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Bonds and Notes Payable (Tables) | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables summarize the Company’s outstanding debt obligations by type of instrument:
| As of September 30, 2019 |  |  |  |  |
| Carrying amount |  | Interest rate range |  | Final maturity |
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: |  |  |  |  |  |
Bonds and notes based on indices | $ | 18,961,410 |  |  | 2.20% - 3.81% |  |  | 11/25/24 - 9/26/67 |
Bonds and notes based on auction | 773,726 |  |  | 3.02% - 3.84% |  |  | 3/22/32 - 11/26/46 |
Total FFELP variable-rate bonds and notes | 19,735,136 |  |  |  |  |  |
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitization | 374,500 |  |  | 2.53% / 3.45% |  |  | 10/25/67 |
FFELP warehouse facilities | 739,448 |  |  | 2.22% / 2.26% |  |  | 11/20/20 / 5/31/22 |
Consumer loan warehouse facility | 144,022 |  |  | 2.23% |  |  | 4/23/22 |
Variable-rate bonds and notes issued in private education loan asset- backed securitizations | 82,338 |  |  | 3.40% / 3.77% |  |  | 12/26/40 / 6/25/49 |
Fixed-rate bonds and notes issued in private education loan asset-backed securitization | 53,368 |  |  | 3.60% / 5.35% |  |  | 12/26/40 / 12/28/43 |
Unsecured line of credit | — |  |  | — |  |  | 6/22/23 |
Unsecured debt - Junior Subordinated Hybrid Securities | 20,381 |  |  | 5.46% |  |  | 9/15/61 |
Other borrowings | 45,465 |  |  | 2.77% - 3.85% |  |  | 10/7/19 - 5/30/22 |
| 21,194,658 |  |  |  |  |  |
Discount on bonds and notes payable and debt issuance costs | (284,468) |  |  |  |  |  |
Total | $ | 20,910,190 |  |  |  |  |  |
| As of December 31, 2018 |  |  |  |
| Carrying amount |  | Interest rate range |  | Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: |  |  |  |  |
Bonds and notes based on indices | $ | 20,192,123 |  |  | 2.59% - 4.52% |  |  | 11/25/24 - 2/25/67
Bonds and notes based on auction | 793,476 |  |  | 2.84% - 3.55% |  |  | 3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes | 20,985,599 |  |  |  |  |
FFELP warehouse facilities | 986,886 |  |  | 2.65% / 2.71% |  |  | 5/20/20 / 5/31/21
Variable-rate bonds and notes issued in private education loan asset-backed securitization | 50,720 |  |  | 4.26% |  |  | 12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization | 63,171 |  |  | 3.60% / 5.35% |  |  | 12/26/40 / 12/28/43
Unsecured line of credit | 310,000 |  |  | 3.92% - 4.01% |  |  | 6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities | 20,381 |  |  | 6.17% |  |  | 9/15/61
Other borrowings | 120,342 |  |  | 3.05% - 5.22% |  |  | 1/3/19 - 12/15/45
| 22,537,099 |  |  |  |  |
Discount on bonds and notes payable and debt issuance costs | (318,359) |  |  |  |  |
Total | $ | 22,218,740 |  |  |  |  |
Schedule of Line of Credit Facilities | As of September 30, 2019, the Company had two FFELP warehouse facilities as summarized below.
|  | NFSLW-I (a) |  | NHELP-II (b) |  | Total
Maximum financing amount |  | $ | 500,000 |  |  | 500,000 |  |  | 1,000,000 |
Amount outstanding |  | 387,510 |  |  | 351,938 |  |  | 739,448 |
Amount available |  | $ | 112,490 |  |  | 148,062 |  |  | 260,552 |
Expiration of liquidity provisions |  | November 20, 2019 |  | May 31, 2020 |  |
Final maturity date |  | November 20, 2020 |  | May 31, 2022 |  |
Advanced as equity support |  | $ | 22,238 |  |  | 25,853 |  |  | 48,091 |
(a) On March 8, 2019, the Company decreased the maximum financing amount for this warehouse facility to $500 million. On May 16, 2019, the Company extended the expiration of liquidity provisions to November 20, 2019, and extended the maturity date to November 20, 2020. (b) On May 30, 2019, the Company extended the expiration of liquidity provisions to May 31, 2020, and extended the maturity date to May 31, 2022.
Schedule of Asset-Backed Securitization | The following table summarizes the asset-backed securitization transactions completed during the first nine months of 2019.
|  | 2019-1 |  |  |  |  |  | 2019-2 |  | Private education loan 2019-A |  | 2019-3 |  | 2019-4 |  | 2019-5 |  |  |  |  |  |  |  | Total
|  | Class A-1 Notes |  | Class A-2 Notes |  | 2019-1 total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Date securities issued |  | 2/27/19 |  | 2/27/19 |  | 2/27/19 |  | 4/30/19 |  | 6/25/19 |  | 7/24/19 |  | 8/22/19 |  | 9/25/19 |  |  |  |  |  |  |  |
Total original principal amount |  | $ | 35,700 |  |  | 448,000 |  |  | 496,800 |  |  | 416,100 |  |  | 47,159 |  |  | 498,300 |  |  | 418,600 |  |  | 374,500 |  |  |  |  |  |  |  |  | 2,251,459 |
Class A senior notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total principal amount |  | $ | 35,700 |  |  | 448,000 |  |  | 483,700 |  |  | 405,000 |  |  | 47,159 |  |  | 485,800 |  |  | 408,000 |  |  | 364,500 |  |  |  |  |  |  |  |  | 2,194,159 |
Bond discount |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (114) |  |  |  |  |  |  |  |  | (114) |
Issue price |  | $ | 35,700 |  |  | 448,000 |  |  | 483,700 |  |  | 405,000 |  |  | 47,159 |  |  | 485,800 |  |  | 408,000 |  |  | 364,386 |  |  |  |  |  |  |  |  | 2,194,045 |
Cost of funds |  | 1-month LIBOR plus 0.30% |  | 1-month LIBOR plus 0.75% |  |  |  | 1-month LIBOR plus 0.90% |  | Prime rate less 1.60% |  | 1-month LIBOR plus 0.80% |  | 1-month LIBOR plus 0.87% |  | 2.53% |  |  |  |  |  |  |  |  |
Final maturity date |  | 4/25/67 |  | 4/25/67 |  |  |  | 6/27/67 |  | 6/25/49 |  | 8/25/67 |  | 9/26/67 |  | 10/25/67 |  |  |  |  |  |  |  |
Class B subordinated notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total principal amount |  |  |  |  |  | 13,100 |  |  | 11,100 |  |  |  |  | 12,500 |  |  | 10,600 |  |  | 10,000 |  |  |  |  |  |  |  |  | 57,300 |
Bond discount |  |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (4) |  |  |  |  |  |  |  |  | (4) |
Issue price |  |  |  |  |  | 13,100 |  |  | 11,100 |  |  |  |  | 12,500 |  |  | 10,600 |  |  | 9,996 |  |  |  |  |  |  |  |  | 57,296 |
Cost of funds |  |  |  |  |  | 1-month LIBOR plus 1.40% |  | 1-month LIBOR plus 1.50% |  |  |  | 1-month LIBOR plus 1.55% |  | 1-month LIBOR plus 1.65% |  | 3.45% |  |  |  |  |  |  |  |  |
Final maturity date |  |  |  |  |  | 4/25/67 |  | 6/27/67 |  |  |  | 8/25/67 |  | 9/26/67 |  | 10/25/67 |  |  |  |  |  |  |  |

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