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v3.25.2

Borrowings | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Borrowings | 3. Borrowings The following table summarizes our borrowings.
|  | June 30, 2025 |  |  | December 31, 2024 |
(Dollars in millions) |  | Short Term |  |  | Long Term |  |  | Total |  |  | Short Term |  |  | Long Term |  |  | Total |
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured debt |  | $ | 505 |  |  | $ | 4,798 |  |  | $ | 5,303 |  |  | $ | 553 |  |  | $ | 4,806 |  |  | $ | 5,359 |
Total unsecured borrowings |  |  | 505 |  |  |  | 4,798 |  |  |  | 5,303 |  |  |  | 553 |  |  |  | 4,806 |  |  |  | 5,359 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFELP Loan securitizations(1)(2) |  |  | 117 |  |  |  | 26,948 |  |  |  | 27,065 |  |  |  | 41 |  |  |  | 28,268 |  |  |  | 28,309 |
Private Education Loan securitizations(3) |  |  | 562 |  |  |  | 10,322 |  |  |  | 10,884 |  |  |  | 631 |  |  |  | 10,338 |  |  |  | 10,969 |
FFELP Loan ABCP facilities(4) |  |  | 1,531 |  |  |  | 301 |  |  |  | 1,832 |  |  |  | 1,586 |  |  |  | 74 |  |  |  | 1,660 |
Private Education Loan ABCP facilities(4) |  |  | 1,943 |  |  |  | — |  |  |  | 1,943 |  |  |  | 2,274 |  |  |  | — |  |  |  | 2,274 |
Other(5) |  |  | 97 |  |  |  | 39 |  |  |  | 136 |  |  |  | 54 |  |  |  | 40 |  |  |  | 94 |
Total secured borrowings |  |  | 4,250 |  |  |  | 37,610 |  |  |  | 41,860 |  |  |  | 4,586 |  |  |  | 38,720 |  |  |  | 43,306 |
Total before hedge accounting adjustments |  |  | 4,755 |  |  |  | 42,408 |  |  |  | 47,163 |  |  |  | 5,139 |  |  |  | 43,526 |  |  |  | 48,665 |
Hedge accounting adjustments |  |  | (3 | ) |  |  | (63 | ) |  |  | (66 | ) |  |  | (5 | ) |  |  | (342 | ) |  |  | (347 | )
Total |  | $ | 4,752 |  |  | $ | 42,345 |  |  | $ | 47,097 |  |  | $ | 5,134 |  |  | $ | 43,184 |  |  | $ | 48,318 |
(1) Includes $117 million and $41 million of short-term debt and $0 million and $87 million of long-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of June 30, 2025 and December 31, 2024, respectively. (2) Includes defaulted FFELP secured debt tranches with a remaining principal amount of $1.2 billion as of June 30, 2025 as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2028 and 2038. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date. (3) Includes $562 million and $631 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of June 30, 2025 and December 31, 2024, respectively. (4) ABCP facilities include $432 million and $121 million of gross issuances in the three months ended June 30, 2025 and 2024, respectively, and $587 million and $944 million of gross paydowns in the three months ended June 30, 2025 and 2024, respectively. ABCP facilities include $964 million and $522 million of gross issuances in the six months ended June 30, 2025 and 2024, respectively, and $1.1 billion and $1.1 billion of gross paydowns in the six months ended June 30, 2025 and 2024, respectively. (5) “Other” primarily includes the obligation to return cash collateral held related to derivative exposure. 3. Borrowings (Continued) Variable Interest Entities We consolidated the following financing VIEs as of June 30, 2025 and December 31, 2024, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.
|  | June 30, 2025 |
|  | 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 |  | $ | 117 |  |  | $ | 26,948 |  |  | $ | 27,065 |  |  | $ | 27,749 |  |  | $ | 871 |  |  | $ | 1,187 |  |  | $ | 29,807 |
Private Education Loan securitizations |  |  | 562 |  |  |  | 10,322 |  |  |  | 10,884 |  |  |  | 12,103 |  |  |  | 342 |  |  |  | 130 |  |  |  | 12,575 |
FFELP Loan ABCP facilities |  |  | 1,531 |  |  |  | 301 |  |  |  | 1,832 |  |  |  | 1,816 |  |  |  | 65 |  |  |  | 86 |  |  |  | 1,967 |
Private Education Loan ABCP facilities |  |  | 1,943 |  |  |  | — |  |  |  | 1,943 |  |  |  | 2,118 |  |  |  | 85 |  |  |  | 38 |  |  |  | 2,241 |
Total before hedge accounting adjustments |  |  | 4,153 |  |  |  | 37,571 |  |  |  | 41,724 |  |  |  | 43,786 |  |  |  | 1,363 |  |  |  | 1,441 |  |  |  | 46,590 |
Hedge accounting adjustments |  |  | — |  |  |  | (19 | ) |  |  | (19 | ) |  |  | — |  |  |  | — |  |  |  | (75 | ) |  |  | (75 | )
Total |  | $ | 4,153 |  |  | $ | 37,552 |  |  | $ | 41,705 |  |  | $ | 43,786 |  |  | $ | 1,363 |  |  | $ | 1,366 |  |  | $ | 46,515 |
|  | December 31, 2024 |
|  | 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 |  | $ | 41 |  |  | $ | 28,268 |  |  | $ | 28,309 |  |  | $ | 28,983 |  |  | $ | 901 |  |  | $ | 1,211 |  |  | $ | 31,095 |
Private Education Loan securitizations |  |  | 631 |  |  |  | 10,338 |  |  |  | 10,969 |  |  |  | 12,054 |  |  |  | 335 |  |  |  | 113 |  |  |  | 12,502 |
FFELP Loan ABCP facilities |  |  | 1,586 |  |  |  | 74 |  |  |  | 1,660 |  |  |  | 1,637 |  |  |  | 53 |  |  |  | 78 |  |  |  | 1,768 |
Private Education Loan ABCP facilities |  |  | 2,274 |  |  |  | — |  |  |  | 2,274 |  |  |  | 2,584 |  |  |  | 75 |  |  |  | 66 |  |  |  | 2,725 |
Total before hedge accounting adjustments |  |  | 4,532 |  |  |  | 38,680 |  |  |  | 43,212 |  |  |  | 45,258 |  |  |  | 1,364 |  |  |  | 1,468 |  |  |  | 48,090 |
Hedge accounting adjustments |  |  | — |  |  |  | (183 | ) |  |  | (183 | ) |  |  | — |  |  |  | — |  |  |  | (244 | ) |  |  | (244 | )
Total |  | $ | 4,532 |  |  | $ | 38,497 |  |  | $ | 43,029 |  |  | $ | 45,258 |  |  | $ | 1,364 |  |  | $ | 1,224 |  |  | $ | 47,846 |

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