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Allowance for Loan Losses (Tables) | 6 Months Ended
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Jun. 30, 2025
Financing Receivable Allowance For Credit Losses [Line Items] |
Allowance for Credit Losses and Recorded Investments in Loans |
|  | Three Months Ended June 30, |
|  | 2025 |  |  | 2024 |
(Dollars in millions) |  | FFELP Loans |  |  | Private Education Loans |  |  | Total |  |  | FFELP Loans |  |  | Private Education Loans |  |  | Total |
Allowance at beginning of period |  | $ | 182 |  |  | $ | 397 |  |  | $ | 579 |  |  | $ | 206 |  |  | $ | 538 |  |  | $ | 744 |
Total provision |  |  | 8 |  |  |  | 29 |  |  |  | 37 |  |  |  | (2 | ) |  |  | 16 |  |  |  | 14 |
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  |  | (8 | ) |  |  | (92 | ) |  |  | (100 | ) |  |  | (10 | ) |  |  | (77 | ) |  |  | (87 | )
Expected future recoveries on current period gross charge-offs |  |  | — |  |  |  | 13 |  |  |  | 13 |  |  |  | — |  |  |  | 10 |  |  |  | 10 |
Total(1) |  |  | (8 | ) |  |  | (79 | ) |  |  | (87 | ) |  |  | (10 | ) |  |  | (67 | ) |  |  | (77 | )
Adjustment resulting from the change in charge-off rate(2) |  |  | — |  |  |  | (1 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net charge-offs |  |  | (8 | ) |  |  | (80 | ) |  |  | (88 | ) |  |  | (10 | ) |  |  | (67 | ) |  |  | (77 | )
Decrease in expected future recoveries on previously fully charged-off loans(3) |  |  | — |  |  |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | 6 |  |  |  | 6 |
Allowance at end of period |  | $ | 182 |  |  | $ | 348 |  |  | $ | 530 |  |  | $ | 194 |  |  | $ | 493 |  |  | $ | 687 |
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized)(2) |  |  | .14 | % |  |  | 2.06 | % |  |  |  |  |  | .14 | % |  |  | 1.65 | % |  |  |
Net adjustment resulting from the change in charge -off rate as a percentage of average loans in repayment (annualized)(2) |  |  | — | % |  |  | .02 | % |  |  |  |  |  | — | % |  |  | — | % |  |  |
Net charge-offs as a percentage of average loans in repayment (annualized) |  |  | .14 | % |  |  | 2.08 | % |  |  |  |  |  | .14 | % |  |  | 1.65 | % |  |  |
Ending total loans |  | $ | 29,800 |  |  | $ | 15,878 |  |  |  |  |  | $ | 33,134 |  |  | $ | 16,731 |  |  |  |
Average loans in repayment |  | $ | 25,133 |  |  | $ | 15,375 |  |  |  |  |  | $ | 27,509 |  |  | $ | 16,271 |  |  |  |
Ending loans in repayment |  | $ | 24,867 |  |  | $ | 15,267 |  |  |  |  |  | $ | 26,411 |  |  | $ | 16,087 |  |  |  |
(1) Charge-offs are reported net of expected recoveries. For Private Education Loans, we charge off the estimated loss of a defaulted loan balance by charging off the entire defaulted loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as "expected future recoveries on previously fully charged-off loans." For FFELP Loans, the recovery is received at the time of charge-off. (2) Related to increasing the net charge-off rate on defaulted Private Education Loans and the resulting reduction in the balance of expected future recoveries on previously fully charged-off loans. (3) At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance by charging off the entire loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately reflected as a reduction to expected future recoveries on previously fully charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on previously fully charged-off loans
|  | Three Months Ended June 30, |
(Dollars in millions) |  | 2025 |  |  | 2024 |
Beginning of period expected future recoveries on previously fully charged-off loans |  | $ | 174 |  |  | $ | 217 |
Expected future recoveries of current period defaults |  |  | 13 |  |  |  | 10 |
Recoveries (cash collected) |  |  | (11 | ) |  |  | (10 | )
Charge-offs (as a result of lower recovery expectations) |  |  | (4 | ) |  |  | (6 | )
End of period expected future recoveries on previously fully charged-off loans |  | $ | 172 |  |  | $ | 211 |
Change in balance during period |  | $ | (2 | ) |  | $ | (6 | )
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
(Dollars in millions) |  | FFELP Loans |  |  | Private Education Loans |  |  | Total |  |  | FFELP Loans |  |  | Private Education Loans |  |  | Total |
Allowance at beginning of period |  | $ | 180 |  |  | $ | 441 |  |  | $ | 621 |  |  | $ | 215 |  |  | $ | 617 |  |  | $ | 832 |
Total provision |  |  | 16 |  |  |  | 51 |  |  |  | 67 |  |  |  | (1 | ) |  |  | 27 |  |  |  | 26 |
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  |  | (14 | ) |  |  | (173 | ) |  |  | (187 | ) |  |  | (20 | ) |  |  | (187 | ) |  |  | (207 | )
Expected future recoveries on current period gross charge-offs |  |  | — |  |  |  | 23 |  |  |  | 23 |  |  |  | — |  |  |  | 21 |  |  |  | 21 |
Total(1) |  |  | (14 | ) |  |  | (150 | ) |  |  | (164 | ) |  |  | (20 | ) |  |  | (166 | ) |  |  | (186 | )
Adjustment resulting from the change in charge-off rate(2) |  |  | — |  |  |  | (2 | ) |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net charge-offs |  |  | (14 | ) |  |  | (152 | ) |  |  | (166 | ) |  |  | (20 | ) |  |  | (166 | ) |  |  | (186 | )
Decrease in expected future recoveries on previously fully charged-off loans(3) |  |  | — |  |  |  | 8 |  |  |  | 8 |  |  |  | — |  |  |  | 15 |  |  |  | 15 |
Allowance at end of period |  | $ | 182 |  |  | $ | 348 |  |  | $ | 530 |  |  | $ | 194 |  |  | $ | 493 |  |  | $ | 687 |
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized)(2) |  |  | .12 | % |  |  | 1.96 | % |  |  |  |  |  | .14 | % |  |  | 2.03 | % |  |  |
Net adjustment resulting from the change in charge -off rate as a percentage of average loans in repayment (annualized)(2) |  |  | — | % |  |  | .02 | % |  |  |  |  |  | — | % |  |  | — | % |  |  |
Net charge-offs as a percentage of average loans in repayment (annualized) |  |  | .12 | % |  |  | 1.98 | % |  |  |  |  |  | .14 | % |  |  | 2.03 | % |  |  |
Ending total loans |  | $ | 29,800 |  |  | $ | 15,878 |  |  |  |  |  | $ | 33,134 |  |  | $ | 16,731 |  |  |  |
Average loans in repayment |  | $ | 25,295 |  |  | $ | 15,423 |  |  |  |  |  | $ | 28,622 |  |  | $ | 16,471 |  |  |  |
Ending loans in repayment |  | $ | 24,867 |  |  | $ | 15,267 |  |  |  |  |  | $ | 26,411 |  |  | $ | 16,087 |  |  |  |
(1) Charge-offs are reported net of expected recoveries. For Private Education Loans, we charge off the estimated loss of a defaulted loan balance by charging off the entire defaulted loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as "expected future recoveries on previously fully charged-off loans." For FFELP Loans, the recovery is received at the time of charge-off. (2) Related to increasing the net charge-off rate on defaulted Private Education Loans and the resulting reduction in the balance of expected future recoveries on previously fully charged-off loans. (3) At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance by charging off the entire loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately reflected as a reduction to expected future recoveries on previously fully charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on previously fully charged-off loans
|  | Six Months Ended June 30, |
(Dollars in millions) |  | 2025 |  |  | 2024 |
Beginning of period expected future recoveries on previously fully charged-off loans |  | $ | 179 |  |  | $ | 226 |
Expected future recoveries of current period defaults |  |  | 23 |  |  |  | 21 |
Recoveries (cash collected) |  |  | (21 | ) |  |  | (21 | )
Charge-offs (as a result of lower recovery expectations) |  |  | (10 | ) |  |  | (15 | )
End of period expected future recoveries on previously fully charged-off loans |  | $ | 172 |  |  | $ | 211 |
Change in balance during period |  | $ | (8 | ) |  | $ | (15 | )
Age Analysis of Past Due Loans Delinquencies |
|  | FFELP Loan Delinquencies |
|  | June 30, 2025 |  |  | December 31, 2024 |  |  | June 30, 2024 |
(Dollars in millions) |  | Balance |  |  | % |  |  | Balance |  |  | % |  |  | Balance |  |  | % |
Loans in-school/grace/deferment(1) |  | $ | 1,280 |  |  |  |  |  | $ | 1,262 |  |  |  |  |  | $ | 1,403 |  |  |  |
Loans in forbearance(2) |  |  | 3,653 |  |  |  |  |  |  | 4,365 |  |  |  |  |  |  | 5,320 |  |  |  |
Loans in repayment and percentage of each status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans current |  |  | 20,145 |  |  |  | 81.0 | % |  |  | 20,675 |  |  |  | 81.4 | % |  |  | 22,833 |  |  |  | 86.5 | %
Loans delinquent 31-60 days(3) |  |  | 1,333 |  |  |  | 5.4 |  |  |  | 1,479 |  |  |  | 5.8 |  |  |  | 1,041 |  |  |  | 3.9 |
Loans delinquent 61-90 days(3) |  |  | 863 |  |  |  | 3.5 |  |  |  | 1,043 |  |  |  | 4.1 |  |  |  | 680 |  |  |  | 2.6 |
Loans delinquent greater than 90 days(3) |  |  | 2,526 |  |  |  | 10.1 |  |  |  | 2,208 |  |  |  | 8.7 |  |  |  | 1,857 |  |  |  | 7.0 |
Total FFELP Loans in repayment |  |  | 24,867 |  |  |  | 100 | % |  |  | 25,405 |  |  |  | 100 | % |  |  | 26,411 |  |  |  | 100 | %
Total FFELP Loans |  |  | 29,800 |  |  |  |  |  |  | 31,032 |  |  |  |  |  |  | 33,134 |  |  |  |
FFELP Loan allowance for losses |  |  | (182 | ) |  |  |  |  |  | (180 | ) |  |  |  |  |  | (194 | ) |  |  |
FFELP Loans, net |  | $ | 29,618 |  |  |  |  |  | $ | 30,852 |  |  |  |  |  | $ | 32,940 |  |  |  |
Percentage of FFELP Loans in repayment |  |  |  |  |  | 83.4 | % |  |  |  |  |  | 81.9 | % |  |  |  |  |  | 79.7 | %
Delinquencies as a percentage of FFELP Loans in repayment |  |  |  |  |  | 19.0 | % |  |  |  |  |  | 18.6 | % |  |  |  |  |  | 13.5 | %
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance |  |  |  |  |  | 12.8 | % |  |  |  |  |  | 14.7 | % |  |  |  |  |  | 16.8 | %
(1) Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships. (2) Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
|  | Private Education Loan Delinquencies |
|  | June 30, 2025 |  |  | December 31, 2024 |  |  | June 30, 2024 |
(Dollars in millions) |  | Balance |  |  | % |  |  | Balance |  |  | % |  |  | Balance |  |  | % |
Loans in-school/grace/deferment(1) |  | $ | 361 |  |  |  |  |  | $ | 372 |  |  |  |  |  | $ | 350 |  |  |  |
Loans in forbearance(2) |  |  | 250 |  |  |  |  |  |  | 422 |  |  |  |  |  |  | 294 |  |  |  |
Loans in repayment and percentage of each status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans current |  |  | 14,296 |  |  |  | 93.6 | % |  |  | 14,419 |  |  |  | 93.9 | % |  |  | 15,250 |  |  |  | 94.8 | %
Loans delinquent 31-60 days(3) |  |  | 335 |  |  |  | 2.2 |  |  |  | 319 |  |  |  | 2.1 |  |  |  | 311 |  |  |  | 1.9 |
Loans delinquent 61-90 days(3) |  |  | 177 |  |  |  | 1.2 |  |  |  | 206 |  |  |  | 1.3 |  |  |  | 175 |  |  |  | 1.1 |
Loans delinquent greater than 90 days(3) |  |  | 459 |  |  |  | 3.0 |  |  |  | 419 |  |  |  | 2.7 |  |  |  | 351 |  |  |  | 2.2 |
Total loans in repayment |  |  | 15,267 |  |  |  | 100 | % |  |  | 15,363 |  |  |  | 100 | % |  |  | 16,087 |  |  |  | 100 | %
Total loans |  |  | 15,878 |  |  |  |  |  |  | 16,157 |  |  |  |  |  |  | 16,731 |  |  |  |
Allowance for losses |  |  | (348 | ) |  |  |  |  |  | (441 | ) |  |  |  |  |  | (493 | ) |  |  |
Loans, net |  | $ | 15,530 |  |  |  |  |  | $ | 15,716 |  |  |  |  |  | $ | 16,238 |  |  |  |
Percentage of loans in repayment |  |  |  |  |  | 96.2 | % |  |  |  |  |  | 95.1 | % |  |  |  |  |  | 96.2 | %
Delinquencies as a percentage of loans in repayment |  |  |  |  |  | 6.4 | % |  |  |  |  |  | 6.1 | % |  |  |  |  |  | 5.2 | %
Loans in forbearance as a percentage of loans in repayment and forbearance |  |  |  |  |  | 1.6 | % |  |  |  |  |  | 2.7 | % |  |  |  |  |  | 1.8 | %
(1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
Loans Type | Loan type:
(Dollars in millions) |  | June 30, 2025 |  |  | June 30, 2024 |  |  | Change |
Stafford Loans |  | $ | 9,703 |  |  | $ | 10,589 |  |  | $ | (886 | )
Consolidation Loans |  |  | 17,077 |  |  |  | 19,273 |  |  |  | (2,196 | )
Rehab Loans |  |  | 3,020 |  |  |  | 3,272 |  |  |  | (252 | )
Total loans, gross |  | $ | 29,800 |  |  | $ | 33,134 |  |  | $ | (3,334 | )
Summary of Amortized Cost Basis of Loans to Borrowers | The following tables show the amortized cost basis as of June 30, 2025 and 2024 of the loans to borrowers experiencing financial difficulty that were modified during the respective period.
|  | Three Months Ended June 30, 2025 |
|  | Loan Modifications Made to Borrowers Experiencing Financial Difficulty |
(Dollars in millions) |  | Interest Rate Reductions(1) |  |  | More Than an Insignificant Payment Delay (2) |  |  | Combination Rate Reduction and Term Extension |
Loan Type |  | Amortized Cost |  |  | % of Loan Type |  |  | Amortized Cost |  |  | % of Loan Type |  |  | Amortized Cost |  |  | % of Loan Type |
Private Education Loans |  | $ | 568 |  |  |  | 3.6 | % |  | $ | 295 |  |  |  | 1.9 | % |  | $ | 35 |  |  |  | .2 | %
|  | Three Months Ended June 30, 2024 |
|  | Loan Modifications Made to Borrowers Experiencing Financial Difficulty |
(Dollars in millions) |  | Interest Rate Reductions(1) |  |  | More Than an Insignificant Payment Delay (2) |  |  | Combination Rate Reduction and Term Extension |
Loan Type |  | Amortized Cost |  |  | % of Loan Type |  |  | Amortized Cost |  |  | % of Loan Type |  |  | Amortized Cost |  |  | % of Loan Type |
Private Education Loans |  | $ | 601 |  |  |  | 3.6 | % |  | $ | 314 |  |  |  | 1.9 | % |  | $ | 39 |  |  |  | .2 | %
|  | Six Months Ended June 30, 2025 |
(Dollars in millions) |  | Interest Rate Reductions(1) |  |  | More Than an Insignificant Payment Delay (2) |  |  | Combination Rate Reduction and Term Extension |
Loan Type |  | Amortized Cost |  |  | % of Loan Type |  |  | Amortized Cost |  |  | % of Loan Type |  |  | Amortized Cost |  |  | % of Loan Type |
Private Education Loans |  | $ | 1,171 |  |  |  | 7.4 | % |  | $ | 548 |  |  |  | 3.5 | % |  | $ | 75 |  |  |  | .5 | %
|  | Six Months Ended June 30, 2024 |
(Dollars in millions) |  | Interest Rate Reductions(1) |  |  | More Than an Insignificant Payment Delay (2) |  |  | Combination Rate Reduction and Term Extension |
Loan Type |  | Amortized Cost |  |  | % of Loan Type |  |  | Amortized Cost |  |  | % of Loan Type |  |  | Amortized Cost |  |  | % of Loan Type |
Private Education Loans |  | $ | 1,143 |  |  |  | 6.8 | % |  | $ | 597 |  |  |  | 3.6 | % |  | $ | 78 |  |  |  | .5 | %
(1) As of June 30, 2025 and 2024, there was $1.0 billion and $1.1 billion, respectively, of loans in the interest rate reduction program. (2) More Than an Insignificant Payment Delay includes loans granted more than 3 months of short-term interest only payments or hardship forbearance. 2. Allowance for Loan Losses (Continued) For those loans modified in the three and six months ended June 30, 2025 and 2024, the following tables show the impact of such modification.
Three Months Ended June 30, 2025
Loan Type | Interest Rate Reductions | More Than an Insignificant Payment Delay | Combination Rate Reduction and Term Extension
Private Education Loans | Reduced the weighted average contractual rate from 12.3% to 5.3% | Added an average 5 months to the remaining life of the loans | Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.1% to 5.4%.
Three Months Ended June 30, 2024
Loan Type | Interest Rate Reductions | More Than an Insignificant Payment Delay | Combination Rate Reduction and Term Extension
Private Education Loans | Reduced the weighted average contractual rate from 13.3% to 5.5% | Added an average 5 months to the remaining life of the loans | Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.7% to 5.3%.
Six Months Ended June 30, 2025
Loan Type | Interest Rate Reductions | More Than an Insignificant Payment Delay | Combination Rate Reduction and Term Extension
Private Education Loans | Reduced the weighted average contractual rate from 12.4% to 5.4% | Added an average 7 months to the remaining life of the loans | Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.0% to 5.4%.
Six Months Ended June 30, 2024
Loan Type | Interest Rate Reductions | More Than an Insignificant Payment Delay | Combination Rate Reduction and Term Extension
Private Education Loans | Reduced the weighted average contractual rate from 13.3% to 5.5% | Added an average 6 months to the remaining life of the loans | Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.8% to 5.3%.
Schedule of Amount of Loans Modified and Payment Default |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(Dollars in millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Modified loans (amortized cost) (1) |  | $ | 109 |  |  | $ | 128 |  |  | $ | 179 |  |  | $ | 163 |
Payment default (par) |  | $ | 111 |  |  | $ | 131 |  |  | $ | 183 |  |  | $ | 167 |
Charge-offs (par) |  | $ | 15 |  |  | $ | 10 |  |  | $ | 25 |  |  | $ | 12 |
(1) For the three months ended June 30, 2025 and 2024, the modified loans include $71 million and $101 million, respectively, of Interest Rate Reduction, $5 million and $5 million, respectively, of Combination Rate Reduction and Term Extension, and $33 million and $22 million, respectively, of More Than Insignificant Payment Delay. For the six months ended June 30, 2025 and 2024, the modified loans include $119 million and $121 million, respectively, of Interest Rate Reduction, $8 million and $7 million, respectively, of Combination Rate Reduction and Term Extension, and $52 million and $35 million, respectively, of More Than Insignificant Payment Delay.
Summary of Performance and Related Loan Status of Loans Modified | The following table provides the performance and related loan status of Private Education Loans that have been modified within the 12 months prior to June 30, 2025 and the 12 months prior to December 31, 2024, respectively.
|  | Payment Status (Amortized Cost) |
(Dollars in millions) |  | Twelve Months Ended |
Loan Status |  | June 30, 2025 |  |  | December 31, 2024 |
Loans in school/deferment |  | $ | 20 |  |  | $ | 21 |
Loans in forbearance |  |  | 78 |  |  |  | 162 |
Loans current |  |  | 2,111 |  |  |  | 2,037 |
Loans delinquent 31 - 60 days |  |  | 181 |  |  |  | 172 |
Loans delinquent 61 - 90 days |  |  | 100 |  |  |  | 117 |
Loans delinquent greater than 90 days |  |  | 164 |  |  |  | 186 |
Total modified loans |  | $ | 2,654 |  |  | $ | 2,695 |
Private Education Loans [Member] |
Financing Receivable Allowance For Credit Losses [Line Items] |
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators |
|  | Private Education Loan Credit Quality Indicators by Origination Year |
|  | June 30, 2025 |
(Dollars in millions) |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | Total |  |  | % of Total |
Credit Quality Indicators |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Scores: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
640 and above |  | $ | 940 |  |  | $ | 1,146 |  |  | $ | 635 |  |  | $ | 1,167 |  |  | $ | 2,991 |  |  | $ | 7,020 |  |  | $ | 13,899 |  |  |  | 88 | %
Below 640 |  |  | 14 |  |  |  | 48 |  |  |  | 46 |  |  |  | 102 |  |  |  | 166 |  |  |  | 1,603 |  |  |  | 1,979 |  |  |  | 12 |
Total |  | $ | 954 |  |  | $ | 1,194 |  |  | $ | 681 |  |  | $ | 1,269 |  |  | $ | 3,157 |  |  | $ | 8,623 |  |  | $ | 15,878 |  |  |  | 100 | %
Loan Status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-school/grace/ deferment/forbearance |  | $ | 29 |  |  | $ | 91 |  |  | $ | 55 |  |  | $ | 51 |  |  | $ | 73 |  |  | $ | 312 |  |  | $ | 611 |  |  |  | 4 | %
Current/90 days or less delinquent |  |  | 924 |  |  |  | 1,097 |  |  |  | 618 |  |  |  | 1,201 |  |  |  | 3,063 |  |  |  | 7,905 |  |  |  | 14,808 |  |  |  | 93 |
Greater than 90 days delinquent |  |  | 1 |  |  |  | 6 |  |  |  | 8 |  |  |  | 17 |  |  |  | 21 |  |  |  | 406 |  |  |  | 459 |  |  |  | 3 |
Total |  | $ | 954 |  |  | $ | 1,194 |  |  | $ | 681 |  |  | $ | 1,269 |  |  | $ | 3,157 |  |  | $ | 8,623 |  |  | $ | 15,878 |  |  |  | 100 | %
Seasoning(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-12 payments |  | $ | 932 |  |  | $ | 879 |  |  | $ | 28 |  |  | $ | 22 |  |  | $ | 11 |  |  | $ | 30 |  |  | $ | 1,902 |  |  |  | 12 | %
13-24 payments |  |  | — |  |  |  | 238 |  |  |  | 484 |  |  |  | 48 |  |  |  | 37 |  |  |  | 41 |  |  |  | 848 |  |  |  | 6 |
25-36 payments |  |  | — |  |  |  | — |  |  |  | 125 |  |  |  | 524 |  |  |  | 107 |  |  |  | 85 |  |  |  | 841 |  |  |  | 5 |
37-48 payments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 645 |  |  |  | 2,182 |  |  |  | 160 |  |  |  | 2,987 |  |  |  | 19 |
More than 48 payments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 784 |  |  |  | 8,155 |  |  |  | 8,939 |  |  |  | 56 |
Loans in-school/ grace/deferment |  |  | 22 |  |  |  | 77 |  |  |  | 44 |  |  |  | 30 |  |  |  | 36 |  |  |  | 152 |  |  |  | 361 |  |  |  | 2 |
Total |  | $ | 954 |  |  | $ | 1,194 |  |  | $ | 681 |  |  | $ | 1,269 |  |  | $ | 3,157 |  |  | $ | 8,623 |  |  | $ | 15,878 |  |  |  | 100 | %
Certain Loan Modifications(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Modified |  | $ | — |  |  | $ | 6 |  |  | $ | 27 |  |  | $ | 98 |  |  | $ | 203 |  |  | $ | 5,077 |  |  | $ | 5,411 |  |  |  | 34 | %
Non-Modified |  |  | 954 |  |  |  | 1,188 |  |  |  | 654 |  |  |  | 1,171 |  |  |  | 2,954 |  |  |  | 3,546 |  |  |  | 10,467 |  |  |  | 66 |
Total |  | $ | 954 |  |  | $ | 1,194 |  |  | $ | 681 |  |  | $ | 1,269 |  |  | $ | 3,157 |  |  | $ | 8,623 |  |  | $ | 15,878 |  |  |  | 100 | %
Cosigners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With cosigner(3) |  | $ | 152 |  |  | $ | 342 |  |  | $ | 225 |  |  | $ | 136 |  |  | $ | 70 |  |  | $ | 4,179 |  |  | $ | 5,104 |  |  |  | 32 | %
Without cosigner |  |  | 802 |  |  |  | 852 |  |  |  | 456 |  |  |  | 1,133 |  |  |  | 3,087 |  |  |  | 4,444 |  |  |  | 10,774 |  |  |  | 68 |
Total |  | $ | 954 |  |  | $ | 1,194 |  |  | $ | 681 |  |  | $ | 1,269 |  |  | $ | 3,157 |  |  | $ | 8,623 |  |  | $ | 15,878 |  |  |  | 100 | %
School Type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not-for-profit |  | $ | 893 |  |  | $ | 1,127 |  |  | $ | 643 |  |  | $ | 1,201 |  |  | $ | 2,971 |  |  | $ | 7,489 |  |  | $ | 14,324 |  |  |  | 90 | %
For-profit |  |  | 61 |  |  |  | 67 |  |  |  | 38 |  |  |  | 68 |  |  |  | 186 |  |  |  | 1,134 |  |  |  | 1,554 |  |  |  | 10 |
Total |  | $ | 954 |  |  | $ | 1,194 |  |  | $ | 681 |  |  | $ | 1,269 |  |  | $ | 3,157 |  |  | $ | 8,623 |  |  | $ | 15,878 |  |  |  | 100 | %
Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (348 | ) |  |  |
Total loans, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 15,530 |  |  |  |
Charge-Offs |  | $ | — |  |  | $ | (2 | ) |  | $ | (3 | ) |  | $ | (6 | ) |  | $ | (12 | ) |  | $ | (129 | ) |  | $ | (152 | ) |  |  |
(1) Number of months in active repayment for which a scheduled payment was received. (2) Loan Modifications represents the historical definition of a troubled debt restructuring (TDR) prior to the implementation of ASU No. 2022-02 on January 1, 2023. Any loan that meets the historical definition of a TDR retains that classification for the life of the loan (including loans that met that definition after January 1, 2023). This includes loans given rate modifications, term extensions or forbearance greater than 3 months in the prior 24-month period. This classification is not intended to reconcile in any way to the modification disclosures required under ASU No. 2022-02. (3) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 66% for total loans at June 30, 2025. 2. Allowance for Loan Losses (Continued)
|  | Private Education Loan Credit Quality Indicators by Origination Year |
|  | June 30, 2024 |
(Dollars in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Total |  |  | % of Total |
Credit Quality Indicators |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Scores: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
640 and above |  | $ | 490 |  |  | $ | 841 |  |  | $ | 1,453 |  |  | $ | 3,591 |  |  | $ | 1,119 |  |  | $ | 7,513 |  |  | $ | 15,007 |  |  |  | 90 | %
Below 640 |  |  | 8 |  |  |  | 20 |  |  |  | 75 |  |  |  | 137 |  |  |  | 31 |  |  |  | 1,453 |  |  |  | 1,724 |  |  |  | 10 |
Total |  | $ | 498 |  |  | $ | 861 |  |  | $ | 1,528 |  |  | $ | 3,728 |  |  | $ | 1,150 |  |  | $ | 8,966 |  |  | $ | 16,731 |  |  |  | 100 | %
Loan Status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-school/grace/ deferment/forbearance |  | $ | 22 |  |  | $ | 69 |  |  | $ | 64 |  |  | $ | 80 |  |  | $ | 19 |  |  | $ | 390 |  |  | $ | 644 |  |  |  | 4 | %
Current/90 days or less delinquent |  |  | 476 |  |  |  | 789 |  |  |  | 1,454 |  |  |  | 3,634 |  |  |  | 1,127 |  |  |  | 8,256 |  |  |  | 15,736 |  |  |  | 94 |
Greater than 90 days delinquent |  |  | — |  |  |  | 3 |  |  |  | 10 |  |  |  | 14 |  |  |  | 4 |  |  |  | 320 |  |  |  | 351 |  |  |  | 2 |
Total |  | $ | 498 |  |  | $ | 861 |  |  | $ | 1,528 |  |  | $ | 3,728 |  |  | $ | 1,150 |  |  | $ | 8,966 |  |  | $ | 16,731 |  |  |  | 100 | %
Seasoning(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-12 payments |  | $ | 479 |  |  | $ | 632 |  |  | $ | 36 |  |  | $ | 24 |  |  | $ | 3 |  |  | $ | 45 |  |  | $ | 1,219 |  |  |  | 7 | %
13-24 payments |  |  | — |  |  |  | 172 |  |  |  | 656 |  |  |  | 82 |  |  |  | 11 |  |  |  | 61 |  |  |  | 982 |  |  |  | 6 |
25-36 payments |  |  | — |  |  |  | — |  |  |  | 791 |  |  |  | 2,602 |  |  |  | 28 |  |  |  | 111 |  |  |  | 3,532 |  |  |  | 21 |
37-48 payments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 976 |  |  |  | 683 |  |  |  | 206 |  |  |  | 1,865 |  |  |  | 11 |
More than 48 payments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 416 |  |  |  | 8,367 |  |  |  | 8,783 |  |  |  | 53 |
Loans in-school/ grace/deferment |  |  | 19 |  |  |  | 57 |  |  |  | 45 |  |  |  | 44 |  |  |  | 9 |  |  |  | 176 |  |  |  | 350 |  |  |  | 2 |
Total |  | $ | 498 |  |  | $ | 861 |  |  | $ | 1,528 |  |  | $ | 3,728 |  |  | $ | 1,150 |  |  | $ | 8,966 |  |  | $ | 16,731 |  |  |  | 100 | %
Certain Loan Modifications(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Modified |  | $ | — |  |  | $ | 3 |  |  | $ | 64 |  |  | $ | 161 |  |  | $ | 53 |  |  | $ | 5,538 |  |  | $ | 5,819 |  |  |  | 35 | %
Non-Modified |  |  | 498 |  |  |  | 858 |  |  |  | 1,464 |  |  |  | 3,567 |  |  |  | 1,097 |  |  |  | 3,428 |  |  |  | 10,912 |  |  |  | 65 |
Total |  | $ | 498 |  |  | $ | 861 |  |  | $ | 1,528 |  |  | $ | 3,728 |  |  | $ | 1,150 |  |  | $ | 8,966 |  |  | $ | 16,731 |  |  |  | 100 | %
Cosigners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With cosigner(3) |  | $ | 76 |  |  | $ | 264 |  |  | $ | 168 |  |  | $ | 87 |  |  | $ | 21 |  |  | $ | 4,808 |  |  | $ | 5,424 |  |  |  | 32 | %
Without cosigner |  |  | 422 |  |  |  | 597 |  |  |  | 1,360 |  |  |  | 3,641 |  |  |  | 1,129 |  |  |  | 4,158 |  |  |  | 11,307 |  |  |  | 68 |
Total |  | $ | 498 |  |  | $ | 861 |  |  | $ | 1,528 |  |  | $ | 3,728 |  |  | $ | 1,150 |  |  | $ | 8,966 |  |  | $ | 16,731 |  |  |  | 100 | %
School Type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not-for-profit |  | $ | 335 |  |  | $ | 814 |  |  | $ | 1,447 |  |  | $ | 3,511 |  |  | $ | 1,099 |  |  | $ | 7,674 |  |  | $ | 14,880 |  |  |  | 89 | %
For-profit |  |  | 163 |  |  |  | 47 |  |  |  | 81 |  |  |  | 217 |  |  |  | 51 |  |  |  | 1,292 |  |  |  | 1,851 |  |  |  | 11 |
Total |  | $ | 498 |  |  | $ | 861 |  |  | $ | 1,528 |  |  | $ | 3,728 |  |  | $ | 1,150 |  |  | $ | 8,966 |  |  | $ | 16,731 |  |  |  | 100 | %
Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (493 | ) |  |  |
Total loans, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 16,238 |  |  |  |
Charge-Offs |  | $ | — |  |  | $ | (1 | ) |  | $ | (5 | ) |  | $ | (9 | ) |  | $ | (2 | ) |  | $ | (149 | ) |  | $ | (166 | ) |  |  |
(1) Number of months in active repayment for which a scheduled payment was received. (2) Loan Modifications represents the historical definition of a troubled debt restructuring (TDR) prior to the implementation of ASU 2022-02 on January 1, 2023. Any loan that meets the historical definition of a TDR retains that classification for the life of the loan (including loans that met that definition after January 1, 2023). This includes loans given rate modifications, term extensions or forbearance greater than 3 months in the prior 24-month period. This classification is not intended to reconcile in any way to the new modification disclosures required under ASU 2022-02. (3) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 66% for total loans at June 30, 2024.

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