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Loans Held for Investment (Tables) | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Schedule of Loans Held for Investment | Loans held for investment are summarized as follows:
|  | March 31, |  | December 31,
(Dollars in thousands) |  | 2024 |  | 2023
Private Education Loans: |  |  |  |
Fixed-rate |  | $ | 14,788,341 |  |  | $ | 13,985,791 |
Variable-rate |  | 6,164,005 |  |  | 7,040,053 |
Total Private Education Loans, gross |  | 20,952,346 |  |  | 21,025,844 |
Deferred origination costs and unamortized premium/(discount) |  | 80,868 |  |  | 81,554 |
Allowance for credit losses |  | (1,345,431) |  |  | (1,335,105) |
Total Private Education Loans, net |  | 19,687,783 |  |  | 19,772,293 |
FFELP Loans |  | 516,363 |  |  | 537,401 |
Deferred origination costs and unamortized premium/(discount) |  | 1,270 |  |  | 1,330 |
Allowance for credit losses |  | (4,627) |  |  | (4,667) |
Total FFELP Loans, net |  | 513,006 |  |  | 534,064 |
Loans held for investment, net |  | $ | 20,200,789 |  |  | $ | 20,306,357 |
The average balance (net of unamortized premium/(discount)) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:
|  | 2024 |  | 2023
Three Months Ended March 31, (dollars in thousands) |  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 21,442,744 |  |  | 11.01 | % |  | $ | 21,755,202 |  |  | 10.66 | %
FFELP Loans |  | 527,012 |  |  | 7.24 |  |  | 602,072 |  |  | 6.87 |
Total portfolio |  | $ | 21,969,756 |  |  |  |  | $ | 22,357,274 |  |  |

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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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