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Allowance for Credit Losses and Unfunded Loan Commitments (Tables) | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
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. We did not sell any Private Education Loans in the three months ended June 30, 2025.
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions) |  |  |  | 2024 |  | 2025 |  | 2024
Loan principal |  |  |  | $ | 1,466 |  |  | $ | 1,840 |  |  | $ | 3,418 |
Capitalized interest |  |  |  | 123 |  |  | 163 |  |  | 274 |
Total Private Education Loans sold |  |  |  | $ | 1,589 |  |  | $ | 2,003 |  |  | $ | 3,692 |
Gain on sale of loans, net |  |  |  | $ | 112 |  |  | $ | 188 |  |  | $ | 255 |
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 three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30, 2025 (dollars in thousands) |  |  |  | Private Education Loans |  |  |  |
Allowance for loan losses, beginning balance |  |  |  | $ | 1,443,715 |  |  |  |  |
Transfer from allowance for unfunded loan commitments |  |  |  | 27,878 |  |  |  |  |
Provisions: |  |  |  |  |  |  |  |
Provision for current period |  |  |  | 92,189 |  |  |  |  |
Total provisions(1) |  |  |  | 92,189 |  |  |  |  |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  |  |  | (106,866) |  |  |  |  |
Recoveries |  |  |  | 12,593 |  |  |  |  |
Net charge-offs |  |  |  | (94,273) |  |  |  |  |
Allowance for loan losses, ending balance |  |  |  | $ | 1,469,509 |  |  |  |  |
Allowance for unfunded loan commitments, beginning balance(2) |  |  |  | 23,890 |  |  |  |  |
Provision(1)(3) |  |  |  | 56,529 |  |  |  |  |
Transfer to allowance for loan losses |  |  |  | (27,878) |  |  |  |  |
Allowance for unfunded loan commitments, ending balance(2) |  |  |  | 52,541 |  |  |  |  |
Total allowance for credit losses, ending balance |  |  |  | $ | 1,522,050 |  |  |  |  |
Net charge-offs as a percentage of average loans in repayment (annualized)(4) |  |  |  | 2.36 | % |  |  |  |
Allowance for loan losses coverage of net charge-offs (annualized) |  |  |  | 3.90 |  |  |  |  |
Total Allowance Percentage of Private Education Loan Exposure(5) |  |  |  | 5.95 | % |  |  |  |
Ending total loans, gross |  |  |  | $ | 22,525,817 |  |  |  |  |
Average loans in repayment(4) |  |  |  | $ | 15,991,357 |  |  |  |  |
Ending loans in repayment(4) |  |  |  | $ | 16,231,194 |  |  |  |  |
Unfunded loan commitments |  |  |  | $ | 1,358,163 |  |  |  |  |
Total accrued interest receivable |  |  |  | $ | 1,701,944 |  |  |  |  |
(1) See “—Provisions for Credit Losses” below in this Note 4 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 4 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 loans in the “loans in forbearance” metric). (5) The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans.
Three Months Ended June 30, 2024 (dollars in thousands) |  | FFELP Loans |  | Private Education Loans |  |  |  | Total
Allowance for loan losses, beginning balance |  | $ | 4,627 |  |  | $ | 1,345,431 |  |  |  |  | $ | 1,350,058 |
Transfer from allowance for unfunded loan commitments |  | — |  |  | 29,715 |  |  |  |  | 29,715 |
Provisions: |  |  |  |  |  |  |  |
Provision for current period |  | (441) |  |  | 72,862 |  |  |  |  | 72,421 |
Loan sale reduction to provision |  | — |  |  | (102,751) |  |  |  |  | (102,751) |
Total provisions(1) |  | (441) |  |  | (29,889) |  |  |  |  | (30,330) |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  | (126) |  |  | (91,042) |  |  |  |  | (91,168) |
Recoveries |  | — |  |  | 11,377 |  |  |  |  | 11,377 |
Net charge-offs |  | (126) |  |  | (79,665) |  |  |  |  | (79,791) |
Allowance for loan losses, ending balance |  | $ | 4,060 |  |  | $ | 1,265,592 |  |  |  |  | $ | 1,269,652 |
Allowance for unfunded loan commitments, beginning balance(2) |  | — |  |  | 32,034 |  |  |  |  | 32,034 |
Provision(1)(3) |  | — |  |  | 47,160 |  |  |  |  | 47,160 |
Transfer to allowance for loan losses |  | — |  |  | (29,715) |  |  |  |  | (29,715) |
Allowance for unfunded loan commitments, ending balance(2) |  | — |  |  | 49,479 |  |  |  |  | 49,479 |
Total allowance for credit losses, ending balance |  | $ | 4,060 |  |  | $ | 1,315,071 |  |  |  |  | $ | 1,319,131 |
Net charge-offs as a percentage of average loans in repayment (annualized)(4) |  | 0.13 | % |  | 2.19 | % |  |  |  |
Allowance for loan losses coverage of net charge-offs (annualized) |  | 8.06 |  |  | 3.97 |  |  |  |  |
Total Allowance Percentage of Private Education Loan Exposure(5) |  | 0.84 | % |  | 5.90 | % |  |  |  |
Ending total loans, gross |  | $ | 485,608 |  |  | $ | 19,619,531 |  |  |  |  |
Average loans in repayment(4) |  | $ | 378,667 |  |  | $ | 14,543,669 |  |  |  |  |
Ending loans in repayment(4) |  | $ | 369,681 |  |  | $ | 14,231,581 |  |  |  |  |
Unfunded loan commitments |  | $ | — |  |  | $ | 1,300,393 |  |  |  |  |
Total accrued interest receivable |  | $ | — |  |  | $ | 1,367,482 |  |  |  |  |
(1) See “—Provisions for Credit Losses” below in this Note 4 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 4 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 loans in the “loans in forbearance” metric). (5) The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans. l
Six Months Ended June 30, 2025 (dollars in thousands) |  |  |  | Private Education Loans |  |  |  |
Allowance for loan losses, beginning balance |  |  |  | $ | 1,435,920 |  |  |  |  |
Transfer from allowance for unfunded loan commitments |  |  |  | 133,012 |  |  |  |  |
Provisions: |  |  |  |  |  |  |  |
Provision for current period |  |  |  | 187,478 |  |  |  |  |
Loan sale reduction to provision |  |  |  | (116,459) |  |  |  |  |
Total provisions(1) |  |  |  | 71,019 |  |  |  |  |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  |  |  | (193,769) |  |  |  |  |
Recoveries |  |  |  | 23,327 |  |  |  |  |
Net charge-offs |  |  |  | (170,442) |  |  |  |  |
Allowance for loan losses, ending balance |  |  |  | $ | 1,469,509 |  |  |  |  |
Allowance for unfunded loan commitments, beginning balance(2) |  |  |  | 84,568 |  |  |  |  |
Provision(1)(3) |  |  |  | 100,985 |  |  |  |  |
Transfer to allowance for loan losses |  |  |  | (133,012) |  |  |  |  |
Allowance for unfunded loan commitments, ending balance(2) |  |  |  | 52,541 |  |  |  |  |
Total allowance for credit losses, ending balance |  |  |  | $ | 1,522,050 |  |  |  |  |
Net charge-offs as a percentage of average loans in repayment (annualized)(4) |  |  |  | 2.11 | % |  |  |  |
Allowance for loan losses coverage of net charge-offs (annualized) |  |  |  | 4.31 |  |  |  |  |
Total Allowance Percentage of Private Education Loan Exposure(5) |  |  |  | 5.95 | % |  |  |  |
Ending total loans, gross |  |  |  | $ | 22,525,817 |  |  |  |  |
Average loans in repayment(4) |  |  |  | $ | 16,146,239 |  |  |  |  |
Ending loans in repayment(4) |  |  |  | $ | 16,231,194 |  |  |  |  |
Unfunded loan commitments |  |  |  | $ | 1,358,163 |  |  |  |  |
Total accrued interest receivable |  |  |  | $ | 1,701,944 |  |  |  |  |
(1) See “—Provisions for Credit Losses” below in this Note 4 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 4 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 loans in the “loans in forbearance” metric). (5) The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans.
Six Months Ended June 30, 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 |  | — |  |  | 161,329 |  |  |  |  | 161,329 |
Provisions: |  |  |  |  |  |  |  |
Provision for current period |  | (358) |  |  | 167,338 |  |  |  |  | 166,980 |
Loan sale reduction to provision |  | — |  |  | (235,955) |  |  |  |  | (235,955) |
Total provisions(1) |  | (358) |  |  | (68,617) |  |  |  |  | (68,975) |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  | (249) |  |  | (184,916) |  |  |  |  | (185,165) |
Recoveries |  | — |  |  | 22,691 |  |  |  |  | 22,691 |
Net charge-offs |  | (249) |  |  | (162,225) |  |  |  |  | (162,474) |
Allowance for loan losses, ending balance |  | $ | 4,060 |  |  | $ | 1,265,592 |  |  |  |  | $ | 1,269,652 |
Allowance for unfunded loan commitments, beginning balance(2) |  | — |  |  | 112,962 |  |  |  |  | 112,962 |
Provision(1)(3) |  | — |  |  | 97,846 |  |  |  |  | 97,846 |
Transfer to allowance for loan losses |  | — |  |  | (161,329) |  |  |  |  | (161,329) |
Allowance for unfunded loan commitments, ending balance(2) |  | — |  |  | 49,479 |  |  |  |  | 49,479 |
Total allowance for credit losses, ending balance |  | $ | 4,060 |  |  | $ | 1,315,071 |  |  |  |  | $ | 1,319,131 |
Net charge-offs as a percentage of average loans in repayment (annualized)(4) |  | 0.13 | % |  | 2.17 | % |  |  |  |
Allowance for loan losses coverage of net charge-offs (annualized) |  | 8.15 |  |  | 3.90 |  |  |  |  |
Total Allowance Percentage of Private Education Loan Exposure(5) |  | 0.84 | % |  | 5.90 | % |  |  |  |
Ending total loans, gross |  | $ | 485,608 |  |  | $ | 19,619,531 |  |  |  |  |
Average loans in repayment(4) |  | $ | 388,510 |  |  | $ | 14,977,567 |  |  |  |  |
Ending loans in repayment(4) |  | $ | 369,681 |  |  | $ | 14,231,581 |  |  |  |  |
Unfunded loan commitments |  | $ | — |  |  | $ | 1,300,393 |  |  |  |  |
Total accrued interest receivable |  | $ | — |  |  | $ | 1,367,482 |  |  |  |  |
(1) See “—Provisions for Credit Losses” below in this Note 4 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 4 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 loans in the “loans in forbearance” metric). (5) The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans. 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 |  |  |  |  |  |  |  |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
(Dollars in thousands) |  | 2025 |  | 2024 |  | 2025 | 2024 |  |
Private Education Loan provisions for credit losses: |  |  |  |  |  |  |  |  |
Provisions for loan losses |  | $ | 92,189 |  |  | $ | (29,889) |  |  | $ | 71,019 |  | $ | (68,617) |  |  |
Provisions for unfunded loan commitments |  | 56,529 |  |  | 47,160 |  |  | 100,985 |  | 97,846 |  |  |
Total Private Education Loan provisions for credit losses |  | 148,718 |  |  | 17,271 |  |  | 172,004 |  | 29,229 |  |  |
Total FFELP Loans provisions for credit losses |  | — |  |  | (441) |  |  | — |  | (358) |  |  |
Provisions for credit losses reported in consolidated statements of income |  | $ | 148,718 |  |  | $ | 16,830 |  |  | $ | 172,004 |  | $ | 28,871 |  |  |
The table below summarizes 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.
| 2025 |  | 2024
Three Months Ended June 30, (dollars in thousands) | Allowance |  | Unfunded Commitments |  | Allowance |  | Unfunded Commitments
Beginning Balance | $ | 23,890 |  |  | $ | 584,140 |  |  | $ | 32,034 |  |  | $ | 673,492 |
Provision/New commitments - net(1) | 56,529 |  |  | 1,459,626 |  |  | 47,160 |  |  | 1,317,770 |
Transfer - funded loans(2) | (27,878) |  |  | (685,603) |  |  | (29,715) |  |  | (690,869) |
Ending Balance | $ | 52,541 |  |  | $ | 1,358,163 |  |  | $ | 49,479 |  |  | $ | 1,300,393 |
| 2025 |  | 2024
Six Months Ended June 30, (dollars in thousands) | Allowance |  | Unfunded Commitments |  | Allowance |  | Unfunded Commitments
Beginning Balance | $ | 84,568 |  |  | $ | 2,311,660 |  |  | $ | 112,962 |  |  | $ | 2,221,077 |
Provision/New commitments - net(1) | 100,985 |  |  | 2,503,584 |  |  | 97,846 |  |  | 2,352,228 |
Transfer - funded loans(2) | (133,012) |  |  | (3,457,081) |  |  | (161,329) |  |  | (3,272,912) |
Ending Balance | $ | 52,541 |  |  | $ | 1,358,163 |  |  | $ | 49,479 |  |  | $ | 1,300,393 |
(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 June 30, 2025 (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 |  | $ | 7,093 |  |  | 0.03 | % |  | $ | 134,398 |  |  | 0.55 | %
Total |  | $ | 7,093 |  |  | 0.03 | % |  | $ | 134,398 |  |  | 0.55 | %
|  | Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended June 30, 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 |  | $ | 5,571 |  |  | 0.03 | % |  | $ | 272,125 |  |  | 1.29 | %
Total |  | $ | 5,571 |  |  | 0.03 | % |  | $ | 272,125 |  |  | 1.29 | %
|  | Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Six Months Ended June 30, 2025 (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 |  | $ | 13,195 |  |  | 0.05 | % |  | $ | 265,624 |  |  | 1.09 | %
Total |  | $ | 13,195 |  |  | 0.05 | % |  | $ | 265,624 |  |  | 1.09 | %
|  | Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Six Months Ended June 30, 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 |  | $ | 9,005 |  |  | 0.04 | % |  | $ | 504,366 |  |  | 2.39 | %
Total |  | $ | 9,005 |  |  | 0.04 | % |  | $ | 504,366 |  |  | 2.39 | %
The following tables summarize the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:
Three Months Ended June 30,
2025 |  | 2024
Interest Rate Reduction |  | Combination - Interest Rate Reduction and Term Extension |  | Interest Rate Reduction |  | Combination - Interest Rate Reduction and Term Extension
Financial Effect: |  | Financial Effect: |  | Financial Effect: |  | Financial Effect:
Reduced average contractual rate from 12.87% to 4.32% |  | Added a weighted average 9.32 years to the life of loans Reduced average contractual rate from 12.29% to 3.98% |  | Reduced average contractual rate from 13.31% to 3.46% |  | Added a weighted average 9.32 years to the life of loans Reduced average contractual rate from 12.72% to 3.70%
Six Months Ended June 30,
2025 |  | 2024
Interest Rate Reduction |  | Combination - Interest Rate Reduction and Term Extension |  | Interest Rate Reduction |  | Combination - Interest Rate Reduction and Term Extension
Financial Effect: |  | Financial Effect: |  | Financial Effect: |  | Financial Effect:
Reduced average contractual rate from 12.98% to 4.35%. |  | Added a weighted average 9.35 years to the life of loans Reduced average contractual rate from 12.23% to 3.99% |  | Reduced average contractual rate from 13.25% to 3.62% |  | Added a weighted average 9.01 years to the life of loans Reduced average contractual rate from 12.66% to 3.71%
Financing Receivable, Modified, Subsequent Default | The following tables do not include loans that received a permanent term extension with no interest rate reduction during the fourth quarter of 2023, which are described earlier in this Note 4.
|  | Three Months Ended June 30,
|  | 2025 |  | 2024
(Dollars in thousands) |  | Defaulted Amount |  | Period-end Amortized Cost Basis |  | Defaulted Amount |  | Period-end Amortized Cost Basis
Loan Type: |  |  |  |  |  |  |  |
Private Education Loans |  |  |  |  |  |  |  |
Interest Rate Reduction |  | $ | 2,503 |  |  | $ | 2,222 |  |  | $ | 1,569 |  |  | $ | 1,592 |
Combination - Interest Rate Reduction and Term Extension |  | 50,033 |  |  | 45,210 |  |  | 25,191 |  |  | 25,730 |
Total |  | $ | 52,536 |  |  | $ | 47,432 |  |  | $ | 26,760 |  |  | $ | 27,322 |
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
(Dollars in thousands) |  | Defaulted Amount |  | Period-end Amortized Cost Basis |  | Defaulted Amount |  | Period-end Amortized Cost Basis
Loan Type: |  |  |  |  |  |  |  |
Private Education Loans |  |  |  |  |  |  |  |
Interest Rate Reduction |  | $ | 3,887 |  |  | $ | 3,196 |  |  | $ | 2,290 |  |  | $ | 2,110 |
Combination - Interest Rate Reduction and Term Extension |  | 79,426 |  |  | 66,964 |  |  | 37,838 |  |  | 37,524 |
Total |  | $ | 83,313 |  |  | $ | 70,160 |  |  | $ | 40,128 |  |  | $ | 39,634 |
Age Analysis of Past Due Loans Delinquencies | The following table depicts the performance of loans that were modified within the six months prior to June 30, 2025, the 12 months prior to June 30, 2025, and the 12 months prior to December 31, 2024, respectively.
|  | Six Months Ended June 30, 2025 |  | Twelve Months Ended June 30, 2025 |  | Twelve Months Ended December 31, 2024
(Dollars in thousands) |  | Balance | % |  | Balance | % |  | Balance | %
Payment Status (Amortized Cost Basis at June 30, 2025)(1): |  |  |  |  |  |  |  |  |
Loan modifications in deferment(2) |  | $ | 4,235 |  |  |  | $ | 26,438 |  |  |  | $ | 33,645 |  |
Loan modifications in repayment: |  |  |  |  |  |  |  |  |
Loans current(3)(4) |  | 167,602 |  | 61 | % |  | 588,873 |  | 78 | % |  | 826,007 |  | 83 | %
Loans delinquent 30-59 days(3)(4) |  | 48,282 |  | 18 | % |  | 73,440 |  | 10 | % |  | 77,446 |  | 8 | %
Loans delinquent 60-89 days(3)(4) |  | 27,306 |  | 10 | % |  | 43,057 |  | 6 | % |  | 43,484 |  | 4 | %
Loans 90 days or greater past due(3)(4) |  | 31,394 |  | 11 | % |  | 47,510 |  | 6 | % |  | 54,473 |  | 5 | %
Total loan modifications in repayment |  | 274,584 |  | 100 | % |  | 752,880 |  | 100 | % |  | 1,001,410 |  | 100 | %
Total Private Education Loan modifications |  | $ | 278,819 |  |  |  | $ | 779,318 |  |  |  | $ | 1,035,055 |  |
(1) Loans that were modified during the twelve months ended June 30, 2025 and subsequently charged-off during the six months ended June 30, 2025 are excluded from the table and had an amortized cost basis of $32.2 million. Loans that were both modified and subsequently charged-off during the twelve months ended June 30, 2025 are excluded from the table and had an amortized cost basis of $57.1 million. Loans that were both modified and subsequently charged-off during the twelve months ended December 31, 2024 are excluded from the table and had an amortized cost basis of $40.4 million. Additionally, loans that received a permanent term extension with no interest rate reduction during the fourth quarter of 2023 are excluded from the table, but are discussed elsewhere in this note 4. (2) 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. (3) Represents loans in repayment, which include loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include loans in the “loans in forbearance” metric). (4) 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/first disbursement. 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 loans in the “loans in forbearance” metric).
|  | Private Education Loans Held for Investment - Delinquencies by Origination Approval Vintage
As of June 30, 2025 (dollars in thousands) |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 and Prior |  | Total
Loans in-school/grace/deferment(1) |  | $ | 683,031 |  |  | $ | 2,643,887 |  |  | $ | 1,246,365 |  |  | $ | 590,020 |  |  | $ | 292,748 |  |  | $ | 534,868 |  |  | $ | 5,990,919 |
Loans in forbearance(2) |  | 1,543 |  |  | 41,407 |  |  | 78,780 |  |  | 49,553 |  |  | 34,545 |  |  | 97,876 |  |  | 303,704 |
Loans in repayment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans current |  | 786,912 |  |  | 3,775,987 |  |  | 2,662,224 |  |  | 1,996,177 |  |  | 1,442,298 |  |  | 4,998,398 |  |  | 15,661,996 |
Loans delinquent 30-59 days(3) |  | 3,191 |  |  | 22,276 |  |  | 41,083 |  |  | 41,173 |  |  | 31,247 |  |  | 161,146 |  |  | 300,116 |
Loans delinquent 60-89 days(3) |  | 678 |  |  | 7,027 |  |  | 20,917 |  |  | 21,730 |  |  | 18,138 |  |  | 75,143 |  |  | 143,633 |
Loans 90 days or greater past due(3) |  | 470 |  |  | 4,223 |  |  | 16,920 |  |  | 18,666 |  |  | 13,695 |  |  | 71,475 |  |  | 125,449 |
Total Private Education Loans in repayment |  | 791,251 |  |  | 3,809,513 |  |  | 2,741,144 |  |  | 2,077,746 |  |  | 1,505,378 |  |  | 5,306,162 |  |  | 16,231,194 |
Total Private Education Loans, gross |  | 1,475,825 |  |  | 6,494,807 |  |  | 4,066,289 |  |  | 2,717,319 |  |  | 1,832,671 |  |  | 5,938,906 |  |  | 22,525,817 |
Private Education Loans deferred origination costs and unamortized premium/(discount) |  | 17,998 |  |  | 41,612 |  |  | 19,248 |  |  | 8,863 |  |  | 5,210 |  |  | 11,093 |  |  | 104,024 |
Total Private Education Loans |  | 1,493,823 |  |  | 6,536,419 |  |  | 4,085,537 |  |  | 2,726,182 |  |  | 1,837,881 |  |  | 5,949,999 |  |  | 22,629,841 |
Private Education Loans allowance for losses |  | (74,440) |  |  | (345,981) |  |  | (285,183) |  |  | (212,178) |  |  | (136,200) |  |  | (415,527) |  |  | (1,469,509) |
Private Education Loans, net |  | $ | 1,419,383 |  |  | $ | 6,190,438 |  |  | $ | 3,800,354 |  |  | $ | 2,514,004 |  |  | $ | 1,701,681 |  |  | $ | 5,534,472 |  |  | $ | 21,160,332 |
Percentage of Private Education Loans in repayment |  | 53.6 | % |  | 58.7 | % |  | 67.4 | % |  | 76.5 | % |  | 82.1 | % |  | 89.3 | % |  | 72.1 | %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment |  | 0.5 | % |  | 0.9 | % |  | 2.9 | % |  | 3.9 | % |  | 4.2 | % |  | 5.8 | % |  | 3.5 | %
Loans in forbearance as a percentage of loans in repayment and forbearance |  | 0.2 | % |  | 1.1 | % |  | 2.8 | % |  | 2.3 | % |  | 2.2 | % |  | 1.8 | % |  | 1.8 | %
(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 (other than delinquent loans in disaster forbearance), 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, 2024 (dollars in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and Prior |  | Total
Loans in-school/grace/deferment(1) |  | $ | 2,164,479 |  |  | $ | 1,817,705 |  |  | $ | 748,782 |  |  | $ | 355,248 |  |  | $ | 184,377 |  |  | $ | 452,236 |  |  | $ | 5,722,827 |
Loans in forbearance(2) |  | 19,984 |  |  | 124,728 |  |  | 87,961 |  |  | 52,686 |  |  | 31,575 |  |  | 88,496 |  |  | 405,430 |
Loans in repayment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans current |  | 2,820,940 |  |  | 3,312,916 |  |  | 2,259,455 |  |  | 1,590,812 |  |  | 1,107,189 |  |  | 4,422,021 |  |  | 15,513,333 |
Loans delinquent 30-59 days(3) |  | 13,533 |  |  | 36,441 |  |  | 45,543 |  |  | 35,245 |  |  | 27,302 |  |  | 152,684 |  |  | 310,748 |
Loans delinquent 60-89 days(3) |  | 3,973 |  |  | 15,239 |  |  | 23,359 |  |  | 18,365 |  |  | 10,921 |  |  | 68,878 |  |  | 140,735 |
Loans 90 days or greater past due(3) |  | 1,683 |  |  | 14,481 |  |  | 20,147 |  |  | 17,080 |  |  | 12,632 |  |  | 75,912 |  |  | 141,935 |
Total Private Education Loans in repayment |  | 2,840,129 |  |  | 3,379,077 |  |  | 2,348,504 |  |  | 1,661,502 |  |  | 1,158,044 |  |  | 4,719,495 |  |  | 16,106,751 |
Total Private Education Loans, gross |  | 5,024,592 |  |  | 5,321,510 |  |  | 3,185,247 |  |  | 2,069,436 |  |  | 1,373,996 |  |  | 5,260,227 |  |  | 22,235,008 |
Private Education Loans deferred origination costs and unamortized premium/(discount) |  | 47,659 |  |  | 25,599 |  |  | 10,788 |  |  | 6,142 |  |  | 4,057 |  |  | 8,825 |  |  | 103,070 |
Total Private Education Loans |  | 5,072,251 |  |  | 5,347,109 |  |  | 3,196,035 |  |  | 2,075,578 |  |  | 1,378,053 |  |  | 5,269,052 |  |  | 22,338,078 |
Private Education Loans allowance for losses |  | (258,235) |  |  | (326,207) |  |  | (234,532) |  |  | (150,324) |  |  | (90,600) |  |  | (376,022) |  |  | (1,435,920) |
Private Education Loans, net |  | $ | 4,814,016 |  |  | $ | 5,020,902 |  |  | $ | 2,961,503 |  |  | $ | 1,925,254 |  |  | $ | 1,287,453 |  |  | $ | 4,893,030 |  |  | $ | 20,902,158 |
Percentage of Private Education Loans in repayment |  | 56.5 | % |  | 63.5 | % |  | 73.7 | % |  | 80.3 | % |  | 84.3 | % |  | 89.7 | % |  | 72.4 | %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment |  | 0.7 | % |  | 2.0 | % |  | 3.8 | % |  | 4.3 | % |  | 4.4 | % |  | 6.3 | % |  | 3.7 | %
Loans in forbearance as a percentage of loans in repayment and forbearance |  | 0.7 | % |  | 3.6 | % |  | 3.6 | % |  | 3.1 | % |  | 2.7 | % |  | 1.8 | % |  | 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 (other than delinquent loans in disaster forbearance), 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/first disbursement, stratified by key credit quality indicators.
As of June 30, 2025 (dollars in thousands) |  | Private Education Loans Held for Investment - Credit Quality Indicators |  |
Year of Origination Approval |  | 2025(1) |  | 2024(1) |  | 2023(1) |  | 2022(1) |  | 2021(1) |  | 2020 and Prior(1) |  | Total(1) |  | % of Balance
Cosigners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With cosigner |  | $ | 1,313,131 |  |  | $ | 5,916,194 |  |  | $ | 3,569,964 |  |  | $ | 2,331,492 |  |  | $ | 1,555,331 |  |  | $ | 5,182,173 |  |  | $ | 19,868,285 |  |  | 88 | %
Without cosigner |  | 162,694 |  |  | 578,613 |  |  | 496,325 |  |  | 385,827 |  |  | 277,340 |  |  | 756,733 |  |  | 2,657,532 |  |  | 12 |
Total |  | $ | 1,475,825 |  |  | $ | 6,494,807 |  |  | $ | 4,066,289 |  |  | $ | 2,717,319 |  |  | $ | 1,832,671 |  |  | $ | 5,938,906 |  |  | $ | 22,525,817 |  |  | 100 | %
FICO at Origination Approval(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 78,534 |  |  | $ | 380,086 |  |  | $ | 308,242 |  |  | $ | 228,131 |  |  | $ | 141,381 |  |  | $ | 516,846 |  |  | $ | 1,653,220 |  |  | 7 | %
670-699 |  | 191,662 |  |  | 787,362 |  |  | 581,703 |  |  | 387,166 |  |  | 254,432 |  |  | 987,715 |  |  | 3,190,040 |  |  | 14 |
700-749 |  | 458,881 |  |  | 1,964,910 |  |  | 1,257,401 |  |  | 852,172 |  |  | 585,375 |  |  | 2,002,102 |  |  | 7,120,841 |  |  | 32 |
Greater than or equal to 750 |  | 746,748 |  |  | 3,362,449 |  |  | 1,918,943 |  |  | 1,249,850 |  |  | 851,483 |  |  | 2,432,243 |  |  | 10,561,716 |  |  | 47 |
Total |  | $ | 1,475,825 |  |  | $ | 6,494,807 |  |  | $ | 4,066,289 |  |  | $ | 2,717,319 |  |  | $ | 1,832,671 |  |  | $ | 5,938,906 |  |  | $ | 22,525,817 |  |  | 100 | %
FICO Refreshed(2)(3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 127,524 |  |  | $ | 649,610 |  |  | $ | 594,396 |  |  | $ | 454,577 |  |  | $ | 306,551 |  |  | $ | 1,017,940 |  |  | $ | 3,150,598 |  |  | 14 | %
670-699 |  | 194,160 |  |  | 804,699 |  |  | 523,161 |  |  | 336,709 |  |  | 213,209 |  |  | 647,881 |  |  | 2,719,819 |  |  | 12 |
700-749 |  | 445,089 |  |  | 1,833,277 |  |  | 1,103,764 |  |  | 708,585 |  |  | 473,632 |  |  | 1,506,496 |  |  | 6,070,843 |  |  | 27 |
Greater than or equal to 750 |  | 709,052 |  |  | 3,207,221 |  |  | 1,844,968 |  |  | 1,217,448 |  |  | 839,279 |  |  | 2,766,589 |  |  | 10,584,557 |  |  | 47 |
Total |  | $ | 1,475,825 |  |  | $ | 6,494,807 |  |  | $ | 4,066,289 |  |  | $ | 2,717,319 |  |  | $ | 1,832,671 |  |  | $ | 5,938,906 |  |  | $ | 22,525,817 |  |  | 100 | %
Seasoning(4): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-12 payments |  | $ | 792,794 |  |  | $ | 3,294,401 |  |  | $ | 567,092 |  |  | $ | 385,899 |  |  | $ | 221,822 |  |  | $ | 375,717 |  |  | $ | 5,637,725 |  |  | 25 | %
13-24 payments |  | — |  |  | 556,519 |  |  | 1,953,000 |  |  | 238,352 |  |  | 155,954 |  |  | 370,223 |  |  | 3,274,048 |  |  | 15 |
25-36 payments |  | — |  |  | — |  |  | 299,832 |  |  | 1,307,229 |  |  | 152,753 |  |  | 450,441 |  |  | 2,210,255 |  |  | 10 |
37-48 payments |  | — |  |  | — |  |  | — |  |  | 195,819 |  |  | 895,007 |  |  | 517,518 |  |  | 1,608,344 |  |  | 7 |
More than 48 payments |  | — |  |  | — |  |  | — |  |  | — |  |  | 114,387 |  |  | 3,690,139 |  |  | 3,804,526 |  |  | 17 |
Not yet in repayment |  | 683,031 |  |  | 2,643,887 |  |  | 1,246,365 |  |  | 590,020 |  |  | 292,748 |  |  | 534,868 |  |  | 5,990,919 |  |  | 26 |
Total |  | $ | 1,475,825 |  |  | $ | 6,494,807 |  |  | $ | 4,066,289 |  |  | $ | 2,717,319 |  |  | $ | 1,832,671 |  |  | $ | 5,938,906 |  |  | $ | 22,525,817 |  |  | 100 | %
2025 Current period(5) gross charge-offs |  | $ | (159) |  |  | $ | (6,775) |  |  | $ | (33,921) |  |  | $ | (34,015) |  |  | $ | (25,311) |  |  | $ | (93,588) |  |  | $ | (193,769) |  |  |
2025 Current period(5) recoveries |  | 19 |  |  | 452 |  |  | 2,704 |  |  | 3,330 |  |  | 2,610 |  |  | 14,212 |  |  | 23,327 |  |  |
2025 Current period(5) net charge-offs |  | $ | (140) |  |  | $ | (6,323) |  |  | $ | (31,217) |  |  | $ | (30,685) |  |  | $ | (22,701) |  |  | $ | (79,376) |  |  | $ | (170,442) |  |  |
Total accrued interest by origination approval vintage |  | $ | 42,057 |  |  | $ | 424,303 |  |  | $ | 457,611 |  |  | $ | 302,033 |  |  | $ | 178,772 |  |  | $ | 297,168 |  |  | $ | 1,701,944 |  |  |
(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 second quarter 2025. (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, 2025 through June 30, 2025.
As of December 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 |  | $ | 4,519,952 |  |  | $ | 4,707,685 |  |  | $ | 2,741,871 |  |  | $ | 1,759,261 |  |  | $ | 1,151,751 |  |  | $ | 4,642,019 |  |  | $ | 19,522,539 |  |  | 88 | %
Without cosigner |  | 504,640 |  |  | 613,825 |  |  | 443,376 |  |  | 310,175 |  |  | 222,245 |  |  | 618,208 |  |  | 2,712,469 |  |  | 12 |
Total |  | $ | 5,024,592 |  |  | $ | 5,321,510 |  |  | $ | 3,185,247 |  |  | $ | 2,069,436 |  |  | $ | 1,373,996 |  |  | $ | 5,260,227 |  |  | $ | 22,235,008 |  |  | 100 | %
FICO at Origination Approval(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 293,025 |  |  | $ | 394,962 |  |  | $ | 261,589 |  |  | $ | 155,661 |  |  | $ | 94,355 |  |  | $ | 475,186 |  |  | $ | 1,674,778 |  |  | 8 | %
670-699 |  | 615,617 |  |  | 753,548 |  |  | 449,214 |  |  | 285,181 |  |  | 197,205 |  |  | 898,535 |  |  | 3,199,300 |  |  | 14 |
700-749 |  | 1,525,547 |  |  | 1,641,641 |  |  | 998,834 |  |  | 660,373 |  |  | 451,695 |  |  | 1,782,121 |  |  | 7,060,211 |  |  | 32 |
Greater than or equal to 750 |  | 2,590,403 |  |  | 2,531,359 |  |  | 1,475,610 |  |  | 968,221 |  |  | 630,741 |  |  | 2,104,385 |  |  | 10,300,719 |  |  | 46 |
Total |  | $ | 5,024,592 |  |  | $ | 5,321,510 |  |  | $ | 3,185,247 |  |  | $ | 2,069,436 |  |  | $ | 1,373,996 |  |  | $ | 5,260,227 |  |  | $ | 22,235,008 |  |  | 100 | %
FICO Refreshed(2)(3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 670 |  | $ | 453,705 |  |  | $ | 666,049 |  |  | $ | 467,562 |  |  | $ | 301,367 |  |  | $ | 194,124 |  |  | $ | 831,053 |  |  | $ | 2,913,860 |  |  | 13 | %
670-699 |  | 633,749 |  |  | 710,546 |  |  | 409,808 |  |  | 248,325 |  |  | 138,730 |  |  | 578,639 |  |  | 2,719,797 |  |  | 12 |
700-749 |  | 1,485,771 |  |  | 1,512,643 |  |  | 879,450 |  |  | 563,941 |  |  | 362,715 |  |  | 1,398,737 |  |  | 6,203,257 |  |  | 28 |
Greater than or equal to 750 |  | 2,451,367 |  |  | 2,432,272 |  |  | 1,428,427 |  |  | 955,803 |  |  | 678,427 |  |  | 2,451,798 |  |  | 10,398,094 |  |  | 47 |
Total |  | $ | 5,024,592 |  |  | $ | 5,321,510 |  |  | $ | 3,185,247 |  |  | $ | 2,069,436 |  |  | $ | 1,373,996 |  |  | $ | 5,260,227 |  |  | $ | 22,235,008 |  |  | 100 | %
Seasoning(4): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-12 payments |  | $ | 2,860,113 |  |  | $ | 774,471 |  |  | $ | 499,812 |  |  | $ | 280,154 |  |  | $ | 159,762 |  |  | $ | 324,506 |  |  | $ | 4,898,818 |  |  | 22 | %
13-24 payments |  | — |  | 2,729,334 |  | 372,496 |  | 191,989 |  | 122,938 |  | 340,556 |  | 3,757,313 |  | 17 |
25-36 payments |  | — |  | — |  | 1,564,157 |  | 254,068 |  | 110,952 |  | 429,127 |  | 2,358,304 |  | 11 |
37-48 payments |  | — |  | — |  | — |  | 987,977 |  | 170,051 |  | 451,494 |  | 1,609,522 |  | 7 |
More than 48 payments |  | — |  | — |  | — |  | — |  | 625,916 |  | 3,262,308 |  | 3,888,224 |  | 17 |
Not yet in repayment |  | 2,164,479 |  | 1,817,705 |  | 748,782 |  | 355,248 |  | 184,377 |  | 452,236 |  | 5,722,827 |  | 26 |
Total |  | $ | 5,024,592 |  |  | $ | 5,321,510 |  |  | $ | 3,185,247 |  |  | $ | 2,069,436 |  |  | $ | 1,373,996 |  |  | $ | 5,260,227 |  |  | $ | 22,235,008 |  |  | 100 | %
2024 Current period(5) gross charge-offs |  | $ | (1,826) |  |  | $ | (29,094) |  |  | $ | (68,454) |  |  | $ | (53,697) |  |  | $ | (37,318) |  |  | $ | (186,451) |  |  | $ | (376,840) |  |  |
2024 Current period(5) recoveries |  | 117 |  |  | 2,191 |  |  | 6,487 |  |  | 5,771 |  |  | 3,840 |  |  | 26,350 |  |  | 44,756 |  |  |
2024 Current period(5) net charge-offs |  | $ | (1,709) |  |  | $ | (26,903) |  |  | $ | (61,967) |  |  | $ | (47,926) |  |  | $ | (33,478) |  |  | $ | (160,101) |  |  | $ | (332,084) |  |  |
Total accrued interest by origination approval vintage |  | $ | 195,291 |  |  | $ | 484,531 |  |  | $ | 325,962 |  |  | $ | 197,504 |  |  | $ | 106,565 |  |  | $ | 239,562 |  |  | $ | 1,549,415 |  |  |
(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 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 January 1, 2024 through December 31, 2024.
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. 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. The allowance for credit losses considers the collectibility of both principal and accrued interest. The allowance for uncollectible interest estimates the additional uncollectible interest that is not captured in the 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)
June 30, 2025 |  | $ | 1,701,944 |  |  | $ | 5,381 |  |  | $ | 12,694 |
December 31, 2024 |  | $ | 1,549,415 |  |  | $ | 6,420 |  |  | $ | 12,366 |
(1)At June 30, 2025 and December 31, 2024, $159 million and $164 million, respectively, of accrued interest receivable was not expected to be capitalized and $1.5 billion and $1.4 billion of accrued interest receivable was expected to be capitalized.

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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- Definition Tabular disclosure of financing receivable with payment default and modified within previous 12 months preceding payment default for debtor experiencing financial difficulty. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 44 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-44 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481933/310-10-55-12A + Details
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- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-14 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479294/326-20-55-80 + Details
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