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Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended
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Sep. 30, 2019
Receivables [Abstract] |
Schedule of Loans Receivable | Loans receivable consisted of the following:
| As of |  |  |  | As of
| September 30, 2019 |  |  |  | December 31, 2018
Federally insured student loans: |  |  |  |  |
Stafford and other | $ | 4,720,338 |  |  |  |  | 4,969,667 |
Consolidation | 15,975,499 |  |  |  |  | 17,186,229 |
Total | 20,695,837 |  |  |  |  | 22,155,896 |
Private education loans | 189,912 |  |  |  |  | 225,975 |
Consumer loans | 321,199 |  |  |  |  | 138,627 |
| 21,206,948 |  |  |  |  | 22,520,498 |
Loan discount, net of unamortized loan premiums and deferred origination costs | (36,483) |  |  |  |  | (53,572) |
Non-accretable discount | (32,607) |  |  |  |  | (29,396) |
Allowance for loan losses: |  |  |  |  |
Federally insured loans | (37,676) |  |  |  |  | (42,310) |
Private education loans | (9,882) |  |  |  |  | (10,838) |
Consumer loans | (18,859) |  |  |  |  | (7,240) |
| $ | 21,071,441 |  |  |  |  | 22,377,142 |
Activity in the Allowance for Loan Losses | Activity in the allowance for loan losses is shown below.
| Balance at beginning of period |  | Provision for loan losses |  | Charge-offs |  | Recoveries |  | Loan sale and other |  | Balance at end of period
| Three months ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |
Federally insured loans | $ | 39,056 |  |  | 2,000 |  |  | (3,380) |  |  | — |  |  | — |  |  | 37,676 |
Private education loans | 10,157 |  |  | — |  |  | (459) |  |  | 184 |  |  | — |  |  | 9,882 |
Consumer loans | 13,378 |  |  | 8,000 |  |  | (2,759) |  |  | 240 |  |  | — |  |  | 18,859 |
| $ | 62,591 |  |  | 10,000 |  |  | (6,598) |  |  | 424 |  |  | — |  |  | 66,417 |
| Three months ended September 30, 2018 |  |  |  |  |  |  |  |  |  |
Federally insured loans | $ | 37,263 |  |  | 8,000 |  |  | (2,210) |  |  | — |  |  | — |  |  | 43,053 |
Private education loans | 11,664 |  |  | — |  |  | (535) |  |  | 124 |  |  | — |  |  | 11,253 |
Consumer loans | 4,788 |  |  | 2,500 |  |  | (1,403) |  |  | 26 |  |  | — |  |  | 5,911 |
| $ | 53,715 |  |  | 10,500 |  |  | (4,148) |  |  | 150 |  |  | — |  |  | 60,217 |
| Nine months ended September 30, 2019 |  |  |  |  |  |  |  |  |  |
Federally insured loans | $ | 42,310 |  |  | 6,000 |  |  | (10,634) |  |  | — |  |  | — |  |  | 37,676 |
Private education loans | 10,838 |  |  | — |  |  | (1,529) |  |  | 573 |  |  | — |  |  | 9,882 |
Consumer loans | 7,240 |  |  | 20,000 |  |  | (7,417) |  |  | 536 |  |  | (1,500) |  |  | 18,859 |
| $ | 60,388 |  |  | 26,000 |  |  | (19,580) |  |  | 1,109 |  |  | (1,500) |  |  | 66,417 |
| Nine months ended September 30, 2018 |  |  |  |  |  |  |  |  |  |
Federally insured loans | $ | 38,706 |  |  | 12,000 |  |  | (8,653) |  |  | — |  |  | 1,000 |  |  | 43,053 |
Private education loans | 12,629 |  |  | — |  |  | (1,846) |  |  | 470 |  |  | — |  |  | 11,253 |
Consumer loans | 3,255 |  |  | 6,000 |  |  | (3,376) |  |  | 32 |  |  | — |  |  | 5,911 |
| $ | 54,590 |  |  | 18,000 |  |  | (13,875) |  |  | 502 |  |  | 1,000 |  |  | 60,217 |
Loans Receivable Delinquencies | The table below shows the Company’s loan delinquency amounts.
| As of September 30, 2019 |  |  |  | As of December 31, 2018 |  |  |  | As of September 30, 2018 |  |  |
Federally insured loans: |  |  |  |  |  |  |  |  |  |  |
Loans in-school/grace/deferment | $ | 1,243,705 |  |  |  |  | $ | 1,298,493 |  |  |  |  | $ | 1,410,902 |  |  |
Loans in forbearance | 1,391,482 |  |  |  |  | 1,430,291 |  |  |  |  | 1,487,107 |  |  |
Loans in repayment status: |  |  |  |  |  |  |  |  |  |  |
Loans current | 15,646,231 |  |  | 86.7 | % |  | 16,882,252 |  |  | 86.9 | % |  | 16,921,119 |  |  | 86.8 | %
Loans delinquent 31-60 days | 662,431 |  |  | 3.8 |  |  | 683,084 |  |  | 3.5 |  |  | 689,454 |  |  | 3.5 |
Loans delinquent 61-90 days | 402,197 |  |  | 2.2 |  |  | 427,764 |  |  | 2.2 |  |  | 412,639 |  |  | 2.1 |
Loans delinquent 91-120 days | 279,524 |  |  | 1.5 |  |  | 283,831 |  |  | 1.5 |  |  | 347,013 |  |  | 1.8 |
Loans delinquent 121-270 days | 795,230 |  |  | 4.4 |  |  | 806,692 |  |  | 4.2 |  |  | 853,224 |  |  | 4.4 |
Loans delinquent 271 days or greater | 275,037 |  |  | 1.4 |  |  | 343,489 |  |  | 1.7 |  |  | 269,285 |  |  | 1.4 |
Total loans in repayment | 18,060,650 |  |  | 100.0 | % |  | 19,427,112 |  |  | 100.0 | % |  | 19,492,734 |  |  | 100.0 | %
Total federally insured loans | $ | 20,695,837 |  |  |  |  | $ | 22,155,896 |  |  |  |  | $ | 22,390,743 |  |  |
Private education loans: |  |  |  |  |  |  |  |  |  |  |
Loans in-school/grace/deferment | $ | 3,944 |  |  |  |  | $ | 4,320 |  |  |  |  | $ | 3,550 |  |  |
Loans in forbearance | 2,242 |  |  |  |  | 1,494 |  |  |  |  | 1,577 |  |  |
Loans in repayment status: |  |  |  |  |  |  |  |  |  |  |
Loans current | 173,883 |  |  | 94.7 | % |  | 208,977 |  |  | 95.0 | % |  | 156,383 |  |  | 95.2 | %
Loans delinquent 31-60 days | 3,011 |  |  | 1.6 |  |  | 3,626 |  |  | 1.6 |  |  | 1,796 |  |  | 1.1 |
Loans delinquent 61-90 days | 1,370 |  |  | 0.7 |  |  | 1,560 |  |  | 0.7 |  |  | 1,155 |  |  | 0.7 |
Loans delinquent 91 days or greater | 5,462 |  |  | 3.0 |  |  | 5,998 |  |  | 2.7 |  |  | 5,006 |  |  | 3.0 |
Total loans in repayment | 183,726 |  |  | 100.0 | % |  | 220,161 |  |  | 100.0 | % |  | 164,340 |  |  | 100.0 | %
Total private education loans | $ | 189,912 |  |  |  |  | $ | 225,975 |  |  |  |  | $ | 169,467 |  |  |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |
Loans in repayment status: |  |  |  |  |  |  |  |  |  |  |
Loans current | $ | 315,708 |  |  | 98.3 | % |  | $ | 136,130 |  |  | 98.2 | % |  | $ | 110,885 |  |  | 98.5 | %
Loans delinquent 31-60 days | 2,249 |  |  | 0.7 |  |  | 1,012 |  |  | 0.7 |  |  | 905 |  |  | 0.8 |
Loans delinquent 61-90 days | 1,617 |  |  | 0.5 |  |  | 832 |  |  | 0.6 |  |  | 355 |  |  | 0.3 |
Loans delinquent 91 days or greater | 1,625 |  |  | 0.5 |  |  | 653 |  |  | 0.5 |  |  | 402 |  |  | 0.4 |
Total loans in repayment | 321,199 |  |  | 100.0 | % |  | 138,627 |  |  | 100.0 | % |  | 112,547 |  |  | 100.0 | %
Total consumer loans | $ | 321,199 |  |  |  |  | $ | 138,627 |  |  |  |  | $ | 112,547 |  |  |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=119407570&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=118936363&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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