Loans Held for Investment (Tables)

3 Months Ended

Mar. 31, 2021

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