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Allowance for Credit Losses (Tables) | 3 Months Ended
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Mar. 31, 2021
Receivables [Abstract] |
Allowance for credit losses and recorded investments in loans | Allowance for Credit Losses Metrics
|  | Allowance for Credit Losses
|  | Three Months Ended March 31, 2021
|  | FFELP Loans |  | Private Education Loans |  | Credit Cards |  | Total
Allowance for Credit Losses |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,378 |  |  | $ | 1,355,844 |  |  | $ | 1,501 |  |  | $ | 1,361,723 |
Transfer from unfunded commitment liability(1) |  | — |  |  | 126,880 |  |  | — |  |  | 126,880 |
Provisions: |  |  |  |  |  |  |  |
Provision for current period |  | 29 |  |  | (254,942) |  |  | (86) |  |  | (254,999) |
Loan sale reduction to provision |  | — |  |  | (8,858) |  |  | — |  |  | (8,858) |
Loan transfer from held-for-sale |  | — |  |  | 1,887 |  |  | — |  |  | 1,887 |
Total provisions(2) |  | 29 |  |  | (261,913) |  |  | (86) |  |  | (261,970) |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  | (89) |  |  | (55,139) |  |  | (88) |  |  | (55,316) |
Recoveries |  | — |  |  | 7,703 |  |  | 1 |  |  | 7,704 |
Net charge-offs |  | (89) |  |  | (47,436) |  |  | (87) |  |  | (47,612) |
Loan sales |  | — |  |  | — |  |  | — |  |  | — |
Ending Balance |  | $ | 4,318 |  |  | $ | 1,173,375 |  |  | $ | 1,328 |  |  | $ | 1,179,021 |
Allowance: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 95,536 |  |  | $ | — |  |  | $ | 95,536 |
Ending balance: collectively evaluated for impairment |  | $ | 4,318 |  |  | $ | 1,077,839 |  |  | $ | 1,328 |  |  | $ | 1,083,485 |
Loans: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 1,225,604 |  |  | $ | — |  |  | $ | 1,225,604 |
Ending balance: collectively evaluated for impairment |  | $ | 727,664 |  |  | $ | 19,516,236 |  |  | $ | 11,309 |  |  | $ | 20,255,209 |
Net charge-offs as a percentage of average loans in repayment (annualized)(3) |  | 0.06 | % |  | 1.29 | % |  | 2.92 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.59 | % |  | 5.66 | % |  | 11.74 | % |  |
Allowance as a percentage of the ending loans in repayment(3) |  | 0.80 | % |  | 7.94 | % |  | 11.74 | % |  |
Allowance coverage of net charge-offs (annualized) |  | 12.13 |  |  | 6.18 |  |  | 3.82 |  |  |
Ending total loans, gross |  | $ | 727,664 |  |  | $ | 20,741,840 |  |  | $ | 11,309 |  |  |
Average loans in repayment(3) |  | $ | 554,510 |  |  | $ | 14,743,508 |  |  | $ | 11,909 |  |  |
Ending loans in repayment(3) |  | $ | 540,903 |  |  | $ | 14,777,939 |  |  | $ | 11,309 |  |  |
____________ (1) See Note 6, “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 provision 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 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
|  | Three Months Ended March 31, 2021
Private Education Loan provisions for credit losses: |  |
Provisions for loan losses |  | $ | (261,913) |
Provisions for unfunded loan commitments |  | 36,203 |
Total Private Education Loan provisions for credit losses |  | (225,710) |
Other impacts to the provisions for credit losses: |  |
FFELP Loans |  | 29 |
Credit Cards |  | (86) |
Total |  | (57) |
Provisions for credit losses reported in consolidated statements of income |  | $ | (225,767) |
(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
|  | Three Months Ended March 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) |  | — |  |  | 142,075 |  |  | — |  |  | — |  |  | 142,075 |
Provisions: |  |  |  |  |  |  |  |  |  |
Provision for current period |  | 37 |  |  | 143,862 |  |  | 25,318 |  |  | 291 |  |  | 169,508 |
Loan sale reduction to provision |  | — |  |  | (161,793) |  |  | — |  |  | — |  |  | (161,793) |
Total provisions(2) |  | 37 |  |  | (17,931) |  |  | 25,318 |  |  | 291 |  |  | 7,715 |
Net charge-offs: |  |  |  |  |  |  |  |  |  |
Charge-offs |  | (226) |  |  | (51,469) |  |  | (19,247) |  |  | (7) |  |  | (70,949) |
Recoveries |  | — |  |  | 7,976 |  |  | 1,542 |  |  | — |  |  | 9,518 |
Net charge-offs |  | (226) |  |  | (43,493) |  |  | (17,705) |  |  | (7) |  |  | (61,431) |
Ending Balance |  | $ | 4,296 |  |  | $ | 1,515,781 |  |  | $ | 152,673 |  |  | $ | 574 |  |  | $ | 1,673,324 |
Allowance: |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 150,822 |  |  | $ | — |  |  | $ | — |  |  | $ | 150,822 |
Ending balance: collectively evaluated for impairment |  | $ | 4,296 |  |  | $ | 1,364,959 |  |  | $ | 152,673 |  |  | $ | 574 |  |  | $ | 1,522,502 |
Loans: |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 1,518,763 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,518,763 |
Ending balance: collectively evaluated for impairment |  | $ | 766,954 |  |  | $ | 20,107,984 |  |  | $ | 899,704 |  |  | $ | 7,234 |  |  | $ | 21,781,876 |
Net charge-offs as a percentage of average loans in repayment (annualized)(3) |  | 0.15 | % |  | 1.05 | % |  | 7.27 | % |  | 0.52 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.56 | % |  | 7.01 | % |  | 16.97 | % |  | 7.93 | % |  |
Allowance as a percentage of the ending loans in repayment(3) |  | 0.74 | % |  | 10.11 | % |  | 16.97 | % |  | 7.93 | % |  |
Allowance coverage of net charge-offs (annualized) |  | 4.75 |  |  | 8.71 |  |  | 2.16 |  |  | 20.50 |  |  |
Ending total loans, gross |  | $ | 766,954 |  |  | $ | 21,626,747 |  |  | $ | 899,704 |  |  | $ | 7,234 |  |  |
Average loans in repayment(3) |  | $ | 600,534 |  |  | $ | 16,521,356 |  |  | $ | 973,772 |  |  | $ | 5,364 |  |  |
Ending loans in repayment(3) |  | $ | 581,997 |  |  | $ | 14,988,345 |  |  | $ | 899,704 |  |  | $ | 7,234 |  |  |
____________ (1) See Note 6, “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
|  | Three Months Ended March 31, 2020
Private Education Loan provisions for credit losses: |  |
Provisions for loan losses |  | $ | (17,931) |
Provisions for unfunded loan commitments |  | 53,543 |
Total Private Education Loan provisions for credit losses |  | 35,612 |
Other impacts to the provisions for credit losses: |  |
Personal Loans |  | 25,318 |
FFELP Loans |  | 37 |
Credit Cards |  | 291 |
Total |  | 25,646 |
Provisions for credit losses reported in consolidated statements of income |  | $ | 61,258 |
(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. The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.
| Three Months Ended March 31,
| 2021 |  | 2020
| Allowance |  | Unfunded Commitments |  | Allowance |  | Unfunded Commitments
Beginning Balance | $ | 110,044 |  |  | $ | 1,673,018 |  |  | $ | 2,481 |  |  | $ | 1,910,603 |
Day 1 adjustment for the adoption of CECL | — |  |  | — |  |  | 115,758 |  |  | — |
Balance at January 1 | 110,044 |  |  | 1,673,018 |  |  | 118,239 |  |  | 1,910,603 |
Provision/New commitments - net(1) | 40,197 |  |  | 843,161 |  |  | 49,561 |  |  | 834,946 |
Other provision items | (3,994) |  |  | — |  |  | 3,982 |  |  | — |
Transfer - funded loans(2) | (126,880) |  |  | (2,058,726) |  |  | (142,075) |  |  | (2,295,742) |
Ending Balance | $ | 19,367 |  |  | $ | 457,453 |  |  | $ | 29,707 |  |  | $ | 449,807 |
________________ (1) Net of expirations of commitments unused. (2) When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.
Impaired financing receivables | The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.
|  | Recorded Investment |  | Unpaid Principal Balance |  | Allowance
March 31, 2021 |  |  |  |  |  |
TDR Loans |  | $ | 1,263,651 |  |  | $ | 1,225,604 |  |  | $ | 95,536 |
December 31, 2020 |  |  |  |  |  |
TDR Loans |  | $ | 1,312,805 |  |  | $ | 1,274,590 |  |  | $ | 104,265 |
Average recorded investment and interest income recognized for troubled debt restructuring loans | 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 |
Age analysis of past due loans delinquencies | The following table provides information regarding the loan status and aging of TDR loans. For the periods presented below, we updated our delinquency bucket periods to conform with the delinquency bucket periods defined by the Federal Financial Institutions Examination Council (“FFIEC”).
|  | March 31, |  | December 31,
|  | 2021 |  | 2020
|  | Balance |  | % |  | Balance |  | %
TDR loans in in-school/grace/deferment(1) |  | $ | 93,850 |  |  |  |  | $ | 88,750 |  |  |
TDR loans in forbearance(2) |  | 68,609 |  |  |  |  | 76,704 |  |  |
TDR loans in repayment(3) and percentage of each status: |  |  |  |  |  |  |  |
Loans current |  | 966,201 |  |  | 90.9 | % |  | 971,880 |  |  | 87.7 | %
Loans delinquent 30-59 days(4) |  | 39,541 |  |  | 3.7 |  |  | 59,249 |  |  | 5.3 |
Loans delinquent 60-89 days(4) |  | 29,892 |  |  | 2.8 |  |  | 43,576 |  |  | 3.9 |
Loans 90 days or greater past due(4) |  | 27,511 |  |  | 2.6 |  |  | 34,431 |  |  | 3.1 |
Total TDR loans in repayment(3) |  | 1,063,145 |  |  | 100.0 | % |  | 1,109,136 |  |  | 100.0 | %
Total TDR loans, gross |  | $ | 1,225,604 |  |  |  |  | $ | 1,274,590 |  |  |
_____ (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 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). For the periods presented below, we updated our delinquency bucket periods to conform with the delinquency bucket periods defined by the FFIEC.
|  | Private Education Loans Held for Investment Delinquencies by Origination Vintage
|  | March 31, 2021
|  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 and Prior |  | Total
Loans in-school/grace/deferment(1)(2) |  | $ | 330,417 |  |  | $ | 1,798,922 |  |  | $ | 1,255,241 |  |  | $ | 703,917 |  |  | $ | 489,599 |  |  | $ | 815,578 |  |  | $ | 5,393,674 |
Loans in forbearance(1)(3) |  | 1,186 |  |  | 21,471 |  |  | 89,409 |  |  | 93,513 |  |  | 103,807 |  |  | 260,841 |  |  | 570,227 |
Loans in repayment(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans current |  | 418,103 |  |  | 2,747,747 |  |  | 2,491,380 |  |  | 1,955,468 |  |  | 1,755,863 |  |  | 5,102,866 |  |  | 14,471,427 |
Loans delinquent 30-59 days(4) |  | 366 |  |  | 6,587 |  |  | 14,015 |  |  | 19,145 |  |  | 24,043 |  |  | 88,587 |  |  | 152,743 |
Loans delinquent 60-89 days(4) |  | — |  |  | 1,747 |  |  | 7,654 |  |  | 11,064 |  |  | 13,166 |  |  | 52,759 |  |  | 86,390 |
Loans 90 days or greater past due(4) |  | — |  |  | 943 |  |  | 4,578 |  |  | 8,247 |  |  | 10,921 |  |  | 42,690 |  |  | 67,379 |
Total Private Education Loans in repayment |  | 418,469 |  |  | 2,757,024 |  |  | 2,517,627 |  |  | 1,993,924 |  |  | 1,803,993 |  |  | 5,286,902 |  |  | 14,777,939 |
Total Private Education Loans, gross |  | 750,072 |  |  | 4,577,417 |  |  | 3,862,277 |  |  | 2,791,354 |  |  | 2,397,399 |  |  | 6,363,321 |  |  | 20,741,840 |
Private Education Loans deferred origination costs and unamortized premium/(discount) |  | 5,487 |  |  | 19,922 |  |  | 12,925 |  |  | 7,977 |  |  | 6,153 |  |  | 12,004 |  |  | 64,468 |
Total Private Education Loans |  | 755,559 |  |  | 4,597,339 |  |  | 3,875,202 |  |  | 2,799,331 |  |  | 2,403,552 |  |  | 6,375,325 |  |  | 20,806,308 |
Private Education Loans allowance for losses |  | (35,515) |  |  | (252,247) |  |  | (239,917) |  |  | (169,296) |  |  | (140,894) |  |  | (335,506) |  |  | (1,173,375) |
Private Education Loans, net |  | $ | 720,044 |  |  | $ | 4,345,092 |  |  | $ | 3,635,285 |  |  | $ | 2,630,035 |  |  | $ | 2,262,658 |  |  | $ | 6,039,819 |  |  | $ | 19,632,933 |
Percentage of Private Education Loans in repayment |  | 55.8 | % |  | 60.2 | % |  | 65.2 | % |  | 71.4 | % |  | 75.2 | % |  | 83.1 | % |  | 71.2 | %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment |  | 0.1 | % |  | 0.3 | % |  | 1.0 | % |  | 1.9 | % |  | 2.7 | % |  | 3.5 | % |  | 2.1 | %
Loans in forbearance as a percentage of loans in repayment and forbearance |  | 0.3 | % |  | 0.8 | % |  | 3.4 | % |  | 4.5 | % |  | 5.4 | % |  | 4.7 | % |  | 3.7 | %
_______ (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 March 31, 2021, the loans in the “in-school/grace/deferment” category above include $273 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 March 31, 2021, the loans in the “in forbearance” category above include $29 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 March 31, 2021, the loans in the “in repayment” category above include $482 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, 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 30-59 days(4) |  | 6,400 |  |  | 16,983 |  |  | 26,934 |  |  | 30,771 |  |  | 33,040 |  |  | 91,400 |  |  | 205,528 |
Loans delinquent 60-89 days(4) |  | 2,628 |  |  | 9,143 |  |  | 15,026 |  |  | 18,121 |  |  | 19,064 |  |  | 55,661 |  |  | 119,643 |
Loans 90 days or greater past due(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.
Modified loans accounts for troubled debt restructuring | 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.
|  | Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020 |  |  |  |
|  | Modified Loans(1) |  | Charge-offs |  | Payment- Default |  | Modified Loans(1) |  | Charge-offs |  | Payment- Default |  |  |  |  |  |
TDR Loans |  | $ | 3,717 |  |  | $ | 17,948 |  |  | $ | 4,869 |  |  | $ | 132,815 |  |  | $ | 19,375 |  |  | $ | 30,725 |  |  |  |  |  |  |
_____ (1)Represents the principal balance of loans that have been modified during the period and resulted in a TDR.
Private education loan portfolio stratified by key credit quality indicators | The following tables highlight the gross principal balance of our Private Education Loan portfolio, by year of origination, stratified by key credit quality indicators.
|  | Private Education Loans Held for Investment - Credit Quality Indicators |  |
|  | March 31, 2021 |  |
Year of Origination |  | 2021(1) |  | 2020(1) |  | 2019(1) |  | 2018(1) |  | 2017(1) |  | 2016 and Prior(1) |  | Total(1) |  | % of Balance
Cosigners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With cosigner |  | $ | 640,909 |  |  | $ | 3,954,261 |  |  | $ | 3,331,066 |  |  | $ | 2,431,585 |  |  | $ | 2,137,418 |  |  | $ | 5,799,561 |  |  | $ | 18,294,800 |  |  | 88 | %
Without cosigner |  | 109,163 |  |  | 623,156 |  |  | 531,211 |  |  | 359,769 |  |  | 259,981 |  |  | 563,760 |  |  | 2,447,040 |  |  | 12 |
Total |  | $ | 750,072 |  |  | $ | 4,577,417 |  |  | $ | 3,862,277 |  |  | $ | 2,791,354 |  |  | $ | 2,397,399 |  |  | $ | 6,363,321 |  |  | $ | 20,741,840 |  |  | 100 | %
FICO at Origination(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 46,437 |  |  | $ | 253,657 |  |  | $ | 283,992 |  |  | $ | 217,921 |  |  | $ | 189,704 |  |  | $ | 505,347 |  |  | $ | 1,497,058 |  |  | 7 | %
670-699 |  | 103,191 |  |  | 607,789 |  |  | 576,077 |  |  | 423,618 |  |  | 388,607 |  |  | 1,061,435 |  |  | 3,160,717 |  |  | 15 |
700-749 |  | 243,607 |  |  | 1,472,919 |  |  | 1,260,902 |  |  | 921,338 |  |  | 799,597 |  |  | 2,138,263 |  |  | 6,836,626 |  |  | 33 |
Greater than or equal to 750 |  | 356,837 |  |  | 2,243,052 |  |  | 1,741,306 |  |  | 1,228,477 |  |  | 1,019,491 |  |  | 2,658,276 |  |  | 9,247,439 |  |  | 45 |
Total |  | $ | 750,072 |  |  | $ | 4,577,417 |  |  | $ | 3,862,277 |  |  | $ | 2,791,354 |  |  | $ | 2,397,399 |  |  | $ | 6,363,321 |  |  | $ | 20,741,840 |  |  | 100 | %
FICO Refreshed(2)(3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 64,349 |  |  | $ | 313,569 |  |  | $ | 325,235 |  |  | $ | 290,041 |  |  | $ | 283,988 |  |  | $ | 952,223 |  |  | $ | 2,229,405 |  |  | 11 | %
670-699 |  | 107,242 |  |  | 573,430 |  |  | 473,331 |  |  | 322,446 |  |  | 271,224 |  |  | 707,135 |  |  | 2,454,808 |  |  | 12 |
700-749 |  | 241,091 |  |  | 1,442,851 |  |  | 1,186,242 |  |  | 813,884 |  |  | 684,467 |  |  | 1,715,802 |  |  | 6,084,337 |  |  | 29 |
Greater than or equal to 750 |  | 337,390 |  |  | 2,247,567 |  |  | 1,877,469 |  |  | 1,364,983 |  |  | 1,157,720 |  |  | 2,988,161 |  |  | 9,973,290 |  |  | 48 |
Total |  | $ | 750,072 |  |  | $ | 4,577,417 |  |  | $ | 3,862,277 |  |  | $ | 2,791,354 |  |  | $ | 2,397,399 |  |  | $ | 6,363,321 |  |  | $ | 20,741,840 |  |  | 100 | %
Seasoning(4): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-12 payments |  | $ | 419,655 |  |  | $ | 2,510,639 |  |  | $ | 426,229 |  |  | $ | 396,679 |  |  | $ | 392,391 |  |  | $ | 718,899 |  |  | $ | 4,864,492 |  |  | 24 | %
13-24 payments |  | — |  |  | 267,856 |  |  | 2,034,191 |  |  | 254,139 |  |  | 221,863 |  |  | 599,435 |  |  | 3,377,484 |  |  | 16 |
25-36 payments |  | — |  |  | — |  |  | 146,616 |  |  | 1,343,321 |  |  | 250,078 |  |  | 581,741 |  |  | 2,321,756 |  |  | 11 |
37-48 payments |  | — |  |  | — |  |  | — |  |  | 93,298 |  |  | 978,808 |  |  | 618,454 |  |  | 1,690,560 |  |  | 8 |
More than 48 payments |  | — |  |  | — |  |  | — |  |  | — |  |  | 64,660 |  |  | 3,029,214 |  |  | 3,093,874 |  |  | 15 |
Not yet in repayment |  | 330,417 |  |  | 1,798,922 |  |  | 1,255,241 |  |  | 703,917 |  |  | 489,599 |  |  | 815,578 |  |  | 5,393,674 |  |  | 26 |
Total |  | $ | 750,072 |  |  | $ | 4,577,417 |  |  | $ | 3,862,277 |  |  | $ | 2,791,354 |  |  | $ | 2,397,399 |  |  | $ | 6,363,321 |  |  | $ | 20,741,840 |  |  | 100 | %
2021 Current period(5) gross charge-offs |  | $ | (6) |  |  | $ | (911) |  |  | $ | (4,483) |  |  | $ | (8,116) |  |  | $ | (8,793) |  |  | $ | (32,830) |  |  | $ | (55,139) |  |  |
2021 Current period(5) recoveries |  | — |  |  | 43 |  |  | 452 |  |  | 1,009 |  |  | 1,133 |  |  | 5,066 |  |  | 7,703 |  |  |
2021 Current period(5) net charge-offs |  | $ | (6) |  |  | $ | (868) |  |  | $ | (4,031) |  |  | $ | (7,107) |  |  | $ | (7,660) |  |  | $ | (27,764) |  |  | $ | (47,436) |  |  |
Total accrued interest by origination vintage |  | $ | 8,317 |  |  | $ | 147,329 |  |  | $ | 291,579 |  |  | $ | 258,813 |  |  | $ | 206,734 |  |  | $ | 335,703 |  |  | $ | 1,248,475 |  |  |
______ (1)Balance represents gross Private Education Loans. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the first-quarter 2021. (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, 2021 through March 31, 2021.
|  | 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 gross charge-offs(5) |  | $ | (1,087) |  |  | $ | (10,940) |  |  | $ | (27,000) |  |  | $ | (35,851) |  |  | $ | (36,416) |  |  | $ | (94,032) |  |  | $ | (205,326) |  |  |
2020 recoveries(5) |  | 42 |  |  | 636 |  |  | 2,274 |  |  | 3,585 |  |  | 4,284 |  |  | 13,200 |  |  | 24,021 |  |  |
2020 net charge-offs(5) |  | $ | (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. (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)For period from January 1, 2020 through December 31, 2020.
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 after 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 |  | 90 Days and Greater Past Due |  | Allowance for Uncollectible Interest
March 31, 2021 |  | $ | 1,248,475 |  |  | $ | 3,695 |  |  | $ | 4,405 |
December 31, 2020 |  | $ | 1,168,895 |  |  | $ | 4,354 |  |  | $ | 4,467 |

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