Loans Held for Investment (Tables)

6 Months Ended

Jun. 30, 2021

Loans held for investment are summarized as follows:


	June 30,		December 31,
	2021		2020
Private Education Loans:
Fixed-rate	$	9,442,904	$	8,950,216
Variable-rate	11,034,853		10,779,121
Total Private Education Loans, gross	20,477,757		19,729,337
Deferred origination costs and unamortized premium/(discount)	65,872		63,475
Allowance for credit losses	(1,154,540)		(1,355,844)
Total Private Education Loans, net	19,389,089		18,436,968

FFELP Loans	716,958		737,593
Deferred origination costs and unamortized premium/(discount)	1,913		1,993
Allowance for credit losses	(4,262)		(4,378)
Total FFELP Loans, net	714,609		735,208






Credit Cards (fixed-rate)	12,784		12,238
Deferred origination costs and unamortized premium/(discount)	104		230
Allowance for credit losses	(1,442)		(1,501)
Total Credit Cards, net	11,446		10,967

Loans held for investment, net	$	20,115,144	$	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
	June 30,
	2021				2020
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,654,285	8.22	%	$	21,590,905	8.33	%
FFELP Loans	723,391		3.41		761,469		3.82
Personal Loans	—		—		836,342		12.54
Credit Cards	11,694		6.64		9,364		(9.34)
Total portfolio	$	21,389,370			$	23,198,080


	Six Months Ended
	June 30,
	2021				2020
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,818,476	8.22	%	$	22,546,874	8.60	%
FFELP Loans	728,810		3.41		768,897		4.06
Personal Loans	—		—		905,007		12.31
Credit Cards	11,767		3.71		7,325		(7.67)
Total portfolio	$	21,559,053			$	24,228,103

The following table provides the average recorded investment and interest income recognized for our TDR loans.


	Three Months Ended June 30,
	2021				2020
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,251,248	$	21,490	$	1,556,278	$	24,071

	Six Months Ended June 30,
	2021				2020
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,270,668	$	42,979	$	1,591,081	$	50,559