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Loans Receivable and Allowance for Loan Losses
 9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Loans Receivable and Allowance for Loan Losses Loans Receivable and Allowance for Loan Losses
Loans receivable consisted of the following:
As ofAs of
 September 30, 2019December 31, 2018
Federally insured student loans:
Stafford and other$4,720,338  4,969,667  
Consolidation15,975,499  17,186,229  
Total20,695,837  22,155,896  
Private education loans189,912  225,975  
Consumer loans321,199  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  
On May 1, 2019, the Company sold $47.7 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a $1.7 million (pre-tax) gain as part of this transaction. As partial consideration received for the consumer loans sold, the Company received an approximate 11 percent residual interest in the consumer loan securitization that is included in "investments and notes receivable" on the Company's consolidated balance sheet.
Subsequent to September 30, 2019, the Company made the decision to sell an additional $179.3 million (par value) of consumer loans to an unrelated third party who securitized such loans. As of September 30, 2019, these loans were classified as held for investment and are included in the table above. As partial consideration received for the consumer loans sold, the Company received an approximate 29 percent residual interest in the consumer loan securitization. The Company will recognize a gain in the fourth quarter of 2019 of $15.5 million (pre-tax) from the sale of these loans.
Activity in the Allowance for Loan Losses
The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of loans. Activity in the allowance for loan losses is shown below.
 Balance at beginning of periodProvision for loan lossesCharge-offsRecoveriesLoan sale and otherBalance at end of period
Three months ended September 30, 2019  
Federally insured loans$39,056  2,000  (3,380) —  —  37,676  
Private education loans10,157  —  (459) 184  —  9,882  
Consumer loans13,378  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 loans11,664  —  (535) 124  —  11,253  
Consumer loans4,788  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 loans10,838  —  (1,529) 573  —  9,882  
Consumer loans7,240  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 loans12,629  —  (1,846) 470  —  11,253  
Consumer loans3,255  6,000  (3,376) 32  —  5,911  
$54,590  18,000  (13,875) 502  1,000  60,217  
Loan Status and Delinquencies
Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan delinquency amounts.
 As of September 30, 2019As of December 31, 2018As 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 current15,646,231  86.7 %16,882,252  86.9 %16,921,119  86.8 %
Loans delinquent 31-60 days662,431  3.8  683,084  3.5  689,454  3.5  
Loans delinquent 61-90 days402,197  2.2  427,764  2.2  412,639  2.1  
Loans delinquent 91-120 days279,524  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 repayment18,060,650  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 current173,883  94.7 %208,977  95.0 %156,383  95.2 %
Loans delinquent 31-60 days3,011  1.6  3,626  1.6  1,796  1.1  
Loans delinquent 61-90 days1,370  0.7  1,560  0.7  1,155  0.7  
Loans delinquent 91 days or greater5,462  3.0  5,998  2.7  5,006  3.0  
Total loans in repayment183,726  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 days2,249  0.7  1,012  0.7  905  0.8  
Loans delinquent 61-90 days1,617  0.5  832  0.6  355  0.3  
Loans delinquent 91 days or greater1,625  0.5  653  0.5  402  0.4  
Total loans in repayment321,199  100.0 %138,627  100.0 %112,547  100.0 %
Total consumer loans$321,199  $138,627  $112,547