SLM (SLM) 10-Q 19 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2017shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	SLM
Entity Registrant Name	SLM CORPORATION
Entity Central Index Key	1,032,033
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)	431,038,789

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 1,077,576	$ 1,918,793
Available-for-sale investments at fair value (cost of $221,265 and $211,406, respectively)	216,896	208,603
Loans held for investment (net of allowance for losses of $187,086 and $184,701, respectively)	16,562,210	15,137,922
Restricted cash and investments	94,146	53,717
Other interest-earning assets	50,342	49,114
Accrued interest receivable	838,461	766,106
Premises and equipment, net	87,982	87,063
Tax indemnification receivable	261,033	259,532
Other assets	47,855	52,153
Total assets	19,236,501	18,533,003
Liabilities
Deposits	13,361,871	13,435,667
Long-term borrowings	2,837,347	2,167,979
Income taxes payable, net	234,414	184,324
Upromise member accounts	249,086	256,041
Other liabilities	118,427	141,934
Total liabilities	16,801,145	16,185,945
Commitments and contingencies
Equity
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 440.4 million and 436.6 million shares issued, respectively	88,075	87,327
Additional paid-in capital	1,191,466	1,175,564
Accumulated other comprehensive loss (net of tax benefit of $4,132 and $5,364, respectively)	(6,691)	(8,671)
Retained earnings	684,165	595,322
Total SLM Corporation stockholders’ equity before treasury stock	2,522,015	2,414,542
Less: Common stock held in treasury at cost: 9.3 million and 7.7 million shares, respectively	(86,659)	(67,484)
Total equity	2,435,356	2,347,058
Total liabilities and equity	19,236,501	18,533,003
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 (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Amortized cost	$ 221,265	$ 211,406
Allowance for loan losses	187,086	184,701
Tax benefit for accumulated other comprehensive (loss) income	$ (4,132)	$ (5,364)
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)	440,400,000	436,600,000
Common stock held in treasury (in shares)	9,300,000	7,700,000
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 - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest income:
Loans	$ 324,757	$ 245,230
Investments	2,143	2,591
Cash and cash equivalents	2,588	1,634
Total interest income	329,488	249,455
Interest expense:
Deposits	44,852	34,012
Interest expense on short-term borrowings	1,236	2,163
Interest expense on long-term borrowings	15,323	3,415
Other interest expense	1	2
Total interest expense	61,412	39,592
Net interest income	268,076	209,863
Less: provisions for credit losses	25,296	32,602
Net interest income after provisions for credit losses	242,780	177,261
Non-interest income:
Losses on derivatives and hedging activities, net	(5,378)	(354)
Other income	11,346	21,028
Total non-interest income	5,968	20,674
Non-interest expenses:
Compensation and benefits	55,464	50,209
FDIC assessment fees	7,229	4,176
Other operating expenses	39,984	38,500
Total operating expenses	102,677	92,885
Acquired intangible asset amortization expense	117	260
Total non-interest expenses	102,794	93,145
Income before income tax expense	145,954	104,790
Income tax expense	51,011	38,875
Net income	94,943	65,915
Preferred stock dividends	5,575	5,139
Net income attributable to SLM Corporation common stock	$ 89,368	$ 60,776
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.21	$ 0.14
Average common shares outstanding (in shares)	429,891	427,111
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.20	$ 0.14
Average common and common equivalent shares outstanding (in shares)	438,735	430,903

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 94,943	$ 65,915
Other comprehensive income (loss):
Unrealized (losses) gains on investments	(1,567)	3,024
Unrealized gains (losses) on cash flow hedges	4,779	(24,374)
Total unrealized gains (losses)	3,212	(21,350)
Income tax (expense) benefit	(1,232)	8,140
Other comprehensive income (loss), net of tax (expense) benefit	1,980	(13,210)
Total comprehensive income	$ 96,923	$ 52,705

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series A Preferred Stock	Series B Preferred Stock	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
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	65,915								65,915
Other comprehensive income (loss), net of tax	(13,210)							(13,210)
Total comprehensive income	52,705
Cash dividends:
Cash dividends, preferred stock		$ (2,875)	$ (2,264)							$ (2,875)	$ (2,264)
Dividend equivalent units related to employee stock-based compensation plans	$ 0						399		(399)
Issuance of common shares (in shares)	2,740,979				2,740,979
Issuance of common shares	$ 2,707				$ 548		2,159
Tax benefit related to employee stock-based compensation	(2,132)						(2,132)
Stock-based compensation expense	6,216						6,216
Shares repurchased related to employee stock-based compensation plans (in shares)					(1,128,709)	(1,128,709)
Shares repurchased related to employee stock-based compensation plans	(6,755)					$ (6,755)
Ending Balance (in shares) at Mar. 31, 2016				7,300,000	427,915,514	(5,502,899)
Ending Balance, shares issued (in shares) at Mar. 31, 2016					433,418,413
Ending Balance at Mar. 31, 2016	2,143,925			$ 565,000	$ 86,684	$ (47,978)	1,142,502	(29,269)	426,986
Beginning Balance (in shares) at Dec. 31, 2016				7,300,000	428,903,559	(7,728,920)
Beginning Balance, shares issued (in shares) at Dec. 31, 2016					436,632,479
Beginning Balance at Dec. 31, 2016	2,347,058			$ 565,000	$ 87,327	$ (67,484)	1,175,564	(8,671)	595,322
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	94,943								94,943
Other comprehensive income (loss), net of tax	1,980							1,980
Total comprehensive income	96,923
Cumulative effect of the new stock compensation standard	165						594		(429)
Cash dividends:
Cash dividends, preferred stock		$ (2,875)	$ (2,700)							$ (2,875)	$ (2,700)
Dividend equivalent units related to employee stock-based compensation plans	$ 0						96		(96)
Issuance of common shares (in shares)	3,738,717				3,738,717
Issuance of common shares	$ 6,535				$ 748		5,787
Stock-based compensation expense	9,425						9,425
Shares repurchased related to employee stock-based compensation plans (in shares)					(1,603,487)	(1,603,487)
Shares repurchased related to employee stock-based compensation plans	(19,175)					$ (19,175)
Ending Balance (in shares) at Mar. 31, 2017				7,300,000	431,038,789	(9,332,407)
Ending Balance, shares issued (in shares) at Mar. 31, 2017					440,371,196
Ending Balance at Mar. 31, 2017	$ 2,435,356			$ 565,000	$ 88,075	$ (86,659)	$ 1,191,466	$ (6,691)	$ 684,165

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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)	$ 0.67	$ 0.56

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income	$ 94,943	$ 65,915
Adjustments to reconcile net income to net cash used in operating activities:
Provisions for credit losses	25,296	32,602
Income tax expense	51,011	38,875
Amortization of brokered deposit placement fee	2,130	2,615
Amortization of ABCP Facility upfront fee	352	122
Amortization of deferred loan origination costs and fees, net	1,777	1,223
Net amortization of discount on investments	452	342
Interest income on tax indemnification receivable	(1,501)	(1,080)
Depreciation of premises and equipment	2,585	2,104
Amortization of acquired intangibles	117	260
Stock-based compensation expense	9,425	6,216
Unrealized losses on derivative and hedging activities, net	5,364	832
Other adjustments to net income, net	1,258	250
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(153,055)	(147,257)
Decrease in restricted cash and investments, net	5,636	6,778
Increase in other interest-earning assets	(1,228)	(3,606)
Increase in other assets	(13,435)	(11,391)
Decrease in income taxes payable, net	(1,689)	(57,119)
Increase in accrued interest payable	6,146	9,079
Increase in payable due to entity that is a subsidiary of Navient	227	1,169
(Decrease) increase in other liabilities	(39,424)	2,159
Total adjustments	(98,556)	(115,827)
Total net cash used in operating activities	(3,613)	(49,912)
Investing activities
Loans acquired and originated	(1,892,697)	(1,806,583)
Net proceeds from sales of loans held for investment	1,972	3,365
Proceeds from claim payments	11,932	18,528
Net decrease in loans held for investment	506,637	332,414
Increase in restricted cash and investments - variable interest entities	(46,065)	(3,410)
Purchases of available-for-sale securities	(18,481)	(12,090)
Proceeds from sales and maturities of available-for-sale securities	8,170	6,566
Total net cash used in investing activities	(1,428,532)	(1,461,210)
Financing activities
Brokered deposit placement fee	(2,084)	(2,759)
Net decrease in certificates of deposit	(151,003)	(209,411)
Net increase in other deposits	83,018	245,893
Borrowings collateralized by loans in securitization trusts - issued	767,994	0
Borrowings collateralized by loans in securitization trusts - repaid	(99,884)	(20,276)
Issuance costs for collateralized borrowings	(23)	0
Borrowings under ABCP Facility	0	26,325
Fees paid on ABCP Facility	(1,515)	(1,250)
Preferred stock dividends paid	(5,575)	(5,139)
Net cash provided by financing activities	590,928	33,383
Net decrease in cash and cash equivalents	(841,217)	(1,477,739)
Cash and cash equivalents at beginning of period	1,918,793	2,416,219
Cash and cash equivalents at end of period	1,077,576	938,480
Cash disbursements made for:
Interest	54,648	32,766
Income taxes paid	1,426	56,163
Income taxes refunded	$ (32)	$ (86)

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 are not necessarily indicative of the results for the year ending December 31, 2017 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, 2016 (the “2016 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. Allowance for Loan Losses We maintain an allowance for loan losses at an amount sufficient to absorb probable losses incurred in our portfolios at the reporting date based on a projection of estimated probable credit losses incurred in the portfolio. Please refer to Note 2, “Significant Accounting Policies - Allowance for Loan Losses - Allowance for Private Education Loan Losses” in the 2016 Form 10-K for a description of certain information we use in estimating allowance amounts for Private Education Loans. Troubled Debt Restructurings (“TDRs”) For our TDR portfolio, we estimate an allowance amount sufficient to cover life-of-loan expected losses through an impairment calculation based on the difference between the loan’s basis and the present value of expected future cash flows (which would include life-of-loan default and recovery assumptions) discounted at the loan’s original effective interest rate. Our TDR portfolio is comprised mostly of loans with interest rate reductions and loans with forbearance usage greater than three months. 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. We generally consider a loan that is in full principal and interest repayment status which has received more than three months of forbearance in a 24-month period to be a TDR; however, during the first nine months after a loan has entered full principal and interest repayment status, we do not count up to the first six months of forbearance received during that period against the three-month policy limit. A loan also becomes a TDR when it is modified to reduce the interest rate on the loan (regardless of when such modification occurs and/or whether such interest rate reduction is temporary). The majority of our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan. Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life. Approximately 26 percent of the loans granted forbearance as of March 31, 2017 and December 31, 2016, were classified as TDRs due to their forbearance status. Derivative Accounting We account for our derivatives, consisting of interest rate swaps, at fair value on the consolidated balance sheets as either an asset or liability. Derivative positions are recorded as net positions by counterparty based on master netting arrangements (see Note 6, “Derivative Financial Instruments”), exclusive of accrued interest and cash collateral held or pledged. The Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”) made amendments to their respective rules that resulted in the prospective accounting treatment of certain daily payments historically treated as the posting of collateral (variation margin payments) being considered as the legal settlement of the outstanding exposure of the derivative. While the CME rule, which became effective in January 2017, is mandatory, the LCH allows a clearing member institution the option to adopt the rule changes on an individual contract or portfolio basis. As of March 31, 2017, $4.5 billion notional of our derivative contracts were cleared on the CME and $0.7 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 79.8 percent and 13.1 percent , respectively, of our total notional derivative contracts of $5.6 billion at March 31, 2017. Under this new rule, for derivatives cleared through the CME, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. Interest income (expense) related to variation margin on derivatives that are not designated as hedging instruments or are designated as fair value relationships is recognized as a gain (loss) rather than as interest income (expense). Changes in fair value for derivatives not designated as hedging instruments will be presented as realized gains (losses). Our LCH clearing member institution has elected not to adopt the new rule change. Therefore, there has been no change to the accounting for the derivatives cleared through the LCH, and variation margin payments required to be exchanged based on the fair value of these derivatives remain accounted for as collateral. We determine the fair value for our derivative contracts primarily using pricing models that consider current market conditions and the contractual terms of the derivative contracts. These pricing models consider interest rates, time value, forward interest rate curves, and volatility factors. Inputs are generally from active financial markets. The majority of our derivatives qualify as effective hedges. For these derivatives, the relationship between the hedging instrument and the hedged items (including the hedged risk and method for assessing effectiveness), as well as the risk management objective and strategy for undertaking various hedge transactions at the inception of the hedging relationship, is documented. Each derivative is designated to a specific (or pool of) liability(ies) on the consolidated balance sheets, and is designated as either a “fair value” hedge or a “cash flow” hedge. Fair value hedges are designed to hedge our exposure to changes in fair value of a fixed-rate liability. For effective fair value hedges, both the hedge and the hedged item (for the risk being hedged) are recorded at fair value with any difference reflecting ineffectiveness recorded immediately in the consolidated statements of income. Cash flow hedges are designed to hedge our exposure to variability in cash flows related to variable-rate deposits. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, generally using regression testing. For hedges of a pool of liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in fair value of the derivative with no offsetting amount from the hedged item since the last time it was effective. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively and begin amortization of any basis adjustments that exist related to the hedged item. Stock-Based Compensation We recognize stock-based compensation cost in our consolidated statements of income using the fair value method. Under this method, we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the vesting period of the stock-based grant. On January 1, 2017, we adopted the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standards Update (“ASU”) 2016-09 “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This new guidance requires that we record all excess tax benefits/deficiencies related to the settlement of employee stock-based compensation to the income tax expense line item on our consolidated statements of income, under a modified retrospective basis. In the quarter ended March 31, 2017, we recorded a $6 million benefit in income tax expense because of this new standard. We previously recorded the excess tax benefits/deficiencies to the additional paid-in capital line item on our consolidated balance sheets. Under the new guidance, we also elected the option to no longer apply a forfeiture rate to our stock-based compensation expense, but to record forfeitures when they occur, and, as a result, under a modified retrospective basis we recorded a cumulative effect of the new stock compensation standard in total equity of $0.2 million , net of tax, in the first quarter of 2017.

Loans Held for Investment

Loans Held for Investment	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment Loans held for investment consist of Private Education Loans, FFELP Loans and Personal 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”). We use “Personal Loans” to mean those unsecured loans to individuals that may be used for non-educational purposes. We began to opportunistically acquire Personal Loans in late 2016. 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 March 31, 2017 , 82 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: March 31, December 31, 2017 2016 Private Education Loans $ 15,654,854 $ 14,251,675 Deferred origination costs 46,692 44,206 Allowance for loan losses (185,103 ) (182,472 ) Total Private Education Loans, net 15,516,443 14,113,409 FFELP Loans 989,393 1,010,908 Unamortized acquisition costs, net 2,855 2,941 Allowance for loan losses (1,637 ) (2,171 ) Total FFELP Loans, net 990,611 1,011,678 Personal Loans 55,502 12,893 Allowance for loan losses (346 ) (58 ) Total Personal Loans, net 55,156 12,835 Loans held for investment, net $ 16,562,210 $ 15,137,922 The estimated weighted average life of education loans in our portfolio was approximately 6.0 years and 6.0 years at March 31, 2017 and December 31, 2016 , respectively. The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended March 31, 2017 2016 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 15,449,555 8.26 % $ 11,817,708 8.03 % FFELP Loans 1,003,128 3.69 1,103,253 3.42 Personal Loans 35,830 9.16 — — Total portfolio $ 16,488,513 $ 12,920,961

Allowance for Loan Losses

Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2017
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. We began acquiring Personal Loans in the fourth quarter of 2016. Allowance for Loan Losses Metrics Allowance for Loan Losses Three Months Ended March 31, 2017 FFELP Loans Private Education Loans Personal Loans Total Allowance for Loan Losses Beginning balance $ 2,171 $ 182,472 $ 58 $ 184,701 Total provision (316 ) 26,820 288 26,792 Net charge-offs: Charge-offs (218 ) (26,227 ) — (26,445 ) Recoveries — 3,259 — 3,259 Net charge-offs (218 ) (22,968 ) (23,186 ) Loan sales (1) — (1,221 ) — (1,221 ) Ending Balance $ 1,637 $ 185,103 $ 346 $ 187,086 Allowance: Ending balance: individually evaluated for impairment $ — $ 87,150 $ — $ 87,150 Ending balance: collectively evaluated for impairment $ 1,637 $ 97,953 $ 346 $ 99,936 Loans: Ending balance: individually evaluated for impairment $ — $ 701,860 $ — $ 701,860 Ending balance: collectively evaluated for impairment $ 989,393 $ 14,952,994 $ 55,502 $ 15,997,889 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.11 % 0.89 % — % Allowance as a percentage of the ending total loan balance 0.17 % 1.18 % 0.62 % Allowance as a percentage of the ending loans in repayment (2) 0.22 % 1.76 % 0.62 % Allowance coverage of net charge-offs (annualized) 1.88 2.01 — Ending total loans, gross $ 989,393 $ 15,654,854 $ 55,502 Average loans in repayment (2) $ 771,435 $ 10,265,530 $ 35,830 Ending loans in repayment (2) $ 757,052 $ 10,526,782 $ 55,502 ____________ (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 March 31, 2016 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 3,691 $ 108,816 $ 112,507 Total provision 321 33,839 34,160 Net charge-offs: Charge-offs (383 ) (19,004 ) (19,387 ) Recoveries — 1,044 1,044 Net charge-offs (383 ) (17,960 ) (18,343 ) Loan sales (1) — (2,075 ) (2,075 ) Ending Balance $ 3,629 $ 122,620 $ 126,249 Allowance: Ending balance: individually evaluated for impairment $ — $ 49,212 $ 49,212 Ending balance: collectively evaluated for impairment $ 3,629 $ 73,408 $ 77,037 Loans: Ending balance: individually evaluated for impairment $ — $ 318,094 $ 318,094 Ending balance: collectively evaluated for impairment $ 1,088,026 $ 11,793,776 $ 12,881,802 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.19 % 0.95 % Allowance as a percentage of the ending total loan balance 0.33 % 1.01 % Allowance as a percentage of the ending loans in repayment (2) 0.45 % 1.56 % Allowance coverage of net charge-offs (annualized) 2.37 1.71 Ending total loans, gross $ 1,088,026 $ 12,111,870 Average loans in repayment (2) $ 804,690 $ 7,534,234 Ending loans in repayment (2) $ 803,378 $ 7,843,076 ____________ (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 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. We generally consider a loan that is in full principal and interest repayment status which has received more than three months of forbearance in a 24-month period to be a TDR; however, during the first nine months after a loan has entered full principal and interest repayment status, we do not count up to the first six months of forbearance received during that period against the three-month policy limit. Also, a loan becomes a TDR when it is modified to reduce the interest rate on the loan (regardless of when such modification occurs and/or whether such interest rate reduction is temporary). The majority of our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan. Approximately 26 percent of the loans granted forbearance as of March 31, 2017 and December 31, 2016 , respectively, have been classified as TDRs due to their forbearance status. For additional information, see Note 6, “Allowance for Loan Losses” in our 2016 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 March 31, 2017 and December 31, 2016 , all 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 March 31, 2017 TDR Loans $ 712,019 $ 701,860 $ 87,150 December 31, 2016 TDR Loans $ 620,991 $ 612,606 $ 86,930 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended 2017 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 669,606 $ 12,257 $ 297,315 $ 5,583 The following table provides information regarding the loan status and aging of TDR loans. March 31, December 31, 2017 2016 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 32,121 $ 24,185 TDR loans in forbearance (2) 78,791 71,851 TDR loans in repayment (3) and percentage of each status: Loans current 532,459 90.2 % 462,187 89.5 % Loans delinquent 31-60 days (4) 29,733 5.0 28,452 5.5 Loans delinquent 61-90 days (4) 16,837 2.8 17,326 3.4 Loans delinquent greater than 90 days (4) 11,919 2.0 8,605 1.6 Total TDR loans in repayment 590,948 100.0 % 516,570 100.0 % Total TDR loans, gross $ 701,860 $ 612,606 _____ (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 $ 112,206 $ 10,523 $ 25,526 $ 61,006 $ 4,968 $ 25,671 _____ (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 March 31, 2017 December 31, 2016 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance Cosigners: With cosigner $ 14,097,920 90 % $ 12,816,512 90 % Without cosigner 1,556,934 10 1,435,163 10 Total $ 15,654,854 100 % $ 14,251,675 100 % FICO at Original Approval: Less than 670 $ 1,008,334 6 % $ 920,132 6 % 670-699 2,297,815 15 2,092,722 15 700-749 5,109,510 33 4,639,958 33 Greater than or equal to 750 7,239,195 46 6,598,863 46 Total $ 15,654,854 100 % $ 14,251,675 100 % Seasoning (2) : 1-12 payments $ 4,233,778 27 % $ 3,737,110 26 % 13-24 payments 2,937,448 19 2,841,107 20 25-36 payments 1,951,479 12 1,839,764 13 37-48 payments 978,576 6 917,633 7 More than 48 payments 775,278 5 726,106 5 Not yet in repayment 4,778,295 31 4,189,955 29 Total $ 15,654,854 100 % $ 14,251,675 100 % (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. Key Credit Quality Indicators For Personal Loans, the key credit quality indicators are FICO scores 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 Personal Loan portfolio stratified by key credit quality indicators. Personal Loans Credit Quality Indicators March 31, 2017 December 31, 2016 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance FICO at Original Approval: Less than 670 $ 4,612 8 % $ 1,189 9 % 670-699 15,897 29 3,139 24 700-749 25,569 46 5,678 44 Greater than or equal to 750 9,424 17 2,888 23 Total $ 55,502 100 % $ 12,894 100 % Seasoning (2) : 0-12 payments $ 55,502 100 % $ 12,894 100 % 13-24 payments — — — — 25-36 payments — — — — 37-48 payments — — — — More than 48 payments — — — — Total $ 55,502 100 % $ 12,894 100 % (1) Balance represents gross Personal Loans. (2) Number of months in active repayment 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 March 31, December 31, 2017 2016 Balance % Balance % Loans in-school/grace/deferment (1) $ 4,778,295 $ 4,189,955 Loans in forbearance (2) 349,777 351,962 Loans in repayment and percentage of each status: Loans current 10,327,843 98.1 % 9,509,394 97.9 % Loans delinquent 31-60 days (3) 112,167 1.1 124,773 1.3 Loans delinquent 61-90 days (3) 54,128 0.5 51,423 0.5 Loans delinquent greater than 90 days (3) 32,644 0.3 24,168 0.3 Total Private Education Loans in repayment 10,526,782 100.0 % 9,709,758 100.0 % Total Private Education Loans, gross 15,654,854 14,251,675 Private Education Loans deferred origination costs 46,692 44,206 Total Private Education Loans 15,701,546 14,295,881 Private Education Loans allowance for losses (185,103 ) (182,472 ) Private Education Loans, net $ 15,516,443 $ 14,113,409 Percentage of Private Education Loans in repayment 67.2 % 68.1 % Delinquencies as a percentage of Private Education Loans in repayment 1.9 % 2.1 % Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance 3.2 % 3.5 % (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 March 31, 2017 $ 825,680 $ 1,108 $ 2,868 December 31, 2016 $ 739,847 $ 845 $ 2,898

Deposits

Deposits	3 Months Ended
	Mar. 31, 2017
Banking and Thrift [Abstract]
Deposits	Deposits The following table summarizes total deposits at March 31, 2017 and December 31, 2016 . March 31, December 31, 2017 2016 Deposits - interest bearing $ 13,360,698 $ 13,434,990 Deposits - non-interest bearing 1,173 677 Total deposits $ 13,361,871 $ 13,435,667 Interest bearing deposits as of March 31, 2017 and December 31, 2016 consisted of retail non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”) and brokered and retail certificates of deposit (“CDs”). Interest bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and add deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $5.4 billion of our deposit total as of March 31, 2017. Some of 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 $ 2.1 million and $2.6 million in the three months ended March 31, 2017 and 2016, respectively. Fees paid to third-party brokers related to brokered CDs were $ 2.1 million and $2.8 million for the three months ended March 31, 2017 and 2016, respectively. Interest bearing deposits at March 31, 2017 and December 31, 2016 are summarized as follows: March 31, 2017 December 31, 2016 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 7,187,495 1.37 % $ 7,129,404 1.22 % Savings 857,980 0.94 834,521 0.84 Certificates of deposit 5,315,223 1.58 5,471,065 1.41 Deposits - interest bearing $ 13,360,698 $ 13,434,990 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships. As of March 31, 2017 and December 31, 2016 , there were $ 304.6 million and $304.5 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $22.9 million and $18.9 million at March 31, 2017 and December 31, 2016 , respectively.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 . March 31, 2017 December 31, 2016 Short-Term Long-Term Total Short-Term Long-Term Total Secured borrowings: Private Education Loan term securitizations $ — $ 2,837,347 $ 2,837,347 $ — $ 2,167,979 $ 2,167,979 ABCP Facility — — — — — — Total $ — $ 2,837,347 $ 2,837,347 $ — $ 2,167,979 $ 2,167,979 Short-term Borrowings Asset-Backed Commercial Paper Funding Facility On February 25, 2016 and February 22, 2017, we amended and extended the maturity of our ABCP Facility. The amended ABCP Facility is a $ 750 million ABCP Facility, in which we no longer hold a participation interest. As a result, the full $ 750 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 0.90 percent on outstandings. The amended ABCP Facility extends the revolving period, during which we may borrow, repay and reborrow funds, until February 22, 2018. The scheduled amortization period, during which amounts outstanding under the ABCP Facility must be repaid, ends on February 22, 2019 (or earlier, if certain material adverse events occur). At March 31, 2017 , there were no borrowings outstanding under the ABCP Facility. We expect to amend and extend the ABCP Facility on an annual basis. Long-term Borrowings On February 8, 2017, we executed our $772 million SMB Private Education Loan Trust 2017-A term ABS transaction, which was accounted for as a secured financing. We sold $772 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $768 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.27 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.93 percent . At March 31, 2017, $795 million of our Private Education Loans were encumbered as a result of this transaction. Secured Financings at Issuance Issue Date Issued Total Issued Weighted Average Cost of Funds (1) Weighted Average Life (in years) 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 and accrued interest amount securitized at inception in 2015 $ 745,580 2016-A May 2016 $ 501,000 1-month LIBOR plus 1.38% 4.01 2016-B July 2016 607,000 1-month LIBOR plus 1.36% 4.01 2016-C October 2016 674,000 1-month LIBOR plus 1.15% 4.27 Total notes issued in 2016 $ 1,782,000 Total loan and accrued interest amount securitized at inception in 2016 $ 2,107,042 2017-A February 2017 $ 772,000 1-month LIBOR plus 0.93% 4.27 Total notes issued in 2017 $ 772,000 Total loan and accrued interest amount securitized at inception in 2017 $ 856,253 ____________ (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 March 31, 2017 and December 31, 2016 , respectively: March 31, 2017 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 securitizations $ — $ 2,837,347 $ 2,837,347 $ 3,275,417 $ 90,682 $ 217,687 $ 3,583,786 ABCP Facility — — — — — — — Total $ — $ 2,837,347 $ 2,837,347 $ 3,275,417 $ 90,682 $ 217,687 $ 3,583,786 ____ (1) Other assets primarily represent accrued interest receivable. December 31, 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 securitizations $ — $ 2,167,979 $ 2,167,979 $ 2,562,156 $ 44,617 $ 160,783 $ 2,767,556 ABCP Facility — — — — — — — Total $ — $ 2,167,979 $ 2,167,979 $ 2,562,156 $ 44,617 $ 160,783 $ 2,767,556 ____ (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 $125 million at March 31, 2017 . 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 months ended March 31, 2017 or in the year ended December 31, 2016 . 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 March 31, 2017 and December 31, 2016 , the value of our pledged collateral at the FRB totaled $2.6 billion and $2.6 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 months ended March 31, 2017 or in the year ended December 31, 2016 .

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
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 2016 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 plus collateral posted. When the fair value of a derivative contract less collateral held and 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 plus collateral posted, represents exposure with the counterparty. We refer to this as the “net position.” When there is a net negative exposure, we consider our exposure to the counterparty and the net position to be zero. Title VII of the Dodd-Frank Act Wall Street Reform and Consumer Protection Act of 2010 (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. The CME and the LCH made amendments to their respective rules that resulted in the prospective accounting treatment of certain daily variation margin payments being considered as the legal settlement of the outstanding exposure of the derivative instead of the posting of collateral. The CME rule changes, which became effective in January 2017, result in all variation margin payments on derivatives cleared through the CME being accounted for as legal settlement, while the LCH allows the clearing member institution the option to adopt the rule changes on an individual contract or portfolio basis. As of March 31, 2017, $4.5 billion notional of our derivative contracts were cleared on the CME and $0.7 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 79.8 percent and 13.1 percent , respectively, of our total notional derivative contracts of $5.6 billion at March 31, 2017. Under this new rule, for derivatives cleared through the CME, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. Interest income (expense) related to variation margin on derivatives that are not designated as hedging instruments or are designated as fair value relationships is recognized as a gain (loss) rather than as interest income (expense). Changes in fair value for derivatives not designated as hedging instruments will be presented as realized gains (losses). Our LCH clearing member institution has elected not to adopt the new rule change. Therefore, there has been no change to the accounting for the derivatives cleared through the LCH, and variation margin payments required to be exchanged based on the fair value of those derivatives remain accounted for as collateral. 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 March 31, 2017 and December 31, 2016, 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 $43.2 million and $44.6 million, respectively. Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments at March 31, 2017 and December 31, 2016 , and their impact on earnings and other comprehensive income for the three months ended March 31, 2017 and 2016. Please refer to Note 11, “Derivative Financial Instruments” in our 2016 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities. The net fair value of derivative instruments as of March 31, 2017 was a liability of $7.6 million , compared to the net fair value as of December 31, 2016 liability of $18.1 million . The change in the net fair value reflects a $6.3 million decrease in fair value offset by variation margin amounts of $16.7 million . The net position as of March 31, 2017 was $42.6 million , compared to $30.0 million as of December 31, 2016. The change in the net position reflects a $6.3 million decrease in fair value, $3.8 million decrease in collateral held and pledged (for contracts other than those cleared through the CME), offset by variation margin impacts of $22.7 million . Impact of Derivatives on the Consolidated Balance Sheet Cash Flow Hedges Fair Value Hedges Trading Total March 31, December 31, March 31, December March 31, December March 31, December 2017 2016 2017 2016 2017 2016 2017 2016 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ — $ — $ 200 $ 7,808 $ — $ — $ 200 $ 7,808 Derivative Liabilities: (2) Interest rate swaps Interest rate (7,147 ) (14,463 ) (616 ) (10,398 ) (118 ) (1,076 ) (7,881 ) (25,937 ) Total net derivatives $ (7,147 ) $ (14,463 ) $ (416 ) $ (2,590 ) $ (118 ) $ (1,076 ) $ (7,681 ) $ (18,129 ) ___________ (1) Except for instruments cleared through the CME, 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. The net position includes the variation margin as legal settlement of the derivative contract for instruments cleared with the CME. (2) The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities March 31, December 31, March 31, December 31, 2017 2016 2017 2016 Gross position (1) $ 200 $ 7,808 $ (7,881 ) $ (25,937 ) Impact of master netting agreement (196 ) (7,808 ) 196 7,808 Derivative values with impact of master netting agreements (as carried on balance sheet) 4 — (7,685 ) (18,129 ) Cash collateral (held) pledged (2) (320 ) — 50,342 48,134 Net position $ — $ — $ 42,657 $ 30,005 __________ (1) Except for instruments cleared with the CME, gross position amounts are exclusive of accrued interest and collateral held and pledged. (2) Cash collateral (held) pledged excludes amounts that represent legal settlement of the derivative contracts. Cash Flow Fair Value Trading Total March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Notional Values Interest rate swaps $ 1,026,538 $ 1,054,688 $ 3,988,051 $ 3,628,062 $ 656,681 $ 494,638 $ 5,671,270 $ 5,177,388 Impact of Derivatives on the Consolidated Statements of Income Three Months Ended 2017 2016 Fair Value Hedges Interest rate swaps: Hedge ineffectiveness realized gains (losses) recorded in earnings (1) $ (4,167 ) $ (2,416 ) Realized gains recorded in interest expense 4,547 7,258 Total $ 380 $ 4,842 Cash Flow Hedges Interest rate swaps: Hedge ineffectiveness losses recorded in earnings (1) $ (72 ) $ (278 ) Realized losses recorded in interest expense (3,339 ) (4,621 ) Total $ (3,411 ) $ (4,899 ) Trading Interest rate swaps: Interest reclassification $ 80 $ 688 Realized (losses) gains recorded in earnings (1,219 ) 1,653 Total (1) (1,139 ) 2,341 Total $ (4,170 ) $ 2,284 ________ (1) Amounts included in “losses 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 March 31, 2017 2016 Amount of gain (loss) recognized in other comprehensive income (loss) $ 1,440 $ (28,995 ) Less: amount of (loss) gain reclassified in interest expense (1) (3,339 ) (4,621 ) Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax benefit $ 4,779 $ (24,374 ) ___________ (1) Amounts included in “realized losses recorded in interest expense” in the “Impact of Derivatives on the Consolidated Statements of Income” table. Cash Collateral As of March 31, 2017, cash collateral held and pledged excludes amounts that represent legal settlement of the derivative contracts held with CME. Cash collateral held related to derivative exposure between us and our derivatives counterparties was $0.3 million and $1.0 million at March 31, 2017 and December 31, 2016 , respectively. Collateral held is recorded in “Other Liabilities” on the consolidated balance sheets. Cash collateral pledged related to derivative exposure between us and our derivatives counterparties was $50.3 million and $49.1 million at March 31, 2017 and December 31, 2016 , respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The following table summarizes our common share repurchases and issuances. Three Months Ended (Shares and per share amounts in actuals) 2017 2016 Shares repurchased related to employee stock-based compensation plans (1)(2) 1,603,487 1,128,709 Average purchase price per share $ 11.96 $ 5.98 Common shares issued (3) 3,738,717 2,740,979 __________________ (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 March 31, 2017 was $12.10 .

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2017
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 March 31, (In thousands, except per share data) 2017 2016 Numerator: Net income $ 94,943 $ 65,915 Preferred stock dividends 5,575 5,139 Net income attributable to SLM Corporation common stock $ 89,368 $ 60,776 Denominator: Weighted average shares used to compute basic EPS 429,891 427,111 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”) (1)(2) 8,844 3,792 Weighted average shares used to compute diluted EPS 438,735 430,903 Basic earnings per common share attributable to SLM Corporation $ 0.21 $ 0.14 Diluted earnings per common share attributable to SLM Corporation $ 0.20 $ 0.14 ________________ (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 March 31, 2017 and 2016, securities covering approximately 0 and 6 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	3 Months Ended
	Mar. 31, 2017
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 2016 Form 10-K. During the three months ended March 31, 2017 , 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 March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Available-for-sale investments $ — $ 216,896 $ — $ 216,896 $ — $ 208,603 $ — $ 208,603 Derivative instruments — 200 — 200 — 7,808 — 7,808 Total $ — $ 217,096 $ — $ 217,096 $ — $ 216,411 $ — $ 216,411 Liabilities Derivative instruments $ — $ (7,881 ) $ — $ (7,881 ) $ — $ (25,937 ) $ — $ (25,937 ) Total $ — $ (7,881 ) $ — $ (7,881 ) $ — $ (25,937 ) $ — $ (25,937 ) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. March 31, 2017 December 31, 2016 Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets Loans held for investment, net $ 18,443,622 $ 16,562,210 $ 1,881,412 $ 16,520,786 $ 15,137,922 $ 1,382,864 Cash and cash equivalents 1,077,576 1,077,576 — 1,918,793 1,918,793 — Available-for-sale investments 216,896 216,896 — 208,603 208,603 — Accrued interest receivable 838,461 838,461 — 766,106 766,106 — Tax indemnification receivable 261,033 261,033 — 259,532 259,532 — Derivative instruments 200 200 — 7,808 7,808 — Total earning assets $ 20,837,788 $ 18,956,376 $ 1,881,412 $ 19,681,628 $ 18,298,764 $ 1,382,864 Interest-bearing liabilities Money-market and savings accounts $ 8,045,494 $ 8,045,494 $ — $ 7,963,925 $ 7,963,925 $ — Certificates of deposit 5,348,545 5,315,221 (33,324 ) 5,510,504 5,471,065 (39,439 ) Short-term borrowings — — — — — — Long-term borrowings 2,337,342 2,837,347 500,005 2,160,105 2,167,979 7,874 Accrued interest payable 27,359 27,359 — 21,058 21,058 — Derivative instruments 7,881 7,881 — 25,937 25,937 — Total interest-bearing liabilities $ 15,766,621 $ 16,233,302 $ 466,681 $ 15,681,529 $ 15,649,964 $ (31,565 ) Excess of net asset fair value over carrying value $ 2,348,093 $ 1,351,299 Please refer to Note 15, “Fair Value Measurements” in our 2016 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	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Arrangements with Navient Corporation	Arrangements with Navient Corporation In connection with the separation of Navient Corporation (“Navient”) from SLM (“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 2016 Form 10-K for a full discussion of these agreements. Indemnification Obligations Navient is responsible for, and has agreed to indemnify us against, all claims, actions, damages, losses or expenses that may arise from the conduct of all activities of pre-Spin-Off SLM Corporation (“pre-Spin-Off SLM”) occurring prior to the Spin-Off other than those specifically excluded in the Separation and Distribution Agreement. Some significant examples of the types of indemnification obligations Navient has under the Separation and Distribution Agreement and related ancillary agreements include: • Navient will indemnify the Company and the Sallie Mae Bank, a Utah industrial bank subsidiary of the Company (the “Bank”), for any liabilities, costs or expenses they may incur arising from any action or threatened action related to the servicing, operations and collections activities of pre-Spin-Off SLM and its subsidiaries with respect to Private Education Loans and FFELP Loans that were assets of the Bank or Navient at the time of the Spin-Off; provided that written notice is provided to Navient on or prior to April 30, 2017, the third anniversary date of the Spin-Off. Navient will not indemnify for changes in law or changes in prior existing interpretations of law that occur on or after April 30, 2014. • Pursuant to a tax sharing agreement, Navient has agreed to indemnify us for $283 million in deferred taxes that the Company will be legally responsible for but that relate to gains recognized by the Company’s predecessor on debt repurchases made prior to the Spin-Off. The remaining amount of this indemnification at March 31, 2017 was $116 million . In connection with the Spin-Off, we also recorded a liability related to uncertain tax positions of $ 27 million for which we are indemnified by Navient. As of March 31, 2017 , the remaining balance of the indemnification receivable related to those uncertain tax positions was $28 million . In addition, we believe we are indemnified by Navient for uncertain tax positions relating to historical transactions among entities that are now subsidiaries of Navient that should have been recorded at the time of the Spin-Off. The remaining balance of the indemnification receivable related to these uncertain tax positions was $117 million at March 31, 2017 .

Regulatory Capital

Regulatory Capital	3 Months Ended
	Mar. 31, 2017
Banking and Thrift [Abstract]
Regulatory Capital	Regulatory Capital The Bank is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. 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 FDIC’s regulations implementing 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. The Bank is 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 (which is being phased in over several years), 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” Amount Ratio Amount Ratio As of March 31, 2017: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 2,117,957 12.3 % $ 1,123,799 > 6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 2,117,957 12.3 % $ 1,383,137 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 2,305,261 13.3 % $ 1,728,922 > 10.0 % Tier 1 Capital (to Average Assets) $ 2,117,957 11.2 % $ 945,325 > 5.0 % As of December 31, 2016: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 2,011,583 12.6 % $ 1,038,638 > 6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 2,011,583 12.6 % $ 1,278,323 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 2,197,997 13.8 % $ 1,597,904 > 10.0 % Tier 1 Capital (to Average Assets) $ 2,011,583 11.1 % $ 907,565 > 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 months ended March 31, 2017 and March 31, 2016 .

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , we had $ 0.4 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2016/2017 academic year. At March 31, 2017 , we had a $ 0.2 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 On May 13, 2014, the Bank reached settlements with (a) the FDIC regarding disclosures and assessments of certain late fees, as well as compliance with the Servicemembers’ Civil Relief Act (“SCRA”) and (b) the Department of Justice (the “DOJ”) regarding compliance with the SCRA. In connection with the settlements, the Bank became 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 DOJ Consent Order (“the DOJ Consent Order”), which 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, Navient is responsible for funding all liabilities under the regulatory orders and, as of the date hereof, has funded all liabilities other than fines directly levied against the Bank in connection with these matters which the Bank is required to pay. On March 27, 2017, the Bank received confirmation from the FDIC that effective March 23, 2017, the FDIC terminated the FDIC Consent Order. The termination was issued with no conditions. The Bank continues to be in full compliance with the DOJ Order, including policy and procedure updates. 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 by entities now subsidiaries of Navient during a time period prior to the Spin-Off. Two state attorneys general provided the Bank identical CIDs and other state attorneys general have become involved in the inquiry over time. To the extent requested, the Bank has been cooperating fully with the CFPB and the attorneys general but is not in a position at this time to predict the duration or outcome of these matters. Given the timeframe covered by the CIDs and the focus on practices and procedures previously conducted by Navient and its servicing subsidiaries prior to the Spin-Off, as contemplated by the Separation and Distribution Agreement relating to, and the structure of, the Spin-Off, Navient is leading the response to these investigations, is legally responsible for, and has accepted responsibility to indemnify the Company against, all costs, expenses, losses and remediation that may arise from these matters. Additionally, on January 18, 2017, the Illinois Attorney General filed a separate lawsuit against Navient - its subsidiaries Navient Solutions, Inc., Pioneer Credit Recovery, Inc., and General Revenue Corporation - and the Bank arising out of the aforementioned multi-state investigation of various lending, servicing, and collection practices. As contemplated by the Separation and Distribution Agreement relating to, and the structure of, the Spin-Off, Navient is legally responsible for, and has accepted responsibility to indemnify the Company against, all costs, expenses, losses and remediation that may arise from these matters. On January 18, 2017, the CFPB filed a complaint in federal court in Pennsylvania against Navient, along with its subsidiaries, Navient Solutions, Inc., and Pioneer Credit Recovery, Inc. The complaint alleges these Navient entities, among other things, engaged in deceptive practices with respect to its historic servicing and debt collection practices. Neither SLM, the Bank, nor any of their current subsidiaries are named in, or otherwise a party to, the lawsuit and are not alleged to have engaged in any wrongdoing. 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	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On April 5, 2017, we issued our unsecured debt offering of $200 million of 5.125 percent Senior Notes due April 5, 2022 at par. We intend to use the net proceeds from this debt offering to redeem all of our 6.97 percent Series A preferred stock and for general corporate purposes. This transaction will be reflected in our second quarter 2017 results.

Significant Accounting Polici22

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 are not necessarily indicative of the results for the year ending December 31, 2017 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, 2016 (the “2016 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.
Allowance for Loan Losses	Allowance for Loan Losses We maintain an allowance for loan losses at an amount sufficient to absorb probable losses incurred in our portfolios at the reporting date based on a projection of estimated probable credit losses incurred in the portfolio.
Troubled Debt Restructurings	Troubled Debt Restructurings (“TDRs”) For our TDR portfolio, we estimate an allowance amount sufficient to cover life-of-loan expected losses through an impairment calculation based on the difference between the loan’s basis and the present value of expected future cash flows (which would include life-of-loan default and recovery assumptions) discounted at the loan’s original effective interest rate. Our TDR portfolio is comprised mostly of loans with interest rate reductions and loans with forbearance usage greater than three months. 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. We generally consider a loan that is in full principal and interest repayment status which has received more than three months of forbearance in a 24-month period to be a TDR; however, during the first nine months after a loan has entered full principal and interest repayment status, we do not count up to the first six months of forbearance received during that period against the three-month policy limit. A loan also becomes a TDR when it is modified to reduce the interest rate on the loan (regardless of when such modification occurs and/or whether such interest rate reduction is temporary). The majority of our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan. Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life.
Derivative Accounting	Derivative Accounting We account for our derivatives, consisting of interest rate swaps, at fair value on the consolidated balance sheets as either an asset or liability. Derivative positions are recorded as net positions by counterparty based on master netting arrangements (see Note 6, “Derivative Financial Instruments”), exclusive of accrued interest and cash collateral held or pledged. The Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”) made amendments to their respective rules that resulted in the prospective accounting treatment of certain daily payments historically treated as the posting of collateral (variation margin payments) being considered as the legal settlement of the outstanding exposure of the derivative. While the CME rule, which became effective in January 2017, is mandatory, the LCH allows a clearing member institution the option to adopt the rule changes on an individual contract or portfolio basis. As of March 31, 2017, $4.5 billion notional of our derivative contracts were cleared on the CME and $0.7 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 79.8 percent and 13.1 percent , respectively, of our total notional derivative contracts of $5.6 billion at March 31, 2017. Under this new rule, for derivatives cleared through the CME, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. Interest income (expense) related to variation margin on derivatives that are not designated as hedging instruments or are designated as fair value relationships is recognized as a gain (loss) rather than as interest income (expense). Changes in fair value for derivatives not designated as hedging instruments will be presented as realized gains (losses). Our LCH clearing member institution has elected not to adopt the new rule change. Therefore, there has been no change to the accounting for the derivatives cleared through the LCH, and variation margin payments required to be exchanged based on the fair value of these derivatives remain accounted for as collateral. We determine the fair value for our derivative contracts primarily using pricing models that consider current market conditions and the contractual terms of the derivative contracts. These pricing models consider interest rates, time value, forward interest rate curves, and volatility factors. Inputs are generally from active financial markets. The majority of our derivatives qualify as effective hedges. For these derivatives, the relationship between the hedging instrument and the hedged items (including the hedged risk and method for assessing effectiveness), as well as the risk management objective and strategy for undertaking various hedge transactions at the inception of the hedging relationship, is documented. Each derivative is designated to a specific (or pool of) liability(ies) on the consolidated balance sheets, and is designated as either a “fair value” hedge or a “cash flow” hedge. Fair value hedges are designed to hedge our exposure to changes in fair value of a fixed-rate liability. For effective fair value hedges, both the hedge and the hedged item (for the risk being hedged) are recorded at fair value with any difference reflecting ineffectiveness recorded immediately in the consolidated statements of income. Cash flow hedges are designed to hedge our exposure to variability in cash flows related to variable-rate deposits. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, generally using regression testing. For hedges of a pool of liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in fair value of the derivative with no offsetting amount from the hedged item since the last time it was effective. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively and begin amortization of any basis adjustments that exist related to the hedged item.
Stock-Based Compensation	Stock-Based Compensation We recognize stock-based compensation cost in our consolidated statements of income using the fair value method. Under this method, we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the vesting period of the stock-based grant. On January 1, 2017, we adopted the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standards Update (“ASU”) 2016-09 “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This new guidance requires that we record all excess tax benefits/deficiencies related to the settlement of employee stock-based compensation to the income tax expense line item on our consolidated statements of income, under a modified retrospective basis. In the quarter ended March 31, 2017, we recorded a $6 million benefit in income tax expense because of this new standard. We previously recorded the excess tax benefits/deficiencies to the additional paid-in capital line item on our consolidated balance sheets. Under the new guidance, we also elected the option to no longer apply a forfeiture rate to our stock-based compensation expense, but to record forfeitures when they occur, and, as a result, under a modified retrospective basis we recorded a cumulative effect of the new stock compensation standard in total equity of $0.2 million , net of tax, in the first quarter of 2017.

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Loans held for investment	The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended March 31, 2017 2016 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 15,449,555 8.26 % $ 11,817,708 8.03 % FFELP Loans 1,003,128 3.69 1,103,253 3.42 Personal Loans 35,830 9.16 — — Total portfolio $ 16,488,513 $ 12,920,961 Loans held for investment are summarized as follows: March 31, December 31, 2017 2016 Private Education Loans $ 15,654,854 $ 14,251,675 Deferred origination costs 46,692 44,206 Allowance for loan losses (185,103 ) (182,472 ) Total Private Education Loans, net 15,516,443 14,113,409 FFELP Loans 989,393 1,010,908 Unamortized acquisition costs, net 2,855 2,941 Allowance for loan losses (1,637 ) (2,171 ) Total FFELP Loans, net 990,611 1,011,678 Personal Loans 55,502 12,893 Allowance for loan losses (346 ) (58 ) Total Personal Loans, net 55,156 12,835 Loans held for investment, net $ 16,562,210 $ 15,137,922

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Allowance for credit losses and recorded investments in loans	Allowance for Loan Losses Metrics Allowance for Loan Losses Three Months Ended March 31, 2017 FFELP Loans Private Education Loans Personal Loans Total Allowance for Loan Losses Beginning balance $ 2,171 $ 182,472 $ 58 $ 184,701 Total provision (316 ) 26,820 288 26,792 Net charge-offs: Charge-offs (218 ) (26,227 ) — (26,445 ) Recoveries — 3,259 — 3,259 Net charge-offs (218 ) (22,968 ) (23,186 ) Loan sales (1) — (1,221 ) — (1,221 ) Ending Balance $ 1,637 $ 185,103 $ 346 $ 187,086 Allowance: Ending balance: individually evaluated for impairment $ — $ 87,150 $ — $ 87,150 Ending balance: collectively evaluated for impairment $ 1,637 $ 97,953 $ 346 $ 99,936 Loans: Ending balance: individually evaluated for impairment $ — $ 701,860 $ — $ 701,860 Ending balance: collectively evaluated for impairment $ 989,393 $ 14,952,994 $ 55,502 $ 15,997,889 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.11 % 0.89 % — % Allowance as a percentage of the ending total loan balance 0.17 % 1.18 % 0.62 % Allowance as a percentage of the ending loans in repayment (2) 0.22 % 1.76 % 0.62 % Allowance coverage of net charge-offs (annualized) 1.88 2.01 — Ending total loans, gross $ 989,393 $ 15,654,854 $ 55,502 Average loans in repayment (2) $ 771,435 $ 10,265,530 $ 35,830 Ending loans in repayment (2) $ 757,052 $ 10,526,782 $ 55,502 ____________ (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 March 31, 2016 FFELP Loans Private Education Loans Total Allowance for Loan Losses Beginning balance $ 3,691 $ 108,816 $ 112,507 Total provision 321 33,839 34,160 Net charge-offs: Charge-offs (383 ) (19,004 ) (19,387 ) Recoveries — 1,044 1,044 Net charge-offs (383 ) (17,960 ) (18,343 ) Loan sales (1) — (2,075 ) (2,075 ) Ending Balance $ 3,629 $ 122,620 $ 126,249 Allowance: Ending balance: individually evaluated for impairment $ — $ 49,212 $ 49,212 Ending balance: collectively evaluated for impairment $ 3,629 $ 73,408 $ 77,037 Loans: Ending balance: individually evaluated for impairment $ — $ 318,094 $ 318,094 Ending balance: collectively evaluated for impairment $ 1,088,026 $ 11,793,776 $ 12,881,802 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.19 % 0.95 % Allowance as a percentage of the ending total loan balance 0.33 % 1.01 % Allowance as a percentage of the ending loans in repayment (2) 0.45 % 1.56 % Allowance coverage of net charge-offs (annualized) 2.37 1.71 Ending total loans, gross $ 1,088,026 $ 12,111,870 Average loans in repayment (2) $ 804,690 $ 7,534,234 Ending loans in repayment (2) $ 803,378 $ 7,843,076 ____________ (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 March 31, 2017 TDR Loans $ 712,019 $ 701,860 $ 87,150 December 31, 2016 TDR Loans $ 620,991 $ 612,606 $ 86,930
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 2017 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 669,606 $ 12,257 $ 297,315 $ 5,583
Age analysis of past due loans delinquencies	The following table provides information regarding the loan status and aging of TDR loans. March 31, December 31, 2017 2016 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 32,121 $ 24,185 TDR loans in forbearance (2) 78,791 71,851 TDR loans in repayment (3) and percentage of each status: Loans current 532,459 90.2 % 462,187 89.5 % Loans delinquent 31-60 days (4) 29,733 5.0 28,452 5.5 Loans delinquent 61-90 days (4) 16,837 2.8 17,326 3.4 Loans delinquent greater than 90 days (4) 11,919 2.0 8,605 1.6 Total TDR loans in repayment 590,948 100.0 % 516,570 100.0 % Total TDR loans, gross $ 701,860 $ 612,606 _____ (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 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 March 31, December 31, 2017 2016 Balance % Balance % Loans in-school/grace/deferment (1) $ 4,778,295 $ 4,189,955 Loans in forbearance (2) 349,777 351,962 Loans in repayment and percentage of each status: Loans current 10,327,843 98.1 % 9,509,394 97.9 % Loans delinquent 31-60 days (3) 112,167 1.1 124,773 1.3 Loans delinquent 61-90 days (3) 54,128 0.5 51,423 0.5 Loans delinquent greater than 90 days (3) 32,644 0.3 24,168 0.3 Total Private Education Loans in repayment 10,526,782 100.0 % 9,709,758 100.0 % Total Private Education Loans, gross 15,654,854 14,251,675 Private Education Loans deferred origination costs 46,692 44,206 Total Private Education Loans 15,701,546 14,295,881 Private Education Loans allowance for losses (185,103 ) (182,472 ) Private Education Loans, net $ 15,516,443 $ 14,113,409 Percentage of Private Education Loans in repayment 67.2 % 68.1 % Delinquencies as a percentage of Private Education Loans in repayment 1.9 % 2.1 % Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance 3.2 % 3.5 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
Modified loans accounts for troubled debt restructuring	The following 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 $ 112,206 $ 10,523 $ 25,526 $ 61,006 $ 4,968 $ 25,671 _____ (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 March 31, 2017 December 31, 2016 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance Cosigners: With cosigner $ 14,097,920 90 % $ 12,816,512 90 % Without cosigner 1,556,934 10 1,435,163 10 Total $ 15,654,854 100 % $ 14,251,675 100 % FICO at Original Approval: Less than 670 $ 1,008,334 6 % $ 920,132 6 % 670-699 2,297,815 15 2,092,722 15 700-749 5,109,510 33 4,639,958 33 Greater than or equal to 750 7,239,195 46 6,598,863 46 Total $ 15,654,854 100 % $ 14,251,675 100 % Seasoning (2) : 1-12 payments $ 4,233,778 27 % $ 3,737,110 26 % 13-24 payments 2,937,448 19 2,841,107 20 25-36 payments 1,951,479 12 1,839,764 13 37-48 payments 978,576 6 917,633 7 More than 48 payments 775,278 5 726,106 5 Not yet in repayment 4,778,295 31 4,189,955 29 Total $ 15,654,854 100 % $ 14,251,675 100 % (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 highlights the gross principal balance of our Personal Loan portfolio stratified by key credit quality indicators. Personal Loans Credit Quality Indicators March 31, 2017 December 31, 2016 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance FICO at Original Approval: Less than 670 $ 4,612 8 % $ 1,189 9 % 670-699 15,897 29 3,139 24 700-749 25,569 46 5,678 44 Greater than or equal to 750 9,424 17 2,888 23 Total $ 55,502 100 % $ 12,894 100 % Seasoning (2) : 0-12 payments $ 55,502 100 % $ 12,894 100 % 13-24 payments — — — — 25-36 payments — — — — 37-48 payments — — — — More than 48 payments — — — — Total $ 55,502 100 % $ 12,894 100 % (1) Balance represents gross Personal Loans. (2) Number of months in active repayment 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 March 31, 2017 $ 825,680 $ 1,108 $ 2,868 December 31, 2016 $ 739,847 $ 845 $ 2,898

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2017
Banking and Thrift [Abstract]
Schedule of deposits	The following table summarizes total deposits at March 31, 2017 and December 31, 2016 . March 31, December 31, 2017 2016 Deposits - interest bearing $ 13,360,698 $ 13,434,990 Deposits - non-interest bearing 1,173 677 Total deposits $ 13,361,871 $ 13,435,667
Interest bearing deposits	Interest bearing deposits at March 31, 2017 and December 31, 2016 are summarized as follows: March 31, 2017 December 31, 2016 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 7,187,495 1.37 % $ 7,129,404 1.22 % Savings 857,980 0.94 834,521 0.84 Certificates of deposit 5,315,223 1.58 5,471,065 1.41 Deposits - interest bearing $ 13,360,698 $ 13,434,990 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes our secured borrowings at March 31, 2017 and December 31, 2016 . March 31, 2017 December 31, 2016 Short-Term Long-Term Total Short-Term Long-Term Total Secured borrowings: Private Education Loan term securitizations $ — $ 2,837,347 $ 2,837,347 $ — $ 2,167,979 $ 2,167,979 ABCP Facility — — — — — — Total $ — $ 2,837,347 $ 2,837,347 $ — $ 2,167,979 $ 2,167,979
Schedule of securities financing transactions	Secured Financings at Issuance Issue Date Issued Total Issued Weighted Average Cost of Funds (1) Weighted Average Life (in years) 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 and accrued interest amount securitized at inception in 2015 $ 745,580 2016-A May 2016 $ 501,000 1-month LIBOR plus 1.38% 4.01 2016-B July 2016 607,000 1-month LIBOR plus 1.36% 4.01 2016-C October 2016 674,000 1-month LIBOR plus 1.15% 4.27 Total notes issued in 2016 $ 1,782,000 Total loan and accrued interest amount securitized at inception in 2016 $ 2,107,042 2017-A February 2017 $ 772,000 1-month LIBOR plus 0.93% 4.27 Total notes issued in 2017 $ 772,000 Total loan and accrued interest amount securitized at inception in 2017 $ 856,253 ____________ (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 March 31, 2017 and December 31, 2016 , respectively: March 31, 2017 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 securitizations $ — $ 2,837,347 $ 2,837,347 $ 3,275,417 $ 90,682 $ 217,687 $ 3,583,786 ABCP Facility — — — — — — — Total $ — $ 2,837,347 $ 2,837,347 $ 3,275,417 $ 90,682 $ 217,687 $ 3,583,786 ____ (1) Other assets primarily represent accrued interest receivable. December 31, 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 securitizations $ — $ 2,167,979 $ 2,167,979 $ 2,562,156 $ 44,617 $ 160,783 $ 2,767,556 ABCP Facility — — — — — — — Total $ — $ 2,167,979 $ 2,167,979 $ 2,562,156 $ 44,617 $ 160,783 $ 2,767,556 ____ (1) Other assets primarily represent accrued interest receivable.

Derivative Financial Instrume27

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 , and their impact on earnings and other comprehensive income for the three months ended March 31, 2017 and 2016. Please refer to Note 11, “Derivative Financial Instruments” in our 2016 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities. The net fair value of derivative instruments as of March 31, 2017 was a liability of $7.6 million , compared to the net fair value as of December 31, 2016 liability of $18.1 million . The change in the net fair value reflects a $6.3 million decrease in fair value offset by variation margin amounts of $16.7 million . The net position as of March 31, 2017 was $42.6 million , compared to $30.0 million as of December 31, 2016. The change in the net position reflects a $6.3 million decrease in fair value, $3.8 million decrease in collateral held and pledged (for contracts other than those cleared through the CME), offset by variation margin impacts of $22.7 million . Impact of Derivatives on the Consolidated Balance Sheet Cash Flow Hedges Fair Value Hedges Trading Total March 31, December 31, March 31, December March 31, December March 31, December 2017 2016 2017 2016 2017 2016 2017 2016 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ — $ — $ 200 $ 7,808 $ — $ — $ 200 $ 7,808 Derivative Liabilities: (2) Interest rate swaps Interest rate (7,147 ) (14,463 ) (616 ) (10,398 ) (118 ) (1,076 ) (7,881 ) (25,937 ) Total net derivatives $ (7,147 ) $ (14,463 ) $ (416 ) $ (2,590 ) $ (118 ) $ (1,076 ) $ (7,681 ) $ (18,129 ) ___________ (1) Except for instruments cleared through the CME, 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. The net position includes the variation margin as legal settlement of the derivative contract for instruments cleared with the CME. (2) The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities March 31, December 31, March 31, December 31, 2017 2016 2017 2016 Gross position (1) $ 200 $ 7,808 $ (7,881 ) $ (25,937 ) Impact of master netting agreement (196 ) (7,808 ) 196 7,808 Derivative values with impact of master netting agreements (as carried on balance sheet) 4 — (7,685 ) (18,129 ) Cash collateral (held) pledged (2) (320 ) — 50,342 48,134 Net position $ — $ — $ 42,657 $ 30,005 __________ (1) Except for instruments cleared with the CME, gross position amounts are exclusive of accrued interest and collateral held and pledged. (2) Cash collateral (held) pledged excludes amounts that represent legal settlement of the derivative contracts.
Offsetting assets	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities March 31, December 31, March 31, December 31, 2017 2016 2017 2016 Gross position (1) $ 200 $ 7,808 $ (7,881 ) $ (25,937 ) Impact of master netting agreement (196 ) (7,808 ) 196 7,808 Derivative values with impact of master netting agreements (as carried on balance sheet) 4 — (7,685 ) (18,129 ) Cash collateral (held) pledged (2) (320 ) — 50,342 48,134 Net position $ — $ — $ 42,657 $ 30,005 __________ (1) Except for instruments cleared with the CME, gross position amounts are exclusive of accrued interest and collateral held and pledged.
Offsetting liabilities	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities March 31, December 31, March 31, December 31, 2017 2016 2017 2016 Gross position (1) $ 200 $ 7,808 $ (7,881 ) $ (25,937 ) Impact of master netting agreement (196 ) (7,808 ) 196 7,808 Derivative values with impact of master netting agreements (as carried on balance sheet) 4 — (7,685 ) (18,129 ) Cash collateral (held) pledged (2) (320 ) — 50,342 48,134 Net position $ — $ — $ 42,657 $ 30,005 __________ (1) Except for instruments cleared with the CME, gross position amounts are exclusive of accrued interest and collateral held and pledged. (2) Cash collateral (held) pledged excludes amounts that represent legal settlement of the derivative contracts.
Schedule of notional amounts of outstanding derivative positions	Cash Flow Fair Value Trading Total March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Notional Values Interest rate swaps $ 1,026,538 $ 1,054,688 $ 3,988,051 $ 3,628,062 $ 656,681 $ 494,638 $ 5,671,270 $ 5,177,388
Derivative instruments, gain (loss)	Impact of Derivatives on the Consolidated Statements of Income Three Months Ended 2017 2016 Fair Value Hedges Interest rate swaps: Hedge ineffectiveness realized gains (losses) recorded in earnings (1) $ (4,167 ) $ (2,416 ) Realized gains recorded in interest expense 4,547 7,258 Total $ 380 $ 4,842 Cash Flow Hedges Interest rate swaps: Hedge ineffectiveness losses recorded in earnings (1) $ (72 ) $ (278 ) Realized losses recorded in interest expense (3,339 ) (4,621 ) Total $ (3,411 ) $ (4,899 ) Trading Interest rate swaps: Interest reclassification $ 80 $ 688 Realized (losses) gains recorded in earnings (1,219 ) 1,653 Total (1) (1,139 ) 2,341 Total $ (4,170 ) $ 2,284 ________ (1) Amounts included in “losses 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 March 31, 2017 2016 Amount of gain (loss) recognized in other comprehensive income (loss) $ 1,440 $ (28,995 ) Less: amount of (loss) gain reclassified in interest expense (1) (3,339 ) (4,621 ) Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax benefit $ 4,779 $ (24,374 ) ___________ (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)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of common share repurchases	The following table summarizes our common share repurchases and issuances. Three Months Ended (Shares and per share amounts in actuals) 2017 2016 Shares repurchased related to employee stock-based compensation plans (1)(2) 1,603,487 1,128,709 Average purchase price per share $ 11.96 $ 5.98 Common shares issued (3) 3,738,717 2,740,979 __________________ (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)	3 Months Ended
	Mar. 31, 2017
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 March 31, (In thousands, except per share data) 2017 2016 Numerator: Net income $ 94,943 $ 65,915 Preferred stock dividends 5,575 5,139 Net income attributable to SLM Corporation common stock $ 89,368 $ 60,776 Denominator: Weighted average shares used to compute basic EPS 429,891 427,111 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”) (1)(2) 8,844 3,792 Weighted average shares used to compute diluted EPS 438,735 430,903 Basic earnings per common share attributable to SLM Corporation $ 0.21 $ 0.14 Diluted earnings per common share attributable to SLM Corporation $ 0.20 $ 0.14 ________________ (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 March 31, 2017 and 2016, securities covering approximately 0 and 6 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)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Available-for-sale investments $ — $ 216,896 $ — $ 216,896 $ — $ 208,603 $ — $ 208,603 Derivative instruments — 200 — 200 — 7,808 — 7,808 Total $ — $ 217,096 $ — $ 217,096 $ — $ 216,411 $ — $ 216,411 Liabilities Derivative instruments $ — $ (7,881 ) $ — $ (7,881 ) $ — $ (25,937 ) $ — $ (25,937 ) Total $ — $ (7,881 ) $ — $ (7,881 ) $ — $ (25,937 ) $ — $ (25,937 )
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. March 31, 2017 December 31, 2016 Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets Loans held for investment, net $ 18,443,622 $ 16,562,210 $ 1,881,412 $ 16,520,786 $ 15,137,922 $ 1,382,864 Cash and cash equivalents 1,077,576 1,077,576 — 1,918,793 1,918,793 — Available-for-sale investments 216,896 216,896 — 208,603 208,603 — Accrued interest receivable 838,461 838,461 — 766,106 766,106 — Tax indemnification receivable 261,033 261,033 — 259,532 259,532 — Derivative instruments 200 200 — 7,808 7,808 — Total earning assets $ 20,837,788 $ 18,956,376 $ 1,881,412 $ 19,681,628 $ 18,298,764 $ 1,382,864 Interest-bearing liabilities Money-market and savings accounts $ 8,045,494 $ 8,045,494 $ — $ 7,963,925 $ 7,963,925 $ — Certificates of deposit 5,348,545 5,315,221 (33,324 ) 5,510,504 5,471,065 (39,439 ) Short-term borrowings — — — — — — Long-term borrowings 2,337,342 2,837,347 500,005 2,160,105 2,167,979 7,874 Accrued interest payable 27,359 27,359 — 21,058 21,058 — Derivative instruments 7,881 7,881 — 25,937 25,937 — Total interest-bearing liabilities $ 15,766,621 $ 16,233,302 $ 466,681 $ 15,681,529 $ 15,649,964 $ (31,565 ) Excess of net asset fair value over carrying value $ 2,348,093 $ 1,351,299

Regulatory Capital (Tables)

Regulatory Capital (Tables)	3 Months Ended
	Mar. 31, 2017
Banking and Thrift [Abstract]
Schedule of compliance with regulatory capital requirements under banking regulations	The following capital amounts and ratios are based upon the Bank’s assets. Actual “Well Capitalized” Amount Ratio Amount Ratio As of March 31, 2017: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 2,117,957 12.3 % $ 1,123,799 > 6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 2,117,957 12.3 % $ 1,383,137 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 2,305,261 13.3 % $ 1,728,922 > 10.0 % Tier 1 Capital (to Average Assets) $ 2,117,957 11.2 % $ 945,325 > 5.0 % As of December 31, 2016: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 2,011,583 12.6 % $ 1,038,638 > 6.5 % Tier 1 Capital (to Risk-Weighted Assets) $ 2,011,583 12.6 % $ 1,278,323 > 8.0 % Total Capital (to Risk-Weighted Assets) $ 2,197,997 13.8 % $ 1,597,904 > 10.0 % Tier 1 Capital (to Average Assets) $ 2,011,583 11.1 % $ 907,565 > 5.0 %

Significant Accounting Polices

Significant Accounting Polices - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Period of forbearance within twenty-four month period to be classified as TDR (more than)	3 months
Period after grace period for forbearance allowance	9 months
Forbearance period after grace period	6 months
Percentage of loans granted forbearance qualified as TDR	26.00%	26.00%
Notional value	$ 5,600
Benefit in income tax expense due to new standard	6
Chicago Mercantile Exchange
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Notional value	$ 4,500
Percent of total notional derivative contracts	79.80%
London Clearing House
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Notional value	$ 700
Percent of total notional derivative contracts	13.10%
Accounting Standards Update 2016-09 | Retained Earnings | New Accounting Pronouncement, Early Adoption, Effect
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cumulative effect adjustment to retained earnings	$ 0.2

Loans Held for Investment - Add

Loans Held for Investment - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Receivables [Abstract]
Percent of private loans indexed to LIBOR	82.00%
Tier 1 of government guarantee (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

Loans Held for Investment - Stu

Loans Held for Investment - Student Loan Portfolio by Program (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Private Education Loans	$ 15,654,854	$ 14,251,675
Deferred origination costs	46,692	44,206
Allowance for loan losses	(185,103)	(182,472)
Total Private Education Loans, net	15,516,443	14,113,409
FFELP Loans	989,393	1,010,908
Unamortized acquisition costs, net	2,855	2,941
Allowance for loan losses	(1,637)	(2,171)
Total FFELP Loans, net	990,611	1,011,678
Personal Loans	55,502	12,893
Allowance for loan losses	(346)	(58)
Total Personal Loans, net	55,156	12,835
Loans held for investment, net	$ 16,562,210	$ 15,137,922

Loans Held for Investment - S35

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Receivables [Abstract]
Average Balance, Private Education Loans	$ 15,449,555	$ 11,817,708
Average Balance FFELP Loans	1,003,128	1,103,253
Average Balance of Personal Loans	35,830	0
Average balance, Total portfolio	$ 16,488,513	$ 12,920,961
Weighted Average Interest Rate, Private Education Loans	8.26%	8.03%
Weighted Average Interest Rate FFELP loans	3.69%	3.42%
Weighted Average Interest Rate of Personal Loans	9.16%

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)charge_off	Mar. 31, 2016USD ($)charge_off
Allowance for Loan Losses
Allowance at beginning of period	$ 184,701	$ 112,507
Total provision	26,792	34,160
Net charge-offs:
Charge-offs	(26,445)	(19,387)
Recoveries	3,259	1,044
Net charge-offs	(23,186)	(18,343)
Loan sales	(1,221)	(2,075)
Allowance at end of period	187,086	126,249
Allowance:
Ending balance: individually evaluated for impairment	87,150	49,212
Ending balance: collectively evaluated for impairment	99,936	77,037
Loans:
Ending balance: individually evaluated for impairment	701,860	318,094
Ending balance: collectively evaluated for impairment	15,997,889	12,881,802
FFELP Loans
Allowance for Loan Losses
Allowance at beginning of period	2,171	3,691
Total provision	(316)	321
Net charge-offs:
Charge-offs	(218)	(383)
Recoveries	0	0
Net charge-offs	(218)	(383)
Loan sales	0	0
Allowance at end of period	1,637	3,629
Allowance:
Ending balance: individually evaluated for impairment	0	0
Ending balance: collectively evaluated for impairment	1,637	3,629
Loans:
Ending balance: individually evaluated for impairment	0	0
Ending balance: collectively evaluated for impairment	$ 989,393	$ 1,088,026
Net charge-offs as a percentage of average loans in repayment (annualized)	0.11%	0.19%
Allowance as a percentage of the ending total loan balance	0.17%	0.33%
Allowance as a percentage of the ending loans in repayment	0.22%	0.45%
Allowance coverage of net charge-offs (annualized) | charge_off	1.88	2.37
Ending total loans, gross	$ 989,393	$ 1,088,026
Average loans in repayment	771,435	804,690
Ending loans in repayment	757,052	803,378
Private Education Loans
Allowance for Loan Losses
Allowance at beginning of period	182,472	108,816
Total provision	26,820	33,839
Net charge-offs:
Charge-offs	(26,227)	(19,004)
Recoveries	3,259	1,044
Net charge-offs	(22,968)	(17,960)
Loan sales	(1,221)	(2,075)
Allowance at end of period	185,103	122,620
Allowance:
Ending balance: individually evaluated for impairment	87,150	49,212
Ending balance: collectively evaluated for impairment	97,953	73,408
Loans:
Ending balance: individually evaluated for impairment	701,860	318,094
Ending balance: collectively evaluated for impairment	$ 14,952,994	$ 11,793,776
Net charge-offs as a percentage of average loans in repayment (annualized)	0.89%	0.95%
Allowance as a percentage of the ending total loan balance	1.18%	1.01%
Allowance as a percentage of the ending loans in repayment	1.76%	1.56%
Allowance coverage of net charge-offs (annualized) | charge_off	2.01	1.71
Ending total loans, gross	$ 15,654,854	$ 12,111,870
Average loans in repayment	10,265,530	7,534,234
Ending loans in repayment	10,526,782	$ 7,843,076
Personal Loans
Allowance for Loan Losses
Allowance at beginning of period	58
Total provision	288
Net charge-offs:
Charge-offs	0
Recoveries	0
Net charge-offs
Loan sales	0
Allowance at end of period	346
Allowance:
Ending balance: individually evaluated for impairment	0
Ending balance: collectively evaluated for impairment	346
Loans:
Ending balance: individually evaluated for impairment	0
Ending balance: collectively evaluated for impairment	$ 55,502
Net charge-offs as a percentage of average loans in repayment (annualized)	0.00%
Allowance as a percentage of the ending total loan balance	0.62%
Allowance as a percentage of the ending loans in repayment	0.62%
Allowance coverage of net charge-offs (annualized) | charge_off	0
Ending total loans, gross	$ 55,502
Average loans in repayment	35,830
Ending loans in repayment	$ 55,502

Allowance for Loan Losses - Add

Allowance for Loan Losses - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Jul. 01, 2006
Receivables [Abstract]
Period of forbearance within twenty-four month period to be classified as TDR (more than)	3 months
Period after grace period for forbearance allowance	9 months
Forbearance period after grace period	6 months
Percentage of loans granted forbearance qualified as TDR	26.00%	26.00%
Criteria for loans to be considered as nonperforming	90 days
Tier 1 of government guarantee (at least) (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	Mar. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Recorded Investment	$ 712,019	$ 620,991
Unpaid Principal Balance	701,860	612,606
Allowance	$ 87,150	$ 86,930

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
	Mar. 31, 2017	Mar. 31, 2016
Receivables [Abstract]
Average Recorded Investment	$ 669,606	$ 297,315
Interest Income Recognized	$ 12,257	$ 5,583

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loan Status and Aging of Past Due TDR Loans (Details) - Student Loan - Consumer Portfolio Segment - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2015	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR loans in in-school/grace/deferment	$ 4,778,295		$ 4,189,955
TDR loans in forbearance	349,777		351,962
TDR loans in repayment and percentage of each status:
Loans current	10,327,843		9,509,394
Total TDR loans in repayment	10,526,782		9,709,758
Total TDR loans, gross	$ 15,654,854		14,251,675
Loans current (as a percentage)	98.10%	97.90%
Total TDR loans in repayment	100.00%	100.00%
Troubled Debt Restructured Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR loans in in-school/grace/deferment	$ 32,121		24,185
TDR loans in forbearance	78,791		71,851
TDR loans in repayment and percentage of each status:
Loans current	532,459		462,187
Total TDR loans in repayment	590,948		516,570
Total TDR loans, gross	$ 701,860		612,606
Loans current (as a percentage)	90.20%	89.50%
Total TDR loans in repayment	100.00%	100.00%
Loans delinquent 31-60 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 112,167		124,773
Loans delinquent (as a percentage)	1.10%	1.30%
Loans delinquent 31-60 days | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 29,733		28,452
Loans delinquent (as a percentage)	5.00%	5.50%
Loans delinquent 61-90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 54,128		51,423
Loans delinquent (as a percentage)	0.50%	0.50%
Loans delinquent 61-90 days | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 16,837		17,326
Loans delinquent (as a percentage)	2.80%	3.40%
Loans delinquent, greater than 90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 32,644		24,168
Loans delinquent (as a percentage)	0.30%	0.30%
Loans delinquent, greater than 90 days | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 11,919		$ 8,605
Loans delinquent (as a percentage)	2.00%	1.60%

Allowance for Loan Losses - Mod

Allowance for Loan Losses - Modified Loan Accounts for TDR (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Receivables [Abstract]
Modified Loans	$ 112,206	$ 61,006
Charge-offs	10,523	4,968
Payment- Default	$ 25,526	$ 25,671

Allowance for Loan Losses - L42

Allowance for Loan Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 15,654,854	$ 14,251,675
Private Education Loans | Consumer Portfolio Segment | Student Loan | With Cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 14,097,920	$ 12,816,512
Private Education Loans with cosigner (in percentage)	90.00%	90.00%
Private Education Loans | Consumer Portfolio Segment | Student Loan | Without Cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 1,556,934	$ 1,435,163
Private Education Loans without cosigner (in percentage)	10.00%	10.00%
Private Education Loans | Consumer Portfolio Segment | Student Loan | Cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 15,654,854	$ 14,251,675
Total in percent	100.00%	100.00%
Private Education Loans | Consumer Portfolio Segment | Student Loan | School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 15,654,854	$ 14,251,675
Total in percent	100.00%	100.00%
Private Education Loans | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 15,654,854	$ 14,251,675
Total in percent	100.00%	100.00%
Seasoning based on monthly scheduled payments due from 1-12 payments (in percentage)	27.00%	26.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments (in percentage)	19.00%	20.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments (in percentage)	12.00%	13.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments (in percentage)	6.00%	7.00%
Seasoning based on monthly scheduled payments due from more than 48 payments (in percentage)	5.00%	5.00%
Seasoning based on monthly scheduled payments due from not yet in repayment (in percentage)	31.00%	29.00%
Private Education Loans | FICO score less than 670 | Consumer Portfolio Segment | Student Loan | School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 1,008,334	$ 920,132
Private Education Loans At Origination	6.00%	6.00%
Private Education Loans | FICO score 670-699 | Consumer Portfolio Segment | Student Loan | School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 2,297,815	$ 2,092,722
Private Education Loans At Origination	15.00%	15.00%
Private Education Loans | FICO score 700-749 | Consumer Portfolio Segment | Student Loan | School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 5,109,510	$ 4,639,958
Private Education Loans At Origination	33.00%	33.00%
Private Education Loans | FICO score greater than or equal to 750 | Consumer Portfolio Segment | Student Loan | School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 7,239,195	$ 6,598,863
Private Education Loans At Origination	46.00%	46.00%
Private Education Loans | 1-12 payments | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 4,233,778	$ 3,737,110
Private Education Loans | 13-24 payments | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	2,937,448	2,841,107
Private Education Loans | 25-36 payments | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	1,951,479	1,839,764
Private Education Loans | 37-48 payments | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	978,576	917,633
Private Education Loans | More than 48 payments | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	775,278	726,106
Private Education Loans | Not yet in repayment | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	4,778,295	4,189,955
Personal Loans | Consumer Portfolio Segment | Student Loan | School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 55,502	$ 12,894
Total in percent	100.00%	100.00%
Personal Loans | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 55,502	$ 12,894
Total in percent	100.00%	100.00%
Seasoning based on monthly scheduled payments due from 1-12 payments (in percentage)	100.00%	100.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments (in percentage)	0.00%	0.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments (in percentage)	0.00%	0.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments (in percentage)	0.00%	0.00%
Seasoning based on monthly scheduled payments due from more than 48 payments (in percentage)	0.00%	0.00%
Personal Loans | FICO score less than 670 | Consumer Portfolio Segment | Student Loan | School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 4,612	$ 1,189
Private Education Loans At Origination	8.00%	9.00%
Personal Loans | FICO score 670-699 | Consumer Portfolio Segment | Student Loan | School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 15,897	$ 3,139
Private Education Loans At Origination	29.00%	24.00%
Personal Loans | FICO score 700-749 | Consumer Portfolio Segment | Student Loan | School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 25,569	$ 5,678
Private Education Loans At Origination	46.00%	44.00%
Personal Loans | FICO score greater than or equal to 750 | Consumer Portfolio Segment | Student Loan | School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 9,424	$ 2,888
Private Education Loans At Origination	17.00%	23.00%
Personal Loans | 1-12 payments | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 55,502	$ 12,894
Personal Loans | 13-24 payments | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	0	0
Personal Loans | 25-36 payments | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	0	0
Personal Loans | 37-48 payments | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	0	0
Personal Loans | More than 48 payments | Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 0	$ 0

Allowance for Loan Losses - Age

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2015	Dec. 31, 2016	Mar. 31, 2016
Loans in repayment and percentage of each status:
Private Education Loans allowance for losses	$ (187,086)	$ (112,507)	$ (184,701)	$ (126,249)
Student Loan | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	4,778,295		4,189,955
Loans in forbearance	349,777		351,962
Loans in repayment and percentage of each status:
Loans current	$ 10,327,843		9,509,394
Loans current (as a percentage)	98.10%	97.90%
Total TDR loans in repayment	$ 10,526,782		9,709,758
Total TDR loans in repayment	100.00%	100.00%
Total TDR loans, gross	$ 15,654,854		14,251,675
Private Education Loans deferred origination costs	46,692		44,206
Total Private Education Loans	15,701,546		14,295,881
Private Education Loans allowance for losses	(185,103)		(182,472)
Private Education Loans, net	$ 15,516,443		$ 14,113,409
Percentage of Private Education Loans in repayment	67.20%		68.10%
Delinquencies as a percentage of Private Education Loans in repayment	1.90%		2.10%
Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance	3.20%		3.50%
Student Loan | Consumer Portfolio Segment | Loans delinquent 31-60 days
Loans in repayment and percentage of each status:
Loans delinquent	$ 112,167		$ 124,773
Loans delinquent (as a percentage)	1.10%	1.30%
Student Loan | Consumer Portfolio Segment | Loans delinquent 61-90 days
Loans in repayment and percentage of each status:
Loans delinquent	$ 54,128		51,423
Loans delinquent (as a percentage)	0.50%	0.50%
Student Loan | Consumer Portfolio Segment | Loans delinquent, greater than 90 days
Loans in repayment and percentage of each status:
Loans delinquent	$ 32,644		$ 24,168
Loans delinquent (as a percentage)	0.30%	0.30%

Allowance for Loan Losses - Acc

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Total Interest Receivable	$ 825,680	$ 739,847
Greater Than 90 Days Past Due	1,108	845
Allowance for Uncollectible Interest	$ 2,868	$ 2,898

Deposits - Summary (Details)

Deposits - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Banking and Thrift [Abstract]
Deposits - interest bearing	$ 13,360,698	$ 13,434,990
Deposits - non-interest bearing	1,173	677
Total deposits	$ 13,361,871	$ 13,435,667

Deposits - Additional Informati

Deposits - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Banking and Thrift [Abstract]
Stable interest-bearing deposits, total	$ 5,400
Brokered deposit placement fee	2.1	$ 2.6
Third party broker fees paid	2.1	$ 2.8
Deposits exceeding FDIC insurance limits	304.6		$ 304.5
Accrued interest on deposits	$ 22.9		$ 18.9

Deposits - Interest Bearing Dep

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Amount
Money market	$ 7,187,495	$ 7,129,404
Savings	857,980	834,521
Certificates of deposit	5,315,223	5,471,065
Deposits - interest bearing	$ 13,360,698	$ 13,434,990
Weighted Average Stated Rate
Money market	1.37%	1.22%
Savings	0.94%	0.84%
Certificates of deposit	1.58%	1.41%

Borrowings - Company Borrowings

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Short Term	$ 0	$ 0
Long Term	2,837,347	2,167,979
Total	2,837,347	2,167,979
Private Education Loan securitization
Debt Instrument [Line Items]
Short Term	0	0
Long Term	2,837,347	2,167,979
Total	2,837,347	2,167,979
ABCP borrowings
Debt Instrument [Line Items]
Short Term	0	0
Long Term	0	0
Total	$ 0	$ 0

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	Feb. 22, 2017	Feb. 08, 2017	Feb. 25, 2016	Mar. 31, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Short-term borrowings				$ 0	$ 0
Estimated weighted average life of student loans (in years)				6 years	6 years
Uncommitted federal funds				$ 125,000,000
Lendable value of collateral				2,600,000,000	$ 2,600,000,000
ABCP borrowings
Line of Credit Facility [Line Items]
Short-term borrowings				$ 0	$ 0
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 residual interest in ABCP facility	100.00%			100.00%
Short-term borrowings				$ 0
Private Education Loans
Line of Credit Facility [Line Items]
Total loan amount securitized at inception		$ 772,000,000
Amount of loan securitization sold to third parties		$ 772,000,000
Class A Notes
Line of Credit Facility [Line Items]
Ownership interest percentage		100.00%
Proceeds from loan securitization sold to third parties		$ 768,000,000
Class A and B Notes
Line of Credit Facility [Line Items]
Estimated weighted average life of student loans (in years)		4 years 3 months 7 days
Private Education Loans, 2016 Term A
Line of Credit Facility [Line Items]
Loans pledged as collateral				$ 795,000,000
LIBOR | ABCP borrowings | Commercial Paper
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.90%		0.90%
LIBOR | Class A and B Notes
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.93%
Minimum | ABCP borrowings | Commercial Paper
Line of Credit Facility [Line Items]
Financing cost percentage of unused borrowing capacity	0.35%		0.35%
Maximum | ABCP borrowings | Commercial Paper
Line of Credit Facility [Line Items]
Financing cost percentage of unused borrowing capacity	0.45%		0.45%

Borrowings - Securitizations (D

Borrowings - Securitizations (Details) - USD ($)	Feb. 28, 2017	Oct. 31, 2016	Jul. 31, 2016	May 31, 2016	Jul. 31, 2015	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Securities Financing Transaction [Line Items]
Total Issued						$ 772,000,000	$ 1,782,000,000	$ 630,800,000
Total loan and accrued interest amount securitized at inception on-balance sheet term securitization						$ 856,253,000	$ 2,107,042,000	$ 745,580,000
2015-B
Securities Financing Transaction [Line Items]
Total Issued					$ 630,800,000
Weighted Average Life (in years)					4 years 9 months 26 days
2016-A
Securities Financing Transaction [Line Items]
Total Issued				$ 501,000,000
Weighted Average Life (in years)				4 years 3 days
2016-B
Securities Financing Transaction [Line Items]
Total Issued			$ 607,000,000
Weighted Average Life (in years)			4 years 3 days
2016-C
Securities Financing Transaction [Line Items]
Total Issued		$ 674,000,000
Weighted Average Life (in years)		4 years 3 months 7 days
2017-A
Securities Financing Transaction [Line Items]
Total Issued	$ 772,000,000
Weighted Average Life (in years)	4 years 3 months 7 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%
LIBOR | 2016-B
Securities Financing Transaction [Line Items]
Basis spread on variable rate			1.36%
LIBOR | 2016-C
Securities Financing Transaction [Line Items]
Basis spread on variable rate		1.15%
LIBOR | 2017-A
Securities Financing Transaction [Line Items]
Basis spread on variable rate	0.93%

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Outstanding
Short Term	$ 0	$ 0
Long Term	2,837,347	2,167,979
Total	2,837,347	2,167,979
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	94,146	53,717
Other Assets	47,855	52,153
Private Education Loan securitization
Debt Outstanding
Short Term	0	0
Long Term	2,837,347	2,167,979
Total	2,837,347	2,167,979
ABCP Facility
Debt Outstanding
Short Term	0	0
Long Term	0	0
Total	0	0
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short Term	0	0
Long Term	2,837,347	2,167,979
Total	2,837,347	2,167,979
Carrying Amount of Assets Securing Debt Outstanding
Loans	3,275,417	2,562,156
Restricted Cash	90,682	44,617
Other Assets	217,687	160,783
Total	3,583,786	2,767,556
Variable Interest Entity, Primary Beneficiary | Private Education Loan securitization
Debt Outstanding
Short Term	0	0
Long Term	2,837,347	2,167,979
Total	2,837,347	2,167,979
Carrying Amount of Assets Securing Debt Outstanding
Loans	3,275,417	2,562,156
Restricted Cash	90,682	44,617
Other Assets	217,687	160,783
Total	3,583,786	2,767,556
Variable Interest Entity, Primary Beneficiary | ABCP Facility
Debt Outstanding
Short Term	0	0
Long Term	0	0
Total	0	0
Carrying Amount of Assets Securing Debt Outstanding
Loans	0	0
Restricted Cash	0	0
Other Assets	0	0
Total	$ 0	$ 0

Derivative Financial Instrume52

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Notional value	$ 5,600,000
Cash collateral (held) pledged	320	$ 0
Net derivatives	43,200	44,600
Cash collateral held relative to derivative exposure	300	1,000
Cash collateral pledged	50,300	49,100
Chicago Mercantile Exchange
Derivative [Line Items]
Notional value	$ 4,500,000
Percent of total notional derivative contracts	79.80%
London Clearing House
Derivative [Line Items]
Notional value	$ 700,000
Percent of total notional derivative contracts	13.10%
Interest rate swaps
Derivative [Line Items]
Notional value	$ 5,671,270	5,177,388
Net position	(7,681)	(18,129)
Designated as Hedging Instrument | Fair Value Hedges
Derivative [Line Items]
Net position	42,600	30,000
Designated as Hedging Instrument | Fair Value Hedges | Interest rate swaps
Derivative [Line Items]
Notional value	3,988,051	3,628,062
Derivative instruments	7,600	18,100
Increase (decrease) in fair value of collateral	6,300
Variation margin	16,700
Net position	(416)	$ (2,590)
Designated as Hedging Instrument | Fair Value Hedges | Contracts other than CME
Derivative [Line Items]
Increase (decrease) in fair value of collateral	(6,300)
Variation margin	22,700
Cash collateral (held) pledged	$ (3,800)

Derivative Financial Instrume53

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 200	$ 7,808
Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	42,600	30,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Assets	200	7,808
Derivative Liabilities	(7,881)	(25,937)
Total net derivatives	(7,681)	(18,129)
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	(118)	(1,076)
Total net derivatives	(118)	(1,076)
Interest rate swaps | Cash Flow | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	(7,147)	(14,463)
Total net derivatives	(7,147)	(14,463)
Interest rate swaps | Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	200	7,808
Derivative Liabilities	(616)	(10,398)
Total net derivatives	$ (416)	$ (2,590)

Derivative Financial Instrume54

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Assets
Gross position	$ 200	$ 7,808
Impact of master netting agreement	(196)	(7,808)
Derivative values with impact of master netting agreements (as carried on balance sheet)	4	0
Cash collateral (held) pledged	(320)	0
Net position	0	0
Other Liabilities
Cash collateral (held) pledged	50,300	49,100
Other Liabilities
Other Liabilities
Gross position	(7,881)	(25,937)
Impact of master netting agreement	196	7,808
Derivative values with impact of master netting agreements (as carried on balance sheet)	(7,685)	(18,129)
Cash collateral (held) pledged	50,342	48,134
Net position	$ 42,657	$ 30,005

Derivative Financial Instrume55

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Notional values	$ 5,600,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional values	5,671,270	$ 5,177,388
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Notional values	656,681	494,638
Interest rate swaps | Cash Flow Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	1,026,538	1,054,688
Interest rate swaps | Fair Value Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	$ 3,988,051	$ 3,628,062

Derivative Financial Instrume56

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Trading
Gain (loss) on derivatives, net	$ (4,170)	$ 2,284
Designated as Hedging Instrument | Fair Value Hedges
Fair Value Hedges
Hedge ineffectiveness gains (losses) recorded in earnings	(4,167)	(2,416)
Realized gains recorded in interest expense	4,547	7,258
Trading
Gain (loss) on derivatives, net	380	4,842
Designated as Hedging Instrument | Cash Flow Hedges
Cash Flow Hedges
Hedge ineffectiveness losses recorded in earnings	(72)	(278)
Realized losses recorded in interest expense	(3,339)	(4,621)
Trading
Gain (loss) on derivatives, net	(3,411)	(4,899)
Trading
Trading
Interest reclassification	80	688
Realized (losses) gains recorded in earnings	(1,219)	1,653
Gain (loss) on derivatives, net	$ (1,139)	$ 2,341

Derivative Financial Instrume57

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ 1,440	$ (28,995)
Less: amount of (loss) gain reclassified in interest expense	(3,339)	(4,621)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax benefit	$ 4,779	$ (24,374)

Stockholders' Equity - Common s

Stockholders' Equity - Common stock repurchased (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Shares repurchased related to employee stock-based compensation plans (in shares)	1,603,487	1,128,709
Average purchase price per share (in dollars per share)	$ 11.96	$ 5.98
Common shares issued (in shares)	3,738,717	2,740,979

Stockholders' Equity - Additio

Stockholders' Equity - Additional Detail (Details)	Mar. 31, 2017$ / shares
Common Stock
Class of Stock [Line Items]
Common stock closing price (in dollars per share)	$ 12.10

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income	$ 94,943	$ 65,915
Preferred stock dividends	5,575	5,139
Net income attributable to SLM Corporation common stock	$ 89,368	$ 60,776
Denominator:
Weighted average shares used to compute basic EPS (in shares)	429,891,000	427,111,000
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan (ESPP) (in shares)	8,844,000	3,792,000
Weighted average shares used to compute diluted EPS (in shares)	438,735,000	430,903,000
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.21	$ 0.14
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.20	$ 0.14
Securities excluded from computation of EPS (in shares)	0	6,000,000

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Available-for-sale investments	$ 216,896	$ 208,603
Derivative instruments	4	0
Fair Value Measurements Recurring
Assets
Available-for-sale investments	216,896	208,603
Derivative instruments	200	7,808
Total earning assets	217,096	216,411
Liabilities
Derivative instruments	(7,881)	(25,937)
Fair Value Measurements Recurring | Level 1
Assets
Available-for-sale investments	0	0
Derivative instruments	0	0
Total earning assets	0	0
Liabilities
Derivative instruments	0	0
Fair Value Measurements Recurring | Level 2
Assets
Available-for-sale investments	216,896	208,603
Derivative instruments	200	7,808
Total earning assets	217,096	216,411
Liabilities
Derivative instruments	(7,881)	(25,937)
Fair Value Measurements Recurring | Level 3
Assets
Available-for-sale investments	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	Mar. 31, 2017	Dec. 31, 2016
Earning assets
Loans held for investment, net, difference	$ 1,881,412	$ 1,382,864
Tax indemnification receivable	261,033	259,532
Derivative instruments	4	0
Total earning assets, difference	1,881,412	1,382,864
Interest-bearing liabilities
Long-term borrowings, difference	500,005	7,874
Total interest-bearing liabilities, difference	466,681	(31,565)
Excess of net asset fair value over carrying value	2,348,093	1,351,299
Certificates of deposit
Interest-bearing liabilities
Certificates of deposit, difference	(33,324)	(39,439)
Fair Value
Earning assets
Loans held for investment, net	18,443,622	16,520,786
Cash and cash equivalents	1,077,576	1,918,793
Available-for-sale investments	216,896	208,603
Accrued interest receivable	838,461	766,106
Tax indemnification receivable	261,033	259,532
Derivative instruments	200	7,808
Total earning assets	20,837,788	19,681,628
Interest-bearing liabilities
Short-term borrowings	0	0
Long-term borrowings	2,337,342	2,160,105
Accrued interest payable	27,359	21,058
Derivative instruments	7,881	25,937
Total interest-bearing liabilities	15,766,621	15,681,529
Fair Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	8,045,494	7,963,925
Fair Value | Certificates of deposit
Interest-bearing liabilities
Deposits	5,348,545	5,510,504
Carrying Value
Earning assets
Loans held for investment, net	16,562,210	15,137,922
Cash and cash equivalents	1,077,576	1,918,793
Available-for-sale investments	216,896	208,603
Accrued interest receivable	838,461	766,106
Tax indemnification receivable	261,033	259,532
Derivative instruments	200	7,808
Total earning assets	18,956,376	18,298,764
Interest-bearing liabilities
Short-term borrowings	0	0
Long-term borrowings	2,837,347	2,167,979
Accrued interest payable	27,359	21,058
Derivative instruments	7,881	25,937
Total interest-bearing liabilities	16,233,302	15,649,964
Carrying Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	8,045,494	7,963,925
Carrying Value | Certificates of deposit
Interest-bearing liabilities
Deposits	$ 5,315,221	$ 5,471,065

Arrangements with Navient Cor63

Arrangements with Navient Corporation (Details) - USD ($) $ in Millions	Mar. 31, 2017	Apr. 30, 2014
Related Party Transactions [Abstract]
Deferred taxes to be indemnified		$ 283
Amount remaining	$ 116
Remaining balance of indemnification receivable in connection with the spin-off	27
Liability for uncertainty in income taxes	28
Liability for uncertainty in income taxes relating to historical transactions	$ 117

Regulatory Capital - Well Capit

Regulatory Capital - Well Capitalized Regulatory Requirements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Actual
Common Equity Tier I Capital (to Risk-Weighted Assets)	$ 2,117,957	$ 2,011,583
Tier 1 Capital (to Risk-Weighted Assets)	2,117,957	2,011,583
Total Capital (to Risk-Weighted Assets)	2,305,261	2,197,997
Tier 1 Capital (to Average Assets)	$ 2,117,957	$ 2,011,583
Actual Ratio
Common Equity Tier I Capital (to Risk-Weighted Assets)	12.30%	12.60%
Tier 1 Capital (to Risk-Weighted Assets)	12.30%	12.60%
Total Capital (to Risk-Weighted Assets)	13.30%	13.80%
Tier 1 Capital (to Average Assets)	11.20%	11.10%
Well Capitalized Regulatory Requirements, Amount
Common Equity Tier I Capital (to Risk-Weighted Assets)	$ 1,123,799	$ 1,038,638
Tier 1 Capital (to Risk-Weighted Assets)	1,383,137	1,278,323
Total Capital (to Risk-Weighted Assets)	1,728,922	1,597,904
Tier 1 Capital (to Average Assets)	$ 945,325	$ 907,565
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
	Mar. 31, 2017	Mar. 31, 2016
Banking and Thrift [Abstract]
Dividends	$ 0	$ 0

Commitments, Contingencies an66

Commitments, Contingencies and Guarantees - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)attorney_general_office
Loss Contingencies [Line Items]
Contractual obligation	$ 400
Other liabilities reserve	$ 0.2
Loss contingency, loss emergence period	1 year
Number of attorneys general | attorney_general_office	2

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	Apr. 05, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Unsecured offering issued		$ 772,000,000	$ 1,782,000,000	$ 630,800,000
Senior Notes | Subsequent Event | Senior Unsecured Notes Due April 2022
Subsequent Event [Line Items]
Unsecured offering issued	$ 200,000,000
Interest rate stated percentage	5.125%
Series A Preferred Stock | Senior Notes | Subsequent Event
Subsequent Event [Line Items]
Redemption price percentage	6.97%