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Loans Held for Investment (Tables) | 3 Months Ended
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Mar. 31, 2021
Receivables [Abstract] |
Schedule of Loans Held for Investment | Loans held for investment are summarized as follows:
|  | March 31, |  | December 31,
|  | 2021 |  | 2020
Private Education Loans: |  |  |  |
Fixed-rate |  | $ | 9,504,760 |  |  | $ | 8,950,216 |
Variable-rate |  | 11,237,080 |  |  | 10,779,121 |
Total Private Education Loans, gross |  | 20,741,840 |  |  | 19,729,337 |
Deferred origination costs and unamortized premium/(discount) |  | 64,468 |  |  | 63,475 |
Allowance for credit losses |  | (1,173,375) |  |  | (1,355,844) |
Total Private Education Loans, net |  | 19,632,933 |  |  | 18,436,968 |
FFELP Loans |  | 727,664 |  |  | 737,593 |
Deferred origination costs and unamortized premium/(discount) |  | 1,954 |  |  | 1,993 |
Allowance for credit losses |  | (4,318) |  |  | (4,378) |
Total FFELP Loans, net |  | 725,300 |  |  | 735,208 |
Credit Cards (fixed-rate) |  | 11,309 |  |  | 12,238 |
Deferred origination costs and unamortized premium/(discount) |  | 73 |  |  | 230 |
Allowance for credit losses |  | (1,328) |  |  | (1,501) |
Total Credit Cards, net |  | 10,054 |  |  | 10,967 |
Loans held for investment, net |  | $ | 20,368,287 |  |  | $ | 19,183,143 |
The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:
|  | Three Months Ended
|  | March 31,
|  | 2021 |  | 2020
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 20,984,491 |  |  | 8.22 | % |  | $ | 23,502,844 |  |  | 8.86 | %
FFELP Loans |  | 734,289 |  |  | 3.41 |  |  | 776,326 |  |  | 4.29 |
Personal Loans |  | — |  |  | — |  |  | 973,671 |  |  | 12.11 |
Credit Cards |  | 11,841 |  |  | 0.78 |  |  | 5,286 |  |  | (4.72) |
Total portfolio |  | $ | 21,730,621 |  |  |  |  | $ | 25,258,127 |  |  |
The following table provides the average recorded investment and interest income recognized for our TDR loans.
|  | Three Months Ended March 31,
|  | 2021 |  | 2020 |  |
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
TDR Loans |  | $ | 1,288,333 |  |  | $ | 21,489 |  |  | $ | 1,615,764 |  |  | $ | 26,488 |

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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