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STUDENT RECEIVABLES (Tables) | 6 Months Ended
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Jun. 30, 2024
STUDENT RECEIVABLES [Abstract] |
Student Receivables | The following table presents the amortized cost basis of student receivables as of June 30, 2024 and 2023, respectively, by year of origination.
|  | As of June 30, |
|  | 2024 |  |  |  |  |  | 2023 |
|  | Student |  |  |  |  |  | Student |
Year |  | Receivables (1) |  |  | Year |  |  | Receivables (1) |
2024 |  | $ | 69,463 |  |  | 2023 |  |  | $ | 53,823 |
2023 |  |  | 23,768 |  |  | 2022 |  |  |  | 20,331 |
2022 |  |  | 9,450 |  |  | 2021 |  |  |  | 8,865 |
2021 |  |  | 5,309 |  |  | 2020 |  |  |  | 3,935 |
2020 |  |  | 2,254 |  |  | 2019 |  |  |  | 2,662 |
Prior |  |  | 2,139 |  |  | Prior |  |  |  | 1,545 |
Total |  | $ | 112,383 |  |  | Total |  |  | $ | 91,161 |
(1) | Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes federal subsidies reflected on the students’ accounts but not yet received from the government. Also, it excludes all receivables from corporate partnerships, which are otherwise included under accounts receivable in our Condensed Consolidated Balance Sheets.
Student Receivables Write-off | The following table presents write-off amounts during the three and six months ended June 30, 2024 and 2023, respectively, based on the student’s school departure year.
|  | June 30, 2024 |  |  |  |  |  | June 30, 2023 |
|  | Three Months Ended |  |  | Six Months Ended |  |  |  |  |  | Three Months Ended |  |  | Six Months Ended |
Year |  | Write-Offs |  |  | Write-Offs |  |  | Year |  |  | Write-Offs |  |  | Write-Offs |
2024 |  | $ | - |  |  | $ | - |  |  | 2023 |  |  | $ | - |  |  | $ | - |
2023 |  |  | 10,171 |  |  |  | 18,024 |  |  | 2022 |  |  |  | 7,916 |  |  |  | 14,246 |
2022 |  |  | 744 |  |  |  | 1,865 |  |  | 2021 |  |  |  | 939 |  |  |  | 2,027 |
2021 |  |  | 273 |  |  |  | 707 |  |  | 2020 |  |  |  | 210 |  |  |  | 385 |
2020 |  |  | 143 |  |  |  | 298 |  |  | 2019 |  |  |  | 178 |  |  |  | 387 |
Prior |  |  | 102 |  |  |  | 223 |  |  | Prior |  |  |  | 96 |  |  |  | 159 |
Total |  | $ | 11,433 |  |  | $ | 21,117 |  |  | Total |  |  | $ | 9,339 |  |  | $ | 17,204 |
Allowance for Credit Losses | We define student receivables as a portfolio segment under ASC Topic 326. Changes in our current and non-current allowance for credit losses related to our student receivable portfolio are calculated in accordance with the guidance effective January 1, 2023 under CECL for the three and six months ended June 30, 2024 and 2023, respectively.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Balance, beginning of period |  | $ | 56,339 |  |  | $ | 46,599 |  |  | $ | 53,811 |  |  | $ | 35,370 |
Cumulative effect of ASC 326 |  |  | - |  |  |  | - |  |  |  |  |  |  |  | 10,841 |
Adjusted beginning of period balance |  |  | 56,339 |  |  |  | 46,599 |  |  |  | 53,811 |  |  |  | 46,211 |
Provision for credit losses |  |  | 13,325 |  |  |  | 10,347 |  |  |  | 25,537 |  |  |  | 18,600 |
Write-off’s |  |  | (11,433 | ) |  |  | (9,339 | ) |  |  | (21,117 | ) |  |  | (17,204 | )
Balance, at end of period |  | $ | 58,231 |  |  | $ | 47,607 |  |  | $ | 58,231 |  |  | $ | 47,607 |

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