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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Cash and investments $ 19 $ 1 $ 25 $ 2
Total interest income 881 660 2,199 2,013
Total interest expense 641 326 1,301 995
Net interest income 240 334 898 1,018
Less: provisions for loan losses 28 22 62 (66)
Net interest income after provisions for loan losses 212 312 836 1,084
Other income (loss):        
Servicing revenue 24 47 60 149
Asset recovery and business processing revenue 80 135 264 416
Other income 6 3 22 9
Gains on sales of loans       78
Gains (losses) on debt repurchases   (20)   (32)
Gains (losses) on derivative and hedging activities, net 40 (5) 161 21
Total other income 150 160 507 641
Expenses:        
Salaries and benefits 106 141 337 433
Other operating expenses 88 107 251 325
Total operating expenses 194 248 588 758
Goodwill and acquired intangible asset impairment and amortization expense 10 4 17 14
Restructuring/other reorganization expenses 21   25 8
Total expenses 225 252 630 780
Income before income tax expense 137 220 713 945
Income tax expense 32 47 173 217
Net income $ 105 $ 173 $ 540 $ 728
Basic earnings per common share $ 0.75 $ 1.05 $ 3.71 $ 4.20
Average common shares outstanding 139 165 145 174
Diluted earnings per common share $ 0.75 $ 1.04 $ 3.67 $ 4.15
Average common and common equivalent shares outstanding 141 167 147 176
Dividends per common share $ 0.16 $ 0.16 $ 0.48 $ 0.48
FFELP Loans [Member]        
Interest income:        
Total interest income $ 553 $ 368 $ 1,312 $ 1,106
Private Education Loans [Member]        
Interest income:        
Total interest income 309 291 862 905
Less: provisions for loan losses $ 28 $ 22 $ 62 $ (66)