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Loans Held for Investment (Tables)

12 Months Ended

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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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.

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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

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