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Bonds and Notes Payable (Tables)

9 Months Ended

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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