XML 24 R14.htm IDEA: XBRL DOCUMENT v3.25.2
Borrowings
 6 Months Ended
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