SLM (SLM) 10-Q 20 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2016shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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)	428,077,791

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 1,042,915	$ 2,416,219
Available-for-sale investments at fair value (cost of $203,480 and $196,402, respectively)	206,785	195,391
Loans held for investment (net of allowance for losses of $144,925 and $112,507, respectively)	13,245,426	11,630,591
Restricted cash and investments	34,297	27,980
Other interest-earning assets	53,555	54,845
Accrued interest receivable	719,875	564,496
Premises and equipment, net	86,512	81,273
Tax indemnification receivable	160,325	186,076
Other assets	80,239	57,227
Total assets	15,629,929	15,214,098
Liabilities
Deposits	11,900,083	11,487,707
Short-term borrowings	0	500,175
Long-term borrowings	1,038,029	579,101
Income taxes payable, net	79,904	166,662
Upromise related liabilities	260,127	275,384
Other liabilities	154,875	108,746
Total liabilities	13,433,018	13,117,775
Commitments and contingencies
Equity
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 433.9 million and 430.7 million shares issued, respectively	86,769	86,136
Additional paid-in capital	1,149,783	1,135,860
Accumulated other comprehensive loss (net of tax benefit of $20,944 and $9,949, respectively)	(33,853)	(16,059)
Retained earnings	478,947	366,609
Total SLM Corporation stockholders' equity before treasury stock	2,246,646	2,137,546
Less: Common stock held in treasury at cost: 5.8 million and 4.4 million shares, respectively	(49,735)	(41,223)
Total equity	2,196,911	2,096,323
Total liabilities and equity	15,629,929	15,214,098
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	Jun. 30, 2016	Dec. 31, 2015
Amortized cost	$ 203,480	$ 196,402
Allowance for loan losses	144,925	112,507
Tax benefit for accumulated other comprehensive (loss) income	$ (20,944)	$ (9,949)
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)	433,900,000	430,700,000
Common stock held in treasury (in shares)	5,800,000	4,400,000
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest income:
Loans	$ 251,675	$ 195,287	$ 496,905	$ 393,143
Investments	2,371	2,386	4,962	5,106
Cash and cash equivalents	1,195	801	2,829	1,581
Total interest income	255,241	198,474	504,696	399,830
Interest expense:
Deposits	35,409	29,482	69,423	59,052
Interest expense on short-term borrowings	2,060	735	4,223	1,567
Interest expense on long-term borrowings	5,006	0	8,421	0
Total interest expense	42,475	30,217	82,067	60,619
Net interest income	212,766	168,257	422,629	339,211
Less: provisions for credit losses	41,793	15,558	74,395	32,176
Net interest income after provisions for credit losses	170,973	152,699	348,234	307,035
Non-interest income:
Gains on sales of loans, net	0	76,874	0	76,874
Gains on derivatives and hedging activities, net	2,142	1,602	1,788	4,894
Other	13,683	10,912	34,711	18,919
Total non-interest income	15,825	89,388	36,499	100,687
Expenses:
Compensation and benefits	44,570	38,572	94,779	79,775
Other operating expenses	50,207	51,227	92,883	91,211
Total operating expenses	94,777	89,799	187,662	170,986
Acquired intangible asset amortization expense	261	370	521	740
Restructuring and other reorganization expenses	0	744	0	5,401
Total expenses	95,038	90,913	188,183	177,127
Income before income tax expense	91,760	151,174	196,550	230,595
Income tax expense	34,555	60,158	73,430	91,880
Net income	57,205	91,016	123,120	138,715
Preferred stock dividends	5,243	4,870	10,382	9,693
Net income attributable to SLM Corporation common stock	$ 51,962	$ 86,146	$ 112,738	$ 129,022
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.12	$ 0.20	$ 0.26	$ 0.30
Average common shares outstanding (in shares)	427,942	425,688	427,526	425,061
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.12	$ 0.20	$ 0.26	$ 0.30
Average common and common equivalent shares outstanding (in shares)	431,796	432,742	431,349	432,523

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 57,205	$ 91,016	$ 123,120	$ 138,715
Other comprehensive income (loss):
Unrealized gains (losses) on investments	1,293	(3,180)	4,317	(2,507)
Unrealized (losses) gains on cash flow hedges	(8,732)	18,156	(33,106)	2,467
Total unrealized (losses) gains	(7,439)	14,976	(28,789)	(40)
Income tax benefit (expense)	2,855	(5,840)	10,995	(15)
Other comprehensive (loss) income, net of tax benefit (expense)	(4,584)	9,136	(17,794)	(55)
Total comprehensive income	$ 52,621	$ 100,152	$ 105,326	$ 138,660

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	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
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		$ 565,000	$ 84,961	$ (12,187)	$ 1,090,511	$ (11,393)	$ 113,066			$ 1,829,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 138,715						138,715			138,715
Other comprehensive loss, net of tax	$ (55)					(55)				(55)
Total comprehensive income										138,660
Cash dividends:
Cash dividends, preferred stock								$ (5,750)	$ (3,943)		$ (5,750)	$ (3,943)
Dividend equivalent units related to employee stock-based compensation plans					1,121		(1,121)			0
Issuance of common shares (in shares)	5,208,074		5,208,074
Issuance of common shares			$ 1,042		12,307					13,349
Tax benefit related to employee stock-based compensation					5,774					5,774
Stock-based compensation expense					11,210					11,210
Shares repurchased related to employee stock-based compensation plans (in shares)			(2,764,093)	(2,764,093)
Shares repurchased related to employee stock-based compensation plans				$ (27,085)						(27,085)
Ending Balance (in shares) at Jun. 30, 2015		7,300,000	425,882,829	(4,129,370)
Ending Balance, shares issued (in shares) at Jun. 30, 2015			430,012,199
Ending Balance at Jun. 30, 2015		$ 565,000	$ 86,003	$ (39,272)	1,120,923	(11,448)	240,967			1,962,173
Beginning Balance (in shares) at Dec. 31, 2015		7,300,000	426,303,244	(4,374,190)
Beginning Balance, shares issued (in shares) at Dec. 31, 2015			430,677,434
Beginning Balance at Dec. 31, 2015	$ 2,096,323	$ 565,000	$ 86,136	$ (41,223)	1,135,860	(16,059)	366,609			2,096,323
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	123,120						123,120			123,120
Other comprehensive loss, net of tax	$ (17,794)					(17,794)				(17,794)
Total comprehensive income										105,326
Cash dividends:
Cash dividends, preferred stock								$ (5,750)	$ (4,632)		$ (5,750)	$ (4,632)
Dividend equivalent units related to employee stock-based compensation plans					400		(400)			0
Issuance of common shares (in shares)	3,166,474		3,166,474
Issuance of common shares			$ 633		3,224					3,857
Tax benefit related to employee stock-based compensation					(2,249)					(2,249)
Stock-based compensation expense					12,548					12,548
Shares repurchased related to employee stock-based compensation plans (in shares)			(1,391,927)	(1,391,927)
Shares repurchased related to employee stock-based compensation plans				$ (8,512)						(8,512)
Ending Balance (in shares) at Jun. 30, 2016		7,300,000	428,077,791	(5,766,117)
Ending Balance, shares issued (in shares) at Jun. 30, 2016			433,843,908
Ending Balance at Jun. 30, 2016	$ 2,196,911	$ 565,000	$ 86,769	$ (49,735)	$ 1,149,783	$ (33,853)	$ 478,947			$ 2,196,911

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
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)	$ 0.60	$ 0.50

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net income	$ 123,120	$ 138,715
Adjustments to reconcile net income to net cash used in operating activities:
Provisions for credit losses	74,395	32,176
Income tax expense	73,430	91,880
Amortization of brokered deposit placement fee	5,179	5,352
Amortization of ABCP Facility upfront fee	502	1,202
Amortization of deferred loan origination costs and fees, net	2,720	1,558
Net amortization of discount on investments	793	883
Interest income on tax indemnification receivable	(4,066)	(3,507)
Depreciation of premises and equipment	2,295	3,436
Amortization of acquired intangibles	261	740
Stock-based compensation expense	12,548	11,210
Unrealized gains on derivative and hedging activities, net	(835)	(3,219)
Gains on sale of loans, net	0	(76,874)
Other adjustments to net income, net	1,101	0
Changes in operating assets and liabilities:
Net decrease in loans held for sale	0	55
Origination of loans held for sale	0	(55)
Increase in accrued interest receivable	(277,582)	(191,011)
Decrease in restricted cash and investments - other	2,053	631
Decrease in other interest-earning assets	1,290	21,392
Decrease in tax indemnification receivable	29,816	14,908
Increase in other assets	(14,591)	(25,214)
Decrease in income tax payable, net	(149,193)	(97,545)
Increase (decrease) in accrued interest payable	2,924	(352)
Decrease in payable due to entity that is a subsidiary of Navient	(808)	(6,542)
Increase (decrease) in other liabilities	7,976	(3,707)
Total adjustments	(229,792)	(222,603)
Total net cash used in operating activities	(106,672)	(83,888)
Investing activities
Loans acquired and originated	(2,234,556)	(2,070,373)
Net proceeds from sales of loans held for investment	5,736	785,481
Proceeds from claim payments	33,892	67,769
Net decrease in loans held for investment	624,040	445,610
Increase in restricted cash and investments - variable interest entities	(8,369)	0
Purchases of available-for-sale securities	(23,362)	(26,237)
Proceeds from sales and maturities of available-for-sale securities	15,492	17,936
Total net cash used in investing activities	(1,587,127)	(779,814)
Financing activities
Brokered deposit placement fee	(2,875)	0
Net increase (decrease) in certificates of deposit	56,272	(140,693)
Net increase (decrease) increase in other deposits	322,959	(72,499)
Issuance costs for collateralized borrowings	(386)	0
Borrowings collateralized by loans in securitization trusts - issued	499,393	0
Borrowings collateralized by loans in securitization trusts - repaid	(40,618)	0
Borrowings under ABCP Facility	26,325	0
Repayment of borrowings under ABCP Facility	(526,500)	0
Fees paid on ABCP Facility	(1,444)	(104)
Excess tax (expense) benefit from the exercise of stock-based awards	(2,249)	5,774
Preferred stock dividends paid	(10,382)	(9,693)
Net cash provided by (used in) financing activities	320,495	(217,215)
Net decrease in cash and cash equivalents	(1,373,304)	(1,080,917)
Cash and cash equivalents at beginning of period	2,416,219	2,359,780
Cash and cash equivalents at end of period	1,042,915	1,278,863
Cash disbursements made for:
Interest	75,165	52,789
Income taxes paid	149,173	91,552
Income taxes received	$ (86)	$ (80)

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) 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 six months ended June 30, 2016 are not necessarily indicative of the results for the year ending December 31, 2016 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, 2015 (the “2015 Form 10-K”). 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. We consolidate any variable interest entity (“VIE”) where we have determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. Recently Issued but Not Yet Adopted Accounting Pronouncements On February 25, 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases,” a comprehensive new lease standard which will supersede previous lease guidance. The standard requires a lessee to recognize in its balance sheet assets and liabilities related to long-term leases that were classified as operating leases under previous guidance. An asset will be recognized related to the right to use the underlying asset and a liability will be recognized related to the obligation to make lease payments over the term of the lease. The standard also requires expanded disclosures surrounding leases. The standard is effective for fiscal periods beginning after December 15, 2018, and requires modified retrospective adoption, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements and related disclosures. On March 30, 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which amends the current stock compensation guidance. The amendments simplify the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a company's payments for tax withholdings should be classified. The standard is effective for fiscal periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. On June 16, 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected credit losses for financial assets held. Under this standard, we will be required to hold an allowance equal to the expected life-of-loan losses on our loan portfolio. The standard is effective for fiscal periods beginning after December 15, 2019. While we are currently evaluating the impact of our pending adoption of this standard on our consolidated financial statements, we do expect the adoption to have a material impact on our financial statements.

Loans Held for Investment

Loans Held for Investment	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment Loans Held for Investment consist of Private Education Loans and FFELP Loans. We use “Private Education Loans” to mean education loans to students or their families that are not made, insured or guaranteed by any state or federal government. Private Education Loans do not include loans insured or guaranteed under the previously existing Federal Family Education Loan Program (“FFELP”). 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 and customers’ resources. Private Education Loans bear the full credit risk of the customer. We manage this risk through risk-performance underwriting strategies and qualified cosigners. Private Education Loans generally carry a variable rate indexed to LIBOR. As of June 30, 2016, 81 percent of all of our Private Education Loans were indexed to LIBOR. We provide incentives for customers to include a cosigner on the loan, and the vast majority of loans in our portfolio are cosigned. We also provide total cost incentives for customers to make payments while in school. FFELP Loans are insured 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: June 30, December 31, 2016 2015 Private Education Loans $ 12,290,709 $ 10,596,437 Deferred origination costs 35,212 27,884 Allowance for loan losses (142,628 ) (108,816 ) Total Private Education Loans, net 12,183,293 10,515,505 FFELP Loans 1,061,517 1,115,663 Unamortized acquisition costs, net 2,913 3,114 Allowance for loan losses (2,297 ) (3,691 ) Total FFELP Loans, net 1,062,133 1,115,086 Loans held for investment, net $ 13,245,426 $ 11,630,591 The estimated weighted average life of education loans in our portfolio was approximately 6.0 years and 6.2 years at June 30, 2016 and December 31, 2015 , respectively. The average balance and the respective weighted average interest rates of education loans in our portfolio are summarized as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 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 $ 12,217,890 7.98 % $ 9,361,711 7.96 % $ 12,017,799 8.00 % $ 9,407,888 8.01 % FFELP Loans 1,076,419 3.48 1,194,309 3.22 1,089,836 3.45 1,214,384 3.20 Total portfolio $ 13,294,309 $ 10,556,020 $ 13,107,635 $ 10,622,272

Allowance for Loan Losses

Allowance for Loan Losses	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 3,629 $ 122,620 $ 126,249 Total provision (985 ) 42,362 41,377 Net charge-offs: Charge-offs (347 ) (23,903 ) (24,250 ) Recoveries — 3,082 3,082 Net charge-offs (347 ) (20,821 ) (21,168 ) Loan sales (1) — (1,533 ) (1,533 ) Ending Balance $ 2,297 $ 142,628 $ 144,925 Allowance: Ending balance: individually evaluated for impairment $ — $ 63,370 $ 63,370 Ending balance: collectively evaluated for impairment $ 2,297 $ 79,258 $ 81,555 Loans: Ending balance: individually evaluated for impairment $ — $ 400,969 $ 400,969 Ending balance: collectively evaluated for impairment $ 1,061,517 $ 11,889,740 $ 12,951,257 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.18 % 1.05 % Allowance as a percentage of the ending total loan balance 0.22 % 1.16 % Allowance as a percentage of the ending loans in repayment (2) 0.30 % 1.78 % Allowance coverage of net charge-offs (annualized) 1.65 1.71 Ending total loans, gross $ 1,061,517 $ 12,290,709 Average loans in repayment (2) $ 786,818 $ 7,894,340 Ending loans in repayment (2) $ 773,321 $ 8,029,034 ____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Three Months Ended June 30, 2015 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 4,569 $ 85,236 $ 89,805 Total provision 466 15,092 15,558 Net charge-offs: Charge-offs (479 ) (13,278 ) (13,757 ) Recoveries — 1,780 1,780 Net charge-offs (479 ) (11,498 ) (11,977 ) Loan sales (1) — (1,520 ) (1,520 ) Ending Balance $ 4,556 $ 87,310 $ 91,866 Allowance: Ending balance: individually evaluated for impairment $ — $ 32,446 $ 32,446 Ending balance: collectively evaluated for impairment $ 4,556 $ 54,864 $ 59,420 Loans: Ending balance: individually evaluated for impairment $ — $ 187,143 $ 187,143 Ending balance: collectively evaluated for impairment $ 1,178,876 $ 9,125,794 $ 10,304,670 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.22 % 0.81 % Allowance as a percentage of the ending total loan balance 0.39 % 0.94 % Allowance as a percentage of the ending loans in repayment (2) 0.54 % 1.54 % Allowance coverage of net charge-offs (annualized) 2.38 1.90 Ending total loans, gross $ 1,178,876 $ 9,312,937 Average loans in repayment (2) $ 861,453 $ 5,712,559 Ending loans in repayment (2) $ 836,545 $ 5,666,645 ____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Six Months Ended June 30, 2016 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 3,691 $ 108,816 $ 112,507 Total provision (664 ) 76,201 75,537 Net charge-offs: Charge-offs (730 ) (42,907 ) (43,637 ) Recoveries — 4,125 4,125 Net charge-offs (730 ) (38,782 ) (39,512 ) Loan sales (1) — (3,607 ) (3,607 ) Ending Balance $ 2,297 $ 142,628 $ 144,925 Allowance: Ending balance: individually evaluated for impairment $ — $ 63,370 $ 63,370 Ending balance: collectively evaluated for impairment $ 2,297 $ 79,258 $ 81,555 Loans: Ending balance: individually evaluated for impairment $ — $ 400,969 $ 400,969 Ending balance: collectively evaluated for impairment $ 1,061,517 $ 11,889,740 $ 12,951,257 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.18 % 1.01 % Allowance as a percentage of the ending total loan balance 0.22 % 1.16 % Allowance as a percentage of the ending loans in repayment (2) 0.30 % 1.78 % Allowance coverage of net charge-offs (annualized) 1.57 1.84 Ending total loans, gross $ 1,061,517 $ 12,290,709 Average loans in repayment (2) $ 794,665 $ 7,695,889 Ending loans in repayment (2) $ 773,321 $ 8,029,034 ____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Six Months Ended June 30, 2015 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 5,268 $ 78,574 $ 83,842 Total provision 901 31,275 32,176 Net charge-offs: Charge-offs (1,613 ) (22,005 ) (23,618 ) Recoveries — 3,168 3,168 Net charge-offs (1,613 ) (18,837 ) (20,450 ) Loan sales (1) — (3,702 ) (3,702 ) Ending Balance $ 4,556 $ 87,310 $ 91,866 Allowance: Ending balance: individually evaluated for impairment $ — $ 32,446 $ 32,446 Ending balance: collectively evaluated for impairment $ 4,556 $ 54,864 $ 59,420 Loans: Ending balance: individually evaluated for impairment $ — $ 187,143 $ 187,143 Ending balance: collectively evaluated for impairment $ 1,178,876 $ 9,125,794 $ 10,304,670 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.37 % 0.66 % Allowance as a percentage of the ending total loan balance 0.39 % 0.94 % Allowance as a percentage of the ending loans in repayment (2) 0.54 % 1.54 % Allowance coverage of net charge-offs (annualized) 1.41 2.32 Ending total loans, gross $ 1,178,876 $ 9,312,937 Average loans in repayment (2) $ 880,953 $ 5,667,912 Ending loans in repayment (2) $ 836,545 $ 5,666,645 ____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. 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. 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 24 percent and 23 percent of the loans granted forbearance as of June 30, 2016 and December 31, 2015 , respectively, have been classified as TDRs due to their forbearance status. For additional information, see Note 6, “Allowance for Loan Losses” in our 2015 Form 10-K. 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 continue to accrue interest on those loans through the date of claim. At June 30, 2016 and December 31, 2015 , all of 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 June 30, 2016 TDR Loans $ 406,152 $ 400,969 $ 63,370 December 31, 2015 TDR Loans $ 269,628 $ 265,831 $ 43,480 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended Three Months Ended June 30, 2016 June 30, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 364,882 $ 6,697 $ 155,763 $ 3,206 Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 332,292 $ 12,280 $ 121,690 $ 5,116 The following table provides information regarding the loan status of TDR loans. June 30, December 31, 2016 2015 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 12,937 $ 6,869 TDR loans in forbearance (2) 59,834 43,756 TDR loans in repayment (3) and percentage of each status: Loans current 292,740 89.2 % 185,936 86.4 % Loans delinquent 31-60 days (4) 17,134 5.2 14,948 6.9 Loans delinquent 61-90 days (4) 12,150 3.7 9,239 4.3 Loans delinquent greater than 90 days (4) 6,174 1.9 5,083 2.4 Total TDR loans in repayment 328,198 100.0 % 215,206 100.0 % Total TDR loans, gross $ 400,969 $ 265,831 _____ (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) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. (4) The period of delinquency is based on the number of days scheduled payments are contractually past due. The following table 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 Modified Loans (1) Charge-offs Payment- Default Modified Loans (1) Charge-offs Payment- Default TDR Loans $ 92,782 $ 5,464 $ 21,388 $ 75,183 $ 1,740 $ 8,394 Six Months Ended Six Months Ended Modified Loans (1) Charge-offs Payment- Default Modified Loans (1) Charge-offs Payment- Default TDR Loans $ 153,848 $ 10,432 $ 47,089 $ 139,091 $ 2,388 $ 13,177 _____ (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, the loan status and loan seasoning. The FICO scores are assessed at original approval 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 June 30, 2016 December 31, 2015 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance Cosigners: With cosigner $ 11,035,215 90 % $ 9,515,136 90 % Without cosigner 1,255,494 10 1,081,301 10 Total $ 12,290,709 100 % $ 10,596,437 100 % FICO at Original Approval: Less than 670 $ 796,650 6 % $ 700,779 7 % 670-699 1,804,573 15 1,554,959 15 700-749 3,978,560 32 3,403,823 32 Greater than or equal to 750 5,710,926 47 4,936,876 46 Total $ 12,290,709 100 % $ 10,596,437 100 % Seasoning (2) : 1-12 payments $ 3,751,609 30 % $ 3,059,901 29 % 13-24 payments 2,299,536 19 2,096,412 20 25-36 payments 1,198,402 10 1,084,818 10 37-48 payments 567,240 4 513,125 5 More than 48 payments 453,680 4 414,217 4 Not yet in repayment 4,020,242 33 3,427,964 32 Total $ 12,290,709 100 % $ 10,596,437 100 % (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. The following table provides information regarding the loan status of our Private Education Loans. Loans in repayment include loans making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Private Education Loans June 30, December 31, 2016 2015 Balance % Balance % Loans in-school/grace/deferment (1) $ 4,020,242 $ 3,427,964 Loans in forbearance (2) 241,433 241,207 Loans in repayment and percentage of each status: Loans current 7,860,994 97.9 % 6,773,095 97.8 % Loans delinquent 31-60 days (3) 87,990 1.1 91,129 1.3 Loans delinquent 61-90 days (3) 56,377 0.7 42,048 0.6 Loans delinquent greater than 90 days (3) 23,673 0.3 20,994 0.3 Total Private Education Loans in repayment 8,029,034 100.0 % 6,927,266 100.0 % Total Private Education loans, gross 12,290,709 10,596,437 Private Education Loans deferred origination costs 35,212 27,884 Total Private Education Loans 12,325,921 10,624,321 Private Education Loans allowance for losses (142,628 ) (108,816 ) Private Education Loans, net $ 12,183,293 $ 10,515,505 Percentage of Private Education Loans in repayment 65.3 % 65.4 % Delinquencies as a percentage of Private Education Loans in repayment 2.1 % 2.2 % Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance 2.9 % 3.4 % (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 Private Education Loan portfolio for all periods presented. Private Education Loan Accrued Interest Receivable Total Interest Receivable Greater Than 90 Days Past Due Allowance for Uncollectible Interest June 30, 2016 $ 695,680 $ 895 $ 3,241 December 31, 2015 $ 542,919 $ 791 $ 3,332

Deposits

Deposits	6 Months Ended
	Jun. 30, 2016
Banking and Thrift [Abstract]
Deposits	Deposits The following table summarizes total deposits at June 30, 2016 and December 31, 2015 . June 30, December 31, 2016 2015 Deposits - interest bearing $ 11,898,925 $ 11,487,006 Deposits - non-interest bearing 1,158 701 Total deposits $ 11,900,083 $ 11,487,707 Interest Bearing Interest bearing deposits as of June 30, 2016 and December 31, 2015 consisted of non-maturity savings and money market deposits (“MMDAs”), brokered and retail certificates of deposit (“CDs”), and brokered MMDAs. Included in these accounts are what we consider to be core deposits from various sources. Our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $ 2.6 million and $ 2.7 million in the three months ended June 30, 2016 and 2015, respectively, and placement fee expense of $5.2 million and $ 5.4 million in the six months ended June 30, 2016 and 2015, respectively. Fees paid to third-party brokers related to brokered CDs were $ 0.1 million for the three months ended June 30, 2016 and $2.9 million for the six months ended June 30, 2016. There were no such fees paid in the three and six months ended June 30, 2015. Interest bearing deposits at June 30, 2016 and December 31, 2015 are summarized as follows: June 30, 2016 December 31, 2015 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 5,216,901 1.23 % $ 4,886,299 1.19 % Savings 666,918 0.82 669,254 0.82 Certificates of deposit 6,015,106 1.19 5,931,453 0.98 Deposits - interest bearing $ 11,898,925 $ 11,487,006 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships. As of June 30, 2016 and December 31, 2015 , there were $ 306.2 million and $709.9 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $17.8 million and $15.7 million at June 30, 2016 and December 31, 2015 , respectively. Non-Interest Bearing Non-interest bearing deposits were $ 1.2 million and $ 0.7 million as of June 30, 2016 and December 31, 2015 , respectively. For both periods, these were comprised of money market accounts related to our Employee Stock Purchase Plan account.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2016
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 “ABCP Facility”). The following table summarizes our secured borrowings at June 30, 2016 and December 31, 2015. June 30, 2016 December 31, 2015 Short-Term Long-Term Total Short-Term Long-Term Total Secured borrowings: Private Education Loan term securitization $ — $ 1,038,029 $ 1,038,029 $ — $ 579,101 $ 579,101 ABCP Facility — — — 500,175 — 500,175 Total $ — $ 1,038,029 $ 1,038,029 $ 500,175 $ 579,101 $ 1,079,276 Short-term Borrowings Asset-Backed Commercial Paper Funding Facility On December 19, 2014, we closed on a $ 750.0 million ABCP Facility. We retained a 5 percent or $ 37.5 million participation interest in the ABCP Facility, resulting in $ 712.5 million of funds available for us to draw under the ABCP Facility. During 2015, we incurred financing costs under the ABCP Facility of approximately 0.40 percent on average on unused borrowing capacity and approximately 3-month LIBOR plus 0.80 percent on outstandings under the ABCP Facility. On February 25, 2016, we amended and extended the maturity of our ABCP Facility. The amended ABCP Facility is a $ 750.0 million ABCP Facility, in which we no longer hold a participation interest. As a result, the full $ 750.0 million is available for us to draw. We hold 100 percent of the residual interest in the ABCP Facility trust. Under the amended ABCP Facility, we incur financing costs of between 0.35 percent and 0.45 percent on unused borrowing capacity and approximately 3‑month LIBOR plus 1.00 percent on outstandings. The amended ABCP Facility extends the revolving period, during which we may borrow, repay and reborrow funds, until February 23, 2017. The scheduled amortization period, during which amounts outstanding under the ABCP Facility must be repaid, ends on February 23, 2018 (or earlier, if certain material adverse events occur). At June 30, 2016 , there were no outstanding balances and no encumbered Private Education Loans under the ABCP Facility. Short-term borrowings have a remaining term to maturity of one year or less. The ABCP Facility's contractual maturity is two years from the date of inception or renewal ( one year revolving period plus a one year amortization period); however, we classify advances under our ABCP Facility as short-term borrowings because it is our intention to repay those advances within one year. Long-term Borrowings On May 26, 2016, we executed our $ 551 million SMB Private Education Loan Trust 2016-A term ABS transaction, which was accounted for as an on-balance sheet secured financing. We retained a 100 percent or $ 50 million interest in the Class B notes and 100 percent of the residual certificates issued in the securitization. $501 million of Class A notes from the securitization were sold to third parties, raising $ 501 million of gross proceeds. The Class A notes had a weighted average life of 4.01 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 1.38 percent . At June 30, 2016, $ 583 million of our Private Education Loans were encumbered as a result of this transaction. Secured Financings at Issuance Issue Date Issued Total 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 at inception for the 2015-B securitization $ 745,580 2016-A May 2016 $ 501,000 1-month LIBOR plus 1.38% 4.01 Total notes issued in 2016 $ 501,000 Total loan amount securitized at inception for the 2016-A securitization $ 619,944 ____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed rate bonds, excluding issuance costs. Consolidated Funding Vehicles We consolidate our financing entities that are 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 June 30, 2016 and December 31, 2015, respectively: June 30, 2016 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding Short-Term Long-Term Total Loans Restricted Cash Other Assets (1) Total Secured borrowings: Private Education Loan term securitization $ — $ 1,038,029 $ 1,038,029 $ 1,237,676 $ 29,123 $ 84,294 $ 1,351,093 ABCP Facility — — — — — — — Total $ — $ 1,038,029 $ 1,038,029 $ 1,237,676 $ 29,123 $ 84,294 $ 1,351,093 ____ (1) Other assets primarily represent accrued interest receivable. December 31, 2015 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding Short-Term Long-Term Total Loans Restricted Cash Other Assets (1) Total Secured borrowings: Private Education Loan term securitization $ — $ 579,101 $ 579,101 $ 687,298 $ 9,996 $ 45,566 $ 742,860 ABCP Facility 500,175 — 500,175 923,687 12,443 58,095 994,225 Total $ 500,175 $ 579,101 $ 1,079,276 $ 1,610,985 $ 22,439 $ 103,661 $ 1,737,085 ____ (1) Other assets primarily represent accrued interest receivable. Other Borrowing Sources We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $100 million at June 30, 2016. 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 six months ended June 30, 2016 and in the year ended December 31, 2015 . 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 (the “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 to the FRB asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At June 30, 2016 and December 31, 2015 , the value of our pledged collateral at the FRB totaled $2.8 billion and $1.7 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 six months ended June 30, 2016 and in the year ended December 31, 2015 .

Private Education Loan Term Sec

Private Education Loan Term Securitizations	6 Months Ended
	Jun. 30, 2016
Transfers and Servicing [Abstract]
Private Education Loan Term Securitizations	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 May 26, 2016, we executed a $ 551 million Private Education Loan Trust term ABS transaction that was accounted for as a secured financing. We retained a 100 percent or $ 50 million interest in the Class B notes and 100 percent of the residual certificates issued in the securitization. $501 million of Class A notes from the securitization were sold to third parties, raising $ 501 million of gross proceeds. At June 30, 2016, $ 583 million of our Private Education Loans were encumbered as a result of this transaction.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2016
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 reduce 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 liabilities so any adverse impacts related to movements in interest rates are managed within low to moderate limits. As a result of interest rate fluctuations, hedged liabilities will appreciate or depreciate in market value or create variability in cash flows. Income or loss on the derivative instruments linked to the hedged item will generally offset the effect of this unrealized appreciation or depreciation or volatility in cash flows for the period the item is being hedged. We view this strategy as a prudent management of interest rate risk. Please refer to Note 11, “Derivative Financial Instruments” in our 2015 Form 10-K for a full discussion of our risk management strategy. Although we use derivatives to reduce 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 and market liquidity. Credit risk is the risk that 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 that the counterparty owes us less collateral held and/or plus collateral posted. When the fair value of a derivative contract less collateral held and/or plus collateral posted is negative, we owe the counterparty and, therefore, we 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. We also maintain a policy of requiring that all derivative contracts be governed by an International Swaps and Derivatives Association, Inc. Master Agreement. Depending on the nature of the derivative transaction, bilateral collateral arrangements are required as well. When we have more than one outstanding derivative transaction with the counterparty, and there exists legally enforceable netting provisions with the counterparty (i.e., a legal right to offset receivable and payable derivative contracts), the “net” mark-to-market exposure, less collateral held and/or plus collateral posted, represents exposure with the counterparty. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. 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 June 30, 2016 , $ 5.5 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 and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At June 30, 2016 and December 31, 2015, we had a net positive exposure (derivative gain positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $ 55.8 million and $ 50.1 million, respectively. Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments at June 30, 2016 and December 31, 2015 , and their impact on earnings and other comprehensive income for the three and six months ended June 30, 2016 and 2015. Please refer to Note 11, “Derivative Financial Instruments” in our 2015 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities. Impact of Derivatives on the Consolidated Balance Sheet Cash Flow Hedges Fair Value Hedges Trading Total June 30, December 31, June 30, December June 30, December June 30, December 2016 2015 2016 2015 2016 2015 2016 2015 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ — $ — $ 63,371 $ 15,231 $ 1,745 $ 83 $ 65,116 $ 15,314 Derivative Liabilities: (2) Interest rate swaps Interest rate (60,892 ) (27,512 ) — (2,339 ) — (646 ) (60,892 ) (30,497 ) Total net derivatives $ (60,892 ) $ (27,512 ) $ 63,371 $ 12,892 $ 1,745 $ (563 ) $ 4,224 $ (15,183 ) ___________ (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 June 30, December 31, June 30, December 31, 2016 2015 2016 2015 Gross position (1) $ 65,116 $ 15,314 $ (60,892 ) $ (30,497 ) Impact of master netting agreement (16,173 ) (9,278 ) 16,173 9,278 Derivative values with impact of master netting agreements (as carried on balance sheet) 48,943 6,036 (44,719 ) (21,219 ) Cash collateral (held) pledged (16,659 ) (1,070 ) 53,555 54,845 Net position $ 32,284 $ 4,966 $ 8,836 $ 33,626 __________ (1) Gross position amounts are exclusive of accrued interest. Cash Flow Fair Value Trading Total June 30, December 31, June 30, December June 30, December June 30, December 2016 2015 2016 2015 2016 2015 2016 2015 Notional Values Interest rate swaps $ 1,095,925 $ 1,109,933 $ 3,808,016 $ 3,080,167 $ 1,215,899 $ 1,305,757 $ 6,119,840 $ 5,495,857 Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Fair Value Hedges Interest rate swaps: Hedge ineffectiveness gains (losses) recorded in earnings (1) $ 1,218 $ 489 $ (1,199 ) $ 915 Realized gains recorded in interest expense 7,391 7,490 14,650 14,982 Total $ 8,609 $ 7,979 $ 13,451 $ 15,897 Cash Flow Hedges Interest rate swaps: Hedge ineffectiveness (losses) gains recorded in earnings (1) $ (403 ) $ 34 $ (681 ) $ (270 ) Realized losses recorded in interest expense (4,586 ) (5,392 ) (9,207 ) (10,746 ) Total $ (4,989 ) $ (5,358 ) $ (9,888 ) $ (11,016 ) Trading Interest rate swaps: Interest reclassification $ 672 $ 970 $ 1,360 $ 1,993 Change in fair value of future interest payments recorded in earnings 655 109 2,308 2,256 Total (1) 1,327 1,079 3,668 4,249 Total $ 4,947 $ 3,700 $ 7,231 $ 9,130 ________ (1) Amounts included in “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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Amount of (loss) gain recognized in other comprehensive (loss) income $ (13,318 ) $ 12,764 $ (42,313 ) $ (8,279 ) Less: amount of loss reclassified in interest expense (1) (4,586 ) (5,392 ) (9,207 ) (10,746 ) Total change in other comprehensive (loss) income for unrealized (losses) gains on derivatives, before income tax benefit $ (8,732 ) $ 18,156 $ (33,106 ) $ 2,467 ___________ (1) Amounts included in “realized 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 the Company and its derivatives counterparties was $16.7 million and $1.1 million at June 30, 2016 and December 31, 2015 , respectively. Collateral held is recorded in “Other Liabilities” on the consolidated balance sheets. Cash collateral pledged related to derivative exposure between the Company and its derivatives counterparties was $53.6 million and $54.8 million at June 30, 2016 and December 31, 2015 , respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The following table summarizes our common share repurchases and issuances. Three Months Ended Six Months Ended (Shares and per share amounts in actuals) 2016 2015 2016 2015 Shares repurchased related to employee stock-based compensation plans (1)(2) 263,218 1,374,997 1,391,927 2,764,093 Average purchase price per share $ 6.68 $ 10.14 $ 6.12 $ 9.80 Common shares issued (3) 425,495 2,077,235 3,166,474 5,208,074 __________________ (1) Comprised of 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 intend to initiate a publicly announced share repurchase program. (3) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on June 30, 2016 was $ 6.18 .

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2016
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 Six Months Ended June 30, June 30, (In thousands, except per share data) 2016 2015 2016 2015 Numerator: Net income $ 57,205 $ 91,016 $ 123,120 $ 138,715 Preferred stock dividends 5,243 4,870 10,382 9,693 Net income attributable to SLM Corporation common stock $ 51,962 $ 86,146 $ 112,738 $ 129,022 Denominator: Weighted average shares used to compute basic EPS 427,942 425,688 427,526 425,061 Effect of dilutive securities: Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan ("ESPP") (1)(2) 3,854 7,054 3,823 7,462 Weighted average shares used to compute diluted EPS 431,796 432,742 431,349 432,523 Basic earnings per common share attributable to SLM Corporation $ 0.12 $ 0.20 $ 0.26 $ 0.30 Diluted earnings per common share attributable to SLM Corporation $ 0.12 $ 0.20 $ 0.26 $ 0.30 ________________ (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 June 30, 2016 and 2015, securities covering approximately 1 million and 2 million shares, respectively, and for the six months ended June 30, 2016 and 2015, securities covering approximately 4 million and 2 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	6 Months Ended
	Jun. 30, 2016
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 2015 Form 10-K. During the three and six months ended June 30, 2016 , 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 June 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Mortgage-backed securities $ — $ 206,785 $ — $ 206,785 $ — $ 195,391 $ — $ 195,391 Derivative instruments — 65,116 — 65,116 — 15,314 — 15,314 Total $ — $ 271,901 $ — $ 271,901 $ — $ 210,705 $ — $ 210,705 Liabilities Derivative instruments $ — $ (60,892 ) $ — $ (60,892 ) $ — $ (30,497 ) $ — $ (30,497 ) Total $ — $ (60,892 ) $ — $ (60,892 ) $ — $ (30,497 ) $ — $ (30,497 ) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. June 30, 2016 December 31, 2015 Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets Loans held for investment, net $ 14,286,053 $ 13,245,426 $ 1,040,627 $ 12,343,726 $ 11,630,591 $ 713,135 Cash and cash equivalents 1,042,915 1,042,915 — 2,416,219 2,416,219 — Available-for-sale investments 206,785 206,785 — 195,391 195,391 — Accrued interest receivable 719,875 719,875 — 564,496 564,496 — Tax indemnification receivable 160,325 160,325 — 186,076 186,076 — Derivative instruments 65,116 65,116 — 15,314 15,314 — Total earning assets $ 16,481,069 $ 15,440,442 $ 1,040,627 $ 15,721,222 $ 15,008,087 $ 713,135 Interest-bearing liabilities Money-market and savings accounts $ 5,883,818 $ 5,883,818 $ — $ 5,556,254 $ 5,556,254 $ — Certificates of deposit 6,034,513 6,015,105 (19,408 ) 5,928,450 5,931,453 3,003 Short-term borrowings — — — 500,175 500,175 — Long-term borrowings 1,053,086 1,038,029 (15,057 ) 567,468 579,101 11,633 Accrued interest payable 19,309 19,309 — 16,385 16,385 — Derivative instruments 60,892 60,892 — 30,497 30,497 — Total interest-bearing liabilities $ 13,051,618 $ 13,017,153 $ (34,465 ) $ 12,599,229 $ 12,613,865 $ 14,636 Excess of net asset fair value over carrying value $ 1,006,162 $ 727,771 Please refer to Note 15, “Fair Value Measurements” in our 2015 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	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Arrangements with Navient Corporation	Arrangements with Navient Corporation In connection with the separation of Navient Corporation (“Navient”) from SLM Corporation (the “Spin-Off”), we entered into a separation and distribution agreement (the “Separation and Distribution Agreement”) and other ancillary agreements with Navient. Please refer to Note 16, “Arrangements with Navient Corporation” in our 2015 Form 10-K for a full discussion of these agreements. Amended Loan Participation and Purchase Agreement Prior to the Spin-Off, Sallie Mae Bank, a Utah industrial bank subsidiary of the Company (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 six months of administrative forbearance; or (4) have a borrower or cosigner who has filed for bankruptcy. At June 30, 2016 , we held approximately $76 million of Split Loans. During the three months ended June 30, 2016 , the Bank sold loans to the Purchasers in the amount of $ 3.9 million in principal and $ 0.1 million in accrued interest income. During the three months ended June 30, 2015 , the Bank sold loans to the Purchasers in the amount of $ 5.9 million in principal and $ 0.1 million in accrued interest income. During the six months ended June 30, 2016, the Bank sold loans to the Purchasers in the amount of $ 9.4 million in principal and $ 0.2 million in accrued interest income. During the six months ended June 30, 2015 , the Bank sold loans to the Purchasers in the amount of $ 14.6 million in principal and $ 0.3 million in accrued interest income. There was no gain as a result of the loans sold to the Purchasers in the three and six months ended June 30, 2016 and June 30, 2015 . Total write-downs to fair value for loans sold with a fair value lower than par totaled $1.5 million in the three months ended June 30, 2016 and June 30, 2015 . Total write-downs to fair value for loans sold with a fair value lower than par totaled $3.6 million and $3.7 million in the six months ended June 30, 2016 and June 30, 2015 , respectively. Navient is the servicer for all of these loans.

Regulatory Capital

Regulatory Capital	6 Months Ended
	Jun. 30, 2016
Banking and Thrift [Abstract]
Regulatory Capital	6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 1,863,583 13.5 % $ 1,105,543 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 2,009,072 14.5 % $ 1,381,928 > 10.0 % Tier 1 Capital (to Average Assets) $ 1,863,583 12.2 % $ 763,839 > 5.0 % As of December 31, 2015: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 1,734,315 14.4 % $ 781,638 > 6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 1,734,315 14.4 % $ 962,017 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 1,848,528 15.4 % $ 1,202,521 > 10.0 % Tier 1 Capital (to Average Assets) $ 1,734,315 12.3 % $ 704,979 > 5.0 % Bank Dividends The Bank is chartered under the laws of the State of Utah and its deposits are insured by the 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 dividend, the Bank’s capital and surplus would not be impaired. The Bank paid no dividends for the three and six months ended June 30, 2016 and June 30, 2015." id="sjs-B4">Regulatory Capital The Bank is subject to various regulatory capital requirements administered by federal and state 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 business, results of operation and financial condition. Under the Basel III capital framework (“U.S. Basel III”) and the regulatory framework for prompt corrective action, the Bank must meet specific capital standards that involve quantitative measures of its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and its classification under the prompt corrective action framework are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. As of January 1, 2015, the Bank was required to report regulatory capital and ratios in accordance with U.S. Basel III. Among other things, U.S. Basel III establishes Common Equity Tier 1 as a new tier of capital, modifies methods for calculating risk-weighted assets, introduces a new capital conservation buffer, and revises the capital thresholds of the prompt corrective action framework, including the “well capitalized” standard. “Well capitalized” regulatory requirements are the quantitative measures established by regulation to ensure capital adequacy. To qualify as “well capitalized,” the Bank must maintain minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1, Tier 1 and Total capital to risk-weighted assets and of Tier 1 capital to average assets. The following capital amounts and ratios are based upon the Bank's assets. Actual "Well Capitalized" Regulatory Requirements Amount Ratio Amount Ratio As of June 30, 2016: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 1,863,583 13.5 % $ 898,253 > 6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 1,863,583 13.5 % $ 1,105,543 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 2,009,072 14.5 % $ 1,381,928 > 10.0 % Tier 1 Capital (to Average Assets) $ 1,863,583 12.2 % $ 763,839 > 5.0 % As of December 31, 2015: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 1,734,315 14.4 % $ 781,638 > 6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 1,734,315 14.4 % $ 962,017 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 1,848,528 15.4 % $ 1,202,521 > 10.0 % Tier 1 Capital (to Average Assets) $ 1,734,315 12.3 % $ 704,979 > 5.0 % Bank Dividends The Bank is chartered under the laws of the State of Utah and its deposits are insured by the 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 dividend, the Bank’s capital and surplus would not be impaired. The Bank paid no dividends for the three and six months ended June 30, 2016 and June 30, 2015.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	6 Months Ended
	Jun. 30, 2016
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 such approval, 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 June 30, 2016 , we had $ 1.2 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2015/2016 academic year. At June 30, 2016 , we had a $ 0.6 million reserve recorded in "Other Liabilities" to cover expected losses that we conclude are probable to occur during the one year loss emergence period on these unfunded commitments. Regulatory Matters At the time of this filing, the Bank remains subject to a Consent Order, Order to Pay Restitution and Order to Pay Civil Money Penalty dated May 13, 2014 issued by the FDIC (the “FDIC Consent Order”) and a Consent Order (the “DOJ Consent Order”) issued by the Department of Justice (the “DOJ”). On May 13, 2014, the Bank reached a settlement with the DOJ regarding compliance issues with the Servicemembers Civil Relief Act (“SCRA”). At the same time, the Bank reached a settlement with the FDIC regarding disclosures and assessments of certain late fees, as well as compliance with the SCRA. Under the FDIC Consent 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. The DOJ Consent Order was approved by the U.S. District Court for the District of Delaware on September 29, 2014. Under the terms of the Separation and Distribution Agreement between the Company and Navient, Navient is 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 Consent Order, Navient is solely responsible for reimbursing SCRA benefits and related compensation on behalf of both its subsidiary, Navient Solutions, Inc., and the Bank. As required by the FDIC Consent Order and the DOJ Consent Order, the Bank has 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 regards. At this time, we believe the Bank is in compliance with all provisions of both the FDIC Consent Order and the DOJ Consent Order applicable to it. Notwithstanding the CFPB’s assumption of the role of the Bank’s primary consumer compliance regulator in January 2015, the FDIC will continue to monitor the Bank’s improved compliance management system, policies and procedures until it is satisfied the Bank has demonstrated its ability to sustain the enhancements and additions implemented in response to the FDIC Consent Order. Pursuant to the terms of the DOJ Consent Order, the Bank will remain subject to certain DOJ reporting and record-keeping requirements until September 29, 2018. In May 2014, the Bank received a Civil Investigative Demand (“CID”) from the Consumer Financial Protection Bureau (the “CFPB”) as part of the CFPB’s separate investigation relating to customer complaints, fees and charges assessed in connection with the servicing of student loans and related collection practices of pre-Spin-Off SLM Corporation (“pre-Spin-Off SLM”) by entities now subsidiaries of Navient during a time period prior to the Spin-Off. Two state attorneys general have provided the Bank identical CIDs and others have become involved in the inquiry over time. To the extent requested, we have been cooperating fully with the CFPB and the attorneys general but are not in a position at this time to predict the duration or outcome of the investigation. Given the timeframe covered by this demand and the focus on practices and procedures previously conducted by Navient and its servicing subsidiaries, Navient is leading the response to this investigation and has accepted responsibility for all costs, expenses, losses or remediation that may arise from this investigation. 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. 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. 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 for which reserves should be established.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 13, 2016, we priced a $ 657 million SMB Private Education Loan Trust 2016-B term ABS transaction. The transaction will be accounted for as an on-balance sheet secured financing. We expect to sell $ 607 million of AAA rated notes to third parties and retain a 100 percent interest in the Class B notes and residual certificates issued in the securitization. We expect this transaction to raise approximately $ 605 million of gross proceeds, settle on or about July 21, 2016, and be reflected in our third quarter 2016 results.

Significant Accounting Polici23

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) 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 six months ended June 30, 2016 are not necessarily indicative of the results for the year ending December 31, 2016 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, 2015 (the “2015 Form 10-K”).
Consolidation	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. We consolidate any variable interest entity (“VIE”) where we have determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.
Recently Issued but Not Yet Adopted Accounting Pronouncements	Recently Issued but Not Yet Adopted Accounting Pronouncements On February 25, 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases,” a comprehensive new lease standard which will supersede previous lease guidance. The standard requires a lessee to recognize in its balance sheet assets and liabilities related to long-term leases that were classified as operating leases under previous guidance. An asset will be recognized related to the right to use the underlying asset and a liability will be recognized related to the obligation to make lease payments over the term of the lease. The standard also requires expanded disclosures surrounding leases. The standard is effective for fiscal periods beginning after December 15, 2018, and requires modified retrospective adoption, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements and related disclosures. On March 30, 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which amends the current stock compensation guidance. The amendments simplify the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a company's payments for tax withholdings should be classified. The standard is effective for fiscal periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. On June 16, 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected credit losses for financial assets held. Under this standard, we will be required to hold an allowance equal to the expected life-of-loan losses on our loan portfolio. The standard is effective for fiscal periods beginning after December 15, 2019. While we are currently evaluating the impact of our pending adoption of this standard on our consolidated financial statements, we do expect the adoption to have a material impact on our financial statements.

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Loans held for investment	Loans held for investment are summarized as follows: June 30, December 31, 2016 2015 Private Education Loans $ 12,290,709 $ 10,596,437 Deferred origination costs 35,212 27,884 Allowance for loan losses (142,628 ) (108,816 ) Total Private Education Loans, net 12,183,293 10,515,505 FFELP Loans 1,061,517 1,115,663 Unamortized acquisition costs, net 2,913 3,114 Allowance for loan losses (2,297 ) (3,691 ) Total FFELP Loans, net 1,062,133 1,115,086 Loans held for investment, net $ 13,245,426 $ 11,630,591 The average balance and the respective weighted average interest rates of education loans in our portfolio are summarized as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 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 $ 12,217,890 7.98 % $ 9,361,711 7.96 % $ 12,017,799 8.00 % $ 9,407,888 8.01 % FFELP Loans 1,076,419 3.48 1,194,309 3.22 1,089,836 3.45 1,214,384 3.20 Total portfolio $ 13,294,309 $ 10,556,020 $ 13,107,635 $ 10,622,272

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Allowance for credit losses and recorded investments in loans	Allowance for Loan Losses Metrics Allowance for Loan Losses Three Months Ended June 30, 2016 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 3,629 $ 122,620 $ 126,249 Total provision (985 ) 42,362 41,377 Net charge-offs: Charge-offs (347 ) (23,903 ) (24,250 ) Recoveries — 3,082 3,082 Net charge-offs (347 ) (20,821 ) (21,168 ) Loan sales (1) — (1,533 ) (1,533 ) Ending Balance $ 2,297 $ 142,628 $ 144,925 Allowance: Ending balance: individually evaluated for impairment $ — $ 63,370 $ 63,370 Ending balance: collectively evaluated for impairment $ 2,297 $ 79,258 $ 81,555 Loans: Ending balance: individually evaluated for impairment $ — $ 400,969 $ 400,969 Ending balance: collectively evaluated for impairment $ 1,061,517 $ 11,889,740 $ 12,951,257 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.18 % 1.05 % Allowance as a percentage of the ending total loan balance 0.22 % 1.16 % Allowance as a percentage of the ending loans in repayment (2) 0.30 % 1.78 % Allowance coverage of net charge-offs (annualized) 1.65 1.71 Ending total loans, gross $ 1,061,517 $ 12,290,709 Average loans in repayment (2) $ 786,818 $ 7,894,340 Ending loans in repayment (2) $ 773,321 $ 8,029,034 ____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Three Months Ended June 30, 2015 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 4,569 $ 85,236 $ 89,805 Total provision 466 15,092 15,558 Net charge-offs: Charge-offs (479 ) (13,278 ) (13,757 ) Recoveries — 1,780 1,780 Net charge-offs (479 ) (11,498 ) (11,977 ) Loan sales (1) — (1,520 ) (1,520 ) Ending Balance $ 4,556 $ 87,310 $ 91,866 Allowance: Ending balance: individually evaluated for impairment $ — $ 32,446 $ 32,446 Ending balance: collectively evaluated for impairment $ 4,556 $ 54,864 $ 59,420 Loans: Ending balance: individually evaluated for impairment $ — $ 187,143 $ 187,143 Ending balance: collectively evaluated for impairment $ 1,178,876 $ 9,125,794 $ 10,304,670 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.22 % 0.81 % Allowance as a percentage of the ending total loan balance 0.39 % 0.94 % Allowance as a percentage of the ending loans in repayment (2) 0.54 % 1.54 % Allowance coverage of net charge-offs (annualized) 2.38 1.90 Ending total loans, gross $ 1,178,876 $ 9,312,937 Average loans in repayment (2) $ 861,453 $ 5,712,559 Ending loans in repayment (2) $ 836,545 $ 5,666,645 ____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Six Months Ended June 30, 2016 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 3,691 $ 108,816 $ 112,507 Total provision (664 ) 76,201 75,537 Net charge-offs: Charge-offs (730 ) (42,907 ) (43,637 ) Recoveries — 4,125 4,125 Net charge-offs (730 ) (38,782 ) (39,512 ) Loan sales (1) — (3,607 ) (3,607 ) Ending Balance $ 2,297 $ 142,628 $ 144,925 Allowance: Ending balance: individually evaluated for impairment $ — $ 63,370 $ 63,370 Ending balance: collectively evaluated for impairment $ 2,297 $ 79,258 $ 81,555 Loans: Ending balance: individually evaluated for impairment $ — $ 400,969 $ 400,969 Ending balance: collectively evaluated for impairment $ 1,061,517 $ 11,889,740 $ 12,951,257 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.18 % 1.01 % Allowance as a percentage of the ending total loan balance 0.22 % 1.16 % Allowance as a percentage of the ending loans in repayment (2) 0.30 % 1.78 % Allowance coverage of net charge-offs (annualized) 1.57 1.84 Ending total loans, gross $ 1,061,517 $ 12,290,709 Average loans in repayment (2) $ 794,665 $ 7,695,889 Ending loans in repayment (2) $ 773,321 $ 8,029,034 ____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Six Months Ended June 30, 2015 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 5,268 $ 78,574 $ 83,842 Total provision 901 31,275 32,176 Net charge-offs: Charge-offs (1,613 ) (22,005 ) (23,618 ) Recoveries — 3,168 3,168 Net charge-offs (1,613 ) (18,837 ) (20,450 ) Loan sales (1) — (3,702 ) (3,702 ) Ending Balance $ 4,556 $ 87,310 $ 91,866 Allowance: Ending balance: individually evaluated for impairment $ — $ 32,446 $ 32,446 Ending balance: collectively evaluated for impairment $ 4,556 $ 54,864 $ 59,420 Loans: Ending balance: individually evaluated for impairment $ — $ 187,143 $ 187,143 Ending balance: collectively evaluated for impairment $ 1,178,876 $ 9,125,794 $ 10,304,670 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.37 % 0.66 % Allowance as a percentage of the ending total loan balance 0.39 % 0.94 % Allowance as a percentage of the ending loans in repayment (2) 0.54 % 1.54 % Allowance coverage of net charge-offs (annualized) 1.41 2.32 Ending total loans, gross $ 1,178,876 $ 9,312,937 Average loans in repayment (2) $ 880,953 $ 5,667,912 Ending loans in repayment (2) $ 836,545 $ 5,666,645 ____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
Impaired financing receivables	The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans. Recorded Investment Unpaid Principal Balance Allowance June 30, 2016 TDR Loans $ 406,152 $ 400,969 $ 63,370 December 31, 2015 TDR Loans $ 269,628 $ 265,831 $ 43,480
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 June 30, 2016 June 30, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 364,882 $ 6,697 $ 155,763 $ 3,206 Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 332,292 $ 12,280 $ 121,690 $ 5,116
Age analysis of past due loans delinquencies	The following table provides information regarding the loan status of our Private Education Loans. Loans in repayment include loans making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Private Education Loans June 30, December 31, 2016 2015 Balance % Balance % Loans in-school/grace/deferment (1) $ 4,020,242 $ 3,427,964 Loans in forbearance (2) 241,433 241,207 Loans in repayment and percentage of each status: Loans current 7,860,994 97.9 % 6,773,095 97.8 % Loans delinquent 31-60 days (3) 87,990 1.1 91,129 1.3 Loans delinquent 61-90 days (3) 56,377 0.7 42,048 0.6 Loans delinquent greater than 90 days (3) 23,673 0.3 20,994 0.3 Total Private Education Loans in repayment 8,029,034 100.0 % 6,927,266 100.0 % Total Private Education loans, gross 12,290,709 10,596,437 Private Education Loans deferred origination costs 35,212 27,884 Total Private Education Loans 12,325,921 10,624,321 Private Education Loans allowance for losses (142,628 ) (108,816 ) Private Education Loans, net $ 12,183,293 $ 10,515,505 Percentage of Private Education Loans in repayment 65.3 % 65.4 % Delinquencies as a percentage of Private Education Loans in repayment 2.1 % 2.2 % Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance 2.9 % 3.4 % (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. June 30, December 31, 2016 2015 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 12,937 $ 6,869 TDR loans in forbearance (2) 59,834 43,756 TDR loans in repayment (3) and percentage of each status: Loans current 292,740 89.2 % 185,936 86.4 % Loans delinquent 31-60 days (4) 17,134 5.2 14,948 6.9 Loans delinquent 61-90 days (4) 12,150 3.7 9,239 4.3 Loans delinquent greater than 90 days (4) 6,174 1.9 5,083 2.4 Total TDR loans in repayment 328,198 100.0 % 215,206 100.0 % Total TDR loans, gross $ 400,969 $ 265,831 _____ (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) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. (4) 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 table 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 Modified Loans (1) Charge-offs Payment- Default Modified Loans (1) Charge-offs Payment- Default TDR Loans $ 92,782 $ 5,464 $ 21,388 $ 75,183 $ 1,740 $ 8,394 Six Months Ended Six Months Ended Modified Loans (1) Charge-offs Payment- Default Modified Loans (1) Charge-offs Payment- Default TDR Loans $ 153,848 $ 10,432 $ 47,089 $ 139,091 $ 2,388 $ 13,177 _____ (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 June 30, 2016 December 31, 2015 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance Cosigners: With cosigner $ 11,035,215 90 % $ 9,515,136 90 % Without cosigner 1,255,494 10 1,081,301 10 Total $ 12,290,709 100 % $ 10,596,437 100 % FICO at Original Approval: Less than 670 $ 796,650 6 % $ 700,779 7 % 670-699 1,804,573 15 1,554,959 15 700-749 3,978,560 32 3,403,823 32 Greater than or equal to 750 5,710,926 47 4,936,876 46 Total $ 12,290,709 100 % $ 10,596,437 100 % Seasoning (2) : 1-12 payments $ 3,751,609 30 % $ 3,059,901 29 % 13-24 payments 2,299,536 19 2,096,412 20 25-36 payments 1,198,402 10 1,084,818 10 37-48 payments 567,240 4 513,125 5 More than 48 payments 453,680 4 414,217 4 Not yet in repayment 4,020,242 33 3,427,964 32 Total $ 12,290,709 100 % $ 10,596,437 100 % (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 Private Education Loan portfolio for all periods presented. Private Education Loan Accrued Interest Receivable Total Interest Receivable Greater Than 90 Days Past Due Allowance for Uncollectible Interest June 30, 2016 $ 695,680 $ 895 $ 3,241 December 31, 2015 $ 542,919 $ 791 $ 3,332

Deposits (Tables)

Deposits (Tables)	6 Months Ended
	Jun. 30, 2016
Banking and Thrift [Abstract]
Schedule of deposits	The following table summarizes total deposits at June 30, 2016 and December 31, 2015 . June 30, December 31, 2016 2015 Deposits - interest bearing $ 11,898,925 $ 11,487,006 Deposits - non-interest bearing 1,158 701 Total deposits $ 11,900,083 $ 11,487,707
Interest bearing deposits	Interest bearing deposits at June 30, 2016 and December 31, 2015 are summarized as follows: June 30, 2016 December 31, 2015 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 5,216,901 1.23 % $ 4,886,299 1.19 % Savings 666,918 0.82 669,254 0.82 Certificates of deposit 6,015,106 1.19 5,931,453 0.98 Deposits - interest bearing $ 11,898,925 $ 11,487,006 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes our secured borrowings at June 30, 2016 and December 31, 2015. June 30, 2016 December 31, 2015 Short-Term Long-Term Total Short-Term Long-Term Total Secured borrowings: Private Education Loan term securitization $ — $ 1,038,029 $ 1,038,029 $ — $ 579,101 $ 579,101 ABCP Facility — — — 500,175 — 500,175 Total $ — $ 1,038,029 $ 1,038,029 $ 500,175 $ 579,101 $ 1,079,276
Schedule of securities financing transactions	Secured Financings at Issuance Issue Date Issued Total 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 at inception for the 2015-B securitization $ 745,580 2016-A May 2016 $ 501,000 1-month LIBOR plus 1.38% 4.01 Total notes issued in 2016 $ 501,000 Total loan amount securitized at inception for the 2016-A securitization $ 619,944 ____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed rate bonds, excluding issuance costs.
Schedule of variable interest entities	We consolidate the following financing VIEs as of June 30, 2016 and December 31, 2015, respectively: June 30, 2016 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding Short-Term Long-Term Total Loans Restricted Cash Other Assets (1) Total Secured borrowings: Private Education Loan term securitization $ — $ 1,038,029 $ 1,038,029 $ 1,237,676 $ 29,123 $ 84,294 $ 1,351,093 ABCP Facility — — — — — — — Total $ — $ 1,038,029 $ 1,038,029 $ 1,237,676 $ 29,123 $ 84,294 $ 1,351,093 ____ (1) Other assets primarily represent accrued interest receivable. December 31, 2015 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding Short-Term Long-Term Total Loans Restricted Cash Other Assets (1) Total Secured borrowings: Private Education Loan term securitization $ — $ 579,101 $ 579,101 $ 687,298 $ 9,996 $ 45,566 $ 742,860 ABCP Facility 500,175 — 500,175 923,687 12,443 58,095 994,225 Total $ 500,175 $ 579,101 $ 1,079,276 $ 1,610,985 $ 22,439 $ 103,661 $ 1,737,085 ____ (1) Other assets primarily represent accrued interest receivable.

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Impact of derivatives on the consolidated balance sheet	The following tables summarize the fair values and notional amounts of all derivative instruments at June 30, 2016 and December 31, 2015 , and their impact on earnings and other comprehensive income for the three and six months ended June 30, 2016 and 2015. Please refer to Note 11, “Derivative Financial Instruments” in our 2015 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities. Impact of Derivatives on the Consolidated Balance Sheet Cash Flow Hedges Fair Value Hedges Trading Total June 30, December 31, June 30, December June 30, December June 30, December 2016 2015 2016 2015 2016 2015 2016 2015 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ — $ — $ 63,371 $ 15,231 $ 1,745 $ 83 $ 65,116 $ 15,314 Derivative Liabilities: (2) Interest rate swaps Interest rate (60,892 ) (27,512 ) — (2,339 ) — (646 ) (60,892 ) (30,497 ) Total net derivatives $ (60,892 ) $ (27,512 ) $ 63,371 $ 12,892 $ 1,745 $ (563 ) $ 4,224 $ (15,183 ) ___________ (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 June 30, December 31, June 30, December 31, 2016 2015 2016 2015 Gross position (1) $ 65,116 $ 15,314 $ (60,892 ) $ (30,497 ) Impact of master netting agreement (16,173 ) (9,278 ) 16,173 9,278 Derivative values with impact of master netting agreements (as carried on balance sheet) 48,943 6,036 (44,719 ) (21,219 ) Cash collateral (held) pledged (16,659 ) (1,070 ) 53,555 54,845 Net position $ 32,284 $ 4,966 $ 8,836 $ 33,626 __________ (1) Gross position amounts are exclusive of accrued interest.
Offsetting assets	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, 2016 2015 2016 2015 Gross position (1) $ 65,116 $ 15,314 $ (60,892 ) $ (30,497 ) Impact of master netting agreement (16,173 ) (9,278 ) 16,173 9,278 Derivative values with impact of master netting agreements (as carried on balance sheet) 48,943 6,036 (44,719 ) (21,219 ) Cash collateral (held) pledged (16,659 ) (1,070 ) 53,555 54,845 Net position $ 32,284 $ 4,966 $ 8,836 $ 33,626 __________ (1) Gross position amounts are exclusive of accrued interest.
Offsetting liabilities	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, 2016 2015 2016 2015 Gross position (1) $ 65,116 $ 15,314 $ (60,892 ) $ (30,497 ) Impact of master netting agreement (16,173 ) (9,278 ) 16,173 9,278 Derivative values with impact of master netting agreements (as carried on balance sheet) 48,943 6,036 (44,719 ) (21,219 ) Cash collateral (held) pledged (16,659 ) (1,070 ) 53,555 54,845 Net position $ 32,284 $ 4,966 $ 8,836 $ 33,626 __________ (1) Gross position amounts are exclusive of accrued interest.
Schedule of notional amounts of outstanding derivative positions	Cash Flow Fair Value Trading Total June 30, December 31, June 30, December June 30, December June 30, December 2016 2015 2016 2015 2016 2015 2016 2015 Notional Values Interest rate swaps $ 1,095,925 $ 1,109,933 $ 3,808,016 $ 3,080,167 $ 1,215,899 $ 1,305,757 $ 6,119,840 $ 5,495,857
Derivative instruments, gain (loss)	Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Fair Value Hedges Interest rate swaps: Hedge ineffectiveness gains (losses) recorded in earnings (1) $ 1,218 $ 489 $ (1,199 ) $ 915 Realized gains recorded in interest expense 7,391 7,490 14,650 14,982 Total $ 8,609 $ 7,979 $ 13,451 $ 15,897 Cash Flow Hedges Interest rate swaps: Hedge ineffectiveness (losses) gains recorded in earnings (1) $ (403 ) $ 34 $ (681 ) $ (270 ) Realized losses recorded in interest expense (4,586 ) (5,392 ) (9,207 ) (10,746 ) Total $ (4,989 ) $ (5,358 ) $ (9,888 ) $ (11,016 ) Trading Interest rate swaps: Interest reclassification $ 672 $ 970 $ 1,360 $ 1,993 Change in fair value of future interest payments recorded in earnings 655 109 2,308 2,256 Total (1) 1,327 1,079 3,668 4,249 Total $ 4,947 $ 3,700 $ 7,231 $ 9,130 ________ (1) Amounts included in “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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Amount of (loss) gain recognized in other comprehensive (loss) income $ (13,318 ) $ 12,764 $ (42,313 ) $ (8,279 ) Less: amount of loss reclassified in interest expense (1) (4,586 ) (5,392 ) (9,207 ) (10,746 ) Total change in other comprehensive (loss) income for unrealized (losses) gains on derivatives, before income tax benefit $ (8,732 ) $ 18,156 $ (33,106 ) $ 2,467 ___________ (1) Amounts included in “realized losses recorded in interest expense” in the “Impact of Derivatives on the Consolidated Statements of Income” table.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of common share repurchases	The following table summarizes our common share repurchases and issuances. Three Months Ended Six Months Ended (Shares and per share amounts in actuals) 2016 2015 2016 2015 Shares repurchased related to employee stock-based compensation plans (1)(2) 263,218 1,374,997 1,391,927 2,764,093 Average purchase price per share $ 6.68 $ 10.14 $ 6.12 $ 9.80 Common shares issued (3) 425,495 2,077,235 3,166,474 5,208,074 __________________ (1) Comprised of 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 intend to initiate a publicly announced share repurchase program. (3) Common shares issued under our various compensation and benefit plans.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 Six Months Ended June 30, June 30, (In thousands, except per share data) 2016 2015 2016 2015 Numerator: Net income $ 57,205 $ 91,016 $ 123,120 $ 138,715 Preferred stock dividends 5,243 4,870 10,382 9,693 Net income attributable to SLM Corporation common stock $ 51,962 $ 86,146 $ 112,738 $ 129,022 Denominator: Weighted average shares used to compute basic EPS 427,942 425,688 427,526 425,061 Effect of dilutive securities: Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan ("ESPP") (1)(2) 3,854 7,054 3,823 7,462 Weighted average shares used to compute diluted EPS 431,796 432,742 431,349 432,523 Basic earnings per common share attributable to SLM Corporation $ 0.12 $ 0.20 $ 0.26 $ 0.30 Diluted earnings per common share attributable to SLM Corporation $ 0.12 $ 0.20 $ 0.26 $ 0.30 ________________ (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 June 30, 2016 and 2015, securities covering approximately 1 million and 2 million shares, respectively, and for the six months ended June 30, 2016 and 2015, securities covering approximately 4 million and 2 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)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Mortgage-backed securities $ — $ 206,785 $ — $ 206,785 $ — $ 195,391 $ — $ 195,391 Derivative instruments — 65,116 — 65,116 — 15,314 — 15,314 Total $ — $ 271,901 $ — $ 271,901 $ — $ 210,705 $ — $ 210,705 Liabilities Derivative instruments $ — $ (60,892 ) $ — $ (60,892 ) $ — $ (30,497 ) $ — $ (30,497 ) Total $ — $ (60,892 ) $ — $ (60,892 ) $ — $ (30,497 ) $ — $ (30,497 )
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. June 30, 2016 December 31, 2015 Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets Loans held for investment, net $ 14,286,053 $ 13,245,426 $ 1,040,627 $ 12,343,726 $ 11,630,591 $ 713,135 Cash and cash equivalents 1,042,915 1,042,915 — 2,416,219 2,416,219 — Available-for-sale investments 206,785 206,785 — 195,391 195,391 — Accrued interest receivable 719,875 719,875 — 564,496 564,496 — Tax indemnification receivable 160,325 160,325 — 186,076 186,076 — Derivative instruments 65,116 65,116 — 15,314 15,314 — Total earning assets $ 16,481,069 $ 15,440,442 $ 1,040,627 $ 15,721,222 $ 15,008,087 $ 713,135 Interest-bearing liabilities Money-market and savings accounts $ 5,883,818 $ 5,883,818 $ — $ 5,556,254 $ 5,556,254 $ — Certificates of deposit 6,034,513 6,015,105 (19,408 ) 5,928,450 5,931,453 3,003 Short-term borrowings — — — 500,175 500,175 — Long-term borrowings 1,053,086 1,038,029 (15,057 ) 567,468 579,101 11,633 Accrued interest payable 19,309 19,309 — 16,385 16,385 — Derivative instruments 60,892 60,892 — 30,497 30,497 — Total interest-bearing liabilities $ 13,051,618 $ 13,017,153 $ (34,465 ) $ 12,599,229 $ 12,613,865 $ 14,636 Excess of net asset fair value over carrying value $ 1,006,162 $ 727,771

Regulatory Capital (Tables)

Regulatory Capital (Tables)	6 Months Ended
	Jun. 30, 2016
Banking and Thrift [Abstract]
Schedule of compliance with regulatory capital requirements under banking regulations	6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 1,863,583 13.5 % $ 1,105,543 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 2,009,072 14.5 % $ 1,381,928 > 10.0 % Tier 1 Capital (to Average Assets) $ 1,863,583 12.2 % $ 763,839 > 5.0 % As of December 31, 2015: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 1,734,315 14.4 % $ 781,638 > 6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 1,734,315 14.4 % $ 962,017 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 1,848,528 15.4 % $ 1,202,521 > 10.0 % Tier 1 Capital (to Average Assets) $ 1,734,315 12.3 % $ 704,979 > 5.0 %" id="sjs-B4">The following capital amounts and ratios are based upon the Bank's assets. Actual "Well Capitalized" Regulatory Requirements Amount Ratio Amount Ratio As of June 30, 2016: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 1,863,583 13.5 % $ 898,253 > 6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 1,863,583 13.5 % $ 1,105,543 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 2,009,072 14.5 % $ 1,381,928 > 10.0 % Tier 1 Capital (to Average Assets) $ 1,863,583 12.2 % $ 763,839 > 5.0 % As of December 31, 2015: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 1,734,315 14.4 % $ 781,638 > 6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 1,734,315 14.4 % $ 962,017 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 1,848,528 15.4 % $ 1,202,521 > 10.0 % Tier 1 Capital (to Average Assets) $ 1,734,315 12.3 % $ 704,979 > 5.0 %

Loans Held for Investment - Add

Loans Held for Investment - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Receivables [Abstract]
Percent of private loans indexed to LIBOR	81.00%
Tier 1 of government guarantee (in percentage)	97.00%		97.00%
Tier 2 of government guarantee (in percentage)				98.00%
Tier 3 of government guarantee (in percentage)					100.00%
Estimated weighted average life of student loans (in years)	6 years	6 years 2 months 12 days

Loans Held for Investment - Stu

Loans Held for Investment - Student Loan Portfolio by Program (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Receivables [Abstract]
Private Education Loans	$ 12,290,709	$ 10,596,437
Deferred origination costs	35,212	27,884
Allowance for loan losses	(142,628)	(108,816)
Total Private Education Loans, net	12,183,293	10,515,505
FFELP Loans	1,061,517	1,115,663
Unamortized acquisition costs, net	2,913	3,114
Allowance for loan losses	(2,297)	(3,691)
Total FFELP Loans, net	1,062,133	1,115,086
Loans held for investment, net	$ 13,245,426	$ 11,630,591

Loans Held for Investment - S35

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Receivables [Abstract]
Average Balance, Private Education Loans	$ 12,217,890	$ 9,361,711	$ 12,017,799	$ 9,407,888
Average Balance FFELP Loans	1,076,419	1,194,309	1,089,836	1,214,384
Average balance, Total portfolio	$ 13,294,309	$ 10,556,020	$ 13,107,635	$ 10,622,272
Weighted Average Interest Rate, Private Education Loans	7.98%	7.96%	8.00%	8.01%
Weighted Average Interest Rate FFELP loans	3.48%	3.22%	3.45%	3.20%

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)charge_off	Jun. 30, 2015USD ($)charge_off	Jun. 30, 2016USD ($)charge_off	Jun. 30, 2015USD ($)charge_off
Allowance for Loan Losses
Beginning balance	$ 126,249	$ 89,805	$ 112,507	$ 83,842
Total provision	41,377	15,558	75,537	32,176
Net charge-offs:
Charge-offs	(24,250)	(13,757)	(43,637)	(23,618)
Recoveries	3,082	1,780	4,125	3,168
Net charge-offs	(21,168)	(11,977)	(39,512)	(20,450)
Loan sales	(1,533)	(1,520)	(3,607)	(3,702)
Ending Balance	144,925	91,866	144,925	91,866
Allowance:
Ending balance: individually evaluated for impairment	63,370	32,446	63,370	32,446
Ending balance: collectively evaluated for impairment	81,555	59,420	81,555	59,420
Loans:
Ending balance: individually evaluated for impairment	400,969	187,143	400,969	187,143
Ending balance: collectively evaluated for impairment	12,951,257	10,304,670	12,951,257	10,304,670
FFELP Loans
Allowance for Loan Losses
Beginning balance	3,629	4,569	3,691	5,268
Total provision	(985)	466	(664)	901
Net charge-offs:
Charge-offs	(347)	(479)	(730)	(1,613)
Recoveries	0	0	0	0
Net charge-offs	(347)	(479)	(730)	(1,613)
Loan sales	0	0	0	0
Ending Balance	2,297	4,556	2,297	4,556
Allowance:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	2,297	4,556	2,297	4,556
Loans:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	$ 1,061,517	$ 1,178,876	$ 1,061,517	$ 1,178,876
Net charge-offs as a percentage of average loans in repayment (annualized)	0.18%	0.22%	0.18%	0.37%
Allowance as a percentage of the ending total loan balance	0.22%	0.39%	0.22%	0.39%
Allowance as a percentage of the ending loans in repayment	0.30%	0.54%	0.30%	0.54%
Allowance coverage of net charge-offs (annualized) | charge_off	1.65	2.38	1.57	1.41
Ending total loans, gross	$ 1,061,517	$ 1,178,876	$ 1,061,517	$ 1,178,876
Average loans in repayment	786,818	861,453	794,665	880,953
Ending loans in repayment	773,321	836,545	773,321	836,545
Private Education Loans
Allowance for Loan Losses
Beginning balance	122,620	85,236	108,816	78,574
Total provision	42,362	15,092	76,201	31,275
Net charge-offs:
Charge-offs	(23,903)	(13,278)	(42,907)	(22,005)
Recoveries	3,082	1,780	4,125	3,168
Net charge-offs	(20,821)	(11,498)	(38,782)	(18,837)
Loan sales	(1,533)	(1,520)	(3,607)	(3,702)
Ending Balance	142,628	87,310	142,628	87,310
Allowance:
Ending balance: individually evaluated for impairment	63,370	32,446	63,370	32,446
Ending balance: collectively evaluated for impairment	79,258	54,864	79,258	54,864
Loans:
Ending balance: individually evaluated for impairment	400,969	187,143	400,969	187,143
Ending balance: collectively evaluated for impairment	$ 11,889,740	$ 9,125,794	$ 11,889,740	$ 9,125,794
Net charge-offs as a percentage of average loans in repayment (annualized)	1.05%	0.81%	1.01%	0.66%
Allowance as a percentage of the ending total loan balance	1.16%	0.94%	1.16%	0.94%
Allowance as a percentage of the ending loans in repayment	1.78%	1.54%	1.78%	1.54%
Allowance coverage of net charge-offs (annualized) | charge_off	1.71	1.90	1.84	2.32
Ending total loans, gross	$ 12,290,709	$ 9,312,937	$ 12,290,709	$ 9,312,937
Average loans in repayment	7,894,340	5,712,559	7,695,889	5,667,912
Ending loans in repayment	$ 8,029,034	$ 5,666,645	$ 8,029,034	$ 5,666,645

Allowance for Loan Losses - Add

Allowance for Loan Losses - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jul. 01, 2006
Receivables [Abstract]
Percentage of loans granted forbearance qualified as TDR	24.00%	23.00%
Criteria for loans to be considered as nonperforming	90 days
Tier 1 of government guarantee (in percentage)	97.00%		97.00%
TDR payment default period	60 days
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	Jun. 30, 2016	Dec. 31, 2015
Receivables [Abstract]
Recorded Investment	$ 406,152	$ 269,628
Unpaid Principal Balance	400,969	265,831
Allowance	$ 63,370	$ 43,480

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Receivables [Abstract]
Average Recorded Investment	$ 364,882	$ 155,763	$ 332,292	$ 121,690
Interest Income Recognized	$ 6,697	$ 3,206	$ 12,280	$ 5,116

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	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR loans in in-school/grace/deferment	$ 12,937	$ 6,869
TDR loans in forbearance	59,834	43,756
TDR loans in repayment and percentage of each status:
Loans current	292,740	185,936
Total TDR loans in repayment	328,198	215,206
Total TDR loans, gross	$ 400,969	$ 265,831
Loans current, in percentage	89.20%	86.40%
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	$ 17,134	$ 14,948
Loans delinquent, in percentage	5.20%	6.90%
Loans delinquent 61-90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 12,150	$ 9,239
Loans delinquent, in percentage	3.70%	4.30%
Loans delinquent greater than 90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 6,174	$ 5,083
Loans delinquent, in percentage	1.90%	2.40%

Allowance for Loan Losses - Mod

Allowance for Loan Losses - Modified Loan Accounts for TDR (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Receivables [Abstract]
Modified Loans	$ 92,782	$ 75,183	$ 153,848	$ 139,091
Charge-offs	5,464	1,740	10,432	2,388
Payment-Default	$ 21,388	$ 8,394	$ 47,089	$ 13,177

Allowance for Loan Losses - Pri

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 12,290,709	$ 10,596,437
Private Education Loans | Cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans with cosigner	11,035,215	9,515,136
Private Education Loans without cosigner	1,255,494	1,081,301
Total	$ 12,290,709	$ 10,596,437
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 Original Approval
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 12,290,709	$ 10,596,437
Total in percent	100.00%	100.00%
Private Education Loans | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 12,290,709	$ 10,596,437
Total in percent	100.00%	100.00%
Seasoning - based on monthly scheduled payments due from 1-12 payments	$ 3,751,609	$ 3,059,901
Seasoning - based on monthly scheduled payments due from 13-24 payments	2,299,536	2,096,412
Seasoning - based on monthly scheduled payments due from 25-36 payments	1,198,402	1,084,818
Seasoning - based on monthly scheduled payments due from 37-48 payments	567,240	513,125
Seasoning - based on monthly scheduled payments due from more than 48 payments	453,680	414,217
Seasoning - based on monthly scheduled payments due from not yet in repayment	$ 4,020,242	$ 3,427,964
Seasoning based on monthly scheduled payments due from 1-12 payments, in percent	30.00%	29.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments, in percent	19.00%	20.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments, in percent	10.00%	10.00%
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	4.00%	4.00%
Seasoning - based on monthly scheduled payments due from not yet in repayment, in percent	33.00%	32.00%
FICO score less than 670 | Private Education Loans | FICO at Original Approval
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 796,650	$ 700,779
Total in percent	6.00%	7.00%
FICO score 670-699 | Private Education Loans | FICO at Original Approval
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 1,804,573	$ 1,554,959
Total in percent	15.00%	15.00%
FICO score 700-749 | Private Education Loans | FICO at Original Approval
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 3,978,560	$ 3,403,823
Total in percent	32.00%	32.00%
FICO score greater than or equal to 750 | Private Education Loans | FICO at Original Approval
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 5,710,926	$ 4,936,876
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	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Loans in repayment and percentage of each status:
Private Education Loans allowance for losses	$ (144,925)	$ (112,507)	$ (126,249)	$ (91,866)	$ (89,805)	$ (83,842)
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	4,020,242	3,427,964
Loans in forbearance	241,433	241,207
Loans in repayment and percentage of each status:
Loans current	7,860,994	6,773,095
Total Private Education Loans in repayment	8,029,034	6,927,266
Total Private Education loans, gross	12,290,709	10,596,437
Private Education Loans deferred origination costs	35,212	27,884
Total Private Education Loans	12,325,921	10,624,321
Private Education Loans allowance for losses	(142,628)	(108,816)	$ (122,620)	$ (87,310)	$ (85,236)	$ (78,574)
Private Education Loans, net	$ 12,183,293	$ 10,515,505
Loans current, in percentage	97.90%	97.80%
Total Private Education Loans in repayment (as a percentage)	100.00%	100.00%
Percentage of Private Education Loans in repayment (as a percentage)	65.30%	65.40%
Delinquencies as a percentage of Private Education Loans in repayment (as a percentage)	2.10%	2.20%
Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance (as a percentage)	2.90%	3.40%
Loans delinquent 31-60 days | Private Education Loans
Loans in repayment and percentage of each status:
Loans delinquent	$ 87,990	$ 91,129
Loans delinquent, in percentage	1.10%	1.30%
Loans delinquent 61-90 days | Private Education Loans
Loans in repayment and percentage of each status:
Loans delinquent	$ 56,377	$ 42,048
Loans delinquent, in percentage	0.70%	0.60%
Loans delinquent greater than 90 days | Private Education Loans
Loans in repayment and percentage of each status:
Loans delinquent	$ 23,673	$ 20,994
Loans delinquent, in percentage	0.30%	0.30%

Allowance for Loan Losses - Acc

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Receivables [Abstract]
Total Interest Receivable	$ 695,680	$ 542,919
Greater Than 90 Days Past Due	895	791
Allowance for Uncollectible Interest	$ 3,241	$ 3,332

Deposits - Summary (Details)

Deposits - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Banking and Thrift [Abstract]
Deposits - interest bearing	$ 11,898,925	$ 11,487,006
Deposits - non-interest bearing	1,158	701
Total deposits	$ 11,900,083	$ 11,487,707

Deposits - Additional Informati

Deposits - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Banking and Thrift [Abstract]
Brokered deposit placement fee	$ 2,600,000	$ 2,700,000	$ 5,200,000	$ 5,400,000
Third party broker fees paid	100,000	$ 0	2,900,000	$ 0
Deposits exceeding FDIC insurance limits	306,200,000		306,200,000		$ 709,900,000
Accrued interest on deposits	17,800,000		17,800,000		15,700,000
Deposits - non-interest bearing	$ 1,158,000		$ 1,158,000		$ 701,000

Deposits - Interest Bearing Dep

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Amount
Money market	$ 5,216,901	$ 4,886,299
Savings	666,918	669,254
Certificates of deposit	6,015,106	5,931,453
Deposits - interest bearing	$ 11,898,925	$ 11,487,006
Weighted Average Stated Rate
Money market	1.23%	1.19%
Savings	0.82%	0.82%
Certificates of deposit	1.19%	0.98%

Borrowings - Company Borrowings

Borrowings - Company Borrowings (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Short Term	$ 0	$ 500,175,000
Long Term	1,038,029,000	579,101,000
Total	1,038,029,000	1,079,276,000
Private Education Loan securitization
Debt Instrument [Line Items]
Short Term	0	0
Long Term	1,038,029,000	579,101,000
Total	1,038,029,000	579,101,000
ABCP borrowings
Debt Instrument [Line Items]
Short Term	0	500,175,000
Long Term	0	0
Total	$ 0	$ 500,175,000

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	May 26, 2016	Feb. 25, 2016	Jun. 30, 2016	Dec. 31, 2015	Dec. 19, 2014
Line of Credit Facility [Line Items]
Short-term borrowings			$ 0	$ 500,175,000
Estimated weighted average life of student loans (in years)			6 years	6 years 2 months 12 days
Uncommitted federal funds			$ 100,000,000
Lendable value of collateral			2,800,000,000	$ 1,700,000,000
Class A Notes
Line of Credit Facility [Line Items]
Amount of loan securitization sold to third parties	$ 501,000,000
Proceeds from loan securitization sold to third parties	$ 501,000,000
Estimated weighted average life of student loans (in years)	4 years 3 days
Class B Notes
Line of Credit Facility [Line Items]
Ownership interest percentage	100.00%
Amount of ownership interest in loan securitization	$ 50,000,000
ABCP borrowings
Line of Credit Facility [Line Items]
Short-term borrowings			0	$ 500,175,000
Loans pledged as collateral			$ 0
Contractual maturity			2 years
Contractual maturity term, revolving period			1 year
Contractual maturity term, amortization period			1 year
ABCP borrowings | Commercial Paper
Line of Credit Facility [Line Items]
Private asset backed commercial paper education loan funding facility		$ 750,000,000			$ 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%
Ownership interest percentage			100.00%
Private Education Loans
Line of Credit Facility [Line Items]
Loans pledged as collateral			$ 583,000,000
Total loan amount securitized at inception for the 2016 on-balance sheet term securitization	551,000,000
Proceeds from loan securitization sold to third parties	$ 501,000,000
Residual Certificates
Line of Credit Facility [Line Items]
Ownership interest percentage	100.00%
LIBOR | Class A Notes
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.38%
LIBOR | ABCP borrowings | Commercial Paper
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%		0.80%
Minimum | ABCP borrowings | Commercial Paper
Line of Credit Facility [Line Items]
Financing cost percentage of unused borrowing capacity		0.35%
Maximum | ABCP borrowings | Commercial Paper
Line of Credit Facility [Line Items]
Financing cost percentage of unused borrowing capacity		0.45%

Borrowings - Securitizations (D

Borrowings - Securitizations (Details) - USD ($) $ in Thousands	May 31, 2016	Jul. 31, 2015	Jun. 30, 2016	Dec. 31, 2015
Securities Financing Transaction [Line Items]
Total bonds issued			$ 501,000	$ 630,800
Total loan amount securitized at inception on-balance sheet term securitization	$ 619,944	$ 745,580
2015-B
Securities Financing Transaction [Line Items]
Total bonds issued		$ 630,800
Weighted Average Life		4 years 9 months 26 days
2016-A
Securities Financing Transaction [Line Items]
Total bonds issued	$ 501,000
Weighted Average Life	4 years 3 days
LIBOR | 2015-B
Securities Financing Transaction [Line Items]
Basis spread on variable rate		1.53%
LIBOR | 2016-A
Securities Financing Transaction [Line Items]
Basis spread on variable rate	1.38%

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Debt Outstanding
Short Term	$ 0	$ 500,175,000
Long Term	1,038,029,000	579,101,000
Total	1,038,029,000	1,079,276,000
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	34,297,000	27,980,000
Other Assets	80,239,000	57,227,000
Private Education Loan securitization
Debt Outstanding
Short Term	0	0
Long Term	1,038,029,000	579,101,000
Total	1,038,029,000	579,101,000
ABCP Facility
Debt Outstanding
Short Term	0	500,175,000
Long Term	0	0
Total	0	500,175,000
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short Term	0	500,175,000
Long Term	1,038,029,000	579,101,000
Total	1,038,029,000	1,079,276,000
Carrying Amount of Assets Securing Debt Outstanding
Loans	1,237,676,000	1,610,985,000
Restricted Cash	29,123,000	22,439,000
Other Assets	84,294,000	103,661,000
Total	1,351,093,000	1,737,085,000
Variable Interest Entity, Primary Beneficiary | Private Education Loan securitization
Debt Outstanding
Short Term	0	0
Long Term	1,038,029,000	579,101,000
Total	1,038,029,000	579,101,000
Carrying Amount of Assets Securing Debt Outstanding
Loans	1,237,676,000	687,298,000
Restricted Cash	29,123,000	9,996,000
Other Assets	84,294,000	45,566,000
Total	1,351,093,000	742,860,000
Variable Interest Entity, Primary Beneficiary | ABCP Facility
Debt Outstanding
Short Term	0	500,175,000
Long Term	0	0
Total	0	500,175,000
Carrying Amount of Assets Securing Debt Outstanding
Loans	0	923,687,000
Restricted Cash	0	12,443,000
Other Assets	0	58,095,000
Total	$ 0	$ 994,225,000

Private Education Loan Term S52

Private Education Loan Term Securitizations (Details) - USD ($) $ in Millions	May 26, 2016	Jun. 30, 2016
Private Education Loans
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Private education loan term accounted for as a secured financing	$ 551
Proceeds from loan securitization sold to third parties	501
Loans pledged as collateral		$ 583
Class A Notes
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Amount of loan securitization sold to third parties	501
Proceeds from loan securitization sold to third parties	$ 501
Class B Notes
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Ownership interest percentage	100.00%
Amount of ownership interest in loan securitization	$ 50
Residual Certificates
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Ownership interest percentage	100.00%

Derivative Financial Instrume53

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Net derivatives	$ 55,800	$ 50,100
Cash collateral held	16,659	1,070
Cash collateral pledged	53,555	$ 54,845
Chicago Mercantile Exchange and the London Clearing House
Derivative [Line Items]
Notional value	$ 5,500,000

Derivative Financial Instrume54

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 65,116	$ 15,314
Derivative Liabilities	(60,892)	(30,497)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Assets	65,116	15,314
Derivative Liabilities	(60,892)	(30,497)
Total net derivatives	4,224	(15,183)
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Derivative Assets	1,745	83
Derivative Liabilities	0	(646)
Total net derivatives	1,745	(563)
Interest rate swaps | Cash Flow | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	(60,892)	(27,512)
Total net derivatives	(60,892)	(27,512)
Interest rate swaps | Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	63,371	15,231
Derivative Liabilities	0	(2,339)
Total net derivatives	$ 63,371	$ 12,892

Derivative Financial Instrume55

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Assets
Gross position	$ 65,116	$ 15,314
Impact of master netting agreement	(16,173)	(9,278)
Derivative values with impact of master netting agreements (as carried on balance sheet)	48,943	6,036
Cash collateral (held) pledged	(16,659)	(1,070)
Net position	32,284	4,966
Other Liabilities
Gross position	(60,892)	(30,497)
Impact of master netting agreement	16,173	9,278
Derivative values with impact of master netting agreements (as carried on balance sheet)	(44,719)	(21,219)
Cash collateral (held) pledged	53,555	54,845
Net position	$ 8,836	$ 33,626

Derivative Financial Instrume56

Derivative Financial Instruments - Notional Values (Details) - Interest rate swaps - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Notional values	$ 6,119,840	$ 5,495,857
Trading
Derivatives, Fair Value [Line Items]
Notional values	1,215,899	1,305,757
Cash Flow Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	1,095,925	1,109,933
Fair Value Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	$ 3,808,016	$ 3,080,167

Derivative Financial Instrume57

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Trading
Gain (loss) on derivatives, net	$ 4,947	$ 3,700	$ 7,231	$ 9,130
Designated as Hedging Instrument | Fair Value Hedges
Fair Value Hedges
Hedge ineffectiveness gains (losses) recorded in earnings	1,218	489	(1,199)	915
Realized gains recorded in interest expense	7,391	7,490	14,650	14,982
Trading
Gain (loss) on derivatives, net	8,609	7,979	13,451	15,897
Designated as Hedging Instrument | Cash Flow Hedges
Cash Flow Hedges
Hedge ineffectiveness (losses) gains recorded in earnings	(403)	34	(681)	(270)
Realized losses recorded in interest expense	(4,586)	(5,392)	(9,207)	(10,746)
Trading
Gain (loss) on derivatives, net	(4,989)	(5,358)	(9,888)	(11,016)
Trading
Trading
Interest reclassification	672	970	1,360	1,993
Change in fair value of future interest payments recorded in earnings	655	109	2,308	2,256
Gain (loss) on derivatives, net	$ 1,327	$ 1,079	$ 3,668	$ 4,249

Derivative Financial Instrume58

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of (loss) gain recognized in other comprehensive (loss) income	$ (13,318)	$ 12,764	$ (42,313)	$ (8,279)
Less: amount of loss reclassified in interest expense	(4,586)	(5,392)	(9,207)	(10,746)
Total change in other comprehensive (loss) income for unrealized (losses) gains on derivatives, before income tax benefit	$ (8,732)	$ 18,156	$ (33,106)	$ 2,467

Stockholders' Equity - Common s

Stockholders' Equity - Common stock repurchased (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Shares repurchased related to employee stock-based compensation plans (in shares)	263,218	1,374,997	1,391,927	2,764,093
Average purchase price per share (in dollars per share)	$ 6.68	$ 10.14	$ 6.12	$ 9.80
Common shares issued (in shares)	425,495	2,077,235	3,166,474	5,208,074

Stockholders' Equity - Additio

Stockholders' Equity - Additional Detail (Details)	Jun. 30, 2016$ / shares
Common Stock
Class of Stock [Line Items]
Common stock closing price (usd per share)	$ 6.18

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income	$ 57,205	$ 91,016	$ 123,120	$ 138,715
Preferred stock dividends	5,243	4,870	10,382	9,693
Net income attributable to SLM Corporation common stock	$ 51,962	$ 86,146	$ 112,738	$ 129,022
Denominator:
Weighted average shares used to compute basic EPS (in shares)	427,942	425,688	427,526	425,061
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan (ESPP) (in shares)	3,854	7,054	3,823	7,462
Weighted average shares used to compute diluted EPS (in shares)	431,796	432,742	431,349	432,523
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.12	$ 0.20	$ 0.26	$ 0.30
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.12	$ 0.20	$ 0.26	$ 0.30
Securities excluded from computation of EPS (in shares)	1,000	2,000	4,000	2,000

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Mortgage-backed securities	$ 206,785	$ 195,391
Derivative instruments	48,943	6,036
Liabilities
Derivative instruments	(44,719)	(21,219)
Fair Value Measurements Recurring
Assets
Mortgage-backed securities	206,785	195,391
Derivative instruments	65,116	15,314
Total earning assets	271,901	210,705
Liabilities
Derivative instruments	(60,892)	(30,497)
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	206,785	195,391
Derivative instruments	65,116	15,314
Total earning assets	271,901	210,705
Liabilities
Derivative instruments	(60,892)	(30,497)
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	Jun. 30, 2016	Dec. 31, 2015
Earning assets
Loans held for investment, net, difference	$ 1,040,627	$ 713,135
Tax indemnification receivable	160,325	186,076
Derivative instruments	48,943	6,036
Total earning assets, difference	1,040,627	713,135
Interest-bearing liabilities
Long-term borrowings, difference	(15,057)	11,633
Derivative instruments	44,719	21,219
Total interest-bearing liabilities, difference	(34,465)	14,636
Excess of net asset fair value over carrying value	1,006,162	727,771
Certificates of deposit
Interest-bearing liabilities
Certificates of deposit, difference	(19,408)	3,003
Fair Value
Earning assets
Loans held for investment, net	14,286,053	12,343,726
Cash and cash equivalents	1,042,915	2,416,219
Available-for-sale investments	206,785	195,391
Accrued interest receivable	719,875	564,496
Tax indemnification receivable	160,325	186,076
Derivative instruments	65,116	15,314
Total earning assets	16,481,069	15,721,222
Interest-bearing liabilities
Short-term borrowings		500,175
Long-term borrowings	1,053,086	567,468
Accrued interest payable	19,309	16,385
Derivative instruments	60,892	30,497
Total interest-bearing liabilities	13,051,618	12,599,229
Fair Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	5,883,818	5,556,254
Fair Value | Certificates of deposit
Interest-bearing liabilities
Deposits	6,034,513	5,928,450
Carrying Value
Earning assets
Loans held for investment, net	13,245,426	11,630,591
Cash and cash equivalents	1,042,915	2,416,219
Available-for-sale investments	206,785	195,391
Accrued interest receivable	719,875	564,496
Tax indemnification receivable	160,325	186,076
Derivative instruments	65,116	15,314
Total earning assets	15,440,442	15,008,087
Interest-bearing liabilities
Short-term borrowings		500,175
Long-term borrowings	1,038,029	579,101
Accrued interest payable	19,309	16,385
Derivative instruments	60,892	30,497
Total interest-bearing liabilities	13,017,153	12,613,865
Carrying Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	5,883,818	5,556,254
Carrying Value | Certificates of deposit
Interest-bearing liabilities
Deposits	$ 6,015,105	$ 5,931,453

Arrangements with Navient Cor64

Arrangements with Navient Corporation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
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	$ 12,183,293,000		$ 12,183,293,000		$ 10,515,505,000
Interest income from related party	100,000	$ 100,000	200,000	$ 300,000
Gains on loans to related party	0	0	0	0
Write-down to fair value for loans sold to related party	1,500,000	1,500,000	3,600,000	3,700,000
Split Loans
Related Party Transaction [Line Items]
Split loans, net	76,000,000		76,000,000
Participated loans
Related Party Transaction [Line Items]
Loans sold to related party	$ 3,900,000	$ 5,900,000	$ 9,400,000	$ 14,600,000

Regulatory Capital - Well Capit

Regulatory Capital - Well Capitalized Regulatory Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Actual
Common Equity Tier I Capital (to Risk-Weighted Assets)	$ 1,863,583	$ 1,734,315
Tier 1 Capital (to Risk-Weighted Assets)	1,863,583	1,734,315
Total Capital (to Risk-Weighted Assets)	2,009,072	1,848,528
Tier 1 Capital (to Average Assets)	$ 1,863,583	$ 1,734,315
Actual Ratio
Common Equity Tier I Capital (to Risk-Weighted Assets)	13.50%	14.40%
Tier 1 Capital (to Risk-Weighted Assets)	13.50%	14.40%
Total Capital (to Risk-Weighted Assets)	14.50%	15.40%
Tier 1 Capital (to Average Assets)	12.20%	12.30%
Well Capitalized Regulatory Requirements, Amount
Common Equity Tier I Capital (to Risk-Weighted Assets)	$ 898,253	$ 781,638
Tier 1 Capital (to Risk-Weighted Assets)	1,105,543	962,017
Total Capital (to Risk-Weighted Assets)	1,381,928	1,202,521
Tier 1 Capital (to Average Assets)	$ 763,839	$ 704,979
Well Capitalized Regulatory Requirements, Ratio
Common Equity Tier I Capital (to Risk-Weighted Assets)	6.50%	6.50%
Tier 1 Capital (to Risk-Weighted Assets)	8.00%	8.00%
Total Capital (to Risk-Weighted Assets)	10.00%	10.00%
Tier 1 Capital (to Average Assets)	5.00%	5.00%

Regulatory Capital - Additional

Regulatory Capital - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Banking and Thrift [Abstract]
Dividends	$ 0	$ 0	$ 0	$ 0

Commitments, Contingencies an67

Commitments, Contingencies and Guarantees - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)attorney_general	May 13, 2014USD ($)
Loss Contingencies [Line Items]
Contractual obligation	$ 1,200,000,000
Other liabilities reserve	$ 600,000
Loss contingency, loss emergence period	1 year
FDIC civil monetary penalties		$ 3,300,000
Number of Attorney Generals | attorney_general	2
Maximum
Loss Contingencies [Line Items]
Contingency refund (up to)		$ 30,000,000

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Millions	Jul. 13, 2016	May 26, 2016
Private Education Loans
Subsequent Event [Line Items]
Total loan amount securitized at inception for the 2016 on-balance sheet term securitization		$ 551
Proceeds from loan securitization sold to third parties		$ 501
Private Education Loans | Subsequent Event
Subsequent Event [Line Items]
Total loan amount securitized at inception for the 2016 on-balance sheet term securitization	$ 657
Proceeds from loan securitization sold to third parties	605
AAA Rated Notes | Subsequent Event
Subsequent Event [Line Items]
Amount of loan securitization sold to third parties	$ 607
Class B Notes
Subsequent Event [Line Items]
Ownership interest percentage		100.00%
Class B Notes | Subsequent Event
Subsequent Event [Line Items]
Ownership interest percentage	100.00%