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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
Pay Versus Performance
The following table show
s
the total compensation
for
ou
r
NEOs for the past three fiscal years as set for
th
in the Summary Compensation Table, the “compensation actually paid” to our CEOs (Raymond J. Quinlan through April 2
0
, 2020, identified below as “CEO 1”, and Mr. Witter for the remainder of 2020 to present, identified below as “CEO 2”), and on an average basis, our other NEOs (in each case, as determined under SEC rules), our TSR, our peer group TSR consisting of the S&P Super Composite Consumer Finance
Sub-Industry
Index, our net income, and our Company-Selected Measure, relative TSR against a defined group of peers.
 
LOGO
 
    
                                
Value of Initial Fixed $100
Investment Based on:
                    
                                                              
                               
Fiscal
Year
(a)
  
SCT Total
for CEO 1
(b)
1
  
CAP to
CEO 1
(c)
2
  
SCT Total
for CEO 2
(d)
3
  
CAP to
CEO 2
(e)
2
  
Average
SCT Total
for other
NEOs
(f)
4
  
Average
CAP to
Other NEOs
(g)
2
       
TSR
(h)
5
      
Peer Group
TSR
(i)
5
      
Net Income
($ in mil-
lions)
(j)
          
Company-
Selected
Measure:
Relative
TSR
(k)
6
                               
2022   $0   $0   $7,809,136   $3,242,518   $2,144,103   $1,683,781        $195.73  
 
   $110.91       $469.0      
 
   43rd
percentile
                               
2021   $0   $0   $7,047,062   $19,612,482   $2,067,229   $2,891,752          $226.14  
 
   $137.67         $1,160.5        
 
   89th
percentile
                               
2020   $9,819,626   $13,432,081   $11,106,257   $18,521,966   $1,993,290   $2,430,458  
 
    $140.90  
 
 
   $100.83  
 
   $880.7  
 
  
 
 
   98th
percentile
 
1
The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Quinlan (our CEO until April 20, 2020) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to the Summary Compensation Table as set forth on page 52 of our proxy statement filed with the SEC on April 22, 2021.
 
2
The dollar amounts reported in columns (c), (e), and (g) represent the amount of “compensation actually paid” (otherwise known as CAP), adjusted as follow in the table below, as determined in accordance with SEC rules. None of the equity awards held by our NEOs were forfeited during the preceding three years; therefore, no amounts are reported for forfeited awards. “Compensation actually paid” does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. We do not have a defined benefit plan, so no adjustment for pension benefits is included in the table below. Fair values set forth in the table below are computed in accordance with ASC 718 as of the end of the respective fiscal year, other than fair values of the awards that vest in the covered year, which are valued as of the applicable vesting date. Similarly, no adjustment is made for dividends because the amount associated with such dividends are reflected in the fair value of the award for the covered fiscal year. The reconciliation from the Summary Compensation Table to CAP is summarized in the table below.
 
 
LOGO
    
Fiscal
Year
   
Executives
   
SCT
(a)
   
Grant Date
Fair Value
of Stock
Awards
Reported
in SCT
(b)
   
Year End
Fair Value of
New
Awards
(i)
   
Change in
Fair Value of
Outstanding
Unvested
Awards
from Prior
Years
(ii)
  
Change in
Fair Value
of Awards
from Prior
Years that
Vested
(iii)
  
Total Equity
CAP
(c)=(i)+(ii)+(iii)
   
CAP
(d) =(a)-(b)+(c)
                                       
                 
2022
    CEO 1    $0    $0    $0    $0   $0   $0    $0  
     CEO 2    $7,809,136    $5,373,654    $4,496,776    ($2,877,215)   ($812,525)   $807,036    $3,242,518
 
    Other NEOs    $2,144,103    $900,083    $749,279    ($284,324)   ($25,193)   $439,762    $1,683,781
                 
2021
    CEO 1    $0    $0    $0    $0   $0   $0    $0
     CEO 2    $7,047,062    $4,223,345    $5,721,809    $8,549,142   $2,517,814   $16,788,765    $19,612,482
 
    Other NEOs    $2,067,229    $791,863    $1,069,779    $514,876   $31,731   $1,616,386    $2,891,752
                 
2020
    CEO 1    $9,819,626    $3,487,623    $3,957,718    $2,199,774   $942,586   $7,100,078    $13,432,081
     CEO 2    $11,106,257    $8,824,635    $16,240,344    $0   $0   $16,240,344    $18,521,966
 
 
    Other NEOs    $1,993,290    $569,479    $649,801    $248,107   $108,739   $1,006,647    $2,430,458
 
  (a)
The dollar amounts reported in the Summary Compensation Table for the applicabl
e
ye
ar.
 
  (b)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
 
  (c)
The recalculated value of equity awards for each applicable year includes the addition (or subtraction, as applicable) of the following:
 
  (i)
the
year-end
fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year;
 
  (ii)
the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
 
  (iii)
for awards that vest in the applicable year, the change in the fair value as of the vesting date from the beginning of the applicable year.
 
    
While the equity awards disclosed in the Summary Compensation Table are based on the grant date fair values computed in accordance with FASB ASC Topic 718, the equity award values disclosed pursuant to CAP in the table above are calculated in the following manner:
 
  •  
The stock prices used to calculate the figures in columns (i) and (ii) in the above table are as follows: $8.91 on December 31, 2019, $12.39 on December 31, 2020, $19.67 on December 31, 2021, and $16.60 on December 31, 2022. The stock prices used to calculate the figures in column (iii) in the above table are based on the closing prices on the vesting dates of the applicable awards.
  •  
The valuation assumptions and processes used to recalculate fair values did not materially differ from those disclosed at the time of grant.
 
  (d)
“Compensation actually paid” does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules.
 
3
The dollar amounts reported in column (d) are the amounts of total compensation reported for Mr. Witter (our CEO from April 20, 2020 to present) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to the Summary Compensation Table as set forth on page 52 of this proxy statement.
 
4
The dollar amounts reported in column (f) are the average amounts of total compensation reported for the other Named Executive Officers for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to the Summary Compensation Table as set forth on page 52 of this proxy statement. For each of 2020, 2021 and 2022, the other NEOs were:
 
   
2022
    Steven J McGarry, Kerri Palmer, Donna Vieira, Daniel Kennedy
   
2021
    Steven J McGarry, Kerri Palmer, Donna Vieira, Daniel Kennedy
   
2020
    Steven J McGarry, Paul Thome, Donna Vieira, Daniel Kennedy
 
5
TSR is determined based on the value of an initial fixed investment of $100. The TSR peer group consists of the S&P Super Composite Consumer Finance Sub Industry Index, which is used for our Stock Performance presentation set forth in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2022.
 
6
Our Company-Selected Measure is Relative TSR consistent with the peer group used in the PSU metric under our annual Long Term Incentive Program. For illustrative purposes, calculations within this column are based on
1-year
measurements (as opposed to the
3-year
relative TSR performance period regarding the Company’s PSUs). For purposes of relative TSR, the peer group used in the PSU metric under our annual Long-Term Incentive Program consists of: (i) the S&P Super Composite Consumer Finance Sub Industry Index and (ii) the S&P 400 Regional Bank
Sub-Industry
Ind
e
x.
    
Company Selected Measure Name Relative TSR    
Named Executive Officers, Footnote [Text Block]
4
The dollar amounts reported in column (f) are the average amounts of total compensation reported for the other Named Executive Officers for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to the Summary Compensation Table as set forth on page 52 of this proxy statement. For each of 2020, 2021 and 2022, the other NEOs were:
 
   
2022
    Steven J McGarry, Kerri Palmer, Donna Vieira, Daniel Kennedy
   
2021
    Steven J McGarry, Kerri Palmer, Donna Vieira, Daniel Kennedy
   
2020
    Steven J McGarry, Paul Thome, Donna Vieira, Daniel Kennedy
    
Peer Group Issuers, Footnote [Text Block] TSR is determined based on the value of an initial fixed investment of $100. The TSR peer group consists of the S&P Super Composite Consumer Finance Sub Industry Index, which is used for our Stock Performance presentation set forth in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2022. 		   
Adjustment To PEO Compensation, Footnote [Text Block]
 
LOGO
    
Fiscal
Year
   
Executives
   
SCT
(a)
   
Grant Date
Fair Value
of Stock
Awards
Reported
in SCT
(b)
   
Year End
Fair Value of
New
Awards
(i)
   
Change in
Fair Value of
Outstanding
Unvested
Awards
from Prior
Years
(ii)
  
Change in
Fair Value
of Awards
from Prior
Years that
Vested
(iii)
  
Total Equity
CAP
(c)=(i)+(ii)+(iii)
   
CAP
(d) =(a)-(b)+(c)
                                       
                 
2022
    CEO 1    $0    $0    $0    $0   $0   $0    $0  
     CEO 2    $7,809,136    $5,373,654    $4,496,776    ($2,877,215)   ($812,525)   $807,036    $3,242,518
 
    Other NEOs    $2,144,103    $900,083    $749,279    ($284,324)   ($25,193)   $439,762    $1,683,781
                 
2021
    CEO 1    $0    $0    $0    $0   $0   $0    $0
     CEO 2    $7,047,062    $4,223,345    $5,721,809    $8,549,142   $2,517,814   $16,788,765    $19,612,482
 
    Other NEOs    $2,067,229    $791,863    $1,069,779    $514,876   $31,731   $1,616,386    $2,891,752
                 
2020
    CEO 1    $9,819,626    $3,487,623    $3,957,718    $2,199,774   $942,586   $7,100,078    $13,432,081
     CEO 2    $11,106,257    $8,824,635    $16,240,344    $0   $0   $16,240,344    $18,521,966
 
 
    Other NEOs    $1,993,290    $569,479    $649,801    $248,107   $108,739   $1,006,647    $2,430,458
 
  (a)
The dollar amounts reported in the Summary Compensation Table for the applicabl
e
ye
ar.
 
  (b)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
 
  (c)
The recalculated value of equity awards for each applicable year includes the addition (or subtraction, as applicable) of the following:
 
  (i)
the
year-end
fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year;
 
  (ii)
the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
 
  (iii)
for awards that vest in the applicable year, the change in the fair value as of the vesting date from the beginning of the applicable year.
 
    
While the equity awards disclosed in the Summary Compensation Table are based on the grant date fair values computed in accordance with FASB ASC Topic 718, the equity award values disclosed pursuant to CAP in the table above are calculated in the following manner:
 
  •  
The stock prices used to calculate the figures in columns (i) and (ii) in the above table are as follows: $8.91 on December 31, 2019, $12.39 on December 31, 2020, $19.67 on December 31, 2021, and $16.60 on December 31, 2022. The stock prices used to calculate the figures in column (iii) in the above table are based on the closing prices on the vesting dates of the applicable awards.
  •  
The valuation assumptions and processes used to recalculate fair values did not materially differ from those disclosed at the time of grant.
 
  (d)
“Compensation actually paid” does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules.
 
    
Non-PEO NEO Average Total Compensation Amount $ 2,144,103 $ 2,067,229 $ 1,993,290
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,683,781 2,891,752 2,430,458
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
 
LOGO
    
Fiscal
Year
   
Executives
   
SCT
(a)
   
Grant Date
Fair Value
of Stock
Awards
Reported
in SCT
(b)
   
Year End
Fair Value of
New
Awards
(i)
   
Change in
Fair Value of
Outstanding
Unvested
Awards
from Prior
Years
(ii)
  
Change in
Fair Value
of Awards
from Prior
Years that
Vested
(iii)
  
Total Equity
CAP
(c)=(i)+(ii)+(iii)
   
CAP
(d) =(a)-(b)+(c)
                                       
                 
2022
    CEO 1    $0    $0    $0    $0   $0   $0    $0  
     CEO 2    $7,809,136    $5,373,654    $4,496,776    ($2,877,215)   ($812,525)   $807,036    $3,242,518
 
    Other NEOs    $2,144,103    $900,083    $749,279    ($284,324)   ($25,193)   $439,762    $1,683,781
                 
2021
    CEO 1    $0    $0    $0    $0   $0   $0    $0
     CEO 2    $7,047,062    $4,223,345    $5,721,809    $8,549,142   $2,517,814   $16,788,765    $19,612,482
 
    Other NEOs    $2,067,229    $791,863    $1,069,779    $514,876   $31,731   $1,616,386    $2,891,752
                 
2020
    CEO 1    $9,819,626    $3,487,623    $3,957,718    $2,199,774   $942,586   $7,100,078    $13,432,081
     CEO 2    $11,106,257    $8,824,635    $16,240,344    $0   $0   $16,240,344    $18,521,966
 
 
    Other NEOs    $1,993,290    $569,479    $649,801    $248,107   $108,739   $1,006,647    $2,430,458
 
  (a)
The dollar amounts reported in the Summary Compensation Table for the applicabl
e
ye
ar.
 
  (b)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
 
  (c)
The recalculated value of equity awards for each applicable year includes the addition (or subtraction, as applicable) of the following:
 
  (i)
the
year-end
fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year;
 
  (ii)
the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
 
  (iii)
for awards that vest in the applicable year, the change in the fair value as of the vesting date from the beginning of the applicable year.
 
    
While the equity awards disclosed in the Summary Compensation Table are based on the grant date fair values computed in accordance with FASB ASC Topic 718, the equity award values disclosed pursuant to CAP in the table above are calculated in the following manner:
 
  •  
The stock prices used to calculate the figures in columns (i) and (ii) in the above table are as follows: $8.91 on December 31, 2019, $12.39 on December 31, 2020, $19.67 on December 31, 2021, and $16.60 on December 31, 2022. The stock prices used to calculate the figures in column (iii) in the above table are based on the closing prices on the vesting dates of the applicable awards.
  •  
The valuation assumptions and processes used to recalculate fair values did not materially differ from those disclosed at the time of grant.
 
  (d)
“Compensation actually paid” does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules.
 
    
Compensation Actually Paid vs. Total Shareholder Return [Text Block] LOGO    
Compensation Actually Paid vs. Net Income [Text Block] LOGO    
Compensation Actually Paid vs. Company Selected Measure [Text Block] LOGO    
Total Shareholder Return Vs Peer Group [Text Block] LOGO    
Tabular List [Table Text Block]
2022 Performance Measures
TheCompensation Committee uses a mix of performance measures throughout the AIP and LTIP in order to align executive pay with Company performance. As required by SEC rules, the performance measures identified as the most important for NEOs’ 2022 compensation decisions are listed in the table to the right. These performance measures are each described in more detail in the CD&A.
 
LOGO
 
    
 
Most Important Performance Measures
 
Relative TSR
 
Pre-Tax,
Pre-Provision,
Pre-Operating
Expense Income Per Share
 
Private Education Loan Originations
 
Operating Expenses
 
Net Charge-Offs
    
Total Shareholder Return Amount $ 195.73 226.14 140.9
Peer Group Total Shareholder Return Amount 110.91 137.67 100.83
Net Income (Loss) $ 469,000,000 $ 1,160,500,000 $ 880,700,000
Company Selected Measure Amount 0.43 0.89 0.98
PEO Name Mr. Witter   Mr. Quinlan
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Relative TSR    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Pre-Tax, Pre-Provision, Pre-Operating Expense Income Per Share    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Private Education Loan Originations    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Operating Expenses    
Measure [Axis]: 5      
Pay vs Performance Disclosure [Table]      
Measure Name Net Charge-Offs    
Raymond J. Quinlan [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount $ 0 $ 0 $ 9,819,626
PEO Actually Paid Compensation Amount 0 0 13,432,081
Mr. Witter [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount 7,809,136 7,047,062 11,106,257
PEO Actually Paid Compensation Amount 3,242,518 19,612,482 18,521,966
PEO [Member] | Raymond J. Quinlan [Member] | Grant Date Fair Value of Stock Awards Reported in SCT [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 3,487,623
PEO [Member] | Raymond J. Quinlan [Member] | Year End Fair Value of New Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 3,957,718
PEO [Member] | Raymond J. Quinlan [Member] | Change in Fair Value of Outstanding Unvested Awards from Prior Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 2,199,774
PEO [Member] | Raymond J. Quinlan [Member] | Change in Fair Value of Awards from Prior Years that Vested in 2022 [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 942,586
PEO [Member] | Raymond J. Quinlan [Member] | Total Equity CAP [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 7,100,078
PEO [Member] | Mr. Witter [Member] | Grant Date Fair Value of Stock Awards Reported in SCT [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 5,373,654 4,223,345 8,824,635
PEO [Member] | Mr. Witter [Member] | Year End Fair Value of New Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 4,496,776 5,721,809 16,240,344
PEO [Member] | Mr. Witter [Member] | Change in Fair Value of Outstanding Unvested Awards from Prior Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (2,877,215) 8,549,142 0
PEO [Member] | Mr. Witter [Member] | Change in Fair Value of Awards from Prior Years that Vested in 2022 [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (812,525) 2,517,814 0
PEO [Member] | Mr. Witter [Member] | Total Equity CAP [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 807,036 16,788,765 16,240,344
Non-PEO NEO [Member] | Grant Date Fair Value of Stock Awards Reported in SCT [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 900,083 791,863 569,479
Non-PEO NEO [Member] | Year End Fair Value of New Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 749,279 1,069,779 649,801
Non-PEO NEO [Member] | Change in Fair Value of Outstanding Unvested Awards from Prior Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (284,324) 514,876 248,107
Non-PEO NEO [Member] | Change in Fair Value of Awards from Prior Years that Vested in 2022 [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (25,193) 31,731 108,739
Non-PEO NEO [Member] | Total Equity CAP [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 439,762 $ 1,616,386 $ 1,006,647