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Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Allowance for Credit Losses and Recorded Investments in Loans
Allowance for Credit Losses Metrics
 
Year Ended December 31, 2023
(dollars in thousands)		FFELP 
Loans		Private Education
Loans		Total
Allowance for Credit Losses
Beginning balance$3,444 $1,353,631 $1,357,075 
Transfer from unfunded commitment liability(1)
— 320,237 320,237 
Provisions:
Provision for current period2,224 240,347 242,571 
Loan sale reduction to provision— (205,383)(205,383)
Loans transferred to held-for-sale— — — 
Total provisions(2)
2,224 34,964 37,188 
Net charge-offs:
Charge-offs(1,001)(420,095)(421,096)
Recoveries— 46,368 46,368 
Net charge-offs(1,001)(373,727)(374,728)
Ending Balance$4,667 $1,335,105 $1,339,772 
Allowance(3):
Ending balance: collectively evaluated for impairment$4,667 $1,335,105 $1,339,772 
Loans(3):
Ending balance: collectively evaluated for impairment$537,401 $21,025,844 $21,563,245 
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment$— $1,203,357 $1,203,357 
Net charge-offs as a percentage of average loans in repayment(4)
0.23 %2.44 %
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)
0.87 %6.01 %
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)
1.15 %8.43 %
Allowance coverage of net charge-offs4.66 3.57 
Ending total loans, gross$537,401 $21,025,844 
Average loans in repayment(4)
$433,225 $15,310,934 
Ending loans in repayment(4)
$406,568 $15,409,814 
Accrued interest to be capitalized on loans in repayment(6)
$— $435,807 
(1) See Note 8, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.
(2) Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.

Consolidated Statements of Income
Provisions for Credit Losses Reconciliation
Year Ended December 31, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses$34,964 
Provisions for unfunded loan commitments308,275 
Total Private Education Loan provisions for credit losses343,239 
Other impacts to the provisions for credit losses:
FFELP Loans2,224 
Total2,224 
Provisions for credit losses reported in consolidated statements of income$345,463 
(3) For the year ended December 31, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.
(4) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).
(5) Accrued interest to be capitalized on Private Education Loans only.
(6) Accrued interest to be capitalized on loans in repayment includes interest on loans that are in repayment but have not yet entered into full principal and interest repayment status after any applicable grace period (but, for purposes of the table, does not include interest on those loans while they are in forbearance).
Year Ended December 31, 2022
(dollars in thousands)		FFELP
Loans		Private Education
Loans		Credit CardsTotal
Allowance for Credit Losses
Beginning balance$4,077 $1,158,977 $2,281 $1,165,335 
Transfer from unfunded commitment liability(1)
— 344,310 — 344,310 
Provisions:
Provision for current period(20)410,254 3,301 413,535 
Loan sale reduction to provision— (174,231)— (174,231)
Loans transferred to held-for-sale— — (2,372)(2,372)
Total provisions(2)
(20)236,023 929 236,932 
Net charge-offs:
Charge-offs(613)(427,416)(3,215)(431,244)
Recoveries— 41,737 5 41,742 
Net charge-offs(613)(385,679)(3,210)(389,502)
Ending Balance$3,444 $1,353,631 $— $1,357,075 
Allowance(3):
Ending balance: collectively evaluated for impairment$3,444 $1,353,631 $— $1,357,075 
Loans(3):
Ending balance: collectively evaluated for impairment$609,050 $20,303,688 $— $20,912,738 
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment$— $936,837 $— $936,837 
Net charge-offs as a percentage of average loans in repayment(4)
0.12 %2.55 %— %
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)
0.57 %6.37 %— %
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)
0.76 %8.76 %— %
Allowance coverage of net charge-offs5.62 3.51 — 
Ending total loans, gross$609,050 $20,303,688 $— 
Average loans in repayment(4)
$517,139 $15,103,123 $— 
Ending loans in repayment(4)
$453,915 $15,129,550 $— 
Accrued interest to be capitalized on loans in repayment(6)
$— $324,384 $— 
(1) See Note 8, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.
(2) Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.
Consolidated Statements of Income
Provisions for Credit Losses Reconciliation
Year Ended December 31, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses$236,023 
Provisions for unfunded loan commitments396,521 
Total Private Education Loan provisions for credit losses632,544 
Other impacts to the provisions for credit losses:
FFELP Loans(20)
Credit Cards929 
Total909 
Provisions for credit losses reported in consolidated statements of income$633,453 

(3) For the year ended December 31, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.
(4) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).
(5) Accrued interest to be capitalized on Private Education Loans only.
(6) Accrued interest to be capitalized on loans in repayment includes interest on loans that are in repayment but have not yet entered into full principal and interest repayment status after any applicable grace period (but, for purposes of the table, does not include interest on those loans while they are in forbearance).
Year Ended December 31, 2021
(dollars in thousands)		FFELP
Loans		Private Education
Loans		Credit
Cards		Total
Allowance for Credit Losses
Beginning balance$4,378 $1,355,844 $1,501 $1,361,723 
Transfer from unfunded commitment liability(1)
— 301,655 — 301,655 
Provisions:
Provision for current period20 (233,852)1,124 (232,708)
Loan sale reduction to provision— (66,460)— (66,460)
Loans transferred to held-for-sale— 1,887 — 1,887 
Total provisions(2)
20 (298,425)1,124 (297,281)
Net charge-offs:
   Charge-offs(321)(229,591)(356)(230,268)
   Recoveries— 29,494 12 29,506 
Net charge-offs(321)(200,097)(344)(200,762)
Ending Balance$4,077 $1,158,977 $2,281 $1,165,335 
Allowance:
Ending balance: individually evaluated for impairment$— $47,712 $— $47,712 
Ending balance: collectively evaluated for impairment$4,077 $1,111,265 $2,281 $1,117,623 
Loans:
Ending balance: individually evaluated for impairment$— $1,057,665 $— $1,057,665 
Ending balance: collectively evaluated for impairment$695,216 $19,659,198 $25,014 $20,379,428 
Accrued interest to be capitalized:
Ending balance: individually evaluated for impairment$— $— $— $— 
Ending balance: collectively evaluated for impairment$— $947,391 $— $947,391 
Net charge-offs as a percentage of average loans in repayment(3)
0.06 %1.33 %2.24 %
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(4)
0.59 %5.35 %9.12 %
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(3)(4)
0.74 %7.32 %9.12 %
Allowance coverage of net charge-offs12.70 5.79 6.63 
Ending total loans, gross$695,216 $20,716,863 $25,014 
Average loans in repayment(3)
$545,689 $15,019,869 $15,343 
Ending loans in repayment(3)
$553,980 $15,511,212 $25,014 
Accrued interest to be capitalized on loans in repayment(5)
$— $312,537 $— 
(1) See Note 8, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.
(2) Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.
Consolidated Statements of Income
Provisions for Credit Losses Reconciliation
Year Ended December 31, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses$(298,425)
Provisions for unfunded loan commitments264,324 
Total Private Education Loan provisions for credit losses(34,101)
Other impacts to the provisions for credit losses:
FFELP Loans20 
Credit Cards1,124 
Total1,144 
Provisions for credit losses reported in consolidated statements of income$(32,957)
(3)    Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).
(4) Accrued interest to be capitalized on Private Education Loans only.
(5) Accrued interest to be capitalized on loans in repayment includes interest on loans that are in repayment but have not yet entered into full principal and interest payment status after any applicable grace period (but, for purposes of the table, does not include interest on those loans while they are in forbearance).
The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.
Years ended December 31, (dollars in thousands)202320222021
AllowanceUnfunded CommitmentsAllowanceUnfunded CommitmentsAllowanceUnfunded Commitments
Beginning Balance$124,924 $1,995,808 $72,713 $1,776,976 $110,044 $1,673,018 
Provision/New commitments - net(1)
308,275 6,602,803 396,521 6,180,805 264,324 5,512,841 
Transfer - funded loans(2)
(320,237)(6,377,534)(344,310)(5,961,973)(301,655)(5,408,883)
Ending Balance$112,962 $2,221,077 $124,924 $1,995,808 $72,713 $1,776,976 
(1)  Net of expirations of commitments unused. Also includes incremental provision for new commitments and changes to provision for existing commitments.
(2)  When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.
Schedule of Amortized Cost Basis of Financing Receivables
The following tables show the amortized cost basis at the end of the respective reporting period of the loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification. When we approve a Private Education Loan at the beginning of an academic year, we do not always disburse the full amount of the loan at the time of approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We consider borrowers to be in financial difficulty after they have exited school and have difficulty making their scheduled principal and interest payments.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Year Ended December 31, 2023
(dollars in thousands)		Interest Rate ReductionCombination - Interest Rate Reduction and Term Extension
Loan Type:Amortized Cost Basis% of Total Class of Financing ReceivableAmortized Cost Basis% of Total Class of Financing Receivable
Private Education Loans$48,637 0.22 %$331,889 1.48 %
Total$48,637 0.22 %$331,889 1.48 %
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Year Ended December 31, 2022
(dollars in thousands)		Interest Rate ReductionCombination - Interest Rate Reduction and Term Extension
Loan Type:Amortized Cost Basis% of Total Class of Financing ReceivableAmortized Cost Basis% of Total Class of Financing Receivable
Private Education Loans$30,569 0.14 %$295,547 1.37 %
Total$30,569 0.14 %$295,547 1.37 %
The following tables describe the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:

Year Ended December 31, 2023
Interest Rate ReductionCombination - Interest Rate
Reduction and Term Extension
Loan TypeFinancial EffectLoan TypeFinancial Effect
Private Education Loans
Reduced average contractual rate from 13.37% to 4.00%
Private Education Loans
Added a weighted average 10.20 years to the life of loans

Reduced average contractual rate from 12.92% to 4.00%

Year Ended December 31, 2022
Interest Rate ReductionCombination - Interest Rate
Reduction and Term Extension
Loan TypeFinancial EffectLoan TypeFinancial Effect
Private Education Loans
Reduced average contractual rate from 11.12% to 4.00%
Private Education Loans
Added a weighted average 10.40 years to the life of loans

Reduced average contractual rate from 10.57% to 4.00%
For the current period presented, the following table provides loan modifications for which a payment default occurred in the relevant period presented and within 12 months of the loan receiving a loan modification. Additionally, for the current period presented, the table summarizes charge-offs occurring in the relevant period presented and within 12 months of the loan receiving a loan modification. We define payment default as 60 days past due for purposes of this disclosure.
Year Ended December 31, 2023Year Ended December 31, 2022
(Dollars in thousands)
Modified Loans(1)(2)
Payment Default(3)
Charge-Offs(4)
Modified Loans(1)(2)
Payment Default(3)
Charge-Offs(4)
Loan Type:
Private Education Loans$28,972 $30,862 $8,070 $22,925 $22,621 $6,331 
Total$28,972 $30,862 $8,070 $22,925 $22,621 $6,331 
(1) Represents period-end amortized cost basis of loans that have been modified and for which a payment default occurred in the relevant period presented and within 12 months of receiving a modification (or within the reporting period, for the loans shown in in the year-ago period, as the case may be).
(2) For the year ended December 31, 2023, the modified loans include $24.8 million of interest rate reduction and term extension loan modifications and $4.2 million of interest rate reduction only loan modifications. For the year ended December 31, 2022, the modified loans include $20.6 million of interest rate reduction and term extension loan modifications and $2.3 million of interest rate reduction only loan modifications.
(3) Represents the unpaid principal balance at the time of payment default.
(4) Represents the unpaid principal balance at the time of charge off.
Age Analysis of Past Due Loans Delinquencies The following table depicts the performance of loans that have been modified during the respective reporting periods (the full years 2023 and 2022, respectively).
Payment Status (Amortized Cost Basis)
At December 31, 2023
(dollars in thousands)
Deferment(1)
Current(2)(3)
30-59 Days
Past Due(2)(3)
60-89 Days
Past Due(2)(3)
90 Days or Greater
 Past Due(2)(3)
Total
Loan Type:
Private Education Loans$6,843 $334,967 $17,205 $7,689 $13,822 $380,526 
Total$6,843 $334,967 $17,205 $7,689 $13,822 $380,526 
Payment Status (Amortized Cost Basis)
At December 31, 2022
(dollars in thousands)
Deferment(1)
Current(2)(3)
30-59 Days
Past Due(2)(3)
60-89 Days
Past Due(2)(3)
90 Days or Greater
 Past Due(2)(3)
Total
Loan Type:
Private Education Loans$7,698 $289,134 $13,859 $8,809 $6,616 $326,116 
Total$7,698 $289,134 $13,859 $8,809 $6,616 $326,116 
(1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make full principal and interest payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). Deferment also includes loans that have entered a forbearance after the loan modification was granted.
(2)For purposes of this table, loans in repayment only include loans on which borrowers are making full principal and interest payments after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).
(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.
Delinquencies - Private Education Loans Held for Investment

The following tables provide information regarding the loan status of our Private Education Loans held for investment, by year of origination approval. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the following tables, do not include those loans while they are in forbearance).

Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2023
(dollars in thousands)		202320222021202020192018 and PriorTotal
Loans in-school/grace/deferment(1)
$1,976,040 $1,672,333 $669,250 $307,781 $213,593 $452,994 $5,291,991 
Loans in forbearance(2)
19,265 93,079 58,438 35,450 31,818 85,989 324,039 
Loans in repayment:
Loans current2,469,817 3,254,534 2,131,040 1,416,069 1,323,825 4,213,986 14,809,271 
Loans delinquent 30-59 days(3)
17,599 34,627 37,147 28,020 31,432 149,926 298,751 
Loans delinquent 60-89 days(3)
5,720 17,227 20,077 16,614 15,482 75,897 151,017 
Loans 90 days or greater past due(3)
1,678 16,939 21,470 15,155 16,150 79,383 150,775 
Total Private Education Loans in repayment2,494,814 3,323,327 2,209,734 1,475,858 1,386,889 4,519,192 15,409,814 
Total Private Education Loans, gross4,490,119 5,088,739 2,937,422 1,819,089 1,632,300 5,058,175 21,025,844 
Private Education Loans deferred origination costs and unamortized premium/(discount)35,616 18,556 9,465 5,809 3,556 8,552 81,554 
Total Private Education Loans4,525,735 5,107,295 2,946,887 1,824,898 1,635,856 5,066,727 21,107,398 
Private Education Loans allowance for losses(269,642)(335,090)(194,104)(118,755)(100,111)(317,403)(1,335,105)
Private Education Loans, net$4,256,093 $4,772,205 $2,752,783 $1,706,143 $1,535,745 $4,749,324 $19,772,293 
Percentage of Private Education Loans in repayment55.6 %65.3 %75.2 %81.1 %85.0 %89.3 %73.3 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment1.0 %2.1 %3.6 %4.1 %4.5 %6.8 %3.9 %
Loans in forbearance as a percentage of loans in repayment and forbearance0.8 %2.7 %2.6 %2.3 %2.2 %1.9 %2.1 %

(1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.
Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2022
(dollars in thousands)		202220212020201920182017 and PriorTotal
Loans in-school/grace/deferment(1)
$1,827,649 $1,433,322 $578,253 $380,639 $219,280 $455,910 $4,895,053 
Loans in forbearance(2)
16,046 64,360 38,613 37,802 30,583 91,681 279,085 
Loans in repayment:
Loans current2,411,441 2,991,839 1,907,574 1,683,986 1,301,809 4,262,698 14,559,347 
Loans delinquent 30-59 days(3)
14,164 30,740 30,877 35,213 31,366 144,948 287,308 
Loans delinquent 60-89 days(3)
5,523 15,056 14,433 18,201 16,697 77,595 147,505 
Loans 90 days or greater past due(3)
1,710 11,842 14,872 16,819 16,107 74,040 135,390 
Total Private Education Loans in repayment2,432,838 3,049,477 1,967,756 1,754,219 1,365,979 4,559,281 15,129,550 
Total Private Education Loans, gross4,276,533 4,547,159 2,584,622 2,172,660 1,615,842 5,106,872 20,303,688 
Private Education Loans deferred origination costs and unamortized premium/(discount)26,714 15,933 9,062 5,496 3,575 8,876 69,656 
Total Private Education Loans4,303,247 4,563,092 2,593,684 2,178,156 1,619,417 5,115,748 20,373,344 
Private Education Loans allowance for losses(304,943)(323,506)(181,915)(141,424)(101,023)(300,820)(1,353,631)
Private Education Loans, net$3,998,304 $4,239,586 $2,411,769 $2,036,732 $1,518,394 $4,814,928 $19,019,713 
Percentage of Private Education Loans in repayment56.9 %67.1 %76.1 %80.7 %84.5 %89.3 %74.5 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment0.9 %1.9 %3.1 %4.0 %4.7 %6.5 %3.8 %
Loans in forbearance as a percentage of loans in repayment and forbearance0.7 %2.1 %1.9 %2.1 %2.2 %2.0 %1.8 %
(1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.
Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2021
(dollars in thousands)		202120202019201820172016 and PriorTotal
Loans in-school/grace/deferment(1)
$1,556,550 $1,283,523 $773,320 $435,657 $296,008 $559,356 $4,904,414 
Loans in forbearance(2)
11,951 55,844 52,364 43,613 41,355 96,110 301,237 
Loans in repayment(1):
Loans current2,234,876 2,786,646 2,321,728 1,772,651 1,570,815 4,319,057 15,005,773 
Loans delinquent 30-59 days(3)
15,148 29,146 46,616 43,197 41,695 132,757 308,559 
Loans delinquent 60-89 days(3)
3,194 7,441 14,044 14,310 16,425 61,533 116,947 
Loans 90 days or greater past due(3)
642 3,683 8,453 10,632 11,935 44,588 79,933 
Total Private Education Loans in repayment2,253,860 2,826,916 2,390,841 1,840,790 1,640,870 4,557,935 15,511,212 
Total Private Education Loans, gross3,822,361 4,166,283 3,216,525 2,320,060 1,978,233 5,213,401 20,716,863 
Private Education Loans deferred origination costs and unamortized premium/(discount)22,169 16,067 9,575 5,918 4,588 9,171 67,488 
Total Private Education Loans3,844,530 4,182,350 3,226,100 2,325,978 1,982,821 5,222,572 20,784,351 
Private Education Loans allowance for losses(248,102)(239,507)(195,223)(129,678)(99,982)(246,485)(1,158,977)
Private Education Loans, net$3,596,428 $3,942,843 $3,030,877 $2,196,300 $1,882,839 $4,976,087 $19,625,374 
Percentage of Private Education Loans in repayment59.0 %67.9 %74.3 %79.3 %82.9 %87.4 %74.9 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment0.8 %1.4 %2.9 %3.7 %4.3 %5.2 %3.3 %
Loans in forbearance as a percentage of loans in repayment and forbearance0.5 %1.9 %2.1 %2.3 %2.5 %2.1 %1.9 %
(1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.
Schedule of Private Education Loan Portfolio Stratified by Key Credit Quality Indicators The following tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination approval, stratified by key credit quality indicators.
As of December 31, 2023
(dollars in thousands)		Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination
2023(1)
2022(1)
2021(1)
2020(1)
2019(1)
2018 and Prior(1)
Total(1)
% of Balance
Cosigners:
With cosigner$3,903,676 $4,428,163 $2,516,380 $1,535,308 $1,378,699 $4,529,768 $18,291,994 87 %
Without cosigner586,443 660,576 421,042 283,781 253,601 528,407 2,733,850 13 
Total$4,490,119 $5,088,739 $2,937,422 $1,819,089 $1,632,300 $5,058,175 $21,025,844 100 %
FICO at Origination Approval(2):
Less than 670$328,199 $395,526 $208,696 $118,935 $137,494 $451,613 $1,640,463 8 %
670-699635,642 704,642 400,744 254,762 257,840 868,777 3,122,407 15 
700-7491,383,779 1,586,783 934,033 590,401 545,333 1,709,299 6,749,628 32 
Greater than or equal to 7502,142,499 2,401,788 1,393,949 854,991 691,633 2,028,486 9,513,346 45 
Total$4,490,119 $5,088,739 $2,937,422 $1,819,089 $1,632,300 $5,058,175 $21,025,844 100 %
FICO Refreshed(2)(3):
Less than 670$495,451 $638,381 $379,738 $217,956 $214,665 $791,875 $2,738,066 13 %
670-699616,684 672,777 365,674 193,462 176,963 564,245 2,589,805 12 
700-7491,347,094 1,477,310 836,747 498,414 445,244 1,361,073 5,965,882 28 
Greater than or equal to 7502,030,890 2,300,271 1,355,263 909,257 795,428 2,340,982 9,732,091 47 
Total$4,490,119 $5,088,739 $2,937,422 $1,819,089 $1,632,300 $5,058,175 $21,025,844 100 %
Seasoning(4):
1-12 payments$2,514,079 $740,450 $440,293 $245,631 $208,941 $332,608 $4,482,002 21 %
13-24 payments— 2,675,956 303,045 167,532 165,577 384,760 3,696,870 18 
25-36 payments— — 1,524,834 195,091 129,571 456,448 2,305,944 11 
37-48 payments— — — 902,938 208,521 446,350 1,557,809 7 
More than 48 payments— — — 116 706,097 2,985,015 3,691,228 18 
Not yet in repayment1,976,040 1,672,333 669,250 307,781 213,593 452,994 5,291,991 25 
Total$4,490,119 $5,088,739 $2,937,422 $1,819,089 $1,632,300 $5,058,175 $21,025,844 100 %
2023 Current period(5) gross charge-offs
$(1,812)$(31,032)$(70,331)$(49,624)$(50,585)$(216,711)$(420,095)
2023 Current period(5) recoveries
172 2,342 6,496 4,923 5,260 27,175 46,368 
2023 Current period(5) net charge-offs
$(1,640)$(28,690)$(63,835)$(44,701)$(45,325)$(189,536)$(373,727)
Total accrued interest by origination vintage$177,959 $408,800 $269,978 $152,094 $116,618 $229,116 $1,354,565 
(1)Balance represents gross Private Education Loans held for investment.
(2)Represents the higher credit score of the cosigner or the borrower.
(3)Represents the FICO score updated as of the fourth-quarter 2023.
(4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due.
(5)Current period refers to period from January 1, 2023 through December 31, 2023.
As of December 31, 2022
(dollars in thousands)		Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination
2022(1)
2021(1)
2020(1)
2019(1)
2018(1)
2017 and Prior(1)
Total(1)
% of Balance
Cosigners:
With cosigner$3,656,111 $3,941,921 $2,208,033 $1,853,619 $1,402,828 $4,626,491 $17,689,003 87 %
Without cosigner620,422 605,238 376,589 319,041 213,014 480,381 2,614,685 13 
Total$4,276,533 $4,547,159 $2,584,622 $2,172,660 $1,615,842 $5,106,872 $20,303,688 100 %
FICO at Origination Approval(2):
Less than 670$326,991 $307,646 $158,606 $177,098 $143,674 $439,587 $1,553,602 8 %
670-699593,216 611,649 356,541 339,685 259,142 878,426 3,038,659 15 
700-7491,336,765 1,440,510 834,819 719,777 537,680 1,722,068 6,591,619 32 
Greater than or equal to 7502,019,561 2,187,354 1,234,656 936,100 675,346 2,066,791 9,119,808 45 
Total$4,276,533 $4,547,159 $2,584,622 $2,172,660 $1,615,842 $5,106,872 $20,303,688 100 %
FICO Refreshed(2)(3):
Less than 670$443,868 $461,589 $242,310 $237,105 $204,894 $773,324 $2,363,090 12 %
670-699594,118 579,784 284,244 240,999 173,754 564,344 2,437,243 12 
700-7491,322,558 1,378,910 748,368 628,060 449,701 1,388,090 5,915,687 29 
Greater than or equal to 7501,915,989 2,126,876 1,309,700 1,066,496 787,493 2,381,114 9,587,668 47 
Total$4,276,533 $4,547,159 $2,584,622 $2,172,660 $1,615,842 $5,106,872 $20,303,688 100 %
Seasoning(4):
1-12 payments$2,448,884 $636,073 $384,334 $330,316 $235,878 $424,636 $4,460,121 22 %
13-24 payments— 2,477,764 255,510 195,753 166,045 455,782 3,550,854 18 
25-36 payments— — 1,366,398 257,534 126,223 489,157 2,239,312 11 
37-48 payments— — 127 1,008,418 224,805 451,102 1,684,452 8 
More than 48 payments— — — — 643,611 2,830,285 3,473,896 17 
Not yet in repayment1,827,649 1,433,322 578,253 380,639 219,280 455,910 4,895,053 24 
Total$4,276,533 $4,547,159 $2,584,622 $2,172,660 $1,615,842 $5,106,872 $20,303,688 100 %
2022 Current period(5) gross charge-offs
$(2,224)$(25,698)$(48,271)$(62,071)$(57,505)$(231,647)$(427,416)
2022 Current period(5) recoveries
124 1,841 4,170 5,556 5,407 24,639 41,737 
2022 Current period(5) net charge-offs
$(2,100)$(23,857)$(44,101)$(56,515)$(52,098)$(207,008)$(385,679)
Total accrued interest by origination vintage$142,915 $315,308 $207,858 $184,832 $116,211 $210,438 $1,177,562 
(1)Balance represents gross Private Education Loans held for investment.
(2)Represents the higher credit score of the cosigner or the borrower.
(3)Represents the FICO score updated as of the fourth-quarter 2022.
(4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due.
(5)Current period refers to period from January 1, 2022 through December 31, 2022.
Schedule of Accrued Interest Receivable
The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans 90 days or greater past due as compared to our allowance for uncollectible interest on loans making full interest payments. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period after separation from school, and the current expected credit losses on accrued interest that will be capitalized is included in our allowance for credit losses.

 Private Education Loans
Accrued Interest Receivable
(Dollars in thousands)Total Interest
Receivable		90 Days or Greater
Past Due
Allowance for
Uncollectible
Interest(1)
December 31, 2023$1,354,565 $8,373 $9,897 
December 31, 2022$1,177,562 $6,609 $8,121 
(1) The allowance for uncollectible interest at December 31, 2023 and 2022 represents the expected losses related to the portion of accrued interest receivable on those loans that are in repayment (at December 31, 2023 and 2022, relates to $151 million and $240 million, respectively, of accrued interest receivable) that is/was not expected to be capitalized. The accrued interest receivable that is/was expected to be capitalized ($1.2 billion and $937 million at December 31, 2023 and 2022, respectively) is reserved in the allowance for credit losses.