3.	Borrowings

The following table summarizes our borrowings.


	September 30, 2016						December 31, 2015
(Dollars in millions)	Short Term		Long Term		Total		Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt	$	1,456	$	13,038	$	14,494	$	1,120		$	13,976		$	15,096

Total unsecured borrowings		1,456		13,038		14,494		1,120			13,976			15,096
Secured borrowings:
FFELP Loan securitizations		—		74,269		74,269		—			77,764			77,764
Private Education Loan securitizations⁽¹⁾		—		15,402		15,402		—			16,900			16,900
FFELP Loan — other facilities		—		13,582		13,582		—			16,276			16,276
Private Education Loan — other facilities		344		—		344		710			—			710
Other⁽²⁾		837		—		837		760			—			760

Total secured borrowings		1,181		103,253		104,434		1,470			110,940			112,410

Total before hedge accounting adjustments		2,637		116,291		118,928		2,590			124,916			127,506
Hedge accounting adjustments		—		249		249		(20	)		(83	)		(103	)

Total	$	2,637	$	116,540	$	119,177	$	2,570		$	124,833		$	127,403

⁽¹⁾	Includes $1.0 billion and $546 million of long-term debt related to the Private Education Loan asset-backed securitization repurchase facility (“Repurchase Facility”) as of September 30, 2016 and December 31, 2015, respectively.

⁽²⁾	“Other” primarily includes the obligation to return cash collateral held related to derivative exposures.

Variable Interest Entities

We consolidated the following financing VIEs as of September 30, 2016 and December 31, 2015, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	September 30, 2016
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	74,269		$	74,269		$	74,813	$	2,723	$	784		$	78,320
Private Education Loan securitizations⁽¹⁾		—		15,402			15,402			20,505		447		282			21,234
FFELP Loan — other facilities		—		10,071			10,071			10,266		258		172			10,696
Private Education Loan — other facilities		344		—			344			520		8		16			544
Other		37		—			37			46		1		(1	)		46

Total before hedge accounting adjustments		381		99,742			100,123			106,150		3,437		1,253			110,840
Hedge accounting adjustments		—		(715	)		(715	)		—		—		(700	)		(700	)

Total	$	381	$	99,027		$	99,408		$	106,150	$	3,437	$	553		$	110,140


	December 31, 2015
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	77,764		$	77,764		$	78,358	$	2,760	$	682		$	81,800
Private Education Loan securitizations⁽¹⁾		—		16,900			16,900			22,014		452		323			22,789
FFELP Loan — other facilities		—		12,676			12,676			13,158		324		168			13,650
Private Education Loan — other facilities		710		—			710			1,110		17		31			1,158

Total before hedge accounting adjustments		710		107,340			108,050			114,640		3,553		1,204			119,397
Hedge accounting adjustments		—		(830	)		(830	)		—		—		(911	)		(911	)

Total	$	710	$	106,510		$	107,220		$	114,640	$	3,553	$	293		$	118,486

⁽¹⁾

Includes $1.0 billion and $546 million of long-term debt related to the Repurchase Facility as of September 30, 2016 and December 31, 2015, respectively, and $59 million and $41 million of restricted cash related to the Repurchase Facility as of September 30, 2016 and December 31, 2015, respectively.