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Loans Held for Investment (Tables) | 12 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
Schedule of Loans Held for Investment | Loans held for investment are summarized as follows:
As of December 31, (dollars in thousands) |  | 2022 |  | 2021
Private Education Loans: |  |  |  |
Fixed-rate |  | $ | 11,108,079 |  |  | $ | 9,920,547 |
Variable-rate |  | 9,195,609 |  |  | 10,796,316 |
Total Private Education Loans, gross |  | 20,303,688 |  |  | 20,716,863 |
Deferred origination costs and unamortized premium/ (discount) |  | 69,656 |  |  | 67,488 |
Allowance for credit losses |  | (1,353,631) |  |  | (1,158,977) |
Total Private Education Loans, net |  | 19,019,713 |  |  | 19,625,374 |
FFELP Loans |  | 609,050 |  |  | 695,216 |
Deferred origination costs and unamortized premium/ (discount) |  | 1,549 |  |  | 1,815 |
Allowance for credit losses |  | (3,444) |  |  | (4,077) |
Total FFELP Loans, net |  | 607,155 |  |  | 692,954 |
Credit Cards (fixed-rate) |  | — |  |  | 25,014 |
Deferred origination costs and unamortized premium/ (discount) |  | — |  |  | 222 |
Allowance for credit losses |  | — |  |  | (2,281) |
Total Credit Cards, net |  | — |  |  | 22,955 |
Loans held for investment, net |  | $ | 19,626,868 |  |  | $ | 20,341,283 |
The estimated weighted average life of education loans in our portfolio was approximately 5.0 years and 4.7 years at December 31, 2022 and 2021, respectively. The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:
|  | 2022 |  | 2021 |  | 2020
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 |  | $ | 20,576,737 |  |  | 9.14 | % |  | $ | 20,968,061 |  |  | 8.25 | % |  | $ | 22,426,216 |  |  | 8.42 | %
FFELP Loans |  | 662,194 |  |  | 4.62 |  |  | 718,186 |  |  | 3.43 |  |  | 757,953 |  |  | 3.76 |
Personal Loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 582,552 |  |  | 12.43 |
Credit Cards |  | — |  |  | — |  |  | 14,982 |  |  | 4.67 |  |  | 9,390 |  |  | (6.04) |
Total portfolio |  | $ | 21,238,931 |  |  |  |  | $ | 21,701,229 |  |  |  |  | $ | 23,776,111 |  |  |
Schedule of Loans Held for Investment by Region | Loans Held for Investment by Region At December 31, 2022 and 2021, 43.1 percent and 38.4 percent, respectively, of total education loans were concentrated in the following states:
As of December 31, |  | 2022 |  | 2021
California |  | 9.8 | % |  | 9.6 | %
New York |  | 9.1 |  |  | 9.4 |
Pennsylvania |  | 7.4 |  |  | 7.8 |
Texas |  | 6.0 |  |  | 5.6 |
New Jersey |  | 5.8 |  |  | 6.0 |
Florida |  | 5.0 |  |  | — |
|  | 43.1 | % |  | 38.4 | %

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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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