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Loans Held for Investment (Tables) | 6 Months Ended
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Jun. 30, 2022
Receivables [Abstract] |
Schedule of Loans Held for Investment | Loans held for investment are summarized as follows:
|  | June 30, |  | December 31,
(Dollars in thousands) |  | 2022 |  | 2021
Private Education Loans: |  |  |  |
Fixed-rate |  | $ | 9,748,824 |  |  | $ | 9,920,547 |
Variable-rate |  | 9,770,361 |  |  | 10,796,316 |
Total Private Education Loans, gross |  | 19,519,185 |  |  | 20,716,863 |
Deferred origination costs and unamortized premium/(discount) |  | 66,809 |  |  | 67,488 |
Allowance for credit losses |  | (1,074,744) |  |  | (1,158,977) |
Total Private Education Loans, net |  | 18,511,250 |  |  | 19,625,374 |
FFELP Loans |  | 665,666 |  |  | 695,216 |
Deferred origination costs and unamortized premium/(discount) |  | 1,715 |  |  | 1,815 |
Allowance for credit losses |  | (3,929) |  |  | (4,077) |
Total FFELP Loans, net |  | 663,452 |  |  | 692,954 |
Credit Cards (fixed-rate) |  | 28,900 |  |  | 25,014 |
Deferred origination costs and unamortized premium/(discount) |  | 119 |  |  | 222 |
Allowance for credit losses |  | (2,393) |  |  | (2,281) |
Total Credit Cards, net |  | 26,626 |  |  | 22,955 |
Loans held for investment, net |  | $ | 19,201,328 |  |  | $ | 20,341,283 |
The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:
|  | 2022 |  | 2021
Three Months Ended June 30, (dollars in thousands) |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 20,259,956 |  |  | 8.69 | % |  | $ | 20,654,285 |  |  | 8.22 | %
FFELP Loans |  | 675,081 |  |  | 4.01 |  |  | 723,391 |  |  | 3.41 |
Credit Cards |  | 28,220 |  |  | 4.00 |  |  | 11,694 |  |  | 6.64 |
Total portfolio |  | $ | 20,963,257 |  |  |  |  | $ | 21,389,370 |  |  |
|  | 2022 |  | 2021
Six Months Ended June 30, (dollars in thousands) |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 21,054,698 |  |  | 8.53 | % |  | $ | 20,818,476 |  |  | 8.22 | %
FFELP Loans |  | 682,768 |  |  | 3.76 |  |  | 728,810 |  |  | 3.41 |
Credit Cards |  | 27,425 |  |  | 3.97 |  |  | 11,767 |  |  | 3.71 |
Total portfolio |  | $ | 21,764,891 |  |  |  |  | $ | 21,559,053 |  |  |

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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