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Loans Held for Investment (Tables) | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Schedule of Loans Held for Investment | Loans held for investment are summarized as follows:
As of December 31, (dollars in thousands) |  | 2024 |  | 2023
Private Education Loans: |  |  |  |
Fixed-rate |  | $ | 17,093,382 |  |  | $ | 13,985,791 |
Variable-rate |  | 5,141,626 |  |  | 7,040,053 |
Total Private Education Loans, gross |  | 22,235,008 |  |  | 21,025,844 |
Deferred origination costs and unamortized premium/ (discount) |  | 103,070 |  |  | 81,554 |
Allowance for loan losses |  | (1,435,920) |  |  | (1,335,105) |
Total Private Education Loans, net |  | 20,902,158 |  |  | 19,772,293 |
FFELP Loans(1) |  | — |  |  | 537,401 |
Deferred origination costs and unamortized premium/ (discount) |  | — |  |  | 1,330 |
Allowance for loan losses |  | — |  |  | (4,667) |
Total FFELP Loans, net |  | — |  |  | 534,064 |
Loans held for investment, net |  | $ | 20,902,158 |  |  | $ | 20,306,357 |
(1) FFELP Loans were transferred to loans held for sale during the third quarter of 2024 and subsequently sold to a third party during the fourth quarter of 2024. The estimated weighted average life of education loans in our portfolio was approximately 5.6 years and 5.0 years at December 31, 2024 and 2023, respectively. The average balance (net of unamortized premium/(discount)) and the respective weighted average interest rates of loans in our portfolio are summarized as follows:
|  | 2024 |  | 2023 |  | 2022
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 |  | $ | 21,121,545 |  |  | 10.81 | % |  | $ | 21,039,701 |  |  | 10.86 | % |  | $ | 20,576,737 |  |  | 9.14 | %
FFELP Loans |  | 413,338 |  |  | 7.45 |  |  | 574,218 |  |  | 7.19 |  |  | 662,194 |  |  | 4.62 |
Total portfolio |  | $ | 21,534,883 |  |  |  |  | $ | 21,613,919 |  |  |  |  | $ | 21,238,931 |  |  |
Schedule of Loans Held for Investment by Region | Loans Held for Investment by Region At December 31, 2024 and 2023, 43.8 percent and 43.5 percent, respectively, of total education loans were concentrated in the following states:
As of December 31, |  | 2024 |  | 2023
California |  | 10.2 | % |  | 10.1 | %
New York |  | 9.0 |  |  | 9.0 |
Pennsylvania |  | 7.1 |  |  | 7.2 |
Texas |  | 6.6 |  |  | 6.3 |
New Jersey |  | 5.6 |  |  | 5.6 |
Florida |  | 5.3 |  |  | 5.3 |
|  | 43.8 | % |  | 43.5 | %
Schedule of Allowance for Credit Losses and Recorded Investments in Loans | The following table summarizes our Private Education Loan sales to unaffiliated third parties for the periods presented.
Years Ended December 31, (dollars in millions) |  | 2024 |  | 2023 |  | 2022
Loan principal |  | $ | 3,418 |  |  | $ | 2,927 |  |  | $ | 3,126 |
Capitalized interest |  | 274 |  |  | 226 |  |  | 217 |
Total Private Education Loans sold |  | $ | 3,692 |  |  | $ | 3,153 |  |  | $ | 3,343 |
Gain on sale of loans, net |  | $ | 255 |  |  | $ | 164 |  |  | $ | 328 |
Allowance for Credit Losses Metrics The following tables provide a summary of the activity in the allowance for loan losses and the allowance for unfunded loan commitments during the years ended December 31, 2024, 2023, and 2022.
Year Ended December 31, 2024 (dollars in thousands) |  | FFELP Loans |  | Private Education Loans |  |  |  | Total
Allowance for loan losses, beginning balance |  | $ | 4,667 |  |  | $ | 1,335,105 |  |  |  |  | $ | 1,339,772 |
Transfer from allowance for unfunded loan commitments |  | — |  |  | 311,787 |  |  |  |  | 311,787 |
Provisions: |  |  |  |  |  |  |  |
Provision for current period |  | 4,010 |  |  | 357,067 |  |  |  |  | 361,077 |
Loan sale reduction to provision |  | — |  |  | (235,955) |  |  |  |  | (235,955) |
Total provisions(1) |  | 4,010 |  |  | 121,112 |  |  |  |  | 125,122 |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  | (380) |  |  | (376,840) |  |  |  |  | (377,220) |
Recoveries |  | — |  |  | 44,756 |  |  |  |  | 44,756 |
Net charge-offs |  | (380) |  |  | (332,084) |  |  |  |  | (332,464) |
Write-downs arising from transfer of loans to held for sale(2) |  | (8,297) |  |  | — |  |  |  |  | (8,297) |
Allowance for loan losses, ending balance |  | — |  |  | 1,435,920 |  |  |  |  | 1,435,920 |
Allowance for unfunded loan commitments, beginning balance(3) |  | — |  |  | 112,962 |  |  |  |  | 112,962 |
Provision(1)(4) |  | — |  |  | 283,393 |  |  |  |  | 283,393 |
Transfer to allowance for loan losses |  | — |  |  | (311,787) |  |  |  |  | (311,787) |
Allowance for unfunded loan commitments, ending balance(3) |  | — |  |  | 84,568 |  |  |  |  | 84,568 |
Total allowance for credit losses, ending balance |  | $ | — |  |  | $ | 1,520,488 |  |  |  |  | $ | 1,520,488 |
Net charge-offs as a percentage of average loans in repayment(5) |  | — | % |  | 2.19 | % |  |  |  |
Allowance for loan losses coverage of net charge-offs |  | — |  |  | 4.32 |  |  |  |  |
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable |  | — | % |  | 5.83 | % |  |  |  |
Ending total loans, gross |  | $ | — |  |  | $ | 22,235,008 |  |  |  |  |
Average loans in repayment(5) |  | $ | — |  |  | $ | 15,139,184 |  |  |  |  |
Ending loans in repayment(5) |  | $ | — |  |  | $ | 16,106,751 |  |  |  |  |
Unfunded loan commitments |  | $ | — |  |  | $ | 2,311,660 |  |  |  |  |
Total accrued interest receivable |  | $ | — |  |  | $ | 1,549,415 |  |  |  |  |
(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income. (2) Represents fair value adjustments on loans transferred to held for sale. (3) When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheet. See “— Unfunded Loan Commitments” in this Note 6 for further discussion. (4) Includes incremental provision for new commitments and changes to provision for existing commitments. (5) 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).
Year Ended December 31, 2023 (dollars in thousands) |  | FFELP Loans |  | Private Education Loans |  |  |  | Total
Allowance for loan losses, beginning balance |  | $ | 3,444 |  |  | $ | 1,353,631 |  |  |  |  | $ | 1,357,075 |
Transfer from allowance for unfunded loan commitments |  | — |  |  | 320,237 |  |  |  |  | 320,237 |
Provisions: |  |  |  |  |  |  |  |
Provision for current period |  | 2,224 |  |  | 240,347 |  |  |  |  | 242,571 |
Loan sale reduction to provision |  | — |  |  | (205,383) |  |  |  |  | (205,383) |
Total provisions(1) |  | 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) |
Allowance for loan losses, ending balance |  | 4,667 |  |  | 1,335,105 |  |  |  |  | 1,339,772 |
Allowance for unfunded loan commitments, beginning balance(2) |  | — |  |  | 124,924 |  |  |  |  | 124,924 |
Provision(1)(3) |  | — |  |  | 308,275 |  |  |  |  | 308,275 |
Transfer to allowance for loan losses |  | — |  |  | (320,237) |  |  |  |  | (320,237) |
Allowance for unfunded loan commitments, ending balance(2) |  | — |  |  | 112,962 |  |  |  |  | 112,962 |
Total allowance for credit losses, ending balance |  | $ | 4,667 |  |  | $ | 1,448,067 |  |  |  |  | $ | 1,452,734 |
Net charge-offs as a percentage of average loans in repayment(4) |  | 0.23 | % |  | 2.44 | % |  |  |  |
Allowance for loan losses coverage of net charge-offs |  | 4.66 |  |  | 3.57 |  |  |  |  |
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable |  | 0.87 | % |  | 5.89 | % |  |  |  |
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 |  |  |  |  |
Unfunded loan commitments |  | $ | — |  |  | $ | 2,221,077 |  |  |  |  |
Total accrued interest receivable |  | $ | — |  |  | $ | 1,354,565 |  |  |  |  |
(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income. (2) When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheet. See “— Unfunded Loan Commitments” in this Note 6 for further discussion. (3) Includes incremental provision for new commitments and changes to provision for existing commitments. (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).
Year Ended December 31, 2022 (dollars in thousands) |  | FFELP Loans |  | Private Education Loans |  | Credit Cards |  | Total
Allowance for loan losses, beginning balance |  | $ | 4,077 |  |  | $ | 1,158,977 |  |  | $ | 2,281 |  |  | $ | 1,165,335 |
Transfer from allowance for unfunded loan commitments |  | — |  |  | 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(1) |  | (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) |
Allowance for loan losses, ending balance |  | 3,444 |  |  | 1,353,631 |  |  | — |  |  | 1,357,075 |
Allowance for unfunded loan commitments, beginning balance(2) |  | — |  |  | 72,713 |  |  | — |  |  | 72,713 |
Provision(1)(3) |  | — |  |  | 396,521 |  |  | — |  |  | 396,521 |
Transfer to allowance for loan losses |  | — |  |  | (344,310) |  |  | — |  |  | (344,310) |
Allowance for unfunded loan commitments, ending balance(2) |  | — |  |  | 124,924 |  |  | — |  |  | 124,924 |
Total allowance for credit losses, ending balance |  | $ | 3,444 |  |  | $ | 1,478,555 |  |  | $ | — |  |  | $ | 1,481,999 |
Net charge-offs as a percentage of average loans in repayment(4) |  | 0.12 | % |  | 2.55 | % |  | — | % |  |
Allowance for loan losses coverage of net charge-offs |  | 5.62 |  |  | 3.51 |  |  | — |  |  |
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable |  | 0.57 | % |  | 6.30 | % |  | — | % |  |
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 |  |  | $ | — |  |  |
Unfunded loan commitments |  | $ | — |  |  | $ | 1,995,808 |  |  | $ | — |  |  |
Total accrued interest receivable |  | $ | — |  |  | $ | 1,177,562 |  |  | $ | — |  |  |
(1) See “— Provisions for Credit Losses” below in this Note 6 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income. (2) When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheet. See “— Unfunded Loan Commitments” in this Note 6 for further discussion.( (3) Includes incremental provision for new commitments and changes to provision for existing commitments. (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). Provisions for Credit Losses Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income.
Consolidated Statements of Income Provisions for Credit Losses Reconciliation |  |
Years Ended December 31, |  |  |  |  |  |
(dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Private Education Loan provisions for credit losses: |  |  |  |  |  |
Provisions for loan losses |  | $ | 121,112 |  |  | $ | 34,964 |  |  | $ | 236,023 |
Provisions for unfunded loan commitments |  | 283,393 |  |  | 308,275 |  |  | 396,521 |
Total Private Education Loan provisions for credit losses |  | 404,505 |  |  | 343,239 |  |  | 632,544 |
Other impacts to the provisions for credit losses: |  |  |  |  |  |
FFELP Loans |  | 4,010 |  |  | 2,224 |  |  | (20) |
Credit Cards |  | — |  |  | — |  |  | 929 |
Total |  | 4,010 |  |  | 2,224 |  |  | 909 |
Provisions for credit losses reported in consolidated statements of income |  | $ | 408,515 |  |  | $ | 345,463 |  |  | $ | 633,453 |
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) | 2024 |  | 2023 |  | 2022 |
Allowance |  | Unfunded Commitments |  | Allowance |  | Unfunded Commitments |  | Allowance |  | Unfunded Commitments |
Beginning Balance | $ | 112,962 |  |  | $ | 2,221,077 |  |  | $ | 124,924 |  |  | $ | 1,995,808 |  |  | $ | 72,713 |  |  | $ | 1,776,976 |  |
Provision/New commitments - net(1) | 283,393 |  |  | 7,103,832 |  |  | 308,275 |  |  | 6,602,803 |  |  | 396,521 |  |  | 6,180,805 |  |
Transfer - funded loans(2) | (311,787) |  |  | (7,013,249) |  |  | (320,237) |  |  | (6,377,534) |  |  | (344,310) |  |  | (5,961,973) |  |
Ending Balance | $ | 84,568 |  |  | $ | 2,311,660 |  |  | $ | 112,962 |  |  | $ | 2,221,077 |  |  | $ | 124,924 |  |  | $ | 1,995,808 |  |
(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.

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