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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Valuation of financial instruments that are marked-to-market on recurring basis

The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.

						Fair Value Measurements on a Recurring Basis
						December 31, 2020																								December 31, 2019
						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets
Trading investments						$	—					$	—					$	16,923					$	16,923					$	—					$	—					$	—					$	—
Available-for-sale investments						—						1,996,634						—						1,996,634						—						487,669						—						487,669
Derivative instruments						—						729						—						729						—						715						—						715
Total						$	—					$	1,997,363					$	16,923					$	2,014,286					$	—					$	488,384					$	—					$	488,384
Liabilities
Derivative instruments						$	—					$	(287)					$	—					$	(287)					$	—					$	(1,164)					$	—					$	(1,164)
Total						$	—					$	(287)					$	—					$	(287)					$	—					$	(1,164)					$	—					$	(1,164)

Fair values of financial assets and liabilities, including derivative financial instruments

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.

						December 31, 2020																		December 31, 2019
						Fair Value						Carrying Value						Difference						Fair Value						Carrying Value						Difference
Earning assets:
Loans held for investment, net:
Private Education Loans						$	22,124,171					$	18,436,968					$	3,687,203					$	24,988,941					$	22,896,515					$	2,092,426
FFELP Loans						748,657						735,208						13,449						795,055						783,816						11,239
Personal Loans						—						—						—						1,047,119						983,643						63,476
Credit Cards						12,249						10,967						1,282						3,818						3,818						—
Loans held for sale						3,226,029						2,885,640						340,389						—						—						—
Cash and cash equivalents						4,455,292						4,455,292						—						5,563,877						5,563,877						—
Trading investments						16,923						16,923						—						—						—						—
Available-for-sale investments						1,996,634						1,996,634						—						487,669						487,669						—
Accrued interest receivable						1,527,816						1,387,305						140,511						1,491,471						1,392,725						98,746
Tax indemnification receivable						18,492						18,492						—						27,558						27,558						—
Derivative instruments						729						729						—						715						715						—
Total earning assets						$	34,126,992					$	29,944,158					$	4,182,834					$	34,406,223					$	32,140,336					$	2,265,887
Interest-bearing liabilities:
Money-market and savings accounts						$	11,136,560					$	11,067,633					$	(68,927)					$	10,363,691					$	10,335,163					$	(28,528)
Certificates of deposit						11,799,223						11,597,266						(201,957)						14,065,007						13,947,743						(117,264)
Short-term borrowings						—						—						—						289,230						289,230						—
Long-term borrowings						5,398,309						5,189,217						(209,092)						4,434,323						4,354,037						(80,286)
Accrued interest payable						60,272						60,272						—						75,158						75,158						—
Derivative instruments						287						287						—						1,164						1,164						—
Total interest-bearing liabilities						$	28,394,651					$	27,914,675					$	(479,976)					$	29,228,573					$	29,002,495					$	(226,078)
Excess of net asset fair value over carrying value																		$	3,702,858																	$	2,039,809

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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