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Loans Held for Investment (Tables) | 12 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
Loans held for investment | Loans held for investment are summarized as follows:
As of December 31, (dollars in thousands) |  | 2021 |  | 2020
Private Education Loans: |  |  |  |
Fixed-rate |  | $ | 9,920,547 |  |  | $ | 8,950,216 |
Variable-rate |  | 10,796,316 |  |  | 10,779,121 |
Total Private Education Loans, gross |  | 20,716,863 |  |  | 19,729,337 |
Deferred origination costs and unamortized premium/ (discount) |  | 67,488 |  |  | 63,475 |
Allowance for credit losses |  | (1,158,977) |  |  | (1,355,844) |
Total Private Education Loans, net |  | 19,625,374 |  |  | 18,436,968 |
FFELP Loans |  | 695,216 |  |  | 737,593 |
Deferred origination costs and unamortized premium/ (discount) |  | 1,815 |  |  | 1,993 |
Allowance for credit losses |  | (4,077) |  |  | (4,378) |
Total FFELP Loans, net |  | 692,954 |  |  | 735,208 |
Credit Cards (fixed-rate) |  | 25,014 |  |  | 12,238 |
Deferred origination costs and unamortized premium/ (discount) |  | 222 |  |  | 230 |
Allowance for credit losses |  | (2,281) |  |  | (1,501) |
Total Credit Cards, net |  | 22,955 |  |  | 10,967 |
Loans held for investment, net |  | $ | 20,341,283 |  |  | $ | 19,183,143 |
The estimated weighted average life of education loans in our portfolio was approximately 4.7 years and 5.4 years at December 31, 2021 and 2020, respectively. The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:
|  | 2021 |  | 2020 |  | 2019
Years ended December 31, (dollars in thousands) |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 20,968,061 |  |  | 8.25 | % |  | $ | 22,426,216 |  |  | 8.42 | % |  | $ | 22,225,473 |  |  | 9.32 | %
FFELP Loans |  | 718,186 |  |  | 3.43 |  |  | 757,953 |  |  | 3.76 |  |  | 814,198 |  |  | 4.79 |
Personal Loans |  | — |  |  | — |  |  | 582,552 |  |  | 12.43 |  |  | 1,141,503 |  |  | 12.09 |
Credit Cards |  | 14,982 |  |  | 4.67 |  |  | 9,390 |  |  | (6.04) |  |  | — |  |  | — |
Total portfolio |  | $ | 21,701,229 |  |  |  |  | $ | 23,776,111 |  |  |  |  | $ | 24,181,174 |  |  |
Loans held for investment by Region | Loans Held for Investment by Region At December 31, 2021 and 2020, 38.4 percent and 38.8 percent, respectively, of total education loans were concentrated in the following states:
As of December 31, |  | 2021 |  | 2020
New York |  | 9.4 | % |  | 9.7 | %
California |  | 9.6 |  |  | 9.6 |
Pennsylvania |  | 7.8 |  |  | 8.0 |
New Jersey |  | 6.0 |  |  | 6.2 |
Texas |  | 5.6 |  |  | 5.3 |
|  | 38.4 | % |  | 38.8 | %
No other state had a concentration of total education loans in excess of 5 percent of the aggregate outstanding education loans held for investment.

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