |  |  | (154,701) |  |  | (19,690) |  |  | (175,526) |
Recoveries |  | — |  |  | 20,858 |  |  | 946 |  |  | 21,804 |
Net charge-offs |  | (1,135) |  |  | (133,843) |  |  | (18,744) |  |  | (153,722) |
Loan sales(1) |  | — |  |  | (1,216) |  |  | — |  |  | (1,216) |
Ending Balance |  | $ | 977 |  |  | $ | 277,943 |  |  | $ | 62,201 |  |  | $ | 341,121 |
Allowance: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 120,110 |  |  | $ | — |  |  | $ | 120,110 |
Ending balance: collectively evaluated for impairment |  | $ | 977 |  |  | $ | 157,833 |  |  | $ | 62,201 |  |  | $ | 221,011 |
Loans: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 1,257,856 |  |  | $ | — |  |  | $ | 1,257,856 |
Ending balance: collectively evaluated for impairment |  | $ | 846,487 |  |  | $ | 19,246,609 |  |  | $ | 1,190,091 |  |  | $ | 21,283,187 |
Net charge-offs as a percentage of average loans in repayment(2) |  | 0.16 | % |  | 1.01 | % |  | 2.11 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.12 | % |  | 1.36 | % |  | 5.23 | % |  |
Allowance as a percentage of the ending loans in repayment(2) |  | 0.15 | % |  | 1.90 | % |  | 5.23 | % |  |
Allowance coverage of net charge-offs |  | 0.86 |  |  | 2.08 |  |  | 3.32 |  |  |
Ending total loans, gross |  | $ | 846,487 |  |  | $ | 20,504,465 |  |  | $ | 1,190,091 |  |  |
Average loans in repayment(2) |  | $ | 691,406 |  |  | $ | 13,303,801 |  |  | $ | 889,348 |  |  |
Ending loans in repayment(2) |  | $ | 665,807 |  |  | $ | 14,666,856 |  |  | $ | 1,190,091 |  |  |
____________ (1)Represents fair value adjustments on loans sold. (2)Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Credit Losses - Forecast Assumptions In determining the adequacy of the allowance for credit losses, we include forecasts of college graduate unemployment and the Consumer Price Index in our loss forecasting models. We obtain forecasts for these two inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurring. We determine which forecasts we will include in our estimation of allowance for credit losses and the associated weightings for each of these inputs. At both January 1, 2020 (the initial adoption date of CECL), and December 31, 2020, we used the Base (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario with 10 percent likelihood of occurring)/S3 (downside scenario with 10 percent likelihood of occurring) scenarios and weighted them 40 percent, 30 percent and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses. For the year ended December 31, 2020, we had total provisions for credit losses of $93 million. The provisions for credit losses for 2020 were affected primarily by $290 million in additional provisions for credit losses related to new commitments made in 2020, an additional $129 million due to deteriorating economic conditions during the year as a result of the COVID-19 pandemic, and $99 million caused by lower recovery rates and various overlays and other adjustments applied during the year. Offsetting these was a $206 million reduction in the provisions for credit losses as a result of $2.9 billion of loans transferred to held-for-sale from held for investment in the fourth quarter of 2020, the sale of $3.1 billion of Private Education Loans in the first quarter of 2020, which resulted in a reduction to our provision for credit losses of $162 million, a benefit of $121 million from faster prepayment speeds, and the sale of our entire Personal Loan portfolio, which resulted in a reduction to our provision for credit losses of $43 million. The benefit from faster prepayment speeds reflected actual loan prepayment speeds being higher than what our models were predicting due to the significant amount of COVID-19 related government stimulus. As COVID-19 continues to impact the economy, we could continue to experience significant changes in our allowance for credit losses in 2021. See Note 5, “Loans Held for Investment - Certain Collection Tools - Private Education Loans,” for additional information. Troubled Debt Restructurings All of our loans are collectively assessed for impairment, except for loans classified as TDRs (where we conduct individual assessments of impairment). We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations, achieve better student outcomes, and increase the collectability of the loan. These changes generally take the form of a temporary forbearance of payments, a temporary interest rate reduction, a temporary interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. When we give a borrower facing financial difficulty an interest rate reduction, we temporarily reduce the contractual interest rate on a loan to 4.0 percent for a two-year period and, in the vast majority of cases, permanently extend the final maturity date of the loan. The combination of these two loan term changes helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate. At December 31, 2020 and 2019, 7.8 percent and 7.2 percent, respectively, of our Private Education Loans held for investment then currently in full principal and interest repayment status were subject to interest rate reductions made under our rate modification program. Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life. As of December 31, 2020 and 2019, approximately 47 percent and 50 percent, respectively, of TDRs were classified as such due to their forbearance status. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses 2020” for a more detailed discussion. Within the Private Education Loan portfolio, loans greater than 90 days past due are nonperforming. FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default and, therefore, we do not deem FFELP Loans as nonperforming from a credit risk perspective at any point in their life cycle prior to claim payment and continue to accrue interest on those loans through the date of claim. At December 31, 2020 and 2019, all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.
|  | Recorded Investment |  | Unpaid Principal Balance |  | Allowance
December 31, 2020 |  |  |  |  |  |
TDR Loans |  | $ | 1,312,805 |  |  | $ | 1,274,590 |  |  | $ | 104,265 |
December 31, 2019 |  |  |  |  |  |
TDR Loans |  | $ | 1,612,896 |  |  | $ | 1,581,966 |  |  | $ | 186,697 |
The following table provides the average recorded investment and interest income recognized for our TDR loans.
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
TDR Loans |  | $ | 1,546,908 |  |  | $ | 100,125 |  |  | $ | 1,434,137 |  |  | $ | 95,507 |  |  | $ | 1,141,993 |  |  | $ | 77,670 |
The following table provides information regarding the loan status and aging of TDR loans.
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
|  | Balance |  | % |  | Balance |  | %
TDR loans in in-school/grace/deferment(1) |  | $ | 88,750 |  |  |  |  | $ | 87,749 |  |  |
TDR loans in forbearance(2) |  | 76,704 |  |  |  |  | 99,054 |  |  |
TDR loans in repayment(3) and percentage of each status: |  |  |  |  |  |  |  |
Loans current |  | 971,880 |  |  | 87.7 | % |  | 1,230,954 |  |  | 88.2 | %
Loans delinquent 31-60 days(4) |  | 59,249 |  |  | 5.3 |  |  | 85,555 |  |  | 6.1 |
Loans delinquent 61-90 days(4) |  | 43,576 |  |  | 3.9 |  |  | 49,626 |  |  | 3.6 |
Loans delinquent greater than 90 days(4) |  | 34,431 |  |  | 3.1 |  |  | 29,028 |  |  | 2.1 |
Total TDR loans in repayment(3) |  | 1,109,136 |  |  | 100.0 | % |  | 1,395,163 |  |  | 100.0 | %
Total TDR loans, gross |  | $ | 1,274,590 |  |  |  |  | $ | 1,581,966 |  |  |
_____ (1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3)Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period, (but, for purposes of the table, do not include those loans while they are in forbearance). (4)The period of delinquency is based on the number of days scheduled payments are contractually past due. The following table provides the amount of modified loans (which include forbearance and reductions in interest rates) that became TDRs in the periods presented. Additionally, for the periods presented, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the relevant period presented and within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure.
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | Modified Loans(1) |  | Charge-offs |  | Payment-Default |  | Modified Loans(1) |  | Charge-offs |  | Payment-Default |  | Modified Loans(1) |  | Charge-offs |  | Payment-Default
TDR Loans |  | $ | 207,001 |  |  | $ | 71,267 |  |  | $ | 75,153 |  |  | $ | 515,398 |  |  | $ | 74,137 |  |  | $ | 111,810 |  |  | $ | 394,639 |  |  | $ | 52,823 |  |  | $ | 90,231 |
_______ (1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR. Private Education Loans Held for Investment - Key Credit Quality Indicators FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest in the event of default; therefore, there are no key credit quality indicators associated with FFELP Loans. For Private Education Loans, the key credit quality indicators are FICO scores, the existence of a cosigner, the loan status and loan seasoning. The FICO scores are assessed at original approval and periodically refreshed/updated through the loan’s term. The following tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination, stratified by key credit quality indicators.
|  | Private Education Loans Held for Investment - Credit Quality Indicators |  |
|  | December 31, 2020 |  |
Year of Origination |  | 2020(1) |  | 2019(1) |  | 2018(1) |  | 2017(1) |  | 2016(1) |  | 2015 and Prior(1) |  | Total(1) |  | % of Balance
Cosigners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With cosigner |  | $ | 2,915,328 |  |  | $ | 3,467,219 |  |  | $ | 2,556,400 |  |  | $ | 2,262,635 |  |  | $ | 1,977,952 |  |  | $ | 4,198,748 |  |  | $ | 17,378,282 |  |  | 88 | %
Without cosigner |  | 527,437 |  |  | 559,629 |  |  | 384,111 |  |  | 277,159 |  |  | 211,270 |  |  | 391,449 |  |  | 2,351,055 |  |  | 12 |
Total |  | $ | 3,442,765 |  |  | $ | 4,026,848 |  |  | $ | 2,940,511 |  |  | $ | 2,539,794 |  |  | $ | 2,189,222 |  |  | $ | 4,590,197 |  |  | $ | 19,729,337 |  |  | 100 | %
FICO at Origination(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 195,214 |  |  | $ | 290,711 |  |  | $ | 225,276 |  |  | $ | 197,948 |  |  | $ | 162,413 |  |  | $ | 369,609 |  |  | $ | 1,441,171 |  |  | 7 | %
670-699 |  | 464,785 |  |  | 594,950 |  |  | 441,357 |  |  | 407,394 |  |  | 351,303 |  |  | 771,477 |  |  | 3,031,266 |  |  | 16 |
700-749 |  | 1,111,373 |  |  | 1,310,390 |  |  | 967,802 |  |  | 846,983 |  |  | 740,028 |  |  | 1,533,517 |  |  | 6,510,093 |  |  | 33 |
Greater than or equal to 750 |  | 1,671,393 |  |  | 1,830,797 |  |  | 1,306,076 |  |  | 1,087,469 |  |  | 935,478 |  |  | 1,915,594 |  |  | 8,746,807 |  |  | 44 |
Total |  | $ | 3,442,765 |  |  | $ | 4,026,848 |  |  | $ | 2,940,511 |  |  | $ | 2,539,794 |  |  | $ | 2,189,222 |  |  | $ | 4,590,197 |  |  | $ | 19,729,337 |  |  | 100 | %
FICO Refreshed(2)(3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 240,154 |  |  | $ | 331,229 |  |  | $ | 301,784 |  |  | $ | 298,195 |  |  | $ | 293,077 |  |  | $ | 734,599 |  |  | $ | 2,199,038 |  |  | 11 | %
670-699 |  | 438,665 |  |  | 493,135 |  |  | 336,966 |  |  | 283,906 |  |  | 231,759 |  |  | 504,779 |  |  | 2,289,210 |  |  | 12 |
700-749 |  | 1,102,666 |  |  | 1,248,806 |  |  | 871,677 |  |  | 734,222 |  |  | 603,160 |  |  | 1,220,468 |  |  | 5,780,999 |  |  | 29 |
Greater than or equal to 750 |  | 1,661,280 |  |  | 1,953,678 |  |  | 1,430,084 |  |  | 1,223,471 |  |  | 1,061,226 |  |  | 2,130,351 |  |  | 9,460,090 |  |  | 48 |
Total |  | $ | 3,442,765 |  |  | $ | 4,026,848 |  |  | $ | 2,940,511 |  |  | $ | 2,539,794 |  |  | $ | 2,189,222 |  |  | $ | 4,590,197 |  |  | $ | 19,729,337 |  |  | 100 | %
Seasoning(4): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-12 payments |  | $ | 2,068,517 |  |  | $ | 600,038 |  |  | $ | 469,143 |  |  | $ | 472,258 |  |  | $ | 381,197 |  |  | $ | 507,343 |  |  | $ | 4,498,496 |  |  | 23 | %
13-24 payments |  | 163 |  |  | 2,096,635 |  |  | 383,977 |  |  | 223,332 |  |  | 217,379 |  |  | 425,345 |  |  | 3,346,831 |  |  | 17 |
25-36 payments |  | — |  |  | — |  |  | 1,353,567 |  |  | 370,250 |  |  | 181,940 |  |  | 439,337 |  |  | 2,345,094 |  |  | 12 |
37-48 payments |  | — |  |  | — |  |  | — |  |  | 965,476 |  |  | 351,433 |  |  | 402,552 |  |  | 1,719,461 |  |  | 9 |
More than 48 payments |  | — |  |  | — |  |  | — |  |  | — |  |  | 729,510 |  |  | 2,310,905 |  |  | 3,040,415 |  |  | 15 |
Not yet in repayment |  | 1,374,085 |  |  | 1,330,175 |  |  | 733,824 |  |  | 508,478 |  |  | 327,763 |  |  | 504,715 |  |  | 4,779,040 |  |  | 24 |
Total |  | $ | 3,442,765 |  |  | $ | 4,026,848 |  |  | $ | 2,940,511 |  |  | $ | 2,539,794 |  |  | $ | 2,189,222 |  |  | $ | 4,590,197 |  |  | $ | 19,729,337 |  |  | 100 | %
2020 Current period(5) gross charge-offs |  | $ | (1,087) |  |  | $ | (10,940) |  |  | $ | (27,000) |  |  | $ | (35,851) |  |  | $ | (36,416) |  |  | $ | (94,032) |  |  | $ | (205,326) |  |  |
2020 Current period(5) recoveries |  | 42 |  |  | 636 |  |  | 2,274 |  |  | 3,585 |  |  | 4,284 |  |  | 13,200 |  |  | 24,021 |  |  |
2020 Current period(5) net charge-offs |  | $ | (1,045) |  |  | $ | (10,304) |  |  | $ | (24,726) |  |  | $ | (32,266) |  |  | $ | (32,132) |  |  | $ | (80,832) |  |  | $ | (181,305) |  |  |
Total accrued interest by origination vintage |  | $ | 90,438 |  |  | $ | 265,688 |  |  | $ | 252,251 |  |  | $ | 209,178 |  |  | $ | 141,094 |  |  | $ | 210,247 |  |  | $ | 1,168,896 |  |  |
______ (1)Balance represents gross Private Education Loans, held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the fourth-quarter 2020. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2020 through December 31, 2020.
|  | Private Education Loans Held for Investment - Credit Quality Indicators |  |
|  | December 31, 2019 |  |
Year of Origination |  | 2019(1) |  | 2018(1) |  | 2017(1) |  | 2016(1) |  | 2015(1) |  | 2014 and Prior(1) |  | Total(1) |  | % of Balance
Cosigners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With cosigner |  | $ | 3,475,256 |  |  | $ | 4,303,772 |  |  | $ | 3,575,973 |  |  | $ | 3,112,873 |  |  | $ | 2,579,214 |  |  | $ | 3,662,547 |  |  | $ | 20,709,635 |  |  | 89 | %
Without cosigner |  | 571,792 |  |  | 584,601 |  |  | 427,512 |  |  | 320,985 |  |  | 241,958 |  |  | 333,108 |  |  | 2,479,956 |  |  | 11 |
Total |  | $ | 4,047,048 |  |  | $ | 4,888,373 |  |  | $ | 4,003,485 |  |  | $ | 3,433,858 |  |  | $ | 2,821,172 |  |  | $ | 3,995,655 |  |  | $ | 23,189,591 |  |  | 100 | %
FICO at Origination(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 283,040 |  |  | $ | 343,613 |  |  | $ | 285,747 |  |  | $ | 236,457 |  |  | $ | 203,145 |  |  | $ | 313,587 |  |  | $ | 1,665,589 |  |  | 7 | %
670-699 |  | 592,376 |  |  | 714,779 |  |  | 617,676 |  |  | 529,575 |  |  | 439,050 |  |  | 676,569 |  |  | 3,570,025 |  |  | 16 |
700-749 |  | 1,319,563 |  |  | 1,601,904 |  |  | 1,325,387 |  |  | 1,155,253 |  |  | 944,135 |  |  | 1,324,506 |  |  | 7,670,748 |  |  | 33 |
Greater than or equal to 750 |  | 1,852,069 |  |  | 2,228,077 |  |  | 1,774,675 |  |  | 1,512,573 |  |  | 1,234,842 |  |  | 1,680,993 |  |  | 10,283,229 |  |  | 44 |
Total |  | $ | 4,047,048 |  |  | $ | 4,888,373 |  |  | $ | 4,003,485 |  |  | $ | 3,433,858 |  |  | $ | 2,821,172 |  |  | $ | 3,995,655 |  |  | $ | 23,189,591 |  |  | 100 | %
FICO Refreshed(2)(3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 401,979 |  |  | $ | 515,901 |  |  | $ | 475,007 |  |  | $ | 449,568 |  |  | $ | 419,308 |  |  | $ | 717,674 |  |  | $ | 2,979,437 |  |  | 13 | %
670-699 |  | 582,256 |  |  | 645,422 |  |  | 497,497 |  |  | 397,889 |  |  | 308,607 |  |  | 451,451 |  |  | 2,883,122 |  |  | 13 |
700-749 |  | 1,284,867 |  |  | 1,506,849 |  |  | 1,199,564 |  |  | 994,309 |  |  | 772,205 |  |  | 1,048,808 |  |  | 6,806,602 |  |  | 29 |
Greater than or equal to 750 |  | 1,777,946 |  |  | 2,220,201 |  |  | 1,831,417 |  |  | 1,592,092 |  |  | 1,321,052 |  |  | 1,777,722 |  |  | 10,520,430 |  |  | 45 |
Total |  | $ | 4,047,048 |  |  | $ | 4,888,373 |  |  | $ | 4,003,485 |  |  | $ | 3,433,858 |  |  | $ | 2,821,172 |  |  | $ | 3,995,655 |  |  | $ | 23,189,591 |  |  | 100 | %
Seasoning(4): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-12 payments |  | $ | 2,376,404 |  |  | $ | 719,158 |  |  | $ | 705,181 |  |  | $ | 617,174 |  |  | $ | 462,946 |  |  | $ | 470,839 |  |  | $ | 5,351,702 |  |  | 23 | %
13-24 payments |  | — |  |  | 2,588,702 |  |  | 424,953 |  |  | 305,078 |  |  | 285,513 |  |  | 399,905 |  |  | 4,004,151 |  |  | 17 |
25-36 payments |  | — |  |  | — |  |  | 1,862,587 |  |  | 418,048 |  |  | 227,391 |  |  | 394,339 |  |  | 2,902,365 |  |  | 12 |
37-48 payments |  | — |  |  | — |  |  | — |  |  | 1,457,760 |  |  | 413,508 |  |  | 342,676 |  |  | 2,213,944 |  |  | 10 |
More than 48 payments |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,056,229 |  |  | 1,973,795 |  |  | 3,030,024 |  |  | 13 |
Not yet in repayment |  | 1,670,644 |  |  | 1,580,513 |  |  | 1,010,764 |  |  | 635,798 |  |  | 375,585 |  |  | 414,101 |  |  | 5,687,405 |  |  | 25 |
Total |  | $ | 4,047,048 |  |  | $ | 4,888,373 |  |  | $ | 4,003,485 |  |  | $ | 3,433,858 |  |  | $ | 2,821,172 |  |  | $ | 3,995,655 |  |  | $ | 23,189,591 |  |  | 100 | %
2019 gross charge-offs |  | $ | (1,697) |  |  | $ | (14,650) |  |  | $ | (29,119) |  |  | $ | (40,576) |  |  | $ | (41,141) |  |  | $ | (81,795) |  |  | $ | (208,978) |  |  |
2019 recoveries |  | 69 |  |  | 1,016 |  |  | 2,622 |  |  | 4,431 |  |  | 5,175 |  |  | 12,452 |  |  | 25,765 |  |  |
2019 net charge-offs |  | $ | (1,628) |  |  | $ | (13,634) |  |  | $ | (26,497) |  |  | $ | (36,145) |  |  | $ | (35,966) |  |  | $ | (69,343) |  |  | $ | (183,213) |  |  |
Total accrued interest by origination vintage |  | $ | 116,423 |  |  | $ | 321,568 |  |  | $ | 327,002 |  |  | $ | 261,083 |  |  | $ | 165,764 |  |  | $ | 174,318 |  |  | $ | 1,366,158 |  |  |
______ (1)Balance represents gross Private Education Loans, held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the fourth-quarter 2019. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. Delinquencies - Private Education Loans Held for Investment The following tables provide information regarding the loan status of our Private Education Loans, held for investment, by year of origination. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period, (but, for purposes of the following tables, do not include those loans while they are in forbearance).
|  | Private Education Loans Held for Investment - Delinquencies by Origination Vintage
|  | December 31, 2020
|  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 and Prior |  | Total
Loans in-school/grace/deferment(1)(2) |  | $ | 1,374,085 |  |  | $ | 1,330,175 |  |  | $ | 733,824 |  |  | $ | 508,478 |  |  | $ | 327,763 |  |  | $ | 504,715 |  |  | $ | 4,779,040 |
Loans in forbearance(1)(3) |  | 16,159 |  |  | 92,677 |  |  | 110,319 |  |  | 118,946 |  |  | 109,073 |  |  | 198,302 |  |  | 645,476 |
Loans in repayment(1): |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Loans current |  | 2,043,033 |  |  | 2,573,228 |  |  | 2,045,012 |  |  | 1,850,539 |  |  | 1,685,572 |  |  | 3,701,564 |  |  | 13,898,948 |
Loans delinquent 31-60 days(4) |  | 6,400 |  |  | 16,983 |  |  | 26,934 |  |  | 30,771 |  |  | 33,040 |  |  | 91,400 |  |  | 205,528 |
Loans delinquent 61-90 days(4) |  | 2,628 |  |  | 9,143 |  |  | 15,026 |  |  | 18,121 |  |  | 19,064 |  |  | 55,661 |  |  | 119,643 |
Loans delinquent greater than 90 days(4) |  | 460 |  |  | 4,642 |  |  | 9,396 |  |  | 12,939 |  |  | 14,710 |  |  | 38,555 |  |  | 80,702 |
Total Private Education Loans in repayment |  | 2,052,521 |  |  | 2,603,996 |  |  | 2,096,368 |  |  | 1,912,370 |  |  | 1,752,386 |  |  | 3,887,180 |  |  | 14,304,821 |
Total Private Education Loans, gross |  | 3,442,765 |  |  | 4,026,848 |  |  | 2,940,511 |  |  | 2,539,794 |  |  | 2,189,222 |  |  | 4,590,197 |  |  | 19,729,337 |
Private Education Loans deferred origination costs and unamortized premium/(discount) |  | 21,129 |  |  | 13,933 |  |  | 8,671 |  |  | 6,708 |  |  | 5,721 |  |  | 7,313 |  |  | 63,475 |
Total Private Education Loans |  | 3,463,894 |  |  | 4,040,781 |  |  | 2,949,182 |  |  | 2,546,502 |  |  | 2,194,943 |  |  | 4,597,510 |  |  | 19,792,812 |
Private Education Loans allowance for losses |  | (210,875) |  |  | (298,776) |  |  | (218,136) |  |  | (184,265) |  |  | (150,150) |  |  | (293,642) |  |  | (1,355,844) |
Private Education Loans, net |  | $ | 3,253,019 |  |  | $ | 3,742,005 |  |  | $ | 2,731,046 |  |  | $ | 2,362,237 |  |  | $ | 2,044,793 |  |  | $ | 4,303,868 |  |  | $ | 18,436,968 |
Percentage of Private Education Loans in repayment |  | 59.6 | % |  | 64.7 | % |  | 71.3 | % |  | 75.3 | % |  | 80.0 | % |  | 84.7 | % |  | 72.5 | %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment |  | 0.5 | % |  | 1.2 | % |  | 2.4 | % |  | 3.2 | % |  | 3.8 | % |  | 4.8 | % |  | 2.8 | %
Loans in forbearance as a percentage of loans in repayment and forbearance |  | 0.8 | % |  | 3.4 | % |  | 5.0 | % |  | 5.9 | % |  | 5.9 | % |  | 4.9 | % |  | 4.3 | %
_______ (1)For some students, going back to school in the fall was not an option because of the pandemic, or for other reasons. Therefore, some students are taking a “gap year” before returning to school. In 2020, for those students that had unexpectedly separated from school, we provided an extension of time through fall 2021 to re-enroll, before beginning their grace period that occurs prior to entering full principal and interest repayment status. At December 31, 2020, the loans in the “in-school/grace/deferment” category above include $401 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. At December 31, 2020, the loans in the “in forbearance” category above include $30 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. At December 31, 2020, the loans in the “in repayment” category above include $609 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. (2)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (3)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (4)The period of delinquency is based on the number of days scheduled payments are contractually past due.
|  | Private Education Loans Held for Investment - Delinquencies by Origination Vintage
|  | December 31, 2019
|  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014 and Prior |  | Total
Loans in-school/grace/deferment(1) |  | $ | 1,670,644 |  |  | $ | 1,580,513 |  |  | $ | 1,010,764 |  |  | $ | 635,798 |  |  | $ | 375,585 |  |  | $ | 414,101 |  |  | $ | 5,687,405 |
Loans in forbearance(2) |  | 21,009 |  |  | 108,509 |  |  | 142,341 |  |  | 146,114 |  |  | 127,799 |  |  | 168,744 |  |  | 714,516 |
Loans in repayment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans current |  | 2,340,221 |  |  | 3,159,878 |  |  | 2,781,132 |  |  | 2,566,815 |  |  | 2,225,721 |  |  | 3,241,884 |  |  | 16,315,651 |
Loans delinquent 31-60 days(3) |  | 11,152 |  |  | 26,096 |  |  | 44,382 |  |  | 51,656 |  |  | 54,559 |  |  | 100,206 |  |  | 288,051 |
Loans delinquent 61-90 days(3) |  | 3,087 |  |  | 9,527 |  |  | 17,048 |  |  | 21,161 |  |  | 24,562 |  |  | 45,917 |  |  | 121,302 |
Loans delinquent greater than 90 days(3) |  | 935 |  |  | 3,850 |  |  | 7,818 |  |  | 12,314 |  |  | 12,946 |  |  | 24,803 |  |  | 62,666 |
Total Private Education Loans in repayment |  | 2,355,395 |  |  | 3,199,351 |  |  | 2,850,380 |  |  | 2,651,946 |  |  | 2,317,788 |  |  | 3,412,810 |  |  | 16,787,670 |
Total Private Education Loans, gross |  | 4,047,048 |  |  | 4,888,373 |  |  | 4,003,485 |  |  | 3,433,858 |  |  | 2,821,172 |  |  | 3,995,655 |  |  | 23,189,591 |
Private Education Loans deferred origination costs and unamortized premium/(discount) |  | 23,661 |  |  | 17,699 |  |  | 13,843 |  |  | 12,304 |  |  | 8,564 |  |  | 5,153 |  |  | 81,224 |
Total Private Education Loans |  | 4,070,709 |  |  | 4,906,072 |  |  | 4,017,328 |  |  | 3,446,162 |  |  | 2,829,736 |  |  | 4,000,808 |  |  | 23,270,815 |
Private Education Loans allowance for losses |  | (3,013) |  |  | (19,105) |  |  | (44,858) |  |  | (71,598) |  |  | (80,974) |  |  | (154,752) |  |  | (374,300) |
Private Education Loans, net |  | $ | 4,067,696 |  |  | $ | 4,886,967 |  |  | $ | 3,972,470 |  |  | $ | 3,374,564 |  |  | $ | 2,748,762 |  |  | $ | 3,846,056 |  |  | $ | 22,896,515 |
Percentage of Private Education Loans in repayment |  | 58.2 % |  | 65.4 % |  | 71.2 % |  | 77.2 % |  | 82.2 % |  | 85.4 % |  | 72.4 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment |  | 0.6 % |  | 1.2 % |  | 2.4 % |  | 3.2 % |  | 4.0 % |  | 5.0 % |  | 2.8 %
Loans in forbearance as a percentage of loans in repayment and forbearance |  | 0.9 % |  | 3.3 % |  | 4.8 % |  | 5.2 % |  | 5.2 % |  | 4.7 % |  | 4.1 %
______ (1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3)The period of delinquency is based on the number of days scheduled payments are contractually past due.
|  | Private Education Loans Held for Investment - Delinquencies by Origination Vintage
|  | December 31, 2018
|  | 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013 and Prior |  | Total
Loans in-school/grace/deferment(1) |  | $ | 1,602,476 |  |  | $ | 1,497,955 |  |  | $ | 975,796 |  |  | $ | 589,558 |  |  | $ | 314,393 |  |  | $ | 280,267 |  |  | $ | 5,260,445 |
Loans in forbearance(2) |  | 14,543 |  |  | 93,018 |  |  | 127,389 |  |  | 133,023 |  |  | 101,285 |  |  | 107,906 |  |  | 577,164 |
Loans in repayment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans current |  | 2,233,102 |  |  | 2,800,142 |  |  | 2,769,458 |  |  | 2,533,550 |  |  | 1,865,094 |  |  | 2,088,359 |  |  | 14,289,705 |
Loans delinquent 31-60 days(3) |  | 10,263 |  |  | 22,219 |  |  | 41,788 |  |  | 49,762 |  |  | 43,291 |  |  | 63,893 |  |  | 231,216 |
Loans delinquent 61-90 days(3) |  | 3,521 |  |  | 7,227 |  |  | 15,893 |  |  | 19,935 |  |  | 18,561 |  |  | 29,968 |  |  | 95,105 |
Loans delinquent greater than 90 days(3) |  | 640 |  |  | 3,322 |  |  | 8,042 |  |  | 10,549 |  |  | 10,983 |  |  | 17,294 |  |  | 50,830 |
Total Private Education Loans in repayment |  | 2,247,526 |  |  | 2,832,910 |  |  | 2,835,181 |  |  | 2,613,796 |  |  | 1,937,929 |  |  | 2,199,514 |  |  | 14,666,856 |
Total Private Education Loans, gross |  | 3,864,545 |  |  | 4,423,883 |  |  | 3,938,366 |  |  | 3,336,377 |  |  | 2,353,607 |  |  | 2,587,687 |  |  | 20,504,465 |
Private Education Loans deferred origination costs and unamortized premium/(discount) |  | 20,433 |  |  | 16,362 |  |  | 14,747 |  |  | 10,422 |  |  | 4,992 |  |  | 1,365 |  |  | 68,321 |
Total Private Education Loans |  | 3,884,978 |  |  | 4,440,245 |  |  | 3,953,113 |  |  | 3,346,799 |  |  | 2,358,599 |  |  | 2,589,052 |  |  | 20,572,786 |
Private Education Loans allowance for losses |  | (2,670) |  |  | (15,469) |  |  | (43,469) |  |  | (63,442) |  |  | (62,852) |  |  | (90,041) |  |  | (277,943) |
Private Education Loans, net |  | $ | 3,882,308 |  |  | $ | 4,424,776 |  |  | $ | 3,909,644 |  |  | $ | 3,283,357 |  |  | $ | 2,295,747 |  |  | $ | 2,499,011 |  |  | $ | 20,294,843 |
Percentage of Private Education Loans in repayment |  | 58.2 | % |  | 64.0 | % |  | 72.0 | % |  | 78.3 | % |  | 82.3 | % |  | 85.0 | % |  | 71.5 | %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment |  | 0.6 | % |  | 1.2 | % |  | 2.3 | % |  | 3.1 | % |  | 3.8 | % |  | 5.1 | % |  | 2.6 | %
Loans in forbearance as a percentage of loans in repayment and forbearance |  | 0.6 | % |  | 3.2 | % |  | 4.3 | % |  | 4.8 | % |  | 5.0 | % |  | 4.7 | % |  | 3.8 | %
______ (1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3)The period of delinquency is based on the number of days scheduled payments are contractually past due. Accrued Interest Receivable The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans greater than 90 days past due as compared to our allowance for uncollectible interest on loans making full interest payments. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period upon separation from school. The allowance for this portion of interest is included in our loan loss reserve. The allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due Private Education Loan portfolio for all periods presented.
|  | Private Education Loans
|  | Accrued Interest Receivable
|  | Total Interest Receivable |  | Greater Than 90 Days Past Due |  | Allowance for Uncollectible Interest
December 31, 2020 |  | $ | 1,168,895 |  |  | $ | 4,354 |  |  | $ | 4,467 |
December 31, 2019 |  | $ | 1,366,158 |  |  | $ | 2,390 |  |  | $ | 5,309 |

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