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Loans Held for Investment (Tables)
 12 Months Ended
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)		20242023
Private Education Loans:
Fixed-rate$17,093,382 $13,985,791 
Variable-rate5,141,626 7,040,053 
Total Private Education Loans, gross22,235,008 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, net20,902,158 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:

202420232022
Years Ended December 31, (dollars in thousands)Average BalanceWeighted Average Interest RateAverage BalanceWeighted Average Interest RateAverage BalanceWeighted Average Interest Rate
Private Education Loans$21,121,545 10.81 %$21,039,701 10.86 %$20,576,737 9.14 %
FFELP Loans413,338 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 31,20242023
California10.2 %10.1 %
New York9.0 9.0 
Pennsylvania7.1 7.2 
Texas6.6 6.3 
New Jersey5.6 5.6 
Florida5.3 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)		202420232022
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 $1,339,772 
Transfer from allowance for unfunded loan commitments— 311,787 311,787 
Provisions:
Provision for current period4,010 357,067 361,077 
Loan sale reduction to provision— (235,955)(235,955)
Total provisions(1)
4,010 121,112 125,122 
Net charge-offs:
Charge-offs(380)(376,840)(377,220)
Recoveries— 44,756 44,756 
Net charge-offs(380)(332,084)(332,464)
Write-downs arising from transfer of loans to held for sale(2)
(8,297)— (8,297)
Allowance for loan losses, ending balance— 1,435,920 1,435,920 
Allowance for unfunded loan commitments, beginning balance(3)
— 112,962 112,962 
Provision(1)(4)
— 283,393 283,393 
Transfer to allowance for loan losses— (311,787)(311,787)
Allowance for unfunded loan commitments, ending balance(3)
— 84,568 84,568 
Total allowance for credit losses, ending balance$— $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 period2,224 240,347 242,571 
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 balance4,667 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-offs4.66 3.57 
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable0.87 %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 balance3,444 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-offs5.62 3.51 — 
Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable0.57 %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)202420232022
Private Education Loan provisions for credit losses:
Provisions for loan losses$121,112 $34,964 $236,023 
Provisions for unfunded loan commitments283,393 308,275 396,521 
Total Private Education Loan provisions for credit losses404,505 343,239 632,544 
Other impacts to the provisions for credit losses:
FFELP Loans4,010 2,224 (20)
Credit Cards— — 929 
Total4,010 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)202420232022
AllowanceUnfunded CommitmentsAllowanceUnfunded CommitmentsAllowanceUnfunded 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.