3. Borrowings

The following table summarizes our borrowings.


	March 31, 2017									December 31, 2016
(Dollars in millions)	Short Term			Long Term			Total			Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt	$	571		$	13,424		$	13,995		$	717		$	13,029		$	13,746

Total unsecured borrowings		571			13,424			13,995			717			13,029			13,746
Secured borrowings:
FFELP Loan securitizations		—			73,047			73,047			—			73,522			73,522
Private Education Loan securitizations⁽¹⁾		548			13,343			13,891			548			14,125			14,673
FFELP Loan — other facilities		—			10,409			10,409			—			12,443			12,443
Private Education Loan — other facilities		540			—			540			464			—			464
Other⁽²⁾		502			—			502			606			—			606

Total secured borrowings		1,590			96,799			98,389			1,618			100,090			101,708

Total before hedge accounting adjustments		2,161			110,223			112,384			2,335			113,119			115,454
Hedge accounting adjustments		(1	)		(637	)		(638	)		(1	)		(751	)		(752	)

Total	$	2,160		$	109,586		$	111,746		$	2,334		$	112,368		$	114,702

⁽¹⁾

Includes $548 million and $548 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facility (“Repurchase Facility”) as of March 31, 2017 and December 31, 2016, respectively. Includes $476 million and $475 million of long-term debt related to the Repurchase Facility as of March 31, 2017 and December 31, 2016, respectively.

⁽²⁾	“Other” primarily includes the obligation to return cash collateral held related to derivative exposures, which includes $95 million and $193 million of securities re-pledged subject to an overnight repurchase transaction as of March 31, 2017 and December 31, 2016, respectively.

Variable Interest Entities

We consolidated the following financing VIEs as of March 31, 2017 and December 31, 2016, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	March 31, 2017
	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	$	—	$	73,047		$	73,047		$	73,669	$	2,764	$	818		$	77,251
Private Education Loan securitizations⁽¹⁾		548		13,343			13,891			19,030		490		243			19,763
FFELP Loan — other facilities		—		7,208			7,208			7,295		279		158			7,732
Private Education Loan — other facilities		540		—			540			785		17		13			815
Other		89		—			89			104		6		(1	)		109

Total before hedge accounting adjustments		1,177		93,598			94,775			100,883		3,556		1,231			105,670
Hedge accounting adjustments		—		(1,039	)		(1,039	)		—		—		(1,136	)		(1,136	)

Total	$	1,177	$	92,559		$	93,736		$	100,883	$	3,556	$	95		$	104,534


	December 31, 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	$	—	$	73,522		$	73,522		$	74,197	$	2,676	$	778		$	77,651
Private Education Loan securitizations⁽¹⁾		548		14,125			14,673			19,815		455		260			20,530
FFELP Loan — other facilities		—		9,046			9,046			9,232		289		172			9,693
Private Education Loan — other facilities		464		—			464			685		10		14			709
Other		66		—			66			79		4		—			83

Total before hedge accounting adjustments		1,078		96,693			97,771			104,008		3,434		1,224			108,666
Hedge accounting adjustments		—		(1,201	)		(1,201	)		—		—		(1,235	)		(1,235	)

Total	$	1,078	$	95,492		$	96,570		$	104,008	$	3,434	$	(11	)	$	107,431

⁽¹⁾

Includes $548 million of short-term debt, $476 million of long-term debt and $39 million of restricted cash related to the Repurchase Facility as of March 31, 2017. Includes $548 million of short-term debt, $475 million of long-term debt and $49 million of restricted cash related to the Repurchase Facility as of December 31, 2016.