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Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022
Allowance for Credit Losses |  |  |  |  |
Beginning balance | $ 1,364,716 | $ 1,081,066 | $ 1,357,075 | $ 1,165,335 | $ 1,165,335
Transfer from unfunded commitment liability | 101,687 | 168,377 | 278,388 | 303,591 |
Provision for current period | 45,089 | 97,550 | 199,084 | 171,218 |
Loan sale reduction to provision |  | (50,226) | (136,531) | (171,325) |
Loans transferred from held-for-sale |  | (2,372) |  | (2,372) |
Total provisions | 45,089 | 44,952 | 62,553 | (2,479) |
Net charge-offs: |  |  |  |  |
Charge-offs | (105,137) | (111,559) | (315,353) | (302,624) |
Recoveries | 9,693 | 11,402 | 33,385 | 30,415 |
Net charge-offs | (95,444) | (100,157) | (281,968) | (272,209) |
Ending Balance | 1,416,048 | 1,194,238 | 1,416,048 | 1,194,238 | 1,357,075
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment | 1,416,048 | 1,194,238 | 1,416,048 | 1,194,238 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment | 22,235,176 | 20,748,077 | 22,235,176 | 20,748,077 |
Accrued Interest to be Capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment | 1,283,388 | 1,056,983 | 1,283,388 | 1,056,983 |
Other impacts to the provisions for credit losses | 666 | (304) | 2,225 | 373 |
Provisions for credit losses reported in consolidated statements of income | 198,023 | 207,598 | 329,864 | 336,193 |
FFELP Loans |  |  |  |  |
Allowance for Credit Losses |  |  |  |  |
Beginning balance | 4,422 | 3,929 | 3,444 | 4,077 | 4,077
Transfer from unfunded commitment liability | 0 | 0 | 0 | 0 |
Provision for current period | 666 | 29 | 2,225 | 110 |
Loan sale reduction to provision |  | 0 | 0 | 0 |
Loans transferred from held-for-sale |  | 0 |  | 0 |
Total provisions | 666 | 29 | 2,225 | 110 |
Net charge-offs: |  |  |  |  |
Charge-offs | (272) | (147) | (853) | (376) |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | (272) | (147) | (853) | (376) |
Ending Balance | 4,816 | 3,811 | 4,816 | 3,811 | 3,444
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment | 4,816 | 3,811 | 4,816 | 3,811 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment | 554,309 | 643,614 | 554,309 | 643,614 |
Accrued Interest to be Capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Net charge-offs as a percentage of average loans in repayment (annualized) | 0.25% | 0.11% | 0.26% | 0.09% |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized | 0.87% | 0.59% | 0.87% | 0.59% |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment | 1.15% | 0.78% | 1.15% | 0.78% |
Allowance coverage of net charge-offs (annualized) | 4.43 | 6.48 | 4.23 | 7.60 |
Ending total loans, gross | $ 554,309 | $ 643,614 | $ 554,309 | $ 643,614 |
Average loans in repayment | 428,028 | 518,226 | 440,716 | 532,275 |
Ending loans in repayment | 418,022 | 489,920 | 418,022 | 489,920 |
Accrued interest to be capitalized on loans in repayment | 0 | 0 | 0 | 0 |
Other impacts to the provisions for credit losses | 666 | 29 | 2,225 | 110 |
Private Education Loans |  |  |  |  |
Allowance for Credit Losses |  |  |  |  |
Beginning balance | 1,360,294 | 1,074,744 | 1,353,631 | 1,158,977 | 1,158,977
Transfer from unfunded commitment liability | 101,687 | 168,377 | 278,388 | 303,591 |
Provision for current period | 44,423 | 95,482 | 196,859 | 168,473 |
Loan sale reduction to provision |  | (50,226) | (136,531) | (171,325) |
Loans transferred from held-for-sale |  | 0 |  | 0 |
Total provisions | 44,423 | 45,256 | 60,328 | (2,852) |
Net charge-offs: |  |  |  |  |
Charge-offs | (104,865) | (109,350) | (314,500) | (299,699) |
Recoveries | 9,693 | 11,400 | 33,385 | 30,410 |
Net charge-offs | (95,172) | (97,950) | (281,115) | (269,289) |
Ending Balance | 1,411,232 | 1,190,427 | 1,411,232 | 1,190,427 | 1,353,631
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment | 1,411,232 | 1,190,427 | 1,411,232 | 1,190,427 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment | 21,680,867 | 20,104,463 | 21,680,867 | 20,104,463 |
Accrued Interest to be Capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment | $ 1,283,388 | $ 1,056,983 | $ 1,283,388 | $ 1,056,983 |
Net charge-offs as a percentage of average loans in repayment (annualized) | 2.53% | 2.67% | 2.44% | 2.37% |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized | 6.15% | 5.63% | 6.15% | 5.63% |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment | 8.84% | 7.98% | 8.84% | 7.98% |
Allowance coverage of net charge-offs (annualized) | 3.71 | 3.04 | 3.77 | 3.32 |
Ending total loans, gross | $ 21,680,867 | $ 20,104,463 | $ 21,680,867 | $ 20,104,463 |
Average loans in repayment | 15,023,993 | 14,674,437 | 15,358,596 | 15,173,465 |
Ending loans in repayment | 15,505,145 | 14,546,556 | 15,505,145 | 14,546,556 |
Accrued interest to be capitalized on loans in repayment | 464,807 | 371,388 | 464,807 | 371,388 |
Provisions for loan losses | 44,423 | 45,256 | 60,328 | (2,852) |
Provisions for unfunded loan commitments | 152,934 | 162,646 | 267,311 | 338,672 |
Total Private Education Loan provisions for credit losses | $ 197,357 | 207,902 | $ 327,639 | 335,820 |
Credit Cards |  |  |  |  |
Allowance for Credit Losses |  |  |  |  |
Beginning balance |  | 2,393 |  | 2,281 | $ 2,281
Transfer from unfunded commitment liability |  | 0 |  | 0 |
Provision for current period |  | 2,039 |  | 2,635 |
Loan sale reduction to provision |  | 0 |  | 0 |
Loans transferred from held-for-sale |  | (2,372) |  | (2,372) |
Total provisions |  | (333) |  | 263 |
Net charge-offs: |  |  |  |  |
Charge-offs |  | (2,062) |  | (2,549) |
Recoveries |  | 2 |  | 5 |
Net charge-offs |  | (2,060) |  | (2,544) |
Ending Balance |  | 0 |  | 0 |
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | 0 |  | 0 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | 0 |  | 0 |
Accrued Interest to be Capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ 0 |  | $ 0 |
Net charge-offs as a percentage of average loans in repayment (annualized) |  | 0.00% |  | 0.00% |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized |  | 0.00% |  | 0.00% |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment |  | 0.00% |  | 0.00% |
Allowance coverage of net charge-offs (annualized) |  | 0 |  | 0 |
Ending total loans, gross |  | $ 0 |  | $ 0 |
Average loans in repayment |  | 0 |  | 0 |
Ending loans in repayment |  | 0 |  | 0 |
Accrued interest to be capitalized on loans in repayment |  | 0 |  | 0 |
Other impacts to the provisions for credit losses |  | $ (333) |  | $ 263 |

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