SLM (SLM) 10-Q 21 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	SLM
Entity Registrant Name	SLM CORPORATION
Entity Central Index Key	1,032,033
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)	426,108,435

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 1,281,797	$ 2,359,780
Available-for-sale investments at fair value (cost of $190,249 and $167,740, respectively)	190,944	168,934
Loans held for investment (net of allowance for losses of $104,203 and $83,842, respectively)	11,909,148	9,509,786
Restricted cash and investments	25,605	4,804
Other interest-earning assets	47,604	72,479
Accrued interest receivable	634,423	469,697
Premises and equipment, net	80,224	78,470
Acquired intangible assets, net	2,115	3,225
Tax indemnification receivable	200,704	240,311
Other assets	77,980	64,757
Total assets	14,450,544	12,972,243
Liabilities
Deposits	10,610,879	10,540,555
Short-term borrowings	710,005	0
Long-term borrowings	593,687	0
Income taxes payable, net	117,531	191,499
Upromise related liabilities	283,688	293,004
Other liabilities	137,420	117,227
Total liabilities	$ 12,453,210	$ 11,142,285
Commitments and contingencies
Equity
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 430 million and 425 million shares issued, respectively	$ 86,075	$ 84,961
Additional paid-in capital	1,128,494	1,090,511
Accumulated other comprehensive loss (net of tax benefit of $14,847 and $7,186, respectively)	(23,515)	(11,393)
Retained earnings	281,761	113,066
Total SLM Corporation stockholders' equity before treasury stock	2,037,815	1,842,145
Less: Common stock held in treasury at cost: 4 million and 1 million shares, respectively	(40,481)	(12,187)
Total equity	1,997,334	1,829,958
Total liabilities and equity	14,450,544	12,972,243
Series A Preferred Stock
Equity
Preferred stock value outstanding	165,000	165,000
Series B Preferred Stock
Equity
Preferred stock value outstanding	$ 400,000	$ 400,000

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Amortized cost	$ 190,249	$ 167,740
Allowance for loan losses	$ 104,203	$ 83,842
Preferred stock, stated value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock shares authorized (in shares)	20,000,000	20,000,000
Common stock par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	1,125,000,000	1,125,000,000
Common stock shares issued (in shares)	430,000,000	425,000,000
Tax benefit for accumulated other comprehensive (loss) income	$ 14,847	$ 7,186
Common stock held in treasury (in shares)	4,000,000	1,000,000
Series A Preferred Stock
Preferred stock, stated value (in dollars per share)	$ 50	$ 50
Preferred stock shares outstanding (in shares)	3,300,000	3,300,000
Series B Preferred Stock
Preferred stock, stated value (in dollars per share)	$ 100	$ 100
Preferred stock shares outstanding (in shares)	4,000,000	4,000,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income:
Loans	$ 205,274	$ 164,106	$ 598,417	$ 486,379
Investments	2,640	2,917	7,746	6,121
Cash and cash equivalents	987	1,180	2,568	3,145
Total interest income	208,901	168,203	608,731	495,645
Interest expense:
Deposits	29,110	24,177	86,961	67,842
Interest expense on short-term borrowings	1,951	0	4,719	0
Interest expense on long-term borrowings	2,398	0	2,398	0
Total interest expense	33,459	24,177	94,078	67,842
Net interest income	175,442	144,026	514,653	427,803
Less: provisions for loan losses	27,497	14,898	59,673	55,071
Net interest income after provisions for loan losses	147,945	129,128	454,980	372,732
Noninterest income:
Gains on sales of loans, net	0	85,147	76,874	120,963
(Losses) gains on derivatives and hedging activities, net	(547)	5,401	4,347	(4,821)
Other	10,455	5,461	29,374	28,826
Total noninterest income	9,908	96,009	110,595	144,968
Expenses:
Compensation and benefits	39,304	31,597	119,079	92,931
Other operating expenses	53,560	40,482	144,771	103,226
Total operating expenses	92,864	72,079	263,850	196,157
Acquired intangible asset amortization expense	370	1,150	1,110	4,145
Restructuring and other reorganization expenses	910	14,079	6,311	27,828
Total expenses	94,144	87,308	271,271	228,130
Income before income tax expense	63,709	137,829	294,304	289,570
Income tax expense	17,985	54,903	109,865	115,502
Net income	45,724	82,926	184,439	174,068
Less: net loss attributable to noncontrolling interest	0	0	0	(434)
Net income attributable to SLM Corporation	45,724	82,926	184,439	174,502
Preferred stock dividends	4,913	4,850	14,606	8,078
Net income attributable to SLM Corporation common stock	$ 40,811	$ 78,076	$ 169,833	$ 166,424
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.10	$ 0.18	$ 0.40	$ 0.39
Average common shares outstanding (in shares)	426,019	423,079	425,384	424,187
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.09	$ 0.18	$ 0.39	$ 0.38
Average common and common equivalent shares outstanding (in shares)	432,547	431,604	432,531	432,324

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 45,724	$ 82,926	$ 184,439	$ 174,068
Other comprehensive income (loss):
Unrealized gains (losses) on investments	2,008	(525)	(499)	3,629
Unrealized losses on cash flow hedges	(21,751)	(1,883)	(19,284)	(1,883)
Total unrealized (losses) gains	(19,743)	(2,408)	(19,783)	1,746
Income tax benefit (expense)	7,676	921	7,661	(574)
Other comprehensive (loss) income, net of tax benefit (expense)	(12,067)	(1,487)	(12,122)	1,172
Comprehensive income	33,657	81,439	172,317	175,240
Less: comprehensive loss attributable to noncontrolling interest	0	0	0	(434)
Total comprehensive income attributable to SLM Corporation	$ 33,657	$ 81,439	$ 172,317	$ 175,674

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($)	Total	Series A Preferred Stock	Series B Preferred Stock	Navient's subsidiary investment	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained EarningsSeries A Preferred Stock	Retained EarningsSeries B Preferred Stock	Total SLM Corporation Equity	Total SLM Corporation EquitySeries A Preferred Stock	Total SLM Corporation EquitySeries B Preferred Stock	Non-controlling interest
Beginning Balance (in shares) at Dec. 31, 2013					0	0	0
Beginning Balance, shares issued (in shares) at Dec. 31, 2013						0
Beginning Balance at Dec. 31, 2013	$ 1,166,143,000			$ 1,164,495,000	$ 0	$ 0	$ 0	$ 0	$ (3,024,000)	$ 0			$ 1,161,471,000			$ 4,672,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	174,068,000			68,173,000						106,329,000			174,502,000			(434,000)
Other comprehensive income (loss), net of tax	1,172,000								1,172,000				1,172,000
Comprehensive income	175,240,000												175,674,000			(434,000)
Net transfers (to) from affiliate	479,409,000			479,409,000									479,409,000
Separation adjustments related to Spin-Off of Navient Corporation (in shares)					7,300,000	422,790,320
Separation adjustments related to Spin-Off of Navient Corporation	0			(1,712,077,000)	$ 565,000,000	$ 84,558,000		1,062,519,000
Sale of non-controlling interest	(4,238,000)															(4,238,000)
Cash dividends:
Cash dividends, preferred stock		$ (4,792,000)	$ (3,286,000)								$ (4,792,000)	$ (3,286,000)		$ (4,792,000)	$ (3,286,000)
Dividend equivalent units related to employee stock-based compensation plans	$ 0							41,000		(41,000)
Issuance of common shares (in shares)	1,089,716					1,089,716
Issuance of common shares	$ 4,610,000					$ 219,000		4,391,000					4,610,000
Stock-based compensation expense	11,550,000							11,550,000					11,550,000
Shares repurchased related to employee stock-based compensation plans (in shares)						(715,393)	(715,393)
Shares repurchased related to employee stock-based compensation plans	(6,208,000)						$ (6,208,000)						(6,208,000)
Ending Balance (in shares) at Sep. 30, 2014					7,300,000	423,164,643	(715,393)
Ending Balance, shares issued (in shares) at Sep. 30, 2014						423,880,036
Ending Balance at Sep. 30, 2014	1,818,428,000			$ 0	$ 565,000,000	$ 84,777,000	$ (6,208,000)	1,078,501,000	(1,852,000)	98,210,000			1,818,428,000			$ 0
Beginning Balance (in shares) at Dec. 31, 2014					7,300,000	423,438,848	(1,365,277)
Beginning Balance, shares issued (in shares) at Dec. 31, 2014						424,804,125
Beginning Balance at Dec. 31, 2014	1,829,958,000				$ 565,000,000	$ 84,961,000	$ (12,187,000)	1,090,511,000	(11,393,000)	113,066,000			1,829,958,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	184,439,000									184,439,000			184,439,000
Other comprehensive income (loss), net of tax	(12,122,000)								(12,122,000)				(12,122,000)
Comprehensive income	172,317,000												172,317,000
Net transfers (to) from affiliate	$ 0
Cash dividends:
Cash dividends, preferred stock											$ (8,625,000)	$ (5,981,000)		$ (8,625,000)	$ (5,981,000)
Dividend equivalent units related to employee stock-based compensation plans								1,138,000		(1,138,000)			0
Issuance of common shares (in shares)	5,569,853					5,569,853
Issuance of common shares						$ 1,114,000		14,329,000					15,443,000
Tax benefit related to employee stock-based compensation								6,093,000					6,093,000
Stock-based compensation expense								16,423,000					16,423,000
Shares repurchased related to employee stock-based compensation plans (in shares)						(2,900,266)	(2,900,266)
Shares repurchased related to employee stock-based compensation plans							$ (28,294,000)						(28,294,000)
Ending Balance (in shares) at Sep. 30, 2015					7,300,000	426,108,435	(4,265,543)
Ending Balance, shares issued (in shares) at Sep. 30, 2015						430,373,978
Ending Balance at Sep. 30, 2015	$ 1,997,334,000				$ 565,000,000	$ 86,075,000	$ (40,481,000)	$ 1,128,494,000	$ (23,515,000)	$ 281,761,000			$ 1,997,334,000

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Series A Preferred Stock
Preferred stock dividend rate (in dollars per share)	$ 0.87	$ 0.87
Series B Preferred Stock
Preferred stock dividend rate (in dollars per share)	$ 0.51	$ 0.49

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 184,439	$ 174,068
Adjustments to reconcile net income to net cash used in operating activities:
Provisions for loan losses	59,673	55,071
Income tax expense	109,865	115,502
Amortization of brokered deposit placement fee	8,006	7,548
Amortization of asset-backed commercial paper upfront fee	1,790	0
Amortization of deferred loan origination costs and fees, net	2,563	1,446
Net accretion of discount on borrowings	108	0
Net accretion of underwriter fees on borrowings	108	0
Net amortization of discount on investments	1,332	433
Depreciation of premises and equipment	5,427	4,289
Amortization of acquired intangibles	1,110	2,783
Stock-based compensation expense	16,423	20,127
Unrealized (gains)/losses on derivative and hedging activities, net	(1,985)	1,307
Gains on sale of loans, net	(76,874)	(120,963)
Changes in operating assets and liabilities:
Net decrease in loans held for sale	55	6,448
Origination of loans held for sale	(55)	(6,448)
Increase in accrued interest receivable	(316,263)	(220,273)
Increase in restricted cash and investments - other	(2,596)	(1,503)
Decrease (increase) in other interest-earning assets	24,875	(46,333)
Decrease in tax indemnification receivable	39,607	29,816
Increase in other assets	(18,022)	(18,918)
Decrease in income tax payable, net	(176,172)	(294,116)
Increase in accrued interest payable	7,227	2,639
(Decrease) increase in payable due to entity that is a subsidiary of Navient	(5,368)	18,114
Increase in other liabilities	5,895	30,741
Total adjustments	(313,271)	(412,290)
Total net cash used in operating activities	(128,832)	(238,222)
Investing activities
Loans acquired and originated	(3,786,946)	(3,535,740)
Net proceeds from sales of loans held for investment	790,094	1,994,017
Proceeds from claim payments	91,000	88,251
Net decrease (increase) in loans held for investment	672,665	476,955
Increase in restricted cash and investments - variable interest entities	(18,205)	0
Purchases of available-for-sale securities	(50,062)	(55,928)
Proceeds from sales and maturities of available-for-sale securities	26,222	7,337
Total net cash used in investing activities	(2,275,232)	(1,025,108)
Financing activities
Brokered deposit placement fee	(477)	(5,533)
Net increase (decrease) in certificates of deposit	161,096	(614,953)
Net (decrease) increase in other deposits	(129,412)	804,874
Borrowings collateralized by loans in securitization trusts - issued	620,681	0
Borrowings collateralized by loans in securitization trusts - repaid	(27,195)	0
Borrowings under ABCP facility	713,746	0
Repayment of borrowings under ABCP facility	(3,741)	0
Fees paid on ABCP facility	(104)	0
Net decrease in deposits with entity that is a subsidiary of Navient	0	(5,633)
Special cash contribution from Navient	0	472,718
Net capital contributions from entity that is a subsidiary of Navient	0	7,448
Excess tax benefit from the exercise of stock-based awards	6,093	0
Preferred stock dividends paid	(14,606)	(8,078)
Net cash provided by financing activities	1,326,081	650,843
Net decrease in cash and cash equivalents	(1,077,983)	(612,487)
Cash and cash equivalents at beginning of period	2,359,780	2,182,865
Cash and cash equivalents at end of period	1,281,797	1,570,378
Cash disbursements made for:
Interest	79,917	64,987
Income taxes paid	$ 171,114	$ 294,116

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“we,” “us,” “our,” “Sallie Mae,” or the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results for the year ending December 31, 2015 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”). On April 30, 2014, we completed our plan to legally separate into two distinct publicly traded entities - an education loan management, servicing and asset recovery business, Navient Corporation (“Navient”), and a consumer banking business, SLM Corporation. The separation of Navient from SLM Corporation (the “Spin-Off”) was preceded by an internal corporate reorganization, which was the first step to separate the education loan management, servicing and asset recovery business from the consumer banking business. For periods before the Spin-Off, the financial statements are presented on a basis of accounting that reflects a change in reporting entity and have been adjusted for the effects of the Spin-Off. These carved-out financial statements and selected financial information represent only those operations, assets, liabilities and equity that form Sallie Mae on a stand-alone basis. Because the Spin-Off occurred on April 30, 2014, the balances before that date include the carved-out financial results. Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. Restricted Cash and Investments Restricted cash and investments primarily includes amounts held in student loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities. Recently Issued Accounting Pronouncements On February 18, 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the current consolidation guidance. The amendments reduce the number of consolidation models through the elimination of the indefinite deferral of ASC 810 and place more emphasis on risk of loss when determining a controlling financial interest. The standard is effective January 1, 2016, with early adoption permitted during an interim period in fiscal year 2015. In the third quarter of 2015, we elected to early adopt the new accounting guidance retrospectively to July 1, 2015. The early adoption of this standard had no impact on our consolidated financial statements.

Loans Held for Investment

Loans Held for Investment	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment Loans Held for Investment consist of Private Education Loans and FFELP Loans. “Private Education Loans” are education loans to students or their families that are not issued, insured, or guaranteed by any state or federal government. Our Private Education Loans are made largely to bridge the gap between the cost of higher education and the amount funded through financial aid, government loans, or customers’ resources. Private Education Loans bear the full credit risk of the borrower and any cosigners. We manage this risk through risk-performance underwriting strategies and the addition of qualified cosigners. Our Private Education Loans generally carry a variable interest rate indexed to LIBOR. As of September 30, 2015, 82 percent of all Private Education Loans were indexed to LIBOR. We provide incentives for customers to include a cosigner on our Private Education Loans, and the vast majority of Private Education Loans in our portfolio are cosigned. We also encourage our Private Education Loan customers to make payments while in school. FFELP Loans are insured by the federal government as to their principal and accrued interest in the event of default, subject to a risk sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed on or after July 1, 2006, we receive 97 percent reimbursement on all qualifying claims. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98 percent reimbursement on all qualifying claims. For loans disbursed prior to October 1, 1993, we receive 100 percent reimbursement on all qualifying claims. Loans held for investment are summarized as follows: September 30, December 31, 2015 2014 Private Education Loans $ 10,840,261 $ 8,311,376 Deferred origination costs 26,283 13,845 Allowance for loan losses (100,033 ) (78,574 ) Total Private Education Loans, net 10,766,511 8,246,647 FFELP Loans 1,143,595 1,264,807 Unamortized acquisition costs, net 3,212 3,600 Allowance for loan losses (4,170 ) (5,268 ) Total FFELP Loans, net 1,142,637 1,263,139 Loans held for investment, net $ 11,909,148 $ 9,509,786 The estimated weighted average life of education loans in our portfolio was approximately 6.3 years and 6.2 years at September 30, 2015 and December 31, 2014, respectively. The average balance and the respective weighted average interest rates of education loans in our portfolio are summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 9,869,025 7.87 % $ 7,407,774 8.20 % $ 9,563,290 7.96 % $ 7,394,985 8.19 % FFELP Loans 1,161,288 3.27 1,339,748 3.23 1,196,491 3.22 1,373,945 3.25 Total portfolio $ 11,030,313 $ 8,747,522 $ 10,759,781 $ 8,768,930

Allowance for Loan Losses

Allowance for Loan Losses	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Allowance for Loan Losses	Allowance for Loan Losses Our provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb incurred probable losses in the held-for-investment loan portfolios. The evaluation of the allowance for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe the allowance for loan losses is appropriate to cover probable losses incurred in the loan portfolios. Allowance for Loan Losses Metrics Allowance for Loan Losses Three Months Ended September 30, 2015 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 4,556 $ 87,310 $ 91,866 Total provision 143 27,354 27,497 Net charge-offs: Charge-offs (529 ) (14,121 ) (14,650 ) Recoveries — 1,361 1,361 Net charge-offs (529 ) (12,760 ) (13,289 ) Loan sales (1) — (1,871 ) (1,871 ) Ending Balance $ 4,170 $ 100,033 $ 104,203 Allowance: Ending balance: individually evaluated for impairment $ — $ 43,001 $ 43,001 Ending balance: collectively evaluated for impairment $ 4,170 $ 57,032 $ 61,202 Loans: Ending balance: individually evaluated for impairment $ — $ 231,286 $ 231,286 Ending balance: collectively evaluated for impairment $ 1,143,595 $ 10,608,975 $ 11,752,570 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.25 % 0.83 % Allowance as a percentage of the ending total loan balance 0.36 % 0.92 % Allowance as a percentage of the ending loans in repayment (2) 0.50 % 1.50 % Allowance coverage of net charge-offs (annualized) 1.97 1.96 Ending total loans, gross $ 1,143,595 $ 10,840,261 Average loans in repayment (2) $ 839,090 $ 6,118,678 Ending loans in repayment (2) $ 836,585 $ 6,657,228 ____________ (1) Represents fair value write-downs on loans sold. (2) Loans in repayment include loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status. Allowance for Loan Losses Three Months Ended September 30, 2014 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 6,212 $ 54,315 $ 60,527 Total provision 291 14,607 14,898 Net charge-offs: Charge-offs (761 ) (4,378 ) (5,139 ) Recoveries — — — Net charge-offs (761 ) (4,378 ) (5,139 ) Loan sales (1) — (4,571 ) (4,571 ) Ending Balance $ 5,742 $ 59,973 $ 65,715 Allowance: Ending balance: individually evaluated for impairment $ — $ 2,966 $ 2,966 Ending balance: collectively evaluated for impairment $ 5,742 $ 57,007 $ 62,749 Loans: Ending balance: individually evaluated for impairment $ — $ 13,115 $ 13,115 Ending balance: collectively evaluated for impairment $ 1,317,963 $ 7,816,305 $ 9,134,268 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.32 % 0.39 % Allowance as a percentage of the ending total loan balance 0.44 % 0.77 % Allowance as a percentage of the ending loans in repayment (2) 0.61 % 1.31 % Allowance coverage of net charge-offs (annualized) 1.89 3.42 Ending total loans, gross $ 1,317,963 $ 7,829,420 Average loans in repayment (2) $ 953,620 $ 4,453,775 Ending loans in repayment (2) $ 945,230 $ 4,575,143 ____________ (1) Represents fair value write-downs on loans sold. (2) Loans in repayment include loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status. Allowance for Loan Losses Nine Months Ended September 30, 2015 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 5,268 $ 78,574 $ 83,842 Total provision 1,044 58,629 59,673 Net charge-offs: Charge-offs (2,142 ) (36,127 ) (38,269 ) Recoveries — 4,529 4,529 Net charge-offs (2,142 ) (31,598 ) (33,740 ) Loan sales (1) — (5,572 ) (5,572 ) Ending Balance $ 4,170 $ 100,033 $ 104,203 Allowance: Ending balance: individually evaluated for impairment $ — $ 43,001 $ 43,001 Ending balance: collectively evaluated for impairment $ 4,170 $ 57,032 $ 61,202 Loans: Ending balance: individually evaluated for impairment $ — $ 231,286 $ 231,286 Ending balance: collectively evaluated for impairment $ 1,143,595 $ 10,608,975 $ 11,752,570 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.33 % 0.72 % Allowance as a percentage of the ending total loan balance 0.36 % 0.92 % Allowance as a percentage of the ending loans in repayment (2) 0.50 % 1.50 % Allowance coverage of net charge-offs (annualized) 1.46 2.37 Ending total loans, gross $ 1,143,595 $ 10,840,261 Average loans in repayment (2) $ 868,649 $ 5,848,345 Ending loans in repayment (2) $ 836,585 $ 6,657,228 ____________ (1) Represents fair value write-downs on loans sold. (2) Loans in repayment include loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status. Allowance for Loan Losses Nine Months Ended September 30, 2014 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 6,318 $ 61,763 $ 68,081 Total provision 1,482 53,589 55,071 Charge-offs (2,058 ) (4,378 ) (6,436 ) Loan sales (1) — (51,001 ) (51,001 ) Ending Balance $ 5,742 $ 59,973 $ 65,715 Allowance: Ending balance: individually evaluated for impairment $ — $ 2,966 $ 2,966 Ending balance: collectively evaluated for impairment $ 5,742 $ 57,007 $ 62,749 Loans: Ending balance: individually evaluated for impairment $ — $ 13,115 $ 13,115 Ending balance: collectively evaluated for impairment $ 1,317,963 $ 7,816,305 $ 9,134,268 Charge-offs as a percentage of average loans in repayment (annualized) (2) 0.28 % 0.13 % Allowance as a percentage of the ending total loan balance 0.44 % 0.77 % Allowance as a percentage of the ending loans in repayment (2) 0.61 % 1.31 % Allowance coverage of charge-offs (annualized) 2.09 10.27 Ending total loans, gross $ 1,317,963 $ 7,829,420 Average loans in repayment (2) $ 980,733 $ 4,408,852 Ending loans in repayment (3) $ 945,230 $ 4,575,143 ____________ (1) Represents fair value write-downs on loans sold. (2) Loans in repayment include loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status. Troubled Debt Restructurings (“TDRs”) All of our loans are collectively assessed for impairment, except for loans classified as TDRs (where we conduct individual assessments of impairment). We modify the terms of loans for certain borrowers when we believe such modifications may increase the ability and willingness of a borrower to make payments and thus increase the ultimate overall amount collected on a loan. These modifications generally take the form of a forbearance, a temporary interest rate reduction or an extended repayment plan. In the first nine months after a loan enters full principal and interest repayment, the loan may be in forbearance for up to six months without it being classified as a TDR. Once the initial nine -month period described above is over, however, any loan that receives more than three months of forbearance in a twenty-four month period is classified as a TDR. Also, a loan becomes a TDR when it is modified to reduce the interest rate on the loan (regardless of when such modification occurs and/or whether such interest rate reduction is temporary). The majority of our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan. Approximately 22 percent and 10 percent of the loans granted forbearance as of September 30, 2015 and December 31, 2014, respectively, have been classified as TDRs due to their forbearance status. Prior to the Spin-Off, we did not have TDR loans because the loans generally were sold to a now unrelated affiliate in the same month that the terms were restructured. Subsequent to May 1, 2014, we have individually assessed $251 million of Private Education Loans as TDRs. When these TDR loans are determined to be impaired, we provide for an allowance for losses sufficient to cover life-of-loan expected losses through an impairment calculation based on the difference between the loan's basis and the present value of expected future cash flows (which would include life-of-loan default and recovery assumptions) discounted at the loan's original effective interest rate. Within the Private Education Loan portfolio, loans greater than 90 days past due are considered to be nonperforming. FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default, and therefore, we do not deem FFELP Loans as nonperforming from a credit risk perspective at any point in their life cycle prior to claim payment, and we continue to accrue interest on those loans through the date of claim. At September 30, 2015 and December 31, 2014, all our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans. Recorded Investment Unpaid Principal Balance Allowance September 30, 2015 TDR Loans $ 234,360 $ 231,286 $ 43,001 December 31, 2014 TDR Loans $ 60,278 $ 59,402 $ 9,815 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended Three Months Ended September 30, 2015 September 30, 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 210,039 $ 4,198 $ 8,740 $ 129 Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 150,240 $ 9,314 $ 3,958 $ 160 The following table provides information regarding the loan status of TDR loans and the aging of TDR loans that are past due. September 30, December 31, 2015 2014 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 4,940 $ 2,915 TDR loans in forbearance (2) 50,878 18,620 TDR loans in repayment and percentage of each status: Loans current 154,984 88.3 % 34,554 91.2 % Loans delinquent 31-60 days (3) 11,042 6.3 1,953 5.2 Loans delinquent 61-90 days (3) 6,336 3.6 983 2.6 Loans delinquent greater than 90 days (3) 3,106 1.8 377 1.0 Total TDR loans in repayment 175,468 100.0 % 37,867 100.0 % Total TDR loans, gross $ 231,286 $ 59,402 _____ (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (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, 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. The following tables provides the amount of modified loans (which includes forbearance and reductions in interest rates) that became TDRs in the periods presented. Additionally, for the periods presented, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the relevant period presented and within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. Three Months Ended Three Months Ended September 30, 2015 September 30, 2014 Modified Loans (1) Charge-offs Payment- Default Modified Loans (1) Charge-offs Payment- Default TDR Loans $ 49,975 $ 3,456 $ 16,719 $ 7,840 $ 87 $ 252 Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 Modified Loans (1) Charge-offs Payment- Default Modified Loans (1) Charge-offs Payment- Default TDR Loans $ 189,066 $ 5,845 $ 29,895 $ 14,880 $ 87 $ 320 _____ (1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR. Key Credit Quality Indicators For Private Education Loans, the key credit quality indicators are FICO scores, the existence of a cosigner, loan status, and loan seasoning. The FICO scores are assessed at origination and periodically refreshed/updated through the loan's term. The following table highlights the gross principal balance of our Private Education Loan portfolio stratified by key credit quality indicators. Private Education Loans Credit Quality Indicators September 30, 2015 December 31, 2014 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance Cosigners: With cosigner $ 9,748,371 90 % $ 7,465,339 90 % Without cosigner 1,091,890 10 846,037 10 Total $ 10,840,261 100 % $ 8,311,376 100 % FICO at Origination: Less than 670 $ 706,688 6 % $ 558,801 7 % 670-699 1,582,381 15 1,227,860 15 700-749 3,470,300 32 2,626,238 32 Greater than or equal to 750 5,080,892 47 3,898,477 46 Total $ 10,840,261 100 % $ 8,311,376 100 % Seasoning (2) : 1-12 payments $ 3,575,055 33 % $ 2,373,117 29 % 13-24 payments 1,729,120 16 1,532,042 18 25-36 payments 871,590 8 755,143 9 37-48 payments 411,596 4 411,493 5 More than 48 payments 281,508 2 212,438 3 Not yet in repayment 3,971,392 37 3,027,143 36 Total $ 10,840,261 100 % $ 8,311,376 100 % (1) Balance represents gross Private Education Loans. (2) Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. FFELP Loans are at least 97 percent insured and guaranteed as to their principal and accrued interest in the event of default; therefore, there are no key credit quality indicators associated with FFELP Loans. Included within our FFELP portfolio as of September 30, 2015 are $700 million of FFELP rehabilitation loans. These loans have previously defaulted but have subsequently been brought current according to a loan rehabilitation agreement. The credit performance on rehabilitation loans is worse than the remainder of our FFELP portfolio. At September 30, 2015 and December 31, 2014, 61 percent and 62 percent , respectively, of our FFELP portfolio consisted of rehabilitation loans. The following tables provide information regarding the loan status of our Private Education Loans and the aging of our past due Private Education Loans. Loans in repayment include loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status. Private Education Loans September 30, December 31, 2015 2014 Balance % Balance % Loans in-school/grace/deferment (1) $ 3,971,392 $ 3,027,143 Loans in forbearance (2) 211,641 135,018 Loans in repayment and percentage of each status: Loans current 6,529,855 98.1 % 5,045,600 98.0 % Loans delinquent 31-60 days (3) 79,794 1.2 63,873 1.2 Loans delinquent 61-90 days (3) 34,743 0.5 29,041 0.6 Loans delinquent greater than 90 days (3) 12,836 0.2 10,701 0.2 Total loans in repayment 6,657,228 100.0 % 5,149,215 100.0 % Total loans, gross 10,840,261 8,311,376 Deferred origination costs 26,283 13,845 Total loans 10,866,544 8,325,221 Allowance for loan losses (100,033 ) (78,574 ) Total loans, net $ 10,766,511 $ 8,246,647 Percentage of loans in repayment 61.4 % 62.0 % Delinquencies as a percentage of loans in repayment 1.9 % 2.0 % Loans in forbearance as a percentage of loans in repayment and forbearance 3.1 % 2.6 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (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, 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. Accrued Interest Receivable The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans greater than 90 days past due as compared to our allowance for uncollectible interest. The allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due portfolio for all periods presented. Private Education Loan Accrued Interest Receivable Total Interest Receivable Greater Than 90 Days Past Due Allowance for Uncollectible Interest September 30, 2015 $ 606,218 $ 489 $ 2,979 December 31, 2014 $ 445,710 $ 443 $ 3,517

Deposits

Deposits	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Deposits	Deposits The following table summarizes total deposits at September 30, 2015 and December 31, 2014. September 30, December 31, 2015 2014 Deposits - interest bearing $ 10,610,592 $ 10,539,953 Deposits - non interest bearing 287 602 Total deposits $ 10,610,879 $ 10,540,555 Interest Bearing Interest bearing deposits as of September 30, 2015 and December 31, 2014 consisted of retail non-maturity savings and money market deposits, brokered and retail certificates of deposit, and brokered money market deposits. These deposit products are serviced by third party providers. Placement fees associated with the brokered certificates of deposit are amortized into interest expense using the effective interest rate method. Interest bearing deposits at September 30, 2015 and December 31, 2014 are summarized as follows: September 30, 2015 December 31, 2014 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 4,436,095 1.18 % $ 4,527,448 1.15 % Savings 665,941 0.82 703,687 0.81 Certificates of deposit 5,508,556 0.99 5,308,818 1.00 Deposits - interest bearing $ 10,610,592 $ 10,539,953 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships. As of September 30, 2015 and December 31, 2014, there were $ 194,714 and $253,953 , respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $22,637 and $16,082 at September 30, 2015 and December 31, 2014, respectively. Non Interest Bearing Non interest bearing deposits were $ 287 and $ 602 as of September 30, 2015 and December 31, 2014, respectively. For both periods, these were comprised of money market accounts related to our Employee Stock Purchase Plan account.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings Outstanding borrowings consist of secured borrowings issued through our term asset backed securitization (“ABS”) program and our asset backed commercial paper (“ABCP”) funding facility. The following table summarizes our secured borrowings at September 30, 2015. We had no secured borrowings outstanding at December 31, 2014. September 30, 2015 Short-Term Long-Term Total Secured borrowings: Private Education Loan term securitization $ — $ 593,687 $ 593,687 ABCP borrowings 710,005 — 710,005 Total $ 710,005 $ 593,687 $ 1,303,692 On July 30, 2015, we executed our $ 714 million SMB Private Education Loan Trust 2015-B term ABS transaction, which was accounted for as an on-balance sheet secured financing. We retained a 5 percent or $33 million interest in the Class A and B notes, a 100 percent or $50 million interest in the Class C notes and 100 percent of the residual certificates issued in the securitization. $ 631 million of notes from the securitization were sold to third parties, raising $ 623 million of gross proceeds. The Class A and B notes had a weighted average life of 4.8 years and priced at a weighted average LIBOR equivalent cost of 1 month LIBOR plus 1.53 percent . At September 30, 2015, $ 692 million of our Private Education Loans were encumbered as a result of this transaction. On-Balance Sheet Term Securitizations Issue Date Issued Total Issued To Third Parties Weighted Average Cost of Funds (1) Weighted Average Life Private Education: 2015-B July 2015 $ 630,800 1 month LIBOR plus 1.53% 4.82 Total notes issued in 2015 $ 630,800 Total loan amount securitized in on-balance sheet term securitizations in 2015 $ 745,580 ____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed rate bonds, excluding issuance costs. Asset-Backed Commercial Paper Funding Facility On December 19, 2014, we closed on a $ 750 million ABCP Private Education Loan funding facility. Pursuant to FDIC safe harbor guidelines, we retained a 5 percent or $37.5 million ownership interest in the ABCP facility, resulting in $712.5 million of funds being available for us to draw under the facility. We incur financing costs under the ABCP facility of approximately 0.40 percent on unused borrowing capacity and approximately 3 month LIBOR plus 0.80 percent on outstandings under the facility. At September 30, 2015, $710 million had been drawn and remained outstanding under the facility, net of our 5 percent retention. At September 30, 2015, $ 902 million of our Private Education Loans were encumbered as a result of this transaction. We consolidate our financing entities that are variable interest entities (“VIEs”) as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings. We consolidate the following financing VIEs as of September 30, 2015: September 30, 2015 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding Short-Term Long-Term Total Loans Restricted Cash Other Assets Total Secured borrowings: Private Education Loan term securitization $ — $ 593,687 $ 593,687 $ 692,379 $ 8,135 $ 49,717 $ 750,231 ABCP borrowings 710,005 — 710,005 901,515 10,070 54,297 965,882 Total $ 710,005 $ 593,687 $ 1,303,692 $ 1,593,894 $ 18,205 $ 104,014 $ 1,716,113 Other Borrowing Sources We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $100,000 at September 30, 2015. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing, and is payable daily. We did not utilize these lines of credit in the three and nine months ended September 30, 2015 and September 30, 2014. We established an account at the Federal Reserve Bank (“FRB”) to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Discount Window (“Window”). The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At September 30, 2015 and December 31, 2014, the value of our pledged collateral at the FRB totaled $1.5 billion and $1.4 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the three and nine months ended September 30, 2015 and September 30, 2014.

Private Education Loan Term Sec

Private Education Loan Term Securitization	9 Months Ended
	Sep. 30, 2015
Transfers and Servicing of Financial Assets [Abstract]
Private Education Loan Securitization	Private Education Loan Term Securitizations We securitize Private Education Loan assets by selling these assets to securitization trusts. If a transfer of loans qualifies as a sale, we derecognize the loan and recognize a gain or loss as the difference between compensation received and the carrying basis of the loans sold and liabilities retained. We recognize the results of a transfer of loans based upon the settlement date of the transaction. If we have a variable interest in a VIE (e.g., a securitization trust) and have determined that we are the primary beneficiary, then we will consolidate the VIE and the transfer is accounted for as a financing as opposed to a sale. On July 30, 2015, we executed a $ 714 million Private Education Loan term ABS transaction that was accounted for as an on-balance sheet secured financing. We retained a 5 percent interest in the Class A and B notes, a 100 percent interest in the Class C notes and 100 percent of the residual certificates issued in the securitization. $ 631 million of notes were sold to third parties, raising $ 623 million of gross proceeeds. At September 30, 2015, $ 692 million of our Private Education Loans are encumbered as a result of this transaction. On April 23, 2015, we sold $738 million of Private Education Loans through a securitization transaction to qualified institutional buyers. The transaction qualified for sale treatment and removed the principal balance of the loans backing the securitization trust from our balance sheet on the settlement date. We continue to service the loans in the trust. In the second quarter of 2015, we recorded a pre-tax gain of $77 million on the sale, net of closing adjustments and transaction costs, a 10.4 percent premium.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We maintain an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize the economic effect of interest rate changes. Our goal is to manage interest rate sensitivity by modifying the repricing frequency and underlying index characteristics of certain balance sheet assets and liabilities so the net interest margin is not, on a material basis, adversely affected by movements in interest rates. We do not use derivative instruments to hedge credit risk. As a result of interest rate fluctuations, hedged assets and liabilities will appreciate or depreciate in market value. Income or loss on the derivative instruments linked to the hedged assets and liabilities will generally offset the effect of this unrealized appreciation or depreciation for the period the item is being hedged. We view this strategy as a prudent management of interest rate sensitivity. Please refer to “Note 11 - Derivative Financial Instruments” in our 2014 Form 10-K for a full discussion of our risk management strategy. Although we use derivatives to offset (or minimize) the risk of interest rate changes, the use of derivatives does expose us to both market and credit risk. Market risk is the chance of financial loss resulting from changes in interest rates, foreign exchange rates, and market liquidity. Credit risk is the risk a counterparty will not perform its obligations under a contract and it is limited to the loss of the fair value gain in a derivative the counterparty owes us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, have no credit risk exposure to the counterparty; however, the counterparty has exposure to us. We minimize the credit risk in derivative instruments by entering into transactions with highly rated counterparties that are reviewed regularly by our Credit Department. Related to derivative transactions, protection against counterparty risk is generally provided by International Swaps and Derivatives Association, Inc. (“ISDA”) Credit Support Annexes (“CSAs”), or clearinghouses for Over the Counter (“OTC”) derivatives. CSAs require a counterparty to post collateral if a potential default would expose the other party to a loss. All derivative contracts entered into by the Bank are covered under such agreements and require collateral to be exchanged based on the net fair value of derivatives with each counterparty. Our exposure is limited to the value of the derivative contracts in a gain position less any collateral held or plus any collateral posted. Title VII of the Dodd-Frank Act requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. As of September 30, 2015, $ 4.0 billion notional of our derivative contracts were cleared on the Chicago Mercantile Exchange and the London Clearing House. All derivative contracts cleared through an exchange require collateral to be exchanged based on the fair value of the derivative. Our exposure is limited to the value of the derivative contracts in a gain position less any collateral held or plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At September 30, 2015 and December 31, 2014, we had a net positive exposure (derivative gain positions to us less collateral which has been posted by counterparties to us) related to derivatives of $ 48.9 million and $ 60.8 million, respectively. Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments at September 30, 2015 and December 31, 2014, and their impact on earnings and other comprehensive income for the three and nine months ended September 30, 2015 and 2014. Impact of Derivatives on the Consolidated Balance Sheet Cash Flow Hedges Fair Value Hedges Trading Total September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ — $ — $ 36,919 $ 5,012 $ 1,827 $ 226 $ 38,746 $ 5,238 Derivative Liabilities: (2) Interest rate swaps Interest rate (40,855 ) (21,435 ) — (5,883 ) — (1,370 ) (40,855 ) (28,688 ) Total net derivatives $ (40,855 ) $ (21,435 ) $ 36,919 $ (871 ) $ 1,827 $ (1,144 ) $ (2,109 ) $ (23,450 ) ___________ (1) Fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements, and classified in other assets or other liabilities depending on whether in a net positive or negative position. (2) The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities September 30, December 31, September 30, December 31, 2015 2014 2015 2014 Gross position $ 38,746 $ 5,238 $ (40,855 ) $ (28,688 ) Impact of master netting agreement (11,253 ) (4,045 ) 11,253 4,045 Derivative values with impact of master netting agreements (as carried on balance sheet) 27,493 1,193 (29,602 ) (24,643 ) Cash collateral (held) pledged (1) (14,617 ) (900 ) 47,604 72,478 Net position $ 12,876 $ 293 $ 18,002 $ 47,835 (1) Cash collateral amount calculations include outstanding accrued interest payable/receivable. Cash Flow Fair Value Trading Total September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Notional Values Interest rate swaps $ 1,110,549 $ 1,106,920 $ 2,957,443 $ 3,044,492 $ 836,512 $ 973,539 $ 4,904,504 $ 5,124,951 Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Fair Value Hedges Interest rate swaps: Hedge ineffectiveness gains (losses) recorded in earnings (1) $ (1,843 ) $ 1,238 $ (929 ) $ 1,488 Realized gains recorded in interest expense 7,531 3,835 22,512 14,081 Total $ 5,688 $ 5,073 $ 21,583 $ 15,569 Cash Flow Hedges Interest rate swaps: Hedge ineffectiveness gains (losses) recorded in earnings (1) $ (273 ) $ (303 ) $ (542 ) $ (303 ) Realized losses recorded in interest expense (5,411 ) (3,587 ) (16,157 ) (3,587 ) Total $ (5,684 ) $ (3,890 ) $ (16,699 ) $ (3,890 ) Trading Interest rate swaps: Interest reclassification $ 853 $ (1,170 ) $ 2,846 $ (3,137 ) Change in fair value of future interest payments recorded in earnings 716 5,636 2,972 (2,870 ) Total (1) 1,569 4,466 5,818 (6,007 ) Total $ 1,573 $ 5,649 $ 10,702 $ 5,672 ________ (1) Amounts included in “(losses) gains on derivatives and hedging activities, net” in the consolidated statements of income. Impact of Derivatives on the Statements of Changes in Stockholders' Equity Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Amount of loss recognized in other comprehensive income $ (27,162 ) $ (5,470 ) $ (35,441 ) $ (5,470 ) Less: amount of loss reclassified in interest expense (1) 5,411 3,587 16,157 3,587 Total change in other comprehensive income for unrealized losses on derivatives $ (21,751 ) $ (1,883 ) $ (19,284 ) $ (1,883 ) ___________ (1) Amounts included in “realized gains (losses) recorded in interest expense” in the “Impact of Derivatives on the Consolidated Statements of Income” table. Cash Collateral Cash collateral held related to derivative exposure between us and our derivatives counterparties was $14.6 million and $0.9 million at September 30, 2015 and December 31, 2014, respectively. Collateral held is recorded in “Other Liabilities.” Cash collateral pledged related to derivative exposure between us and our derivatives counterparties was $47.6 million and $72.5 million at September 30, 2015 and December 31, 2014, respectively. Collateral pledged is recorded in “Other Assets.”

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The following table summarizes our common share repurchases and issuances. Three Months Ended September 30, Nine Months Ended September 30, (Shares and per share amounts in actuals) 2015 2014 2015 2014 Shares repurchased related to employee stock-based compensation plans (1)(2) 136,173 356,622 2,900,266 715,393 Average purchase price per share $ 8.88 $ 8.68 $ 9.76 $ 8.68 Common shares issued (3) 361,779 584,787 5,569,853 1,089,716 __________________ (1) Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (2) At the present time, we do not have a publicly announced repurchase plan or program. (3) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on September 30, 2015 was $ 7.40 . Investment with entities that are now subsidiaries of Navient Prior to the Spin-Off, there were transactions between us and affiliates of pre-Spin-Off SLM that are now subsidiaries of Navient. As part of the carve-out, expenses of those transactions were included in our results even though the actual payments for the expenses were paid by the aforementioned affiliates. As such, amounts equal to these payments have been treated as equity contributions in the table below. Certain payments made by us to these affiliates prior to the Spin-Off transaction were treated as dividends. Net transfers (to)/from the entity that is now a subsidiary of Navient are included within Navient's subsidiary investment on the consolidated statements of changes in equity. There were no transfers (to)/from the entity that is now a subsidiary of Navient during the three or nine months ended September 30, 2015 and during the three months ended September 30, 2014. The components of the net transfers (to)/from the entity that is now a subsidiary of Navient for the nine months ended September 30, 2014 are summarized below: Nine Months Ended September 30, 2014 Capital contributions: Loan origination activities $ 32,452 Loan sales 45 Corporate overhead activities 21,216 Other 492,368 Total capital contributions 546,081 Corporate push-down 4,977 Net change in income tax accounts 15,659 Net change in receivable/payable (87,277 ) Other (31 ) Total net transfers from the entity that is now a subsidiary of Navient $ 479,409 Capital Contributions During the first four months of 2014, pre-Spin-Off SLM contributed capital to Sallie Mae Bank (the “Bank”) by funding loan origination activities, purchases of loans in excess of the loans’ fair values, providing corporate overhead functions and other activities. Capital contributed for loan origination activities reflects the fact that loan origination functions were conducted by a subsidiary of pre-Spin-Off SLM (now a subsidiary of Navient). The Bank did not pay for the costs incurred by pre-Spin-Off SLM in connection with these functions. The costs eligible to be capitalized are recorded on the respective balance sheets and the costs not eligible for capitalization have been recognized as expenses in the respective statements of income. Certain general corporate overhead expenses of the Bank were incurred and paid for by pre-Spin-Off SLM. Corporate Push-Down The consolidated balance sheet of the Company includes certain assets and liabilities that historically were held at pre-Spin-Off SLM but which are specifically identifiable or otherwise allocable to the Company. The cash and cash equivalents held by pre-Spin-Off SLM at the corporate level were not allocated to the Bank for any of the periods presented. Receivable/Payable with Affiliate All significant intercompany payable/receivable balances between the Bank and pre-Spin-Off SLM are considered to be effectively settled for cash in the combined financial statements at the time the transaction is recorded.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows. Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2015 2014 2015 2014 Numerator: Net income attributable to SLM Corporation $ 45,724 $ 82,926 $ 184,439 $ 174,502 Preferred stock dividends 4,913 4,850 14,606 8,078 Net income attributable to SLM Corporation common stock $ 40,811 $ 78,076 $ 169,833 $ 166,424 Denominator: Weighted average shares used to compute basic EPS 426,019 423,079 425,384 424,187 Effect of dilutive securities: Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan ("ESPP") (1)(2) 6,528 8,525 7,147 8,137 Weighted average shares used to compute diluted EPS 432,547 431,604 432,531 432,324 Basic earnings per common share attributable to SLM Corporation $ 0.10 $ 0.18 $ 0.40 $ 0.39 Diluted earnings per common share attributable to SLM Corporation $ 0.09 $ 0.18 $ 0.39 $ 0.38 _________________ (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method. (2) For the three months ended September 30, 2015 and 2014, securities covering approximately 2 million and 3 million shares, respectively, and for the nine months ended September 30, 2015 and 2014, securities covering approximately 2 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We use estimates of fair value in applying various accounting standards for our financial statements. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. For additional information regarding our policies for determining fair value and the hierarchical framework, see Note 2, “Significant Accounting Policies - Fair Value Measurement” in our 2014 Form 10-K. During the nine months ended September 30, 2015, there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments. The following table summarizes the valuation of our financial instruments that are marked to fair value on a recurring basis. Fair Value Measurements on a Recurring Basis September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Mortgage-backed securities $ — $ 190,944 $ — $ 190,944 $ — $ 168,934 $ — $ 168,934 Derivative instruments — 38,746 — 38,746 — 5,238 — 5,238 Total $ — $ 229,690 $ — $ 229,690 $ — $ 174,172 $ — $ 174,172 Liabilities Derivative instruments $ — $ (40,855 ) $ — $ (40,855 ) $ — $ (28,688 ) $ — $ (28,688 ) Total $ — $ (40,855 ) $ — $ (40,855 ) $ — $ (28,688 ) $ — $ (28,688 ) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. September 30, 2015 December 31, 2014 Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets Loans held for investment, net $ 12,837,892 $ 11,909,148 $ 928,744 $ 10,228,399 $ 9,509,786 $ 718,613 Cash and cash equivalents 1,281,797 1,281,797 — 2,359,780 2,359,780 — Available-for-sale investments 190,944 190,944 — 168,934 168,934 — Accrued interest receivable 634,423 634,423 — 469,697 469,697 — Tax indemnification receivable 200,704 200,704 — 240,311 240,311 — Derivative instruments 38,746 38,746 — 5,238 5,238 — Total earning assets $ 15,184,506 $ 14,255,762 $ 928,744 $ 13,472,359 $ 12,753,746 $ 718,613 Interest-bearing liabilities Money-market and savings accounts $ 5,102,323 $ 5,102,323 $ — $ 5,231,736 $ 5,231,736 $ — Certificates of deposit 5,487,525 5,508,556 21,031 5,313,645 5,308,818 (4,827 ) Short-term borrowings 710,005 710,005 — — — — Long-term borrowings 583,314 593,687 10,373 — — — Accrued interest payable 23,309 23,309 — 16,082 16,082 — Derivative instruments 40,855 40,855 — 28,688 28,688 — Total interest-bearing liabilities $ 11,947,331 $ 11,978,735 $ 31,404 $ 10,590,151 $ 10,585,324 $ (4,827 ) Excess of net asset fair value over carrying value $ 960,148 $ 713,786 Borrowings are accounted for at cost in the financial statements. The carrying value of short-term borrowings approximated fair value for disclosure purposes, due to the short-term nature of those borrowings. This is a level 1 valuation. The fair value of long-term borrowings is estimated using current market prices. This is a level 2 valuation. Please refer to “Note 15 - Fair Value Measurements” in our 2014 Form 10-K for a full discussion of the methods and assumptions used to estimate the fair value of each class of financial instruments.

Arrangements with Navient Corpo

Arrangements with Navient Corporation	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Arrangements with Navient Corporation	Arrangements with Navient Corporation In connection with the Spin-Off, we entered into a separation and distribution agreement and other ancillary agreements with Navient. Please refer to “Note 16 - Arrangements with Navient Corporation” in our 2014 Form 10-K for a full discussion of these agreements. Amended Loan Participation and Purchase Agreement Prior to the Spin-Off, the Bank sold substantially all its Private Education Loans to several former affiliates, now subsidiaries of Navient (collectively, the “Purchasers”), pursuant to a Loan Participation and Purchase Agreement. This agreement predated the Spin-Off, but was significantly amended and reduced in scope in connection with the Spin-Off. Post-Spin-Off, the Bank retains only the right to require the Purchasers to purchase loans (at fair value) for which the borrower also has a separate lending relationship with Navient (“Split Loans”) when the Split Loans either (1) are more than 90 days past due; (2) have been restructured; (3) have been granted a hardship forbearance or more than 6 months of administrative forbearance; or (4) have a borrower or cosigner who has filed for bankruptcy. At September 30, 2015, we held approximately $96.1 million of Split Loans. During the three months ended September 30, 2015, the Bank sold loans to the Purchasers in the amount of $ 6,552 in principal and $ 153 in accrued interest income. During the three months ended September 30, 2014, the Bank sold loans to the Purchasers in the amount of $ 28,871 in principal and $ 542 in accrued interest income. During the nine months ended September 30, 2015, the Bank sold loans to the Purchasers in the amount of $21,109 in principal and $438 in accrued interest income. During the nine months ended September 30, 2014, the Bank sold loans to the Purchasers in the amount of $794,870 in principal and $26,339 in accrued interest income. There was no gain as a result of the loans sold to the Purchasers in the three months ended September 30, 2015 and September 30, 2014. Total write-downs to fair value for loans sold with a fair value lower than par totaled $1,871 and $4,571 in the three months ended September 30, 2015 and 2014, respectively. There was no gain as a result of the loans sold in the nine months ended September 30, 2015. The gain resulting from loans sold was $ 35,848 in the nine months ended September 30, 2014. Total write-downs to fair value for loans sold with a fair value lower than par totaled $ 5,573 and $ 51,001 in the nine months ended September 30, 2015 and September 30, 2014, respectively. Navient is the servicer for all of these loans.

Regulatory Capital

Regulatory Capital	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Regulatory Capital	Regulatory Capital The Bank is subject to various regulatory capital requirements administered by federal banking authorities. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on our financial condition. Under the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. As of the first quarter 2015, the Bank was required by federal banking authorities to report regulatory capital and ratios based on the U.S. Basel III rule. U.S. Basel III implemented changes to capital, risk-weighted assets, and “well capitalized” definitions and added a reporting requirement of Common Equity Tier 1 Capital (to risk-weighted assets). Regulatory capital reported as of December 31, 2014 was calculated according to regulatory guidelines in effect at that date. “Well capitalized” regulatory requirements are the quantitative measures established by regulation to ensure capital adequacy. The Bank is required to maintain minimum amounts and ratios (set forth in the table below) of Total and Tier I Capital to risk-weighted assets, Common Equity Tier I Capital to risk-weighted assets, and Tier I Capital to average assets, as defined by the regulation. The following amounts and ratios are based upon the Bank's assets. Well Capitalized Regulatory Requirements Amount Ratio Amount Ratio As of September 30, 2015: Tier I Capital (to Average Assets) $ 1,639,235 12.2 % $ 674,490 > 5.0 % Tier I Capital (to Risk-Weighted Assets) $ 1,639,235 13.3 % $ 989,333 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 1,743,438 14.1 % $ 1,236,667 > 10.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) $ 1,639,235 13.3 % $ 803,833 > 6.5 % As of December 31, 2014: Tier I Capital (to Average Assets) $ 1,413,988 11.5 % $ 614,709 > 5.0 % Tier I Capital (to Risk-Weighted Assets) $ 1,413,988 15.0 % $ 565,148 > 6.0 % Total Capital (to Risk-Weighted Assets) $ 1,497,830 15.9 % $ 941,913 > 10.0 % Bank Dividends The Bank is chartered under the laws of the State of Utah and its deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Bank’s ability to pay dividends is subject to the laws of Utah and the regulations of the FDIC. Generally, under Utah’s industrial bank laws and regulations as well as FDIC regulations, the Bank may pay dividends from its net profits without regulatory approval if, following the payment of the dividends, the Bank’s capital and surplus would not be impaired. The Bank paid no dividends for the three and nine months ended September 30, 2015 and September 30, 2014.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of origination but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). At September 30, 2015, we had $1.7 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2015/2016 academic year. Regulatory Matters At the time of this filing, the Bank remains subject to the consent order (the “2014 FDIC Order”) relating to the settlement of previously disclosed regulatory matters with the FDIC. Specifically, on May 13, 2014, the Bank reached settlements with the FDIC and the Department of Justice (“DOJ”) regarding disclosures and assessments of certain late fees, as well as compliance with the Servicemembers’ Civil Relief Act (“SCRA”). The order issued by the DOJ (the “DOJ Order”) was approved by the U.S. District Court for the District of Delaware on September 29, 2014. Under the 2014 FDIC Order, the Bank agreed to pay $3.3 million in fines and oversee the refund of up to $30 million in late fees assessed on loans owned or originated by the Bank since its inception in November 2005. As required by the 2014 FDIC Order and the DOJ Order, the Bank has now implemented new SCRA policies, procedures and training, has updated billing statement disclosures, and is taking additional steps to ensure its third-party service providers are also fully compliant in these areas. In 2014, we engaged a third-party firm to conduct independent audits of certain key consumer protection processes and procedures, including our compliance management system. To date, we have received no high-risk findings. In 2015, the third-party firm is continuing to conduct additional independent audits over the remainder of those processes and procedures. Required restitution activities under the 2014 FDIC and DOJ Orders are well under way. Applicable late fees were credited to eligible customers with open accounts in October 2014 and the mailing of restitution checks to all other eligible customers is ongoing. Checks for payment of SCRA benefits and related compensation, as determined by the DOJ, began mailing in June 2015. Under the terms of the Separation and Distribution Agreement, Navient remains responsible for funding all liabilities under the regulatory orders, other than fines directly levied against the Bank in connection with these matters. Under the DOJ Order, Navient is solely responsible for reimbursing SCRA benefits and related compensation on behalf of both its subsidiary, Navient Solutions, Inc., and the Bank. Contingencies In the ordinary course of business, we and our subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment and other laws. In certain of these actions and proceedings, claims for substantial monetary damage may be asserted against us and our subsidiaries. We and our subsidiaries and affiliates are subject to various claims, lawsuits and other actions that arise in the ordinary course of business. In addition, it is common for the Company, our subsidiaries and affiliates to receive information and document requests and investigative demands from state attorneys general, legislative committees, and administrative agencies. These requests may be for informational or regulatory purposes and may relate to our business practices, the industries in which we operate, or other companies with whom we conduct business. Our practice has been and continues to be to cooperate with these bodies and be responsive to any such requests. In view of the inherent difficulty of predicting the outcome of litigation, regulatory and investigative actions, we cannot predict what the eventual outcome of the pending matters will be, what the timing or the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties, if any, related to each pending matter may be. We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, management does not believe there are loss contingencies, if any, arising from pending investigations, litigation or regulatory matters that could have a material adverse effect on our consolidated financial position, liquidity, results of operations or cash flows.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 21, 2015, we announced plans to sell approximately $750 million of Private Education Loans through a term ABS transaction to qualified institutional buyers. The transaction will remove the principal balance of the loans backing the securitization trust from our balance sheet on the settlement date. We will continue to service the loans after they are transferred to the securitization trust. We expect to sell these loans at an approximate 8 percent premium and we expect to record a pre-tax gain of approximately $59 million on the sale, net of estimated closing adjustments and transaction costs. The transaction is expected to settle on or about October 27, 2015, and will be reflected in our fourth quarter 2015 results.

Significant Accounting Polici23

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited, consolidated financial statements of SLM Corporation (“we,” “us,” “our,” “Sallie Mae,” or the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results for the year ending December 31, 2015 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”). On April 30, 2014, we completed our plan to legally separate into two distinct publicly traded entities - an education loan management, servicing and asset recovery business, Navient Corporation (“Navient”), and a consumer banking business, SLM Corporation. The separation of Navient from SLM Corporation (the “Spin-Off”) was preceded by an internal corporate reorganization, which was the first step to separate the education loan management, servicing and asset recovery business from the consumer banking business. For periods before the Spin-Off, the financial statements are presented on a basis of accounting that reflects a change in reporting entity and have been adjusted for the effects of the Spin-Off. These carved-out financial statements and selected financial information represent only those operations, assets, liabilities and equity that form Sallie Mae on a stand-alone basis. Because the Spin-Off occurred on April 30, 2014, the balances before that date include the carved-out financial results.
Consolidation	The consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions.
Restricted Cash and Investments	Restricted cash and investments primarily includes amounts held in student loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities.
Recently Issued Accounting Pronouncements	On February 18, 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the current consolidation guidance. The amendments reduce the number of consolidation models through the elimination of the indefinite deferral of ASC 810 and place more emphasis on risk of loss when determining a controlling financial interest. The standard is effective January 1, 2016, with early adoption permitted during an interim period in fiscal year 2015. In the third quarter of 2015, we elected to early adopt the new accounting guidance retrospectively to July 1, 2015. The early adoption of this standard had no impact on our consolidated financial statements.

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Loans held for investment	Loans held for investment are summarized as follows: September 30, December 31, 2015 2014 Private Education Loans $ 10,840,261 $ 8,311,376 Deferred origination costs 26,283 13,845 Allowance for loan losses (100,033 ) (78,574 ) Total Private Education Loans, net 10,766,511 8,246,647 FFELP Loans 1,143,595 1,264,807 Unamortized acquisition costs, net 3,212 3,600 Allowance for loan losses (4,170 ) (5,268 ) Total FFELP Loans, net 1,142,637 1,263,139 Loans held for investment, net $ 11,909,148 $ 9,509,786 The estimated weighted average life of education loans in our portfolio was approximately 6.3 years and 6.2 years at September 30, 2015 and December 31, 2014, respectively. The average balance and the respective weighted average interest rates of education loans in our portfolio are summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 9,869,025 7.87 % $ 7,407,774 8.20 % $ 9,563,290 7.96 % $ 7,394,985 8.19 % FFELP Loans 1,161,288 3.27 1,339,748 3.23 1,196,491 3.22 1,373,945 3.25 Total portfolio $ 11,030,313 $ 8,747,522 $ 10,759,781 $ 8,768,930

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Allowance for Credit Losses and Recorded Investments in Loans	Allowance for Loan Losses Metrics Allowance for Loan Losses Three Months Ended September 30, 2015 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 4,556 $ 87,310 $ 91,866 Total provision 143 27,354 27,497 Net charge-offs: Charge-offs (529 ) (14,121 ) (14,650 ) Recoveries — 1,361 1,361 Net charge-offs (529 ) (12,760 ) (13,289 ) Loan sales (1) — (1,871 ) (1,871 ) Ending Balance $ 4,170 $ 100,033 $ 104,203 Allowance: Ending balance: individually evaluated for impairment $ — $ 43,001 $ 43,001 Ending balance: collectively evaluated for impairment $ 4,170 $ 57,032 $ 61,202 Loans: Ending balance: individually evaluated for impairment $ — $ 231,286 $ 231,286 Ending balance: collectively evaluated for impairment $ 1,143,595 $ 10,608,975 $ 11,752,570 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.25 % 0.83 % Allowance as a percentage of the ending total loan balance 0.36 % 0.92 % Allowance as a percentage of the ending loans in repayment (2) 0.50 % 1.50 % Allowance coverage of net charge-offs (annualized) 1.97 1.96 Ending total loans, gross $ 1,143,595 $ 10,840,261 Average loans in repayment (2) $ 839,090 $ 6,118,678 Ending loans in repayment (2) $ 836,585 $ 6,657,228 ____________ (1) Represents fair value write-downs on loans sold. (2) Loans in repayment include loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status. Allowance for Loan Losses Three Months Ended September 30, 2014 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 6,212 $ 54,315 $ 60,527 Total provision 291 14,607 14,898 Net charge-offs: Charge-offs (761 ) (4,378 ) (5,139 ) Recoveries — — — Net charge-offs (761 ) (4,378 ) (5,139 ) Loan sales (1) — (4,571 ) (4,571 ) Ending Balance $ 5,742 $ 59,973 $ 65,715 Allowance: Ending balance: individually evaluated for impairment $ — $ 2,966 $ 2,966 Ending balance: collectively evaluated for impairment $ 5,742 $ 57,007 $ 62,749 Loans: Ending balance: individually evaluated for impairment $ — $ 13,115 $ 13,115 Ending balance: collectively evaluated for impairment $ 1,317,963 $ 7,816,305 $ 9,134,268 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.32 % 0.39 % Allowance as a percentage of the ending total loan balance 0.44 % 0.77 % Allowance as a percentage of the ending loans in repayment (2) 0.61 % 1.31 % Allowance coverage of net charge-offs (annualized) 1.89 3.42 Ending total loans, gross $ 1,317,963 $ 7,829,420 Average loans in repayment (2) $ 953,620 $ 4,453,775 Ending loans in repayment (2) $ 945,230 $ 4,575,143 ____________ (1) Represents fair value write-downs on loans sold. (2) Loans in repayment include loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status. Allowance for Loan Losses Nine Months Ended September 30, 2015 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 5,268 $ 78,574 $ 83,842 Total provision 1,044 58,629 59,673 Net charge-offs: Charge-offs (2,142 ) (36,127 ) (38,269 ) Recoveries — 4,529 4,529 Net charge-offs (2,142 ) (31,598 ) (33,740 ) Loan sales (1) — (5,572 ) (5,572 ) Ending Balance $ 4,170 $ 100,033 $ 104,203 Allowance: Ending balance: individually evaluated for impairment $ — $ 43,001 $ 43,001 Ending balance: collectively evaluated for impairment $ 4,170 $ 57,032 $ 61,202 Loans: Ending balance: individually evaluated for impairment $ — $ 231,286 $ 231,286 Ending balance: collectively evaluated for impairment $ 1,143,595 $ 10,608,975 $ 11,752,570 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.33 % 0.72 % Allowance as a percentage of the ending total loan balance 0.36 % 0.92 % Allowance as a percentage of the ending loans in repayment (2) 0.50 % 1.50 % Allowance coverage of net charge-offs (annualized) 1.46 2.37 Ending total loans, gross $ 1,143,595 $ 10,840,261 Average loans in repayment (2) $ 868,649 $ 5,848,345 Ending loans in repayment (2) $ 836,585 $ 6,657,228 ____________ (1) Represents fair value write-downs on loans sold. (2) Loans in repayment include loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status. Allowance for Loan Losses Nine Months Ended September 30, 2014 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 6,318 $ 61,763 $ 68,081 Total provision 1,482 53,589 55,071 Charge-offs (2,058 ) (4,378 ) (6,436 ) Loan sales (1) — (51,001 ) (51,001 ) Ending Balance $ 5,742 $ 59,973 $ 65,715 Allowance: Ending balance: individually evaluated for impairment $ — $ 2,966 $ 2,966 Ending balance: collectively evaluated for impairment $ 5,742 $ 57,007 $ 62,749 Loans: Ending balance: individually evaluated for impairment $ — $ 13,115 $ 13,115 Ending balance: collectively evaluated for impairment $ 1,317,963 $ 7,816,305 $ 9,134,268 Charge-offs as a percentage of average loans in repayment (annualized) (2) 0.28 % 0.13 % Allowance as a percentage of the ending total loan balance 0.44 % 0.77 % Allowance as a percentage of the ending loans in repayment (2) 0.61 % 1.31 % Allowance coverage of charge-offs (annualized) 2.09 10.27 Ending total loans, gross $ 1,317,963 $ 7,829,420 Average loans in repayment (2) $ 980,733 $ 4,408,852 Ending loans in repayment (3) $ 945,230 $ 4,575,143 ____________ (1) Represents fair value write-downs on loans sold. (2) Loans in repayment include loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status.
Impaired Financing Receivables	At September 30, 2015 and December 31, 2014, all our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans. Recorded Investment Unpaid Principal Balance Allowance September 30, 2015 TDR Loans $ 234,360 $ 231,286 $ 43,001 December 31, 2014 TDR Loans $ 60,278 $ 59,402 $ 9,815
Average Recorded Investment And Interest Income Recognized For Troubled Debt Restructuring Loans	The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended Three Months Ended September 30, 2015 September 30, 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 210,039 $ 4,198 $ 8,740 $ 129 Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 150,240 $ 9,314 $ 3,958 $ 160
Age Analysis of Past Due Loans Delinquencies	The following tables provide information regarding the loan status of our Private Education Loans and the aging of our past due Private Education Loans. Loans in repayment include loans making interest only and fixed payments as well as loans that have entered full principal and interest repayment status. Private Education Loans September 30, December 31, 2015 2014 Balance % Balance % Loans in-school/grace/deferment (1) $ 3,971,392 $ 3,027,143 Loans in forbearance (2) 211,641 135,018 Loans in repayment and percentage of each status: Loans current 6,529,855 98.1 % 5,045,600 98.0 % Loans delinquent 31-60 days (3) 79,794 1.2 63,873 1.2 Loans delinquent 61-90 days (3) 34,743 0.5 29,041 0.6 Loans delinquent greater than 90 days (3) 12,836 0.2 10,701 0.2 Total loans in repayment 6,657,228 100.0 % 5,149,215 100.0 % Total loans, gross 10,840,261 8,311,376 Deferred origination costs 26,283 13,845 Total loans 10,866,544 8,325,221 Allowance for loan losses (100,033 ) (78,574 ) Total loans, net $ 10,766,511 $ 8,246,647 Percentage of loans in repayment 61.4 % 62.0 % Delinquencies as a percentage of loans in repayment 1.9 % 2.0 % Loans in forbearance as a percentage of loans in repayment and forbearance 3.1 % 2.6 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (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, 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. The following table provides information regarding the loan status of TDR loans and the aging of TDR loans that are past due. September 30, December 31, 2015 2014 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 4,940 $ 2,915 TDR loans in forbearance (2) 50,878 18,620 TDR loans in repayment and percentage of each status: Loans current 154,984 88.3 % 34,554 91.2 % Loans delinquent 31-60 days (3) 11,042 6.3 1,953 5.2 Loans delinquent 61-90 days (3) 6,336 3.6 983 2.6 Loans delinquent greater than 90 days (3) 3,106 1.8 377 1.0 Total TDR loans in repayment 175,468 100.0 % 37,867 100.0 % Total TDR loans, gross $ 231,286 $ 59,402 _____ (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (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, 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.
Modified Loans Accounts For Troubled Debt Restructuring	The following tables provides the amount of modified loans (which includes forbearance and reductions in interest rates) that became TDRs in the periods presented. Additionally, for the periods presented, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the relevant period presented and within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. Three Months Ended Three Months Ended September 30, 2015 September 30, 2014 Modified Loans (1) Charge-offs Payment- Default Modified Loans (1) Charge-offs Payment- Default TDR Loans $ 49,975 $ 3,456 $ 16,719 $ 7,840 $ 87 $ 252 Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 Modified Loans (1) Charge-offs Payment- Default Modified Loans (1) Charge-offs Payment- Default TDR Loans $ 189,066 $ 5,845 $ 29,895 $ 14,880 $ 87 $ 320 _____ (1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR.
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators	The following table highlights the gross principal balance of our Private Education Loan portfolio stratified by key credit quality indicators. Private Education Loans Credit Quality Indicators September 30, 2015 December 31, 2014 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance Cosigners: With cosigner $ 9,748,371 90 % $ 7,465,339 90 % Without cosigner 1,091,890 10 846,037 10 Total $ 10,840,261 100 % $ 8,311,376 100 % FICO at Origination: Less than 670 $ 706,688 6 % $ 558,801 7 % 670-699 1,582,381 15 1,227,860 15 700-749 3,470,300 32 2,626,238 32 Greater than or equal to 750 5,080,892 47 3,898,477 46 Total $ 10,840,261 100 % $ 8,311,376 100 % Seasoning (2) : 1-12 payments $ 3,575,055 33 % $ 2,373,117 29 % 13-24 payments 1,729,120 16 1,532,042 18 25-36 payments 871,590 8 755,143 9 37-48 payments 411,596 4 411,493 5 More than 48 payments 281,508 2 212,438 3 Not yet in repayment 3,971,392 37 3,027,143 36 Total $ 10,840,261 100 % $ 8,311,376 100 % (1) Balance represents gross Private Education Loans. (2) Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due.
Accrued Interest Receivable	The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans greater than 90 days past due as compared to our allowance for uncollectible interest. The allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due portfolio for all periods presented. Private Education Loan Accrued Interest Receivable Total Interest Receivable Greater Than 90 Days Past Due Allowance for Uncollectible Interest September 30, 2015 $ 606,218 $ 489 $ 2,979 December 31, 2014 $ 445,710 $ 443 $ 3,517

Deposits (Tables)

Deposits (Tables)	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Schedule of Deposits	The following table summarizes total deposits at September 30, 2015 and December 31, 2014. September 30, December 31, 2015 2014 Deposits - interest bearing $ 10,610,592 $ 10,539,953 Deposits - non interest bearing 287 602 Total deposits $ 10,610,879 $ 10,540,555
Interest Bearing Deposits	Interest bearing deposits at September 30, 2015 and December 31, 2014 are summarized as follows: September 30, 2015 December 31, 2014 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 4,436,095 1.18 % $ 4,527,448 1.15 % Savings 665,941 0.82 703,687 0.81 Certificates of deposit 5,508,556 0.99 5,308,818 1.00 Deposits - interest bearing $ 10,610,592 $ 10,539,953 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	Outstanding borrowings consist of secured borrowings issued through our term asset backed securitization (“ABS”) program and our asset backed commercial paper (“ABCP”) funding facility. The following table summarizes our secured borrowings at September 30, 2015. We had no secured borrowings outstanding at December 31, 2014. September 30, 2015 Short-Term Long-Term Total Secured borrowings: Private Education Loan term securitization $ — $ 593,687 $ 593,687 ABCP borrowings 710,005 — 710,005 Total $ 710,005 $ 593,687 $ 1,303,692
Schedule of Securities Financing Transactions	On-Balance Sheet Term Securitizations Issue Date Issued Total Issued To Third Parties Weighted Average Cost of Funds (1) Weighted Average Life Private Education: 2015-B July 2015 $ 630,800 1 month LIBOR plus 1.53% 4.82 Total notes issued in 2015 $ 630,800 Total loan amount securitized in on-balance sheet term securitizations in 2015 $ 745,580 ____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed rate bonds, excluding issuance costs.
Schedule of Variable Interest Entities	We consolidate our financing entities that are variable interest entities (“VIEs”) as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings. We consolidate the following financing VIEs as of September 30, 2015: September 30, 2015 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding Short-Term Long-Term Total Loans Restricted Cash Other Assets Total Secured borrowings: Private Education Loan term securitization $ — $ 593,687 $ 593,687 $ 692,379 $ 8,135 $ 49,717 $ 750,231 ABCP borrowings 710,005 — 710,005 901,515 10,070 54,297 965,882 Total $ 710,005 $ 593,687 $ 1,303,692 $ 1,593,894 $ 18,205 $ 104,014 $ 1,716,113

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Impact of Derivatives on the Consolidated Balance Sheet	Impact of Derivatives on the Consolidated Balance Sheet Cash Flow Hedges Fair Value Hedges Trading Total September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ — $ — $ 36,919 $ 5,012 $ 1,827 $ 226 $ 38,746 $ 5,238 Derivative Liabilities: (2) Interest rate swaps Interest rate (40,855 ) (21,435 ) — (5,883 ) — (1,370 ) (40,855 ) (28,688 ) Total net derivatives $ (40,855 ) $ (21,435 ) $ 36,919 $ (871 ) $ 1,827 $ (1,144 ) $ (2,109 ) $ (23,450 ) ___________ (1) Fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements, and classified in other assets or other liabilities depending on whether in a net positive or negative position. (2) The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities September 30, December 31, September 30, December 31, 2015 2014 2015 2014 Gross position $ 38,746 $ 5,238 $ (40,855 ) $ (28,688 ) Impact of master netting agreement (11,253 ) (4,045 ) 11,253 4,045 Derivative values with impact of master netting agreements (as carried on balance sheet) 27,493 1,193 (29,602 ) (24,643 ) Cash collateral (held) pledged (1) (14,617 ) (900 ) 47,604 72,478 Net position $ 12,876 $ 293 $ 18,002 $ 47,835 (1) Cash collateral amount calculations include outstanding accrued interest payable/receivable.
Offsetting Assets	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities September 30, December 31, September 30, December 31, 2015 2014 2015 2014 Gross position $ 38,746 $ 5,238 $ (40,855 ) $ (28,688 ) Impact of master netting agreement (11,253 ) (4,045 ) 11,253 4,045 Derivative values with impact of master netting agreements (as carried on balance sheet) 27,493 1,193 (29,602 ) (24,643 ) Cash collateral (held) pledged (1) (14,617 ) (900 ) 47,604 72,478 Net position $ 12,876 $ 293 $ 18,002 $ 47,835 (1) Cash collateral amount calculations include outstanding accrued interest payable/receivable.
Offsetting Liabilities	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities September 30, December 31, September 30, December 31, 2015 2014 2015 2014 Gross position $ 38,746 $ 5,238 $ (40,855 ) $ (28,688 ) Impact of master netting agreement (11,253 ) (4,045 ) 11,253 4,045 Derivative values with impact of master netting agreements (as carried on balance sheet) 27,493 1,193 (29,602 ) (24,643 ) Cash collateral (held) pledged (1) (14,617 ) (900 ) 47,604 72,478 Net position $ 12,876 $ 293 $ 18,002 $ 47,835 (1) Cash collateral amount calculations include outstanding accrued interest payable/receivable.
Schedule of Notional Amounts of Outstanding Derivative Positions	Cash Flow Fair Value Trading Total September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Notional Values Interest rate swaps $ 1,110,549 $ 1,106,920 $ 2,957,443 $ 3,044,492 $ 836,512 $ 973,539 $ 4,904,504 $ 5,124,951
Derivative Instruments, Gain (Loss)	Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Fair Value Hedges Interest rate swaps: Hedge ineffectiveness gains (losses) recorded in earnings (1) $ (1,843 ) $ 1,238 $ (929 ) $ 1,488 Realized gains recorded in interest expense 7,531 3,835 22,512 14,081 Total $ 5,688 $ 5,073 $ 21,583 $ 15,569 Cash Flow Hedges Interest rate swaps: Hedge ineffectiveness gains (losses) recorded in earnings (1) $ (273 ) $ (303 ) $ (542 ) $ (303 ) Realized losses recorded in interest expense (5,411 ) (3,587 ) (16,157 ) (3,587 ) Total $ (5,684 ) $ (3,890 ) $ (16,699 ) $ (3,890 ) Trading Interest rate swaps: Interest reclassification $ 853 $ (1,170 ) $ 2,846 $ (3,137 ) Change in fair value of future interest payments recorded in earnings 716 5,636 2,972 (2,870 ) Total (1) 1,569 4,466 5,818 (6,007 ) Total $ 1,573 $ 5,649 $ 10,702 $ 5,672 ________ (1) Amounts included in “(losses) gains on derivatives and hedging activities, net” in the consolidated statements of income.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	Impact of Derivatives on the Statements of Changes in Stockholders' Equity Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Amount of loss recognized in other comprehensive income $ (27,162 ) $ (5,470 ) $ (35,441 ) $ (5,470 ) Less: amount of loss reclassified in interest expense (1) 5,411 3,587 16,157 3,587 Total change in other comprehensive income for unrealized losses on derivatives $ (21,751 ) $ (1,883 ) $ (19,284 ) $ (1,883 ) ___________ (1) Amounts included in “realized gains (losses) recorded in interest expense” in the “Impact of Derivatives on the Consolidated Statements of Income” table.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Common Share Repurchases	The following table summarizes our common share repurchases and issuances. Three Months Ended September 30, Nine Months Ended September 30, (Shares and per share amounts in actuals) 2015 2014 2015 2014 Shares repurchased related to employee stock-based compensation plans (1)(2) 136,173 356,622 2,900,266 715,393 Average purchase price per share $ 8.88 $ 8.68 $ 9.76 $ 8.68 Common shares issued (3) 361,779 584,787 5,569,853 1,089,716 __________________ (1) Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (2) At the present time, we do not have a publicly announced repurchase plan or program. (3) Common shares issued under our various compensation and benefit plans.
Schedule of Net Transfers (to) from Navient	The components of the net transfers (to)/from the entity that is now a subsidiary of Navient for the nine months ended September 30, 2014 are summarized below: Nine Months Ended September 30, 2014 Capital contributions: Loan origination activities $ 32,452 Loan sales 45 Corporate overhead activities 21,216 Other 492,368 Total capital contributions 546,081 Corporate push-down 4,977 Net change in income tax accounts 15,659 Net change in receivable/payable (87,277 ) Other (31 ) Total net transfers from the entity that is now a subsidiary of Navient $ 479,409

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows. Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2015 2014 2015 2014 Numerator: Net income attributable to SLM Corporation $ 45,724 $ 82,926 $ 184,439 $ 174,502 Preferred stock dividends 4,913 4,850 14,606 8,078 Net income attributable to SLM Corporation common stock $ 40,811 $ 78,076 $ 169,833 $ 166,424 Denominator: Weighted average shares used to compute basic EPS 426,019 423,079 425,384 424,187 Effect of dilutive securities: Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan ("ESPP") (1)(2) 6,528 8,525 7,147 8,137 Weighted average shares used to compute diluted EPS 432,547 431,604 432,531 432,324 Basic earnings per common share attributable to SLM Corporation $ 0.10 $ 0.18 $ 0.40 $ 0.39 Diluted earnings per common share attributable to SLM Corporation $ 0.09 $ 0.18 $ 0.39 $ 0.38 _________________ (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method. (2) For the three months ended September 30, 2015 and 2014, securities covering approximately 2 million and 3 million shares, respectively, and for the nine months ended September 30, 2015 and 2014, securities covering approximately 2 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Valuation of Financial Instruments that are Marked-To-Market on Recurring Basis	The following table summarizes the valuation of our financial instruments that are marked to fair value on a recurring basis. Fair Value Measurements on a Recurring Basis September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Mortgage-backed securities $ — $ 190,944 $ — $ 190,944 $ — $ 168,934 $ — $ 168,934 Derivative instruments — 38,746 — 38,746 — 5,238 — 5,238 Total $ — $ 229,690 $ — $ 229,690 $ — $ 174,172 $ — $ 174,172 Liabilities Derivative instruments $ — $ (40,855 ) $ — $ (40,855 ) $ — $ (28,688 ) $ — $ (28,688 ) Total $ — $ (40,855 ) $ — $ (40,855 ) $ — $ (28,688 ) $ — $ (28,688 )
Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments	The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. September 30, 2015 December 31, 2014 Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets Loans held for investment, net $ 12,837,892 $ 11,909,148 $ 928,744 $ 10,228,399 $ 9,509,786 $ 718,613 Cash and cash equivalents 1,281,797 1,281,797 — 2,359,780 2,359,780 — Available-for-sale investments 190,944 190,944 — 168,934 168,934 — Accrued interest receivable 634,423 634,423 — 469,697 469,697 — Tax indemnification receivable 200,704 200,704 — 240,311 240,311 — Derivative instruments 38,746 38,746 — 5,238 5,238 — Total earning assets $ 15,184,506 $ 14,255,762 $ 928,744 $ 13,472,359 $ 12,753,746 $ 718,613 Interest-bearing liabilities Money-market and savings accounts $ 5,102,323 $ 5,102,323 $ — $ 5,231,736 $ 5,231,736 $ — Certificates of deposit 5,487,525 5,508,556 21,031 5,313,645 5,308,818 (4,827 ) Short-term borrowings 710,005 710,005 — — — — Long-term borrowings 583,314 593,687 10,373 — — — Accrued interest payable 23,309 23,309 — 16,082 16,082 — Derivative instruments 40,855 40,855 — 28,688 28,688 — Total interest-bearing liabilities $ 11,947,331 $ 11,978,735 $ 31,404 $ 10,590,151 $ 10,585,324 $ (4,827 ) Excess of net asset fair value over carrying value $ 960,148 $ 713,786

Regulatory Capital (Tables)

Regulatory Capital (Tables)	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations	The following amounts and ratios are based upon the Bank's assets. Well Capitalized Regulatory Requirements Amount Ratio Amount Ratio As of September 30, 2015: Tier I Capital (to Average Assets) $ 1,639,235 12.2 % $ 674,490 > 5.0 % Tier I Capital (to Risk-Weighted Assets) $ 1,639,235 13.3 % $ 989,333 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 1,743,438 14.1 % $ 1,236,667 > 10.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) $ 1,639,235 13.3 % $ 803,833 > 6.5 % As of December 31, 2014: Tier I Capital (to Average Assets) $ 1,413,988 11.5 % $ 614,709 > 5.0 % Tier I Capital (to Risk-Weighted Assets) $ 1,413,988 15.0 % $ 565,148 > 6.0 % Total Capital (to Risk-Weighted Assets) $ 1,497,830 15.9 % $ 941,913 > 10.0 %

Significant Accounting Polici33

Significant Accounting Policies Significant Accounting Policies Detail (Details)	Apr. 30, 2014entity
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of publicly traded entities	2

Loans Held for Investment - Add

Loans Held for Investment - Additional Information (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Receivables [Abstract]
Percent of Private Loans indexed to LIBOR	82.00%
Tier 1 of government guarantee	97.00%		97.00%
Tier 2 of government guarantee				98.00%
Tier 3 of government guarantee					100.00%
Estimated weighted average life of student loans	6 years 3 months 8 days	6 years 2 months 8 days

Loans Held for Investment - Stu

Loans Held for Investment - Student Loan Portfolio by Program (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Private Education Loans	$ 10,840,261	$ 8,311,376
Deferred origination costs	26,283	13,845
Allowance for loan losses	(100,033)	(78,574)
Total Private Education Loans, net	10,766,511	8,246,647
FFELP Loans	1,143,595	1,264,807
Unamortized acquisition costs, net	3,212	3,600
Allowance for loan losses	(4,170)	(5,268)
Total FFELP Loans, net	1,142,637	1,263,139
Loans held for investment, net	$ 11,909,148	$ 9,509,786

Loans Held for Investment - S36

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Receivables [Abstract]
Average Balance, Private Education Loans	$ 9,869,025	$ 7,407,774	$ 9,563,290	$ 7,394,985
Average Balance FFELP Loans	1,161,288	1,339,748	1,196,491	1,373,945
Average balance, total portfolio	$ 11,030,313	$ 8,747,522	$ 10,759,781	$ 8,768,930
Weighted Average Interest Rate, Private Education Loans	7.87%	8.20%	7.96%	8.19%
Weighted Average Interest Rate FFELP loans	3.27%	3.23%	3.22%	3.25%

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Allowance for Loan Losses
Beginning balance	$ 91,866	$ 60,527	$ 83,842	$ 68,081
Total provision	27,497	14,898	59,673	55,071
Net charge-offs:
Charge-offs	(14,650)	(5,139)	(38,269)	(6,436)
Recoveries	1,361	0	4,529
Net charge-offs	(13,289)	(5,139)	(33,740)
Loan sales	(1,871)	(4,571)	(5,572)	(51,001)
Ending Balance	104,203	65,715	104,203	65,715
Allowance:
Ending balance: individually evaluated for impairment	43,001	2,966	43,001	2,966
Ending balance: collectively evaluated for impairment	61,202	62,749	61,202	62,749
Loans:
Ending balance: individually evaluated for impairment	231,286	13,115	231,286	13,115
Ending balance: collectively evaluated for impairment	11,752,570	9,134,268	11,752,570	9,134,268
FFELP Loans
Allowance for Loan Losses
Beginning balance	4,556	6,212	5,268	6,318
Total provision	143	291	1,044	1,482
Net charge-offs:
Charge-offs	(529)	(761)	(2,142)	(2,058)
Recoveries	0	0	0
Net charge-offs	(529)	(761)	(2,142)
Loan sales	0	0	0	0
Ending Balance	4,170	5,742	4,170	5,742
Allowance:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	4,170	5,742	4,170	5,742
Loans:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	$ 1,143,595	$ 1,317,963	$ 1,143,595	$ 1,317,963
Net charge-offs as a percentage of average loans in repayment (annualized)	0.25%	0.32%	0.33%	0.28%
Allowance as a percentage of the ending total loan balance	0.36%	0.44%	0.36%	0.44%
Allowance as a percentage of the ending loans in repayment	0.50%	0.61%	0.50%	0.61%
Allowance coverage of net charge-offs (annualized)	1.97	1.89	1.46	2.09
Ending total loans, gross	$ 1,143,595	$ 1,317,963	$ 1,143,595	$ 1,317,963
Average loans in repayment	839,090	953,620	868,649	980,733
Ending loans in repayment	836,585	945,230	836,585	945,230
Private Education Loans
Allowance for Loan Losses
Beginning balance	87,310	54,315	78,574	61,763
Total provision	27,354	14,607	58,629	53,589
Net charge-offs:
Charge-offs	(14,121)	(4,378)	(36,127)	(4,378)
Recoveries	1,361	0	4,529
Net charge-offs	(12,760)	(4,378)	(31,598)
Loan sales	(1,871)	(4,571)	(5,572)	(51,001)
Ending Balance	100,033	59,973	100,033	59,973
Allowance:
Ending balance: individually evaluated for impairment	43,001	2,966	43,001	2,966
Ending balance: collectively evaluated for impairment	57,032	57,007	57,032	57,007
Loans:
Ending balance: individually evaluated for impairment	231,286	13,115	231,286	13,115
Ending balance: collectively evaluated for impairment	$ 10,608,975	$ 7,816,305	$ 10,608,975	$ 7,816,305
Net charge-offs as a percentage of average loans in repayment (annualized)	0.83%	0.39%	0.72%	0.13%
Allowance as a percentage of the ending total loan balance	0.92%	0.77%	0.92%	0.77%
Allowance as a percentage of the ending loans in repayment	1.50%	1.31%	1.50%	1.31%
Allowance coverage of net charge-offs (annualized)	1.96	3.42	2.37	10.27
Ending total loans, gross	$ 10,840,261	$ 7,829,420	$ 10,840,261	$ 7,829,420
Average loans in repayment	6,118,678	4,453,775	5,848,345	4,408,852
Ending loans in repayment	$ 6,657,228	$ 4,575,143	$ 6,657,228	$ 4,575,143

Allowance for Loan Losses - Add

Allowance for Loan Losses - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Jul. 01, 2006
Receivables [Abstract]
Forbearance period after grace period	6 months
Period after grace period for forbearance allowance	9 months
Period of forbearance within 24-month period to be classified as TDR	3 months
Percentage of loans granted forbearance qualified as TDR	22.00%	10.00%
Troubled debt restructuring	$ 251
Criteria for loans to be considered as nonperforming	90 days
Tier 1 of government guarantee	97.00%		97.00%
TDR payment default period	60 days
Ffelp loans	$ 700
Percentage of FFELP rehabilitation loans	61.00%	62.00%
Period of loans past due that have accrued interest	90 days

Allowance for Loan Losses - Rec

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Recorded Investment	$ 234,360	$ 60,278
Unpaid Principal Balance	231,286	59,402
Allowance	$ 43,001	$ 9,815

Allowance for Loan Losses - Ave

Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized for TDR (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Receivables [Abstract]
Average Recorded Investment	$ 210,039	$ 8,740	$ 150,240	$ 3,958
Interest Income Recognized	$ 4,198	$ 129	$ 9,314	$ 160

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loan Status and Aging of Past Due TDR Loans (Details) - Troubled Debt Restructured Loans - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR loans in in-school/grace/deferment	$ 4,940	$ 2,915
TDR loans in forbearance	50,878	18,620
TDR loans in repayment and percentage of each status:
Loans current	154,984	34,554
Total TDR loans in repayment	175,468	37,867
Total TDR loans, gross	$ 231,286	$ 59,402
Loans current, in percentage	88.30%	91.20%
Total TDR loans in repayment, in percentage	100.00%	100.00%
Loans delinquent 31-60 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 11,042	$ 1,953
Loans delinquent, in percentage	6.30%	5.20%
Loans delinquent 61-90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 6,336	$ 983
Loans delinquent, in percentage	3.60%	2.60%
Loans delinquent greater than 90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 3,106	$ 377
Loans delinquent, in percentage	1.80%	1.00%

Allowance for Loan Losses - Mod

Allowance for Loan Losses - Modified Loan Accounts for TDR (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Receivables [Abstract]
Modified Loans	$ 49,975	$ 7,840	$ 189,066	$ 14,880
Charge-offs	3,456	87	5,845	87
Payment-Default	$ 16,719	$ 252	$ 29,895	$ 320

Allowance for Loan Losses - Pri

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 10,840,261	$ 8,311,376
Private Education Loans | Cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans with cosigner	9,748,371	7,465,339
Private Education Loans without cosigner	1,091,890	846,037
Total	$ 10,840,261	$ 8,311,376
Private Education Loans with cosigner in percent	90.00%	90.00%
Private Education Loans without cosigner in percent	10.00%	10.00%
Total in percent	100.00%	100.00%
Private Education Loans | FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 10,840,261	$ 8,311,376
Total in percent	100.00%	100.00%
Private Education Loans | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 10,840,261	$ 8,311,376
Total in percent	100.00%	100.00%
Seasoning - based on monthly scheduled payments due from 1-12 payments	$ 3,575,055	$ 2,373,117
Seasoning - based on monthly scheduled payments due from 13-24 payments	1,729,120	1,532,042
Seasoning - based on monthly scheduled payments due from 25-36 payments	871,590	755,143
Seasoning - based on monthly scheduled payments due from 37-48 payments	411,596	411,493
Seasoning - based on monthly scheduled payments due from more than 48 payments	281,508	212,438
Seasoning - based on monthly scheduled payments due from not yet in repayment	$ 3,971,392	$ 3,027,143
Seasoning based on monthly scheduled payments due from 1-12 payments, in percent	33.00%	29.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments, in percent	16.00%	18.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments, in percent	8.00%	9.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments, in percent	4.00%	5.00%
Seasoning based on monthly scheduled payments due from more than 48 payments, in percent	2.00%	3.00%
Seasoning - based on monthly scheduled payments due from not yet in repayment, in percent	37.00%	36.00%
FICO score less than 670 | Private Education Loans | FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 706,688	$ 558,801
Total in percent	6.00%	7.00%
FICO score 670-699 | Private Education Loans | FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 1,582,381	$ 1,227,860
Total in percent	15.00%	15.00%
FICO score 700-749 | Private Education Loans | FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 3,470,300	$ 2,626,238
Total in percent	32.00%	32.00%
FICO score greater than or equal to 750 | Private Education Loans | FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 5,080,892	$ 3,898,477
Total in percent	47.00%	46.00%

Allowance for Loan Losses - Age

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Loans in repayment and percentage of each status:
Allowance for loan losses	$ (104,203)	$ (83,842)	$ (91,866)	$ (65,715)	$ (60,527)	$ (68,081)
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	3,971,392	3,027,143
Loans in forbearance	211,641	135,018
Loans in repayment and percentage of each status:
Loans current	6,529,855	5,045,600
Total loans in repayment	6,657,228	5,149,215
Total loans, gross	10,840,261	8,311,376
Deferred origination costs	26,283	13,845
Total loans	10,866,544	8,325,221
Allowance for loan losses	(100,033)	(78,574)	$ (87,310)	$ (59,973)	$ (54,315)	$ (61,763)
Total loans, net	$ 10,766,511	$ 8,246,647
Loans current, in percentage	98.10%	98.00%
Total loans in repayment, in percentage	100.00%	100.00%
Percentage of loans in repayment	61.40%	62.00%
Delinquencies as a percentage of loans in repayment	1.90%	2.00%
Loans in forbearance as a percentage of loans in repayment and forbearance	3.10%	2.60%
Loans delinquent 31-60 days | Private Education Loans
Loans in repayment and percentage of each status:
Loans delinquent	$ 79,794	$ 63,873
Loans delinquent, in percentage	1.20%	1.20%
Loans delinquent 61-90 days | Private Education Loans
Loans in repayment and percentage of each status:
Loans delinquent	$ 34,743	$ 29,041
Loans delinquent, in percentage	0.50%	0.60%
Loans delinquent greater than 90 days | Private Education Loans
Loans in repayment and percentage of each status:
Loans delinquent	$ 12,836	$ 10,701
Loans delinquent, in percentage	0.20%	0.20%

Allowance for Loan Losses - Acc

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Total Interest Receivable	$ 606,218	$ 445,710
Greater Than 90 Days Past Due	489	443
Allowance for Uncollectible Interest	$ 2,979	$ 3,517

Deposits - Summary (Details)

Deposits - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Banking and Thrift [Abstract]
Deposits - interest bearing	$ 10,610,592	$ 10,539,953
Deposits - non interest bearing	287	602
Total deposits	$ 10,610,879	$ 10,540,555

Deposits - Interest Bearing Dep

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Interest-bearing Deposit Liabilities, Domestic, by Component [Abstract]
Money market	$ 4,436,095	$ 4,527,448
Savings	665,941	703,687
Certificates of deposit	5,508,556	5,308,818
Deposits - interest bearing	$ 10,610,592	$ 10,539,953
Weighted Average Stated Rate
Money market	1.18%	1.15%
Savings	0.82%	0.81%
Certificates of deposit	0.99%	1.00%

Deposits - Additional Informati

Deposits - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Banking and Thrift [Abstract]
Deposits exceeding FDIC insurance limits	$ 194,714	$ 253,953
Accrued interest on deposits	22,637	16,082
Deposits - non interest bearing	$ 287	$ 602

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	Jul. 30, 2015	Dec. 19, 2014	Sep. 30, 2015	Dec. 31, 2014	Apr. 23, 2015
Line of Credit Facility [Line Items]
Estimated weighted average life of student loans			6 years 3 months 8 days	6 years 2 months 8 days
Short-term borrowings			$ 710,005,000	$ 0
Uncommitted federal funds			100,000
Lendable value of collateral			1,500,000,000	$ 1,400,000,000
Private Education Loans
Line of Credit Facility [Line Items]
Outstanding amount of asset-backed loan	$ 714,000,000
Sale of Private Education Loans	631,000,000				$ 738,000,000
Gross proceeds on securitization	$ 623,000,000
Loans pledged as collateral			692,000,000
Class A and B Notes
Line of Credit Facility [Line Items]
Ownership interest as a percentage	5.00%
Estimated weighted average life of student loans	4 years 9 months 18 days
Ownership interest amount	$ 33,000,000
Class C Notes
Line of Credit Facility [Line Items]
Ownership interest as a percentage	100.00%
Ownership interest amount	$ 50,000,000
Residual Certificates
Line of Credit Facility [Line Items]
Ownership interest as a percentage	100.00%
ABCP borrowings
Line of Credit Facility [Line Items]
Short-term borrowings			710,005,000
Loans pledged as collateral			$ 902,000,000
ABCP borrowings | Commercial Paper
Line of Credit Facility [Line Items]
Private asset backed commercial paper education loan funding facility		$ 750,000,000
Ownership interest percentage in loan facility		5.00%
Required ownership interest		$ 37,500,000
Funds available for Private Education Loan originations		$ 712,500,000
Financing cost percentage of unused borrowing capacity		0.40%
LIBOR | Class A and B Notes
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.53%
LIBOR | ABCP borrowings | Commercial Paper
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.80%

Borrowings - Company Borrowings

Borrowings - Company Borrowings (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Short Term	$ 710,005,000	$ 0
Long Term	593,687,000	0
Total	1,303,692,000	$ 0
Private Education Loan securitization
Debt Instrument [Line Items]
Short Term	0
Long Term	593,687,000
Total	593,687,000
ABCP borrowings
Debt Instrument [Line Items]
Short Term	710,005,000
Long Term	0
Total	$ 710,005,000

Borrowings - Securitizations (D

Borrowings - Securitizations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Jul. 31, 2015
Securities Financing Transaction [Line Items]
Total bonds issued	$ 630,800
Weighted Average Life	4 years 8 months 55 days
Total loan amount securitized in 2015	$ 745,580
2015-B
Securities Financing Transaction [Line Items]
Total bonds issued		$ 630,800
LIBOR | 2015-B
Securities Financing Transaction [Line Items]
Basis spread on variable rate		1.53%

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Outstanding
Short Term	$ 710,005,000	$ 0
Long Term	593,687,000	0
Total	1,303,692,000	0
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	25,605,000	4,804,000
Other Assets	77,980,000	$ 64,757,000
Private Education Loan securitization
Debt Outstanding
Short Term	0
Long Term	593,687,000
Total	593,687,000
ABCP borrowings
Debt Outstanding
Short Term	710,005,000
Long Term	0
Total	710,005,000
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short Term	710,005,000
Long Term	593,687,000
Total	1,303,692,000
Carrying Amount of Assets Securing Debt Outstanding
Loans	1,593,894,000
Restricted Cash	18,205,000
Other Assets	104,014,000
Total	1,716,113,000
Variable Interest Entity, Primary Beneficiary | Private Education Loan securitization
Debt Outstanding
Short Term	0
Long Term	593,687,000
Total	593,687,000
Carrying Amount of Assets Securing Debt Outstanding
Loans	692,379,000
Restricted Cash	8,135,000
Other Assets	49,717,000
Total	750,231,000
Variable Interest Entity, Primary Beneficiary | ABCP borrowings
Debt Outstanding
Short Term	710,005,000
Long Term	0
Total	710,005,000
Carrying Amount of Assets Securing Debt Outstanding
Loans	901,515,000
Restricted Cash	10,070,000
Other Assets	54,297,000
Total	$ 965,882,000

Private Education Loan Term S53

Private Education Loan Term Securitization (Details) - USD ($) $ in Millions	Jul. 30, 2015	Apr. 23, 2015	Sep. 30, 2015
Private Education Loans
Line of Credit Facility [Line Items]
Outstanding amount of asset-backed loan	$ 714
Loans pledged as collateral			$ 692
Sale of Private Education Loans	631	$ 738
Gross proceeds on securitization	$ 623
Gain on sale of loans, net of costs and adjustments		$ 77
Percentage of premium on loan sale		10.40%
Class A and B Notes
Line of Credit Facility [Line Items]
Ownership interest as a percentage	5.00%
Class C Notes
Line of Credit Facility [Line Items]
Ownership interest as a percentage	100.00%

Derivative Financial Instrume54

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Net derivatives	$ 48,900	$ 60,800
Cash collateral held	14,617	900
Cash collateral pledged	47,604	$ 72,478
Chicago Mercantile Exchange and the London Clearing House
Derivative [Line Items]
Notional value	$ 4,000,000

Derivative Financial Instrume55

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 38,746	$ 5,238
Derivative Liabilities	(40,855)	(28,688)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Assets	38,746	5,238
Derivative Liabilities	(40,855)	(28,688)
Total net derivatives	(2,109)	(23,450)
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Derivative Assets	1,827	226
Derivative Liabilities	0	(1,370)
Total net derivatives	1,827	(1,144)
Interest rate swaps | Cash Flow | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	(40,855)	(21,435)
Total net derivatives	(40,855)	(21,435)
Interest rate swaps | Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	36,919	5,012
Derivative Liabilities	0	(5,883)
Total net derivatives	$ 36,919	$ (871)

Derivative Financial Instrume56

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other Assets
Gross position	$ 38,746	$ 5,238
Impact of master netting agreement	(11,253)	(4,045)
Derivative values with impact of master netting agreements (as carried on balance sheet)	27,493	1,193
Cash collateral (held) pledged	(14,617)	(900)
Net position	12,876	293
Other Liabilities
Gross position	(40,855)	(28,688)
Impact of master netting agreement	11,253	4,045
Derivative values with impact of master netting agreements (as carried on balance sheet)	(29,602)	(24,643)
Cash collateral (held) pledged	47,604	72,478
Net position	$ 18,002	$ 47,835

Derivative Financial Instrume57

Derivative Financial Instruments - Notional Values (Details) - Interest rate swaps - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Notional values	$ 4,904,504	$ 5,124,951
Trading
Derivatives, Fair Value [Line Items]
Notional values	836,512	973,539
Cash Flow Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	1,110,549	1,106,920
Fair Value Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	$ 2,957,443	$ 3,044,492

Derivative Financial Instrume58

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Trading
Gain (loss) on derivatives, net	$ 1,573	$ 5,649	$ 10,702	$ 5,672
Designated as Hedging Instrument | Fair Value Hedges
Fair Value Hedges
Hedge ineffectiveness gains (losses) recorded in earnings	(1,843)	1,238	(929)	1,488
Realized gains recorded in interest expense	7,531	3,835	22,512	14,081
Trading
Gain (loss) on derivatives, net	5,688	5,073	21,583	15,569
Designated as Hedging Instrument | Cash Flow Hedges
Cash Flow Hedges
Hedge ineffectiveness gains (losses) recorded in earnings	(273)	(303)	(542)	(303)
Realized losses recorded in interest expense	(5,411)	(3,587)	(16,157)	(3,587)
Trading
Gain (loss) on derivatives, net	(5,684)	(3,890)	(16,699)	(3,890)
Trading
Trading
Interest reclassification	853	(1,170)	2,846	(3,137)
Change in fair value of future interest payments recorded in earnings	716	5,636	2,972	(2,870)
Gain (loss) on derivatives, net	$ 1,569	$ 4,466	$ 5,818	$ (6,007)

Derivative Financial Instrume59

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of loss recognized in other comprehensive income	$ (27,162)	$ (5,470)	$ (35,441)	$ (5,470)
Less: amount of loss reclassified in interest expense	5,411	3,587	16,157	3,587
Total change in other comprehensive income for unrealized losses on derivatives	$ (21,751)	$ (1,883)	$ (19,284)	$ (1,883)

Stockholders' Equity - Common s

Stockholders' Equity - Common stock repurchased (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Shares repurchased related to employee stock-based compensation plans (in shares)	136,173	356,622	2,900,266	715,393
Average purchase price per share (in dollars per share)	$ 8.88	$ 8.68	$ 9.76	$ 8.68
Common shares issued (in shares)	361,779	584,787	5,569,853	1,089,716

Stockholders' Equity - Additio

Stockholders' Equity - Additional Detail (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Total net transfers from the entity that is now a subsidiary of Navient	$ 0	$ 0	$ 0	$ 479,409,000
Common Stock
Class of Stock [Line Items]
Common stock closing price (usd per share)	$ 7.40		$ 7.40

Stockholders' Equity - Net Tran

Stockholders' Equity - Net Transfers (To) From Navient (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Transfers To and From Affiliate [Line Items]
Total capital contributions				$ 546,081,000
Corporate push-down				4,977,000
Net change in income tax accounts				15,659,000
Net change in receivable/payable				(87,277,000)
Other				(31,000)
Total net transfers from the entity that is now a subsidiary of Navient	$ 0	$ 0	$ 0	479,409,000
Loan origination activities
Schedule of Transfers To and From Affiliate [Line Items]
Total capital contributions				32,452,000
Loan sales
Schedule of Transfers To and From Affiliate [Line Items]
Total capital contributions				45,000
Corporate overhead activities
Schedule of Transfers To and From Affiliate [Line Items]
Total capital contributions				21,216,000
Other
Schedule of Transfers To and From Affiliate [Line Items]
Total capital contributions				$ 492,368,000

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator [Abstract]
Net income attributable to SLM Corporation	$ 45,724	$ 82,926	$ 184,439	$ 174,502
Preferred stock dividends	4,913	4,850	14,606	8,078
Net income attributable to SLM Corporation common stock	$ 40,811	$ 78,076	$ 169,833	$ 166,424
Denominator [Abstract]
Weighted average shares used to compute basic EPS (in shares)	426,019	423,079	425,384	424,187
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan (ESPP) (in shares)	6,528	8,525	7,147	8,137
Weighted average shares used to compute diluted EPS (in shares)	432,547	431,604	432,531	432,324
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.10	$ 0.18	$ 0.40	$ 0.39
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.09	$ 0.18	$ 0.39	$ 0.38
Securities excluded from computation of EPS (in shares)	2,000	3,000	2,000	3,000

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Mortgage-backed securities	$ 190,944	$ 168,934
Derivative instruments	27,493	1,193
Liabilities
Derivative instruments	(29,602)	(24,643)
Fair Value Measurements Recurring
Assets
Mortgage-backed securities	190,944	168,934
Derivative instruments	38,746	5,238
Total earning assets	229,690	174,172
Liabilities
Derivative instruments	(40,855)	(28,688)
Fair Value Measurements Recurring | Level 1
Assets
Mortgage-backed securities	0	0
Derivative instruments	0	0
Total earning assets	0	0
Liabilities
Derivative instruments	0	0
Fair Value Measurements Recurring | Level 2
Assets
Mortgage-backed securities	190,944	168,934
Derivative instruments	38,746	5,238
Total earning assets	229,690	174,172
Liabilities
Derivative instruments	(40,855)	(28,688)
Fair Value Measurements Recurring | Level 3
Assets
Mortgage-backed securities	0	0
Derivative instruments	0	0
Total earning assets	0	0
Liabilities
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Earning assets
Tax indemnification receivable	$ 200,704	$ 240,311
Derivative instruments	27,493	1,193
Interest-bearing liabilities
Derivative instruments	29,602	24,643
Fair Value
Earning assets
Loans held for investment, net	12,837,892	10,228,399
Cash and cash equivalents	1,281,797	2,359,780
Available-for-sale investments	190,944	168,934
Accrued interest receivable	634,423	469,697
Tax indemnification receivable	200,704	240,311
Derivative instruments	38,746	5,238
Total earning assets	15,184,506	13,472,359
Interest-bearing liabilities
Short-term borrowings	710,005	0
Long-term borrowings	583,314	0
Accrued interest payable	23,309	16,082
Derivative instruments	40,855	28,688
Total interest-bearing liabilities	11,947,331	10,590,151
Fair Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	5,102,323	5,231,736
Fair Value | Certificates of deposit
Interest-bearing liabilities
Deposits	5,487,525	5,313,645
Carrying Value
Earning assets
Loans held for investment, net	11,909,148	9,509,786
Cash and cash equivalents	1,281,797	2,359,780
Available-for-sale investments	190,944	168,934
Accrued interest receivable	634,423	469,697
Tax indemnification receivable	200,704	240,311
Derivative instruments	38,746	5,238
Total earning assets	14,255,762	12,753,746
Interest-bearing liabilities
Short-term borrowings	710,005	0
Long-term borrowings	593,687	0
Accrued interest payable	23,309	16,082
Derivative instruments	40,855	28,688
Total interest-bearing liabilities	11,978,735	10,585,324
Carrying Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	5,102,323	5,231,736
Carrying Value | Certificates of deposit
Interest-bearing liabilities
Deposits	5,508,556	5,308,818
Difference
Earning assets
Loans held for investment, net	928,744	718,613
Cash and cash equivalents	0	0
Available-for-sale investments	0	0
Accrued interest receivable	0	0
Tax indemnification receivable	0	0
Derivative instruments	0	0
Total earning assets	928,744	718,613
Interest-bearing liabilities
Short-term borrowings	0	0
Long-term borrowings	10,373	0
Accrued interest payable	0	0
Derivative instruments	0	0
Total interest-bearing liabilities	31,404	(4,827)
Excess of net asset fair value over carrying value	960,148	713,786
Difference | Money-market and savings accounts
Interest-bearing liabilities
Deposits	0	0
Difference | Certificates of deposit
Interest-bearing liabilities
Deposits	$ 21,031	$ (4,827)

Arrangements with Navient Cor66

Arrangements with Navient Corporation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Minimum days past due that company may required spin-off company to purchase loans			90 days
Period of hardship forbearance			6 months
Split loans, net	$ 10,766,511,000		$ 10,766,511,000		$ 8,246,647,000
Interest income from related party	153,000	$ 542,000	438,000	$ 26,339,000
Gains on loans to related party	0	0	0	35,848,000
Write-down to fair value for loans sold to related party	1,871,000	4,571,000	5,573,000	51,001,000
Split Loans
Related Party Transaction [Line Items]
Split loans, net	96,100,000		96,100,000
Participated loans
Related Party Transaction [Line Items]
Loans sold to related party	$ 6,552,000	$ 28,871,000	$ 21,109,000	$ 794,870,000

Regulatory Capital - Well Capit

Regulatory Capital - Well Capitalized Regulatory Requirements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Actual
Tier I Capital (to Average Assets)	$ 1,639,235	$ 1,413,988
Tier I Capital (to Risk-Weighted Assets)	1,639,235	1,413,988
Total Capital (to Risk-Weighted Assets)	1,743,438	$ 1,497,830
Common Equity Tier I Capital (to Risk-Weighted Assets)	$ 1,639,235
Actual Ratio
Tier I Capital (to Average Assets)	12.20%	11.50%
Tier I Capital (to Risk-Weighted Assets)	13.30%	15.00%
Total Capital (to Risk-Weighted Assets)	14.10%	15.90%
Common Equity Tier I Capital (to Risk-Weighted Assets)	13.30%
Well Capitalized Regulatory Requirements, Amount
Tier I Capital (to Average Assets)	$ 674,490	$ 614,709
Tier I Capital (to Risk-Weighted Assets)	989,333	565,148
Total Capital (to Risk-Weighted Assets)	1,236,667	$ 941,913
Common Equity Tier I Capital (to Risk-Weighted Assets)	$ 803,833
Well Capitalized Regulatory Requirements, Ratio
Tier I Capital (to Average Assets)	5.00%	5.00%
Tier I Capital (to Risk-Weighted Assets)	8.00%	6.00%
Total Capital (to Risk-Weighted Assets)	10.00%	10.00%
Common Equity Tier I Capital (to Risk-Weighted Assets)	6.50%

Regulatory Capital - Additional

Regulatory Capital - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Banking and Thrift [Abstract]
Dividends	$ 0	$ 0	$ 0	$ 0

Commitments, Contingencies an69

Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Sep. 29, 2014
Commitments and Contingencies Disclosure [Abstract]
FDIC civil monetary penalties		$ 3,300,000
Maximum
Loss Contingencies [Line Items]
Contingency refund		$ 30,000,000
Private Education Loans
Loss Contingencies [Line Items]
Outstanding loan commitments	$ 1,700,000,000

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) number in Thousands, $ in Thousands	Oct. 30, 2015	Oct. 21, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Gains on sales of loans, net			$ 0	$ 85,147	$ 76,874	$ 120,963
Subsequent Event
Subsequent Event [Line Items]
Private Education Loans to sell		$ 750,000
Scenario, Forecast
Subsequent Event [Line Items]
Gains on sales of loans, net	$ 59,000
Percentage of premium on loan sale	0.00%