SLM (SLM) 10-Q 24 Jul 19 2019 Q2 Quarterly report Financial data

Cover page

Cover page	6 Months Ended
	Jun. 30, 2019shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-13251
Entity Registrant Name	SLM Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2013874
Entity Address, Address Line One	300 Continental Drive
Entity Address, City or Town	Newark,
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19713
City Area Code	302
Local Phone Number	451-0200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	426,594,990
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001032033
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $.20 per share
Trading Symbol	SLM
Security Exchange Name	NASDAQ
Noncumulative Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
Trading Symbol	SLMBP
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 3,998,514	$ 2,559,106
Available-for-sale investments at fair value (cost of $331,519 and $182,325, respectively)	331,541	176,245
Loans held for investment (net of allowance for losses of $383,997 and $341,121, respectively)	23,268,646	22,270,919
Restricted cash	141,441	122,789
Other interest-earning assets	65,187	27,157
Accrued interest receivable	1,401,618	1,191,981
Premises and equipment, net	129,658	105,504
Income taxes receivable, net	93,489	41,570
Tax indemnification receivable	38,925	39,207
Other assets	116,207	103,695
Total assets	29,585,226	26,638,173
Liabilities
Deposits	21,178,134	18,943,158
Long-term borrowings	4,862,763	4,284,304
Upromise member accounts	200,676	213,104
Other liabilities	246,337	224,951
Total liabilities	26,487,910	23,665,517
Commitments and contingencies
Equity
Series B: 4 million and 4 million shares issued, respectively, at stated value of $100 per share	400,000	400,000
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 453.5 million and 449.9 million shares issued, respectively	90,702	89,972
Additional paid-in capital	1,296,409	1,274,635
Accumulated other comprehensive income (loss) (net of tax expense (benefit) of $(4,390) and $3,436, respectively)	(13,579)	10,623
Retained earnings	1,600,855	1,340,017
Total SLM Corporation stockholders’ equity before treasury stock	3,374,387	3,115,247
Less: Common stock held in treasury at cost: 26.9 million and 14.2 million shares, respectively	(277,071)	(142,591)
Total equity	3,097,316	2,972,656
Total liabilities and equity	$ 29,585,226	$ 26,638,173

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Available-for-sale investments, cost	$ 331,519	$ 182,325
Loans held for investment, allowance	$ 383,997	$ 341,121
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)	453,500,000	449,900,000
Accumulated other comprehensive income, tax	$ (4,390)	$ 3,436
Common stock held in treasury (in shares)	26,900,000	14,200,000
Series B Preferred Stock
Preferred stock, stated value (in dollars per share)	$ 100	$ 100
Preferred stock, shares issued (in shares)	4,000,000	4,000,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest income:
Loans	$ 553,905	$ 454,045	$ 1,107,384	$ 884,093
Investments	1,706	1,694	3,127	3,641
Cash and cash equivalents	18,111	6,572	29,664	11,808
Total interest income	573,722	462,311	1,140,175	899,542
Interest expense:
Deposits	136,597	90,605	262,584	168,061
Interest expense on short-term borrowings	1,135	1,128	2,300	3,521
Interest expense on long-term borrowings	39,122	29,628	76,142	54,396
Total interest expense	176,854	121,361	341,026	225,978
Net interest income	396,868	340,950	799,149	673,564
Less: provisions for credit losses	93,375	63,267	157,165	117,198
Net interest income after provisions for credit losses	303,493	277,683	641,984	556,366
Non-interest income:
Gains on sales of loans, net	0	2,060	0	2,060
Losses on sales of securities, net	0	(1,549)	0	(1,549)
Gains (losses) on derivatives and hedging activities, net	16,736	(5,268)	19,499	(1,376)
Other income	2,655	12,295	16,033	21,937
Total non-interest income	19,391	7,538	35,532	21,072
Non-interest expenses:
Compensation and benefits	66,495	60,245	145,233	128,562
FDIC assessment fees	7,356	8,001	14,974	16,797
Other operating expenses	64,955	67,069	118,746	114,922
Total non-interest expenses	138,806	135,315	278,953	260,281
Income before income tax expense	184,078	149,906	398,563	317,157
Income tax expense	33,801	40,074	90,097	81,071
Net income	150,277	109,832	308,466	236,086
Preferred stock dividends	4,331	3,920	8,799	7,317
Net income attributable to SLM Corporation common stock	$ 145,946	$ 105,912	$ 299,667	$ 228,769
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.34	$ 0.24	$ 0.69	$ 0.53
Average common shares outstanding (in shares)	429,278,000	435,187,000	431,911,000	434,573,000
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.34	$ 0.24	$ 0.69	$ 0.52
Average common and common equivalent shares outstanding (in shares)	432,253,000	439,445,000	435,233,000	439,212,000
Dividends per common share attributable to SLM Corporation (in dollars per share)	$ 0.06	$ 0	$ 0.09	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 150,277	$ 109,832	$ 308,466	$ 236,086
Other comprehensive income (loss):
Unrealized gains (losses) on investments	3,164	42	6,102	(4,085)
Unrealized gains (losses) on cash flow hedges	(24,013)	10,014	(38,130)	30,304
Total unrealized gains (losses)	(20,849)	10,056	(32,028)	26,219
Income tax benefit (expense)	5,093	(2,441)	7,826	(6,343)
Other comprehensive income (loss), net of tax benefit (expense)	(15,756)	7,615	(24,202)	19,876
Total comprehensive income	$ 134,521	$ 117,447	$ 284,264	$ 255,962

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Total	Series B Preferred Stock	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained EarningsSeries B Preferred Stock
Beginning Balance (in shares) at Dec. 31, 2017			4,000,000	432,376,250	(11,087,337)
Beginning Balance, issued (in shares) at Dec. 31, 2017				443,463,587
Beginning Balance at Dec. 31, 2017	$ 2,474,256,000		$ 400,000,000	$ 88,693,000	$ (107,644,000)	$ 1,222,277,000	$ 2,748,000	$ 868,182,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	236,086,000							236,086,000
Other comprehensive income, net of tax	19,876,000						19,876,000
Total comprehensive income	$ 255,962,000
Reclassification resulting from the adoption of ASU No. 2018-02							592,000	(592,000)
Cash dividends:
Preferred Stock		$ (7,317,000)							$ (7,317,000)
Issuance of common shares (in shares)	5,944,946			5,944,946
Issuance of common shares	$ 18,852,000			$ 1,189,000		17,663,000
Stock-based compensation expense	$ 20,261,000					20,261,000
Common stock repurchased (in shares)	0
Shares repurchased related to employee stock-based compensation plans (in shares)	(2,940,595)			(2,940,595)	2,940,595
Shares repurchased related to employee stock-based compensation plans	$ (33,312,000)				$ (33,312,000)
Ending Balance (in shares) at Jun. 30, 2018			4,000,000	435,380,601	(14,027,932)
Ending Balance, issued (in shares) at Jun. 30, 2018				449,408,533
Ending Balance at Jun. 30, 2018	2,728,702,000		$ 400,000,000	$ 89,882,000	$ (140,956,000)	1,260,201,000	23,216,000	1,096,359,000
Beginning Balance (in shares) at Mar. 31, 2018			4,000,000	435,196,223	(13,827,355)
Beginning Balance, issued (in shares) at Mar. 31, 2018				449,023,578
Beginning Balance at Mar. 31, 2018	2,609,833,000		$ 400,000,000	$ 89,805,000	$ (138,629,000)	1,252,609,000	15,601,000	990,447,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	109,832,000							109,832,000
Other comprehensive income, net of tax	7,615,000						7,615,000
Total comprehensive income	$ 117,447,000
Cash dividends:
Preferred Stock		(3,920,000)							(3,920,000)
Issuance of common shares (in shares)	384,955			384,955
Issuance of common shares	$ 2,153,000			$ 77,000		2,076,000
Stock-based compensation expense	$ 5,516,000					5,516,000
Common stock repurchased (in shares)	0
Shares repurchased related to employee stock-based compensation plans (in shares)	(200,577)			(200,577)	200,577
Shares repurchased related to employee stock-based compensation plans	$ (2,327,000)				$ (2,327,000)
Ending Balance (in shares) at Jun. 30, 2018			4,000,000	435,380,601	(14,027,932)
Ending Balance, issued (in shares) at Jun. 30, 2018				449,408,533
Ending Balance at Jun. 30, 2018	2,728,702,000		$ 400,000,000	$ 89,882,000	$ (140,956,000)	1,260,201,000	23,216,000	1,096,359,000
Beginning Balance (in shares) at Dec. 31, 2018			4,000,000	435,681,488	(14,174,733)
Beginning Balance, issued (in shares) at Dec. 31, 2018				449,856,221
Beginning Balance at Dec. 31, 2018	2,972,656,000		$ 400,000,000	$ 89,972,000	$ (142,591,000)	1,274,635,000	10,623,000	1,340,017,000
Cash dividends:
Common Stock	(0.03)
Ending Balance (in shares) at Mar. 31, 2019			4,000,000	432,427,285	(20,899,600)
Ending Balance, issued (in shares) at Mar. 31, 2019				453,326,885
Ending Balance at Mar. 31, 2019	3,047,534,000		$ 400,000,000	$ 90,666,000	$ (216,710,000)	1,290,683,000	2,177,000	1,480,718,000
Beginning Balance (in shares) at Dec. 31, 2018			4,000,000	435,681,488	(14,174,733)
Beginning Balance, issued (in shares) at Dec. 31, 2018				449,856,221
Beginning Balance at Dec. 31, 2018	2,972,656,000		$ 400,000,000	$ 89,972,000	$ (142,591,000)	1,274,635,000	10,623,000	1,340,017,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	308,466,000							308,466,000
Other comprehensive income, net of tax	(24,202,000)						(24,202,000)
Total comprehensive income	284,264,000
Cash dividends:
Common Stock	(38,824,000)							(38,824,000)
Preferred Stock		(8,799,000)							(8,799,000)
Dividend equivalent units related to employee stock-based compensation plans	$ 0					5,000		(5,000)
Issuance of common shares (in shares)	3,651,684			3,651,684
Issuance of common shares	$ 3,026,000			$ 730,000		2,296,000
Stock-based compensation expense	$ 19,473,000					19,473,000
Common stock repurchased (in shares)	(11,424,755)			(11,424,755)	11,424,755
Common stock repurchased	$ (120,120,000)				$ (120,120,000)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,313,427)			(1,313,427)	1,313,427
Shares repurchased related to employee stock-based compensation plans	$ (14,360,000)				$ (14,360,000)
Ending Balance (in shares) at Jun. 30, 2019			4,000,000	426,594,990	(26,912,915)
Ending Balance, issued (in shares) at Jun. 30, 2019				453,507,905
Ending Balance at Jun. 30, 2019	3,097,316,000		$ 400,000,000	$ 90,702,000	$ (277,071,000)	1,296,409,000	(13,579,000)	1,600,855,000
Beginning Balance (in shares) at Mar. 31, 2019			4,000,000	432,427,285	(20,899,600)
Beginning Balance, issued (in shares) at Mar. 31, 2019				453,326,885
Beginning Balance at Mar. 31, 2019	3,047,534,000		$ 400,000,000	$ 90,666,000	$ (216,710,000)	1,290,683,000	2,177,000	1,480,718,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	150,277,000							150,277,000
Other comprehensive income, net of tax	(15,756,000)						(15,756,000)
Total comprehensive income	134,521,000
Cash dividends:
Common Stock	(25,804,000)							(25,804,000)
Preferred Stock		$ (4,331,000)							$ (4,331,000)
Dividend equivalent units related to employee stock-based compensation plans	$ 0					5,000		(5,000)
Issuance of common shares (in shares)	181,020			181,020
Issuance of common shares	$ 175,000			$ 36,000		139,000
Stock-based compensation expense	$ 5,582,000					5,582,000
Common stock repurchased (in shares)	(5,989,279)			(5,989,279)	5,989,279
Common stock repurchased	$ (60,120,000)				$ (60,120,000)
Shares repurchased related to employee stock-based compensation plans (in shares)	(24,036)			(24,036)	24,036
Shares repurchased related to employee stock-based compensation plans	$ (241,000)				$ (241,000)
Ending Balance (in shares) at Jun. 30, 2019			4,000,000	426,594,990	(26,912,915)
Ending Balance, issued (in shares) at Jun. 30, 2019				453,507,905
Ending Balance at Jun. 30, 2019	$ 3,097,316,000		$ 400,000,000	$ 90,702,000	$ (277,071,000)	$ 1,296,409,000	$ (13,579,000)	$ 1,600,855,000

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Common stock dividend (in dollars per share)	$ 0.06	$ 0	$ 0.09	$ 0
Series B Preferred Stock
Preferred stock dividend (in dollars per share)	$ 1.08	$ 0.98	$ 2.20	$ 1.81

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income	$ 308,466	$ 236,086
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses	157,165	117,198
Income tax expense	90,097	81,071
Amortization of brokered deposit placement fee	7,625	5,847
Amortization of Secured Borrowing Facility upfront fee	559	575
Amortization of deferred loan origination costs and loan premium/(discounts), net	6,426	5,115
Net amortization of discount on investments	493	985
Increase (reduction) in tax indemnification receivable	282	(3,453)
Depreciation of premises and equipment	6,968	6,475
Stock-based compensation expense	19,473	20,261
Unrealized gains (losses) on derivatives and hedging activities, net	(21,950)	1,175
Gains on sales of loans, net	0	(2,060)
Losses on sales of securities, net	0	1,549
Other adjustments to net income, net	3,851	3,480
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(478,886)	(407,813)
Increase in other interest-earning assets	(38,030)	(6,799)
Decrease in tax indemnification receivable	0	17,994
Increase in other assets	(28,297)	(51,448)
Decrease in income taxes payable, net	(132,250)	(107,973)
Increase in accrued interest payable	7,037	11,295
Increase (decrease) in other liabilities	27,927	(9,054)
Total adjustments	(371,510)	(315,580)
Total net cash used in operating activities	(63,044)	(79,494)
Investing activities
Loans acquired and originated	(2,919,389)	(3,162,764)
Net proceeds from sales of loans held for investment	0	44,832
Proceeds from claim payments	21,356	27,000
Net decrease in loans held for investment	2,004,272	1,442,627
Purchases of available-for-sale securities	(160,317)	(2,914)
Proceeds from sales and maturities of available-for-sale securities	10,629	62,237
Total net cash used in investing activities	(1,043,449)	(1,588,982)
Financing activities
Brokered deposit placement fee	(15,380)	(18,885)
Net increase in certificates of deposit	1,787,511	947,437
Net increase in other deposits	373,452	331,926
Borrowings collateralized by loans in securitization trusts - issued	1,105,594	1,350,587
Borrowings collateralized by loans in securitization trusts - repaid	(530,765)	(411,904)
Borrowings under Secured Borrowing Facility	0	300,000
Repayment of borrowings under Secured Borrowing Facility	0	(300,000)
Fees paid on Secured Borrowing Facility	(1,116)	(1,095)
Common stock dividends paid	(25,824)	0
Preferred stock dividends paid	(8,799)	(7,317)
Common stock repurchased	(120,120)	0
Net cash provided by financing activities	2,564,553	2,190,749
Net increase in cash, cash equivalents and restricted cash	1,458,060	522,273
Cash, cash equivalents and restricted cash at beginning of period	2,681,895	1,636,175
Cash, cash equivalents and restricted cash at end of period	4,139,955	2,158,448
Cash disbursements made for:
Interest	323,278	207,872
Income taxes paid	132,036	111,173
Income taxes refunded	(718)	(3,790)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Total cash, cash equivalents and restricted cash	$ 2,681,895	$ 1,636,175

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results for the year ending December 31, 2019 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, 2018 (the “2018 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. Reclassifications Certain reclassifications have been made to the balances for the three and six months ended June 30, 2018, to be consistent with classifications adopted in 2019, which had no effect on net income, total assets or total liabilities. Recently Issued and Adopted Accounting Pronouncements ASU No. 2016-02, “Leases” In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases,” a comprehensive new lease standard which supersedes previous lease guidance. The standard requires a lessee to recognize in its balance sheet assets and liabilities related to long-term leases that were classified as operating leases under previous guidance. An asset will be recognized related to the right to use the underlying asset and a liability will be recognized related to the obligation to make lease payments over the term of the lease. The standard also requires expanded disclosures surrounding leases. The standard is effective for fiscal periods beginning after December 15, 2018, and requires modified retrospective adoption, with early adoption permitted. We adopted this guidance on January 1, 2019. In doing so, we identified and evaluated the related lease contracts and revised our controls and processes to address the lease standard. The adoption of this guidance resulted in the recognition of less than $34 million of right of use asset and lease liability, which did not have a material impact on our consolidated financial statements. Recently Issued but Not Yet Adopted Accounting Pronouncements ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which will become effective for us on January 1, 2020. This ASU eliminates the current accounting guidance for the recognition of credit impairment. Under the new guidance, for all loans carried at amortized cost, upon loan origination we will be required to measure our allowance for loan losses based on our estimate of all current expected credit losses (“CECL”) over the remaining contractual term of the assets. Updates to that estimate each period will be recorded through provision expense. The estimate of loan losses must be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU does not mandate the use of any specific method for estimating credit loss, permitting companies to use judgment in selecting the approach that is most appropriate in their circumstances. Upon adoption, a cumulative effect adjustment to retained earnings will be recorded as of the beginning of the first reporting period in which the guidance is effective in an amount necessary to adjust the allowance for loan losses to equal the current estimate of expected losses on financial assets held at that date. We have evaluated the standard and initiated implementation efforts. We have identified the loss forecasting approach and have built the loss models for our Private Education Loans (as hereinafter defined) and our Personal Loans (as hereinafter defined) acquired from third-parties. For our Private Education Loan and total Personal Loan portfolios, we will be using the discounted cash flow approach to calculate our current expected credit losses. We estimate the CECL allowance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. We have determined that, for modeling current expected credit losses, we can reasonably estimate expected losses that incorporate the current and forecasted economic conditions over a two-year period, after which the model will immediately revert to our long-term expected loss rates. During the remainder of 2019, we plan to complete our loss models for Personal Loans we originate and credit card receivables and complete the testing and validation for all the models to be used to implement CECL. During the second quarter of 2019, we performed a dry run of our CECL solution for our Private Education Loan and purchased Personal Loan portfolios to test the end-to-end implementation of the new solution. The loss and other models that will be used in our CECL solution are currently undergoing validation or will be in the coming months. Adoption of the standard will have a material impact on how we record and report our financial condition and results of operations, and on regulatory capital. The extent of the impact upon adoption at January 1, 2020 will likely depend on the characteristics of our loan portfolio and economic conditions at that date, as well as forecasted conditions thereafter.

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The amortized cost and fair value of securities available for sale are as follows: June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available for sale: Mortgage-backed securities $ 233,210 $ 1,196 $ (1,445 ) $ 232,961 Utah Housing Corporation bonds 21,136 181 (70 ) 21,247 U.S. government-sponsored enterprises 77,173 160 — 77,333 Total $ 331,519 $ 1,537 $ (1,515 ) $ 331,541 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available for sale: Mortgage-backed securities $ 159,937 $ 155 $ (5,517 ) $ 154,575 Utah Housing Corporation bonds 22,388 23 (741 ) 21,670 Total $ 182,325 $ 178 $ (6,258 ) $ 176,245 The following table summarizes the amount of gross unrealized losses for our available for sale securities and the estimated fair value for securities having gross unrealized loss positions, categorized by length of time the securities have been in an unrealized loss position: Less than 12 months 12 months or more Total Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value As of June 30, 2019: Mortgage-backed securities $ (6 ) $ 10,815 $ (1,439 ) $ 101,969 $ (1,445 ) $ 112,784 Utah Housing Corporation bonds — — (70 ) 11,955 (70 ) 11,955 U.S. government-sponsored enterprises — — — — — — Total $ (6 ) $ 10,815 $ (1,509 ) $ 113,924 $ (1,515 ) $ 124,739 As of December 31, 2018: Mortgage-backed securities $ (228 ) $ 16,948 $ (5,289 ) $ 125,537 $ (5,517 ) $ 142,485 Utah Housing Corporation bonds — — (741 ) 16,647 (741 ) 16,647 Total $ (228 ) $ 16,948 $ (6,030 ) $ 142,184 $ (6,258 ) $ 159,132 Our investment portfolio is comprised primarily of mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, with amortized costs of $62 million , $110 million , and $60 million , respectively, at June 30, 2019 . We own these securities to meet our requirements under the Community Reinvestment Act. As of June 30, 2019 , 47 of the 101 separate mortgage-backed securities in our investment portfolio had unrealized losses, and 19 of the 47 securities in a net loss position were issued under Ginnie Mae programs that carry a full faith and credit guarantee from the U.S. Government. The remaining securities in a net loss position carry a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively. We have the ability and the intent to hold each of these securities for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. As of December 31, 2018 , 74 of the 86 separate mortgage-backed securities in our investment portfolio had unrealized losses, and 34 of the 74 securities in a net loss position were issued under Ginnie Mae programs that carry a full faith and credit guarantee from the U.S. Government. The remainder carried a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively. We also invest in Utah Housing Corporation bonds for the purpose of complying with the Community Reinvestment Act. These bonds are rated Aa3 by Moody’s Investors Service. As of June 30, 2019, one of the three separate bonds was in a net loss position. We have the intent and ability to hold each of these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. In the second quarter of 2018, we elected to sell nine securities totaling $41 million to better align the portfolio with the Community Reinvestment Act requirements, and we recognized a $2 million loss upon the sale of those securities. Beginning in the second quarter of 2019, we began investing in U.S. government-sponsored enterprise securities issued by the Federal Home Loan Bank (“FHLB”) and Freddie Mac. These bonds are rated AA+ by Moody’s Investors Services and are currently in an unrealized gain position. As of June 30, 2019 , the amortized cost and fair value of securities, by contractual maturities, are summarized below. Contractual maturities versus actual maturities may differ due to the effect of prepayments. Year of Maturity Amortized Cost Estimated Fair Value 2020 $ 39,484 $ 39,545 2021 37,689 37,787 2038 262 282 2039 2,907 3,065 2042 8,021 7,800 2043 13,727 13,776 2044 20,078 20,090 2045 22,915 22,728 2046 35,609 35,195 2047 53,183 52,759 2048 15,159 15,511 2049 82,485 83,003 Total $ 331,519 $ 331,541 The mortgage-backed securities have been pledged to the Federal Reserve Bank (the “FRB”) as collateral against any advances and accrued interest under the Primary Credit lending program sponsored by the FRB. We had $233 million and $147 million par value of mortgage-backed securities pledged to this borrowing facility at June 30, 2019 and December 31, 2018 , respectively, as discussed further in Note 6, “Borrowings.”

Loans Held for Investment

Loans Held for Investment	6 Months Ended
	Jun. 30, 2019
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. 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 may be fixed-rate or may carry a variable interest rate indexed to LIBOR. As of June 30, 2019 and December 31, 2018, 62 percent and 67 percent , respectively, 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 Private Education Loans in our portfolio are cosigned. We also encourage 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. Prior to July 2018, we acquired Personal Loans from a marketplace lender. In 2018, we began to originate and service Personal Loans. Loans held for investment are summarized as follows: June 30, December 31, 2019 2018 Private Education Loans: Fixed-rate $ 8,231,177 $ 6,759,019 Variable-rate 13,397,670 13,745,446 Total Private Education Loans, gross 21,628,847 20,504,465 Deferred origination costs and unamortized premium/(discount) 73,902 68,321 Allowance for loan losses (307,968 ) (277,943 ) Total Private Education Loans, net 21,394,781 20,294,843 FFELP Loans 812,500 846,487 Deferred origination costs and unamortized premium/(discount) 2,262 2,379 Allowance for loan losses (1,734 ) (977 ) Total FFELP Loans, net 813,028 847,889 Personal Loans (fixed-rate) 1,134,637 1,190,091 Deferred origination costs and unamortized premium/(discount) 495 297 Allowance for loan losses (74,295 ) (62,201 ) Total Personal Loans, net 1,060,837 1,128,187 Loans held for investment, net $ 23,268,646 $ 22,270,919 The estimated weighted average life of education loans in our portfolio was approximately 5.3 years and 5.4 years at June 30, 2019 and December 31, 2018 , respectively. The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended June 30, 2019 2018 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,748,247 9.39 % $ 18,764,768 9.03 % FFELP Loans 821,138 5.01 898,095 4.51 Personal Loans 1,149,247 12.00 815,356 10.65 Total portfolio $ 23,718,632 $ 20,478,219 Six Months Ended June 30, 2019 2018 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,740,579 9.44 % $ 18,712,533 8.93 % FFELP Loans 829,497 4.98 908,846 4.38 Personal Loans 1,162,782 11.90 672,792 10.65 Total portfolio $ 23,732,858 $ 20,294,171 Certain Collection Tools - Private Education Loans Forbearance involves granting the customer a temporary cessation of payments (or temporary acceptance of smaller than scheduled payments) for a specified period of time. Using forbearance extends the original term of the loan. Forbearance does not grant any reduction in the total repayment obligation (principal or interest). While in forbearance status, interest continues to accrue and is capitalized to principal when the loan re-enters repayment status. Our forbearance policies include limits on the number of forbearance months granted consecutively and the total number of forbearance months granted over the life of the loan. We grant forbearance in our servicing centers if a borrower who is current requests it for increments of three months at a time, for up to 12 months. Forbearance as a collection tool is used most effectively when applied based on a customer’s unique situation, including historical information and judgments. We leverage updated customer information and other decision support tools to best determine who will be granted forbearance based on our expectations as to a customer’s ability and willingness to repay their obligation. This strategy is aimed at mitigating the overall risk of the portfolio as well as encouraging cash resolution of delinquent loans. In some instances, we require good faith payments before granting forbearance. Exceptions to forbearance policies are permitted when such exceptions are judged to increase the likelihood of collection of the loan. Forbearance may be granted to customers who are exiting their grace period to provide additional time to obtain employment and income to support their obligations, or to current customers who are faced with a hardship and request forbearance time to provide temporary payment relief. In these circumstances, a customer’s loan is placed into a forbearance status in limited monthly increments and is reflected in the forbearance status at month-end during this time. At the end of the granted forbearance period, the customer will enter repayment status as current and is expected to begin making scheduled monthly payments on a go-forward basis. Forbearance may also be granted to customers who are delinquent in their payments. If specific requirements are met, the forbearance can cure the delinquency and the customer is returned to a current repayment status. In more limited instances, delinquent customers will also be granted additional forbearance time. We review our forbearance policies and practices from time to time and update them as circumstances warrant. We also have an interest rate reduction program to assist customers in repaying their Private Education Loans through reduced payments, while continuing to reduce their outstanding principal balance. This program is offered in situations where the potential for principal recovery, through an interest rate reduction that results in a lower monthly payment amount, is more suitable than other alternatives currently available. As part of demonstrating the ability and willingness to pay, the customer must make three consecutive monthly payments at the reduced rate to qualify for the program. Once the customer has made the initial three payments, the loan’s status is returned to current and the interest rate is reduced (currently, to 4.0 percent ; previously to 2.0 percent or 4.0 percent ) for a 24 month period and, in the vast majority of cases, the final maturity date of the loan is permanently extended.

Allowance for Loan Losses

Allowance for Loan Losses	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Allowance for Loan Losses	Allowance for Loan Losses Our provision for credit 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. See Note 2, “Significant Accounting Policies — Allowance for Loan Losses — Allowance for Private Education Loan Losses, — Allowance for Personal Loans, and — Allowance for FFELP Loan Losses” in our 2018 Form 10-K for additional details. Allowance for Loan Losses Metrics Allowance for Loan Losses Three Months Ended June 30, 2019 FFELP Loans Private Education Loans Personal Loans Total Allowance for Loan Losses Beginning balance $ 1,760 $ 285,946 $ 70,619 $ 358,325 Total provision 145 71,296 21,474 92,915 Net charge-offs: Charge-offs (171 ) (55,382 ) (19,074 ) (74,627 ) Recoveries — 6,108 1,276 7,384 Net charge-offs (171 ) (49,274 ) (17,798 ) (67,243 ) Ending Balance $ 1,734 $ 307,968 $ 74,295 $ 383,997 Allowance: Ending balance: individually evaluated for impairment $ — $ 146,403 $ — $ 146,403 Ending balance: collectively evaluated for impairment $ 1,734 $ 161,565 $ 74,295 $ 237,594 Loans: Ending balance: individually evaluated for impairment $ — $ 1,411,189 $ — $ 1,411,189 Ending balance: collectively evaluated for impairment $ 812,500 $ 20,217,658 $ 1,134,637 $ 22,164,795 Net charge-offs as a percentage of average loans in repayment (annualized) (1) 0.11 % 1.29 % 6.20 % Allowance as a percentage of the ending total loan balance 0.21 % 1.42 % 6.55 % Allowance as a percentage of the ending loans in repayment (1) 0.28 % 2.01 % 6.55 % Allowance coverage of net charge-offs (annualized) 2.54 1.56 1.04 Ending total loans, gross $ 812,500 $ 21,628,847 $ 1,134,637 Average loans in repayment (1) $ 634,932 $ 15,241,574 $ 1,148,444 Ending loans in repayment (1) $ 620,292 $ 15,332,251 $ 1,134,637 ____________ (1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Three Months Ended June 30, 2018 FFELP Loans Private Education Loans Personal Loans Total Allowance for Loan Losses Beginning balance $ 1,113 $ 252,103 $ 18,907 $ 272,123 Total provision 252 46,264 16,378 62,894 Net charge-offs: Charge-offs (292 ) (42,270 ) (2,872 ) (45,434 ) Recoveries — 5,598 96 5,694 Net charge-offs (292 ) (36,672 ) (2,776 ) (39,740 ) Ending Balance $ 1,073 $ 261,695 $ 32,509 $ 295,277 Allowance: Ending balance: individually evaluated for impairment $ — $ 113,343 $ — $ 113,343 Ending balance: collectively evaluated for impairment $ 1,073 $ 148,352 $ 32,509 $ 181,934 Loans: Ending balance: individually evaluated for impairment $ — $ 1,121,816 $ — $ 1,121,816 Ending balance: collectively evaluated for impairment $ 885,357 $ 17,566,211 $ 966,080 $ 19,417,648 Net charge-offs as a percentage of average loans in repayment (annualized) (1) 0.17 % 1.14 % 1.36 % Allowance as a percentage of the ending total loan balance 0.12 % 1.40 % 3.37 % Allowance as a percentage of the ending loans in repayment (1) 0.16 % 2.02 % 3.37 % Allowance coverage of net charge-offs (annualized) 0.92 1.78 2.93 Ending total loans, gross $ 885,357 $ 18,688,027 $ 966,080 Average loans in repayment (1) $ 698,197 $ 12,909,623 $ 815,741 Ending loans in repayment (1) $ 680,802 $ 12,979,523 $ 966,080 ____________ (1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Six Months Ended June 30, 2019 FFELP Loans Private Education Loans Personal Loans Total Allowance for Loan Losses Beginning balance $ 977 $ 277,943 $ 62,201 $ 341,121 Total provision 1,162 113,179 44,234 158,575 Net charge-offs: Charge-offs (405 ) (94,959 ) (34,325 ) (129,689 ) Recoveries — 11,805 2,185 13,990 Net charge-offs (405 ) (83,154 ) (32,140 ) (115,699 ) Ending Balance $ 1,734 $ 307,968 $ 74,295 $ 383,997 Allowance: Ending balance: individually evaluated for impairment $ — $ 146,403 $ — $ 146,403 Ending balance: collectively evaluated for impairment $ 1,734 $ 161,565 $ 74,295 $ 237,594 Loans: Ending balance: individually evaluated for impairment $ — $ 1,411,189 $ — $ 1,411,189 Ending balance: collectively evaluated for impairment $ 812,500 $ 20,217,658 $ 1,134,637 $ 22,164,795 Net charge-offs as a percentage of average loans in repayment (annualized) (1) 0.13 % 1.09 % 5.53 % Allowance as a percentage of the ending total loan balance 0.21 % 1.42 % 6.55 % Allowance as a percentage of the ending loans in repayment (1) 0.28 % 2.01 % 6.55 % Allowance coverage of net charge-offs (annualized) 2.14 1.85 1.16 Ending total loans, gross $ 812,500 $ 21,628,847 $ 1,134,637 Average loans in repayment (1) $ 642,693 $ 15,188,003 $ 1,161,761 Ending loans in repayment (1) $ 620,292 $ 15,332,251 $ 1,134,637 ____________ (1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Six Months Ended June 30, 2018 FFELP Loans Private Education Loans Personal Loans Total Allowance for Loan Losses Beginning balance $ 1,132 $ 243,715 $ 6,628 $ 251,475 Total provision 483 88,134 29,826 118,443 Net charge-offs: Charge-offs (542 ) (79,623 ) (4,072 ) (84,237 ) Recoveries — 10,685 127 10,812 Net charge-offs (542 ) (68,938 ) (3,945 ) (73,425 ) Loan sales (1) — (1,216 ) — (1,216 ) Ending Balance $ 1,073 $ 261,695 $ 32,509 $ 295,277 Allowance: Ending balance: individually evaluated for impairment $ — $ 113,343 $ — $ 113,343 Ending balance: collectively evaluated for impairment $ 1,073 $ 148,352 $ 32,509 $ 181,934 Loans: Ending balance: individually evaluated for impairment $ — $ 1,121,816 $ — $ 1,121,816 Ending balance: collectively evaluated for impairment $ 885,357 $ 17,566,211 $ 966,080 $ 19,417,648 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.15 % 1.08 % 1.17 % Allowance as a percentage of the ending total loan balance 0.12 % 1.40 % 3.37 % Allowance as a percentage of the ending loans in repayment (2) 0.16 % 2.02 % 3.37 % Allowance coverage of net charge-offs (annualized) 0.99 1.90 4.12 Ending total loans, gross $ 885,357 $ 18,688,027 $ 966,080 Average loans in repayment (2) $ 709,010 $ 12,810,072 $ 673,552 Ending loans in repayment (2) $ 680,802 $ 12,979,523 $ 966,080 ____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Troubled Debt Restructurings (“TDRs”) All of our loans are collectively assessed for impairment, except for loans classified as TDRs (where we conduct individual assessments of impairment). We modify the terms of loans for certain borrowers when we believe such modifications may increase the collectability of the loan. These modifications generally take the form of a forbearance, a temporary interest rate reduction or an extended repayment plan. The majority of our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan. When we give a borrower facing financial difficulty an interest rate reduction, we temporarily reduce the rate to 2.0 percent or 4.0 percent for a two -year period and, in the vast majority of cases, permanently extend the final maturity of the loan. The combination of these two loan term changes helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate. At June 30, 2019 and June 30, 2018, 7.7 percent and 6.8 percent , respectively, of our loans then currently in full principal and interest repayment status were subject to interest rate reductions made under our rate modification program. Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life. As of June 30, 2019 and December 31, 2018 , approximately 53 percent and 57 percent , respectively, of TDRs were classified as such due to their forbearance status. For additional information, see Note 2, “Significant Accounting Policies —Allowance for Loan Losses,” and Note 6, “Allowance for Loan Losses” in our 2018 Form 10-K. Within the Private Education Loan portfolio, loans greater than 90 days past due are considered to be nonperforming. FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default and, therefore, we do not deem FFELP Loans as nonperforming from a credit risk perspective at any point in their life cycle prior to claim payment and continue to accrue interest on those loans through the date of claim. At June 30, 2019 and December 31, 2018 , all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans. Recorded Investment Unpaid Principal Balance Allowance June 30, 2019 TDR Loans $ 1,437,986 $ 1,411,189 $ 146,403 December 31, 2018 TDR Loans $ 1,280,713 $ 1,257,856 $ 120,110 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended 2019 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 1,395,756 $ 22,954 $ 1,105,042 $ 18,718 Six Months Ended 2019 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 1,354,467 $ 44,520 $ 1,069,721 $ 36,565 The following table provides information regarding the loan status and aging of TDR loans. June 30, December 31, 2019 2018 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 76,393 $ 69,212 TDR loans in forbearance (2) 84,991 69,796 TDR loans in repayment (3) and percentage of each status: Loans current 1,114,734 89.2 % 994,411 88.9 % Loans delinquent 31-60 days (4) 60,656 4.9 63,074 5.6 Loans delinquent 61-90 days (4) 46,771 3.7 36,804 3.3 Loans delinquent greater than 90 days (4) 27,644 2.2 24,559 2.2 Total TDR loans in repayment 1,249,805 100.0 % 1,118,848 100.0 % Total TDR loans, gross $ 1,411,189 $ 1,257,856 _____ (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 include 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 $ 131,273 $ 17,076 $ 30,309 $ 116,478 $ 12,764 $ 18,254 Six Months Ended Six Months Ended Modified Loans (1) Charge-offs Payment- Default Modified Loans (1) Charge-offs Payment- Default TDR Loans $ 242,481 $ 33,081 $ 55,755 $ 200,652 $ 28,224 $ 47,988 _____ (1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR. Private Education Loan Key Credit Quality Indicators FFELP Loans are at least 97 percent insured and guaranteed as to their principal and accrued interest in the event of default; therefore, there are no key credit quality indicators associated with FFELP Loans. For Private Education Loans, the key credit quality indicators are FICO scores, the existence of a cosigner, the loan status and loan seasoning. The FICO scores are assessed at original approval and periodically refreshed/updated through the loan’s term. The following table highlights the gross principal balance of our Private Education Loan portfolio stratified by key credit quality indicators. Private Education Loans Credit Quality Indicators June 30, 2019 December 31, 2018 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance Cosigners: With cosigner $ 19,335,960 89 % $ 18,378,398 90 % Without cosigner 2,292,887 11 2,126,067 10 Total $ 21,628,847 100 % $ 20,504,465 100 % FICO at Original Approval (2) : Less than 670 $ 1,517,608 7 % $ 1,409,789 7 % 670-699 3,298,903 15 3,106,983 15 700-749 7,146,638 33 6,759,721 33 Greater than or equal to 750 9,665,698 45 9,227,972 45 Total $ 21,628,847 100 % $ 20,504,465 100 % FICO-Refreshed (2)(3) : Less than 670 $ 2,697,197 13 % $ 2,416,979 12 % 670-699 2,616,109 12 2,504,467 12 700-749 6,339,380 29 6,144,489 30 Greater than or equal to 750 9,976,161 46 9,438,530 46 Total $ 21,628,847 100 % $ 20,504,465 100 % Seasoning (4) : 1-12 payments $ 5,508,604 26 % $ 4,969,334 24 % 13-24 payments 3,527,814 16 3,481,235 17 25-36 payments 2,674,655 12 2,741,954 13 37-48 payments 1,993,995 9 1,990,049 10 More than 48 payments 2,201,198 10 2,061,448 10 Not yet in repayment 5,722,581 27 5,260,445 26 Total $ 21,628,847 100 % $ 20,504,465 100 % ______ (1) Balance represents gross Private Education Loans. (2) Represents the higher credit score of the cosigner or the borrower. (3) Represents the FICO score updated as of the second-quarter 2019. (4) 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. Private Education Loan Delinquencies The following table provides information regarding the loan status of our Private Education Loans. Loans in repayment include loans making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Private Education Loans June 30, December 31, 2019 2018 Balance % Balance % Loans in-school/grace/deferment (1) $ 5,722,581 $ 5,260,445 Loans in forbearance (2) 574,015 577,164 Loans in repayment and percentage of each status: Loans current 14,920,746 97.3 % 14,289,705 97.4 % Loans delinquent 31-60 days (3) 222,448 1.5 231,216 1.6 Loans delinquent 61-90 days (3) 123,473 0.8 95,105 0.7 Loans delinquent greater than 90 days (3) 65,584 0.4 50,830 0.3 Total Private Education Loans in repayment 15,332,251 100.0 % 14,666,856 100.0 % Total Private Education Loans, gross 21,628,847 20,504,465 Private Education Loans deferred origination costs and unamortized premium/(discount) 73,902 68,321 Total Private Education Loans 21,702,749 20,572,786 Private Education Loans allowance for losses (307,968 ) (277,943 ) Private Education Loans, net $ 21,394,781 $ 20,294,843 Percentage of Private Education Loans in repayment 70.9 % 71.5 % Delinquencies as a percentage of Private Education Loans in repayment 2.7 % 2.6 % Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance 3.6 % 3.8 % _______ (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. Personal Loan Key Credit Quality Indicators For Personal Loans, the key credit quality indicators are FICO scores, loan seasoning and loan delinquency status. 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 June 30, 2019 December 31, 2018 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance FICO at Original Approval: Less than 670 $ 63,155 6 % $ 77,702 7 % 670-699 303,193 27 339,053 28 700-749 547,280 48 554,700 47 Greater than or equal to 750 221,009 19 218,636 18 Total $ 1,134,637 100 % $ 1,190,091 100 % Seasoning (2) : 0-12 payments $ 669,391 59 % $ 1,008,758 85 % 13-24 payments 452,428 40 181,333 15 25-36 payments 12,818 1 — — 37-48 payments — — — — More than 48 payments — — — — Total $ 1,134,637 100 % $ 1,190,091 100 % ______ (1) Balance represents gross Personal Loans. (2) Number of months in active repayment for which a scheduled payment was due. Personal Loan Delinquencies The following table provides information regarding the loan status of our Personal Loans. Personal Loans June 30, December 31, 2019 2018 Balance % Balance % Loans in repayment and percentage of each status: Loans current $ 1,113,730 98.2 % $ 1,172,776 98.5 % Loans delinquent 31-60 days (1) 6,704 0.6 6,722 0.6 Loans delinquent 61-90 days (1) 7,393 0.6 5,416 0.5 Loans delinquent greater than 90 days (1) 6,810 0.6 5,177 0.4 Total Personal Loans in repayment 1,134,637 100.0 % 1,190,091 100.0 % Total Personal Loans, gross 1,134,637 1,190,091 Personal Loans deferred origination costs and unamortized premium/(discount) 495 297 Total Personal Loans 1,135,132 1,190,388 Personal Loans allowance for losses (74,295 ) (62,201 ) Personal Loans, net $ 1,060,837 $ 1,128,187 Delinquencies as a percentage of Personal Loans in repayment 1.8 % 1.5 % _______ (1) 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 Loans Accrued Interest Receivable Total Interest Receivable Greater Than 90 Days Past Due Allowance for Uncollectible Interest June 30, 2019 $ 1,376,715 $ 2,589 $ 5,673 December 31, 2018 $ 1,168,823 $ 1,920 $ 6,322

Deposits

Deposits	6 Months Ended
	Jun. 30, 2019
Banking and Thrift [Abstract]
Deposits	Deposits The following table summarizes total deposits at June 30, 2019 and December 31, 2018 . June 30, December 31, 2019 2018 Deposits - interest bearing $ 21,176,022 $ 18,942,082 Deposits - non-interest bearing 2,112 1,076 Total deposits $ 21,178,134 $ 18,943,158 Our total deposits of $ 21.2 billion were comprised of $ 11.8 billion in brokered deposits and $ 9.4 billion in retail and other deposits at June 30, 2019 , compared to total deposits of $18.9 billion , which were comprised of $10.3 billion in brokered deposits and $8.6 billion in retail and other deposits, at December 31, 2018. Interest bearing deposits as of June 30, 2019 and December 31, 2018 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”) and retail and brokered certificates of deposit (“CDs”). Interest bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and additional deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $6.2 billion of our deposit total as of June 30, 2019 , compared with $ 5.9 billion at December 31, 2018. 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 $ 4 million and $3 million in the three months ended June 30, 2019 and 2018, respectively, and placement fee expense of $ 8 million and $6 million in the six months ended June 30, 2019 and 2018, respectively. Fees paid to third-party brokers related to brokered CDs were $ 14 million and $12 million for the three months ended June 30, 2019 and 2018, respectively, and fees paid to third-party brokers related to brokered CDs were $ 15 million and $19 million for the six months ended June 30, 2019 and 2018, respectively. Interest bearing deposits at June 30, 2019 and December 31, 2018 are summarized as follows: June 30, 2019 December 31, 2018 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 9,079,766 2.56 % $ 8,687,766 2.46 % Savings 704,259 2.04 702,342 2.00 Certificates of deposit 11,391,997 2.85 9,551,974 2.74 Deposits - interest bearing $ 21,176,022 $ 18,942,082 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships. As of June 30, 2019 , and December 31, 2018 , there were $ 693 million and $523 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $60 million and $53 million at June 30, 2019 and December 31, 2018

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Borrowings	Borrowings Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term asset-backed securitization (“ABS”) program and our Private Education Loan multi-lender secured borrowing facility (the “Secured Borrowing Facility,” which was previously called the asset-backed commercial paper facility or ABCP Facility). The following table summarizes our borrowings at June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ — $ 197,753 $ 197,753 $ — $ 197,348 $ 197,348 Total unsecured borrowings — 197,753 197,753 — 197,348 197,348 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 2,758,872 2,758,872 — 2,284,347 2,284,347 Variable-rate — 1,906,138 1,906,138 — 1,802,609 1,802,609 Total Private Education Loan term securitizations — 4,665,010 4,665,010 — 4,086,956 4,086,956 Secured Borrowing Facility — — — — — — Total secured borrowings — 4,665,010 4,665,010 — 4,086,956 4,086,956 Total $ — $ 4,862,763 $ 4,862,763 $ — $ 4,284,304 $ 4,284,304 Short-term Borrowings Secured Borrowing Facility On February 20, 2019, we amended and extended the maturity of our $750 million Secured Borrowing Facility. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the amended Secured Borrowing Facility, we incur financing costs of between 0.35 percent and 0.45 percent on unused borrowing capacity and approximately 3-month LIBOR plus 0.85 percent on outstandings. The amended Secured Borrowing Facility extends the revolving period, during which we may borrow, repay and reborrow funds, until February 19, 2020. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on February 19, 2021 (or earlier, if certain material adverse events occur). At both June 30, 2019 and December 31, 2018, there were no borrowings outstanding under the Secured Borrowing Facility. Long-term Borrowings Unsecured Debt On April 5, 2017, we issued an unsecured debt offering of $200 million of 5.125 percent Senior Notes due April 5, 2022 at par. At June 30, 2019 , the outstanding balance was $198 million . Secured Financings On March 13, 2019, we executed our $453 million SMB Private Education Loan Trust 2019-A term ABS transaction, which was accounted for as a secured financing. We sold $453 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $451 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.26 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.92 percent . At June 30, 2019 , $479 million of our Private Education Loans, including $446 million of principal and $33 million in capitalized interest, were encumbered because of this transaction. On June 12, 2019, we executed our $657 million SMB Private Education Loan Trust 2019-B term ABS transaction, which was accounted for as a secured financing. We sold $657 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $655 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.41 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 1.01 percent . At June 30, 2019 , $705 million of our Private Education Loans, including $661 million of principal and $44 million in capitalized interest, were encumbered because 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: 2017-A February 2017 $ 772,000 1-month LIBOR plus 0.93% 4.27 2017-B November 2017 676,000 1-month LIBOR plus 0.80% 4.07 Total notes issued in 2017 $ 1,448,000 Total loan and accrued interest amount securitized at inception in 2017 $ 1,606,804 2018-A March 2018 $ 670,000 1-month LIBOR plus 0.78% 4.43 2018-B June 2018 686,500 1-month LIBOR plus 0.76% 4.40 2018-C September 2018 544,000 1-month LIBOR plus 0.77% 4.32 Total notes issued in 2018 $ 1,900,500 Total loan and accrued interest amount securitized at inception in 2018 $ 2,101,644 2019-A March 2019 453,000 1-month LIBOR plus 0.92% 4.26 2019-B June 2019 657,000 1-month LIBOR plus 1.01% 4.41 Total notes issued in 2019 $ 1,110,000 Total loan and accrued interest amount securitized at inception in 2019 $ 1,208,963 ____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs. Consolidated Funding Vehicles We consolidate our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings. We consolidate the following financing VIEs as of June 30, 2019 and December 31, 2018 , respectively: June 30, 2019 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 $ — $ 4,665,010 $ 4,665,010 $ 5,691,009 $ 134,607 $ 403,697 $ 6,229,313 Secured Borrowing Facility — — — — — 714 714 Total $ — $ 4,665,010 $ 4,665,010 $ 5,691,009 $ 134,607 $ 404,411 $ 6,230,027 December 31, 2018 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 $ — $ 4,086,956 $ 4,086,956 $ 5,030,837 $ 113,431 $ 326,570 $ 5,470,838 Secured Borrowing Facility — — — — — 157 157 Total $ — $ 4,086,956 $ 4,086,956 $ 5,030,837 $ 113,431 $ 326,727 $ 5,470,995 ____ (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 June 30, 2019 . 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 six months ended June 30, 2019 or in the year ended December 31, 2018 . We established an account at the 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 asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At June 30, 2019 and December 31, 2018 , the value of our pledged collateral at the FRB totaled $3.4 billion and $3.1 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the six months ended June 30, 2019 or in the year ended December 31, 2018 .

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Risk Management Strategy 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 assets or 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 balance sheet positions 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 10, “Derivative Financial Instruments” in our 2018 Form 10-K for a full discussion of our risk management strategy. Title VII of the Dodd-Frank 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. Two of the central counterparties we use are the Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of June 30, 2019 , $8.5 billion notional of our derivative contracts were cleared on the CME and $0.5 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 94.0 percent and 6.0 percent respectively, of our total notional derivative contracts of $9.0 billion at June 30, 2019 . For derivatives cleared through the CME and LCH, 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. The amount of variation margin included as settlement as of June 30, 2019 was $(106.4) million and $8.5 million for the CME and LCH, respectively. 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 exposure is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At June 30, 2019 and December 31, 2018, 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 $66 million and $27 million, respectively. Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments at June 30, 2019 and December 31, 2018 , and their impact on earnings and other comprehensive income for the six months ended June 30, 2019 and 2018. Please refer to Note 10, “Derivative Financial Instruments” in our 2018 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities. Impact of Derivatives on the Consolidated Balance Sheets Cash Flow Hedges Fair Value Hedges Trading Total June 30, December 31, June 30, December June 30, December June 30, December 2019 2018 2019 2018 2019 2018 2019 2018 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ 772 $ — $ — $ 2,000 $ — $ 90 $ 772 $ 2,090 Derivative Liabilities: (2) Interest rate swaps Interest rate — (2,032 ) (248 ) — (111 ) — (359 ) (2,032 ) Total net derivatives $ 772 $ (2,032 ) $ (248 ) $ 2,000 $ (111 ) $ 90 $ 413 $ 58 ___________ (1) Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position. (2) The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Gross position (1) $ 772 $ 2,090 $ (359 ) $ (2,032 ) Impact of master netting agreement (359 ) (1,389 ) 359 1,389 Derivative values with impact of master netting agreements (as carried on balance sheet) 413 701 — (643 ) Cash collateral pledged (2) 65,183 27,151 — — Net position $ 65,596 $ 27,852 $ — $ (643 ) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract. (2) Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts. Cash Flow Fair Value Trading Total June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, 2019 2018 2019 2018 2019 2018 2019 2018 Notional Values Interest rate swaps $ 1,215,781 $ 1,280,367 $ 4,712,793 $ 3,137,965 $ 3,117,717 $ 1,577,978 $ 9,046,291 $ 5,996,310 As of June 30, 2019 and December 31, 2018 , the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges: Line Item in the Balance Sheet in Which the Hedged Item is Included: Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Deposits $ (4,768,445 ) $ (3,114,304 ) $ (67,500 ) $ 14,202 Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Six Months Ended 2019 2018 2019 2018 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ (4,061 ) $ (2,914 ) $ (7,888 ) $ 2,939 Hedged items recorded in interest expense (57,717 ) 7,451 (81,703 ) 22,717 Derivatives recorded in interest expense 57,449 (7,630 ) 81,337 (22,877 ) Total $ (4,329 ) $ (3,093 ) $ (8,254 ) $ 2,779 Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ 1,189 $ (579 ) $ 2,485 $ (2,122 ) Total $ 1,189 $ (579 ) $ 2,485 $ (2,122 ) Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ 18,242 $ (2,180 ) $ 22,444 $ (6,935 ) Total 18,242 (2,180 ) 22,444 (6,935 ) Total $ 15,102 $ (5,852 ) $ 16,675 $ (6,278 ) Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Amount of gain recognized in other comprehensive income (loss) $ (22,824 ) $ 9,471 $ (35,645 ) $ 28,200 Less: amount of loss reclassified in interest expense 1,189 (543 ) 2,485 (2,104 ) Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ (24,013 ) $ 10,014 $ (38,130 ) $ 30,304 Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate deposits. During the next 12 months, we estimate that $2.4 million will be reclassified as an increase to interest expense. Cash Collateral As of June 30, 2019 , cash collateral held and pledged excludes amounts that represent legal settlement of the derivative contracts held with the CME and LCH. There was no cash collateral held related to derivative exposure between us and our derivatives counterparties at June 30, 2019 and December 31, 2018 , respectively. Cash collateral pledged related to derivative exposure between us and our derivatives counterparties was $65 million and $27 million at June 30, 2019 and December 31, 2018 , respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The following table summarizes our common share repurchases and issuances. Three Months Ended Six Months Ended (Shares and per share amounts in actuals) 2019 2018 2019 2018 Common stock repurchased under repurchase program (1) 5,989,279 — 11,424,755 — Average purchase price per share (2) $ 10.04 $ — $ 10.51 $ — Shares repurchased related to employee stock-based compensation plans (3) 24,036 200,577 1,313,427 2,940,595 Average purchase price per share $ 10.05 $ 11.60 $ 10.93 $ 11.33 Common shares issued (4) 181,020 384,955 3,651,684 5,944,946 __________________ (1) Common shares purchased under our share repurchase program. $ 80 million of capacity under the program remained available as of June 30, 2019. (2) Average purchase price per share includes purchase commission costs. (3) 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. (4) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on June 28, 2019 was $9.72 . Dividend and Share Repurchases In both June 2019 and March 2019, we paid a common stock dividend of $0.03 per common share. In addition, we declared a common stock dividend of $0.03 per common share in June 2019 for payment in the third quarter of 2019. We did not pay common stock dividends in the six months ended June 30, 2018. Under our share repurchase program, we repurchased 6 million shares of common stock for $ 60 million in the three months ended June 30, 2019 and 11 million shares of common stock for $120 million in the six months ended June 30, 2019 . Our share repurchase program permits us to repurchase from time to time shares of our common stock up to an aggregate repurchase price not to exceed $200

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows. Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share data) 2019 2018 2019 2018 Numerator: Net income $ 150,277 $ 109,832 $ 308,466 $ 236,086 Preferred stock dividends 4,331 3,920 8,799 7,317 Net income attributable to SLM Corporation common stock $ 145,946 $ 105,912 $ 299,667 $ 228,769 Denominator: Weighted average shares used to compute basic EPS 429,278 435,187 431,911 434,573 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units and Employee Stock Purchase Plan (“ESPP”) (1)(2) 2,975 4,258 3,322 4,639 Weighted average shares used to compute diluted EPS 432,253 439,445 435,233 439,212 Basic earnings per common share attributable to SLM Corporation $ 0.34 $ 0.24 $ 0.69 $ 0.53 Diluted earnings per common share attributable to SLM Corporation $ 0.34 $ 0.24 $ 0.69 $ 0.52 ________________ (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method. (2) For the three months ended June 30, 2019 and 2018, securities covering less than 1 million shares, and for the six months ended June 30, 2019 and 2018, securities covering less than 1 million

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We use estimates of fair value in applying various accounting standards for our consolidated 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 2018 Form 10-K. During the six months ended June 30, 2019 , there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments. The following table summarizes the valuation of our financial instruments that are marked to fair value on a recurring basis. Fair Value Measurements on a Recurring Basis June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Available-for-sale investments $ — $ 331,541 $ — $ 331,541 $ — $ 176,245 $ — $ 176,245 Derivative instruments — 772 — 772 — 2,090 — 2,090 Total $ — $ 332,313 $ — $ 332,313 $ — $ 178,335 $ — $ 178,335 Liabilities Derivative instruments $ — $ (359 ) $ — $ (359 ) $ — $ (2,032 ) $ — $ (2,032 ) Total $ — $ (359 ) $ — $ (359 ) $ — $ (2,032 ) $ — $ (2,032 ) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. June 30, 2019 December 31, 2018 Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets: Loans held for investment, net: Private Education Loans $ 23,609,477 $ 21,394,781 $ 2,214,696 $ 22,313,419 $ 20,294,843 $ 2,018,576 FFELP Loans 824,687 813,028 11,659 859,185 847,889 11,296 Personal Loans 1,120,227 1,060,837 59,390 1,156,531 1,128,187 28,344 Cash and cash equivalents 3,998,514 3,998,514 — 2,559,106 2,559,106 — Available-for-sale investments 331,541 331,541 — 176,245 176,245 — Accrued interest receivable 1,516,824 1,401,618 115,206 1,285,842 1,191,981 93,861 Tax indemnification receivable 38,925 38,925 — 39,207 39,207 — Derivative instruments 772 772 — 2,090 2,090 — Total earning assets $ 31,440,967 $ 29,040,016 $ 2,400,951 $ 28,391,625 $ 26,239,548 $ 2,152,077 Interest-bearing liabilities: Money-market and savings accounts $ 9,803,941 $ 9,784,025 $ (19,916 ) $ 9,370,957 $ 9,390,108 $ 19,151 Certificates of deposit 11,479,318 11,391,997 (87,321 ) 9,513,194 9,551,974 38,780 Long-term borrowings 4,924,239 4,862,763 (61,476 ) 4,278,931 4,284,304 5,373 Accrued interest payable 68,379 68,379 — 61,341 61,341 — Derivative instruments 359 359 — 2,032 2,032 — Total interest-bearing liabilities $ 26,276,236 $ 26,107,523 $ (168,713 ) $ 23,226,455 $ 23,289,759 $ 63,304 Excess of net asset fair value over carrying value $ 2,232,238 $ 2,215,381 Please refer to Note 14, “Fair Value Measurements” in our 2018 Form 10-K for a full discussion of the methods and assumptions used to estimate the fair value of each class of financial instruments.

Regulatory Capital

Regulatory Capital	6 Months Ended
	Jun. 30, 2019
Banking and Thrift [Abstract]
Regulatory Capital	Regulatory Capital Sallie Mae Bank (the “Bank”) is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions (the “UDFI”). Failure to meet minimum capital requirements and any applicable buffers 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 regulatory 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. Under U.S. Basel III, the Bank is required to maintain minimum risk-based and leverage-based capital ratios. In addition, as of January 1, 2019, the Bank is subject to a fully phased-in Common Equity Tier 1 capital conservation buffer of greater than 2.5 percent. (As of December 31, 2018, the Bank was subject to a Common Equity Tier 1 capital conservation buffer of greater than 1.875 percent.) Failure to maintain the buffer will result in restrictions on the Bank’s ability to make capital distributions, including the payment of dividends, and to pay discretionary bonuses to executive officers. The Bank’s required and actual regulatory capital amounts and ratios under U.S. Basel III are shown in the following table. Actual U.S. Basel III Regulatory Requirements (1) Amount Ratio Amount Ratio As of June 30, 2019: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,008,318 11.9 % $ 1,765,971 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,008,318 11.9 % $ 2,144,394 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,324,527 13.2 % $ 2,648,957 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,008,318 10.6 % (2) $ 1,133,551 > 4.0 % As of December 31, 2018: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 2,896,091 12.1 % $ 1,528,209 > 6.375 % Tier 1 Capital (to Risk-Weighted Assets) $ 2,896,091 12.1 % $ 1,887,787 > 7.875 % Total Capital (to Risk-Weighted Assets) $ 3,196,279 13.3 % $ 2,367,226 > 9.875 % Tier 1 Capital (to Average Assets) $ 2,896,091 11.1 % $ 1,039,226 > 4.0 % ________________ (1) Required risk-based capital ratios include the capital conservation buffer. (2) The Bank’s Tier 1 leverage ratio exceeds the 5 percent well-capitalized standard for the Tier 1 leverage ratio under the prompt corrective action framework. 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 declared $136 million and $221 million in dividends to the Company for the three and six months ended June 30, 2019 , respectively, and no dividends for the three and six months ended June 30, 2018

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). At June 30, 2019 , we had $ 1.3 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2019/2020 academic year. At June 30, 2019 , we had a $ 0.7 million reserve recorded in “Other Liabilities” to cover expected losses that may occur during the one-year loss emergence period on these unfunded commitments. 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 damages 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results for the year ending December 31, 2019 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, 2018 (the “2018 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.
Reclassifications	Reclassifications Certain reclassifications have been made to the balances for the three and six months ended June 30, 2018, to be consistent with classifications adopted in 2019, which had no effect on net income, total assets or total liabilities.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements ASU No. 2016-02, “Leases” In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases,” a comprehensive new lease standard which supersedes previous lease guidance. The standard requires a lessee to recognize in its balance sheet assets and liabilities related to long-term leases that were classified as operating leases under previous guidance. An asset will be recognized related to the right to use the underlying asset and a liability will be recognized related to the obligation to make lease payments over the term of the lease. The standard also requires expanded disclosures surrounding leases. The standard is effective for fiscal periods beginning after December 15, 2018, and requires modified retrospective adoption, with early adoption permitted. We adopted this guidance on January 1, 2019. In doing so, we identified and evaluated the related lease contracts and revised our controls and processes to address the lease standard. The adoption of this guidance resulted in the recognition of less than $34 million of right of use asset and lease liability, which did not have a material impact on our consolidated financial statements. Recently Issued but Not Yet Adopted Accounting Pronouncements ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which will become effective for us on January 1, 2020. This ASU eliminates the current accounting guidance for the recognition of credit impairment. Under the new guidance, for all loans carried at amortized cost, upon loan origination we will be required to measure our allowance for loan losses based on our estimate of all current expected credit losses (“CECL”) over the remaining contractual term of the assets. Updates to that estimate each period will be recorded through provision expense. The estimate of loan losses must be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU does not mandate the use of any specific method for estimating credit loss, permitting companies to use judgment in selecting the approach that is most appropriate in their circumstances. Upon adoption, a cumulative effect adjustment to retained earnings will be recorded as of the beginning of the first reporting period in which the guidance is effective in an amount necessary to adjust the allowance for loan losses to equal the current estimate of expected losses on financial assets held at that date. We have evaluated the standard and initiated implementation efforts. We have identified the loss forecasting approach and have built the loss models for our Private Education Loans (as hereinafter defined) and our Personal Loans (as hereinafter defined) acquired from third-parties. For our Private Education Loan and total Personal Loan portfolios, we will be using the discounted cash flow approach to calculate our current expected credit losses. We estimate the CECL allowance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. We have determined that, for modeling current expected credit losses, we can reasonably estimate expected losses that incorporate the current and forecasted economic conditions over a two-year period, after which the model will immediately revert to our long-term expected loss rates. During the remainder of 2019, we plan to complete our loss models for Personal Loans we originate and credit card receivables and complete the testing and validation for all the models to be used to implement CECL. During the second quarter of 2019, we performed a dry run of our CECL solution for our Private Education Loan and purchased Personal Loan portfolios to test the end-to-end implementation of the new solution. The loss and other models that will be used in our CECL solution are currently undergoing validation or will be in the coming months. Adoption of the standard will have a material impact on how we record and report our financial condition and results of operations, and on regulatory capital. The extent of the impact upon adoption at January 1, 2020 will likely depend on the characteristics of our loan portfolio and economic conditions at that date, as well as forecasted conditions thereafter.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of amortized cost and fair value of securities available-for-sale	The amortized cost and fair value of securities available for sale are as follows: June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available for sale: Mortgage-backed securities $ 233,210 $ 1,196 $ (1,445 ) $ 232,961 Utah Housing Corporation bonds 21,136 181 (70 ) 21,247 U.S. government-sponsored enterprises 77,173 160 — 77,333 Total $ 331,519 $ 1,537 $ (1,515 ) $ 331,541 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available for sale: Mortgage-backed securities $ 159,937 $ 155 $ (5,517 ) $ 154,575 Utah Housing Corporation bonds 22,388 23 (741 ) 21,670 Total $ 182,325 $ 178 $ (6,258 ) $ 176,245
Available-for-sale securities, continuous unrealized loss position, fair value	The following table summarizes the amount of gross unrealized losses for our available for sale securities and the estimated fair value for securities having gross unrealized loss positions, categorized by length of time the securities have been in an unrealized loss position: Less than 12 months 12 months or more Total Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value As of June 30, 2019: Mortgage-backed securities $ (6 ) $ 10,815 $ (1,439 ) $ 101,969 $ (1,445 ) $ 112,784 Utah Housing Corporation bonds — — (70 ) 11,955 (70 ) 11,955 U.S. government-sponsored enterprises — — — — — — Total $ (6 ) $ 10,815 $ (1,509 ) $ 113,924 $ (1,515 ) $ 124,739 As of December 31, 2018: Mortgage-backed securities $ (228 ) $ 16,948 $ (5,289 ) $ 125,537 $ (5,517 ) $ 142,485 Utah Housing Corporation bonds — — (741 ) 16,647 (741 ) 16,647 Total $ (228 ) $ 16,948 $ (6,030 ) $ 142,184 $ (6,258 ) $ 159,132
Amortized cost and fair value of securities by contractual maturities	As of June 30, 2019 , the amortized cost and fair value of securities, by contractual maturities, are summarized below. Contractual maturities versus actual maturities may differ due to the effect of prepayments. Year of Maturity Amortized Cost Estimated Fair Value 2020 $ 39,484 $ 39,545 2021 37,689 37,787 2038 262 282 2039 2,907 3,065 2042 8,021 7,800 2043 13,727 13,776 2044 20,078 20,090 2045 22,915 22,728 2046 35,609 35,195 2047 53,183 52,759 2048 15,159 15,511 2049 82,485 83,003 Total $ 331,519 $ 331,541

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Loans held for investment are summarized as follows: June 30, December 31, 2019 2018 Private Education Loans: Fixed-rate $ 8,231,177 $ 6,759,019 Variable-rate 13,397,670 13,745,446 Total Private Education Loans, gross 21,628,847 20,504,465 Deferred origination costs and unamortized premium/(discount) 73,902 68,321 Allowance for loan losses (307,968 ) (277,943 ) Total Private Education Loans, net 21,394,781 20,294,843 FFELP Loans 812,500 846,487 Deferred origination costs and unamortized premium/(discount) 2,262 2,379 Allowance for loan losses (1,734 ) (977 ) Total FFELP Loans, net 813,028 847,889 Personal Loans (fixed-rate) 1,134,637 1,190,091 Deferred origination costs and unamortized premium/(discount) 495 297 Allowance for loan losses (74,295 ) (62,201 ) Total Personal Loans, net 1,060,837 1,128,187 Loans held for investment, net $ 23,268,646 $ 22,270,919 The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended June 30, 2019 2018 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,748,247 9.39 % $ 18,764,768 9.03 % FFELP Loans 821,138 5.01 898,095 4.51 Personal Loans 1,149,247 12.00 815,356 10.65 Total portfolio $ 23,718,632 $ 20,478,219 Six Months Ended June 30, 2019 2018 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,740,579 9.44 % $ 18,712,533 8.93 % FFELP Loans 829,497 4.98 908,846 4.38 Personal Loans 1,162,782 11.90 672,792 10.65 Total portfolio $ 23,732,858 $ 20,294,171 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended 2019 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 1,395,756 $ 22,954 $ 1,105,042 $ 18,718 Six Months Ended 2019 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 1,354,467 $ 44,520 $ 1,069,721 $ 36,565

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Allowance for credit losses and recorded investments in loans	Allowance for Loan Losses Metrics Allowance for Loan Losses Three Months Ended June 30, 2019 FFELP Loans Private Education Loans Personal Loans Total Allowance for Loan Losses Beginning balance $ 1,760 $ 285,946 $ 70,619 $ 358,325 Total provision 145 71,296 21,474 92,915 Net charge-offs: Charge-offs (171 ) (55,382 ) (19,074 ) (74,627 ) Recoveries — 6,108 1,276 7,384 Net charge-offs (171 ) (49,274 ) (17,798 ) (67,243 ) Ending Balance $ 1,734 $ 307,968 $ 74,295 $ 383,997 Allowance: Ending balance: individually evaluated for impairment $ — $ 146,403 $ — $ 146,403 Ending balance: collectively evaluated for impairment $ 1,734 $ 161,565 $ 74,295 $ 237,594 Loans: Ending balance: individually evaluated for impairment $ — $ 1,411,189 $ — $ 1,411,189 Ending balance: collectively evaluated for impairment $ 812,500 $ 20,217,658 $ 1,134,637 $ 22,164,795 Net charge-offs as a percentage of average loans in repayment (annualized) (1) 0.11 % 1.29 % 6.20 % Allowance as a percentage of the ending total loan balance 0.21 % 1.42 % 6.55 % Allowance as a percentage of the ending loans in repayment (1) 0.28 % 2.01 % 6.55 % Allowance coverage of net charge-offs (annualized) 2.54 1.56 1.04 Ending total loans, gross $ 812,500 $ 21,628,847 $ 1,134,637 Average loans in repayment (1) $ 634,932 $ 15,241,574 $ 1,148,444 Ending loans in repayment (1) $ 620,292 $ 15,332,251 $ 1,134,637 ____________ (1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Three Months Ended June 30, 2018 FFELP Loans Private Education Loans Personal Loans Total Allowance for Loan Losses Beginning balance $ 1,113 $ 252,103 $ 18,907 $ 272,123 Total provision 252 46,264 16,378 62,894 Net charge-offs: Charge-offs (292 ) (42,270 ) (2,872 ) (45,434 ) Recoveries — 5,598 96 5,694 Net charge-offs (292 ) (36,672 ) (2,776 ) (39,740 ) Ending Balance $ 1,073 $ 261,695 $ 32,509 $ 295,277 Allowance: Ending balance: individually evaluated for impairment $ — $ 113,343 $ — $ 113,343 Ending balance: collectively evaluated for impairment $ 1,073 $ 148,352 $ 32,509 $ 181,934 Loans: Ending balance: individually evaluated for impairment $ — $ 1,121,816 $ — $ 1,121,816 Ending balance: collectively evaluated for impairment $ 885,357 $ 17,566,211 $ 966,080 $ 19,417,648 Net charge-offs as a percentage of average loans in repayment (annualized) (1) 0.17 % 1.14 % 1.36 % Allowance as a percentage of the ending total loan balance 0.12 % 1.40 % 3.37 % Allowance as a percentage of the ending loans in repayment (1) 0.16 % 2.02 % 3.37 % Allowance coverage of net charge-offs (annualized) 0.92 1.78 2.93 Ending total loans, gross $ 885,357 $ 18,688,027 $ 966,080 Average loans in repayment (1) $ 698,197 $ 12,909,623 $ 815,741 Ending loans in repayment (1) $ 680,802 $ 12,979,523 $ 966,080 ____________ (1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Six Months Ended June 30, 2019 FFELP Loans Private Education Loans Personal Loans Total Allowance for Loan Losses Beginning balance $ 977 $ 277,943 $ 62,201 $ 341,121 Total provision 1,162 113,179 44,234 158,575 Net charge-offs: Charge-offs (405 ) (94,959 ) (34,325 ) (129,689 ) Recoveries — 11,805 2,185 13,990 Net charge-offs (405 ) (83,154 ) (32,140 ) (115,699 ) Ending Balance $ 1,734 $ 307,968 $ 74,295 $ 383,997 Allowance: Ending balance: individually evaluated for impairment $ — $ 146,403 $ — $ 146,403 Ending balance: collectively evaluated for impairment $ 1,734 $ 161,565 $ 74,295 $ 237,594 Loans: Ending balance: individually evaluated for impairment $ — $ 1,411,189 $ — $ 1,411,189 Ending balance: collectively evaluated for impairment $ 812,500 $ 20,217,658 $ 1,134,637 $ 22,164,795 Net charge-offs as a percentage of average loans in repayment (annualized) (1) 0.13 % 1.09 % 5.53 % Allowance as a percentage of the ending total loan balance 0.21 % 1.42 % 6.55 % Allowance as a percentage of the ending loans in repayment (1) 0.28 % 2.01 % 6.55 % Allowance coverage of net charge-offs (annualized) 2.14 1.85 1.16 Ending total loans, gross $ 812,500 $ 21,628,847 $ 1,134,637 Average loans in repayment (1) $ 642,693 $ 15,188,003 $ 1,161,761 Ending loans in repayment (1) $ 620,292 $ 15,332,251 $ 1,134,637 ____________ (1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Loan Losses Six Months Ended June 30, 2018 FFELP Loans Private Education Loans Personal Loans Total Allowance for Loan Losses Beginning balance $ 1,132 $ 243,715 $ 6,628 $ 251,475 Total provision 483 88,134 29,826 118,443 Net charge-offs: Charge-offs (542 ) (79,623 ) (4,072 ) (84,237 ) Recoveries — 10,685 127 10,812 Net charge-offs (542 ) (68,938 ) (3,945 ) (73,425 ) Loan sales (1) — (1,216 ) — (1,216 ) Ending Balance $ 1,073 $ 261,695 $ 32,509 $ 295,277 Allowance: Ending balance: individually evaluated for impairment $ — $ 113,343 $ — $ 113,343 Ending balance: collectively evaluated for impairment $ 1,073 $ 148,352 $ 32,509 $ 181,934 Loans: Ending balance: individually evaluated for impairment $ — $ 1,121,816 $ — $ 1,121,816 Ending balance: collectively evaluated for impairment $ 885,357 $ 17,566,211 $ 966,080 $ 19,417,648 Net charge-offs as a percentage of average loans in repayment (annualized) (2) 0.15 % 1.08 % 1.17 % Allowance as a percentage of the ending total loan balance 0.12 % 1.40 % 3.37 % Allowance as a percentage of the ending loans in repayment (2) 0.16 % 2.02 % 3.37 % Allowance coverage of net charge-offs (annualized) 0.99 1.90 4.12 Ending total loans, gross $ 885,357 $ 18,688,027 $ 966,080 Average loans in repayment (2) $ 709,010 $ 12,810,072 $ 673,552 Ending loans in repayment (2) $ 680,802 $ 12,979,523 $ 966,080 ____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
Impaired financing receivables	The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans. Recorded Investment Unpaid Principal Balance Allowance June 30, 2019 TDR Loans $ 1,437,986 $ 1,411,189 $ 146,403 December 31, 2018 TDR Loans $ 1,280,713 $ 1,257,856 $ 120,110
Average recorded investment and interest income recognized for troubled debt restructuring loans	Loans held for investment are summarized as follows: June 30, December 31, 2019 2018 Private Education Loans: Fixed-rate $ 8,231,177 $ 6,759,019 Variable-rate 13,397,670 13,745,446 Total Private Education Loans, gross 21,628,847 20,504,465 Deferred origination costs and unamortized premium/(discount) 73,902 68,321 Allowance for loan losses (307,968 ) (277,943 ) Total Private Education Loans, net 21,394,781 20,294,843 FFELP Loans 812,500 846,487 Deferred origination costs and unamortized premium/(discount) 2,262 2,379 Allowance for loan losses (1,734 ) (977 ) Total FFELP Loans, net 813,028 847,889 Personal Loans (fixed-rate) 1,134,637 1,190,091 Deferred origination costs and unamortized premium/(discount) 495 297 Allowance for loan losses (74,295 ) (62,201 ) Total Personal Loans, net 1,060,837 1,128,187 Loans held for investment, net $ 23,268,646 $ 22,270,919 The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended June 30, 2019 2018 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,748,247 9.39 % $ 18,764,768 9.03 % FFELP Loans 821,138 5.01 898,095 4.51 Personal Loans 1,149,247 12.00 815,356 10.65 Total portfolio $ 23,718,632 $ 20,478,219 Six Months Ended June 30, 2019 2018 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,740,579 9.44 % $ 18,712,533 8.93 % FFELP Loans 829,497 4.98 908,846 4.38 Personal Loans 1,162,782 11.90 672,792 10.65 Total portfolio $ 23,732,858 $ 20,294,171 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended 2019 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 1,395,756 $ 22,954 $ 1,105,042 $ 18,718 Six Months Ended 2019 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized TDR Loans $ 1,354,467 $ 44,520 $ 1,069,721 $ 36,565
Age analysis of past due loans delinquencies	The following table provides information regarding the loan status of our Private Education Loans. Loans in repayment include loans making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Private Education Loans June 30, December 31, 2019 2018 Balance % Balance % Loans in-school/grace/deferment (1) $ 5,722,581 $ 5,260,445 Loans in forbearance (2) 574,015 577,164 Loans in repayment and percentage of each status: Loans current 14,920,746 97.3 % 14,289,705 97.4 % Loans delinquent 31-60 days (3) 222,448 1.5 231,216 1.6 Loans delinquent 61-90 days (3) 123,473 0.8 95,105 0.7 Loans delinquent greater than 90 days (3) 65,584 0.4 50,830 0.3 Total Private Education Loans in repayment 15,332,251 100.0 % 14,666,856 100.0 % Total Private Education Loans, gross 21,628,847 20,504,465 Private Education Loans deferred origination costs and unamortized premium/(discount) 73,902 68,321 Total Private Education Loans 21,702,749 20,572,786 Private Education Loans allowance for losses (307,968 ) (277,943 ) Private Education Loans, net $ 21,394,781 $ 20,294,843 Percentage of Private Education Loans in repayment 70.9 % 71.5 % Delinquencies as a percentage of Private Education Loans in repayment 2.7 % 2.6 % Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance 3.6 % 3.8 % _______ (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. The following table provides information regarding the loan status and aging of TDR loans. June 30, December 31, 2019 2018 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 76,393 $ 69,212 TDR loans in forbearance (2) 84,991 69,796 TDR loans in repayment (3) and percentage of each status: Loans current 1,114,734 89.2 % 994,411 88.9 % Loans delinquent 31-60 days (4) 60,656 4.9 63,074 5.6 Loans delinquent 61-90 days (4) 46,771 3.7 36,804 3.3 Loans delinquent greater than 90 days (4) 27,644 2.2 24,559 2.2 Total TDR loans in repayment 1,249,805 100.0 % 1,118,848 100.0 % Total TDR loans, gross $ 1,411,189 $ 1,257,856 _____ (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. (4) The period of delinquency is based on the number of days scheduled payments are contractually past due.
Modified loans accounts for troubled debt restructuring	The following table provides the amount of modified loans (which include 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 $ 131,273 $ 17,076 $ 30,309 $ 116,478 $ 12,764 $ 18,254 Six Months Ended Six Months Ended Modified Loans (1) Charge-offs Payment- Default Modified Loans (1) Charge-offs Payment- Default TDR Loans $ 242,481 $ 33,081 $ 55,755 $ 200,652 $ 28,224 $ 47,988 _____ (1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR.
Private education loan portfolio stratified by key credit quality indicators	The following table highlights the gross principal balance of our Private Education Loan portfolio stratified by key credit quality indicators. Private Education Loans Credit Quality Indicators June 30, 2019 December 31, 2018 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance Cosigners: With cosigner $ 19,335,960 89 % $ 18,378,398 90 % Without cosigner 2,292,887 11 2,126,067 10 Total $ 21,628,847 100 % $ 20,504,465 100 % FICO at Original Approval (2) : Less than 670 $ 1,517,608 7 % $ 1,409,789 7 % 670-699 3,298,903 15 3,106,983 15 700-749 7,146,638 33 6,759,721 33 Greater than or equal to 750 9,665,698 45 9,227,972 45 Total $ 21,628,847 100 % $ 20,504,465 100 % FICO-Refreshed (2)(3) : Less than 670 $ 2,697,197 13 % $ 2,416,979 12 % 670-699 2,616,109 12 2,504,467 12 700-749 6,339,380 29 6,144,489 30 Greater than or equal to 750 9,976,161 46 9,438,530 46 Total $ 21,628,847 100 % $ 20,504,465 100 % Seasoning (4) : 1-12 payments $ 5,508,604 26 % $ 4,969,334 24 % 13-24 payments 3,527,814 16 3,481,235 17 25-36 payments 2,674,655 12 2,741,954 13 37-48 payments 1,993,995 9 1,990,049 10 More than 48 payments 2,201,198 10 2,061,448 10 Not yet in repayment 5,722,581 27 5,260,445 26 Total $ 21,628,847 100 % $ 20,504,465 100 % ______ (1) Balance represents gross Private Education Loans. (2) Represents the higher credit score of the cosigner or the borrower. (3) Represents the FICO score updated as of the second-quarter 2019. (4) Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. The following table provides information regarding the loan status of our Personal Loans. Personal Loans June 30, December 31, 2019 2018 Balance % Balance % Loans in repayment and percentage of each status: Loans current $ 1,113,730 98.2 % $ 1,172,776 98.5 % Loans delinquent 31-60 days (1) 6,704 0.6 6,722 0.6 Loans delinquent 61-90 days (1) 7,393 0.6 5,416 0.5 Loans delinquent greater than 90 days (1) 6,810 0.6 5,177 0.4 Total Personal Loans in repayment 1,134,637 100.0 % 1,190,091 100.0 % Total Personal Loans, gross 1,134,637 1,190,091 Personal Loans deferred origination costs and unamortized premium/(discount) 495 297 Total Personal Loans 1,135,132 1,190,388 Personal Loans allowance for losses (74,295 ) (62,201 ) Personal Loans, net $ 1,060,837 $ 1,128,187 Delinquencies as a percentage of Personal Loans in repayment 1.8 % 1.5 % _______ (1) The period of delinquency is based on the number of days scheduled payments are contractually past due. Personal Loans Credit Quality Indicators June 30, 2019 December 31, 2018 Credit Quality Indicators: Balance (1) % of Balance Balance (1) % of Balance FICO at Original Approval: Less than 670 $ 63,155 6 % $ 77,702 7 % 670-699 303,193 27 339,053 28 700-749 547,280 48 554,700 47 Greater than or equal to 750 221,009 19 218,636 18 Total $ 1,134,637 100 % $ 1,190,091 100 % Seasoning (2) : 0-12 payments $ 669,391 59 % $ 1,008,758 85 % 13-24 payments 452,428 40 181,333 15 25-36 payments 12,818 1 — — 37-48 payments — — — — More than 48 payments — — — — Total $ 1,134,637 100 % $ 1,190,091 100 % ______ (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 Loans Accrued Interest Receivable Total Interest Receivable Greater Than 90 Days Past Due Allowance for Uncollectible Interest June 30, 2019 $ 1,376,715 $ 2,589 $ 5,673 December 31, 2018 $ 1,168,823 $ 1,920 $ 6,322

Deposits (Tables)

Deposits (Tables)	6 Months Ended
	Jun. 30, 2019
Banking and Thrift [Abstract]
Schedule of deposits	The following table summarizes total deposits at June 30, 2019 and December 31, 2018 . June 30, December 31, 2019 2018 Deposits - interest bearing $ 21,176,022 $ 18,942,082 Deposits - non-interest bearing 2,112 1,076 Total deposits $ 21,178,134 $ 18,943,158
Interest bearing deposits	Interest bearing deposits at June 30, 2019 and December 31, 2018 are summarized as follows: June 30, 2019 December 31, 2018 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 9,079,766 2.56 % $ 8,687,766 2.46 % Savings 704,259 2.04 702,342 2.00 Certificates of deposit 11,391,997 2.85 9,551,974 2.74 Deposits - interest bearing $ 21,176,022 $ 18,942,082 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes our borrowings at June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ — $ 197,753 $ 197,753 $ — $ 197,348 $ 197,348 Total unsecured borrowings — 197,753 197,753 — 197,348 197,348 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 2,758,872 2,758,872 — 2,284,347 2,284,347 Variable-rate — 1,906,138 1,906,138 — 1,802,609 1,802,609 Total Private Education Loan term securitizations — 4,665,010 4,665,010 — 4,086,956 4,086,956 Secured Borrowing Facility — — — — — — Total secured borrowings — 4,665,010 4,665,010 — 4,086,956 4,086,956 Total $ — $ 4,862,763 $ 4,862,763 $ — $ 4,284,304 $ 4,284,304
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: 2017-A February 2017 $ 772,000 1-month LIBOR plus 0.93% 4.27 2017-B November 2017 676,000 1-month LIBOR plus 0.80% 4.07 Total notes issued in 2017 $ 1,448,000 Total loan and accrued interest amount securitized at inception in 2017 $ 1,606,804 2018-A March 2018 $ 670,000 1-month LIBOR plus 0.78% 4.43 2018-B June 2018 686,500 1-month LIBOR plus 0.76% 4.40 2018-C September 2018 544,000 1-month LIBOR plus 0.77% 4.32 Total notes issued in 2018 $ 1,900,500 Total loan and accrued interest amount securitized at inception in 2018 $ 2,101,644 2019-A March 2019 453,000 1-month LIBOR plus 0.92% 4.26 2019-B June 2019 657,000 1-month LIBOR plus 1.01% 4.41 Total notes issued in 2019 $ 1,110,000 Total loan and accrued interest amount securitized at inception in 2019 $ 1,208,963 ____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs.
Schedule of variable interest entities	We consolidate the following financing VIEs as of June 30, 2019 and December 31, 2018 , respectively: June 30, 2019 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 $ — $ 4,665,010 $ 4,665,010 $ 5,691,009 $ 134,607 $ 403,697 $ 6,229,313 Secured Borrowing Facility — — — — — 714 714 Total $ — $ 4,665,010 $ 4,665,010 $ 5,691,009 $ 134,607 $ 404,411 $ 6,230,027 December 31, 2018 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 $ — $ 4,086,956 $ 4,086,956 $ 5,030,837 $ 113,431 $ 326,570 $ 5,470,838 Secured Borrowing Facility — — — — — 157 157 Total $ — $ 4,086,956 $ 4,086,956 $ 5,030,837 $ 113,431 $ 326,727 $ 5,470,995 ____ (1) Other assets primarily represent accrued interest receivable.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Impact of derivatives on the consolidated balance sheet	The following tables summarize the fair values and notional amounts of all derivative instruments at June 30, 2019 and December 31, 2018 , and their impact on earnings and other comprehensive income for the six months ended June 30, 2019 and 2018. Please refer to Note 10, “Derivative Financial Instruments” in our 2018 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities. Impact of Derivatives on the Consolidated Balance Sheets Cash Flow Hedges Fair Value Hedges Trading Total June 30, December 31, June 30, December June 30, December June 30, December 2019 2018 2019 2018 2019 2018 2019 2018 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ 772 $ — $ — $ 2,000 $ — $ 90 $ 772 $ 2,090 Derivative Liabilities: (2) Interest rate swaps Interest rate — (2,032 ) (248 ) — (111 ) — (359 ) (2,032 ) Total net derivatives $ 772 $ (2,032 ) $ (248 ) $ 2,000 $ (111 ) $ 90 $ 413 $ 58 ___________ (1) Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position. (2) The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Gross position (1) $ 772 $ 2,090 $ (359 ) $ (2,032 ) Impact of master netting agreement (359 ) (1,389 ) 359 1,389 Derivative values with impact of master netting agreements (as carried on balance sheet) 413 701 — (643 ) Cash collateral pledged (2) 65,183 27,151 — — Net position $ 65,596 $ 27,852 $ — $ (643 ) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract. (2) Cash collateral 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 June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Gross position (1) $ 772 $ 2,090 $ (359 ) $ (2,032 ) Impact of master netting agreement (359 ) (1,389 ) 359 1,389 Derivative values with impact of master netting agreements (as carried on balance sheet) 413 701 — (643 ) Cash collateral pledged (2) 65,183 27,151 — — Net position $ 65,596 $ 27,852 $ — $ (643 ) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract. (2) Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.
Offsetting liabilities	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Gross position (1) $ 772 $ 2,090 $ (359 ) $ (2,032 ) Impact of master netting agreement (359 ) (1,389 ) 359 1,389 Derivative values with impact of master netting agreements (as carried on balance sheet) 413 701 — (643 ) Cash collateral pledged (2) 65,183 27,151 — — Net position $ 65,596 $ 27,852 $ — $ (643 ) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract. (2) Cash collateral 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 June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, 2019 2018 2019 2018 2019 2018 2019 2018 Notional Values Interest rate swaps $ 1,215,781 $ 1,280,367 $ 4,712,793 $ 3,137,965 $ 3,117,717 $ 1,577,978 $ 9,046,291 $ 5,996,310
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	As of June 30, 2019 and December 31, 2018 , the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges: Line Item in the Balance Sheet in Which the Hedged Item is Included: Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Deposits $ (4,768,445 ) $ (3,114,304 ) $ (67,500 ) $ 14,202
Derivative instruments, gain (loss)	Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Six Months Ended 2019 2018 2019 2018 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ (4,061 ) $ (2,914 ) $ (7,888 ) $ 2,939 Hedged items recorded in interest expense (57,717 ) 7,451 (81,703 ) 22,717 Derivatives recorded in interest expense 57,449 (7,630 ) 81,337 (22,877 ) Total $ (4,329 ) $ (3,093 ) $ (8,254 ) $ 2,779 Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ 1,189 $ (579 ) $ 2,485 $ (2,122 ) Total $ 1,189 $ (579 ) $ 2,485 $ (2,122 ) Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ 18,242 $ (2,180 ) $ 22,444 $ (6,935 ) Total 18,242 (2,180 ) 22,444 (6,935 ) Total $ 15,102 $ (5,852 ) $ 16,675 $ (6,278 )
Schedule of derivative instruments, effect on other comprehensive income (loss)	Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Amount of gain recognized in other comprehensive income (loss) $ (22,824 ) $ 9,471 $ (35,645 ) $ 28,200 Less: amount of loss reclassified in interest expense 1,189 (543 ) 2,485 (2,104 ) Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ (24,013 ) $ 10,014 $ (38,130 ) $ 30,304

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of common share repurchases	The following table summarizes our common share repurchases and issuances. Three Months Ended Six Months Ended (Shares and per share amounts in actuals) 2019 2018 2019 2018 Common stock repurchased under repurchase program (1) 5,989,279 — 11,424,755 — Average purchase price per share (2) $ 10.04 $ — $ 10.51 $ — Shares repurchased related to employee stock-based compensation plans (3) 24,036 200,577 1,313,427 2,940,595 Average purchase price per share $ 10.05 $ 11.60 $ 10.93 $ 11.33 Common shares issued (4) 181,020 384,955 3,651,684 5,944,946 __________________ (1) Common shares purchased under our share repurchase program. $ 80 million of capacity under the program remained available as of June 30, 2019. (2) Average purchase price per share includes purchase commission costs. (3) 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. (4) Common shares issued under our various compensation and benefit plans.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows. Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share data) 2019 2018 2019 2018 Numerator: Net income $ 150,277 $ 109,832 $ 308,466 $ 236,086 Preferred stock dividends 4,331 3,920 8,799 7,317 Net income attributable to SLM Corporation common stock $ 145,946 $ 105,912 $ 299,667 $ 228,769 Denominator: Weighted average shares used to compute basic EPS 429,278 435,187 431,911 434,573 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units and Employee Stock Purchase Plan (“ESPP”) (1)(2) 2,975 4,258 3,322 4,639 Weighted average shares used to compute diluted EPS 432,253 439,445 435,233 439,212 Basic earnings per common share attributable to SLM Corporation $ 0.34 $ 0.24 $ 0.69 $ 0.53 Diluted earnings per common share attributable to SLM Corporation $ 0.34 $ 0.24 $ 0.69 $ 0.52 ________________ (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method. (2) For the three months ended June 30, 2019 and 2018, securities covering less than 1 million shares, and for the six months ended June 30, 2019 and 2018, securities covering less than 1 million shares, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Valuation of financial instruments that are marked-to-market on recurring basis	The following table summarizes the valuation of our financial instruments that are marked to fair value on a recurring basis. Fair Value Measurements on a Recurring Basis June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Available-for-sale investments $ — $ 331,541 $ — $ 331,541 $ — $ 176,245 $ — $ 176,245 Derivative instruments — 772 — 772 — 2,090 — 2,090 Total $ — $ 332,313 $ — $ 332,313 $ — $ 178,335 $ — $ 178,335 Liabilities Derivative instruments $ — $ (359 ) $ — $ (359 ) $ — $ (2,032 ) $ — $ (2,032 ) Total $ — $ (359 ) $ — $ (359 ) $ — $ (2,032 ) $ — $ (2,032 )
Fair values of financial assets and liabilities, including derivative financial instruments	The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. June 30, 2019 December 31, 2018 Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets: Loans held for investment, net: Private Education Loans $ 23,609,477 $ 21,394,781 $ 2,214,696 $ 22,313,419 $ 20,294,843 $ 2,018,576 FFELP Loans 824,687 813,028 11,659 859,185 847,889 11,296 Personal Loans 1,120,227 1,060,837 59,390 1,156,531 1,128,187 28,344 Cash and cash equivalents 3,998,514 3,998,514 — 2,559,106 2,559,106 — Available-for-sale investments 331,541 331,541 — 176,245 176,245 — Accrued interest receivable 1,516,824 1,401,618 115,206 1,285,842 1,191,981 93,861 Tax indemnification receivable 38,925 38,925 — 39,207 39,207 — Derivative instruments 772 772 — 2,090 2,090 — Total earning assets $ 31,440,967 $ 29,040,016 $ 2,400,951 $ 28,391,625 $ 26,239,548 $ 2,152,077 Interest-bearing liabilities: Money-market and savings accounts $ 9,803,941 $ 9,784,025 $ (19,916 ) $ 9,370,957 $ 9,390,108 $ 19,151 Certificates of deposit 11,479,318 11,391,997 (87,321 ) 9,513,194 9,551,974 38,780 Long-term borrowings 4,924,239 4,862,763 (61,476 ) 4,278,931 4,284,304 5,373 Accrued interest payable 68,379 68,379 — 61,341 61,341 — Derivative instruments 359 359 — 2,032 2,032 — Total interest-bearing liabilities $ 26,276,236 $ 26,107,523 $ (168,713 ) $ 23,226,455 $ 23,289,759 $ 63,304 Excess of net asset fair value over carrying value $ 2,232,238 $ 2,215,381

Regulatory Capital (Tables)

Regulatory Capital (Tables)	6 Months Ended
	Jun. 30, 2019
Banking and Thrift [Abstract]
Schedule of compliance with regulatory capital requirements under banking regulations	The Bank’s required and actual regulatory capital amounts and ratios under U.S. Basel III are shown in the following table. Actual U.S. Basel III Regulatory Requirements (1) Amount Ratio Amount Ratio As of June 30, 2019: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,008,318 11.9 % $ 1,765,971 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,008,318 11.9 % $ 2,144,394 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,324,527 13.2 % $ 2,648,957 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,008,318 10.6 % (2) $ 1,133,551 > 4.0 % As of December 31, 2018: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 2,896,091 12.1 % $ 1,528,209 > 6.375 % Tier 1 Capital (to Risk-Weighted Assets) $ 2,896,091 12.1 % $ 1,887,787 > 7.875 % Total Capital (to Risk-Weighted Assets) $ 3,196,279 13.3 % $ 2,367,226 > 9.875 % Tier 1 Capital (to Average Assets) $ 2,896,091 11.1 % $ 1,039,226 > 4.0 % ________________ (1) Required risk-based capital ratios include the capital conservation buffer. (2) The Bank’s Tier 1 leverage ratio exceeds the 5 percent well-capitalized standard for the Tier 1 leverage ratio under the prompt corrective action framework.

Significant Accounting Polici_3

Significant Accounting Policies (Details) - Accounting Standards Update 2016-02 $ in Millions	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset (less than)	$ 34
Lease liability (less than)	$ 34

Investments - Amortized Cost a

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 331,519	$ 182,325
Gross Unrealized Gains	1,537	178
Gross Unrealized Losses	(1,515)	(6,258)
Available-for-sale investments	331,541	176,245
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	233,210	159,937
Gross Unrealized Gains	1,196	155
Gross Unrealized Losses	(1,445)	(5,517)
Available-for-sale investments	232,961	154,575
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,136	22,388
Gross Unrealized Gains	181	23
Gross Unrealized Losses	(70)	(741)
Available-for-sale investments	21,247	$ 21,670
U.S. government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	77,173
Gross Unrealized Gains	160
Gross Unrealized Losses	0
Available-for-sale investments	$ 77,333

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Less than 12 months
Gross Unrealized Losses	$ (6)	$ (228)
Estimated Fair Value	10,815	16,948
12 months or more
Gross Unrealized Losses	(1,509)	(6,030)
Estimated Fair Value	113,924	142,184
Gross Unrealized Losses	(1,515)	(6,258)
Estimated Fair Value	124,739	159,132
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(6)	(228)
Estimated Fair Value	10,815	16,948
12 months or more
Gross Unrealized Losses	(1,439)	(5,289)
Estimated Fair Value	101,969	125,537
Gross Unrealized Losses	(1,445)	(5,517)
Estimated Fair Value	112,784	142,485
Utah Housing Corporation bonds
Less than 12 months
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
12 months or more
Gross Unrealized Losses	(70)	(741)
Estimated Fair Value	11,955	16,647
Gross Unrealized Losses	(70)	(741)
Estimated Fair Value	11,955	$ 16,647
U.S. government-sponsored enterprises
Less than 12 months
Gross Unrealized Losses	0
Estimated Fair Value	0
12 months or more
Gross Unrealized Losses	0
Estimated Fair Value	0
Gross Unrealized Losses	0
Estimated Fair Value	$ 0

Investments - Additional Infor

Investments - Additional Information (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2018USD ($)security	Jun. 30, 2019USD ($)security	Dec. 31, 2018USD ($)security
Investment Holdings [Line Items]
Available-for-sale investments, cost		$ 331,519	$ 182,325
Par value of mortgage-backed securities pledged to FRB		233,000	147,000
Mortgage-backed securities
Investment Holdings [Line Items]
Available-for-sale investments, cost		$ 233,210	$ 159,937
Number of mortgage backed securities sold | security	9
Proceeds from sale of securities	$ 41,000
Recognized loss from sale of securities	$ 2,000
Number or mortgage-backed securities with unrealized losses | security		47	74
Number of mortgage-backed securities | security		101	86
Utah Housing Corporation bonds
Investment Holdings [Line Items]
Available-for-sale investments, cost		$ 21,136	$ 22,388
Number of securities in net loss position | security		1
Ginnie Mae | Mortgage-backed securities
Investment Holdings [Line Items]
Available-for-sale investments, cost		$ 62,000
Number or mortgage-backed securities with unrealized losses | security		19	34
Fannie Mae | Mortgage-backed securities
Investment Holdings [Line Items]
Available-for-sale investments, cost		$ 110,000
Freddie Mac | Mortgage-backed securities
Investment Holdings [Line Items]
Available-for-sale investments, cost		$ 60,000

Investments - Maturity Table (

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 331,519	$ 182,325
Available-for-sale investments	331,541	$ 176,245
2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	39,484
Available-for-sale investments	39,545
2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	37,689
Available-for-sale investments	37,787
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	262
Available-for-sale investments	282
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,907
Available-for-sale investments	3,065
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,021
Available-for-sale investments	7,800
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,727
Available-for-sale investments	13,776
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,078
Available-for-sale investments	20,090
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,915
Available-for-sale investments	22,728
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35,609
Available-for-sale investments	35,195
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	53,183
Available-for-sale investments	52,759
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,159
Available-for-sale investments	15,511
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	82,485
Available-for-sale investments	$ 83,003

Loans Held for Investment - Ad

Loans Held for Investment - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent of private loans indexed to LIBOR	62.00%	67.00%
Tier 1 of government guarantee	97.00%		97.00%
Tier 2 of government guarantee				98.00%
Tier 3 of government guarantee					100.00%
Estimated weighted average life of student loans	5 years 3 months 18 days	5 years 4 months 24 days
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate Reduction, Percentage	$ 0.020
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate Reduction, Percentage	$ 0.040

Loans Held for Investment - St

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ (383,997)	$ (358,325)	$ (341,121)	$ (295,277)	$ (272,123)	$ (251,475)
Loans held for investment, net	23,268,646		22,270,919
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross amount of loans	21,628,847		20,504,465
Deferred origination costs and unamortized premium/(discount)	73,902		68,321
Allowance for loan losses	(307,968)		(277,943)
Loans held for investment, net	21,394,781		20,294,843
Private Education Loans | Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross amount of loans	8,231,177		6,759,019
Private Education Loans | Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross amount of loans	13,397,670		13,745,446
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross amount of loans	812,500		846,487
Deferred origination costs and unamortized premium/(discount)	2,262		2,379
Allowance for loan losses	(1,734)		(977)
Loans held for investment, net	813,028		847,889
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross amount of loans	1,134,637		1,190,091
Deferred origination costs and unamortized premium/(discount)	495		297
Allowance for loan losses	(74,295)		(62,201)
Loans held for investment, net	$ 1,060,837		$ 1,128,187

Loans Held for Investment - _2

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 23,718,632	$ 20,478,219	$ 23,732,858	$ 20,294,171
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,748,247	$ 18,764,768	$ 21,740,579	$ 18,712,533
Weighted Average Interest Rate	9.39%	9.03%	9.44%	8.93%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 821,138	$ 898,095	$ 829,497	$ 908,846
Weighted Average Interest Rate	5.01%	4.51%	4.98%	4.38%
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 1,149,247	$ 815,356	$ 1,162,782	$ 672,792
Weighted Average Interest Rate	12.00%	10.65%	11.90%	10.65%

Allowance for Loan Losses - Al

Allowance for Loan Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Allowance for Loan Losses
Allowance at beginning of period	$ 358,325	$ 272,123	$ 341,121	$ 251,475
Total provision	92,915	62,894	158,575	118,443
Net charge-offs:
Charge-offs	(74,627)	(45,434)	(129,689)	(84,237)
Recoveries	7,384	5,694	13,990	10,812
Net charge-offs	(67,243)	(39,740)	(115,699)	(73,425)
Loan sales				(1,216)
Allowance at end of period	383,997	295,277	383,997	295,277
Allowance:
Ending balance: individually evaluated for impairment	146,403	113,343	146,403	113,343
Ending balance: collectively evaluated for impairment	237,594	181,934	237,594	181,934
Loans:
Ending balance: individually evaluated for impairment	1,411,189	1,121,816	1,411,189	1,121,816
Ending balance: collectively evaluated for impairment	22,164,795	19,417,648	22,164,795	19,417,648
FFELP Loans
Allowance for Loan Losses
Allowance at beginning of period	1,760	1,113	977	1,132
Total provision	145	252	1,162	483
Net charge-offs:
Charge-offs	(171)	(292)	(405)	(542)
Recoveries	0	0	0	0
Net charge-offs	(171)	(292)	(405)	(542)
Loan sales				0
Allowance at end of period	1,734	1,073	1,734	1,073
Allowance:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	1,734	1,073	1,734	1,073
Loans:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	$ 812,500	$ 885,357	$ 812,500	$ 885,357
Net charge-offs as a percentage of average loans in repayment (annualized)	0.11%	0.17%	0.13%	0.15%
Allowance as a percentage of the ending total loan balance	0.21%	0.12%	0.21%	0.12%
Allowance as a percentage of the ending loans in repayment	0.28%	0.16%	0.28%	0.16%
Allowance coverage of net charge-offs (annualized)	2.54	0.92	2.14	0.99
Ending total loans, gross	$ 812,500	$ 885,357	$ 812,500	$ 885,357
Average loans in repayment	634,932	698,197	642,693	709,010
Ending loans in repayment	620,292	680,802	620,292	680,802
Private Education Loans
Allowance for Loan Losses
Allowance at beginning of period	285,946	252,103	277,943	243,715
Total provision	71,296	46,264	113,179	88,134
Net charge-offs:
Charge-offs	(55,382)	(42,270)	(94,959)	(79,623)
Recoveries	6,108	5,598	11,805	10,685
Net charge-offs	(49,274)	(36,672)	(83,154)	(68,938)
Loan sales				(1,216)
Allowance at end of period	307,968	261,695	307,968	261,695
Allowance:
Ending balance: individually evaluated for impairment	146,403	113,343	146,403	113,343
Ending balance: collectively evaluated for impairment	161,565	148,352	161,565	148,352
Loans:
Ending balance: individually evaluated for impairment	1,411,189	1,121,816	1,411,189	1,121,816
Ending balance: collectively evaluated for impairment	$ 20,217,658	$ 17,566,211	$ 20,217,658	$ 17,566,211
Net charge-offs as a percentage of average loans in repayment (annualized)	1.29%	1.14%	1.09%	1.08%
Allowance as a percentage of the ending total loan balance	1.42%	1.40%	1.42%	1.40%
Allowance as a percentage of the ending loans in repayment	2.01%	2.02%	2.01%	2.02%
Allowance coverage of net charge-offs (annualized)	1.56	1.78	1.85	1.90
Ending total loans, gross	$ 21,628,847	$ 18,688,027	$ 21,628,847	$ 18,688,027
Average loans in repayment	15,241,574	12,909,623	15,188,003	12,810,072
Ending loans in repayment	15,332,251	12,979,523	15,332,251	12,979,523
Personal Loans
Allowance for Loan Losses
Allowance at beginning of period	70,619	18,907	62,201	6,628
Total provision	21,474	16,378	44,234	29,826
Net charge-offs:
Charge-offs	(19,074)	(2,872)	(34,325)	(4,072)
Recoveries	1,276	96	2,185	127
Net charge-offs	(17,798)	(2,776)	(32,140)	(3,945)
Loan sales				0
Allowance at end of period	74,295	32,509	74,295	32,509
Allowance:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	74,295	32,509	74,295	32,509
Loans:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	$ 1,134,637	$ 966,080	$ 1,134,637	$ 966,080
Net charge-offs as a percentage of average loans in repayment (annualized)	6.20%	1.36%	5.53%	1.17%
Allowance as a percentage of the ending total loan balance	6.55%	3.37%	6.55%	3.37%
Allowance as a percentage of the ending loans in repayment	6.55%	3.37%	6.55%	3.37%
Allowance coverage of net charge-offs (annualized)	1.04	2.93	1.16	4.12
Ending total loans, gross	$ 1,134,637	$ 966,080	$ 1,134,637	$ 966,080
Average loans in repayment	1,148,444	815,741	1,161,761	673,552
Ending loans in repayment	$ 1,134,637	$ 966,080	$ 1,134,637	$ 966,080

Allowance for Loan Losses - Ad

Allowance for Loan Losses - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jul. 01, 2006
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loans in full and interest repayment status that are subject to interest rate reductions	7.70%		6.80%
Percentage of loans granted forbearance qualified as TDR	53.00%	57.00%
Criteria for loans to be considered as nonperforming (greater than)	90 days
Tier 1 of government guarantee (at least)	97.00%			97.00%
TDR payment default period (more than)	60 days
Percentage of FFELP loans insured and guaranteed (at least)	97.00%
Period of loans past due that have accrued interest (greater than)	90 days
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	2.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	4.00%

Allowance for Loan Losses - Re

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Details) - TDR Loans - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment	$ 1,437,986	$ 1,280,713
Unpaid Principal Balance	1,411,189	1,257,856
Allowance	$ 146,403	$ 120,110

Allowance for Loan Losses - Av

Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized for TDR (Details) - TDR Loans - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	$ 1,395,756	$ 1,105,042	$ 1,354,467	$ 1,069,721
Interest Income Recognized	$ 22,954	$ 18,718	$ 44,520	$ 36,565

Allowance for Loan Losses - Lo

Allowance for Loan Losses - Loan Status and Aging of Past Due TDR Loans (Details) - Student Loan - Consumer Portfolio Segment - Troubled Debt Restructured Loans - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR loans in in-school/grace/deferment	$ 76,393	$ 69,212
TDR loans in forbearance	84,991	69,796
TDR loans in repayment and percentage of each status:
Loans current	1,114,734	994,411
Total TDR loans in repayment	$ 1,249,805	$ 1,118,848
Loans current	89.20%	88.90%
Total TDR loans in repayment	100.00%	100.00%
Total TDR loans, gross	$ 1,411,189	$ 1,257,856
Loans delinquent 31-60 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 60,656	$ 63,074
Loans delinquent	4.90%	5.60%
Loans delinquent 61-90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 46,771	$ 36,804
Loans delinquent	3.70%	3.30%
Loans delinquent, greater than 90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 27,644	$ 24,559
Loans delinquent	2.20%	2.20%

Allowance for Loan Losses - Mo

Allowance for Loan Losses - Modified Loan Accounts for TDR (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Receivables [Abstract]
Modified Loans	$ 131,273	$ 116,478	$ 242,481	$ 200,652
Charge-offs	17,076	12,764	33,081	28,224
Payment- Default	$ 30,309	$ 18,254	$ 55,755	$ 47,988

Allowance for Loan Losses - _2

Allowance for Loan Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - Consumer Portfolio Segment - Student Loan - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
School FICO, Refreshed Amounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 21,628,847	$ 20,504,465
Total in percent	100.00%	100.00%
School FICO, Refreshed Amounts | Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 2,697,197	$ 2,416,979
Private Education Loans At Origination	13.00%	12.00%
School FICO, Refreshed Amounts | 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 2,616,109	$ 2,504,467
Private Education Loans At Origination	12.00%	12.00%
School FICO, Refreshed Amounts | 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 6,339,380	$ 6,144,489
Private Education Loans At Origination	29.00%	30.00%
School FICO, Refreshed Amounts | Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 9,976,161	$ 9,438,530
Private Education Loans At Origination	46.00%	46.00%
Personal Loans | FICO at Original Approval
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 1,134,637	$ 1,190,091
Total in percent	100.00%	100.00%
Personal Loans | FICO at Original Approval | Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 63,155	$ 77,702
Private Education Loans At Origination	6.00%	7.00%
Personal Loans | FICO at Original Approval | 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 303,193	$ 339,053
Private Education Loans At Origination	27.00%	28.00%
Personal Loans | FICO at Original Approval | 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 547,280	$ 554,700
Private Education Loans At Origination	48.00%	47.00%
Personal Loans | FICO at Original Approval | Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 221,009	$ 218,636
Private Education Loans At Origination	19.00%	18.00%
Personal Loans | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 1,134,637	$ 1,190,091
Total in percent	100.00%	100.00%
Seasoning based on monthly scheduled payments due from 1-12 payments	59.00%	85.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments	40.00%	15.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments	1.00%	0.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments	0.00%	0.00%
Seasoning based on monthly scheduled payments due from more than 48 payments	0.00%	0.00%
Personal Loans | Seasoning | 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 669,391	$ 1,008,758
Personal Loans | Seasoning | 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	452,428	181,333
Personal Loans | Seasoning | 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	12,818	0
Personal Loans | Seasoning | 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	0	0
Personal Loans | Seasoning | More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	0	0
Private Education Loans | With Cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 19,335,960	$ 18,378,398
Private Education Loans with cosigner	89.00%	90.00%
Private Education Loans | Without Cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 2,292,887	$ 2,126,067
Private Education Loans without cosigner	11.00%	10.00%
Private Education Loans | Cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 21,628,847	$ 20,504,465
Total in percent	100.00%	100.00%
Private Education Loans | FICO at Original Approval
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 21,628,847	$ 20,504,465
Total in percent	100.00%	100.00%
Private Education Loans | FICO at Original Approval | Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 1,517,608	$ 1,409,789
Private Education Loans At Origination	7.00%	7.00%
Private Education Loans | FICO at Original Approval | 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 3,298,903	$ 3,106,983
Private Education Loans At Origination	15.00%	15.00%
Private Education Loans | FICO at Original Approval | 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 7,146,638	$ 6,759,721
Private Education Loans At Origination	33.00%	33.00%
Private Education Loans | FICO at Original Approval | Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 9,665,698	$ 9,227,972
Private Education Loans At Origination	45.00%	45.00%
Private Education Loans | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 21,628,847	$ 20,504,465
Total in percent	100.00%	100.00%
Private Education Loans | Seasoning | 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 5,508,604	$ 4,969,334
Seasoning based on monthly scheduled payments due from 1-12 payments	26.00%	24.00%
Private Education Loans | Seasoning | 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 3,527,814	$ 3,481,235
Seasoning based on monthly scheduled payments due from 13 - 24 payments	16.00%	17.00%
Private Education Loans | Seasoning | 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 2,674,655	$ 2,741,954
Seasoning based on monthly scheduled payments due from 25 - 36 payments	12.00%	13.00%
Private Education Loans | Seasoning | 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 1,993,995	$ 1,990,049
Seasoning based on monthly scheduled payments due from 37 - 48 payments	9.00%	10.00%
Private Education Loans | Seasoning | More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 2,201,198	$ 2,061,448
Seasoning based on monthly scheduled payments due from more than 48 payments	10.00%	10.00%
Private Education Loans | Seasoning | Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 5,722,581	$ 5,260,445
Seasoning based on monthly scheduled payments due from not yet in repayment	27.00%	26.00%

Allowance for Loan Losses - Ag

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Loans in repayment and percentage of each status:
Private Education Loans allowance for losses	$ (383,997)	$ (358,325)	$ (341,121)	$ (295,277)	$ (272,123)	$ (251,475)
Loans held for investment, net	23,268,646		22,270,919
Private Education Loans
Loans in repayment and percentage of each status:
Total Private Education Loans, gross	21,628,847		20,504,465
Private Education Loans deferred origination costs	73,902		68,321
Private Education Loans allowance for losses	(307,968)		(277,943)
Loans held for investment, net	21,394,781		20,294,843
Private Education Loans | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	5,722,581		5,260,445
Loans in forbearance	574,015		577,164
Loans in repayment and percentage of each status:
Loans current	$ 14,920,746		$ 14,289,705
Loans current	97.30%		97.40%
Total TDR loans in repayment	$ 15,332,251		$ 14,666,856
Total TDR loans in repayment	100.00%		100.00%
Total Private Education Loans, gross	$ 21,628,847		$ 20,504,465
Private Education Loans deferred origination costs	73,902		68,321
Total Private Education Loans	21,702,749		20,572,786
Private Education Loans allowance for losses	(307,968)		(277,943)
Loans held for investment, net	$ 21,394,781		$ 20,294,843
Percentage of Private Education Loans in repayment	70.90%		71.50%
Delinquencies as a percentage of Private Education Loans in repayment	2.70%		2.60%
Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance	3.60%		3.80%
Private Education Loans | Consumer Portfolio Segment | Loans delinquent 31-60 days
Loans in repayment and percentage of each status:
Loans delinquent	$ 222,448		$ 231,216
Loans delinquent	1.50%		1.60%
Private Education Loans | Consumer Portfolio Segment | Loans delinquent 61-90 days
Loans in repayment and percentage of each status:
Loans delinquent	$ 123,473		$ 95,105
Loans delinquent	0.80%		0.70%
Private Education Loans | Consumer Portfolio Segment | Loans delinquent, greater than 90 days
Loans in repayment and percentage of each status:
Loans delinquent	$ 65,584		$ 50,830
Loans delinquent	0.40%		0.30%
Personal Loans
Loans in repayment and percentage of each status:
Total Private Education Loans, gross	$ 1,134,637		$ 1,190,091
Private Education Loans deferred origination costs	495		297
Private Education Loans allowance for losses	(74,295)		(62,201)
Loans held for investment, net	1,060,837		1,128,187
Personal Loans | Consumer Portfolio Segment
Loans in repayment and percentage of each status:
Loans current	$ 1,113,730		$ 1,172,776
Loans current	98.20%		98.50%
Total TDR loans in repayment	$ 1,134,637		$ 1,190,091
Total TDR loans in repayment	100.00%		100.00%
Total Private Education Loans, gross	$ 1,134,637		$ 1,190,091
Private Education Loans deferred origination costs	495		297
Total Private Education Loans	1,135,132		1,190,388
Private Education Loans allowance for losses	(74,295)		(62,201)
Loans held for investment, net	$ 1,060,837		$ 1,128,187
Delinquencies as a percentage of Private Education Loans in repayment	1.80%		1.50%
Personal Loans | Consumer Portfolio Segment | Loans delinquent 31-60 days
Loans in repayment and percentage of each status:
Loans delinquent	$ 6,704		$ 6,722
Loans delinquent	0.60%		0.60%
Personal Loans | Consumer Portfolio Segment | Loans delinquent 61-90 days
Loans in repayment and percentage of each status:
Loans delinquent	$ 7,393		$ 5,416
Loans delinquent	0.60%		0.50%
Personal Loans | Consumer Portfolio Segment | Loans delinquent, greater than 90 days
Loans in repayment and percentage of each status:
Loans delinquent	$ 6,810		$ 5,177
Loans delinquent	0.60%		0.40%

Allowance for Loan Losses - Ac

Allowance for Loan Losses - Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Total Interest Receivable	$ 1,376,715	$ 1,168,823
Greater Than 90 Days Past Due	2,589	1,920
Allowance for Uncollectible Interest	$ 5,673	$ 6,322

Deposits - Summary of Total De

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Banking and Thrift [Abstract]
Deposits - interest bearing	$ 21,176,022	$ 18,942,082
Deposits - non-interest bearing	2,112	1,076
Total deposits	$ 21,178,134	$ 18,943,158

Deposits - Additional Informat

Deposits - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Banking and Thrift [Abstract]
Deposits	$ 21,178,134		$ 21,178,134		$ 18,943,158
Brokered deposits	11,800,000		11,800,000		10,300,000
Retail and other deposits	9,400,000		9,400,000		8,600,000
Stable interest-bearing deposits, total	6,200,000		6,200,000		5,900,000
Brokered deposit placement fee	4,000	$ 3,000	8,000	$ 6,000
Third party broker fees paid	14,000	$ 12,000	15,000	$ 19,000
Deposits exceeding FDIC insurance limits	693,000		693,000		523,000
Accrued interest on deposits	$ 60,000		$ 60,000		$ 53,000

Deposits - Interest Bearing De

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Amount
Money market	$ 9,079,766	$ 8,687,766
Savings	704,259	702,342
Certificates of deposit	11,391,997	9,551,974
Deposits - interest bearing	$ 21,176,022	$ 18,942,082
Qtr.-End Weighted Average Stated Rate
Money market	2.56%	2.46%
Savings	2.04%	2.00%
Certificates of deposit	2.85%	2.74%

Borrowings - Company Borrowing

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Short Term	$ 0	$ 0
Long Term	4,862,763	4,284,304
Total	4,862,763	4,284,304
Unsecured borrowings
Debt Instrument [Line Items]
Short Term	0	0
Long Term	197,753	197,348
Total	197,753	197,348
Secured borrowings
Debt Instrument [Line Items]
Short Term	0	0
Long Term	4,665,010	4,086,956
Total	4,665,010	4,086,956
Secured borrowings | Private Education Loan securitization
Debt Instrument [Line Items]
Short Term	0	0
Long Term	4,665,010	4,086,956
Total	4,665,010	4,086,956
Secured borrowings | Private Education Loan securitization | Fixed-rate
Debt Instrument [Line Items]
Short Term	0	0
Long Term	2,758,872	2,284,347
Total	2,758,872	2,284,347
Secured borrowings | Private Education Loan securitization | Variable-rate
Debt Instrument [Line Items]
Short Term	0	0
Long Term	1,906,138	1,802,609
Total	1,906,138	1,802,609
Secured borrowings | Secured Borrowing Facility
Debt Instrument [Line Items]
Short Term	0	0
Long Term	0	0
Total	$ 0	$ 0

Borrowings - Additional Inform

Borrowings - Additional Information (Details) - USD ($)	Jun. 12, 2019	Mar. 13, 2019	Feb. 20, 2019	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017	Apr. 05, 2017
Line of Credit Facility [Line Items]
Short-term borrowings				$ 0	$ 0
Unsecured offering issued				$ 1,110,000,000	$ 1,900,500,000	$ 1,448,000,000
Estimated weighted average life of student loans				5 years 3 months 18 days	5 years 4 months 24 days
Uncommitted federal funds				$ 125,000,000
Lendable value of collateral				3,400,000,000	$ 3,100,000,000
Unsecured borrowings
Line of Credit Facility [Line Items]
Short-term borrowings				0	0
Senior Unsecured Notes Due April 5, 2022 | Unsecured borrowings
Line of Credit Facility [Line Items]
Unsecured offering issued				198,000,000			$ 200,000,000
Interest rate stated percentage							5.125%
Private Education Loans 2019 Term A
Line of Credit Facility [Line Items]
Total loan amount securitized at inception		$ 453,000,000
Amount of loan securitization sold to third parties		453,000,000
Ownership interest percentage	100.00%
Proceeds from loan securitization sold to third parties		$ 451,000,000
Loans pledged as collateral				479,000,000
Principal amount of collateral				446,000,000
Capitalized interest				33,000,000
Private Education Loans 2019 Term B
Line of Credit Facility [Line Items]
Total loan amount securitized at inception	$ 657,000,000
Amount of loan securitization sold to third parties	657,000,000
Proceeds from loan securitization sold to third parties	$ 655,000,000
Loans pledged as collateral				705,000,000
Principal amount of collateral				661,000,000
Capitalized interest				44,000,000
Class A and B Notes
Line of Credit Facility [Line Items]
Estimated weighted average life of student loans	4 years 4 months 28 days	4 years 3 months 3 days
Class A and B Notes | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.01%	0.92%
Commercial Paper | ABCP borrowings
Line of Credit Facility [Line Items]
Private asset backed commercial paper education loan funding facility			$ 750,000,000
Ownership interest percentage in residual interest in ABCP facility			100.00%
Short-term borrowings				$ 0	$ 0
Commercial Paper | ABCP borrowings | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate			0.85%
Commercial Paper | ABCP borrowings | Minimum
Line of Credit Facility [Line Items]
Financing cost percentage of unused borrowing capacity			0.35%
Commercial Paper | ABCP borrowings | Maximum
Line of Credit Facility [Line Items]
Financing cost percentage of unused borrowing capacity			0.45%

Borrowings - Securitizations (

Borrowings - Securitizations (Details) - USD ($)	Feb. 28, 2017	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Nov. 30, 2017	Mar. 31, 2019	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Securities Financing Transaction [Line Items]
Total Issued							$ 1,110,000,000	$ 1,900,500,000	$ 1,448,000,000
Total loan and accrued interest amount securitized at inception on-balance sheet term securitization							$ 1,208,963,000	$ 2,101,644,000	$ 1,606,804,000
2017-A
Securities Financing Transaction [Line Items]
Total Issued	$ 772,000,000
Weighted Average Life	4 years 3 months 7 days
Basis spread on variable rate	0.93%
2017-B
Securities Financing Transaction [Line Items]
Total Issued					$ 676,000,000
Weighted Average Life					4 years 25 days
Basis spread on variable rate					0.80%
2018-A
Securities Financing Transaction [Line Items]
Total Issued				$ 670,000,000
Weighted Average Life				4 years 5 months 4 days
Basis spread on variable rate				0.78%
2018-B
Securities Financing Transaction [Line Items]
Total Issued			$ 686,500,000
Weighted Average Life			4 years 4 months 24 days
Basis spread on variable rate			0.76%
2018-C
Securities Financing Transaction [Line Items]
Total Issued		$ 544,000,000
Weighted Average Life		4 years 3 months 25 days
Basis spread on variable rate		0.77%
2019-A
Securities Financing Transaction [Line Items]
Total Issued						$ 453,000,000
Weighted Average Life						4 years 3 months 3 days
Basis spread on variable rate						0.92%
2019-B
Securities Financing Transaction [Line Items]
Basis spread on variable rate							0.00%

Borrowings - Financing VIEs (D

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Debt Outstanding
Short Term	$ 0	$ 0
Long Term	4,862,763	4,284,304
Total	4,862,763	4,284,304
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	141,441	122,789	$ 114,659
Other Assets	116,207	103,695
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short Term	0	0
Long Term	4,665,010	4,086,956
Total	4,665,010	4,086,956
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,691,009	5,030,837
Restricted Cash	134,607	113,431
Other Assets	404,411	326,727
Total	6,230,027	5,470,995
Variable Interest Entity, Primary Beneficiary | Private Education Loan securitization
Debt Outstanding
Short Term	0	0
Long Term	4,665,010	4,086,956
Total	4,665,010	4,086,956
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,691,009	5,030,837
Restricted Cash	134,607	113,431
Other Assets	403,697	326,570
Total	6,229,313	5,470,838
Variable Interest Entity, Primary Beneficiary | Secured Borrowing 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	714	157
Total	$ 714	$ 157

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional value	$ 9,000,000,000
Net derivatives	66,000,000	$ 27,000,000
Estimated accumulated other comprehensive income to be reclassified in next 12 months	2,400,000
Cash collateral held relative to derivative exposure	0	0
Cash collateral pledged	65,000,000	$ 27,000,000
CHICAGO MERCANTILE EXCHANGE
Derivative [Line Items]
Notional value	$ 8,500,000,000
Percent of total notional derivative contracts	94.00%
Amount of variation margin included as settlement	$ (106,400,000)
London Clearing House
Derivative [Line Items]
Notional value	$ 500,000,000
Percent of total notional derivative contracts	6.00%
Amount of variation margin included as settlement	$ 8,500,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Total net derivatives	$ 66,000	$ 27,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative instruments	772	2,090
Derivative Liabilities	(359)	(2,032)
Total net derivatives	413	58
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Derivative instruments	0	90
Derivative Liabilities	(111)	0
Total net derivatives	(111)	90
Interest rate swaps | Cash Flow | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	772	0
Derivative Liabilities	0	(2,032)
Total net derivatives	772	(2,032)
Interest rate swaps | Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	0	2,000
Derivative Liabilities	(248)	0
Total net derivatives	$ (248)	$ 2,000

Derivative Financial Instrume_5

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Other Liabilities
Cash collateral pledged	$ 65,000	$ 27,000
Other Assets
Other Assets
Gross position	772	2,090
Impact of master netting agreement	(359)	(1,389)
Derivative values with impact of master netting agreements (as carried on balance sheet)	413	701
Cash collateral pledged	65,183	27,151
Net position	65,596	27,852
Other Liabilities
Other Liabilities
Gross position	(359)	(2,032)
Impact of master netting agreement	359	1,389
Derivative values with impact of master netting agreements (as carried on balance sheet)	0	(643)
Cash collateral pledged	0	0
Net position	$ 0	$ (643)

Derivative Financial Instrume_6

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Notional values	$ 9,000,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional values	9,046,291	$ 5,996,310
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Notional values	3,117,717	1,577,978
Interest rate swaps | Cash Flow Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	1,215,781	1,280,367
Interest rate swaps | Fair Value Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	$ 4,712,793	$ 3,137,965

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (4,768,445)	$ (3,114,304)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ (67,500)	$ 14,202

Derivative Financial Instrume_8

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Cash Flow Hedges
Interest expense	$ 176,854	$ 121,361	$ 341,026	$ 225,978
Trading
Total	15,102	(5,852)	16,675	(6,278)
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	(4,061)	(2,914)	(7,888)	2,939
Hedged items recorded in interest expense	(57,717)	7,451	(81,703)	22,717
Derivatives recorded in interest expense	57,449	(7,630)	81,337	(22,877)
Trading
Total	(4,329)	(3,093)	(8,254)	2,779
Designated as Hedging Instrument | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	1,189	(579)	2,485	(2,122)
Trading
Trading
Change in fair value of future interest payments recorded in earnings	18,242	(2,180)	22,444	(6,935)
Total	$ 18,242	$ (2,180)	$ 22,444	$ (6,935)

Derivative Financial Instrume_9

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain recognized in other comprehensive income (loss)	$ (22,824)	$ 9,471	$ (35,645)	$ 28,200
Less: amount of loss reclassified in interest expense	1,189	(543)	2,485	(2,104)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ (24,013)	$ 10,014	$ (38,130)	$ 30,304

Stockholders' Equity - Common

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity [Abstract]
Common stock repurchased under repurchase program (in shares)	5,989,279	0	11,424,755	0
Average purchase price per share (in usd per share)	$ 10.04	$ 0	$ 10.51	$ 0
Shares repurchased related to employee stock-based compensation plans (in shares)	24,036	200,577	1,313,427	2,940,595
Average purchase price per share (in usd per share)	$ 10.05	$ 11.60	$ 10.93	$ 11.33
Common shares issued (in shares)	181,020	384,955	3,651,684	5,944,946
Average purchase price per share under repurchase program	$ 80		$ 80

Stockholders' Equity - Additio

Stockholders' Equity - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 28, 2019
Class of Stock [Line Items]
Common stock dividend (in usd per share)				$ 0.03
Common stock dividend (in dollars per share)	$ 0.03	$ 0.06	$ 0	$ 0.09	$ 0
Common stock repurchased (in shares)		5,989,279	0	11,424,755	0
Common stock repurchased, price		$ 60,000,000		$ 120,000,000
Stock repurchase program, authorized amount	$ 200,000,000	$ 200,000,000		$ 200,000,000
Common Stock
Class of Stock [Line Items]
Common stock closing price (in usd per share)						$ 9.72

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income	$ 150,277	$ 109,832	$ 308,466	$ 236,086
Preferred stock dividends	4,331	3,920	8,799	7,317
Net income attributable to SLM Corporation common stock	$ 145,946	$ 105,912	$ 299,667	$ 228,769
Denominator:
Weighted average shares used to compute basic EPS (in shares)	429,278,000	435,187,000	431,911,000	434,573,000
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan (ESPP) (in shares)	2,975,000	4,258,000	3,322,000	4,639,000
Weighted average shares used to compute diluted EPS (in shares)	432,253,000	439,445,000	435,233,000	439,212,000
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.34	$ 0.24	$ 0.69	$ 0.53
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.34	$ 0.24	$ 0.69	$ 0.52
Antidilutive securities excluded from computation of earnings per share (in shares)	1,000,000	1,000,000	1,000,000	1,000,000

Fair Value Measurements - Valu

Fair Value Measurements - Valuation of Financial Instruments That are Marked-to-Market on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Available-for-sale investments	$ 331,541	$ 176,245
Total earning assets	2,400,951
Fair Value Measurements on a Recurring Basis
Assets
Available-for-sale investments	331,541	176,245
Derivative instruments	772	2,090
Total earning assets	332,313	178,335
Liabilities
Derivative instruments	(359)	(2,032)
Fair Value Measurements on a Recurring Basis | 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 on a Recurring Basis | Level 2
Assets
Available-for-sale investments	331,541	176,245
Derivative instruments	772	2,090
Total earning assets	332,313	178,335
Liabilities
Derivative instruments	(359)	(2,032)
Fair Value Measurements on a Recurring Basis | 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 (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Earning assets
Accrued interest receivable	$ 115,206
Accrued interest receivable, difference		$ 93,861
Tax indemnification receivable	93,489	41,570
Total earning assets	2,400,951
Total earning assets, difference		2,152,077
Interest-bearing liabilities
Long-term borrowings, difference	(61,476)	5,373
Total interest-bearing liabilities, difference	(168,713)	63,304
Excess of net asset fair value over carrying value	2,232,238	2,215,381
Money-market and savings accounts
Interest-bearing liabilities
Deposits, difference	(19,916)	19,151
Certificates of deposit
Interest-bearing liabilities
Deposits, difference	(87,321)	38,780
Fair Value
Earning assets
Cash and cash equivalents	3,998,514	2,559,106
Available-for-sale investments	331,541	176,245
Accrued interest receivable	1,516,824	1,285,842
Tax indemnification receivable	38,925	39,207
Derivative instruments	772	2,090
Total earning assets	31,440,967	28,391,625
Interest-bearing liabilities
Long-term borrowings	4,924,239	4,278,931
Accrued interest payable	68,379	61,341
Derivative instruments	359	2,032
Total interest-bearing liabilities	26,276,236	23,226,455
Fair Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	9,803,941	9,370,957
Fair Value | Certificates of deposit
Interest-bearing liabilities
Deposits	11,479,318	9,513,194
Carrying Value
Earning assets
Cash and cash equivalents	3,998,514	2,559,106
Available-for-sale investments	331,541	176,245
Accrued interest receivable	1,401,618	1,191,981
Tax indemnification receivable	38,925	39,207
Derivative instruments	772	2,090
Total earning assets	29,040,016	26,239,548
Interest-bearing liabilities
Long-term borrowings	4,862,763	4,284,304
Accrued interest payable	68,379	61,341
Derivative instruments	359	2,032
Total interest-bearing liabilities	26,107,523	23,289,759
Carrying Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	9,784,025	9,390,108
Carrying Value | Certificates of deposit
Interest-bearing liabilities
Deposits	11,391,997	9,551,974
Private Education Loans
Earning assets
Loans held for investment, net	2,214,696
Loans held for investment, net, difference		2,018,576
Private Education Loans | Fair Value
Earning assets
Loans held for investment, net	23,609,477	22,313,419
Private Education Loans | Carrying Value
Earning assets
Loans held for investment, net	21,394,781	20,294,843
FFELP Loans
Earning assets
Loans held for investment, net	11,659
Loans held for investment, net, difference		11,296
FFELP Loans | Fair Value
Earning assets
Loans held for investment, net	824,687	859,185
FFELP Loans | Carrying Value
Earning assets
Loans held for investment, net	813,028	847,889
Personal Loans
Earning assets
Loans held for investment, net	59,390
Loans held for investment, net, difference		28,344
Personal Loans | Fair Value
Earning assets
Loans held for investment, net	1,120,227	1,156,531
Personal Loans | Carrying Value
Earning assets
Loans held for investment, net	$ 1,060,837	$ 1,128,187

Regulatory Capital - U.S. Base

Regulatory Capital - U.S. Basel III Regulatory Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 3,008,318	$ 2,896,091
Tier 1 Capital (to Risk-Weighted Assets)	3,008,318	2,896,091
Total Capital (to Risk-Weighted Assets)	3,324,527	3,196,279
Tier 1 Capital (to Average Assets)	$ 3,008,318	$ 2,896,091
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	11.90%	12.10%
Tier 1 Capital (to Risk-Weighted Assets)	11.90%	12.10%
Total Capital (to Risk-Weighted Assets)	13.20%	13.30%
Tier 1 Capital (to Average Assets)	10.60%	11.10%
Advanced Approach
U.S. Basel III Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,765,971	$ 1,528,209
Tier 1 Capital (to Risk-Weighted Assets)	2,144,394	1,887,787
Total Capital (to Risk-Weighted Assets)	2,648,957	2,367,226
Tier 1 Capital (to Average Assets)	$ 1,133,551	$ 1,039,226
U.S. Basel III Regulatory Requirements, Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	7.00%	6.375%
Tier 1 Capital (to Risk-Weighted Assets)	8.50%	7.875%
Total Capital (to Risk-Weighted Assets)	10.50%	9.875%
Tier 1 Capital (to Average Assets)	4.00%	4.00%

Regulatory Capital - Additiona

Regulatory Capital - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Banking and Thrift [Abstract]
Dividends	$ 136,000,000	$ 0	$ 221,000,000	$ 0

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 1,300
Other liabilities reserve	$ 0.7
Loss contingency, loss emergence period	1 year