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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest income:        
Cash and investments $ 1 $ 2 $ 1 $ 15
Total interest income 661 819 1,352 1,807
Total interest expense 339 519 667 1,234
Net interest income 322 300 685 573
Less: provisions for loan losses (1) 44 (88) 139
Net interest income after provisions for loan losses 323 256 773 434
Other income (loss):        
Servicing revenue 50 52 102 109
Asset recovery and business processing revenue 142 102 281 212
Other income (loss) 4 9 5 17
Gains on sales of loans 2   78  
Losses on debt repurchases (12)   (12)  
Gains (losses) on derivative and hedging activities, net (10) (30) 26 (253)
Total other income (loss) 176 133 480 85
Expenses:        
Salaries and benefits 142 117 292 241
Other operating expenses 110 96 218 222
Total operating expenses 252 213 510 463
Goodwill and acquired intangible asset impairment and amortization expense 5 5 10 11
Restructuring/other reorganization expenses 2 1 8 6
Total expenses 259 219 528 480
Income before income tax expense 240 170 725 39
Income tax expense 55 45 170 20
Net income $ 185 $ 125 $ 555 $ 19
Basic earnings per common share $ 1.07 $ 0.65 $ 3.12 $ 0.10
Average common shares outstanding 174 194 178 197
Diluted earnings per common share $ 1.05 $ 0.64 $ 3.08 $ 0.10
Average common and common equivalent shares outstanding 176 195 180 198
Dividends per common share $ 0.16 $ 0.16 $ 0.32 $ 0.32
FFELP Loans [Member]        
Interest income:        
Total interest income $ 365 $ 455 $ 737 $ 1,025
Less: provisions for loan losses   3   9
Private Education Loans [Member]        
Interest income:        
Total interest income 295 362 614 767
Less: provisions for loan losses $ (1) $ 41 $ (88) $ 130