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v3.23.3

Borrowings - Narrative (Details) - USD ($) |  |  |  | 9 Months Ended | 12 Months Ended |
--- | --- | --- | --- | --- | --- | ---
Aug. 16, 2023 | May 24, 2023 | Mar. 15, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | May 16, 2023
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |
Estimated weighted average life of student loans |  |  |  | 5 years |  |  | 5 years |
Vertical risk retention interest |  |  |  |  | 5.00% | 5.00% |  |
Uncommitted federal funds |  |  |  | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 |  |
Lendable value of collateral |  |  |  | 1,600,000,000 | 1,600,000,000 | 1,600,000,000 | $ 2,200,000,000 |
ABCP borrowings | Secured Borrowings |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |
Secured borrowing facility maximum borrowing capacity |  |  |  |  |  |  |  | $ 2,000,000,000
Residual interest percentage of facility trust |  |  |  |  |  |  |  | 100.00%
Secured borrowings outstanding |  |  |  | 0 | 0 | 0 | $ 0 |
2023-A |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |
Private education loan term accounted for as a secured financing |  |  | $ 579,000,000 |  |  |  |  |
Loans sold to third parties |  |  | $ 579,000,000 |  |  |  |  |
Ownership interest percentage on asset-backed financing |  |  | 100.00% |  |  |  |  |
Unsecured debt issued |  |  | $ 572,000,000 |  |  |  |  |
Estimated weighted average life of student loans |  |  | 5 years 21 days |  |  |  |  |
Loans pledged as collateral |  |  |  | 609,000,000 | 609,000,000 | 609,000,000 |  |
Principal amount of collateral |  |  |  | 563,000,000 | 563,000,000 | 563,000,000 |  |
Capitalized interest |  |  |  | 46,000,000 | 46,000,000 | 46,000,000 |  |
2023-A | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |
Basis spread on variable rate |  |  | 1.53% |  |  |  |  |
2023-C |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |
Private education loan term accounted for as a secured financing | $ 568,000,000 |  |  |  |  |  |  |
Loans sold to third parties | $ 568,000,000 |  |  |  |  |  |  |
Ownership interest percentage on asset-backed financing | 100.00% |  |  |  |  |  |  |
Unsecured debt issued | $ 568,000,000 |  |  |  |  |  |  |
Estimated weighted average life of student loans | 4 years 11 months 4 days |  |  |  |  |  |  |
Loans pledged as collateral |  |  |  | 637,000,000 | 637,000,000 | 637,000,000 |  |
Principal amount of collateral |  |  |  | 590,000,000 | 590,000,000 | 590,000,000 |  |
Capitalized interest |  |  |  | $ 47,000,000 | $ 47,000,000 | $ 47,000,000 |  |
2023-C | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |
Basis spread on variable rate | 1.69% |  |  |  |  |  |  |
2023-B |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |
Vertical risk retention interest |  |  |  |  | 5.00% |  |  |
2023-B | Student Loan |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |
Private education loans sold |  | $ 2,000,000,000 |  |  |  |  |  |
Additional proceeds from sale |  | 105,000,000 |  |  |  |  |  |
Gain on sale |  | $ 5,000,000 |  |  |  |  |  |

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- Definition The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(13)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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