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Allowance for Credit Losses (Tables) | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Schedule of Allowance for Credit Losses and Recorded Investments in Loans | Allowance for Credit Losses Metrics
Three Months Ended March 31, 2024 (dollars in thousands) |  | FFELP Loans |  | Private Education Loans |  |  |  | Total
Allowance for Credit Losses |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,667 |  |  | $ | 1,335,105 |  |  |  |  | $ | 1,339,772 |
Transfer from unfunded commitment liability(1) |  | — |  |  | 131,614 |  |  |  |  | 131,614 |
Provisions: |  |  |  |  |  |  |  |
Provision for current period |  | 83 |  |  | 94,476 |  |  |  |  | 94,559 |
Loan sale reduction to provision |  | — |  |  | (133,204) |  |  |  |  | (133,204) |
Total provisions(2) |  | 83 |  |  | (38,728) |  |  |  |  | (38,645) |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  | (123) |  |  | (93,874) |  |  |  |  | (93,997) |
Recoveries |  | — |  |  | 11,314 |  |  |  |  | 11,314 |
Net charge-offs |  | (123) |  |  | (82,560) |  |  |  |  | (82,683) |
Ending Balance |  | $ | 4,627 |  |  | $ | 1,345,431 |  |  |  |  | $ | 1,350,058 |
Allowance(3): |  |  |  |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ | 4,627 |  |  | $ | 1,345,431 |  |  |  |  | $ | 1,350,058 |
Loans(3): |  |  |  |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ | 516,363 |  |  | $ | 20,952,346 |  |  |  |  | $ | 21,468,709 |
Accrued interest to be capitalized(3): |  |  |  |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ | — |  |  | $ | 1,217,295 |  |  |  |  | $ | 1,217,295 |
Net charge-offs as a percentage of average loans in repayment (annualized)(4) |  | 0.12 | % |  | 2.14 | % |  |  |  |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5) |  | 0.90 | % |  | 6.07 | % |  |  |  |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5) |  | 1.17 | % |  | 8.74 | % |  |  |  |
Allowance coverage of net charge-offs (annualized) |  | 9.40 |  |  | 4.07 |  |  |  |  |
Ending total loans, gross |  | $ | 516,363 |  |  | $ | 20,952,346 |  |  |  |  |
Average loans in repayment(4) |  | $ | 399,680 |  |  | $ | 15,407,495 |  |  |  |  |
Ending loans in repayment(4) |  | $ | 393,820 |  |  | $ | 14,961,692 |  |  |  |  |
Accrued interest to be capitalized on loans in repayment(6) |  | $ | — |  |  | $ | 440,259 |  |  |  |  |
(1) See Note 5, “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
Three Months Ended March 31, 2024 (dollars in thousands)
Private Education Loan provisions for credit losses: |  |
Provisions for loan losses |  | $ | (38,728) |
Provisions for unfunded loan commitments |  | 50,686 |
Total Private Education Loan provisions for credit losses |  | 11,958 |
Other impacts to the provisions for credit losses: |  |
FFELP Loans |  | 83 |
Total |  | 83 |
Provisions for credit losses reported in consolidated statements of income |  | $ | 12,041 |
(3) For the three months ended March 31, 2024, 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 the interest on those loans while they are in forbearance).
Three Months Ended March 31, 2023 (dollars in thousands) |  | FFELP Loans |  | Private Education Loans |  | Credit Cards(7) |  | Total
Allowance for Credit Losses |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,444 |  |  | $ | 1,353,631 |  |  | $ | — |  |  | $ | 1,357,075 |
Transfer from unfunded commitment liability(1) |  | — |  |  | 148,513 |  |  | — |  |  | 148,513 |
Provisions: |  |  |  |  |  |  |  |
Provision for current period |  | 739 |  |  | 56,334 |  |  | 730 |  |  | 57,803 |
Total provisions(2) |  | 739 |  |  | 56,334 |  |  | 730 |  |  | 57,803 |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  | (256) |  |  | (95,085) |  |  | (741) |  |  | (96,082) |
Recoveries |  | — |  |  | 11,986 |  |  | 11 |  |  | 11,997 |
Net charge-offs |  | (256) |  |  | (83,099) |  |  | (730) |  |  | (84,085) |
Ending Balance |  | $ | 3,927 |  |  | $ | 1,475,379 |  |  | $ | — |  |  | $ | 1,479,306 |
Allowance(3): |  |  |  |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ | 3,927 |  |  | $ | 1,475,379 |  |  | $ | — |  |  | $ | 1,479,306 |
Loans(3): |  |  |  |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ | 592,318 |  |  | $ | 21,898,003 |  |  | $ | — |  |  | $ | 22,490,321 |
Accrued interest to be capitalized(3): |  |  |  |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ | — |  |  | $ | 1,150,802 |  |  | $ | — |  |  | $ | 1,150,802 |
Net charge-offs as a percentage of average loans in repayment (annualized)(4) |  | 0.23 | % |  | 2.11 | % |  | — | % |  |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5) |  | 0.66 | % |  | 6.40 | % |  | — | % |  |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5) |  | 0.88 | % |  | 9.00 | % |  | — | % |  |
Allowance coverage of net charge-offs (annualized) |  | 3.83 |  |  | 4.44 |  |  | — |  |  |
Ending total loans, gross |  | $ | 592,318 |  |  | $ | 21,898,003 |  |  | $ | — |  |  |
Average loans in repayment(4) |  | $ | 451,451 |  |  | $ | 15,764,143 |  |  | $ | — |  |  |
Ending loans in repayment(4) |  | $ | 446,214 |  |  | $ | 15,990,459 |  |  | $ | — |  |  |
Accrued interest to be capitalized on loans in repayment(6) |  | $ | — |  |  | $ | 408,263 |  |  | $ | — |  |  |
(1) See Note 5, “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
Three Months Ended March 31, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses: |  |
Provisions for loan losses |  | $ | 56,334 |
Provisions for unfunded loan commitments |  | 56,309 |
Total Private Education Loan provisions for credit losses |  | 112,643 |
Other impacts to the provisions for credit losses: |  |
FFELP Loans |  | 739 |
Credit Cards |  | 730 |
Total |  | 1,469 |
Provisions for credit losses reported in consolidated statements of income |  | $ | 114,112 |
(3) For the three months ended March 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 the interest on those loans while they are in forbearance). (7) We use “Credit Cards” to refer to the suite of Credit Card loans that we previously held; we sold the Credit Card portfolio to a third party in May 2023.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.
| 2024 |  | 2023
Three Months Ended March 31, (dollars in thousands) | Allowance |  | Unfunded Commitments |  | Allowance |  | Unfunded Commitments
Beginning Balance | $ | 112,962 |  |  | $ | 2,221,077 |  |  | $ | 124,924 |  |  | $ | 1,995,808 |
Provision/New commitments - net(1) | 50,686 |  |  | 1,034,458 |  |  | 56,309 |  |  | 1,124,816 |
Transfer - funded loans(2) | (131,614) |  |  | (2,582,043) |  |  | (148,513) |  |  | (2,436,271) |
Ending Balance | $ | 32,034 |  |  | $ | 673,492 |  |  | $ | 32,720 |  |  | $ | 684,353 |
(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 periods 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
Three Months Ended March 31, 2024 (dollars in thousands) |  | Interest Rate Reduction |  | Combination - Interest Rate Reduction and Term Extension
Loan Type: |  | Amortized Cost Basis |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis |  | % of Total Class of Financing Receivable
Private Education Loans |  | $ | 4,991 |  |  | 0.02 | % |  | $ | 252,761 |  |  | 1.13 | %
Total |  | $ | 4,991 |  |  | 0.02 | % |  | $ | 252,761 |  |  | 1.13 | %
|  | Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended March 31, 2023 (dollars in thousands) |  | Interest Rate Reduction |  | Combination - Interest Rate Reduction and Term Extension
Loan Type: |  | Amortized Cost Basis |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis |  | % of Total Class of Financing Receivable
Private Education Loans |  | $ | 12,902 |  |  | 0.06 | % |  | $ | 81,780 |  |  | 0.35 | %
Total |  | $ | 12,902 |  |  | 0.06 | % |  | $ | 81,780 |  |  | 0.35 | %
The following tables describe the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:
Three Months Ended March 31, 2024
Interest Rate Reduction |  | Combination - Interest Rate Reduction and Term Extension
Loan Type |  | Financial Effect |  | Loan Type |  | Financial Effect
Private Education Loans |  | Reduced average contractual rate from 13.15% to 3.94% |  | Private Education Loans |  | Added a weighted average 8.59 years to the life of loans Reduced average contractual rate from 12.57% to 3.71%
Three Months Ended March 31, 2023
Interest Rate Reduction |  | Combination - Interest Rate Reduction and Term Extension
Loan Type |  | Financial Effect |  | Loan Type |  | Financial Effect
Private Education Loans |  | Reduced average contractual rate from 12.47% to 4.00% |  | Private Education Loans |  | Added a weighted average 10.19 years to the life of loans Reduced average contractual rate from 12.74% to 4.00%
We define payment default as 60 days or more past due for purposes of this disclosure.
|  | Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
(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 |  | $ | 14,783 |  |  | $ | 14,496 |  |  | $ | 4,179 |  |  | $ | 11,624 |  |  | $ | 11,404 |  |  | $ | 4,628 |
Total |  | $ | 14,783 |  |  | $ | 14,496 |  |  | $ | 4,179 |  |  | $ | 11,624 |  |  | $ | 11,404 |  |  | $ | 4,628 |
(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. (2) For the three months ended March 31, 2024, the modified loans include $13.8 million of interest rate reduction and term extension loan modifications and $1.0 million of interest rate reduction only loan modifications. For the three months ended March 31, 2023, the modified loans include $10.4 million of interest rate reduction and term extension loan modifications and $1.2 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 tables depict the performance of loans that have been modified during the respective reporting periods (first-quarter 2024 and full year 2023, respectively).
|  | Payment Status (Amortized Cost Basis) |  |
At March 31, 2024 (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 |  | $ | 3,313 |  |  | $ | 244,289 |  |  | $ | 5,166 |  |  | $ | 2,476 |  |  | $ | 2,508 |  |  | $ | 257,752 |
Total |  | $ | 3,313 |  |  | $ | 244,289 |  |  | $ | 5,166 |  |  | $ | 2,476 |  |  | $ | 2,508 |  |  | $ | 257,752 |
|  | 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 |
(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) Loans in repayment 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. 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 March 31, 2024 (dollars in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and Prior |  | Total
Loans in-school/grace/deferment(1) |  | $ | 442,021 |  |  | $ | 2,501,814 |  |  | $ | 1,235,053 |  |  | $ | 541,726 |  |  | $ | 268,959 |  |  | $ | 613,124 |  |  | $ | 5,602,697 |
Loans in forbearance(2) |  | 1,205 |  |  | 34,042 |  |  | 115,729 |  |  | 69,721 |  |  | 42,974 |  |  | 124,286 |  |  | 387,957 |
Loans in repayment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans current |  | 480,422 |  |  | 3,236,356 |  |  | 2,569,306 |  |  | 1,776,854 |  |  | 1,245,882 |  |  | 5,142,786 |  |  | 14,451,606 |
Loans delinquent 30-59 days(3) |  | 2,576 |  |  | 18,739 |  |  | 32,476 |  |  | 30,460 |  |  | 22,553 |  |  | 133,231 |  |  | 240,035 |
Loans delinquent 60-89 days(3) |  | — |  |  | 7,600 |  |  | 20,016 |  |  | 17,424 |  |  | 12,482 |  |  | 76,399 |  |  | 133,921 |
Loans 90 days or greater past due(3) |  | — |  |  | 4,791 |  |  | 21,781 |  |  | 18,154 |  |  | 13,369 |  |  | 78,035 |  |  | 136,130 |
Total Private Education Loans in repayment |  | 482,998 |  |  | 3,267,486 |  |  | 2,643,579 |  |  | 1,842,892 |  |  | 1,294,286 |  |  | 5,430,451 |  |  | 14,961,692 |
Total Private Education Loans, gross |  | 926,224 |  |  | 5,803,342 |  |  | 3,994,361 |  |  | 2,454,339 |  |  | 1,606,219 |  |  | 6,167,861 |  |  | 20,952,346 |
Private Education Loans deferred origination costs and unamortized premium/(discount) |  | 10,902 |  |  | 31,667 |  |  | 14,460 |  |  | 7,834 |  |  | 5,078 |  |  | 10,927 |  |  | 80,868 |
Total Private Education Loans |  | 937,126 |  |  | 5,835,009 |  |  | 4,008,821 |  |  | 2,462,173 |  |  | 1,611,297 |  |  | 6,178,788 |  |  | 21,033,214 |
Private Education Loans allowance for losses |  | (67,459) |  |  | (354,779) |  |  | (271,004) |  |  | (164,549) |  |  | (105,385) |  |  | (382,255) |  |  | (1,345,431) |
Private Education Loans, net |  | $ | 869,667 |  |  | $ | 5,480,230 |  |  | $ | 3,737,817 |  |  | $ | 2,297,624 |  |  | $ | 1,505,912 |  |  | $ | 5,796,533 |  |  | $ | 19,687,783 |
Percentage of Private Education Loans in repayment |  | 52.1 | % |  | 56.3 | % |  | 66.2 | % |  | 75.1 | % |  | 80.6 | % |  | 88.0 | % |  | 71.4 | %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment |  | 0.5 | % |  | 1.0 | % |  | 2.8 | % |  | 3.6 | % |  | 3.7 | % |  | 5.3 | % |  | 3.4 | %
Loans in forbearance as a percentage of loans in repayment and forbearance |  | 0.2 | % |  | 1.0 | % |  | 4.2 | % |  | 3.6 | % |  | 3.2 | % |  | 2.2 | % |  | 2.5 | %
(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, 2023 (dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 and Prior |  | Total
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 current |  | 2,469,817 |  |  | 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 repayment |  | 2,494,814 |  |  | 3,323,327 |  |  | 2,209,734 |  |  | 1,475,858 |  |  | 1,386,889 |  |  | 4,519,192 |  |  | 15,409,814 |
Total Private Education Loans, gross |  | 4,490,119 |  |  | 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 Loans |  | 4,525,735 |  |  | 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 repayment |  | 55.6 | % |  | 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 repayment |  | 1.0 | % |  | 2.1 | % |  | 3.6 | % |  | 4.1 | % |  | 4.5 | % |  | 6.8 | % |  | 3.9 | %
Loans in forbearance as a percentage of loans in repayment and forbearance |  | 0.8 | % |  | 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.
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 March 31, 2024 (dollars in thousands) |  | Private Education Loans Held for Investment - Credit Quality Indicators |  |
Year of Origination Approval |  | 2024(1) |  | 2023(1) |  | 2022(1) |  | 2021(1) |  | 2020(1) |  | 2019 and Prior(1) |  | Total(1) |  | % of Balance
Cosigners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With cosigner |  | $ | 814,592 |  |  | $ | 5,130,203 |  |  | $ | 3,451,511 |  |  | $ | 2,089,098 |  |  | $ | 1,347,339 |  |  | $ | 5,440,233 |  |  | $ | 18,272,976 |  |  | 87 | %
Without cosigner |  | 111,632 |  |  | 673,139 |  |  | 542,850 |  |  | 365,241 |  |  | 258,880 |  |  | 727,628 |  |  | 2,679,370 |  |  | 13 |
Total |  | $ | 926,224 |  |  | $ | 5,803,342 |  |  | $ | 3,994,361 |  |  | $ | 2,454,339 |  |  | $ | 1,606,219 |  |  | $ | 6,167,861 |  |  | $ | 20,952,346 |  |  | 100 | %
FICO at Origination Approval(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 61,789 |  |  | $ | 424,857 |  |  | $ | 316,552 |  |  | $ | 176,921 |  |  | $ | 105,953 |  |  | $ | 546,958 |  |  | $ | 1,633,030 |  |  | 8 | %
670-699 |  | 129,467 |  |  | 816,049 |  |  | 553,845 |  |  | 332,430 |  |  | 226,123 |  |  | 1,041,796 |  |  | 3,099,710 |  |  | 15 |
700-749 |  | 288,936 |  |  | 1,783,230 |  |  | 1,243,850 |  |  | 779,798 |  |  | 522,793 |  |  | 2,082,333 |  |  | 6,700,940 |  |  | 32 |
Greater than or equal to 750 |  | 446,032 |  |  | 2,779,206 |  |  | 1,880,114 |  |  | 1,165,190 |  |  | 751,350 |  |  | 2,496,774 |  |  | 9,518,666 |  |  | 45 |
Total |  | $ | 926,224 |  |  | $ | 5,803,342 |  |  | $ | 3,994,361 |  |  | $ | 2,454,339 |  |  | $ | 1,606,219 |  |  | $ | 6,167,861 |  |  | $ | 20,952,346 |  |  | 100 | %
FICO Refreshed(2)(3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 84,355 |  |  | $ | 669,427 |  |  | $ | 541,494 |  |  | $ | 335,868 |  |  | $ | 205,407 |  |  | $ | 951,407 |  |  | $ | 2,787,958 |  |  | 13 | %
670-699 |  | 129,421 |  |  | 789,950 |  |  | 514,154 |  |  | 299,737 |  |  | 167,203 |  |  | 671,160 |  |  | 2,571,625 |  |  | 12 |
700-749 |  | 286,786 |  |  | 1,700,049 |  |  | 1,127,465 |  |  | 678,404 |  |  | 430,414 |  |  | 1,643,152 |  |  | 5,866,270 |  |  | 28 |
Greater than or equal to 750 |  | 425,662 |  |  | 2,643,916 |  |  | 1,811,248 |  |  | 1,140,330 |  |  | 803,195 |  |  | 2,902,142 |  |  | 9,726,493 |  |  | 47 |
Total |  | $ | 926,224 |  |  | $ | 5,803,342 |  |  | $ | 3,994,361 |  |  | $ | 2,454,339 |  |  | $ | 1,606,219 |  |  | $ | 6,167,861 |  |  | $ | 20,952,346 |  |  | 100 | %
Seasoning(4): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-12 payments |  | $ | 484,203 |  |  | $ | 3,024,087 |  |  | $ | 508,182 |  |  | $ | 323,857 |  |  | $ | 191,566 |  |  | $ | 433,762 |  |  | $ | 4,965,657 |  |  | 24 | %
13-24 payments |  | — |  |  | 277,441 |  |  | 2,095,039 |  |  | 206,882 |  |  | 147,749 |  |  | 467,866 |  |  | 3,194,977 |  |  | 15 |
25-36 payments |  | — |  |  | — |  |  | 156,087 |  |  | 1,301,243 |  |  | 128,581 |  |  | 559,089 |  |  | 2,145,000 |  |  | 10 |
37-48 payments |  | — |  |  | — |  |  | — |  |  | 80,631 |  |  | 798,248 |  |  | 529,743 |  |  | 1,408,622 |  |  | 7 |
More than 48 payments |  | — |  |  | — |  |  | — |  |  | — |  |  | 71,116 |  |  | 3,564,277 |  |  | 3,635,393 |  |  | 17 |
Not yet in repayment |  | 442,021 |  |  | 2,501,814 |  |  | 1,235,053 |  |  | 541,726 |  |  | 268,959 |  |  | 613,124 |  |  | 5,602,697 |  |  | 27 |
Total |  | $ | 926,224 |  |  | $ | 5,803,342 |  |  | $ | 3,994,361 |  |  | $ | 2,454,339 |  |  | $ | 1,606,219 |  |  | $ | 6,167,861 |  |  | $ | 20,952,346 |  |  | 100 | %
2024 Current period(5) gross charge-offs |  | $ | (7) |  |  | $ | (2,683) |  |  | $ | (13,167) |  |  | $ | (14,125) |  |  | $ | (9,561) |  |  | $ | (54,331) |  |  | $ | (93,874) |  |  |
2024 Current period(5) recoveries |  | — |  |  | 212 |  |  | 1,397 |  |  | 1,518 |  |  | 1,033 |  |  | 7,154 |  |  | 11,314 |  |  |
2024 Current period(5) net charge-offs |  | $ | (7) |  |  | $ | (2,471) |  |  | $ | (11,770) |  |  | $ | (12,607) |  |  | $ | (8,528) |  |  | $ | (47,177) |  |  | $ | (82,560) |  |  |
Total accrued interest by origination vintage |  | $ | 15,497 |  |  | $ | 281,098 |  |  | $ | 365,340 |  |  | $ | 240,093 |  |  | $ | 138,852 |  |  | $ | 317,107 |  |  | $ | 1,357,987 |  |  |
(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 first-quarter 2024. (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, 2024 through March 31, 2024.
As of December 31, 2023 (dollars in thousands) |  | Private Education Loans Held for Investment - Credit Quality Indicators |  |
Year of Origination Approval |  | 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 cosigner |  | 586,443 |  |  | 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 | %
670-699 |  | 635,642 |  |  | 704,642 |  |  | 400,744 |  |  | 254,762 |  |  | 257,840 |  |  | 868,777 |  |  | 3,122,407 |  |  | 15 |
700-749 |  | 1,383,779 |  |  | 1,586,783 |  |  | 934,033 |  |  | 590,401 |  |  | 545,333 |  |  | 1,709,299 |  |  | 6,749,628 |  |  | 32 |
Greater than or equal to 750 |  | 2,142,499 |  |  | 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 | %
670-699 |  | 616,684 |  |  | 672,777 |  |  | 365,674 |  |  | 193,462 |  |  | 176,963 |  |  | 564,245 |  |  | 2,589,805 |  |  | 12 |
700-749 |  | 1,347,094 |  |  | 1,477,310 |  |  | 836,747 |  |  | 498,414 |  |  | 445,244 |  |  | 1,361,073 |  |  | 5,965,882 |  |  | 28 |
Greater than or equal to 750 |  | 2,030,890 |  |  | 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 repayment |  | 1,976,040 |  | 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 January 1, 2023 through December 31, 2023.
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)(2)
March 31, 2024 |  | $ | 1,357,987 |  |  | $ | 7,216 |  |  | $ | 8,247 |
December 31, 2023 |  | $ | 1,354,565 |  |  | $ | 8,373 |  |  | $ | 9,897 |
(1)The allowance for uncollectible interest at March 31, 2024 represents the expected losses related to the portion of accrued interest receivable on those loans that are in repayment ($141 million of accrued interest receivable) that is not expected to be capitalized. The accrued interest receivable that is expected to be capitalized ($1.2 billion) is reserved in the allowance for credit losses. The accrued interest receivable for the loans delinquent 90 days or greater includes $6.7 million of accrued interest receivable on those loans that are in repayment that is not expected to be capitalized and $0.5 million that is expected to be capitalized. (2)The allowance for uncollectible interest at December 31, 2023 represents the expected losses related to the portion of accrued interest receivable on those loans in repayment ($151 million of accrued interest receivable) that was not expected to be capitalized. The accrued interest receivable that was expected to be capitalized ($1.2 billion) was reserved in the allowance for credit losses. The accrued interest receivable for the loans delinquent 90 days or greater includes $7.7 million of accrued interest receivable on those loans that are in repayment that is not expected to be capitalized and $0.6 million that is expected to be capitalized.

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