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Loans Held for Investment (Tables) | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
Schedule of Loans Held for Investment | Loans held for investment are summarized as follows:
As of December 31, (dollars in thousands) |  | 2023 |  | 2022
Private Education Loans: |  |  |  |
Fixed-rate |  | $ | 13,985,791 |  |  | $ | 11,108,079 |
Variable-rate |  | 7,040,053 |  |  | 9,195,609 |
Total Private Education Loans, gross |  | 21,025,844 |  |  | 20,303,688 |
Deferred origination costs and unamortized premium/ (discount) |  | 81,554 |  |  | 69,656 |
Allowance for credit losses |  | (1,335,105) |  |  | (1,353,631) |
Total Private Education Loans, net |  | 19,772,293 |  |  | 19,019,713 |
FFELP Loans |  | 537,401 |  |  | 609,050 |
Deferred origination costs and unamortized premium/ (discount) |  | 1,330 |  |  | 1,549 |
Allowance for credit losses |  | (4,667) |  |  | (3,444) |
Total FFELP Loans, net |  | 534,064 |  |  | 607,155 |
Loans held for investment, net |  | $ | 20,306,357 |  |  | $ | 19,626,868 |
The estimated weighted average life of education loans in our portfolio was approximately 5.0 years at both December 31, 2023 and 2022. The average balance and the respective weighted average interest rates of loans in our portfolio (net of unamortized premium/discount) are summarized as follows:
|  | 2023 |  | 2022 |  | 2021
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 |  | $ | 21,039,701 |  |  | 10.86 | % |  | $ | 20,576,737 |  |  | 9.14 | % |  | $ | 20,968,061 |  |  | 8.25 | %
FFELP Loans |  | 574,218 |  |  | 7.19 |  |  | 662,194 |  |  | 4.62 |  |  | 718,186 |  |  | 3.43 |
Credit Cards(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,982 |  |  | 4.67 |
Total portfolio |  | $ | 21,613,919 |  |  |  |  | $ | 21,238,931 |  |  |  |  | $ | 21,701,229 |  |  |
(1) Credit Card loans were transferred to loans held for sale at September 30, 2022 and were subsequently sold to a third party in May 2023.
Schedule of Loans Held for Investment by Region | Loans Held for Investment by Region At December 31, 2023 and 2022, 43.5 percent and 43.1 percent, respectively, of total education loans were concentrated in the following states:
As of December 31, |  | 2023 |  | 2022
California |  | 10.1 | % |  | 9.8 | %
New York |  | 9.0 |  |  | 9.1 |
Pennsylvania |  | 7.2 |  |  | 7.4 |
Texas |  | 6.3 |  |  | 6.0 |
New Jersey |  | 5.6 |  |  | 5.8 |
Florida |  | 5.3 |  |  | 5.0 |
|  | 43.5 | % |  | 43.1 | %

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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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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