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Subsequent Event | 6 Months Ended
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Jun. 30, 2025
Subsequent Events [Abstract] |
Subsequent Event | Subsequent Event 2025 Securitization On July 17, 2025, we closed a SMB Private Education Loan Trust 2025-B term ABS transaction (the “2025-B Transaction”), in which an unaffiliated third-party sold to the trust approximately $497 million of Private Education Loans that the third-party seller previously purchased from us in the first quarter of 2025. Sallie Mae Bank sponsored the 2025-B Transaction, is the servicer and administrator, and was the seller of an additional $26 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2025-B Transaction and we recorded approximately a $2 million gain on sale associated with this transaction. In connection with the 2025-B Transaction settlement, we retained a five percent vertical risk retention interest (i.e., 5 percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2025-B Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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