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Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023
Allowance for Credit Losses |  |  |  |  |
Beginning balance | $ 1,350,058 | $ 1,479,306 | $ 1,339,772 | $ 1,357,075 | $ 1,357,075
Transfer from unfunded commitment liability | 29,715 | 28,188 | 161,329 | 176,701 |
Provision for current period | 72,421 | 96,192 | 166,980 | 153,995 |
Loan sale reduction to provision | (102,751) | (136,531) | (235,955) | (136,531) |
Total provisions | (30,330) | (40,339) | (68,975) | 17,464 |
Net charge-offs: |  |  |  |  |
Charge-offs | (91,168) | (114,134) | (185,165) | (210,216) |
Recoveries | 11,377 | 11,695 | 22,691 | 23,692 |
Net charge-offs | (79,791) | (102,439) | (162,474) | (186,524) |
Ending Balance | 1,269,652 | 1,364,716 | 1,269,652 | 1,364,716 | 1,339,772
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment | 1,269,652 | 1,364,716 | 1,269,652 | 1,364,716 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment | 20,105,139 | 20,511,960 | 20,105,139 | 20,511,960 |
Accrued Interest to be Capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment | 1,231,754 | 1,136,973 | 1,231,754 | 1,136,973 |
Other impacts to the provisions for credit losses: | (441) | 90 | (358) | 1,559 |
Provisions for credit losses reported in consolidated statements of income | 16,830 | 17,729 | 28,871 | 131,841 |
FFELP Loans |  |  |  |  |
Allowance for Credit Losses |  |  |  |  |
Beginning balance | 4,627 | 3,927 | 4,667 | 3,444 | 3,444
Transfer from unfunded commitment liability | 0 | 0 | 0 | 0 |
Provision for current period | (441) | 820 | (358) | 1,559 |
Loan sale reduction to provision | 0 | 0 | 0 | 0 |
Total provisions | (441) | 820 | (358) | 1,559 |
Net charge-offs: |  |  |  |  |
Charge-offs | (126) | (325) | (249) | (581) |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | (126) | (325) | (249) | (581) |
Ending Balance | 4,060 | 4,422 | 4,060 | 4,422 | 4,667
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment | 4,060 | 4,422 | 4,060 | 4,422 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment | 485,608 | 573,597 | 485,608 | 573,597 |
Accrued Interest to be Capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Net charge-offs as a percentage of average loans in repayment (annualized) | 0.13% | 0.29% | 0.13% | 0.26% |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized | 0.84% | 0.77% | 0.84% | 0.77% |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment | 1.10% | 1.02% | 1.10% | 1.02% |
Allowance coverage of net charge-offs (annualized) | 8.06 | 3.40 | 8.15 | 3.81 |
Ending total loans, gross | $ 485,608 | $ 573,597 | $ 485,608 | $ 573,597 |
Average loans in repayment | 378,667 | 441,749 | 388,510 | 446,655 |
Ending loans in repayment | 369,681 | 431,543 | 369,681 | 431,543 |
Accrued interest to be capitalized on loans in repayment | 0 | 0 | 0 | 0 |
Other impacts to the provisions for credit losses: | (441) | 820 | (358) | 1,559 |
Private Education Loans |  |  |  |  |
Allowance for Credit Losses |  |  |  |  |
Beginning balance | 1,345,431 | 1,475,379 | 1,335,105 | 1,353,631 | 1,353,631
Transfer from unfunded commitment liability | 29,715 | 28,188 | 161,329 | 176,701 |
Provision for current period | 72,862 | 96,102 | 167,338 | 152,436 |
Loan sale reduction to provision | (102,751) | (136,531) | (235,955) | (136,531) |
Total provisions | (29,889) | (40,429) | (68,617) | 15,905 |
Net charge-offs: |  |  |  |  |
Charge-offs | (91,042) | (114,550) | (184,916) | (209,635) |
Recoveries | 11,377 | 11,706 | 22,691 | 23,692 |
Net charge-offs | (79,665) | (102,844) | (162,225) | (185,943) |
Ending Balance | 1,265,592 | 1,360,294 | 1,265,592 | 1,360,294 | $ 1,335,105
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment | 1,265,592 | 1,360,294 | 1,265,592 | 1,360,294 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment | 19,619,531 | 19,938,363 | 19,619,531 | 19,938,363 |
Accrued Interest to be Capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment | $ 1,231,754 | $ 1,136,973 | $ 1,231,754 | $ 1,136,973 |
Net charge-offs as a percentage of average loans in repayment (annualized) | 2.19% | 2.69% | 2.17% | 2.41% |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized | 6.07% | 6.45% | 6.07% | 6.45% |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment | 8.62% | 9.03% | 8.62% | 9.03% |
Allowance coverage of net charge-offs (annualized) | 3.97 | 3.31 | 3.90 | 3.66 |
Ending total loans, gross | $ 19,619,531 | $ 19,938,363 | $ 19,619,531 | $ 19,938,363 |
Average loans in repayment | 14,543,669 | 15,269,101 | 14,977,567 | 15,448,931 |
Ending loans in repayment | 14,231,581 | 14,652,527 | 14,231,581 | 14,652,527 |
Accrued interest to be capitalized on loans in repayment | 453,150 | 408,923 | 453,150 | 408,923 |
Provisions for loan losses | (29,889) | (40,429) | (68,617) | 15,905 |
Provisions for unfunded loan commitments | 47,160 | 58,068 | 97,846 | 114,377 |
Total Private Education Loan provisions for credit losses | $ 17,271 | 17,639 | $ 29,229 | 130,282 |
Credit Cards |  |  |  |  |
Allowance for Credit Losses |  |  |  |  |
Beginning balance |  | 0 |  |  |
Transfer from unfunded commitment liability |  | 0 |  |  |
Provision for current period |  | (730) |  |  |
Loan sale reduction to provision |  | 0 |  |  |
Total provisions |  | (730) |  |  |
Net charge-offs: |  |  |  |  |
Charge-offs |  | 741 |  |  |
Recoveries |  | (11) |  |  |
Net charge-offs |  | 730 |  |  |
Ending Balance |  | 0 |  | 0 |
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | 0 |  | 0 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | 0 |  | 0 |
Accrued Interest to be Capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ 0 |  | 0 |
Net charge-offs as a percentage of average loans in repayment (annualized) |  | 0.00% |  |  |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized |  | 0.00% |  |  |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment |  | 0.00% |  |  |
Allowance coverage of net charge-offs (annualized) |  | 0 |  |  |
Ending total loans, gross |  | $ 0 |  | 0 |
Average loans in repayment |  | 0 |  |  |
Ending loans in repayment |  | 0 |  | 0 |
Accrued interest to be capitalized on loans in repayment |  | 0 |  | $ 0 |
Other impacts to the provisions for credit losses: |  | $ (730) |  |  |

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