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Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of debt | The following table summarizes our borrowings at September 30, 2021 and December 31, 2020.
|  | September 30, 2021 |  | December 31, 2020
|  | Short-Term |  | Long-Term |  | Total |  | Short-Term |  | Long-Term |  | Total
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debt (fixed-rate) |  | $ | 199,583 |  |  | $ | 494,585 |  |  | $ | 694,168 |  |  | $ | — |  |  | $ | 692,879 |  |  | $ | 692,879 |
Total unsecured borrowings |  | 199,583 |  |  | 494,585 |  |  | 694,168 |  |  | — |  |  | 692,879 |  |  | 692,879 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitizations: |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate |  | — |  |  | 3,698,662 |  |  | 3,698,662 |  |  | — |  |  | 3,261,233 |  |  | 3,261,233 |
Variable-rate |  | — |  |  | 1,026,501 |  |  | 1,026,501 |  |  | — |  |  | 1,235,105 |  |  | 1,235,105 |
Total Private Education Loan term securitizations |  | — |  |  | 4,725,163 |  |  | 4,725,163 |  |  | — |  |  | 4,496,338 |  |  | 4,496,338 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total secured borrowings |  | — |  |  | 4,725,163 |  |  | 4,725,163 |  |  | — |  |  | 4,496,338 |  |  | 4,496,338 |
Total |  | $ | 199,583 |  |  | $ | 5,219,748 |  |  | $ | 5,419,331 |  |  | $ | — |  |  | $ | 5,189,217 |  |  | $ | 5,189,217 |
Schedule of securities financing transactions | Secured Financings at Issuance The following summarizes our secured financings issued in 2020 and in 2021 through September 30, 2021:
Issue |  | Date Issued |  | Total Issued |  | Weighted Average Cost of Funds(1) |  | Weighted Average Life (in years)
Private Education: |  |  |  |  |  |
2020-A |  | February 2020 |  | $ | 636,000 |  |  | 1-month LIBOR plus 0.88% |  | 4.18
2020-B |  | August 2020 |  | 707,000 |  |  | 1-month LIBOR plus 1.30% |  | 4.14
Total notes issued in 2020 |  | $ | 1,343,000 |  |  |  |  |
Total loan and accrued interest amount securitized at inception in 2020(2) |  | $ | 1,463,230 |  |  |  |  |
2021-B |  | May 2021 |  | $ | 531,000 |  |  | 1-month LIBOR plus 0.77% |  | 4.26
2021-D |  | August 2021 |  | 527,000 |  |  | 1-month LIBOR plus 0.69% |  | 4.22
Total notes issued in 2021 |  | $ | 1,058,000 |  |  |  |  |
Total loan and accrued interest amount securitized at inception in 2021 |  | $ | 1,104,248 |  |  |  |  |
____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs. (2) At September 30, 2021, $1.18 billion of our Private Education Loans, including $1.10 billion of principal and $84 million in capitalized interest, were encumbered related to these transactions.
Schedule of variable interest entities |
|  | September 30, 2021
|  | Debt Outstanding |  | Carrying Amount of Assets Securing Debt Outstanding
|  | Short-Term |  | Long-Term |  | Total |  | Loans |  | Restricted Cash |  | Other Assets(1) |  | Total
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitizations |  | $ | — |  |  | $ | 4,725,163 |  |  | $ | 4,725,163 |  |  | $ | 5,788,954 |  |  | $ | 175,472 |  |  | $ | 407,634 |  |  | $ | 6,372,060 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,436 |  |  | 1,436 |
Total |  | $ | — |  |  | $ | 4,725,163 |  |  | $ | 4,725,163 |  |  | $ | 5,788,954 |  |  | $ | 175,472 |  |  | $ | 409,070 |  |  | $ | 6,373,496 |
____ (1) Other assets primarily represent accrued interest receivable.
|  | December 31, 2020
|  | Debt Outstanding |  | Carrying Amount of Assets Securing Debt Outstanding
|  | Short-Term |  | Long-Term |  | Total |  | Loans |  | Restricted Cash |  | Other Assets(1) |  | Total
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitizations |  | $ | — |  |  | $ | 4,496,338 |  |  | $ | 4,496,338 |  |  | $ | 5,661,123 |  |  | $ | 154,417 |  |  | $ | 356,967 |  |  | $ | 6,172,507 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 436 |  |  | 436 |
Total |  | $ | — |  |  | $ | 4,496,338 |  |  | $ | 4,496,338 |  |  | $ | 5,661,123 |  |  | $ | 154,417 |  |  | $ | 357,403 |  |  | $ | 6,172,943 |
____ (1) Other assets primarily represent accrued interest receivable. The table below provides a summary of our exposure related to our unconsolidated VIEs.
|  | September 30, 2021 |  | December 31, 2020
|  | Debt Interests(1) |  | Equity Interests(2) |  | Total Exposure |  | Debt Interests(1) |  | Equity Interests(2) |  | Total Exposure
Private Education Loan term securitizations |  | $ | 206,099 |  |  | $ | 36,792 |  |  | $ | 242,891 |  |  | $ | 68,908 |  |  | $ | 16,923 |  |  | $ | 85,831 |
____ (1) Vertical risk retention interest classified as available-for-sale investment. (2) Vertical risk retention interest classified as trading investment.

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