SLM (SLM) 10-Q 22 Jul 20 2020 Q2 Quarterly report Financial data

Cover page

Cover page	6 Months Ended
	Jun. 30, 2020shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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	375,235,787
Amendment Flag	false
Document Fiscal Year Focus	2020
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, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 4,988,961	$ 5,563,877
Investments
Trading investments at fair value (cost of $12,551)	14,261	0
Available-for-sale investments at fair value (cost of $2,013,021 and $485,756, respectively)	2,020,948	487,669
Other investments	81,967	84,420
Total investments	2,117,176	572,089
Loans held for investment (net of allowance for losses of $1,929,323 and $441,912, respectively)	21,163,931	24,667,792
Restricted cash	115,192	156,883
Other interest-earning assets	74,902	52,564
Accrued interest receivable	1,392,677	1,392,725
Premises and equipment, net	147,738	134,749
Income taxes receivable, net	340,779	88,844
Tax indemnification receivable	28,125	27,558
Other assets	42,629	29,398
Total assets	30,412,110	32,686,479
Liabilities
Deposits	23,592,119	24,283,983
Short-term borrowings	0	289,230
Long-term borrowings	4,449,767	4,354,037
Upromise member accounts	0	192,662
Other liabilities	353,305	254,731
Total liabilities	28,395,191	29,374,643
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: 456.5 million and 453.6 million shares issued, respectively	91,317	90,720
Additional paid-in capital	1,234,450	1,307,630
Accumulated other comprehensive loss (net of tax benefit of ($14,314) and ($3,995), respectively)	(44,071)	(12,367)
Retained earnings	1,133,269	1,850,512
Total SLM Corporation stockholders’ equity before treasury stock	2,814,965	3,636,495
Less: Common stock held in treasury at cost: 81.3 million and 32.5 million shares, respectively	(798,046)	(324,659)
Total equity	2,016,919	3,311,836
Total liabilities and equity	$ 30,412,110	$ 32,686,479

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Trading investments, cost	$ 12,551
Available-for-sale investments, cost	2,013,021	$ 485,756
Allowance for credit losses on loans and leases	$ 1,929,323	$ 441,912
Preferred stock, par or 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)	456,500,000	453,600,000
Accumulated other comprehensive income, tax	$ 14,314	$ 3,995
Treasury stock, shares (in shares)	81,300,000	32,500,000
Series B Preferred Stock
Preferred stock, par or stated value (in dollars per share)	$ 100	$ 100
Preferred stock, shares outstanding (in shares)	4,000,000	4,000,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest income:
Loans	$ 480,170	$ 553,905	$ 1,035,447	$ 1,107,384
Investments	2,489	1,706	5,006	3,127
Cash and cash equivalents	2,136	18,111	19,275	29,664
Total interest income	484,795	573,722	1,059,728	1,140,175
Interest expense:
Deposits	100,246	136,597	235,358	262,584
Interest expense on short-term borrowings	3,399	1,135	7,616	2,300
Interest expense on long-term borrowings	32,375	39,122	67,863	76,142
Total interest expense	136,020	176,854	310,837	341,026
Net interest income	348,775	396,868	748,891	799,149
Less: provisions for credit losses	351,887	93,375	413,145	157,165
Net interest income (loss) after provisions for credit losses	(3,112)	303,493	335,746	641,984
Non-interest income (loss):
Gains (losses) on sales of loans, net	(369)	0	238,566	0
Gains on derivatives and hedging activities, net	3,751	16,736	49,423	19,499
Other income	25,412	2,655	32,899	16,033
Total non-interest income	28,794	19,391	320,888	35,532
Non-interest expenses:
Compensation and benefits	72,448	66,495	156,670	145,233
FDIC assessment fees	7,163	7,356	16,053	14,974
Other operating expenses	61,946	64,955	116,132	118,746
Total non-interest expenses	141,557	138,806	288,855	278,953
Income (loss) before income tax expense (benefit)	(115,875)	184,078	367,779	398,563
Income tax expense (benefit)	(30,664)	33,801	90,817	90,097
Net income (loss)	(85,211)	150,277	276,962	308,466
Preferred stock dividends	2,478	4,331	5,942	8,799
Net income (loss) attributable to SLM Corporation common stock	$ (87,689)	$ 145,946	$ 271,020	$ 299,667
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ (0.23)	$ 0.34	$ 0.69	$ 0.69
Average common shares outstanding (in shares)	375,009,000	429,278,000	392,397,000	431,911,000
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ (0.23)	$ 0.34	$ 0.69	$ 0.69
Average common and common equivalent shares outstanding (in shares)	375,009,000	432,253,000	395,191,000	435,233,000
Declared dividends per common share attributable to SLM Corporation (in dollars per share)	$ 0.06	$ 0.06	$ 0.09	$ 0.09

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (85,211)	$ 150,277	$ 276,962	$ 308,466
Other comprehensive income (loss):
Unrealized gains on investments	1,211	3,164	6,014	6,102
Unrealized losses on cash flow hedges	(2,343)	(24,013)	(48,037)	(38,130)
Total unrealized losses	(1,132)	(20,849)	(42,023)	(32,028)
Income tax benefit	335	5,093	10,319	7,826
Other comprehensive loss, net of tax benefit	(797)	(15,756)	(31,704)	(24,202)
Total comprehensive income (loss)	$ (86,008)	$ 134,521	$ 245,258	$ 284,264

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series B Preferred Stock	Cumulative Effect, Period Of Adoption, Adjustment	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained EarningsSeries B Preferred Stock	Retained EarningsCumulative Effect, Period Of Adoption, Adjustment
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			$ 400,000	$ 89,972	$ (142,591)	$ 1,274,635	$ 10,623	$ 1,340,017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	308,466								308,466
Other comprehensive loss, net of tax	(24,202)							(24,202)
Total comprehensive income	284,264
Cash dividends declared:
Common Stock	(38,824)								(38,824)
Preferred Stock		$ (8,799)								$ (8,799)
Dividend equivalent units related to employee stock-based compensation plans	$ 0						5		(5)
Issuance of common shares (in shares)	3,651,684				3,651,684
Issuance of common shares	$ 3,026				$ 730		2,296
Stock-based compensation expense	$ 19,473						19,473
Common stock repurchased (in shares)	(11,424,755)				(11,424,755)	(11,424,755)
Common stock repurchased	$ (120,120)					$ (120,120)
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)					$ (14,360)
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			$ 400,000	$ 90,702	$ (277,071)	1,296,409	(13,579)	1,600,855
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			$ 400,000	$ 90,666	$ (216,710)	1,290,683	2,177	1,480,718
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	150,277								150,277
Other comprehensive loss, net of tax	(15,756)							(15,756)
Total comprehensive income	134,521
Cash dividends declared:
Common Stock	(25,804)								(25,804)
Preferred Stock		(4,331)								(4,331)
Dividend equivalent units related to employee stock-based compensation plans	$ 0						5		(5)
Issuance of common shares (in shares)	181,020				181,020
Issuance of common shares	$ 175				$ 36		139
Stock-based compensation expense	$ 5,582						5,582
Common stock repurchased (in shares)	(5,989,279)				(5,989,279)	(5,989,279)
Common stock repurchased	$ (60,120)					$ (60,120)
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)					$ (241)
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			$ 400,000	$ 90,702	$ (277,071)	1,296,409	(13,579)	1,600,855
Beginning Balance (in shares) at Dec. 31, 2019				4,000,000	421,093,364	(32,506,562)
Beginning Balance, issued (in shares) at Dec. 31, 2019					453,599,926
Beginning Balance at Dec. 31, 2019	3,311,836		$ (952,639)	$ 400,000	$ 90,720	$ (324,659)	1,307,630	(12,367)	1,850,512		$ (952,639)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	276,962								276,962
Other comprehensive loss, net of tax	(31,704)							(31,704)
Total comprehensive income	245,258
Cash dividends declared:
Common Stock	(35,344)								(35,344)
Preferred Stock		(5,942)								(5,942)
Dividend equivalent units related to employee stock-based compensation plans	$ (10)						270		(280)
Issuance of common shares (in shares)	2,985,297				2,985,297
Issuance of common shares	$ 2,881				$ 597		2,284
Stock-based compensation expense	$ 21,189						21,189
Common stock repurchased (in shares)	(47,736,847)				(47,736,847)	47,736,847
Common stock repurchased	$ (558,167)					$ (461,244)	(96,923)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,106,027)				(1,106,027)	1,106,027
Shares repurchased related to employee stock-based compensation plans	$ (12,143)					$ (12,143)
Ending Balance (in shares) at Jun. 30, 2020				4,000,000	375,235,787	(81,349,436)
Ending Balance, issued (in shares) at Jun. 30, 2020					456,585,223
Ending Balance at Jun. 30, 2020	2,016,919			$ 400,000	$ 91,317	$ (798,046)	1,234,450	(44,071)	1,133,269
Beginning Balance (in shares) at Mar. 31, 2020				4,000,000	375,088,960	(81,348,528)
Beginning Balance, issued (in shares) at Mar. 31, 2020					456,437,488
Beginning Balance at Mar. 31, 2020	2,120,583			$ 400,000	$ 91,288	$ (798,039)	1,226,886	(43,274)	1,243,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(85,211)								(85,211)
Other comprehensive loss, net of tax	(797)							(797)
Total comprehensive income	(86,008)
Cash dividends declared:
Common Stock	(22,749)								(22,749)
Preferred Stock		$ (2,478)								$ (2,478)
Dividend equivalent units related to employee stock-based compensation plans	$ 0						15		(15)
Issuance of common shares (in shares)	147,735				147,735
Issuance of common shares	$ (1)				$ 29		(30)
Stock-based compensation expense	$ 7,579						7,579
Common stock repurchased (in shares)	0
Shares repurchased related to employee stock-based compensation plans (in shares)	(908)				(908)	908
Shares repurchased related to employee stock-based compensation plans	$ (7)					$ (7)
Ending Balance (in shares) at Jun. 30, 2020				4,000,000	375,235,787	(81,349,436)
Ending Balance, issued (in shares) at Jun. 30, 2020					456,585,223
Ending Balance at Jun. 30, 2020	$ 2,016,919			$ 400,000	$ 91,317	$ (798,046)	$ 1,234,450	$ (44,071)	$ 1,133,269

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Common stock dividend (in dollars per share)	$ 0.06	$ 0.06	$ 0.09	$ 0.09
Preferred stock dividend (in dollars per share)	$ 0.62
Accounting Standards Update [Extensible List]					us-gaap:AccountingStandardsUpdate201613Member
Series B Preferred Stock
Preferred stock dividend (in dollars per share)		$ 1.08	$ 1.49	$ 2.20

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income (loss)	$ 276,962	$ 308,466
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses	413,145	157,165
Income tax expense	90,817	90,097
Amortization of brokered deposit placement fee	10,128	7,625
Amortization of Secured Borrowing Facility upfront fee	1,346	559
Amortization of deferred loan origination costs and loan premium/(discounts), net	16,220	6,426
Net amortization of discount on investments	2,551	493
Unrealized gain on investments	(1,710)	0
(Increase) reduction in tax indemnification receivable	(567)	282
Depreciation of premises and equipment	7,677	6,968
Stock-based compensation expense	21,009	19,473
Unrealized gains on derivatives and hedging activities, net	(34,752)	(21,950)
Gains on sales of loans, net	(238,566)	0
Gain on sale of Upromise subsidiary, net	(11,331)	0
Other adjustments to net income, net	3,812	3,851
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(464,291)	(478,886)
Increase in other interest-earning assets	(22,338)	(38,030)
Increase in other assets	(62,497)	(28,297)
Decrease in income taxes payable, net	(23,597)	(132,250)
(Decrease) increase in accrued interest payable	(11,912)	7,037
Decrease in Upromise member accounts due to sale	(193,840)	0
Increase in other liabilities	159,589	27,927
Total adjustments	(339,107)	(371,510)
Total net cash used in operating activities	(62,145)	(63,044)
Investing activities
Loans acquired and originated	(2,824,850)	(2,919,389)
Net proceeds from sales of loans held for investment	3,283,039	0
Proceeds from claim payments	17,308	21,356
Net decrease in loans held for investment	2,035,613	2,004,272
Purchases of available-for-sale securities	(1,556,084)	(160,317)
Proceeds from sales and maturities of available-for-sale securities	105,073	10,629
Proceeds from sale of Upromise subsidiary, net	16,922	0
Total net cash provided by (used in) investing activities	1,077,021	(1,043,449)
Financing activities
Brokered deposit placement fee	(3,305)	(15,380)
Net (decrease) increase in certificates of deposit	(1,059,731)	1,787,511
Net increase in other deposits	220,047	373,452
Borrowings collateralized by loans in securitization trusts - issued	633,305	1,105,594
Borrowings collateralized by loans in securitization trusts - repaid	(541,365)	(530,765)
Repayment of borrowings under Secured Borrowing Facility	(289,230)	0
Fees paid on Secured Borrowing Facility	(3,251)	(1,116)
Common stock dividends paid	(23,844)	(25,824)
Preferred stock dividends paid	(5,942)	(8,799)
Common stock repurchased	(558,167)	(120,120)
Net cash (used in) provided by financing activities	(1,631,483)	2,564,553
Net (decrease) increase in cash, cash equivalents and restricted cash	(616,607)	1,458,060
Cash, cash equivalents and restricted cash at beginning of period	5,720,760	2,681,895
Cash, cash equivalents and restricted cash at end of period	5,104,153	4,139,955
Cash disbursements made for:
Interest	304,119	323,278
Income taxes paid	27,661	132,036
Income taxes refunded	(4,016)	(718)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Total cash, cash equivalents and restricted cash	$ 5,104,153	$ 4,139,955

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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, 2020 are not necessarily indicative of the results for the year ending December 31, 2020 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, 2019 (the “2019 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: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. Allowance for Credit Losses We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date. In determining the lifetime expected credit losses on our Private Education Loan and Personal Loan portfolios, we use a discounted cash flow model. This method requires us to project future principal and interest cash flows on our loans in those portfolios. To estimate the future expected cash flows, we use a vintage-based model that considers life of loan loss expectations, prepayments (both voluntary and involuntary), defaults, recoveries, and any other adjustments deemed necessary, to determine the adequacy of the allowance at each balance sheet date. These cash flows are discounted at the loan’s effective interest rate to calculate the present value of those cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for loan losses. Entities that measure credit losses based on the present value of expected future cash flows are permitted to report the entire change in present value as credit loss expense, but may alternatively report the change in present value due to the passage of time as interest income. We have elected to report the entire change in present value as credit loss expense. In determining the loss rates used for the vintage-based approach, we start with our historical loss rates, stratify the loans within each vintage, and then adjust the loss rates based upon exogenous factors over a reasonable and supportable period. The reasonable and supportable period is meant to represent the period in which we believe we can estimate the impact of forecasted economic variables in our expected losses. At the end of the reasonable and supportable period, we immediately revert our forecast of expected losses to our historical averages. We use a two-year reasonable and supportable period, although this period is subject to change as our view evolves on our ability to reasonably estimate future losses based upon economic forecasts. In estimating our current expected credit losses, we use a combination of an expected base-case economic scenario coupled with our historical experience to derive a base case adjusted for any qualitative factors (as described below). We also develop an adverse and favorable economic scenario as well. At each reporting date, we determine the appropriate weighting of these alternate scenarios based upon the current economic conditions and our view of the risks of alternate outcomes. This weighting of expectations is used in calculating our current expected credit losses recorded each period. In estimating recoveries, we use both estimates of what we would receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans. Our prepayment estimates include the effect of voluntary prepayments and consolidation (if the loans are consolidated to third parties), both of which shorten the lives of loans. Constant Prepayment Rate (“CPR”) estimates also consider the utilization of deferment, forbearance, and extended repayment plans, which lengthen the lives of loans. We regularly evaluate the assumptions used to estimate the CPRs. We use economic forecasts to help in the estimation of future CPRs. As with our loss forecasts, at the end of the two-year reasonable and supportable forecast for CPRs, we immediately revert to our historical long-term CPR rates. In addition to the above modeling approach, we also take certain other qualitative factors into consideration when calculating the allowance for loan losses. These qualitative factors include, but are not limited to, changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices not already included in the analysis, and the effect of other external factors such as legal and regulatory requirements on the level of estimated current expected credit losses. The evaluation of the allowance for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for loan losses, the timing of when losses are recognized, and the related provision for credit losses on our consolidated statements of operations. Below we describe in further detail our policies and procedures for the allowance for credit losses as they relate to our Private Education Loan, Personal Loan, Credit Card, and FFELP Loan portfolios. Allowance for Private Education Loan Losses We collect on defaulted loans through a mix of in-house collectors, third-party collectors and sales to third-parties. For June 30, 2020 and December 31, 2019, we used both an estimate of recovery rates from in-house collections as well as expectations of future sales of defaulted loans to estimate the timing and amount of future recoveries on charged-off loans. In addition to the key assumptions/estimates described above, some estimates are unique to our Private Education Loan portfolio. Estimates are made on our Private Education Loans regarding when each borrower will separate from school. The cash flow timing of when a borrower will begin making full principal and interest payments is dependent upon when the student either graduates or leaves school. These dates can change based upon many factors. We receive information regarding projected graduation dates from a third-party clearinghouse. The separation from school date will be updated quarterly based on updated information received from the clearinghouse. Additionally, when we have a contractual obligation to fund a loan or a portion of a loan at a later date, we make an estimate regarding the percentage of this obligation that will be funded. This estimate is based on historical experience. For unfunded commitments, we recognize the related life of loan allowance as a liability. Once the loan is funded, that liability transfers to the allowance for Private Education Loan losses. Key Credit Quality Indicators - Private Education Loans We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider credit score at original approval and periodically refreshed/updated credit scores through the loan’s term, existence of a cosigner, loan status, and loan seasoning as the key credit quality indicators because they have the most significant effect on the determination of the adequacy of our allowance for loan losses. Credit scores are an indicator of the creditworthiness of borrowers and the higher the credit scores the more likely it is the borrowers will be able to make all of their contractual payments. Loan status affects the credit risk because a past due loan is more likely to result in a credit loss than a current loan. Additionally, loans in the deferred payment status have different credit risk profiles compared with those in current pay status. Loan seasoning affects credit risk because a loan with a history of making payments generally has a lower incidence of default than a loan with a history of making infrequent or no payments. The existence of a cosigner lowers the likelihood of default as well. We monitor and update these credit quality indicators in the analysis of the adequacy of our allowance for loan losses on a quarterly basis. Private Education Loans generally do not require borrowers to begin principal and interest repayment until at least six months after the borrowers have graduated or otherwise separated from school. Consequently, the loss estimates for these loans are generally low while the borrower is in school and then increase upon the end of the grace period after separation from school. At June 30, 2020 and December 31, 2019, 26 percent and 25 percent, respectively, of the principal balance of the Private Education Loan portfolio was related to borrowers who are in an in-school (fully deferred), grace, or other deferment status and not required to make payments. Our collection policies for Private Education Loans allow for periods of nonpayment for certain borrowers requesting an extended grace period upon leaving school or experiencing temporary difficulty meeting payment obligations. This is referred to as forbearance and is considered in estimating the allowance for loan losses. As part of concluding on the adequacy of the allowance for loan losses for Private Education Loans, we review key allowance and loan metrics. The most relevant of these metrics considered are the allowance as a percentage of ending total loans, delinquency percentages, and forbearance percentages. We consider a Private Education Loan to be delinquent 31 days after the last payment was contractually due. Troubled Debt Restructurings (“TDRs”) In estimating the expected defaults for our Private Education Loans that are considered TDRs, we follow the same discounted cash flow process described above but use the historical loss rates related to past TDR loans. The appropriate gross loss rates are determined for each individual loan by evaluating loan maturity, risk characteristics, and macroeconomic conditions. The allowance for our TDR portfolio is included in our overall allowance for Private Education Loans. Our TDR portfolio is comprised mostly of loans with interest rate reductions and loans with forbearance usage greater than three months, as further described below. We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations, achieve better student outcomes, and increase the collectability of the loans. These changes generally take the form of a temporary forbearance of payments, a temporary interest rate reduction, a temporary interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. When we give a borrower facing financial difficulty an interest rate reduction, we temporarily reduce the rate (currently to 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. We classify a loan as a TDR due to forbearance using a two-step process. The first step is to identify a loan that was in full principal and interest repayment status and received more than three months of forbearance in a 24-month period; however, during the first nine months after a loan had entered full principal and interest repayment status, we do not count up to the first six months of forbearance received during that period against the three-month policy limit. The second step is to evaluate the creditworthiness of the loan by examining its most recent refreshed FICO score. Loans that have met the criteria in the first test and have a FICO score above a certain threshold (based on the most recent quarterly FICO score refresh) will not be classified as TDRs. Loans that have met the criteria in the first test and have a FICO score under the threshold (based on the most recent quarterly FICO score refresh) will be classified as TDRs. A loan also becomes a TDR when it is modified to reduce the interest rate on the loan (regardless of when such modification occurs and/or whether such interest rate reduction is temporary). Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life. About half our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan. As of June 30, 2020 and December 31, 2019, approximately 47 percent and 50 percent, respectively, of TDRs were classified as such due to their forbearance status. For additional information, see Note 6, “Allowance for Loan Losses” in our 2019 Form 10-K. During the first quarter of 2020, the respiratory disease caused by coronavirus 2019 or COVID-19 (“COVID-19”) began to spread worldwide and has caused significant disruptions to the U.S. and world economies. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which, among other things, allows us to (i) elect to suspend the requirements under GAAP for loan modifications related to COVID-19 that would otherwise be categorized as TDRs, and (ii) suspend any determination of a loan modified as a result of the effects of COVID-19 as being a TDR, including impairment for accounting purposes. We have elected to suspend TDR accounting for both forbearance and interest rate modifications of loans that occur as a result of COVID-19 for the applicable period of the CARES Act relief. The relief from TDR guidance applies to modifications of loans that were not more than 30 days past due as of December 31, 2019, and that occur during the period beginning on March 1, 2020, and ending on the earlier of (i) sixty days after the date on which the national emergency related to the COVID-19 outbreak is terminated, or (ii) December 31, 2020. Off-Balance Sheet Exposure for Contractual Loan 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 the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. The discounted cash flow approach described above includes expected future contractual disbursements. The portion of the allowance for loan losses related to future disbursements is shown as a liability on the face of the balance sheet, and related provision for credit losses is reflected on the income statement. Uncollectible Interest The majority of the total accrued interest receivable on our Private Education Loan portfolio represents accrued interest on deferred loans where no payments are due while the borrower is in school and on fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accrued on the loan in that month. The accrued interest on these loans will be capitalized and increase the unpaid principal balance of the loans when the borrower exits the grace period after separation from school. The discounted cash flow approach described above considers both the collectability of principal as well as this portion of accrued interest that is expected to capitalize to the balance of the loan. Therefore, the allowance for this portion of accrued interest balance is included in our allowance for loan losses. The discounted cash flow approach does not consider interest accrued on loans that are in a full principal and interest repayment status or in interest-only repayment status. We separately capture the amount of expected uncollectible interest associated with these loans using historical experience to estimate the uncollectible interest for the next four months at each period-end date. This amount is recorded as a reduction of interest income. Accrued interest receivable is separately disclosed on the face of the balance sheet. Allowance for Personal Loans From late 2016 through mid-2018, we acquired newly-originated Personal Loans from a marketplace lender. In 2018, we began to originate Personal Loans. We ceased originating these loans at the end of 2019. We maintain an allowance for Personal Loan losses at an amount sufficient to absorb lifetime expected credit losses using the same discounted cash flow approach described above for Private Education Loans. The difference between the amortized cost basis and the present value of expected cash flows on our Personal Loan portfolio equals the allowance related to this portfolio. At June 30, 2020 and December 31, 2019, we held $609 million and $984 million, respectively, in Personal Loans, net of allowance. At June 30, 2020, there were no Personal Loans classified as TDRs. We collect on defaulted Personal Loans through a mix of in-house collectors, third-party collectors, and sales to third-parties. For June 30, 2020 and December 31, 2019, we used both an estimate of recovery rates from in-house collections as well as expectations of future sales of defaulted Personal Loans to estimate the timing and amount of future recoveries on charged-off Personal Loans. Key Credit Quality Indicators - Personal Loan s For Personal Loans, we consider FICO scores at original approval and periodically refreshed/updated credit scores through the loan’s term, loan seasoning, and loan delinquency status to be our key credit quality indicators for the same reasons discussed above under “— Key Credit Quality Indicators — Private Education Loans.” As part of concluding on the adequacy of the allowance for Personal Loan losses, we review key allowance and loan metrics. The most relevant of these metrics considered are the allowance as a percentage of ending total loans, delinquency percentages, and forbearance percentages. We consider a Personal Loan to be delinquent 31 days after the last payment was contractually due. Allowance for Credit Card Loans We use the gross loss approach when estimating the allowance for loan losses for our Credit Card portfolio. Because our Credit Card portfolio is new and we do not have historical loss experience, we use estimated loss rates reported by other financial institutions to estimate our allowance for loan losses for credit cards, net of expected recoveries. In addition, we use a model that utilizes purchased credit card information with risk characteristics similar to those of our own portfolio as a challenger model. We then consider any qualitative factors that may change our future expectations of losses. As all of our Credit Card loans are unconditionally cancelable by us, the issuer, we do not record any estimate of credit losses for unused portions of our Credit Card commitments. Allowance for FFELP Loan Losses 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 default 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. Because we bear a maximum of three percent loss exposure due to this federal guarantee, our allowance for loan losses for FFELP loans and related periodic provision expense are relatively small. We use the gross loss approach when estimating the allowance for loan losses for our FFELP Loans. We maintain an allowance for loan losses for our FFELP Loans at a level sufficient to cover lifetime expected credit losses. The allowance for FFELP Loan losses uses historical experience of customer default behavior. We apply the default rate projections, net of applicable risk sharing, to our FFELP Loans for the current period to perform our quantitative calculation. Once the quantitative calculation is performed, we review the adequacy of the allowance for loan losses and determine if qualitative adjustments need to be considered. Loan Interest Income For all loans, including impaired loans, classified as held for investment, we recognize interest income as earned, adjusted for the amortization of deferred direct origination and acquisition costs. Deferred fees or costs are required to be recognized as yield adjustments over the life of the related loans and are recognized by the interest method. The objective of the interest method is to arrive at periodic interest income (including recognition of fees and costs) at a constant effective yield on the net investment in the receivable (i.e., the principal amount of the receivable adjusted by unamortized fess or costs, purchase premium or discount, and any hedging activity—these unamortized costs will collectively be referred to as “basis adjustments”). The difference between the periodic interest income so determined and the interest income determined by applying the stated interest rate to the outstanding principal amount of the receivable is the amount of periodic amortization. For the amortization of the basis adjustments, we determine the constant effective yield necessary to apply the interest method based upon the contractual terms of the loan contract, with no consideration given to expected prepayments. For fixed-rate loans, when a prepayment occurs the unamortized balance of the basis adjustments is adjusted so that future amortization (based upon the contractual terms of the loan) will result in a constant effective yield equal to the original effective interest rate. Prepayments do not result in a change in the effective interest rate of the loan. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. For variable-rate loans, the effective interest rate at the time of origination is the loan’s effective interest rate assuming all future contractual payments. The effective interest rate remains the same for that loan until the loan rate changes. If there is no prepayment and no change in the stated interest rate, the periodic amortization of the basis adjustments is equal to the difference between the effective interest rate multiplied by the book basis and the contractual interest due. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. When the interest rate on a variable-rate loan changes, the effective interest rate is recalculated using the same methodology described in the previous paragraph; however, the future contractual payments are changed to reflect the new interest rate. There is no forecasting of future expected changes in interest rates. The accounting basis used to determine the effective interest rate of the cash flows is equal to the balances of the unpaid principal balance and unamortized basis adjustments at the time of the rate change. We also pay to the U.S. Department of Education (the “DOE”) an annual 105 basis point Consolidation Loan Rebate Fee on FFELP consolidation loans, which is netted against loan interest income. Additionally, interest earned on education loans and Personal Loans reflects potential non-payment adjustments in accordance with our uncollectible interest recognition policy. We do not amortize any adjustments to the basis of loans when they are classified as held-for-sale. With the adoption of CECL on January 1, 2020, we continue to analyze the collectability of accrued interest associated with loans not currently in full principal and interest repayment status or interest-only repayment status as discussed above; however, we will change the recognition of the allowance for this portion of uncollectible interest (amounts to be capitalized after separation from school and the expiration of the grace period) to the provision for loan losses from our historical practice of recording it as a reduction of interest income, as well as classifying this allowance as part of our allowance for loan losses as opposed to our historical practice of recording it as a reduction of accrued interest income receivable. The allowance for the portion of uncollectible interest on loans making full interest payments will continue to be recorded as a reduction of interest income. We recognize certain fee income (primarily late fees) on all loans when earned according to the contractual provisions of the promissory notes, as well as our expectation of collectability. Fee income is recorded when earned in “other non-interest income” in the accompanying consolidated statements of operations. Recently Issued and Adopted Accounting Pronouncements ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” In June 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which became effective for us on January 1, 2020 (“CECL”). This ASU eliminated the previous accounting guidance for the recognition of credit impairment. Under the new guidance, for all loans carried at amortized cost, upon loan origination we are required to measure our allowance for loan losses based on our estimate of all current expected credit losses 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. In addition, Topic 326 made changes to the accounting for available-for-sale debt securities. One such change is to require an assessment of unrealized losses on available-for-sale debt securities that we have the ability and intent to hold for a period of time sufficient to recover the amortized cost of the security, for the purpose of determining credit impairment. If any credit impairment exists, an allowance for losses must be established for the amount of the unrealized loss that is determined to be credit-related. Adoption of the standard had a material impact on how we record and report our financial condition and results of operations, and on regulatory capital. The following table illustrates the impact of the cumulative effect adjustment made upon adoption of CECL: January 1, 2020 As reported under CECL Pre-CECL Adoption Impact of CECL Adoption Assets: Allowance for loan losses: Private Education Loans $ 1,435,130 $ 374,300 $ 1,060,830 FFELP Loans 4,485 1,633 2,852 Personal Loans 145,060 65,877 79,183 Credit Cards 290 102 188 Total $ 1,584,965 $ 441,912 $ 1,143,053 Deferred tax asset $ 415,540 $ 109,369 $ 306,171 Liabilities: Allowance for loan losses: Off-balance sheet exposures $ 118,239 $ 2,481 $ 115,758 Equity: Retained Earnings $ 897,873 $ 1,850,512 $ (952,639) This transition adjustment is inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used. We also elected to use the relief offered in the interim final rule recently issued by the Federal Deposit Insurance Corporation (the “FDIC”) and other federal banking agencies that provides those banking organizations adopting CECL in the 2020 calendar year with the option to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. We have elected to use this option. Under this interim final rule, because we have elected to use the deferral option, the regulatory capital impact of our transition adjustments recorded on January 1, 2020 from the adoption of CECL will be deferred for two years. In addition, from January 1, 2020 through the end of the two-year deferral period, 25 percent of the ongoing impact of CECL on our allowance for loan losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes, will be added to the deferred transition amounts (“adjusted transition amounts”) and deferred for the two-year period. At the conclusion of the two-year period (i.e., beginning January 1, 2022), the adjusted transition amounts will be phased in for regulatory capital purposes at a rate of 25 percent per year, with the phased-in amounts included in regulatory capital at the beginning of each year. For additional information, see Note 12, “Regulatory Capital.” Sale of Upromise

Investments

Investments	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Trading Investments In March 2020, we sold approximately $1.7 billion of Private Education Loans through securitization transactions where we were required to retain a 5 percent vertical risk retention interest (i.e., 5 percent of each class issued in the securitizations). We classified those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the residual classes, which we classified as trading investments recorded at fair value with changes recorded through earnings. At June 30, 2020, we had $14 million classified as trading investments. Available-for-Sale Investments The amortized cost and fair value of securities available for sale are as follows: June 30, 2020 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 312,549 $ — $ 5,832 $ (378) $ 318,003 Utah Housing Corporation bonds 15,931 — 224 — 16,155 U.S. government-sponsored enterprises and Treasuries 1,608,837 — 4,073 (6) 1,612,904 Other securities 75,704 — — (1,818) 73,886 Total $ 2,013,021 $ — $ 10,129 $ (2,202) $ 2,020,948 December 31, 2019 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 215,888 $ — $ 1,895 $ (658) $ 217,125 Utah Housing Corporation bonds 19,474 — 145 (83) 19,536 U.S. government-sponsored enterprises 250,394 — 635 (21) 251,008 Total $ 485,756 $ — $ 2,675 $ (762) $ 487,669 ___________ (1) Represents the amount of impairment that has resulted from credit related factors, and that was recognized in the consolidated balance sheets (as a credit loss expense on available-for-sale securities). The amount excludes unrealized losses related to non-credit factors. 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 Estimated Gross Estimated Gross Estimated As of June 30, 2020: Mortgage-backed securities $ (378) $ 123,612 $ — $ — $ (378) $ 123,612 Utah Housing Corporation bonds — — — — — — U.S. government-sponsored enterprises and Treasuries (6) 174,867 — — (6) 174,867 Other securities (1,818) 73,886 — — (1,818) 73,886 Total $ (2,202) $ 372,365 $ — $ — $ (2,202) $ 372,365 As of December 31, 2019: Mortgage-backed securities $ (218) $ 25,624 $ (440) $ 42,448 $ (658) $ 68,072 Utah Housing Corporation bonds — — (83) 11,097 (83) 11,097 U.S. government-sponsored enterprises (21) 14,977 — — (21) 14,977 Total $ (239) $ 40,601 $ (523) $ 53,545 $ (762) $ 94,146 For available-for-sale debt securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through income. For securities in an unrealized loss position that do not meet these criteria, we evaluate whether the decline in fair value has resulted from credit loss or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, adverse conditions specifically related to the security, as well as any guarantees (e.g., guarantees by the U.S. Government) that may be applicable to the security. If this assessment indicates a credit loss exists, the credit-related portion of the loss is recorded as an allowance for losses on the security. Our investment portfolio contains mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, with amortized costs of $44 million, $173 million, and $96 million, respectively, at June 30, 2020. We own these securities to meet our requirements under the Community Reinvestment Act (“CRA”). As of June 30, 2020, 9 of the separate mortgage-backed securities in our investment portfolio had unrealized losses. Approximately 33 percent of our mortgage-backed securities were issued under Ginnie Mae programs that carry a full faith and credit guarantee from the U.S. Government. The remaining securities in our portfolio 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, 2019, 33 of the 107 separate mortgage-backed securities in our investment portfolio had unrealized losses, and 18 of the 33 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 CRA. As of June 30, 2020, none of the three separate bonds was in a net loss position. These bonds are rated Aa3 by Moody’s Investors Service, and the majority of the underlying assets are insured by the Federal Housing Administration or the Department of Veterans Affairs. Based on this qualitative analysis, we have determined that no credit impairment exists. We also invest in U.S. government-sponsored enterprise securities issued by the Federal Home Loan Bank, Freddie Mac, and the Federal Farm Credit Bank. As of June 30, 2020, 2 of the 32 securities had unrealized losses. 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. These bonds are rated AA+ by Moody’s Investors Service. Based on this qualitative analysis, we have determined that no credit impairment exists. In March 2020, we sold approximately $1.7 billion of Private Education Loans through a securitization transaction where we were required to retain a 5 percent vertical risk retention interest. We classify the non-residual vertical retention interests as available-for-sale investments. As of June 30, 2020, 10 out of 10 of these investments had unrealized losses. 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. We expect to receive all contractual cash flows related to these investments and do not consider a credit impairment to exist. As of June 30, 2020, 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 $ 416,977 $ 417,051 2021 354,463 356,542 2022 814,700 816,138 2023 22,696 23,173 2038 173 196 2039 2,301 2,530 2042 6,922 7,016 2043 10,804 11,342 2044 14,552 15,093 2045 13,909 14,358 2046 22,838 23,480 2047 34,843 35,351 2048 8,824 9,190 2049 67,357 69,867 2050 145,958 145,735 2054 75,704 73,886 Total $ 2,013,021 $ 2,020,948 Some mortgage-backed and U.S. government 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 $557 million and $252 million par value of securities pledged to this borrowing facility at June 30, 2020 and December 31, 2019, respectively, as discussed further in Note 6, “Borrowings.” Other Investments Investments in Non-Marketable Securities We hold investments in non-marketable securities and account for these investments at cost, less impairment, plus or minus observable price changes of identical or similar securities of the same issuer. In the third quarter of 2019, we funded an additional investment in an issuer whose equity securities we purchased in the past. We used the valuation associated with the more recent securities investment to adjust the valuation of our previous investments and, as a result, recorded a gain of $8 million on our earlier equity securities investments. As of June 30, 2020 and December 31, 2019, our total investment in the securities of this issuer was $26 million and $26 million, respectively. Low Income Housing Tax Credit Investments We invest in affordable housing projects that qualify for the low income housing tax credit (“LIHTC”), which is designed to promote private development of low income housing. These investments generate a return mostly through realization of federal tax credits. Total carrying value of the LIHTC investments was $56 million at June 30, 2020 and $58 million at December 31, 2019. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $23 million at June 30, 2020 and $29 million at December 31, 2019. Related to these investments, we recognized tax credits and other tax benefits through tax expense of $1 million at June 30, 2020 and $6 million at December 31, 2019. Tax credits and other tax benefits are recognized as part of our annual effective tax rate used to determine tax expense in a given quarter. Accordingly, the portion of a year’s expected tax benefits recognized in any given quarter may differ from 25 percent.

Loans Held for Investment

Loans Held for Investment	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment Loans held for investment consist of Private Education Loans, FFELP Loans, Personal Loans, and Credit Cards. We use “Private Education Loans” to mean education loans to students or their families that are not made, insured, or guaranteed by any state or federal government. Private Education Loans do not include loans insured or guaranteed under the previously existing Federal Family Education Loan Program (“FFELP”). We use “Personal Loans” to mean those unsecured loans to individuals that may be used for non-educational purposes. We use “Credit Cards” to refer to our suite of cash-back Credit Cards with bonus rewards. 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, the London interbank offered rate. As of June 30, 2020 and December 31, 2019, 54 percent and 58 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. In the first quarter of 2020, we recognized a $239 million gain from the sale of approximately $3.1 billion of our Private Education Loans, including $2.9 billion of principal, $199 million in capitalized interest, and $12 million in accrued interest, to unaffiliated third parties. There were VIEs created in the execution of certain of these loan sales; however, based on our consolidation analysis, we are not the primary beneficiary of these VIEs. These transactions qualified for sale treatment and removed the balance of the loans from our balance sheet on the respective settlement dates. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales. Loans held for investment are summarized as follows: June 30, December 31, 2020 2019 Private Education Loans: Fixed-rate $ 9,822,370 $ 9,830,301 Variable-rate 11,663,095 13,359,290 Total Private Education Loans, gross 21,485,465 23,189,591 Deferred origination costs and unamortized premium/(discount) 67,609 81,224 Allowance for loan losses (1,760,559) (374,300) Total Private Education Loans, net 19,792,515 22,896,515 FFELP Loans 754,340 783,306 Deferred origination costs and unamortized premium/(discount) 2,066 2,143 Allowance for loan losses (4,385) (1,633) Total FFELP Loans, net 752,021 783,816 Personal Loans (fixed-rate) 772,086 1,049,007 Deferred origination costs and unamortized premium/(discount) 302 513 Allowance for loan losses (163,337) (65,877) Total Personal Loans, net 609,051 983,643 Credit Cards (fixed-rate) 10,706 3,884 Deferred origination costs and unamortized premium/(discount) 680 36 Allowance for loan losses (1,042) (102) Total Credit Cards, net 10,344 3,818 Loans held for investment, net $ 21,163,931 $ 24,667,792 The estimated weighted average life of education loans in our portfolio was approximately 5.3 years and 5.4 years at June 30, 2020 and December 31, 2019, 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, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,590,905 8.33 % $ 21,748,247 9.39 % FFELP Loans 761,469 3.82 821,138 5.01 Personal Loans 836,342 12.54 1,149,247 12.00 Total portfolio $ 23,188,716 $ 23,718,632 Six Months Ended June 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 22,546,874 8.60 % $ 21,740,579 9.44 % FFELP Loans 768,897 4.06 829,497 4.98 Personal Loans 905,007 12.31 1,162,782 11.90 Total portfolio $ 24,220,778 $ 23,732,858 Certain Collection Tools - Private Education Loans We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations, achieve better student outcomes, and increase the collectability of the loan. These changes generally take the form of a temporary forbearance of payments, a temporary interest rate reduction, a temporary interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. Forbearance is granted prospectively for borrowers who are current in their payments and may be granted retroactively for certain delinquent borrowers. Forbearance allows a borrower to temporarily not make scheduled payments or to make smaller than scheduled payments, in each case for a specified period of time. Using forbearance extends the original term of the loan by the term of forbearance taken. Forbearance does not grant any reduction in the total principal or interest repayment obligation. While a loan is in forbearance status, interest continues to accrue and is capitalized to principal when the loan re-enters repayment status (except as described below in the case of disaster forbearance). We grant forbearance through our servicing centers to borrowers who are current in their payments and through our collections centers to certain borrowers who are delinquent. Our forbearance policies and practices vary depending upon whether a borrower is current or delinquent at the time forbearance is requested, generally with stricter payment requirements for delinquent borrowers. We view the population of borrowers that use forbearance positively because the borrowers are either proactively reaching out to us to obtain assistance in managing their obligations or are working with our collections center to bring their loans current. Forbearance may be granted through our servicing centers to customers who are exiting their grace period, which generally is the six-month period after the borrower separates from school and during which the borrower is not required to make full principal and interest payments, and to other customers who are current in their payments, 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 forbearance period, the customer will enter repayment status as current and is expected to begin making scheduled monthly payments. Currently, we generally grant forbearance in our servicing centers if a borrower who is current requests it for increments of up to three months at a time, for up to 12 months. Forbearance may also be granted through our collections centers to customers who are delinquent in their payments. If specific payment requirements are met, the forbearance can cure the delinquency and the customer is returned to a current repayment status. Forbearance as a collection tool is used most effectively when applying historical experience and our judgment to a customer’s unique situation. 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 assisting customers while mitigating the risks of delinquency and default as well as encouraging resolution of delinquent loans. In all instances, we require one or more payments before granting forbearance to delinquent borrowers. The COVID-19 pandemic is having far reaching, negative impacts on individuals, businesses, and, consequently, the overall economy. Specifically, COVID-19 has materially disrupted business operations throughout the country, resulting in significantly higher levels of unemployment or underemployment. As a result, we expect many of our individual customers will experience financial hardship, making it difficult, if not impossible, to meet their payment obligations to us without temporary assistance. We are monitoring key metrics as early warning indicators of financial hardship, including changes in weekly unemployment claims, enrollment in auto-debit payments, requests for new forbearances, enrollment in hardship payment plans, and early delinquency metrics. As a result of the negative impact on employment from COVID-19, our customers are experiencing higher levels of financial hardship, which we expect will lead to higher levels of forbearance, delinquency, and defaults. We expect that, left unabated, this deterioration in forbearance, delinquency, and default rates will persist until such time as the economy and employment return to relatively normal levels. We assist customers with an array of payment programs during periods of financial hardship as standard operating convention, including: forbearance, which defers payments during a short-term hardship; our Graduated Repayment Plan (“GRP”), which is an interest-only payment for 12 months; or a loan modification that, in the event of long-term hardship, reduces the interest rate on a loan to 4 percent for 24 months and/or permanently extends the maturity date of the loan. Historically, we have utilized disaster forbearance for material events, including hurricanes, wildfires, and floods. Disaster forbearance defers payments for as much as 90 days upon enrollment. We have invoked this same disaster forbearance program to assist our customers through COVID-19 and offer this program across our operations, including through mobile app and self-service channels such as chat and interactive voice response (“IVR”). Customers who receive a disaster forbearance will not progress in delinquency and will not be assessed late fees or other fees. During a disaster forbearance, a customer’s credit file will continue to reflect the status of the loan as it was immediately prior to granting the disaster forbearance. During the period of the disaster forbearance, interest will continue to accrue, but is not capitalized to the loan balance after the loan returns to repayment status. The first wave of disaster forbearance was granted primarily in 90-day increments. As these forbearances end, we will reduce the disaster forbearance to one-month increments and implement additional discussions between our servicing agents and borrowers to encourage borrowers/cosigners to enter repayment. In addition, for borrowers exiting disaster forbearance and not eligible for GRP, we may allow them to make interest only payments for 12 months before reverting to full principal and interest payments. If the financial hardship extends beyond 90 days, additional assistance will be available for eligible customers. These programs are applied across our Private Education Loan and Personal Loan portfolios. Management continually monitors our credit administration practices and may periodically modify these practices based upon performance, industry conventions, and/or regulatory feedback. In light of these considerations, we previously announced that we plan to implement certain changes to our credit administration practices in the future. As discussed below, however, we have postponed until the fourth quarter of 2020 the implementation of the announced credit administration practices changes due to the COVID-19 pandemic. Specifically, we previously announced that we plan to revise our credit administration practices limiting the number of forbearance months granted consecutively and the number of times certain extended or reduced repayment alternatives may be granted. For example, we currently grant forbearance to borrowers without requiring any period of prior principal and interest payments, meaning that, if a borrower satisfies all eligibility requirements, forbearance increments may be granted consecutively. We previously announced that, beginning in the second quarter of 2020, we would phase in a required six-month period between successive grants of forbearance and between forbearance grants and certain other repayment alternatives. We announced this required period will not apply, however, to forbearances granted during the first six months following a borrower’s grace period and will not be required for a borrower to receive a contractual interest rate reduction. In addition, we announced we would limit the participation of delinquent borrowers in certain short-term extended or interest-only repayment alternatives to once in 12 months and twice in five years. As previously announced, prior to full implementation of the credit administration practices changes described above, management will conduct a controlled testing program on randomly selected borrowers to measure the impact of the changes on our customers, our credit operations, and key credit metrics. The testing commenced in October 2019 for some of the planned changes on a very small percentage of our total portfolio and we originally expected to expand the number of borrowers in repayment who would be subject to the new credit administration practices. However, due to the COVID-19 pandemic, we have postponed our efforts to roll out in a methodical approach the implementation of the credit administration practices changes and related testing until the fourth quarter of 2020 so that we can be more flexible in dealing with our customers’ financial hardship. Management now expects to have completed implementation of the planned credit administration practices changes by year-end 2022. However, we may modify or delay the contemplated practice changes, the proposed timeline, or the method of implementation as we learn more about the impacts of the program on our customers. We also offer rate and term modifications to customers experiencing more severe hardship. Currently, we temporarily reduce the contractual interest rate on a loan to 4.0 percent (previously, to 2.0 percent) for a two While there are limitations to our estimate of the future impact of the credit administration practices changes described above, absent the effect of any mitigating measures, and based on an analysis of borrower behavior under our current credit administration practices, which may not be indicative of how borrowers will behave under revised credit administration practices, we expect that the credit administration practices changes described above will accelerate defaults and could increase life of loan defaults in our Private Education Loan portfolio by approximately 4 percent to 14 percent. Among the measures that

Allowance for Loan Losses

Allowance for Loan Losses	6 Months Ended
	Jun. 30, 2020
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 lifetime expected credit 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 lifetime expected losses incurred in the loan portfolios. See Note 1, “Significant Accounting Policies — Allowance for Credit Losses — Allowance for Private Education Loan Losses, — Allowance for Personal Loans, — Allowance for FFELP Loan Losses, and — Allowance for Credit Card Loans” in this Form 10-Q for additional details. Allowance for Loan Losses Metrics Allowance for Loan Losses Three Months Ended June 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Loan Losses Beginning balance $ 4,296 $ 1,515,781 $ 152,673 $ 574 $ 1,673,324 Transfer from unfunded commitment liability (1) — 42,490 — — 42,490 Provisions: Provision for current period 173 228,535 23,929 509 253,146 Loan sale reduction to provision — — — — — Total provision (2) 173 228,535 23,929 509 253,146 Net charge-offs: Charge-offs (84) (31,779) (14,601) (41) (46,505) Recoveries — 5,532 1,336 — 6,868 Net charge-offs (84) (26,247) (13,265) (41) (39,637) Ending Balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Allowance: Ending balance: individually evaluated for impairment $ — $ 160,234 $ — $ — $ 160,234 Ending balance: collectively evaluated for impairment $ 4,385 $ 1,600,325 $ 163,337 $ 1,042 $ 1,769,089 Loans: Ending balance: individually evaluated for impairment $ — $ 1,520,240 $ — $ — $ 1,520,240 Ending balance: collectively evaluated for impairment $ 754,340 $ 19,965,225 $ 772,086 $ 10,706 $ 21,502,357 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.07 % 0.75 % 6.87 % 1.77 % Allowance as a percentage of the ending total loan balance 0.58 % 8.19 % 21.16 % 9.73 % Allowance as a percentage of the ending loans in repayment (2) 0.97 % 12.13 % 22.46 % 9.73 % Allowance coverage of net charge-offs (annualized) 13.05 16.77 3.08 6.35 Ending total loans, gross $ 754,340 $ 21,485,465 $ 772,086 $ 10,706 Average loans in repayment (3) $ 513,418 $ 14,011,841 $ 772,137 $ 9,265 Ending loans in repayment (3) $ 452,617 $ 14,512,723 $ 727,214 $ 10,706 ____________ (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the provision for credit losses reported in the consolidated statements of operations. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for loan losses. Consolidated Statements of Operations Three Months Ended Provisions for credit losses for new loan commitments made during the quarter $ 98,741 Total provision for allowance for loan losses 253,146 Provisions for credit losses reported in consolidated statements of operations $ 351,887 (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. Allowance for Loan Losses Three Months Ended June 30, 2019 FFELP Private Education Personal 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 Six Months Ended June 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Loan Losses Beginning balance $ 1,633 $ 374,300 $ 65,877 $ 102 $ 441,912 Day 1 adjustment for the adoption of CECL 2,852 1,060,830 79,183 188 1,143,053 Transfer from unfunded commitment liability (1) — 179,085 — — 179,085 Provisions: Provision for current period 210 377,877 49,247 800 428,134 Loan sale reduction to provision — (161,793) — — (161,793) Total provision (2) 210 216,084 49,247 800 266,341 Net charge-offs: Charge-offs (310) (83,248) (33,848) (48) (117,454) Recoveries — 13,508 2,878 — 16,386 Net charge-offs (310) (69,740) (30,970) (48) (101,068) Ending Balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Allowance: Ending balance: individually evaluated for impairment $ — $ 160,234 $ — $ — $ 160,234 Ending balance: collectively evaluated for impairment $ 4,385 $ 1,600,325 $ 163,337 $ 1,042 $ 1,769,089 Loans: Ending balance: individually evaluated for impairment $ — $ 1,520,240 $ — $ — $ 1,520,240 Ending balance: collectively evaluated for impairment $ 754,340 $ 19,965,225 $ 772,086 $ 10,706 $ 21,502,357 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.11 % 0.91 % 7.13 % 1.31 % Allowance as a percentage of the ending total loan balance 0.58 % 8.19 % 21.16 % 9.73 % Allowance as a percentage of the ending loans in repayment (3) 0.97 % 12.13 % 22.46 % 9.73 % Allowance coverage of net charge-offs (annualized) 7.07 12.62 2.64 10.85 Ending total loans, gross $ 754,340 $ 21,485,465 $ 772,086 $ 10,706 Average loans in repayment (3) $ 553,402 $ 15,306,349 $ 869,133 $ 7,326 Ending loans in repayment (3) $ 452,617 $ 14,512,723 $ 727,214 $ 10,706 ____________ (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the provision for credit losses reported in the consolidated statements of operations. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for loan losses. Consolidated Statements of Operations Six Months Ended Provisions for credit losses for new loan commitments made during the period $ 146,804 Total provision for allowance for loan losses 266,341 Provisions for credit losses reported in consolidated statements of operations $ 413,145 (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. Allowance for Loan Losses Six Months Ended June 30, 2019 FFELP Private Education Personal 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. 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 adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations, achieve better student outcomes, and increase the collectability of the loan. These changes generally take the form of a temporary forbearance of payments, a temporary interest rate reduction, a temporary interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. When we give a borrower facing financial difficulty an interest rate reduction, we temporarily reduce the contractual interest rate on a loan to 4.0 percent (previously, to 2.0 percent) for a two Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life. As of June 30, 2020 and December 31, 2019, approximately 47 percent and 50 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 — Troubled Debt Restructurings,” and Note 6, “Allowance for Loan Losses” in our 2019 Form 10-K. Within the Private Education Loan portfolio, loans greater than 90 days past due are 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, 2020 and December 31, 2019, 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, 2020 TDR Loans $ 1,560,124 $ 1,520,240 $ 160,234 December 31, 2019 TDR Loans $ 1,612,896 $ 1,581,966 $ 186,697 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended 2020 2019 Average Interest Average Interest TDR Loans $ 1,556,278 $ 24,071 $ 1,395,756 $ 22,954 Six Months Ended 2020 2019 Average Interest Average Interest TDR Loans $ 1,591,081 $ 50,559 $ 1,354,467 $ 44,520 The following table provides information regarding the loan status and aging of TDR loans. June 30, December 31, 2020 2019 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 80,591 $ 87,749 TDR loans in forbearance (2) and percentage of each status: TDR loans in forbearance - current (2)(4) 233,871 90.7 % 99,054 100.0 % TDR loans in forbearance - delinquent 31-60 days (2)(4) 11,797 4.6 — — TDR loans in forbearance - delinquent 61-90 days (2)(4) 7,906 3.1 — — TDR loans in forbearance - delinquent greater than 90 days (2)(4) 4,087 1.6 — — Total TDR loans in forbearance (2) 257,661 100.0 % 99,054 100.0 % TDR loans in repayment (3) and percentage of each status: Loans current 1,070,807 90.6 % 1,230,954 88.2 % Loans delinquent 31-60 days (4) 49,098 4.2 85,555 6.1 Loans delinquent 61-90 days (4) 35,544 3.0 49,626 3.6 Loans delinquent greater than 90 days (4) 26,539 2.2 29,028 2.1 Total TDR loans in repayment 1,181,988 100.0 % 1,395,163 100.0 % Total TDR loans, gross $ 1,520,240 $ 1,581,966 _____ (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 (but, for purposes of the table, do not include those loans while they are in forbearance). (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- Modified Loans (1) Charge-offs Payment- TDR Loans $ 36,666 $ 8,623 $ 17,910 $ 131,273 $ 17,076 $ 30,309 Six Months Ended Six Months Ended Modified Loans (1) Charge-offs Payment- Modified Loans (1) Charge-offs Payment- TDR Loans $ 169,481 $ 27,998 $ 49,002 $ 242,481 $ 33,081 $ 55,755 _____ (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 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 tables highlight the gross principal balance of our Private Education Loan portfolio, by year of origination, stratified by key credit quality indicators. Private Education Loans Credit Quality Indicators June 30, 2020 Year of Origination 2020 (1) 2019 (1) 2018 (1) 2017 (1) 2016 (1) 2015 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 985,808 $ 4,513,841 $ 3,244,267 $ 2,790,768 $ 2,434,473 $ 5,072,593 $ 19,041,750 89 % Without cosigner 231,032 671,312 470,339 340,709 258,451 471,872 2,443,715 11 Total $ 1,216,840 $ 5,185,153 $ 3,714,606 $ 3,131,477 $ 2,692,924 $ 5,544,465 $ 21,485,465 100 % FICO at Origination (2) : Less than 670 $ 86,008 $ 363,637 $ 271,480 $ 233,371 $ 193,171 $ 431,144 $ 1,578,811 7 % 670-699 181,178 758,383 547,683 492,944 423,603 920,255 3,324,046 16 700-749 398,370 1,685,282 1,218,105 1,039,210 907,291 1,854,579 7,102,837 33 Greater than or equal to 750 551,284 2,377,851 1,677,338 1,365,952 1,168,859 2,338,487 9,479,771 44 Total $ 1,216,840 $ 5,185,153 $ 3,714,606 $ 3,131,477 $ 2,692,924 $ 5,544,465 $ 21,485,465 100 % FICO Refreshed (2)(3) : Less than 670 $ 102,547 $ 476,798 $ 398,671 $ 379,970 $ 366,824 $ 927,051 $ 2,651,861 12 % 670-699 169,846 673,935 449,316 365,351 296,192 613,518 2,568,158 12 700-749 396,337 1,623,733 1,108,642 911,600 754,672 1,466,464 6,261,448 29 Greater than or equal to 750 548,110 2,410,687 1,757,977 1,474,556 1,275,236 2,537,432 10,003,998 47 Total $ 1,216,840 $ 5,185,153 $ 3,714,606 $ 3,131,477 $ 2,692,924 $ 5,544,465 $ 21,485,465 100 % Seasoning (4) : 1-12 payments $ 684,650 $ 2,718,782 $ 506,754 $ 542,026 $ 466,704 $ 695,822 $ 5,614,738 26 % 13-24 payments — 428,312 1,826,430 264,902 250,678 544,044 3,314,366 15 25-36 payments — — 280,873 1,394,821 243,690 528,094 2,447,478 11 37-48 payments — — — 189,174 1,123,215 522,030 1,834,419 9 More than 48 payments — — — — 142,975 2,651,442 2,794,417 13 Not yet in repayment 532,190 2,038,059 1,100,549 740,554 465,662 603,033 5,480,047 26 Total $ 1,216,840 $ 5,185,153 $ 3,714,606 $ 3,131,477 $ 2,692,924 $ 5,544,465 $ 21,485,465 100 % Current period (5) gross charge-offs $ (99) $ (3,325) $ (10,513) $ (14,602) $ (15,397) $ (39,312) $ (83,248) Current period (5) recoveries — 221 1,178 1,988 2,506 7,615 13,508 Current period (5) net charge-offs $ (99) $ (3,104) $ (9,335) $ (12,614) $ (12,891) $ (31,697) $ (69,740) Total accrued interest by origination vintage $ 24,602 $ 248,904 $ 307,765 $ 287,159 $ 215,989 $ 281,753 $ 1,366,172 ______ (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 2020. (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. (5) Current period refers to period from January 1, 2020 through June 30, 2020. Private Education Loans Credit Quality Indicators December 31, 2019 Year of Origination 2019 (1) 2018 (1) 2017 (1) 2016 (1) 2015 (1) 2014 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 3,475,256 $ 4,303,772 $ 3,575,973 $ 3,112,873 $ 2,579,214 $ 3,662,547 $ 20,709,635 89 % Without cosigner 571,792 584,601 427,512 320,985 241,958 333,108 2,479,956 11 Total $ 4,047,048 $ 4,888,373 $ 4,003,485 $ 3,433,858 $ 2,821,172 $ 3,995,655 $ 23,189,591 100 % FICO at Origination (2) : Less than 670 $ 283,040 $ 343,613 $ 285,747 $ 236,457 $ 203,145 $ 313,587 $ 1,665,589 7 % 670-699 592,376 714,779 617,676 529,575 439,050 676,569 3,570,025 16 700-749 1,319,563 1,601,904 1,325,387 1,155,253 944,135 1,324,506 7,670,748 33 Greater than or equal to 750 1,852,069 2,228,077 1,774,675 1,512,573 1,234,842 1,680,993 10,283,229 44 Total $ 4,047,048 $ 4,888,373 $ 4,003,485 $ 3,433,858 $ 2,821,172 $ 3,995,655 $ 23,189,591 100 % FICO Refreshed (2)(3) : Less than 670 $ 401,979 $ 515,901 $ 475,007 $ 449,568 $ 419,308 $ 717,674 $ 2,979,437 13 % 670-699 582,256 645,422 497,497 397,889 308,607 451,451 2,883,122 13 700-749 1,284,867 1,506,849 1,199,564 994,309 772,205 1,048,808 6,806,602 29 Greater than or equal to 750 1,777,946 2,220,201 1,831,417 1,592,092 1,321,052 1,777,722 10,520,430 45 Total $ 4,047,048 $ 4,888,373 $ 4,003,485 $ 3,433,858 $ 2,821,172 $ 3,995,655 $ 23,189,591 100 % Seasoning (4) : 1-12 payments $ 2,376,404 $ 719,158 $ 705,181 $ 617,174 $ 462,946 $ 470,839 $ 5,351,702 23 % 13-24 payments — 2,588,702 424,953 305,078 285,513 399,905 4,004,151 17 25-36 payments — — 1,862,587 418,048 227,391 394,339 2,902,365 12 37-48 payments — — — 1,457,760 413,508 342,676 2,213,944 10 More than 48 payments — — — — 1,056,229 1,973,795 3,030,024 13 Not yet in repayment 1,670,644 1,580,513 1,010,764 635,798 375,585 414,101 5,687,405 25 Total $ 4,047,048 $ 4,888,373 $ 4,003,485 $ 3,433,858 $ 2,821,172 $ 3,995,655 $ 23,189,591 100 % 2019 gross charge-offs $ (1,697) $ (14,650) $ (29,119) $ (40,576) $ (41,141) $ (81,795) $ (208,978) 2019 recoveries 69 1,016 2,622 4,431 5,175 12,452 25,765 2019 net charge-offs $ (1,628) $ (13,634) $ (26,497) $ (36,145) $ (35,966) $ (69,343) $ (183,213) Total accrued interest by origination vintage $ 116,423 $ 321,568 $ 327,002 $ 261,083 $ 165,764 $ 174,318 $ 1,366,158 ______ (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 fourth-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 tables provide information regarding the loan status of our Private Education Loans, by year of origination. 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 (but, for purposes of the following tables, do not include those loans while they are in forbearance). Private Education Loan Delinquencies by Origination Vintage June 30, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Loans in-school/grace/deferment (1) $ 532,190 $ 2,038,059 $ 1,100,549 $ 740,554 $ 465,662 $ 603,033 $ 5,480,047 Loans in forbearance: Loans in forbearance - loans current (2) 17,801 123,106 222,065 248,986 248,467 560,160 1,420,585 Loans in forbearance - loans delinquent 31-60 days (2)(3) 112 1,979 4,996 6,642 7,988 18,738 40,455 Loans in forbearance - loans delinquent 61-90 days (2)(3) 56 521 2,503 3,859 4,093 10,254 21,286 Loans in forbearance - loans delinquent greater than 90 days (2)(3) — 364 1,166 1,951 1,865 5,023 10,369 Total Private Education Loans in forbearance (2) 17,969 125,970 230,730 261,438 262,413 594,175 1,492,695 Loans in repayment: Loans current 664,058 3,004,489 2,346,348 2,076,951 1,907,320 4,191,163 14,190,329 Loans delinquent 31-60 days (3) 1,914 10,970 19,053 26,884 28,314 79,449 166,584 Loans delinquent 61-90 days (3) 448 4,064 11,536 17,106 19,241 47,258 99,653 Loans delinquent greater than 90 days (3) 261 1,601 6,390 8,544 9,974 29,387 56,157 Total Private Education Loans in repayment 666,681 3,021,124 2,383,327 2,129,485 1,964,849 4,347,257 14,512,723 Total Private Education Loans, gross 1,216,840 5,185,153 3,714,606 3,131,477 2,692,924 5,544,465 21,485,465 Private Education Loans deferred origination costs and unamortized premium/(discount) 10,625 19,555 11,819 8,911 7,454 9,245 67,609 Total Private Education Loans 1,227,465 5,204,708 3,726,425 3,140,388 2,700,378 5,553,710 21,553,074 Private Education Loans allowance for losses (149,416) (408,844) (305,239) (260,677) (217,161) (419,222) (1,760,559) Private Education Loans, net $ 1,078,049 $ 4,795,864 $ 3,421,186 $ 2,879,711 $ 2,483,217 $ 5,134,488 $ 19,792,515 Percentage of Private Education Loans in repayment 54.8 % 58.3 % 64.2 % 68.0 % 73.0 % 78.4 % 67.5 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.4 % 0.6 % 1.6 % 2.5 % 2.9 % 3.6 % 2.2 % Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans 0.4 % 0.6 % 1.9 % 3.0 % 3.6 % 4.3 % 2.7 % Loans in forbearance as a percentage of loans in repayment and forbearance 2.6 % 4.0 % 8.8 % 10.9 % 11.8 % 12.0 % 9.3 % _______ (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. Private Education Loan Delinquencies by Origination Vintage December 31, 2019 2019 2018 2017 2016 2015 2014 and Prior Total Loans in-school/grace/deferment (1) $ 1,670,644 $ 1,580,513 $ 1,010,764 $ 635,798 $ 375,585 $ 414,101 $ 5,687,405 Loans in forbearance: Loans in forbearance - current (2) 21,009 108,509 142,341 146,114 127,799 168,744 714,516 Loans in forbearance - delinquent 31-60 days (2)(3) — — — — — — — Loans in forbearance - delinquent 61-90 days (2)(3) — — — — — — — Loans in forbearance - delinquent greater than 90 days (2)(3) — — — — — — — Total Private Education Loans in forbearance (2) 21,009 108,509 142,341 146,114 127,799 168,744 714,516 Loans in repayment: Loans current 2,340,221 3,159,878 2,781,132 2,566,815 2,225,721 3,241,884 16,315,651 Loans delinquent 31-60 days (3) 11,152 26,096 44,382 51,656 54,559 100,206 288,051 Loans delinquent 61-90 days (3) 3,087 9,527 17,048 21,161 24,562 45,917 121,302 Loans delinquent greater than 90 days (3) 935 3,850 7,818 12,314 12,946 24,803 62,666 Total Private Education Loans in repayment 2,355,395 3,199,351 2,850,380 2,651,946 2,317,788 3,412,810 16,787,670 Total Private Education Loans, gross 4,047,048 4,888,373 4,003,485 3,433,858 2,821,172 3,995,655 23,189,591 Private Education Loans deferred origination costs and unamortized premium/(discount) 23,661 17,699 13,843 12,304 8,564 5,153 81,224 Total Private Education Loans 4,070,709 4,906,072 4,017,328 3,446,162 2,829,736 4,000,808 23,270,815 Private Education Loans allowance for losses (3,013) (19,105) (44,858) (71,598) (80,974) (154,752) (374,300) Private Education Loans, net $ 4,067,696 $ 4,886,967 $ 3,972,470 $ 3,374,564 $ 2,748,762 $ 3,846,056 $ 22,896,515 Percentage of Private Education Loans in repayment 58.2 % 65.4 % 71.2 % 77.2 % 82.2 % 85.4 % 72.4 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.6 % 1.2 % 2.4 % 3.2 % 4.0 % 5.0 % 2.8 % Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans 0.6 % 1.2 % 2.4 % 3.2 % 4.0 % 5.0 % 2.8 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.9 % 3.3 % 4.8 % 5.2 % 5.2 % 4.7 % 4.1 % ______ (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 and updated through the loan’s term. The following tables highlight the gross principal balance of our Personal Loan portfolio, by year of origination, stratified by key credit quality indicators. Personal Loans Credit Quality Indicators June 30, 2020 Year of Origination 2020 (1) 2019 (1) 2018 (1) 2017 (1) 2016 (1) Total (1) % of FICO at Origination: Less than 670 $ — $ 6,736 $ 22,258 $ 3,647 $ — $ 32,641 4 % 670-699 — 63,228 109,253 15,818 33 188,332 25 700-749 39 176,293 181,925 28,432 368 387,057 50 Greater than or equal to 750 — 80,819 71,534 11,466 237 164,056 21 Total $ 39 $ 327,076 $ 384,970 $ 59,363 $ 638 $ 772,086 100 % Seasoning (2) : 1-12 payments $ 39 $ 230,341 $ 251 $ — $ — $ 230,631 30 % 13-24 payments — 96,735 243,781 — — 340,516 44 25-36 payments — — 140,938 56,281 — 197,219 26 37-48 payments — — — 3,082 638 3,720 — More than 48 payments — — — — — — — Total $ 39 $ 327,076 $ 384,970 $ 59,363 $ 638 $ 772,086 100 % Current period (3) gross charge-offs $ — $ (6,623) $ (22,881) $ (4,294) $ (50) $ (33,848) Current period (3) recoveries — 67 2,091 701 19 2,878 Current period (3) net charge-offs $ — $ (6,556) $ (20,790) $ (3,593) $ (31) $ (30,970) Total accrued interest by origination vintage $ — $ 3,850 $ 3,977 $ 397 $ 3 $ 8,227 ______ (1) Balance represents gross Personal Loans. (2) Number of months in active repayment for which a scheduled payment was due. (3) Current period refers to period from January 1, 2020 through June 30, 2020. Personal Loans Credit Quality Indicators December 31, 2019 Year of Origination 2019 (1) 2018 (1) 2017 (1) 2016 (1) Total (1) % of Balance FICO at Origination: Less than 670 $ 8,315 $ 32,021 $ 7,030 $ 1 $ 47,367 4 % 670-699 77,746 152,909 28,384 59 259,098 25 700-749 217,642 255,374 48,254 586 521,856 50 Greater than or equal to 750 101,073 100,480 18,795 338 220,686 21 Total $ 404,776 $ 540,784 $ 102,463 $ 984 $ 1,049,007 100 % Seasoning (2) : 1-12 payments $ 404,776 $ 65,164 $ — $ — $ 469,940 45 % 13-24 payments — 475,620 29,698 — 505,318 48 25-36 payments — — 72,765 984 73,749 7 37-48 payments — — — — — — More than 48 payments — — — — — — Total $ 404,776 $ 540,784 $ 102,463 $ 984 $ 1,049,007 100 % 2019 gross charge-offs $ (2,350) $ (58,134) $ (13,693) $ (136) $ (74,313) 2019 recoveries 48 3,397 1,722 39 5,206 2019 net charge-offs $ (2,302) $ (54,737) $ (11,971) $ (97) $ (69,107) Total accrued interest by origination vintage $ 3,431 $ 4,166 $ 572 $ 5 $ 8,174 ______ (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 tables provides information regarding the loan status of our Personal Loans, by vintage. Personal Loan Delinquencies by Origination Vintage June 30, 2020 2020 2019 2018 2017 2016 Total % of Balance Loans in forbearance: Loans in forbearance - current $ — $ 17,037 $ 23,214 $ 3,646 $ 25 $ 43,922 97.9 % Loans in forbearance - delinquent 31-60 days (1) — 23 70 — — 93 0.2 Loans in forbearance - delinquent 61-90 days (1) — 258 130 — — 388 0.9 Loans in forbearance - delinquent greater than 90 days (1) — 180 289 — — 469 1.0 Total loans in forbearance — 17,498 23,703 3,646 25 44,872 100.0 % Loans in repayment: Loans current 39 305,862 353,667 54,815 613 714,996 98.3 % Loans delinquent 31-60 days (1) — 813 1,821 175 — 2,809 0.4 Loans delinquent 61-90 days (1) — 1,177 2,589 343 — 4,109 0.6 Loans delinquent greater than 90 days (1) — 1,725 3,192 383 — 5,300 0.7 Total Personal Loans in repayment 39 309,577 361,269 55,716 613 727,214 100.0 % Total Personal Loans, gross 39 327,075 384,972 59,362 638 772,086 Personal Loans deferred origination costs and unamortized premium/(discount) — 253 49 — — 302 Total Personal Loans 39 327,328 385,021 59,362 638 772,388 Personal Loans allowance for loan losses (7) (59,623) (92,209) (11,419) (79) (163,337) Personal Loans, net $ 32 $ 267,705 $ 292,812 $ 47,943 $ 559 $ 609,051 Delinquent Personal Loans in repayment (2) as a percentage of Personal Loans in repayment — % 1.2 % 2.1 % 1.6 % — % 1.7 % Delinquencies as a percentage of Personal Loans in repayment and delinquent forbearance loans — % 1.3 % 2.2 % 1.6 % — % 1.8 % _______ (1) The period of delinquency is based on the number of days scheduled payments are contractually past due. (2) For purposes of this table, do not include delinquent Personal Loans in forbearance. Personal Loan Delinquencies by Origination Vintage December 31, 2019 2019 2018 2017 2016 Total % of Balance Loans in forbearance $ — $ — $ — $ — $ — Loans in repayment: Loans current 400,216 522,778 99,581 942 1,023,517 97.6 % Loans delinquent 31-60 days (1) 2,164 6,213 1,045 13 9,435 0.9 Loans delinquent 61-90 days (1) 1,074 5,148 943 7 7,172 0.7 Loans delinquent greater than 90 days (1) 1,322 6,645 895 21 8,883 0.8 Total Personal Loans in repayment 404,776 540,784 102,464 983 1,049,007 100.0 % Total Personal Loans, gross 404,776 540,784 102,464 983 1,049,007 Personal Loans deferred origination costs and unamortized premium/(discount) 380 133 — — 513 Total Personal Loans 405,156 540,917 102,464 983 1,049,520 Personal Loans allowance for loan losses (21,589) (37,492) (6,722) (74) (65,877) Personal Loans, net $ 383,567 $ 503,425 $ 95,742 $ 909 $ 983,643 Delinquencies as a percentage of Personal Loans in repayment 1.1 % 3.3 % 2.8 % 4.2 % 2.4 % _______ (1) The perio

Unfunded Loan Commitments

Unfunded Loan Commitments	6 Months Ended
	Jun. 30, 2020
Credit Loss [Abstract]
Unfunded Loan Commitments	Unfunded Loan 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). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. See Note 1, “Significant Accounting Policies — Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” for additional information. At June 30, 2020, we had $1 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2020/2021 academic year. The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance. Three Months Ended Three Months Ended Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 29,707 $ 449,807 $ 295 $ 518,248 Provision/New commitments 98,741 1,165,224 768 1,348,938 Transfer - funded loans (1) (42,490) (495,989) (308) (531,431) Ending Balance $ 85,958 $ 1,119,042 $ 755 $ 1,335,755 Six Months Ended Six Months Ended Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 2,481 $ 1,910,603 $ 2,165 $ 2,010,744 Day 1 adjustment for the adoption of CECL 115,758 — — — Provision/New commitments 146,804 2,000,170 2,134 1,982,240 Transfer - funded loans (1) (179,085) (2,791,731) (3,544) (2,657,229) Ending Balance $ 85,958 $ 1,119,042 $ 755 $ 1,335,755 ________________ (1) When a loan commitment is funded, its related allowance for credit losses is transferred to the allowance for loan losses.

Deposits

Deposits	6 Months Ended
	Jun. 30, 2020
Banking and Thrift, Other Disclosures [Abstract]
Deposits	Deposits The following table summarizes total deposits at June 30, 2020 and December 31, 2019. June 30, December 31, 2020 2019 Deposits - interest bearing $ 23,590,147 $ 24,282,906 Deposits - non-interest bearing 1,972 1,077 Total deposits $ 23,592,119 $ 24,283,983 Our total deposits of $23.6 billion were comprised of $12.8 billion in brokered deposits and $10.8 billion in retail and other deposits at June 30, 2020, compared to total deposits of $24.3 billion, which were comprised of $13.8 billion in brokered deposits and $10.5 billion in retail and other deposits, at December 31, 2019. Interest bearing deposits as of June 30, 2020 and December 31, 2019 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 $7.1 billion and $6.8 billion of our deposit total as of June 30, 2020 and December 31, 2019, respectively. 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 $5 million and $4 million in the three months ended June 30, 2020 and 2019, respectively, and placement fee expense of $10 million and $8 million in the six months ended June 30, 2020 and 2019, respectively. Fees paid to third-party brokers related to brokered CDs were $1 million and $14 million for the three months ended June 30, 2020 and 2019, respectively, and fees paid to third-party brokers related to brokered CDs were $3 million and $15 million for the six months ended June 30, 2020 and 2019, respectively. Interest bearing deposits at June 30, 2020 and December 31, 2019 are summarized as follows: June 30, 2020 December 31, 2019 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 9,774,119 0.99 % $ 9,616,547 2.04 % Savings 817,229 0.97 718,616 1.71 Certificates of deposit 12,998,799 1.51 13,947,743 2.44 Deposits - interest bearing $ 23,590,147 $ 24,282,906 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2020
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, 2020 and December 31, 2019. June 30, 2020 December 31, 2019 Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ — $ 198,565 $ 198,565 $ — $ 198,159 $ 198,159 Total unsecured borrowings — 198,565 198,565 — 198,159 198,159 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 2,832,364 2,832,364 — 2,629,902 2,629,902 Variable-rate — 1,418,838 1,418,838 — 1,525,976 1,525,976 Total Private Education Loan term securitizations — 4,251,202 4,251,202 — 4,155,878 4,155,878 Secured Borrowing Facility — — — 289,230 — 289,230 Total secured borrowings — 4,251,202 4,251,202 289,230 4,155,878 4,445,108 Total $ — $ 4,449,767 $ 4,449,767 $ 289,230 $ 4,354,037 $ 4,643,267 Short-term Borrowings Secured Borrowing Facility On February 19, 2020, we amended our Secured Borrowing Facility to, among other things, increase the amount that can be borrowed under the facility to $2 billion (from $750 million) and extend the maturity of the 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 on unused borrowing capacity and on outstandings. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay and reborrow funds, until February 17, 2021. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on February 17, 2022 (or earlier, if certain material adverse events occur). At June 30, 2020, there were no borrowings outstanding under the Secured Borrowing Facility and at December 31, 2019, there were $289 million borrowings outstanding under the Secured Borrowing Facility. Long-term Borrowings Secured Financings 2020 Transactions On February 12, 2020, we executed our $636 million SMB Private Education Loan Trust 2020-A term ABS transaction, which was accounted for as a secured financing. We sold $636 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $634 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.18 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.88 percent. At June 30, 2020, $646 million of our Private Education Loans, including $603 million of principal and $43 million in capitalized interest, were encumbered because of this transaction. Secured Financings at Issuance The following summarizes our secured financings issued in 2019 and through June 30, 2020: Issue Date Issued Total Issued Weighted Average Cost of Funds (1) Weighted Average Life Private Education: 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 2020-A February 2020 $ 636,000 1-month LIBOR plus 0.88% 4.18 Total notes issued in 2020 $ 636,000 Total loan and accrued interest amount securitized at inception in 2020 $ 676,089 ____________ (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, 2020 and December 31, 2019, respectively: June 30, 2020 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 $ — $ 4,251,202 $ 4,251,202 $ 5,380,255 $ 115,192 $ 373,176 $ 5,868,623 Secured Borrowing Facility — — — — — 2,061 2,061 Total $ — $ 4,251,202 $ 4,251,202 $ 5,380,255 $ 115,192 $ 375,237 $ 5,870,684 ____ (1) Other assets primarily represent accrued interest receivable. December 31, 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 $ — $ 4,155,878 $ 4,155,878 $ 5,246,986 $ 145,760 $ 333,173 $ 5,725,919 Secured Borrowing Facility 289,230 — 289,230 339,666 8,803 23,832 372,301 Total $ 289,230 $ 4,155,878 $ 4,445,108 $ 5,586,652 $ 154,563 $ 357,005 $ 6,098,220 ____ (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, 2020. 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, 2020 or in the year ended December 31, 2019. 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 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, 2020 and December 31, 2019, the value of our pledged collateral at the FRB totaled $3.7 billion and $3.2 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, 2020 or in the year ended December 31, 2019.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2020
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 2019 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, 2020, $8.8 billion notional of our derivative contracts were cleared on the CME and $0.4 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 95.1 percent and 4.9 percent, respectively, of our total notional derivative contracts of $9.2 billion at June 30, 2020. 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, 2020 was $(249) million and $24 million for the CME and LCH, respectively. 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, 2020 and December 31, 2019, 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 $75 million and $52 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, 2020 and December 31, 2019, and their impact on earnings and other comprehensive income for the three and six months ended June 30, 2020 and 2019. Please refer to Note 10, “Derivative Financial Instruments” in our 2019 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 June 30, December June 30, December June 30, December 2020 2019 2020 2019 2020 2019 2020 2019 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ 157 $ 715 $ — $ — $ 28 $ — $ 185 $ 715 Derivative Liabilities: (2) Interest rate swaps Interest rate — — (179) (896) — (268) (179) (1,164) Total net derivatives $ 157 $ 715 $ (179) $ (896) $ 28 $ (268) $ 6 $ (449) ___________ (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, 2020 2019 2020 2019 Gross position (1) $ 185 $ 715 $ (179) $ (1,164) Impact of master netting agreement (139) (519) 139 519 Derivative values with impact of master netting agreements (as carried on balance sheet) 46 196 (40) (645) Cash collateral pledged (2) 74,902 52,564 — — Net position $ 74,948 $ 52,760 $ (40) $ (645) __________ (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, 2020 2019 2020 2019 2020 2019 2020 2019 Notional Values Interest rate swaps $ 1,085,182 $ 1,150,518 $ 5,109,779 $ 5,031,429 $ 3,005,471 $ 3,744,917 $ 9,200,432 $ 9,926,864 As of June 30, 2020 and December 31, 2019, 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, 2020 2019 2020 2019 Deposits $ (5,305,798) $ (5,085,426) $ (204,099) $ (63,148) Impact of Derivatives on the Consolidated Statements of Operations Three Months Ended Six Months Ended 2020 2019 2020 2019 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ 19,433 $ (4,061) $ 24,056 $ (7,888) Hedged items recorded in interest expense 2,296 (57,717) (140,952) (81,703) Derivatives recorded in interest expense (2,855) 57,449 141,328 81,337 Total $ 18,874 $ (4,329) $ 24,432 $ (8,254) Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ (4,219) $ 1,189 $ (5,747) $ 2,485 Total $ (4,219) $ 1,189 $ (5,747) $ 2,485 Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ (7,853) $ 18,242 $ 34,459 $ 22,444 Total (7,853) 18,242 34,459 22,444 Total $ 6,802 $ 15,102 $ 53,144 $ 16,675 Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Amount of loss recognized in other comprehensive income (loss) $ (6,562) $ (22,824) $ (53,784) $ (35,645) Less: amount of gain (loss) reclassified in interest expense (4,219) 1,189 (5,747) 2,485 Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ (2,343) $ (24,013) $ (48,037) $ (38,130) 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 $20 million will be reclassified as an increase to interest expense. Cash Collateral As of June 30, 2020, 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, 2020 and December 31, 2019, respectively. Cash collateral pledged related to derivative exposure between us and our derivatives counterparties was $75 million and $53 million at June 30, 2020 and December 31, 2019, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
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) 2020 2019 2020 2019 Common stock repurchased under repurchase program (1)(2) — 5,989,279 47,736,847 11,424,755 Average purchase price per share (3) $ — $ 10.04 $ 9.66 $ 10.51 Shares repurchased related to employee stock-based compensation plans (4) 908 24,036 1,106,027 1,313,427 Average purchase price per share $ 7.77 $ 10.05 $ 10.98 $ 10.93 Common shares issued (5) 147,735 181,020 2,985,297 3,651,684 __________________ (1) Common shares purchased under our share repurchase programs. $75 million of capacity under the 2020 Share Repurchase Program remained available as of June 30, 2020. (2) For the six months ended June 30, 2020, the amount includes 44.9 million shares related to the initial delivery of shares under our accelerated share repurchase agreement, described below. (3) Average purchase price per share includes purchase commission costs. (4) 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. (5) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on June 30, 2020 was $7.03. Dividend and Share Repurchases In both June 2020 and 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 2020 for payment in the third quarter of 2020 and declared a common stock dividend of $0.03 per common share in June 2019 for payment in the third quarter of 2019. The January 23, 2019 share repurchase program (the “2019 Share Repurchase Program”), which was effective upon announcement and expires on January 22, 2021, permits us to repurchase from time to time shares of our common stock up to an aggregate repurchase price not to exceed $200 million. Under the 2019 Share Repurchase Program, we repurchased no shares of common stock in the three months ended June 30, 2020 and 6 million shares of common stock for $60 million in the three months ended June 30, 2019. Under the 2019 Share Repurchase Program, we repurchased 3 million shares of common stock for $33 million in the six months ended June 30, 2020 and 11 million share of common stock for $120 million in the six months ended June 30, 2019. We have now utilized all capacity under the 2019 Share Repurchase Program. On January 22, 2020, we announced a new share repurchase program (the “2020 Share Repurchase Program”), which was effective upon announcement and expires on January 21, 2022, and permits us to repurchase shares of common stock from time to time up to an aggregate repurchase price not to exceed $600 million. On March 10, 2020, we entered into an accelerated share repurchase agreement (“ASR”) with a third-party financial institution under which we paid $525 million for an upfront delivery of our common stock and a forward agreement. On March 11, 2020, the third-party financial institution delivered to us approximately 44.9 million shares. The final total actual number of shares of common stock to be delivered to us pursuant to the forward agreement will be based generally upon a discount to the

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share Basic earnings (loss) 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) 2020 2019 2020 2019 Numerator: Net income (loss) $ (85,211) $ 150,277 $ 276,962 $ 308,466 Preferred stock dividends 2,478 4,331 5,942 8,799 Net income (loss) attributable to SLM Corporation common stock $ (87,689) $ 145,946 $ 271,020 $ 299,667 Denominator: Weighted average shares used to compute basic EPS 375,009 429,278 392,397 431,911 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 2,794 3,322 Weighted average shares used to compute diluted EPS 375,009 432,253 395,191 435,233 Basic earnings (loss) per common share attributable to SLM Corporation $ (0.23) $ 0.34 $ 0.69 $ 0.69 Diluted earnings (loss) per common share attributable to SLM Corporation $ (0.23) $ 0.34 $ 0.69 $ 0.69 ________________ (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)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
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 2019 Form 10-K. During the six months ended June 30, 2020, 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, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Available-for-sale investments $ — $ 1,947,062 $ 73,886 $ 2,020,948 $ — $ 487,669 $ — $ 487,669 Derivative instruments — 185 — 185 — 715 — 715 Total $ — $ 1,947,247 $ 73,886 $ 2,021,133 $ — $ 488,384 $ — $ 488,384 Liabilities Derivative instruments $ — $ (179) $ — $ (179) $ — $ (1,164) $ — $ (1,164) Total $ — $ (179) $ — $ (179) $ — $ (1,164) $ — $ (1,164) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. June 30, 2020 December 31, 2019 Fair Carrying Difference Fair Carrying Difference Earning assets: Loans held for investment, net: Private Education Loans $ 22,717,501 $ 19,792,515 $ 2,924,986 $ 24,988,941 $ 22,896,515 $ 2,092,426 FFELP Loans 754,341 752,021 2,320 795,055 783,816 11,239 Personal Loans 663,994 609,051 54,943 1,047,119 983,643 63,476 Credit Cards 9,635 10,344 (709) 3,818 3,818 — Cash and cash equivalents 4,988,961 4,988,961 — 5,563,877 5,563,877 — Trading investments 14,261 14,261 — — — — Available-for-sale investments 2,020,948 2,020,948 — 487,669 487,669 — Accrued interest receivable 1,458,363 1,392,677 65,686 1,491,471 1,392,725 98,746 Tax indemnification receivable 28,125 28,125 — 27,558 27,558 — Derivative instruments 185 185 — 715 715 — Total earning assets $ 32,656,314 $ 29,609,088 $ 3,047,226 $ 34,406,223 $ 32,140,336 $ 2,265,887 Interest-bearing liabilities: Money-market and savings accounts $ 10,668,905 $ 10,591,348 $ (77,557) $ 10,363,691 $ 10,335,163 $ (28,528) Certificates of deposit 13,238,192 12,998,799 (239,393) 14,065,007 13,947,743 (117,264) Short-term borrowings — — — 289,230 289,230 — Long-term borrowings 4,556,828 4,449,767 (107,061) 4,434,323 4,354,037 (80,286) Accrued interest payable 63,246 63,246 — 75,158 75,158 — Derivative instruments 179 179 — 1,164 1,164 — Total interest-bearing liabilities $ 28,527,350 $ 28,103,339 $ (424,011) $ 29,228,573 $ 29,002,495 $ (226,078) Excess of net asset fair value over carrying value $ 2,623,215 $ 2,039,809 Please refer to Note 14, “Fair Value Measurements” in our 2019 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, 2020
Banking and Thrift, Other Disclosures [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 (“UDFI”). Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on our business, results of operations and financial condition. Under the FDIC’s regulations implementing the Basel III capital framework (“U.S. Basel III”) and the regulatory framework for prompt corrective action, the Bank must meet specific capital standards that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and its classification under the prompt corrective action framework are also subject to qualitative judgments by the regulators about components of capital, risk weightings, and other factors. U.S. Basel III is aimed at increasing both the quantity and quality of regulatory capital. Certain aspects of U.S. Basel III, including new deductions from and adjustments to regulatory capital and a capital conservation buffer, have been phased in over several years. The Bank is subject to the following minimum capital ratios under U.S. Basel III: a Common Equity Tier 1 risk-based capital ratio of 4.5 percent, a Tier 1 risk-based capital ratio of 6.0 percent, a Total risk-based capital ratio of 8.0 percent, and a Tier 1 leverage ratio of 4.0 percent. 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. Including the buffer, as of January 1, 2019, the Bank is required to maintain the following capital ratios under U.S. Basel III in order to avoid such restrictions: a Common Equity Tier 1 risk-based capital ratio of greater than 7.0 percent, a Tier 1 risk-based capital ratio of greater than 8.5 percent, and a Total risk-based capital ratio of greater than 10.5 percent. To qualify as “well capitalized” under the prompt corrective action framework for insured depository institutions, the Bank must maintain a Common Equity Tier 1 risk-based capital ratio of at least 6.5 percent, a Tier 1 risk-based capital ratio of at least 8.0 percent, a Total risk-based capital ratio of at least 10.0 percent, and a Tier 1 leverage ratio of at least 5.0 percent. On March 27, 2020, the FDIC and other federal banking agencies published an interim final rule that provides those banking organizations that adopt CECL during the 2020 calendar year with the option to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. We have elected to use this option. Under this interim final rule, because we have elected to use the deferral option, the regulatory capital impact of our transition adjustments recorded on January 1, 2020 from the adoption of CECL will be deferred for two years. In addition, from January 1, 2020 through the end of the two-year deferral period, 25 percent of the ongoing impact of CECL on our allowance for loan losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes, will be added to the deferred transition amounts (“adjusted transition amounts”) and deferred for the two-year period. At the conclusion of the two-year period (i.e., beginning January 1, 2022), the adjusted transition amounts will be phased in for regulatory capital purposes at a rate of 25 percent per year, with the phased-in amounts included in regulatory capital at the beginning of each year. Our January 1, 2020 CECL transition amounts increased the allowance for loan losses by $1.1 billion, increased the liability representing our off-balance sheet exposure for unfunded commitments by $116 million, and increased our deferred tax asset by $306 million, resulting in a cumulative effect adjustment that reduced retained earnings by $953 million. This transition adjustment was inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used. The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. Actual U.S. Basel III Minimum Requirements Plus Buffer (1)(2) Amount Ratio Amount Ratio As of June 30, 2020: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,085,133 12.4 % $ 1,735,574 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,085,133 12.4 % $ 2,107,482 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,399,606 13.7 % $ 2,603,361 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,085,133 9.6 % $ 1,284,390 > 4.0 % As of December 31, 2019: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,264,309 12.2 % $ 1,876,050 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,264,309 12.2 % $ 2,278,060 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,600,668 13.4 % $ 2,814,074 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,264,309 10.2 % $ 1,284,642 > 4.0 % ________________ (1) Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer. (2) The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework. Bank Dividends

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	6 Months Ended
	Jun. 30, 2020
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). We estimate expected credit losses over the contractual period that we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. At June 30, 2020, we had $1 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2020/2021 academic year. At June 30, 2020, we had an $86 million reserve recorded in “Other Liabilities” to cover lifetime expected credit losses on these unfunded commitments. See Note 1, “Significant Accounting Policies — Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” and Note 5, “Unfunded Loan Commitments” for additional information. Regulatory Matters On July 17, 2018, the Mississippi Attorney General filed a lawsuit in Mississippi state court against Navient, Navient Solutions, LLC, and the Bank arising out of the Multi-State Investigation. The complaint alleges unfair and deceptive trade practices against all three defendants as to private loan origination practices from 2000 to 2009, and against the two Navient defendants as to servicing practices between 2010 and the present. The complaint further alleges that Navient assumed responsibility for these matters under the Separation and Distribution Agreement for alleged conduct that pre-dated the Spin-Off. On September 27, 2018, the Mississippi Attorney General filed an amended complaint. On October 8, 2018, the Bank moved to dismiss the Mississippi Attorney General’s action as to the Bank, arguing, among other things, that the complaint failed to allege with sufficient particularity or specificity how the Bank was responsible for any of the alleged conduct, most of which predated the Bank’s existence. On November 20, 2018, the Mississippi Attorney General filed an opposition brief and the Bank filed a reply on December 21, 2018. The court heard oral argument on the Bank’s motion to dismiss on April 11, 2019. On August 15, 2019, the court entered an order denying the Bank’s motion to dismiss. On September 5, 2019, the Bank filed with the Supreme Court of Mississippi a petition for interlocutory appeal. The Mississippi Attorney General filed an opposition to the petition for interlocutory appeal on September 19, 2019. On October 16, 2019, the Supreme Court of Mississippi granted the Bank’s petition for interlocutory appeal and stayed the trial court proceedings. The Mississippi Attorney General has since agreed to dismiss with prejudice all claims against the Bank in the underlying case. On March 31, 2020, the Mississippi Attorney General and the Bank filed a Joint Motion to Dismiss Interlocutory Appeal with the Supreme Court of Mississippi. On April 10, 2020, the Mississippi Attorney General filed with the trial court a Notice of Voluntary Dismissal with Prejudice as to the Bank. For additional information regarding our regulatory matters, see Note 18, “Commitments, Contingencies and Guarantees” in our 2019 Form 10-K. 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, 2020
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, 2020 are not necessarily indicative of the results for the year ending December 31, 2020 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, 2019 (the “2019 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.
Allowance for Credit Losses	Allowance for Credit Losses We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date. In determining the lifetime expected credit losses on our Private Education Loan and Personal Loan portfolios, we use a discounted cash flow model. This method requires us to project future principal and interest cash flows on our loans in those portfolios. To estimate the future expected cash flows, we use a vintage-based model that considers life of loan loss expectations, prepayments (both voluntary and involuntary), defaults, recoveries, and any other adjustments deemed necessary, to determine the adequacy of the allowance at each balance sheet date. These cash flows are discounted at the loan’s effective interest rate to calculate the present value of those cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for loan losses. Entities that measure credit losses based on the present value of expected future cash flows are permitted to report the entire change in present value as credit loss expense, but may alternatively report the change in present value due to the passage of time as interest income. We have elected to report the entire change in present value as credit loss expense. In determining the loss rates used for the vintage-based approach, we start with our historical loss rates, stratify the loans within each vintage, and then adjust the loss rates based upon exogenous factors over a reasonable and supportable period. The reasonable and supportable period is meant to represent the period in which we believe we can estimate the impact of forecasted economic variables in our expected losses. At the end of the reasonable and supportable period, we immediately revert our forecast of expected losses to our historical averages. We use a two-year reasonable and supportable period, although this period is subject to change as our view evolves on our ability to reasonably estimate future losses based upon economic forecasts. In estimating our current expected credit losses, we use a combination of an expected base-case economic scenario coupled with our historical experience to derive a base case adjusted for any qualitative factors (as described below). We also develop an adverse and favorable economic scenario as well. At each reporting date, we determine the appropriate weighting of these alternate scenarios based upon the current economic conditions and our view of the risks of alternate outcomes. This weighting of expectations is used in calculating our current expected credit losses recorded each period. In estimating recoveries, we use both estimates of what we would receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans. Our prepayment estimates include the effect of voluntary prepayments and consolidation (if the loans are consolidated to third parties), both of which shorten the lives of loans. Constant Prepayment Rate (“CPR”) estimates also consider the utilization of deferment, forbearance, and extended repayment plans, which lengthen the lives of loans. We regularly evaluate the assumptions used to estimate the CPRs. We use economic forecasts to help in the estimation of future CPRs. As with our loss forecasts, at the end of the two-year reasonable and supportable forecast for CPRs, we immediately revert to our historical long-term CPR rates. In addition to the above modeling approach, we also take certain other qualitative factors into consideration when calculating the allowance for loan losses. These qualitative factors include, but are not limited to, changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices not already included in the analysis, and the effect of other external factors such as legal and regulatory requirements on the level of estimated current expected credit losses. The evaluation of the allowance for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for loan losses, the timing of when losses are recognized, and the related provision for credit losses on our consolidated statements of operations.
Allowance For Private Education Loan Losses	Allowance for Private Education Loan Losses We collect on defaulted loans through a mix of in-house collectors, third-party collectors and sales to third-parties. For June 30, 2020 and December 31, 2019, we used both an estimate of recovery rates from in-house collections as well as expectations of future sales of defaulted loans to estimate the timing and amount of future recoveries on charged-off loans. In addition to the key assumptions/estimates described above, some estimates are unique to our Private Education Loan portfolio. Estimates are made on our Private Education Loans regarding when each borrower will separate from school. The cash flow timing of when a borrower will begin making full principal and interest payments is dependent upon when the student either graduates or leaves school. These dates can change based upon many factors. We receive information regarding projected graduation dates from a third-party clearinghouse. The separation from school date will be updated quarterly based on updated information received from the clearinghouse. Additionally, when we have a contractual obligation to fund a loan or a portion of a loan at a later date, we make an estimate regarding the percentage of this obligation that will be funded. This estimate is based on historical experience. For unfunded commitments, we recognize the related life of loan allowance as a liability. Once the loan is funded, that liability transfers to the allowance for Private Education Loan losses. Key Credit Quality Indicators - Private Education Loans We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider credit score at original approval and periodically refreshed/updated credit scores through the loan’s term, existence of a cosigner, loan status, and loan seasoning as the key credit quality indicators because they have the most significant effect on the determination of the adequacy of our allowance for loan losses. Credit scores are an indicator of the creditworthiness of borrowers and the higher the credit scores the more likely it is the borrowers will be able to make all of their contractual payments. Loan status affects the credit risk because a past due loan is more likely to result in a credit loss than a current loan. Additionally, loans in the deferred payment status have different credit risk profiles compared with those in current pay status. Loan seasoning affects credit risk because a loan with a history of making payments generally has a lower incidence of default than a loan with a history of making infrequent or no payments. The existence of a cosigner lowers the likelihood of default as well. We monitor and update these credit quality indicators in the analysis of the adequacy of our allowance for loan losses on a quarterly basis. Private Education Loans generally do not require borrowers to begin principal and interest repayment until at least six months after the borrowers have graduated or otherwise separated from school. Consequently, the loss estimates for these loans are generally low while the borrower is in school and then increase upon the end of the grace period after separation from school. At June 30, 2020 and December 31, 2019, 26 percent and 25 percent, respectively, of the principal balance of the Private Education Loan portfolio was related to borrowers who are in an in-school (fully deferred), grace, or other deferment status and not required to make payments. Our collection policies for Private Education Loans allow for periods of nonpayment for certain borrowers requesting an extended grace period upon leaving school or experiencing temporary difficulty meeting payment obligations. This is referred to as forbearance and is considered in estimating the allowance for loan losses. As part of concluding on the adequacy of the allowance for loan losses for Private Education Loans, we review key allowance and loan metrics. The most relevant of these metrics considered are the allowance as a percentage of ending total loans, delinquency percentages, and forbearance percentages. We consider a Private Education Loan to be delinquent 31 days after the last payment was contractually due. Off-Balance Sheet Exposure for Contractual Loan 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 the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. The discounted cash flow approach described above includes expected future contractual disbursements. The portion of the allowance for loan losses related to future disbursements is shown as a liability on the face of the balance sheet, and related provision for credit losses is reflected on the income statement. Uncollectible Interest
Allowance For Personal Education Loan Losses	Troubled Debt Restructurings (“TDRs”) In estimating the expected defaults for our Private Education Loans that are considered TDRs, we follow the same discounted cash flow process described above but use the historical loss rates related to past TDR loans. The appropriate gross loss rates are determined for each individual loan by evaluating loan maturity, risk characteristics, and macroeconomic conditions. The allowance for our TDR portfolio is included in our overall allowance for Private Education Loans. Our TDR portfolio is comprised mostly of loans with interest rate reductions and loans with forbearance usage greater than three months, as further described below. We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations, achieve better student outcomes, and increase the collectability of the loans. These changes generally take the form of a temporary forbearance of payments, a temporary interest rate reduction, a temporary interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. When we give a borrower facing financial difficulty an interest rate reduction, we temporarily reduce the rate (currently to 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. We classify a loan as a TDR due to forbearance using a two-step process. The first step is to identify a loan that was in full principal and interest repayment status and received more than three months of forbearance in a 24-month period; however, during the first nine months after a loan had entered full principal and interest repayment status, we do not count up to the first six months of forbearance received during that period against the three-month policy limit. The second step is to evaluate the creditworthiness of the loan by examining its most recent refreshed FICO score. Loans that have met the criteria in the first test and have a FICO score above a certain threshold (based on the most recent quarterly FICO score refresh) will not be classified as TDRs. Loans that have met the criteria in the first test and have a FICO score under the threshold (based on the most recent quarterly FICO score refresh) will be classified as TDRs. A loan also becomes a TDR when it is modified to reduce the interest rate on the loan (regardless of when such modification occurs and/or whether such interest rate reduction is temporary). Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life. About half our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan. As of June 30, 2020 and December 31, 2019, approximately 47 percent and 50 percent, respectively, of TDRs were classified as such due to their forbearance status. For additional information, see Note 6, “Allowance for Loan Losses” in our 2019 Form 10-K. Allowance for Personal Loans From late 2016 through mid-2018, we acquired newly-originated Personal Loans from a marketplace lender. In 2018, we began to originate Personal Loans. We ceased originating these loans at the end of 2019. We maintain an allowance for Personal Loan losses at an amount sufficient to absorb lifetime expected credit losses using the same discounted cash flow approach described above for Private Education Loans. The difference between the amortized cost basis and the present value of expected cash flows on our Personal Loan portfolio equals the allowance related to this portfolio. At June 30, 2020 and December 31, 2019, we held $609 million and $984 million, respectively, in Personal Loans, net of allowance. At June 30, 2020, there were no Personal Loans classified as TDRs. We collect on defaulted Personal Loans through a mix of in-house collectors, third-party collectors, and sales to third-parties. For June 30, 2020 and December 31, 2019, we used both an estimate of recovery rates from in-house collections as well as expectations of future sales of defaulted Personal Loans to estimate the timing and amount of future recoveries on charged-off Personal Loans. Key Credit Quality Indicators - Personal Loan s For Personal Loans, we consider FICO scores at original approval and periodically refreshed/updated credit scores through the loan’s term, loan seasoning, and loan delinquency status to be our key credit quality indicators for the same reasons discussed above under “— Key Credit Quality Indicators — Private Education Loans.”
Allowance For Credit Card Loans	Allowance for Credit Card Loans We use the gross loss approach when estimating the allowance for loan losses for our Credit Card portfolio. Because our Credit Card portfolio is new and we do not have historical loss experience, we use estimated loss rates reported by other financial institutions to estimate our allowance for loan losses for credit cards, net of expected recoveries. In addition, we use a model that utilizes purchased credit card information with risk characteristics similar to those of our own portfolio as a challenger model. We then consider any qualitative factors that may change our future expectations of losses.
Allowance For FFELP Loan Losses	Allowance for FFELP Loan Losses 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 default 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. Because we bear a maximum of three percent loss exposure due to this federal guarantee, our allowance for loan losses for FFELP loans and related periodic provision expense are relatively small. We use the gross loss approach when estimating the allowance for loan losses for our FFELP Loans. We maintain an allowance for loan losses for our FFELP Loans at a level sufficient to cover lifetime expected credit losses. The allowance for FFELP Loan losses uses historical experience of customer default behavior. We apply the default rate projections, net of applicable risk sharing, to our FFELP Loans for the current period to perform our quantitative calculation. Once the quantitative calculation is performed, we review the adequacy of the allowance for loan losses and determine if qualitative adjustments need to be considered.
Loan Interest Income	Loan Interest Income For all loans, including impaired loans, classified as held for investment, we recognize interest income as earned, adjusted for the amortization of deferred direct origination and acquisition costs. Deferred fees or costs are required to be recognized as yield adjustments over the life of the related loans and are recognized by the interest method. The objective of the interest method is to arrive at periodic interest income (including recognition of fees and costs) at a constant effective yield on the net investment in the receivable (i.e., the principal amount of the receivable adjusted by unamortized fess or costs, purchase premium or discount, and any hedging activity—these unamortized costs will collectively be referred to as “basis adjustments”). The difference between the periodic interest income so determined and the interest income determined by applying the stated interest rate to the outstanding principal amount of the receivable is the amount of periodic amortization. For the amortization of the basis adjustments, we determine the constant effective yield necessary to apply the interest method based upon the contractual terms of the loan contract, with no consideration given to expected prepayments. For fixed-rate loans, when a prepayment occurs the unamortized balance of the basis adjustments is adjusted so that future amortization (based upon the contractual terms of the loan) will result in a constant effective yield equal to the original effective interest rate. Prepayments do not result in a change in the effective interest rate of the loan. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. For variable-rate loans, the effective interest rate at the time of origination is the loan’s effective interest rate assuming all future contractual payments. The effective interest rate remains the same for that loan until the loan rate changes. If there is no prepayment and no change in the stated interest rate, the periodic amortization of the basis adjustments is equal to the difference between the effective interest rate multiplied by the book basis and the contractual interest due. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. When the interest rate on a variable-rate loan changes, the effective interest rate is recalculated using the same methodology described in the previous paragraph; however, the future contractual payments are changed to reflect the new interest rate. There is no forecasting of future expected changes in interest rates. The accounting basis used to determine the effective interest rate of the cash flows is equal to the balances of the unpaid principal balance and unamortized basis adjustments at the time of the rate change. We also pay to the U.S. Department of Education (the “DOE”) an annual 105 basis point Consolidation Loan Rebate Fee on FFELP consolidation loans, which is netted against loan interest income. Additionally, interest earned on education loans and Personal Loans reflects potential non-payment adjustments in accordance with our uncollectible interest recognition policy. We do not amortize any adjustments to the basis of loans when they are classified as held-for-sale. With the adoption of CECL on January 1, 2020, we continue to analyze the collectability of accrued interest associated with loans not currently in full principal and interest repayment status or interest-only repayment status as discussed above; however, we will change the recognition of the allowance for this portion of uncollectible interest (amounts to be capitalized after separation from school and the expiration of the grace period) to the provision for loan losses from our historical practice of recording it as a reduction of interest income, as well as classifying this allowance as part of our allowance for loan losses as opposed to our historical practice of recording it as a reduction of accrued interest income receivable. The allowance for the portion of uncollectible interest on loans making full interest payments will continue to be recorded as a reduction of interest income.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” In June 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which became effective for us on January 1, 2020 (“CECL”). This ASU eliminated the previous accounting guidance for the recognition of credit impairment. Under the new guidance, for all loans carried at amortized cost, upon loan origination we are required to measure our allowance for loan losses based on our estimate of all current expected credit losses 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. In addition, Topic 326 made changes to the accounting for available-for-sale debt securities. One such change is to require an assessment of unrealized losses on available-for-sale debt securities that we have the ability and intent to hold for a period of time sufficient to recover the amortized cost of the security, for the purpose of determining credit impairment. If any credit impairment exists, an allowance for losses must be established for the amount of the unrealized loss that is determined to be credit-related. Adoption of the standard had a material impact on how we record and report our financial condition and results of operations, and on regulatory capital. The following table illustrates the impact of the cumulative effect adjustment made upon adoption of CECL: January 1, 2020 As reported under CECL Pre-CECL Adoption Impact of CECL Adoption Assets: Allowance for loan losses: Private Education Loans $ 1,435,130 $ 374,300 $ 1,060,830 FFELP Loans 4,485 1,633 2,852 Personal Loans 145,060 65,877 79,183 Credit Cards 290 102 188 Total $ 1,584,965 $ 441,912 $ 1,143,053 Deferred tax asset $ 415,540 $ 109,369 $ 306,171 Liabilities: Allowance for loan losses: Off-balance sheet exposures $ 118,239 $ 2,481 $ 115,758 Equity: Retained Earnings $ 897,873 $ 1,850,512 $ (952,639) This transition adjustment is inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used. We also elected to use the relief offered in the interim final rule recently issued by the Federal Deposit Insurance Corporation (the “FDIC”) and other federal banking agencies that provides those banking organizations adopting CECL in the 2020 calendar year with the option to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. We have elected to use this option. Under this interim final rule, because we have elected to use the deferral option, the regulatory capital impact of our transition adjustments recorded on January 1, 2020 from the adoption of CECL will be deferred for two years. In addition, from January 1, 2020 through the end of the two-year deferral period, 25 percent of the ongoing impact of CECL on our allowance for loan losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes, will be added to the deferred transition amounts (“adjusted transition amounts”) and deferred for the two-year period. At the conclusion of the two-year period (i.e., beginning January 1, 2022), the adjusted transition amounts will be phased in for regulatory capital purposes at a rate of 25 percent per year, with the phased-in amounts included in regulatory capital at the beginning of each year. For additional information, see Note 12, “Regulatory Capital.”

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Cumulative Effect of Adoption of CECL	The following table illustrates the impact of the cumulative effect adjustment made upon adoption of CECL: January 1, 2020 As reported under CECL Pre-CECL Adoption Impact of CECL Adoption Assets: Allowance for loan losses: Private Education Loans $ 1,435,130 $ 374,300 $ 1,060,830 FFELP Loans 4,485 1,633 2,852 Personal Loans 145,060 65,877 79,183 Credit Cards 290 102 188 Total $ 1,584,965 $ 441,912 $ 1,143,053 Deferred tax asset $ 415,540 $ 109,369 $ 306,171 Liabilities: Allowance for loan losses: Off-balance sheet exposures $ 118,239 $ 2,481 $ 115,758 Equity: Retained Earnings $ 897,873 $ 1,850,512 $ (952,639)

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 312,549 $ — $ 5,832 $ (378) $ 318,003 Utah Housing Corporation bonds 15,931 — 224 — 16,155 U.S. government-sponsored enterprises and Treasuries 1,608,837 — 4,073 (6) 1,612,904 Other securities 75,704 — — (1,818) 73,886 Total $ 2,013,021 $ — $ 10,129 $ (2,202) $ 2,020,948 December 31, 2019 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 215,888 $ — $ 1,895 $ (658) $ 217,125 Utah Housing Corporation bonds 19,474 — 145 (83) 19,536 U.S. government-sponsored enterprises 250,394 — 635 (21) 251,008 Total $ 485,756 $ — $ 2,675 $ (762) $ 487,669 ___________
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 Estimated Gross Estimated Gross Estimated As of June 30, 2020: Mortgage-backed securities $ (378) $ 123,612 $ — $ — $ (378) $ 123,612 Utah Housing Corporation bonds — — — — — — U.S. government-sponsored enterprises and Treasuries (6) 174,867 — — (6) 174,867 Other securities (1,818) 73,886 — — (1,818) 73,886 Total $ (2,202) $ 372,365 $ — $ — $ (2,202) $ 372,365 As of December 31, 2019: Mortgage-backed securities $ (218) $ 25,624 $ (440) $ 42,448 $ (658) $ 68,072 Utah Housing Corporation bonds — — (83) 11,097 (83) 11,097 U.S. government-sponsored enterprises (21) 14,977 — — (21) 14,977 Total $ (239) $ 40,601 $ (523) $ 53,545 $ (762) $ 94,146
Amortized cost and fair value of securities by contractual maturities	As of June 30, 2020, 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 $ 416,977 $ 417,051 2021 354,463 356,542 2022 814,700 816,138 2023 22,696 23,173 2038 173 196 2039 2,301 2,530 2042 6,922 7,016 2043 10,804 11,342 2044 14,552 15,093 2045 13,909 14,358 2046 22,838 23,480 2047 34,843 35,351 2048 8,824 9,190 2049 67,357 69,867 2050 145,958 145,735 2054 75,704 73,886 Total $ 2,013,021 $ 2,020,948

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Schedule of Loans Held for Investment	Loans held for investment are summarized as follows: June 30, December 31, 2020 2019 Private Education Loans: Fixed-rate $ 9,822,370 $ 9,830,301 Variable-rate 11,663,095 13,359,290 Total Private Education Loans, gross 21,485,465 23,189,591 Deferred origination costs and unamortized premium/(discount) 67,609 81,224 Allowance for loan losses (1,760,559) (374,300) Total Private Education Loans, net 19,792,515 22,896,515 FFELP Loans 754,340 783,306 Deferred origination costs and unamortized premium/(discount) 2,066 2,143 Allowance for loan losses (4,385) (1,633) Total FFELP Loans, net 752,021 783,816 Personal Loans (fixed-rate) 772,086 1,049,007 Deferred origination costs and unamortized premium/(discount) 302 513 Allowance for loan losses (163,337) (65,877) Total Personal Loans, net 609,051 983,643 Credit Cards (fixed-rate) 10,706 3,884 Deferred origination costs and unamortized premium/(discount) 680 36 Allowance for loan losses (1,042) (102) Total Credit Cards, net 10,344 3,818 Loans held for investment, net $ 21,163,931 $ 24,667,792 The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended June 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,590,905 8.33 % $ 21,748,247 9.39 % FFELP Loans 761,469 3.82 821,138 5.01 Personal Loans 836,342 12.54 1,149,247 12.00 Total portfolio $ 23,188,716 $ 23,718,632 Six Months Ended June 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 22,546,874 8.60 % $ 21,740,579 9.44 % FFELP Loans 768,897 4.06 829,497 4.98 Personal Loans 905,007 12.31 1,162,782 11.90 Total portfolio $ 24,220,778 $ 23,732,858 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended 2020 2019 Average Interest Average Interest TDR Loans $ 1,556,278 $ 24,071 $ 1,395,756 $ 22,954 Six Months Ended 2020 2019 Average Interest Average Interest TDR Loans $ 1,591,081 $ 50,559 $ 1,354,467 $ 44,520

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Allowance for credit losses and recorded investments in loans	Allowance for Loan Losses Six Months Ended June 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Loan Losses Beginning balance $ 1,633 $ 374,300 $ 65,877 $ 102 $ 441,912 Day 1 adjustment for the adoption of CECL 2,852 1,060,830 79,183 188 1,143,053 Transfer from unfunded commitment liability (1) — 179,085 — — 179,085 Provisions: Provision for current period 210 377,877 49,247 800 428,134 Loan sale reduction to provision — (161,793) — — (161,793) Total provision (2) 210 216,084 49,247 800 266,341 Net charge-offs: Charge-offs (310) (83,248) (33,848) (48) (117,454) Recoveries — 13,508 2,878 — 16,386 Net charge-offs (310) (69,740) (30,970) (48) (101,068) Ending Balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Allowance: Ending balance: individually evaluated for impairment $ — $ 160,234 $ — $ — $ 160,234 Ending balance: collectively evaluated for impairment $ 4,385 $ 1,600,325 $ 163,337 $ 1,042 $ 1,769,089 Loans: Ending balance: individually evaluated for impairment $ — $ 1,520,240 $ — $ — $ 1,520,240 Ending balance: collectively evaluated for impairment $ 754,340 $ 19,965,225 $ 772,086 $ 10,706 $ 21,502,357 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.11 % 0.91 % 7.13 % 1.31 % Allowance as a percentage of the ending total loan balance 0.58 % 8.19 % 21.16 % 9.73 % Allowance as a percentage of the ending loans in repayment (3) 0.97 % 12.13 % 22.46 % 9.73 % Allowance coverage of net charge-offs (annualized) 7.07 12.62 2.64 10.85 Ending total loans, gross $ 754,340 $ 21,485,465 $ 772,086 $ 10,706 Average loans in repayment (3) $ 553,402 $ 15,306,349 $ 869,133 $ 7,326 Ending loans in repayment (3) $ 452,617 $ 14,512,723 $ 727,214 $ 10,706 ____________ (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the provision for credit losses reported in the consolidated statements of operations. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for loan losses. Consolidated Statements of Operations Six Months Ended Provisions for credit losses for new loan commitments made during the period $ 146,804 Total provision for allowance for loan losses 266,341 Provisions for credit losses reported in consolidated statements of operations $ 413,145 (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. Three Months Ended Three Months Ended Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 29,707 $ 449,807 $ 295 $ 518,248 Provision/New commitments 98,741 1,165,224 768 1,348,938 Transfer - funded loans (1) (42,490) (495,989) (308) (531,431) Ending Balance $ 85,958 $ 1,119,042 $ 755 $ 1,335,755 Six Months Ended Six Months Ended Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 2,481 $ 1,910,603 $ 2,165 $ 2,010,744 Day 1 adjustment for the adoption of CECL 115,758 — — — Provision/New commitments 146,804 2,000,170 2,134 1,982,240 Transfer - funded loans (1) (179,085) (2,791,731) (3,544) (2,657,229) Ending Balance $ 85,958 $ 1,119,042 $ 755 $ 1,335,755 ________________ (1)
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, 2020 TDR Loans $ 1,560,124 $ 1,520,240 $ 160,234 December 31, 2019 TDR Loans $ 1,612,896 $ 1,581,966 $ 186,697
Average recorded investment and interest income recognized for troubled debt restructuring loans	Loans held for investment are summarized as follows: June 30, December 31, 2020 2019 Private Education Loans: Fixed-rate $ 9,822,370 $ 9,830,301 Variable-rate 11,663,095 13,359,290 Total Private Education Loans, gross 21,485,465 23,189,591 Deferred origination costs and unamortized premium/(discount) 67,609 81,224 Allowance for loan losses (1,760,559) (374,300) Total Private Education Loans, net 19,792,515 22,896,515 FFELP Loans 754,340 783,306 Deferred origination costs and unamortized premium/(discount) 2,066 2,143 Allowance for loan losses (4,385) (1,633) Total FFELP Loans, net 752,021 783,816 Personal Loans (fixed-rate) 772,086 1,049,007 Deferred origination costs and unamortized premium/(discount) 302 513 Allowance for loan losses (163,337) (65,877) Total Personal Loans, net 609,051 983,643 Credit Cards (fixed-rate) 10,706 3,884 Deferred origination costs and unamortized premium/(discount) 680 36 Allowance for loan losses (1,042) (102) Total Credit Cards, net 10,344 3,818 Loans held for investment, net $ 21,163,931 $ 24,667,792 The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended June 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,590,905 8.33 % $ 21,748,247 9.39 % FFELP Loans 761,469 3.82 821,138 5.01 Personal Loans 836,342 12.54 1,149,247 12.00 Total portfolio $ 23,188,716 $ 23,718,632 Six Months Ended June 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 22,546,874 8.60 % $ 21,740,579 9.44 % FFELP Loans 768,897 4.06 829,497 4.98 Personal Loans 905,007 12.31 1,162,782 11.90 Total portfolio $ 24,220,778 $ 23,732,858 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended 2020 2019 Average Interest Average Interest TDR Loans $ 1,556,278 $ 24,071 $ 1,395,756 $ 22,954 Six Months Ended 2020 2019 Average Interest Average Interest TDR Loans $ 1,591,081 $ 50,559 $ 1,354,467 $ 44,520
Age analysis of past due loans delinquencies	The following tables provide information regarding the loan status of our Private Education Loans, by year of origination. 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 (but, for purposes of the following tables, do not include those loans while they are in forbearance). Private Education Loan Delinquencies by Origination Vintage June 30, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Loans in-school/grace/deferment (1) $ 532,190 $ 2,038,059 $ 1,100,549 $ 740,554 $ 465,662 $ 603,033 $ 5,480,047 Loans in forbearance: Loans in forbearance - loans current (2) 17,801 123,106 222,065 248,986 248,467 560,160 1,420,585 Loans in forbearance - loans delinquent 31-60 days (2)(3) 112 1,979 4,996 6,642 7,988 18,738 40,455 Loans in forbearance - loans delinquent 61-90 days (2)(3) 56 521 2,503 3,859 4,093 10,254 21,286 Loans in forbearance - loans delinquent greater than 90 days (2)(3) — 364 1,166 1,951 1,865 5,023 10,369 Total Private Education Loans in forbearance (2) 17,969 125,970 230,730 261,438 262,413 594,175 1,492,695 Loans in repayment: Loans current 664,058 3,004,489 2,346,348 2,076,951 1,907,320 4,191,163 14,190,329 Loans delinquent 31-60 days (3) 1,914 10,970 19,053 26,884 28,314 79,449 166,584 Loans delinquent 61-90 days (3) 448 4,064 11,536 17,106 19,241 47,258 99,653 Loans delinquent greater than 90 days (3) 261 1,601 6,390 8,544 9,974 29,387 56,157 Total Private Education Loans in repayment 666,681 3,021,124 2,383,327 2,129,485 1,964,849 4,347,257 14,512,723 Total Private Education Loans, gross 1,216,840 5,185,153 3,714,606 3,131,477 2,692,924 5,544,465 21,485,465 Private Education Loans deferred origination costs and unamortized premium/(discount) 10,625 19,555 11,819 8,911 7,454 9,245 67,609 Total Private Education Loans 1,227,465 5,204,708 3,726,425 3,140,388 2,700,378 5,553,710 21,553,074 Private Education Loans allowance for losses (149,416) (408,844) (305,239) (260,677) (217,161) (419,222) (1,760,559) Private Education Loans, net $ 1,078,049 $ 4,795,864 $ 3,421,186 $ 2,879,711 $ 2,483,217 $ 5,134,488 $ 19,792,515 Percentage of Private Education Loans in repayment 54.8 % 58.3 % 64.2 % 68.0 % 73.0 % 78.4 % 67.5 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.4 % 0.6 % 1.6 % 2.5 % 2.9 % 3.6 % 2.2 % Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans 0.4 % 0.6 % 1.9 % 3.0 % 3.6 % 4.3 % 2.7 % Loans in forbearance as a percentage of loans in repayment and forbearance 2.6 % 4.0 % 8.8 % 10.9 % 11.8 % 12.0 % 9.3 % _______ (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. Private Education Loan Delinquencies by Origination Vintage December 31, 2019 2019 2018 2017 2016 2015 2014 and Prior Total Loans in-school/grace/deferment (1) $ 1,670,644 $ 1,580,513 $ 1,010,764 $ 635,798 $ 375,585 $ 414,101 $ 5,687,405 Loans in forbearance: Loans in forbearance - current (2) 21,009 108,509 142,341 146,114 127,799 168,744 714,516 Loans in forbearance - delinquent 31-60 days (2)(3) — — — — — — — Loans in forbearance - delinquent 61-90 days (2)(3) — — — — — — — Loans in forbearance - delinquent greater than 90 days (2)(3) — — — — — — — Total Private Education Loans in forbearance (2) 21,009 108,509 142,341 146,114 127,799 168,744 714,516 Loans in repayment: Loans current 2,340,221 3,159,878 2,781,132 2,566,815 2,225,721 3,241,884 16,315,651 Loans delinquent 31-60 days (3) 11,152 26,096 44,382 51,656 54,559 100,206 288,051 Loans delinquent 61-90 days (3) 3,087 9,527 17,048 21,161 24,562 45,917 121,302 Loans delinquent greater than 90 days (3) 935 3,850 7,818 12,314 12,946 24,803 62,666 Total Private Education Loans in repayment 2,355,395 3,199,351 2,850,380 2,651,946 2,317,788 3,412,810 16,787,670 Total Private Education Loans, gross 4,047,048 4,888,373 4,003,485 3,433,858 2,821,172 3,995,655 23,189,591 Private Education Loans deferred origination costs and unamortized premium/(discount) 23,661 17,699 13,843 12,304 8,564 5,153 81,224 Total Private Education Loans 4,070,709 4,906,072 4,017,328 3,446,162 2,829,736 4,000,808 23,270,815 Private Education Loans allowance for losses (3,013) (19,105) (44,858) (71,598) (80,974) (154,752) (374,300) Private Education Loans, net $ 4,067,696 $ 4,886,967 $ 3,972,470 $ 3,374,564 $ 2,748,762 $ 3,846,056 $ 22,896,515 Percentage of Private Education Loans in repayment 58.2 % 65.4 % 71.2 % 77.2 % 82.2 % 85.4 % 72.4 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.6 % 1.2 % 2.4 % 3.2 % 4.0 % 5.0 % 2.8 % Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans 0.6 % 1.2 % 2.4 % 3.2 % 4.0 % 5.0 % 2.8 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.9 % 3.3 % 4.8 % 5.2 % 5.2 % 4.7 % 4.1 % ______ (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
Modified loans accounts for troubled debt restructuring	The following table provides the amount of modified loans (which 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- Modified Loans (1) Charge-offs Payment- TDR Loans $ 36,666 $ 8,623 $ 17,910 $ 131,273 $ 17,076 $ 30,309 Six Months Ended Six Months Ended Modified Loans (1) Charge-offs Payment- Modified Loans (1) Charge-offs Payment- TDR Loans $ 169,481 $ 27,998 $ 49,002 $ 242,481 $ 33,081 $ 55,755 _____
Private education loan portfolio stratified by key credit quality indicators	The following tables highlight the gross principal balance of our Private Education Loan portfolio, by year of origination, stratified by key credit quality indicators. Private Education Loans Credit Quality Indicators June 30, 2020 Year of Origination 2020 (1) 2019 (1) 2018 (1) 2017 (1) 2016 (1) 2015 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 985,808 $ 4,513,841 $ 3,244,267 $ 2,790,768 $ 2,434,473 $ 5,072,593 $ 19,041,750 89 % Without cosigner 231,032 671,312 470,339 340,709 258,451 471,872 2,443,715 11 Total $ 1,216,840 $ 5,185,153 $ 3,714,606 $ 3,131,477 $ 2,692,924 $ 5,544,465 $ 21,485,465 100 % FICO at Origination (2) : Less than 670 $ 86,008 $ 363,637 $ 271,480 $ 233,371 $ 193,171 $ 431,144 $ 1,578,811 7 % 670-699 181,178 758,383 547,683 492,944 423,603 920,255 3,324,046 16 700-749 398,370 1,685,282 1,218,105 1,039,210 907,291 1,854,579 7,102,837 33 Greater than or equal to 750 551,284 2,377,851 1,677,338 1,365,952 1,168,859 2,338,487 9,479,771 44 Total $ 1,216,840 $ 5,185,153 $ 3,714,606 $ 3,131,477 $ 2,692,924 $ 5,544,465 $ 21,485,465 100 % FICO Refreshed (2)(3) : Less than 670 $ 102,547 $ 476,798 $ 398,671 $ 379,970 $ 366,824 $ 927,051 $ 2,651,861 12 % 670-699 169,846 673,935 449,316 365,351 296,192 613,518 2,568,158 12 700-749 396,337 1,623,733 1,108,642 911,600 754,672 1,466,464 6,261,448 29 Greater than or equal to 750 548,110 2,410,687 1,757,977 1,474,556 1,275,236 2,537,432 10,003,998 47 Total $ 1,216,840 $ 5,185,153 $ 3,714,606 $ 3,131,477 $ 2,692,924 $ 5,544,465 $ 21,485,465 100 % Seasoning (4) : 1-12 payments $ 684,650 $ 2,718,782 $ 506,754 $ 542,026 $ 466,704 $ 695,822 $ 5,614,738 26 % 13-24 payments — 428,312 1,826,430 264,902 250,678 544,044 3,314,366 15 25-36 payments — — 280,873 1,394,821 243,690 528,094 2,447,478 11 37-48 payments — — — 189,174 1,123,215 522,030 1,834,419 9 More than 48 payments — — — — 142,975 2,651,442 2,794,417 13 Not yet in repayment 532,190 2,038,059 1,100,549 740,554 465,662 603,033 5,480,047 26 Total $ 1,216,840 $ 5,185,153 $ 3,714,606 $ 3,131,477 $ 2,692,924 $ 5,544,465 $ 21,485,465 100 % Current period (5) gross charge-offs $ (99) $ (3,325) $ (10,513) $ (14,602) $ (15,397) $ (39,312) $ (83,248) Current period (5) recoveries — 221 1,178 1,988 2,506 7,615 13,508 Current period (5) net charge-offs $ (99) $ (3,104) $ (9,335) $ (12,614) $ (12,891) $ (31,697) $ (69,740) Total accrued interest by origination vintage $ 24,602 $ 248,904 $ 307,765 $ 287,159 $ 215,989 $ 281,753 $ 1,366,172 ______ (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 2020. (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. (5) Current period refers to period from January 1, 2020 through June 30, 2020. Private Education Loans Credit Quality Indicators December 31, 2019 Year of Origination 2019 (1) 2018 (1) 2017 (1) 2016 (1) 2015 (1) 2014 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 3,475,256 $ 4,303,772 $ 3,575,973 $ 3,112,873 $ 2,579,214 $ 3,662,547 $ 20,709,635 89 % Without cosigner 571,792 584,601 427,512 320,985 241,958 333,108 2,479,956 11 Total $ 4,047,048 $ 4,888,373 $ 4,003,485 $ 3,433,858 $ 2,821,172 $ 3,995,655 $ 23,189,591 100 % FICO at Origination (2) : Less than 670 $ 283,040 $ 343,613 $ 285,747 $ 236,457 $ 203,145 $ 313,587 $ 1,665,589 7 % 670-699 592,376 714,779 617,676 529,575 439,050 676,569 3,570,025 16 700-749 1,319,563 1,601,904 1,325,387 1,155,253 944,135 1,324,506 7,670,748 33 Greater than or equal to 750 1,852,069 2,228,077 1,774,675 1,512,573 1,234,842 1,680,993 10,283,229 44 Total $ 4,047,048 $ 4,888,373 $ 4,003,485 $ 3,433,858 $ 2,821,172 $ 3,995,655 $ 23,189,591 100 % FICO Refreshed (2)(3) : Less than 670 $ 401,979 $ 515,901 $ 475,007 $ 449,568 $ 419,308 $ 717,674 $ 2,979,437 13 % 670-699 582,256 645,422 497,497 397,889 308,607 451,451 2,883,122 13 700-749 1,284,867 1,506,849 1,199,564 994,309 772,205 1,048,808 6,806,602 29 Greater than or equal to 750 1,777,946 2,220,201 1,831,417 1,592,092 1,321,052 1,777,722 10,520,430 45 Total $ 4,047,048 $ 4,888,373 $ 4,003,485 $ 3,433,858 $ 2,821,172 $ 3,995,655 $ 23,189,591 100 % Seasoning (4) : 1-12 payments $ 2,376,404 $ 719,158 $ 705,181 $ 617,174 $ 462,946 $ 470,839 $ 5,351,702 23 % 13-24 payments — 2,588,702 424,953 305,078 285,513 399,905 4,004,151 17 25-36 payments — — 1,862,587 418,048 227,391 394,339 2,902,365 12 37-48 payments — — — 1,457,760 413,508 342,676 2,213,944 10 More than 48 payments — — — — 1,056,229 1,973,795 3,030,024 13 Not yet in repayment 1,670,644 1,580,513 1,010,764 635,798 375,585 414,101 5,687,405 25 Total $ 4,047,048 $ 4,888,373 $ 4,003,485 $ 3,433,858 $ 2,821,172 $ 3,995,655 $ 23,189,591 100 % 2019 gross charge-offs $ (1,697) $ (14,650) $ (29,119) $ (40,576) $ (41,141) $ (81,795) $ (208,978) 2019 recoveries 69 1,016 2,622 4,431 5,175 12,452 25,765 2019 net charge-offs $ (1,628) $ (13,634) $ (26,497) $ (36,145) $ (35,966) $ (69,343) $ (183,213) Total accrued interest by origination vintage $ 116,423 $ 321,568 $ 327,002 $ 261,083 $ 165,764 $ 174,318 $ 1,366,158 ______ (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 fourth-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. Personal Loans Credit Quality Indicators June 30, 2020 Year of Origination 2020 (1) 2019 (1) 2018 (1) 2017 (1) 2016 (1) Total (1) % of FICO at Origination: Less than 670 $ — $ 6,736 $ 22,258 $ 3,647 $ — $ 32,641 4 % 670-699 — 63,228 109,253 15,818 33 188,332 25 700-749 39 176,293 181,925 28,432 368 387,057 50 Greater than or equal to 750 — 80,819 71,534 11,466 237 164,056 21 Total $ 39 $ 327,076 $ 384,970 $ 59,363 $ 638 $ 772,086 100 % Seasoning (2) : 1-12 payments $ 39 $ 230,341 $ 251 $ — $ — $ 230,631 30 % 13-24 payments — 96,735 243,781 — — 340,516 44 25-36 payments — — 140,938 56,281 — 197,219 26 37-48 payments — — — 3,082 638 3,720 — More than 48 payments — — — — — — — Total $ 39 $ 327,076 $ 384,970 $ 59,363 $ 638 $ 772,086 100 % Current period (3) gross charge-offs $ — $ (6,623) $ (22,881) $ (4,294) $ (50) $ (33,848) Current period (3) recoveries — 67 2,091 701 19 2,878 Current period (3) net charge-offs $ — $ (6,556) $ (20,790) $ (3,593) $ (31) $ (30,970) Total accrued interest by origination vintage $ — $ 3,850 $ 3,977 $ 397 $ 3 $ 8,227 ______ (1) Balance represents gross Personal Loans. (2) Number of months in active repayment for which a scheduled payment was due. (3) Current period refers to period from January 1, 2020 through June 30, 2020. Personal Loans Credit Quality Indicators December 31, 2019 Year of Origination 2019 (1) 2018 (1) 2017 (1) 2016 (1) Total (1) % of Balance FICO at Origination: Less than 670 $ 8,315 $ 32,021 $ 7,030 $ 1 $ 47,367 4 % 670-699 77,746 152,909 28,384 59 259,098 25 700-749 217,642 255,374 48,254 586 521,856 50 Greater than or equal to 750 101,073 100,480 18,795 338 220,686 21 Total $ 404,776 $ 540,784 $ 102,463 $ 984 $ 1,049,007 100 % Seasoning (2) : 1-12 payments $ 404,776 $ 65,164 $ — $ — $ 469,940 45 % 13-24 payments — 475,620 29,698 — 505,318 48 25-36 payments — — 72,765 984 73,749 7 37-48 payments — — — — — — More than 48 payments — — — — — — Total $ 404,776 $ 540,784 $ 102,463 $ 984 $ 1,049,007 100 % 2019 gross charge-offs $ (2,350) $ (58,134) $ (13,693) $ (136) $ (74,313) 2019 recoveries 48 3,397 1,722 39 5,206 2019 net charge-offs $ (2,302) $ (54,737) $ (11,971) $ (97) $ (69,107) Total accrued interest by origination vintage $ 3,431 $ 4,166 $ 572 $ 5 $ 8,174 ______ (1) Balance represents gross Personal Loans. (2) Number of months in active repayment for which a scheduled payment was due. The following tables provides information regarding the loan status of our Personal Loans, by vintage. Personal Loan Delinquencies by Origination Vintage June 30, 2020 2020 2019 2018 2017 2016 Total % of Balance Loans in forbearance: Loans in forbearance - current $ — $ 17,037 $ 23,214 $ 3,646 $ 25 $ 43,922 97.9 % Loans in forbearance - delinquent 31-60 days (1) — 23 70 — — 93 0.2 Loans in forbearance - delinquent 61-90 days (1) — 258 130 — — 388 0.9 Loans in forbearance - delinquent greater than 90 days (1) — 180 289 — — 469 1.0 Total loans in forbearance — 17,498 23,703 3,646 25 44,872 100.0 % Loans in repayment: Loans current 39 305,862 353,667 54,815 613 714,996 98.3 % Loans delinquent 31-60 days (1) — 813 1,821 175 — 2,809 0.4 Loans delinquent 61-90 days (1) — 1,177 2,589 343 — 4,109 0.6 Loans delinquent greater than 90 days (1) — 1,725 3,192 383 — 5,300 0.7 Total Personal Loans in repayment 39 309,577 361,269 55,716 613 727,214 100.0 % Total Personal Loans, gross 39 327,075 384,972 59,362 638 772,086 Personal Loans deferred origination costs and unamortized premium/(discount) — 253 49 — — 302 Total Personal Loans 39 327,328 385,021 59,362 638 772,388 Personal Loans allowance for loan losses (7) (59,623) (92,209) (11,419) (79) (163,337) Personal Loans, net $ 32 $ 267,705 $ 292,812 $ 47,943 $ 559 $ 609,051 Delinquent Personal Loans in repayment (2) as a percentage of Personal Loans in repayment — % 1.2 % 2.1 % 1.6 % — % 1.7 % Delinquencies as a percentage of Personal Loans in repayment and delinquent forbearance loans — % 1.3 % 2.2 % 1.6 % — % 1.8 % _______ (1) The period of delinquency is based on the number of days scheduled payments are contractually past due. (2) For purposes of this table, do not include delinquent Personal Loans in forbearance. Personal Loan Delinquencies by Origination Vintage December 31, 2019 2019 2018 2017 2016 Total % of Balance Loans in forbearance $ — $ — $ — $ — $ — Loans in repayment: Loans current 400,216 522,778 99,581 942 1,023,517 97.6 % Loans delinquent 31-60 days (1) 2,164 6,213 1,045 13 9,435 0.9 Loans delinquent 61-90 days (1) 1,074 5,148 943 7 7,172 0.7 Loans delinquent greater than 90 days (1) 1,322 6,645 895 21 8,883 0.8 Total Personal Loans in repayment 404,776 540,784 102,464 983 1,049,007 100.0 % Total Personal Loans, gross 404,776 540,784 102,464 983 1,049,007 Personal Loans deferred origination costs and unamortized premium/(discount) 380 133 — — 513 Total Personal Loans 405,156 540,917 102,464 983 1,049,520 Personal Loans allowance for loan losses (21,589) (37,492) (6,722) (74) (65,877) Personal Loans, net $ 383,567 $ 503,425 $ 95,742 $ 909 $ 983,643 Delinquencies as a percentage of Personal Loans in repayment 1.1 % 3.3 % 2.8 % 4.2 % 2.4 % _______ (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 on loans making full interest payments. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period after separation from school. The allowance for this portion of interest is included in our loan loss reserve. 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, 2020 $ 1,366,172 $ 3,478 $ 5,012 December 31, 2019 $ 1,366,158 $ 2,390 $ 5,309

Unfunded Loan Commitments (Tabl

Unfunded Loan Commitments (Tables)	6 Months Ended
	Jun. 30, 2020
Credit Loss [Abstract]
Allowance for credit losses and recorded investments in loans	Allowance for Loan Losses Six Months Ended June 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Loan Losses Beginning balance $ 1,633 $ 374,300 $ 65,877 $ 102 $ 441,912 Day 1 adjustment for the adoption of CECL 2,852 1,060,830 79,183 188 1,143,053 Transfer from unfunded commitment liability (1) — 179,085 — — 179,085 Provisions: Provision for current period 210 377,877 49,247 800 428,134 Loan sale reduction to provision — (161,793) — — (161,793) Total provision (2) 210 216,084 49,247 800 266,341 Net charge-offs: Charge-offs (310) (83,248) (33,848) (48) (117,454) Recoveries — 13,508 2,878 — 16,386 Net charge-offs (310) (69,740) (30,970) (48) (101,068) Ending Balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Allowance: Ending balance: individually evaluated for impairment $ — $ 160,234 $ — $ — $ 160,234 Ending balance: collectively evaluated for impairment $ 4,385 $ 1,600,325 $ 163,337 $ 1,042 $ 1,769,089 Loans: Ending balance: individually evaluated for impairment $ — $ 1,520,240 $ — $ — $ 1,520,240 Ending balance: collectively evaluated for impairment $ 754,340 $ 19,965,225 $ 772,086 $ 10,706 $ 21,502,357 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.11 % 0.91 % 7.13 % 1.31 % Allowance as a percentage of the ending total loan balance 0.58 % 8.19 % 21.16 % 9.73 % Allowance as a percentage of the ending loans in repayment (3) 0.97 % 12.13 % 22.46 % 9.73 % Allowance coverage of net charge-offs (annualized) 7.07 12.62 2.64 10.85 Ending total loans, gross $ 754,340 $ 21,485,465 $ 772,086 $ 10,706 Average loans in repayment (3) $ 553,402 $ 15,306,349 $ 869,133 $ 7,326 Ending loans in repayment (3) $ 452,617 $ 14,512,723 $ 727,214 $ 10,706 ____________ (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the provision for credit losses reported in the consolidated statements of operations. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for loan losses. Consolidated Statements of Operations Six Months Ended Provisions for credit losses for new loan commitments made during the period $ 146,804 Total provision for allowance for loan losses 266,341 Provisions for credit losses reported in consolidated statements of operations $ 413,145 (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. Three Months Ended Three Months Ended Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 29,707 $ 449,807 $ 295 $ 518,248 Provision/New commitments 98,741 1,165,224 768 1,348,938 Transfer - funded loans (1) (42,490) (495,989) (308) (531,431) Ending Balance $ 85,958 $ 1,119,042 $ 755 $ 1,335,755 Six Months Ended Six Months Ended Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 2,481 $ 1,910,603 $ 2,165 $ 2,010,744 Day 1 adjustment for the adoption of CECL 115,758 — — — Provision/New commitments 146,804 2,000,170 2,134 1,982,240 Transfer - funded loans (1) (179,085) (2,791,731) (3,544) (2,657,229) Ending Balance $ 85,958 $ 1,119,042 $ 755 $ 1,335,755 ________________ (1)

Deposits (Tables)

Deposits (Tables)	6 Months Ended
	Jun. 30, 2020
Banking and Thrift, Other Disclosures [Abstract]
Schedule of deposits	The following table summarizes total deposits at June 30, 2020 and December 31, 2019. June 30, December 31, 2020 2019 Deposits - interest bearing $ 23,590,147 $ 24,282,906 Deposits - non-interest bearing 1,972 1,077 Total deposits $ 23,592,119 $ 24,283,983
Interest bearing deposits	Interest bearing deposits at June 30, 2020 and December 31, 2019 are summarized as follows: June 30, 2020 December 31, 2019 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 9,774,119 0.99 % $ 9,616,547 2.04 % Savings 817,229 0.97 718,616 1.71 Certificates of deposit 12,998,799 1.51 13,947,743 2.44 Deposits - interest bearing $ 23,590,147 $ 24,282,906 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes our borrowings at June 30, 2020 and December 31, 2019. June 30, 2020 December 31, 2019 Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ — $ 198,565 $ 198,565 $ — $ 198,159 $ 198,159 Total unsecured borrowings — 198,565 198,565 — 198,159 198,159 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 2,832,364 2,832,364 — 2,629,902 2,629,902 Variable-rate — 1,418,838 1,418,838 — 1,525,976 1,525,976 Total Private Education Loan term securitizations — 4,251,202 4,251,202 — 4,155,878 4,155,878 Secured Borrowing Facility — — — 289,230 — 289,230 Total secured borrowings — 4,251,202 4,251,202 289,230 4,155,878 4,445,108 Total $ — $ 4,449,767 $ 4,449,767 $ 289,230 $ 4,354,037 $ 4,643,267
Schedule of securities financing transactions	Secured Financings at Issuance The following summarizes our secured financings issued in 2019 and through June 30, 2020: Issue Date Issued Total Issued Weighted Average Cost of Funds (1) Weighted Average Life Private Education: 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 2020-A February 2020 $ 636,000 1-month LIBOR plus 0.88% 4.18 Total notes issued in 2020 $ 636,000 Total loan and accrued interest amount securitized at inception in 2020 $ 676,089 ____________
Schedule of variable interest entities	We consolidate the following financing VIEs as of June 30, 2020 and December 31, 2019, respectively: June 30, 2020 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 $ — $ 4,251,202 $ 4,251,202 $ 5,380,255 $ 115,192 $ 373,176 $ 5,868,623 Secured Borrowing Facility — — — — — 2,061 2,061 Total $ — $ 4,251,202 $ 4,251,202 $ 5,380,255 $ 115,192 $ 375,237 $ 5,870,684 ____ (1) Other assets primarily represent accrued interest receivable. December 31, 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 $ — $ 4,155,878 $ 4,155,878 $ 5,246,986 $ 145,760 $ 333,173 $ 5,725,919 Secured Borrowing Facility 289,230 — 289,230 339,666 8,803 23,832 372,301 Total $ 289,230 $ 4,155,878 $ 4,445,108 $ 5,586,652 $ 154,563 $ 357,005 $ 6,098,220 ____

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and December 31, 2019, and their impact on earnings and other comprehensive income for the three and six months ended June 30, 2020 and 2019. Please refer to Note 10, “Derivative Financial Instruments” in our 2019 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 June 30, December June 30, December June 30, December 2020 2019 2020 2019 2020 2019 2020 2019 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ 157 $ 715 $ — $ — $ 28 $ — $ 185 $ 715 Derivative Liabilities: (2) Interest rate swaps Interest rate — — (179) (896) — (268) (179) (1,164) Total net derivatives $ 157 $ 715 $ (179) $ (896) $ 28 $ (268) $ 6 $ (449) ___________ (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, 2020 2019 2020 2019 Gross position (1) $ 185 $ 715 $ (179) $ (1,164) Impact of master netting agreement (139) (519) 139 519 Derivative values with impact of master netting agreements (as carried on balance sheet) 46 196 (40) (645) Cash collateral pledged (2) 74,902 52,564 — — Net position $ 74,948 $ 52,760 $ (40) $ (645) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
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, 2020 2019 2020 2019 Gross position (1) $ 185 $ 715 $ (179) $ (1,164) Impact of master netting agreement (139) (519) 139 519 Derivative values with impact of master netting agreements (as carried on balance sheet) 46 196 (40) (645) Cash collateral pledged (2) 74,902 52,564 — — Net position $ 74,948 $ 52,760 $ (40) $ (645) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
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, 2020 2019 2020 2019 Gross position (1) $ 185 $ 715 $ (179) $ (1,164) Impact of master netting agreement (139) (519) 139 519 Derivative values with impact of master netting agreements (as carried on balance sheet) 46 196 (40) (645) Cash collateral pledged (2) 74,902 52,564 — — Net position $ 74,948 $ 52,760 $ (40) $ (645) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
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, 2020 2019 2020 2019 2020 2019 2020 2019 Notional Values Interest rate swaps $ 1,085,182 $ 1,150,518 $ 5,109,779 $ 5,031,429 $ 3,005,471 $ 3,744,917 $ 9,200,432 $ 9,926,864
Schedule of cumulative basis adjustments for fair value hedges	As of June 30, 2020 and December 31, 2019, 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, 2020 2019 2020 2019 Deposits $ (5,305,798) $ (5,085,426) $ (204,099) $ (63,148)
Derivative instruments, gain (loss)	Impact of Derivatives on the Consolidated Statements of Operations Three Months Ended Six Months Ended 2020 2019 2020 2019 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ 19,433 $ (4,061) $ 24,056 $ (7,888) Hedged items recorded in interest expense 2,296 (57,717) (140,952) (81,703) Derivatives recorded in interest expense (2,855) 57,449 141,328 81,337 Total $ 18,874 $ (4,329) $ 24,432 $ (8,254) Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ (4,219) $ 1,189 $ (5,747) $ 2,485 Total $ (4,219) $ 1,189 $ (5,747) $ 2,485 Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ (7,853) $ 18,242 $ 34,459 $ 22,444 Total (7,853) 18,242 34,459 22,444 Total $ 6,802 $ 15,102 $ 53,144 $ 16,675
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, 2020 2019 2020 2019 Amount of loss recognized in other comprehensive income (loss) $ (6,562) $ (22,824) $ (53,784) $ (35,645) Less: amount of gain (loss) reclassified in interest expense (4,219) 1,189 (5,747) 2,485 Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ (2,343) $ (24,013) $ (48,037) $ (38,130)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
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) 2020 2019 2020 2019 Common stock repurchased under repurchase program (1)(2) — 5,989,279 47,736,847 11,424,755 Average purchase price per share (3) $ — $ 10.04 $ 9.66 $ 10.51 Shares repurchased related to employee stock-based compensation plans (4) 908 24,036 1,106,027 1,313,427 Average purchase price per share $ 7.77 $ 10.05 $ 10.98 $ 10.93 Common shares issued (5) 147,735 181,020 2,985,297 3,651,684 __________________ (1) Common shares purchased under our share repurchase programs. $75 million of capacity under the 2020 Share Repurchase Program remained available as of June 30, 2020. (2) For the six months ended June 30, 2020, the amount includes 44.9 million shares related to the initial delivery of shares under our accelerated share repurchase agreement, described below. (3) Average purchase price per share includes purchase commission costs. (4) 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. (5)

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
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) 2020 2019 2020 2019 Numerator: Net income (loss) $ (85,211) $ 150,277 $ 276,962 $ 308,466 Preferred stock dividends 2,478 4,331 5,942 8,799 Net income (loss) attributable to SLM Corporation common stock $ (87,689) $ 145,946 $ 271,020 $ 299,667 Denominator: Weighted average shares used to compute basic EPS 375,009 429,278 392,397 431,911 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 2,794 3,322 Weighted average shares used to compute diluted EPS 375,009 432,253 395,191 435,233 Basic earnings (loss) per common share attributable to SLM Corporation $ (0.23) $ 0.34 $ 0.69 $ 0.69 Diluted earnings (loss) per common share attributable to SLM Corporation $ (0.23) $ 0.34 $ 0.69 $ 0.69 ________________ (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)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Available-for-sale investments $ — $ 1,947,062 $ 73,886 $ 2,020,948 $ — $ 487,669 $ — $ 487,669 Derivative instruments — 185 — 185 — 715 — 715 Total $ — $ 1,947,247 $ 73,886 $ 2,021,133 $ — $ 488,384 $ — $ 488,384 Liabilities Derivative instruments $ — $ (179) $ — $ (179) $ — $ (1,164) $ — $ (1,164) Total $ — $ (179) $ — $ (179) $ — $ (1,164) $ — $ (1,164)
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, 2020 December 31, 2019 Fair Carrying Difference Fair Carrying Difference Earning assets: Loans held for investment, net: Private Education Loans $ 22,717,501 $ 19,792,515 $ 2,924,986 $ 24,988,941 $ 22,896,515 $ 2,092,426 FFELP Loans 754,341 752,021 2,320 795,055 783,816 11,239 Personal Loans 663,994 609,051 54,943 1,047,119 983,643 63,476 Credit Cards 9,635 10,344 (709) 3,818 3,818 — Cash and cash equivalents 4,988,961 4,988,961 — 5,563,877 5,563,877 — Trading investments 14,261 14,261 — — — — Available-for-sale investments 2,020,948 2,020,948 — 487,669 487,669 — Accrued interest receivable 1,458,363 1,392,677 65,686 1,491,471 1,392,725 98,746 Tax indemnification receivable 28,125 28,125 — 27,558 27,558 — Derivative instruments 185 185 — 715 715 — Total earning assets $ 32,656,314 $ 29,609,088 $ 3,047,226 $ 34,406,223 $ 32,140,336 $ 2,265,887 Interest-bearing liabilities: Money-market and savings accounts $ 10,668,905 $ 10,591,348 $ (77,557) $ 10,363,691 $ 10,335,163 $ (28,528) Certificates of deposit 13,238,192 12,998,799 (239,393) 14,065,007 13,947,743 (117,264) Short-term borrowings — — — 289,230 289,230 — Long-term borrowings 4,556,828 4,449,767 (107,061) 4,434,323 4,354,037 (80,286) Accrued interest payable 63,246 63,246 — 75,158 75,158 — Derivative instruments 179 179 — 1,164 1,164 — Total interest-bearing liabilities $ 28,527,350 $ 28,103,339 $ (424,011) $ 29,228,573 $ 29,002,495 $ (226,078) Excess of net asset fair value over carrying value $ 2,623,215 $ 2,039,809

Regulatory Capital (Tables)

Regulatory Capital (Tables)	6 Months Ended
	Jun. 30, 2020
Banking and Thrift, Other Disclosures [Abstract]
Schedule of compliance with regulatory capital requirements under banking regulations	Actual U.S. Basel III Minimum Requirements Plus Buffer (1)(2) Amount Ratio Amount Ratio As of June 30, 2020: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,085,133 12.4 % $ 1,735,574 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,085,133 12.4 % $ 2,107,482 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,399,606 13.7 % $ 2,603,361 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,085,133 9.6 % $ 1,284,390 > 4.0 % As of December 31, 2019: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,264,309 12.2 % $ 1,876,050 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,264,309 12.2 % $ 2,278,060 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,600,668 13.4 % $ 2,814,074 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,264,309 10.2 % $ 1,284,642 > 4.0 % ________________ (1) Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer. (2)

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) $ in Thousands	May 31, 2020USD ($)	Jan. 01, 2020	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Financing Receivable, Impaired [Line Items]
Percentage of Private Education Loans related to borrowers in school, grace or deferment			26.00%		25.00%
Interest rate offered to borrowers facing financial difficulty			4.00%
Period of forbearance period to be classified as TDR			3 months
Period of forbearance			24 months
Period after grace period for forbearance allowance for loans			9 months
Forbearance period after grace period for loans			6 months
Percentage of loans granted forbearance (as a percentage)			47.00%		50.00%
Personal loans held for investment			$ 21,163,931		$ 24,667,792
Percentage reimbursement on all qualifying default claims period two (as a percentage)			97.00%
Percentage reimbursement on all qualifying default claims period one (as a percentage)			98.00%
Percentage reimbursement on all qualifying default claims period three (as a percentage)			100.00%
Variable rate			105.00%
Gain on sale of Upromise subsidiary	$ 11,000		$ 11,331	$ 0
Accounting Standards Update 2016-13
Financing Receivable, Impaired [Line Items]
Period of deferment		2
Personal Loans
Financing Receivable, Impaired [Line Items]
Personal loans held for investment			$ 609,051		$ 983,643

Significant Accounting Polici_5

Significant Accounting Policies - Effect of CECL Adoption (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases	$ 1,929,323	$ 1,673,324	$ 441,912	$ 441,912	$ 383,997	$ 358,325	$ 341,121
Off-balance sheet exposures			2,481
Retained earnings	1,133,269		1,850,512	1,850,512
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax asset			109,369
Private Education Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases	1,760,559		374,300	374,300
FFELP Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases	4,385		1,633	1,633
Personal Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases	163,337		65,877	65,877
Credit Cards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases	$ 1,042		102	$ 102
Cumulative Effect, Period Of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases			1,584,965
Off-balance sheet exposures			118,239
Retained earnings			897,873
Cumulative Effect, Period Of Adoption, Adjusted Balance | Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax asset			415,540
Cumulative Effect, Period Of Adoption, Adjusted Balance | Private Education Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases			1,435,130
Cumulative Effect, Period Of Adoption, Adjusted Balance | FFELP Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases			4,485
Cumulative Effect, Period Of Adoption, Adjusted Balance | Personal Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases			145,060
Cumulative Effect, Period Of Adoption, Adjusted Balance | Credit Cards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases			290
Cumulative Effect, Period Of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases			1,143,053
Off-balance sheet exposures			115,758
Retained earnings			(952,639)
Cumulative Effect, Period Of Adoption, Adjustment | Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax asset			306,171
Cumulative Effect, Period Of Adoption, Adjustment | Private Education Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases			1,060,830
Cumulative Effect, Period Of Adoption, Adjustment | FFELP Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases			2,852
Cumulative Effect, Period Of Adoption, Adjustment | Personal Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases			79,183
Cumulative Effect, Period Of Adoption, Adjustment | Credit Cards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases			$ 188

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)numberOfInvestmentssecurity	Jun. 30, 2020USD ($)numberOfInvestmentssecurity	Dec. 31, 2019USD ($)security
Investment Holdings [Line Items]
Vertical risk retention interest	5.00%		5.00%
Trading investments		$ 14,261	$ 14,261	$ 0
Available-for-sale investments, cost		$ 2,013,021	$ 2,013,021	485,756
Number of securities in net loss position | numberOfInvestments		10	10
Par value of mortgage-backed securities pledged to FRB		$ 557,000	$ 557,000	252,000
Gain on equity securities investment			8,000
Non-marketable securities investment		26,000	26,000	26,000
Low income housing tax credit investments		56,000	56,000	58,000
Low income housing tax credit investments, liability for unfunded commitments		23,000	23,000	29,000
Low income housing tax credit investments, tax credits and benefits			$ 1,000	$ 6,000
Low income housing tax credit investments, expected tax benefits recognized			25.00%
Student Loan
Investment Holdings [Line Items]
Private education loans sold	$ 1,700,000	$ 1,700,000
Mortgage-backed securities
Investment Holdings [Line Items]
Number of securities in net loss position | security		9	9	33
Number of mortgage-backed securities | security				107
Utah Housing Corporation bonds
Investment Holdings [Line Items]
Number of securities in net loss position | security		0	0
Number of mortgage-backed securities | security		3	3
U.S. government-sponsored enterprises and Treasuries
Investment Holdings [Line Items]
Number of securities in net loss position | security		2	2
Number of government sponsored securities | security		32	32
Ginnie Mae | Mortgage-backed securities
Investment Holdings [Line Items]
Available-for-sale investments, cost		$ 44,000	$ 44,000
Number of securities in net loss position | security				18
Number of mortgage-backed securities | security				33
Fannie Mae | Mortgage-backed securities
Investment Holdings [Line Items]
Available-for-sale investments, cost		173,000	173,000
Freddie Mac | Mortgage-backed securities
Investment Holdings [Line Items]
Available-for-sale investments, cost		$ 96,000	$ 96,000

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,013,021	$ 485,756
Allowance for credit losses	0	0
Gross Unrealized Gains	10,129	2,675
Gross Unrealized Losses	(2,202)	(762)
Estimated Fair Value	2,020,948	487,669
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	312,549	215,888
Allowance for credit losses	0	0
Gross Unrealized Gains	5,832	1,895
Gross Unrealized Losses	(378)	(658)
Estimated Fair Value	318,003	217,125
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,931	19,474
Allowance for credit losses	0	0
Gross Unrealized Gains	224	145
Gross Unrealized Losses	0	(83)
Estimated Fair Value	16,155	19,536
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,608,837	250,394
Allowance for credit losses	0	0
Gross Unrealized Gains	4,073	635
Gross Unrealized Losses	(6)	(21)
Estimated Fair Value	1,612,904	$ 251,008
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	75,704
Allowance for credit losses	0
Gross Unrealized Gains	0
Gross Unrealized Losses	(1,818)
Estimated Fair Value	$ 73,886

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Less than 12 months
Gross Unrealized Losses	$ (2,202)	$ (239)
Estimated Fair Value	372,365	40,601
12 months or more
Gross Unrealized Losses	0	(523)
Estimated Fair Value	0	53,545
Total
Gross Unrealized Losses	(2,202)	(762)
Estimated Fair Value	372,365	94,146
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(378)	(218)
Estimated Fair Value	123,612	25,624
12 months or more
Gross Unrealized Losses	0	(440)
Estimated Fair Value	0	42,448
Total
Gross Unrealized Losses	(378)	(658)
Estimated Fair Value	123,612	68,072
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	0	(83)
Estimated Fair Value	0	11,097
Total
Gross Unrealized Losses	0	(83)
Estimated Fair Value	0	11,097
U.S. government-sponsored enterprises and Treasuries
Less than 12 months
Gross Unrealized Losses	(6)	(21)
Estimated Fair Value	174,867	14,977
12 months or more
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
Total
Gross Unrealized Losses	(6)	(21)
Estimated Fair Value	174,867	$ 14,977
Other securities
Less than 12 months
Gross Unrealized Losses	(1,818)
Estimated Fair Value	73,886
12 months or more
Gross Unrealized Losses	0
Estimated Fair Value	0
Total
Gross Unrealized Losses	(1,818)
Estimated Fair Value	$ 73,886

Investments - Maturity Table (D

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,013,021	$ 485,756
Estimated Fair Value	2,020,948	$ 487,669
2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	416,977
Estimated Fair Value	417,051
2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	354,463
Estimated Fair Value	356,542
2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	814,700
Estimated Fair Value	816,138
2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,696
Estimated Fair Value	23,173
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	173
Estimated Fair Value	196
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,301
Estimated Fair Value	2,530
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,922
Estimated Fair Value	7,016
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,804
Estimated Fair Value	11,342
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,552
Estimated Fair Value	15,093
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,909
Estimated Fair Value	14,358
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,838
Estimated Fair Value	23,480
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	34,843
Estimated Fair Value	35,351
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,824
Estimated Fair Value	9,190
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	67,357
Estimated Fair Value	69,867
2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	145,958
Estimated Fair Value	145,735
2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	75,704
Estimated Fair Value	$ 73,886

Loans Held for Investment - Add

Loans Held for Investment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent of private loans indexed to LIBOR	54.00%			54.00%		58.00%
Tier 1 of government guarantee (at least)	97.00%			97.00%			97.00%
Tier 2 of government guarantee								98.00%
Tier 3 of government guarantee									100.00%
Gain from sale	$ (369)	$ 239,000	$ 0	$ 238,566	$ 0
Proceeds from sale of loans receivable		3,100,000
Net proceeds from sales of loans held for investment, principal		2,900,000
Net proceeds from sales of loans held for investment, capitalized interest		199,000
Net proceeds from sales of loans held for investment, accrued interest		$ 12,000
Estimated weighted average life of student loans				5 years 3 months 18 days		5 years 4 months 24 days
Interest rate offered to borrowers facing financial difficulty	4.00%			4.00%
Interest rate offered to borrowers facing financial difficulty, period				2 years
Loans currently in repayment status that were subject to interest rate reductions	8.90%			8.90%		7.20%
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	2.00%			2.00%
Increase to life of loan defaults				4.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	4.00%			4.00%
Increase to life of loan defaults				14.00%

Loans Held for Investment - Stu

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ (1,929,323)	$ (1,673,324)	$ (441,912)	$ (441,912)	$ (383,997)	$ (358,325)	$ (341,121)
Loans held for investment, net	21,163,931			24,667,792
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	21,485,465			23,189,591
Deferred origination costs and unamortized premium/(discount)	67,609			81,224
Allowance for loan losses	(1,760,559)		(374,300)	(374,300)
Loans held for investment, net	19,792,515			22,896,515
Private Education Loans | Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	9,822,370			9,830,301
Private Education Loans | Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	11,663,095			13,359,290
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	754,340			783,306
Deferred origination costs and unamortized premium/(discount)	2,066			2,143
Allowance for loan losses	(4,385)		(1,633)	(1,633)
Loans held for investment, net	752,021			783,816
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	772,086			1,049,007
Deferred origination costs and unamortized premium/(discount)	302			513
Allowance for loan losses	(163,337)		(65,877)	(65,877)
Loans held for investment, net	609,051			983,643
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	10,706			3,884
Deferred origination costs and unamortized premium/(discount)	680			36
Allowance for loan losses	(1,042)		$ (102)	(102)
Loans held for investment, net	$ 10,344			$ 3,818

Loans Held for Investment - S_2

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 23,188,716	$ 23,718,632	$ 24,220,778	$ 23,732,858
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,590,905	$ 21,748,247	$ 22,546,874	$ 21,740,579
Weighted Average Interest Rate	8.33%	9.39%	8.60%	9.44%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 761,469	$ 821,138	$ 768,897	$ 829,497
Weighted Average Interest Rate	3.82%	5.01%	4.06%	4.98%
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 836,342	$ 1,149,247	$ 905,007	$ 1,162,782
Weighted Average Interest Rate	12.54%	12.00%	12.31%	11.90%

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2020
Allowance for Loan Losses
Beginning balance	$ 1,673,324	$ 441,912	$ 358,325	$ 441,912	$ 341,121	$ 341,121
Provision for current period	253,146			428,134
Loan sale reduction to provision	0			(161,793)
Total provision	253,146		92,915	266,341	158,575
Net charge-offs:
Charge-offs	(46,505)		(74,627)	(117,454)	(129,689)
Recoveries	6,868		7,384	16,386	13,990
Net charge-offs	39,637		67,243	101,068	115,699
Ending Balance	1,929,323	1,673,324	383,997	1,929,323	383,997	441,912
Allowance:
Ending balance: individually evaluated for impairment	160,234		146,403	160,234	146,403
Ending balance: collectively evaluated for impairment	1,769,089		237,594	1,769,089	237,594
Loans:
Ending balance: individually evaluated for impairment	1,520,240		1,411,189	1,520,240	1,411,189
Ending balance: collectively evaluated for impairment	21,502,357		22,164,795	21,502,357	22,164,795
Provisions for credit losses for new loan commitments made during the quarter	98,741			146,804
Total provision for allowance for loan losses	253,146			266,341
Provisions for credit losses reported in consolidated statements of operations	351,887		93,375	413,145	157,165
Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Loan Losses
Transfer from unfunded commitment liability	42,490			179,085
Net charge-offs:
Day 1 adjustment for the adoption of CECL							$ 1,143,053
FFELP Loans
Allowance for Loan Losses
Beginning balance	4,296	1,633	1,760	1,633	977	977
Provision for current period	173			210
Loan sale reduction to provision	0			0
Total provision	173		145	210	1,162
Net charge-offs:
Charge-offs	(84)		(171)	(310)	(405)
Recoveries	0		0	0	0
Net charge-offs	84		171	310	405
Ending Balance	4,385	4,296	1,734	4,385	1,734	1,633
Allowance:
Ending balance: individually evaluated for impairment	0		0	0	0
Ending balance: collectively evaluated for impairment	4,385		1,734	4,385	1,734
Loans:
Ending balance: individually evaluated for impairment	0		0	0	0
Ending balance: collectively evaluated for impairment	$ 754,340		$ 812,500	$ 754,340	$ 812,500
Net charge-offs as a percentage of average loans in repayment (annualized)	0.07%		0.11%	0.11%	0.13%
Allowance as a percentage of the ending total loan balance	0.58%		0.21%	0.58%	0.21%
Allowance as a percentage of the ending loans in repayment	0.97%		0.28%	0.97%	0.28%
Allowance coverage of net charge-offs (annualized)	13.05		2.54	7.07	2.14
Ending total loans, gross	$ 754,340		$ 812,500	$ 754,340	$ 812,500
Average loans in repayment	513,418		634,932	553,402	642,693
Ending loans in repayment	452,617		620,292	452,617	620,292
FFELP Loans | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Loan Losses
Transfer from unfunded commitment liability	0			0
Net charge-offs:
Day 1 adjustment for the adoption of CECL							2,852
Private Education Loans
Allowance for Loan Losses
Beginning balance	1,515,781	374,300	285,946	374,300	277,943	277,943
Provision for current period	228,535			377,877
Loan sale reduction to provision	0			(161,793)
Total provision	228,535		71,296	216,084	113,179
Net charge-offs:
Charge-offs	(31,779)		(55,382)	(83,248)	(94,959)
Recoveries	5,532		6,108	13,508	11,805
Net charge-offs	26,247		49,274	69,740	83,154
Ending Balance	1,760,559	1,515,781	307,968	1,760,559	307,968	374,300
Allowance:
Ending balance: individually evaluated for impairment	160,234		146,403	160,234	146,403
Ending balance: collectively evaluated for impairment	1,600,325		161,565	1,600,325	161,565
Loans:
Ending balance: individually evaluated for impairment	1,520,240		1,411,189	1,520,240	1,411,189
Ending balance: collectively evaluated for impairment	$ 19,965,225		$ 20,217,658	$ 19,965,225	$ 20,217,658
Net charge-offs as a percentage of average loans in repayment (annualized)	0.75%		1.29%	0.91%	1.09%
Allowance as a percentage of the ending total loan balance	8.19%		1.42%	8.19%	1.42%
Allowance as a percentage of the ending loans in repayment	12.13%		2.01%	12.13%	2.01%
Allowance coverage of net charge-offs (annualized)	16.77		1.56	12.62	1.85
Ending total loans, gross	$ 21,485,465		$ 21,628,847	$ 21,485,465	$ 21,628,847
Average loans in repayment	14,011,841		15,241,574	15,306,349	15,188,003
Ending loans in repayment	14,512,723		15,332,251	14,512,723	15,332,251
Private Education Loans | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Loan Losses
Transfer from unfunded commitment liability	42,490			179,085
Net charge-offs:
Day 1 adjustment for the adoption of CECL							1,060,830
Personal Loans
Allowance for Loan Losses
Beginning balance	152,673	65,877	70,619	65,877	62,201	62,201
Provision for current period	23,929			49,247
Loan sale reduction to provision	0			0
Total provision	23,929		21,474	49,247	44,234
Net charge-offs:
Charge-offs	(14,601)		(19,074)	(33,848)	(34,325)
Recoveries	1,336		1,276	2,878	2,185
Net charge-offs	13,265		17,798	30,970	32,140
Ending Balance	163,337	152,673	74,295	163,337	74,295	65,877
Allowance:
Ending balance: individually evaluated for impairment	0		0	0	0
Ending balance: collectively evaluated for impairment	163,337		74,295	163,337	74,295
Loans:
Ending balance: individually evaluated for impairment	0		0	0	0
Ending balance: collectively evaluated for impairment	$ 772,086		$ 1,134,637	$ 772,086	$ 1,134,637
Net charge-offs as a percentage of average loans in repayment (annualized)	6.87%		6.20%	7.13%	5.53%
Allowance as a percentage of the ending total loan balance	21.16%		6.55%	21.16%	6.55%
Allowance as a percentage of the ending loans in repayment	22.46%		6.55%	22.46%	6.55%
Allowance coverage of net charge-offs (annualized)	3.08		1.04	2.64	1.16
Ending total loans, gross	$ 772,086		$ 1,134,637	$ 772,086	$ 1,134,637
Average loans in repayment	772,137		1,148,444	869,133	1,161,761
Ending loans in repayment	727,214		$ 1,134,637	727,214	$ 1,134,637
Personal Loans | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Loan Losses
Transfer from unfunded commitment liability	0			0
Net charge-offs:
Day 1 adjustment for the adoption of CECL							79,183
Credit Cards
Allowance for Loan Losses
Beginning balance	574	102		102
Provision for current period	509			800
Loan sale reduction to provision	0			0
Total provision	509			800
Net charge-offs:
Charge-offs	(41)			(48)
Recoveries	0			0
Net charge-offs	41			48
Ending Balance	1,042	$ 574		1,042		$ 102
Allowance:
Ending balance: individually evaluated for impairment	0			0
Ending balance: collectively evaluated for impairment	1,042			1,042
Loans:
Ending balance: individually evaluated for impairment	0			0
Ending balance: collectively evaluated for impairment	$ 10,706			$ 10,706
Net charge-offs as a percentage of average loans in repayment (annualized)	1.77%			1.31%
Allowance as a percentage of the ending total loan balance	9.73%			9.73%
Allowance as a percentage of the ending loans in repayment	9.73%			9.73%
Allowance coverage of net charge-offs (annualized)	6.35			10.85
Ending total loans, gross	$ 10,706			$ 10,706
Average loans in repayment	9,265			7,326
Ending loans in repayment	10,706			10,706
Credit Cards | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Loan Losses
Transfer from unfunded commitment liability	$ 0			$ 0
Net charge-offs:
Day 1 adjustment for the adoption of CECL							$ 188

Allowance for Loan Losses - Add

Allowance for Loan Losses - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Jul. 01, 2006
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	4.00%
Interest rate offered to borrowers facing financial difficulty, period	2 years
Percentage of loans in full and interest repayment status that are subject to interest rate reductions	8.90%		7.70%
Percentage of loans granted forbearance (as a percentage)	47.00%	50.00%
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
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	4.00%
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	2.00%

Allowance for Loan Losses - Rec

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Details) - TDR Loans - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment	$ 1,560,124	$ 1,612,896
Unpaid Principal Balance	1,520,240	1,581,966
Allowance	$ 160,234	$ 186,697

Allowance for Loan Losses - Ave

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	$ 1,556,278	$ 1,395,756	$ 1,591,081	$ 1,354,467
Interest Income Recognized	$ 24,071	$ 22,954	$ 50,559	$ 44,520

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loan Status and Aging of Past Due TDR Loans (Details) - Student Loan - Consumer Portfolio Segment - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
TDR loans in repayment and percentage of each status:
Total Private Education Loans in repayment, 2020	$ 666,681	$ 2,355,395
Total	14,190,329	16,315,651
Troubled Debt Restructured Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR loans in in-school/grace/deferment	80,591	87,749
TDR loans in repayment and percentage of each status:
TDR loans in forbearance - current	233,871	99,054
Total TDR loans in forbearance	$ 257,661	$ 99,054
Loans in forbearance, current	90.70%	100.00%
Total TDR loans in forbearance	100.00%	100.00%
Loans current	$ 1,070,807	$ 1,230,954
Total Private Education Loans in repayment, 2020	$ 1,181,988	$ 1,395,163
Loans current	90.60%	88.20%
Total TDR loans in repayment	100.00%	100.00%
Total	$ 1,520,240	$ 1,581,966
Loan delinquency 31-60 days
TDR loans in repayment and percentage of each status:
Total	166,584	288,051
Loan delinquency 31-60 days | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
TDR loans in forbearance - delinquent	$ 11,797	$ 0
Loans in forbearance, delinquent	4.60%	0.00%
Loans delinquent	$ 49,098	$ 85,555
Loans delinquent	4.20%	6.10%
Loan delinquency 61-90
TDR loans in repayment and percentage of each status:
Total	$ 99,653	$ 121,302
Loan delinquency 61-90 | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
TDR loans in forbearance - delinquent	$ 7,906	$ 0
Loans in forbearance, delinquent	3.10%	0.00%
Loans delinquent	$ 35,544	$ 49,626
Loans delinquent	3.00%	3.60%
Loan delinquency greater than 90 days
TDR loans in repayment and percentage of each status:
Total	$ 56,157	$ 62,666
Loan delinquency greater than 90 days | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
TDR loans in forbearance - delinquent	$ 4,087	$ 0
Loans in forbearance, delinquent	1.60%	0.00%
Loans delinquent	$ 26,539	$ 29,028
Loans delinquent	2.20%	2.10%

Allowance for Loan Losses - Mod

Allowance for Loan Losses - Modified Loan Accounts for TDR (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Receivables [Abstract]
Modified Loans	$ 36,666	$ 131,273	$ 169,481	$ 242,481
Charge-offs	8,623	17,076	27,998	33,081
Payment- Default	$ 17,910	$ 30,309	$ 49,002	$ 55,755

Allowance for Loan Losses - L_2

Allowance for Loan Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period gross charge-offs	$ 46,505		$ 74,627	$ 117,454	$ 129,689
Current period recoveries	6,868		7,384	16,386	13,990
Net charge-offs	(39,637)		(67,243)	(101,068)	$ (115,699)
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	772,086			772,086		$ 1,049,007
Total accrued interest by origination vintage, 2020	0			0		3,431
Total accrued interest by origination vintage, 2019	3,850			3,850		4,166
Total accrued interest by origination vintage, 2018	3,977			3,977		572
Total accrued interest by origination vintage, 2017	397			397		5
Total accrued interest by origination vintage, 2016	3			3
Total accrued interest by origination vintage	8,227			8,227		8,174
Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period gross charge-offs	42,490		$ 308
Consumer Portfolio Segment | Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	664,058			664,058
2019	3,004,489			3,004,489		2,340,221
2018	2,346,348			2,346,348		3,159,878
2017	2,076,951			2,076,951		2,781,132
2016	1,907,320			1,907,320		2,566,815
2015 and Prior	4,191,163			4,191,163		2,225,721
2014 and Prior						3,241,884
Total	14,190,329			14,190,329		16,315,651
Current period gross charge-offs, 2020	(99)	$ (1,697)
Current period gross charge-offs, 2019	(3,325)	(14,650)
Current period gross charge-offs, 2018	(10,513)	(29,119)
Current period gross charge-offs, 2017	(14,602)	(40,576)
Current period gross charge-offs, 2016	(15,397)	(41,141)
Current period gross charge-offs, 2015 and prior	(39,312)	(81,795)
Current period gross charge-offs	83,248	208,978
Current period recoveries, 2020	0	69
Current period recoveries, 2019	221	1,016
Current period recoveries, 2018	1,178	2,622
Current period recoveries, 2017	1,988	4,431
Current period recoveries, 2016	2,506	5,175
Current period recoveries, 2015 and prior	7,615	12,452
Current period recoveries	13,508	25,765
Current period net charge-offs, 2020	(99)	(1,628)
Current period net charge-offs, 2019	(3,104)	(13,634)
Current period net charge-offs, 2018	(9,335)	(26,497)
Current period net charge-offs, 2017	(12,614)	(36,145)
Current period net charge-offs, 2016	(12,891)	(35,966)
Current period net charge-offs, 2015 and prior	(31,697)	(69,343)
Net charge-offs	(69,740)	$ (183,213)
Total accrued interest by origination vintage, 2020	24,602			24,602		116,423
Total accrued interest by origination vintage, 2019	248,904			248,904		321,568
Total accrued interest by origination vintage, 2018	307,765			307,765		327,002
Total accrued interest by origination vintage, 2017	287,159			287,159		261,083
Total accrued interest by origination vintage, 2016	215,989			215,989		165,764
Total accrued interest by origination vintage, 2015 and prior	281,753			281,753		174,318
Total accrued interest by origination vintage	1,366,172			1,366,172		1,366,158
Consumer Portfolio Segment | Student Loan | With Cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	985,808			985,808
2019	4,513,841			4,513,841		3,475,256
2018	3,244,267			3,244,267		4,303,772
2017	2,790,768			2,790,768		3,575,973
2016	2,434,473			2,434,473		3,112,873
2015 and Prior	5,072,593			5,072,593		2,579,214
2014 and Prior						3,662,547
Total	$ 19,041,750			$ 19,041,750		$ 20,709,635
Private education loans	89.00%			89.00%		89.00%
Consumer Portfolio Segment | Student Loan | Without Cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 231,032			$ 231,032
2019	671,312			671,312		$ 571,792
2018	470,339			470,339		584,601
2017	340,709			340,709		427,512
2016	258,451			258,451		320,985
2015 and Prior	471,872			471,872		241,958
2014 and Prior						333,108
Total	$ 2,443,715			$ 2,443,715		$ 2,479,956
Private education loans	11.00%			11.00%		11.00%
Consumer Portfolio Segment | Student Loan | Cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 1,216,840			$ 1,216,840
2019	5,185,153			5,185,153		$ 4,047,048
2018	3,714,606			3,714,606		4,888,373
2017	3,131,477			3,131,477		4,003,485
2016	2,692,924			2,692,924		3,433,858
2015 and Prior	5,544,465			5,544,465		2,821,172
2014 and Prior						3,995,655
Total	$ 21,485,465			$ 21,485,465		$ 23,189,591
Total in percent	100.00%			100.00%		100.00%
Consumer Portfolio Segment | Student Loan | FICO at Original Approval
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 1,216,840			$ 1,216,840
2019	5,185,153			5,185,153		$ 4,047,048
2018	3,714,606			3,714,606		4,888,373
2017	3,131,477			3,131,477		4,003,485
2016	2,692,924			2,692,924		3,433,858
2015 and Prior	5,544,465			5,544,465		2,821,172
2014 and Prior						3,995,655
Total	$ 21,485,465			$ 21,485,465		$ 23,189,591
Total in percent	100.00%			100.00%		100.00%
Consumer Portfolio Segment | Student Loan | FICO at Original Approval | Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 86,008			$ 86,008
2019	363,637			363,637		$ 283,040
2018	271,480			271,480		343,613
2017	233,371			233,371		285,747
2016	193,171			193,171		236,457
2015 and Prior	431,144			431,144		203,145
2014 and Prior						313,587
Total	$ 1,578,811			$ 1,578,811		$ 1,665,589
Private education loans at origination	7.00%			7.00%		7.00%
Consumer Portfolio Segment | Student Loan | FICO at Original Approval | 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 181,178			$ 181,178
2019	758,383			758,383		$ 592,376
2018	547,683			547,683		714,779
2017	492,944			492,944		617,676
2016	423,603			423,603		529,575
2015 and Prior	920,255			920,255		439,050
2014 and Prior						676,569
Total	$ 3,324,046			$ 3,324,046		$ 3,570,025
Private education loans at origination	16.00%			16.00%		16.00%
Consumer Portfolio Segment | Student Loan | FICO at Original Approval | 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 398,370			$ 398,370
2019	1,685,282			1,685,282		$ 1,319,563
2018	1,218,105			1,218,105		1,601,904
2017	1,039,210			1,039,210		1,325,387
2016	907,291			907,291		1,155,253
2015 and Prior	1,854,579			1,854,579		944,135
2014 and Prior						1,324,506
Total	$ 7,102,837			$ 7,102,837		$ 7,670,748
Private education loans at origination	33.00%			33.00%		33.00%
Consumer Portfolio Segment | Student Loan | FICO at Original Approval | Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 551,284			$ 551,284
2019	2,377,851			2,377,851		$ 1,852,069
2018	1,677,338			1,677,338		2,228,077
2017	1,365,952			1,365,952		1,774,675
2016	1,168,859			1,168,859		1,512,573
2015 and Prior	2,338,487			2,338,487		1,234,842
2014 and Prior						1,680,993
Total	$ 9,479,771			$ 9,479,771		$ 10,283,229
Private education loans at origination	44.00%			44.00%		44.00%
Consumer Portfolio Segment | Student Loan | School FICO, Refreshed Amounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 1,216,840			$ 1,216,840
2019	5,185,153			5,185,153		$ 4,047,048
2018	3,714,606			3,714,606		4,888,373
2017	3,131,477			3,131,477		4,003,485
2016	2,692,924			2,692,924		3,433,858
2015 and Prior	5,544,465			5,544,465		2,821,172
2014 and Prior						3,995,655
Total	$ 21,485,465			$ 21,485,465		$ 23,189,591
Total in percent	100.00%			100.00%		100.00%
Consumer Portfolio Segment | Student Loan | School FICO, Refreshed Amounts | Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 102,547			$ 102,547
2019	476,798			476,798		$ 401,979
2018	398,671			398,671		515,901
2017	379,970			379,970		475,007
2016	366,824			366,824		449,568
2015 and Prior	927,051			927,051		419,308
2014 and Prior						717,674
Total	$ 2,651,861			$ 2,651,861		$ 2,979,437
Private education loans at origination	12.00%			12.00%		13.00%
Consumer Portfolio Segment | Student Loan | School FICO, Refreshed Amounts | 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 169,846			$ 169,846
2019	673,935			673,935		$ 582,256
2018	449,316			449,316		645,422
2017	365,351			365,351		497,497
2016	296,192			296,192		397,889
2015 and Prior	613,518			613,518		308,607
2014 and Prior						451,451
Total	$ 2,568,158			$ 2,568,158		$ 2,883,122
Private education loans at origination	12.00%			12.00%		13.00%
Consumer Portfolio Segment | Student Loan | School FICO, Refreshed Amounts | 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 396,337			$ 396,337
2019	1,623,733			1,623,733		$ 1,284,867
2018	1,108,642			1,108,642		1,506,849
2017	911,600			911,600		1,199,564
2016	754,672			754,672		994,309
2015 and Prior	1,466,464			1,466,464		772,205
2014 and Prior						1,048,808
Total	$ 6,261,448			$ 6,261,448		$ 6,806,602
Private education loans at origination	29.00%			29.00%		29.00%
Consumer Portfolio Segment | Student Loan | School FICO, Refreshed Amounts | Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 548,110			$ 548,110
2019	2,410,687			2,410,687		$ 1,777,946
2018	1,757,977			1,757,977		2,220,201
2017	1,474,556			1,474,556		1,831,417
2016	1,275,236			1,275,236		1,592,092
2015 and Prior	2,537,432			2,537,432		1,321,052
2014 and Prior						1,777,722
Total	$ 10,003,998			$ 10,003,998		$ 10,520,430
Private education loans at origination	47.00%			47.00%		45.00%
Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 1,216,840			$ 1,216,840
2019	5,185,153			5,185,153		$ 4,047,048
2018	3,714,606			3,714,606		4,888,373
2017	3,131,477			3,131,477		4,003,485
2016	2,692,924			2,692,924		3,433,858
2015 and Prior	5,544,465			5,544,465		2,821,172
2014 and Prior						3,995,655
Total	$ 21,485,465			$ 21,485,465		$ 23,189,591
Seasoning based on monthly scheduled payments due from 1-12 payments	26.00%			26.00%		23.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments	15.00%			15.00%		17.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments	11.00%			11.00%		12.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments	9.00%			9.00%		10.00%
Seasoning based on monthly scheduled payments due from more than 48 payments	13.00%			13.00%		13.00%
Seasoning based on monthly scheduled payments due from not yet in repayment	26.00%			26.00%		25.00%
Total in percent	100.00%			100.00%		100.00%
Consumer Portfolio Segment | Student Loan | Seasoning | 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 684,650			$ 684,650
2019	2,718,782			2,718,782		$ 2,376,404
2018	506,754			506,754		719,158
2017	542,026			542,026		705,181
2016	466,704			466,704		617,174
2015 and Prior	695,822			695,822		462,946
2014 and Prior						470,839
Total	5,614,738			5,614,738		5,351,702
Consumer Portfolio Segment | Student Loan | Seasoning | 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0			0
2019	428,312			428,312		0
2018	1,826,430			1,826,430		2,588,702
2017	264,902			264,902		424,953
2016	250,678			250,678		305,078
2015 and Prior	544,044			544,044		285,513
2014 and Prior						399,905
Total	3,314,366			3,314,366		4,004,151
Consumer Portfolio Segment | Student Loan | Seasoning | 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0			0
2019	0			0		0
2018	280,873			280,873		0
2017	1,394,821			1,394,821		1,862,587
2016	243,690			243,690		418,048
2015 and Prior	528,094			528,094		227,391
2014 and Prior						394,339
Total	2,447,478			2,447,478		2,902,365
Consumer Portfolio Segment | Student Loan | Seasoning | 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0			0
2019	0			0		0
2018	0			0		0
2017	189,174			189,174		0
2016	1,123,215			1,123,215		1,457,760
2015 and Prior	522,030			522,030		413,508
2014 and Prior						342,676
Total	1,834,419			1,834,419		2,213,944
Consumer Portfolio Segment | Student Loan | Seasoning | More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0			0
2019	0			0		0
2018	0			0		0
2017	0			0		0
2016	142,975			142,975		0
2015 and Prior	2,651,442			2,651,442		1,056,229
2014 and Prior						1,973,795
Total	2,794,417			2,794,417		3,030,024
Consumer Portfolio Segment | Student Loan | Seasoning | Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	532,190			532,190
2019	2,038,059			2,038,059		1,670,644
2018	1,100,549			1,100,549		1,580,513
2017	740,554			740,554		1,010,764
2016	465,662			465,662		635,798
2015 and Prior	603,033			603,033		375,585
2014 and Prior						414,101
Total	5,480,047			5,480,047		5,687,405
Consumer Portfolio Segment | Student Loan | Loans In Forbearance
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	17,801			17,801
2019	123,106			123,106		21,009
2018	222,065			222,065		108,509
2017	248,986			248,986		142,341
2016	248,467			248,467		146,114
2015 and Prior	560,160			560,160		127,799
2014 and Prior						168,744
Total	1,420,585			1,420,585		714,516
Consumer Portfolio Segment | Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	39			39
2019	305,862			305,862		400,216
2018	353,667			353,667		522,778
2017	54,815			54,815		99,581
2016	613			613		942
Total	714,996			714,996		1,023,517
Consumer Portfolio Segment | Personal Loans | FICO at Original Approval
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	39			39
2019	327,076			327,076		404,776
2018	384,970			384,970		540,784
2017	59,363			59,363		102,463
2016	638			638		984
Total	$ 772,086			$ 772,086		$ 1,049,007
Total in percent	100.00%			100.00%		100.00%
Consumer Portfolio Segment | Personal Loans | FICO at Original Approval | Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 0			$ 0
2019	6,736			6,736		$ 8,315
2018	22,258			22,258		32,021
2017	3,647			3,647		7,030
2016	0			0		1
Total	$ 32,641			$ 32,641		$ 47,367
Private education loans at origination	4.00%			4.00%		4.00%
Consumer Portfolio Segment | Personal Loans | FICO at Original Approval | 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 0			$ 0
2019	63,228			63,228		$ 77,746
2018	109,253			109,253		152,909
2017	15,818			15,818		28,384
2016	33			33		59
Total	$ 188,332			$ 188,332		$ 259,098
Private education loans at origination	25.00%			25.00%		25.00%
Consumer Portfolio Segment | Personal Loans | FICO at Original Approval | 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 39			$ 39
2019	176,293			176,293		$ 217,642
2018	181,925			181,925		255,374
2017	28,432			28,432		48,254
2016	368			368		586
Total	$ 387,057			$ 387,057		$ 521,856
Private education loans at origination	50.00%			50.00%		50.00%
Consumer Portfolio Segment | Personal Loans | FICO at Original Approval | Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 0			$ 0
2019	80,819			80,819		$ 101,073
2018	71,534			71,534		100,480
2017	11,466			11,466		18,795
2016	237			237		338
Total	$ 164,056			$ 164,056		$ 220,686
Private education loans at origination	21.00%			21.00%		21.00%
Consumer Portfolio Segment | Personal Loans | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 39			$ 39
2019	327,076			327,076		$ 404,776
2018	384,970			384,970		540,784
2017	59,363			59,363		102,463
2016	638			638		984
Total	$ 772,086			$ 772,086		$ 1,049,007
Seasoning based on monthly scheduled payments due from 1-12 payments	30.00%			30.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments	44.00%			44.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments	26.00%			26.00%
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%
Total in percent	100.00%			100.00%		100.00%
Consumer Portfolio Segment | Personal Loans | Seasoning | 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 39			$ 39
2019	230,341			230,341		$ 404,776
2018	251			251		65,164
2017	0			0		0
2016	0			0		0
Total	230,631			230,631		$ 469,940
Seasoning based on monthly scheduled payments due from 1-12 payments						45.00%
Consumer Portfolio Segment | Personal Loans | Seasoning | 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0			0
2019	96,735			96,735		$ 0
2018	243,781			243,781		475,620
2017	0			0		29,698
2016	0			0		0
Total	340,516			340,516		$ 505,318
Seasoning based on monthly scheduled payments due from 13 - 24 payments						48.00%
Consumer Portfolio Segment | Personal Loans | Seasoning | 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0			0
2019	0			0		$ 0
2018	140,938			140,938		0
2017	56,281			56,281		72,765
2016	0			0		984
Total	197,219			197,219		$ 73,749
Seasoning based on monthly scheduled payments due from 25 - 36 payments						7.00%
Consumer Portfolio Segment | Personal Loans | Seasoning | 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0			0
2019	0			0		$ 0
2018	0			0		0
2017	3,082			3,082		0
2016	638			638		0
Total	3,720			3,720		$ 0
Seasoning based on monthly scheduled payments due from 37 - 48 payments						0.00%
Consumer Portfolio Segment | Personal Loans | Seasoning | More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0			0
2019	0			0		$ 0
2018	0			0		0
2017	0			0		0
2016	0			0		0
Total	0			0		$ 0
Seasoning based on monthly scheduled payments due from more than 48 payments						0.00%
Consumer Portfolio Segment | Personal Loans | Loans In Forbearance
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0			0
2019	17,037			17,037		$ 0
2018	23,214			23,214		0
2017	3,646			3,646		0
2016	25			25		0
Total	$ 43,922			43,922		0
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period gross charge-offs, 2020						(2,350)
Current period gross charge-offs, 2019						(58,134)
Current period gross charge-offs, 2018						(13,693)
Current period gross charge-offs, 2017						(136)
Current period gross charge-offs						74,313
Current period recoveries, 2020						48
Current period recoveries, 2019						3,397
Current period recoveries, 2018						1,722
Current period recoveries, 2017						39
Current period recoveries						5,206
Current period net charge-offs, 2020						(2,302)
Current period net charge-offs, 2019						(54,737)
Current period net charge-offs, 2018						(11,971)
Current period net charge-offs, 2017						(97)
Net charge-offs						$ (69,107)
Commercial Portfolio Segment | Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period gross charge-offs, 2020				0
Current period gross charge-offs, 2019				(6,623)
Current period gross charge-offs, 2018				(22,881)
Current period gross charge-offs, 2017				(4,294)
Current period gross charge-offs, 2016				(50)
Current period gross charge-offs				33,848
Current period recoveries, 2020				0
Current period recoveries, 2019				67
Current period recoveries, 2018				2,091
Current period recoveries, 2017				701
Current period recoveries, 2016				19
Current period recoveries				2,878
Current period net charge-offs, 2020				0
Current period net charge-offs, 2019				(6,556)
Current period net charge-offs, 2018				(20,790)
Current period net charge-offs, 2017				(3,593)
Current period net charge-offs, 2016				(31)
Net charge-offs				$ (30,970)

Allowance for Loan Losses - Age

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (1,929,323)	$ (1,673,324)	$ (441,912)	$ (441,912)	$ (383,997)	$ (358,325)	$ (341,121)
Loans held for investment, net	$ 21,163,931			$ 24,667,792
Percentage of Private Education Loans in repayment, 2020	54.80%			58.20%
Percentage of Private Education Loans in repayment, 2019	58.30%			65.40%
Percentage of Private Education Loans in repayment, 2018	64.20%			71.20%
Percentage of Private Education Loans in repayment, 2017	68.00%			77.20%
Percentage of Private Education Loans in repayment, 2016	73.00%			82.20%
Percentage of Private Education Loans in repayment, 2015 and prior	78.40%			85.40%
Percentage of Private Education Loans in repayment	67.50%			72.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2020	0.40%			0.60%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2019	0.60%			1.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2018	1.60%			2.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2017	2.50%			3.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2016	2.90%			4.00%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2015 and prior	3.60%			5.00%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	2.20%			2.80%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2020	0.40%			0.60%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2019	0.60%			1.20%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2018	1.90%			2.40%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2017	3.00%			3.20%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2016	3.60%			4.00%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2015 and Prior	4.30%			5.00%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans	2.70%			2.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2020	2.60%			0.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2019	4.00%			3.30%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2018	8.80%			4.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2017	10.90%			5.20%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2016	11.80%			5.20%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2015 and Prior	12.00%			4.70%
Loans in forbearance as a percentage of loans in repayment and forbearance	9.30%			4.10%
Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (85,958)	$ (29,707)			$ (755)	$ (295)
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	772,086			$ 1,049,007
Private Education Loans allowance for losses	(163,337)		$ (65,877)	(65,877)
Loans held for investment, net	609,051			983,643
Personal Loans | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	39
2019	305,862			400,216
2018	353,667			522,778
2017	54,815			99,581
2016	613			942
Total	$ 714,996			$ 1,023,517
Loans current	98.30%			97.60%
Loans in repayment	100.00%			100.00%
Total Private Education Loans in repayment, 2020	$ 39
Total Private Education Loans in repayment, 2019	309,577			$ 404,776
Total Private Education Loans in repayment, 2018	361,269			540,784
Total Private Education Loans in repayment, 2017	55,716			102,464
Total Private Education Loans in repayment, 2016	613			983
Total Private Education Loans in repayment	727,214			1,049,007
Total Private Education Loans, gross, 2020	39
Total Private Education Loans, gross, 2019	327,075			404,776
Total Private Education Loans, gross, 2018	384,972			540,784
Total Private Education Loans, gross, 2017	59,362			102,464
Total Private Education Loans, gross, 2016	638			983
Total Private Education Loans, gross	772,086			1,049,007
Private Education Loans deferred origination costs and unamortized premium/(discount), 2020	0
Private Education Loans deferred origination costs and unamortized premium/(discount), 2019	253			380
Private Education Loans deferred origination costs and unamortized premium/(discount), 2018	49			133
Private Education Loans deferred origination costs and unamortized premium/(discount), 2017	0			0
Private Education Loans deferred origination costs and unamortized premium/(discount), 2016	0			0
Private Education Loans deferred origination costs and unamortized premium/(discount), Total	302			513
Total Private Education Loans, 2020	39
Total Private Education Loans, 2019	327,328			405,156
Total Private Education Loans, 2018	385,021			540,917
Total Private Education Loans, 2017	59,362			102,464
Total Private Education Loans, 2016	638			983
Total Private Education Loans	772,388			1,049,520
Private Education Loans allowance for losses, 2020	(7)
Private Education Loans allowance for losses, 2019	(59,623)			(21,589)
Private Education Loans allowance for losses, 2018	(92,209)			(37,492)
Private Education Loans allowance for losses, 2017	(11,419)			(6,722)
Private Education Loans allowance for losses, 2016	(79)			(74)
Private Education Loans allowance for losses	(163,337)			(65,877)
Private Education Loans, net, 2020	32
Private Education Loans, net, 2019	267,705			383,567
Private Education Loans, net, 2018	292,812			503,425
Private Education Loans, net, 2017	47,943			95,742
Private Education Loans, net, 2016	559			909
Loans held for investment, net	$ 609,051			$ 983,643
Percentage of Private Education Loans in repayment, 2020	0.00%
Percentage of Private Education Loans in repayment, 2019	1.30%			1.10%
Percentage of Private Education Loans in repayment, 2018	2.20%			3.30%
Percentage of Private Education Loans in repayment, 2017	1.60%			2.80%
Percentage of Private Education Loans in repayment, 2016	0.00%			4.20%
Percentage of Private Education Loans in repayment	1.80%			2.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2020	0.00%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2019	1.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2018	2.10%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2017	1.60%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2016	0.00%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	1.70%
Personal Loans | Consumer Portfolio Segment | Loan delinquency 31-60 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 0
2019	813			$ 2,164
2018	1,821			6,213
2017	175			1,045
2016	0			13
Total	$ 2,809			$ 9,435
Loans delinquent	0.40%			0.90%
Personal Loans | Consumer Portfolio Segment | Loan delinquency 61-90
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 0
2019	1,177			$ 1,074
2018	2,589			5,148
2017	343			943
2016	0			7
Total	$ 4,109			$ 7,172
Loans delinquent	0.60%			0.70%
Personal Loans | Consumer Portfolio Segment | Loan delinquency greater than 90 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 0
2019	1,725			$ 1,322
2018	3,192			6,645
2017	383			895
2016	0			21
Total	$ 5,300			$ 8,883
Loans delinquent	0.70%			0.80%
Personal Loans | Loans In Forbearance | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 0
2019	17,037			$ 0
2018	23,214			0
2017	3,646			0
2016	25			0
Total	43,922			0
2020	0
2019	17,498
2018	23,703
2017	3,646
2016	25
Total	$ 44,872
Loans in forbearance as a percentage of loans in repayment and forbearance, current	97.90%
Loans in forbearance as a percentage of loans in repayment and forbearance	100.00%
Personal Loans | Loans In Forbearance | Consumer Portfolio Segment | Loan delinquency 31-60 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 0
2019	23
2018	70
2017	0
2016	0
Total	$ 93
Loans in forbearance as a percentage of loans in repayment and forbearance	0.20%
Personal Loans | Loans In Forbearance | Consumer Portfolio Segment | Loan delinquency 61-90
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 0
2019	258
2018	130
2017	0
2016	0
Total	$ 388
Loans in forbearance as a percentage of loans in repayment and forbearance	0.90%
Personal Loans | Loans In Forbearance | Consumer Portfolio Segment | Loan delinquency greater than 90 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 0
2019	180
2018	289
2017	0
2016	0
Total	$ 469
Loans in forbearance as a percentage of loans in repayment and forbearance	1.00%
Student Loan | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 664,058
2019	3,004,489			2,340,221
2018	2,346,348			3,159,878
2017	2,076,951			2,781,132
2016	1,907,320			2,566,815
2015 and Prior	4,191,163			2,225,721
2014 and Prior				3,241,884
Total	14,190,329			16,315,651
Total Private Education Loans in repayment, 2020	666,681			2,355,395
Total Private Education Loans in repayment, 2019	3,021,124			3,199,351
Total Private Education Loans in repayment, 2018	2,383,327			2,850,380
Total Private Education Loans in repayment, 2017	2,129,485			2,651,946
Total Private Education Loans in repayment, 2016	1,964,849			2,317,788
Total Private Education Loans in repayment, 2015 and prior	4,347,257			3,412,810
Total Private Education Loans in repayment	14,512,723			16,787,670
Total Private Education Loans, gross, 2020	1,216,840			4,047,048
Total Private Education Loans, gross, 2019	5,185,153			4,888,373
Total Private Education Loans, gross, 2018	3,714,606			4,003,485
Total Private Education Loans, gross, 2017	3,131,477			3,433,858
Total Private Education Loans, gross, 2016	2,692,924			2,821,172
Total Private Education Loans, gross, 2015 and prior	5,544,465			3,995,655
Total Private Education Loans, gross	21,485,465			23,189,591
Private Education Loans deferred origination costs and unamortized premium/(discount), 2020	10,625			23,661
Private Education Loans deferred origination costs and unamortized premium/(discount), 2019	19,555			17,699
Private Education Loans deferred origination costs and unamortized premium/(discount), 2018	11,819			13,843
Private Education Loans deferred origination costs and unamortized premium/(discount), 2017	8,911			12,304
Private Education Loans deferred origination costs and unamortized premium/(discount), 2016	7,454			8,564
Private Education Loans deferred origination costs and unamortized premium/(discount), 2015	9,245			5,153
Private Education Loans deferred origination costs and unamortized premium/(discount), Total	67,609			81,224
Total Private Education Loans, 2020	1,227,465			4,070,709
Total Private Education Loans, 2019	5,204,708			4,906,072
Total Private Education Loans, 2018	3,726,425			4,017,328
Total Private Education Loans, 2017	3,140,388			3,446,162
Total Private Education Loans, 2016	2,700,378			2,829,736
Total Private Education Loans, 2015 and Prior	5,553,710			4,000,808
Total Private Education Loans	21,553,074			23,270,815
Private Education Loans allowance for losses, 2020	(149,416)			(3,013)
Private Education Loans allowance for losses, 2019	(408,844)			(19,105)
Private Education Loans allowance for losses, 2018	(305,239)			(44,858)
Private Education Loans allowance for losses, 2017	(260,677)			(71,598)
Private Education Loans allowance for losses, 2016	(217,161)			(80,974)
Private Education Loans allowance for losses, 2015 and prior	(419,222)			(154,752)
Private Education Loans allowance for losses	(1,760,559)			(374,300)
Private Education Loans, net, 2020	1,078,049			4,067,696
Private Education Loans, net, 2019	4,795,864			4,886,967
Private Education Loans, net, 2018	3,421,186			3,972,470
Private Education Loans, net, 2017	2,879,711			3,374,564
Private Education Loans, net, 2016	2,483,217			2,748,762
Private Education Loans, net, 2015 and prior	5,134,488			3,846,056
Loans held for investment, net	19,792,515			22,896,515
Student Loan | Consumer Portfolio Segment | Loan delinquency 31-60 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	1,914
2019	10,970			11,152
2018	19,053			26,096
2017	26,884			44,382
2016	28,314			51,656
2015 and Prior	79,449			54,559
2014 and Prior				100,206
Total	166,584			288,051
Student Loan | Consumer Portfolio Segment | Loan delinquency 61-90
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	448
2019	4,064			3,087
2018	11,536			9,527
2017	17,106			17,048
2016	19,241			21,161
2015 and Prior	47,258			24,562
2014 and Prior				45,917
Total	99,653			121,302
Student Loan | Consumer Portfolio Segment | Loan delinquency greater than 90 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	261
2019	1,601			935
2018	6,390			3,850
2017	8,544			7,818
2016	9,974			12,314
2015 and Prior	29,387			12,946
2014 and Prior				24,803
Total	56,157			62,666
Student Loan | Loans In-School/Grace/Deferment | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	532,190
2019	2,038,059			1,670,644
2018	1,100,549			1,580,513
2017	740,554			1,010,764
2016	465,662			635,798
2015 and Prior	603,033			375,585
2014 and Prior				414,101
Total	5,480,047			5,687,405
Student Loan | Loans In Forbearance | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	17,801
2019	123,106			21,009
2018	222,065			108,509
2017	248,986			142,341
2016	248,467			146,114
2015 and Prior	560,160			127,799
2014 and Prior				168,744
Total	1,420,585			714,516
2020	17,969
2019	125,970
2018	230,730
2017	261,438
2016	262,413
2015 and Prior	594,175
Total	1,492,695
Total Private Education Loans in repayment, 2020				21,009
Total Private Education Loans in repayment, 2019				108,509
Total Private Education Loans in repayment, 2018				142,341
Total Private Education Loans in repayment, 2017				146,114
Total Private Education Loans in repayment, 2016				127,799
Total Private Education Loans in repayment, 2015 and prior				168,744
Total Private Education Loans in repayment				714,516
Student Loan | Loans In Forbearance | Consumer Portfolio Segment | Loan delinquency 31-60 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	112
2019	1,979			0
2018	4,996			0
2017	6,642			0
2016	7,988			0
2015 and Prior	18,738			0
2014 and Prior				0
Total	40,455			0
Student Loan | Loans In Forbearance | Consumer Portfolio Segment | Loan delinquency 61-90
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	56
2019	521			0
2018	2,503			0
2017	3,859			0
2016	4,093			0
2015 and Prior	10,254			0
2014 and Prior				0
Total	21,286			0
Student Loan | Loans In Forbearance | Consumer Portfolio Segment | Loan delinquency greater than 90 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	364			0
2018	1,166			0
2017	1,951			0
2016	1,865			0
2015 and Prior	5,023			0
2014 and Prior				0
Total	$ 10,369			$ 0

Allowance for Loan Losses - Acc

Allowance for Loan Losses - Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Total Interest Receivable	$ 1,366,172	$ 1,366,158
Greater Than 90 Days Past Due	3,478	2,390
Allowance for Uncollectible Interest	$ 5,012	$ 5,309

Unfunded Loan Commitments (Deta

Unfunded Loan Commitments (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2020	Dec. 31, 2018
Credit Loss [Abstract]
Contractual obligation	$ 1,000,000			$ 1,000,000
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,673,324	$ 441,912	$ 358,325	441,912	$ 341,121	$ 341,121
Less: provisions for credit losses	351,887		93,375	413,145	157,165
Transfer of allowance for funded loans	(46,505)		(74,627)	(117,454)	(129,689)
Ending Balance	1,929,323	1,673,324	383,997	1,929,323	383,997	441,912
Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Day 1 adjustment for the adoption of CECL							$ 1,143,053
Consumer Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	29,707		295
Less: provisions for credit losses	98,741		768
Transfer of allowance for funded loans	(42,490)		(308)
Ending Balance	85,958	29,707	755	85,958	755
Unfunded Commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	449,807	1,910,603	518,248	1,910,603	2,010,744	2,010,744
Less: provisions for credit losses	1,165,224		1,348,938	2,000,170	1,982,240
Transfer of allowance for funded loans	(495,989)		(531,431)	(2,791,731)	(2,657,229)
Ending Balance	1,119,042	449,807	1,335,755	1,119,042	1,335,755	1,910,603
Unfunded Commitments | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Day 1 adjustment for the adoption of CECL						0		$ 0
Unfunded Commitments | Consumer Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 2,481		2,481	2,165	2,165
Less: provisions for credit losses				146,804	2,134
Transfer of allowance for funded loans				(179,085)	(3,544)
Ending Balance	$ 85,958		$ 755	$ 85,958	$ 755	2,481
Unfunded Commitments | Consumer Portfolio Segment | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Day 1 adjustment for the adoption of CECL						$ 115,758		$ 0

Deposits - Summary of Total Dep

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Banking and Thrift, Other Disclosures [Abstract]
Deposits - interest bearing	$ 23,590,147	$ 24,282,906
Deposits - non-interest bearing	1,972	1,077
Total deposits	$ 23,592,119	$ 24,283,983

Deposits - Additional Informati

Deposits - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Banking and Thrift, Other Disclosures [Abstract]
Deposits	$ 23,592,119		$ 23,592,119		$ 24,283,983
Brokered deposits	12,800,000		12,800,000		13,800,000
Retail and other deposits	10,800,000		10,800,000		10,500,000
Stable interest-bearing deposits, total	7,100,000		7,100,000		6,800,000
Brokered deposit placement fee	5,000	$ 4,000	10,000	$ 8,000
Third party broker fees paid	1,000	$ 14,000	3,000	$ 15,000
Deposits exceeding FDIC insurance limits	663,000		663,000		963,000
Accrued interest on deposits	$ 56,000		$ 56,000		$ 68,000

Deposits - Interest Bearing Dep

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Amount
Money market	$ 9,774,119	$ 9,616,547
Savings	817,229	718,616
Certificates of deposit	12,998,799	13,947,743
Deposits - interest bearing	$ 23,590,147	$ 24,282,906
Qtr.-End Weighted Average Stated Rate
Money market	0.99%	2.04%
Savings	0.97%	1.71%
Certificates of deposit	1.51%	2.44%

Borrowings - Company Borrowings

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Short-Term	$ 0	$ 289,230
Long-Term	4,449,767	4,354,037
Total	4,449,767	4,643,267
Unsecured borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	198,565	198,159
Total	198,565	198,159
Secured borrowings
Debt Instrument [Line Items]
Short-Term	0	289,230
Long-Term	4,251,202	4,155,878
Total	4,251,202	4,445,108
Secured borrowings | Private Education Loan securitization
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,251,202	4,155,878
Total	4,251,202	4,155,878
Secured borrowings | Private Education Loan securitization | Fixed-rate
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	2,832,364	2,629,902
Total	2,832,364	2,629,902
Secured borrowings | Private Education Loan securitization | Variable-rate
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	1,418,838	1,525,976
Total	1,418,838	1,525,976
Secured borrowings | Secured Borrowing Facility
Debt Instrument [Line Items]
Short-Term	0	289,230
Long-Term	0	0
Total	$ 0	$ 289,230

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	Feb. 19, 2020	Feb. 12, 2020	Jun. 30, 2020	Dec. 31, 2019	Feb. 20, 2019
Line of Credit Facility [Line Items]
Short-term borrowings			$ 0	$ 289,230,000
Unsecured offering issued			$ 636,000,000	$ 1,110,000,000
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			3,700,000,000	$ 3,200,000,000
Unsecured borrowings
Line of Credit Facility [Line Items]
Short-term borrowings			0	0
Private Education Loans 2019 Term A
Line of Credit Facility [Line Items]
Total loan amount securitized at inception		$ 636,000,000
Amount of loan securitization sold to third parties		$ 636,000,000
Ownership interest percentage		100.00%
Proceeds from loan securitization sold to third parties		$ 634,000,000
Loans pledged as collateral			646,000,000
Principal amount of collateral			603,000,000
Capitalized interest			43,000,000
Class A and B Notes
Line of Credit Facility [Line Items]
Estimated weighted average life of student loans		4 years 2 months 4 days
Class A and B Notes | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.88%
Commercial Paper | ABCP borrowings
Line of Credit Facility [Line Items]
Private asset backed commercial paper education loan funding facility	$ 2,000,000,000				$ 750,000,000
Ownership interest percentage in residual interest in ABCP facility	100.00%
Short-term borrowings			$ 0	$ 289,000,000

Borrowings - Securitizations (D

Borrowings - Securitizations (Details) - USD ($)	1 Months Ended
	Feb. 29, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Securities Financing Transaction [Line Items]
Total Issued				$ 636,000,000	$ 1,110,000,000
Total loan and accrued interest amount securitized at inception on-balance sheet term securitization				$ 676,089,000	$ 1,208,963,000
2019-A
Securities Financing Transaction [Line Items]
Total Issued			$ 453,000,000
Basis spread on variable rate				0.92%
Weighted Average Life			4 years 3 months 3 days
2019-B
Securities Financing Transaction [Line Items]
Total Issued		$ 657,000,000
Basis spread on variable rate				1.01%
Weighted Average Life		4 years 4 months 28 days
2020-A
Securities Financing Transaction [Line Items]
Total Issued	$ 636,000,000
Basis spread on variable rate	0.88%
Weighted Average Life	4 years 2 months 4 days

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Debt Outstanding
Short-Term	$ 0	$ 289,230
Long-Term	4,449,767	4,354,037
Total	4,449,767	4,643,267
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	115,192	156,883	$ 141,441
Other Assets	42,629	29,398
Total assets	30,412,110	32,686,479
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	289,230
Long-Term	4,251,202	4,155,878
Total	4,251,202	4,445,108
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,380,255	5,586,652
Restricted Cash	115,192	154,563
Other Assets	375,237	357,005
Total assets	5,870,684	6,098,220
Variable Interest Entity, Primary Beneficiary | Private Education Loan securitization
Debt Outstanding
Short-Term	0	0
Long-Term	4,251,202	4,155,878
Total	4,251,202	4,155,878
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,380,255	5,246,986
Restricted Cash	115,192	145,760
Other Assets	373,176	333,173
Total assets	5,868,623	5,725,919
Variable Interest Entity, Primary Beneficiary | Secured Borrowing Facility
Debt Outstanding
Short-Term	0	289,230
Long-Term	0	0
Total	0	289,230
Carrying Amount of Assets Securing Debt Outstanding
Loans	0	339,666
Restricted Cash	0	8,803
Other Assets	2,061	23,832
Total assets	$ 2,061	$ 372,301

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional value	$ 9,200,000,000
Net derivatives	75,000,000	$ 52,000,000
Estimated accumulated other comprehensive income to be reclassified in next 12 months	20,000,000
Cash collateral held relative to derivative exposure	0	0
Cash collateral pledged	75,000,000	$ 53,000,000
CHICAGO MERCANTILE EXCHANGE
Derivative [Line Items]
Notional value	$ 8,800,000,000
Percent of total notional derivative contracts	95.10%
Amount of variation margin included as settlement	$ (249,000,000)
London Clearing House
Derivative [Line Items]
Notional value	$ 400,000,000
Percent of total notional derivative contracts	4.90%
Amount of variation margin included as settlement	$ 24,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Total net derivatives	$ 75,000	$ 52,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative instruments	185	715
Derivative Liabilities	(179)	(1,164)
Total net derivatives	6	(449)
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Derivative instruments	28	0
Derivative Liabilities	0	(268)
Total net derivatives	28	(268)
Interest rate swaps | Cash Flow | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	157	715
Derivative Liabilities	0	0
Total net derivatives	157	715
Interest rate swaps | Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	0	0
Derivative Liabilities	(179)	(896)
Total net derivatives	$ (179)	$ (896)

Derivative Financial Instrume_5

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities
Cash collateral pledged	$ 75,000	$ 53,000
Other Assets
Other Assets
Gross position	185	715
Impact of master netting agreement	(139)	(519)
Derivative values with impact of master netting agreements (as carried on balance sheet)	46	196
Cash collateral pledged	74,902	52,564
Net position	74,948	52,760
Other Liabilities
Other Liabilities
Gross position	(179)	(1,164)
Impact of master netting agreement	139	519
Derivative values with impact of master netting agreements (as carried on balance sheet)	(40)	(645)
Cash collateral pledged	0	0
Net position	$ (40)	$ (645)

Derivative Financial Instrume_6

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional values	$ 9,200,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional values	9,200,432	$ 9,926,864
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Notional values	3,005,471	3,744,917
Interest rate swaps | Cash Flow Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	1,085,182	1,150,518
Interest rate swaps | Fair Value Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	$ 5,109,779	$ 5,031,429

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (5,305,798)	$ (5,085,426)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ (204,099)	$ (63,148)

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash Flow Hedges
Interest expense	$ 136,020	$ 176,854	$ 310,837	$ 341,026
Trading
Total	6,802	15,102	53,144	16,675
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	19,433	(4,061)	24,056	(7,888)
Hedged items recorded in interest expense	2,296	(57,717)	(140,952)	(81,703)
Derivatives recorded in interest expense	(2,855)	57,449	141,328	81,337
Trading
Total	18,874	(4,329)	24,432	(8,254)
Designated as Hedging Instrument | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	(4,219)	1,189	(5,747)	2,485
Trading
Trading
Change in fair value of future interest payments recorded in earnings	(7,853)	18,242	34,459	22,444
Total	$ (7,853)	$ 18,242	$ 34,459	$ 22,444

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of loss recognized in other comprehensive income (loss)	$ (6,562)	$ (22,824)	$ (53,784)	$ (35,645)
Less: amount of gain (loss) reclassified in interest expense	(4,219)	1,189	(5,747)	2,485
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ (2,343)	$ (24,013)	$ (48,037)	$ (38,130)

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 10, 2020	Jan. 23, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Common stock repurchased under repurchase program (in shares)	44,900,000	3,000,000	0	5,989,279	47,736,847	11,424,755
Average purchase price per share (in usd per share)			$ 0	$ 10.04	$ 9.66	$ 10.51
Shares repurchased related to employee stock-based compensation plans (in shares)			908	24,036	1,106,027	1,313,427
Average purchase price per share (in usd per share)			$ 7.77	$ 10.05	$ 10.98	$ 10.93
Common shares issued (in shares)			147,735	181,020	2,985,297	3,651,684
Remaining authority under the share repurchase program			$ 75		$ 75

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Mar. 10, 2020	Jan. 23, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jan. 22, 2020
Class of Stock [Line Items]
Common stock dividend (in usd per share)			$ 0.03	$ 0.03
Aggregate purchase price (not to exceed)		$ 200,000,000							$ 600,000,000
Common stock repurchased (in shares)	44,900,000	3,000,000			0	5,989,279	47,736,847	11,424,755
Common stock repurchased, price						$ 60,000,000	$ 33,000,000	$ 120,000,000
Common stock repurchased, amount	$ 525,000,000
Common Stock
Class of Stock [Line Items]
Common stock closing price (in usd per share)			$ 7.03		$ 7.03		$ 7.03

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income (loss)	$ (85,211)	$ 150,277	$ 276,962	$ 308,466
Preferred stock dividends	2,478	4,331	5,942	8,799
Net income (loss) attributable to SLM Corporation common stock	$ (87,689)	$ 145,946	$ 271,020	$ 299,667
Denominator:
Weighted average shares used to compute basic EPS (in shares)	375,009,000	429,278,000	392,397,000	431,911,000
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan (ESPP) (in shares)	0	2,975,000	2,794,000	3,322,000
Weighted average shares used to compute diluted EPS (in shares)	375,009,000	432,253,000	395,191,000	435,233,000
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ (0.23)	$ 0.34	$ 0.69	$ 0.69
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ (0.23)	$ 0.34	$ 0.69	$ 0.69
Antidilutive securities excluded from computation of earnings per share (in shares)	7,000,000	1,000,000	3,000,000	1,000,000

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments That are Marked-to-Market on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Estimated Fair Value	$ 2,020,948	$ 487,669
Total earning assets	3,047,226
Fair Value Measurements on a Recurring Basis
Assets
Estimated Fair Value	2,020,948	487,669
Derivative instruments	185	715
Total earning assets	2,021,133	488,384
Liabilities
Derivative instruments	(179)	(1,164)
Fair Value Measurements on a Recurring Basis | Level 1
Assets
Estimated Fair Value	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
Estimated Fair Value	1,947,062	487,669
Derivative instruments	185	715
Total earning assets	1,947,247	488,384
Liabilities
Derivative instruments	(179)	(1,164)
Fair Value Measurements on a Recurring Basis | Level 3
Assets
Estimated Fair Value	73,886	0
Derivative instruments	0	0
Total earning assets	73,886	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, 2020	Dec. 31, 2019
Earning assets
Trading investments	$ 14,261	$ 0
Accrued interest receivable, difference	65,686	98,746
Tax indemnification receivable	340,779	88,844
Total earning assets	3,047,226
Total earning assets, difference		2,265,887
Interest-bearing liabilities
Long-term borrowings, difference	(107,061)	(80,286)
Total interest-bearing liabilities, difference	(424,011)	(226,078)
Excess of net asset fair value over carrying value	2,623,215	2,039,809
Money-market and savings accounts
Interest-bearing liabilities
Deposits, difference	(77,557)	(28,528)
Certificates of deposit
Interest-bearing liabilities
Deposits, difference	(239,393)	(117,264)
Fair Value
Earning assets
Cash and cash equivalents	4,988,961	5,563,877
Trading investments	14,261	0
Available-for-sale investments	2,020,948	487,669
Accrued interest receivable	1,458,363	1,491,471
Tax indemnification receivable	28,125	27,558
Derivative instruments	185	715
Total earning assets	32,656,314	34,406,223
Interest-bearing liabilities
Short-term borrowings	0	289,230
Long-term borrowings	4,556,828	4,434,323
Accrued interest payable	63,246	75,158
Derivative instruments	179	1,164
Total interest-bearing liabilities	28,527,350	29,228,573
Fair Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	10,668,905	10,363,691
Fair Value | Certificates of deposit
Interest-bearing liabilities
Deposits	13,238,192	14,065,007
Carrying Value
Earning assets
Cash and cash equivalents	4,988,961	5,563,877
Trading investments	14,261	0
Available-for-sale investments	2,020,948	487,669
Accrued interest receivable	1,392,677	1,392,725
Tax indemnification receivable	28,125	27,558
Derivative instruments	185	715
Total earning assets	29,609,088	32,140,336
Interest-bearing liabilities
Short-term borrowings	0	289,230
Long-term borrowings	4,449,767	4,354,037
Accrued interest payable	63,246	75,158
Derivative instruments	179	1,164
Total interest-bearing liabilities	28,103,339	29,002,495
Carrying Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	10,591,348	10,335,163
Carrying Value | Certificates of deposit
Interest-bearing liabilities
Deposits	12,998,799	13,947,743
Private Education Loans
Earning assets
Loans held for investment, net, difference	2,924,986	2,092,426
Private Education Loans | Fair Value
Earning assets
Loans held for investment, net	22,717,501	24,988,941
Private Education Loans | Carrying Value
Earning assets
Loans held for investment, net	19,792,515	22,896,515
FFELP Loans
Earning assets
Loans held for investment, net, difference	2,320	11,239
FFELP Loans | Fair Value
Earning assets
Loans held for investment, net	754,341	795,055
FFELP Loans | Carrying Value
Earning assets
Loans held for investment, net	752,021	783,816
Personal Loans
Earning assets
Loans held for investment, net, difference	54,943	63,476
Personal Loans | Fair Value
Earning assets
Loans held for investment, net	663,994	1,047,119
Personal Loans | Carrying Value
Earning assets
Loans held for investment, net	609,051	983,643
Credit Cards
Earning assets
Loans held for investment, net, difference	(709)	0
Credit Cards | Fair Value
Earning assets
Loans held for investment, net	9,635	3,818
Credit Cards | Carrying Value
Earning assets
Loans held for investment, net	$ 10,344	$ 3,818

Regulatory Capital - Additional

Regulatory Capital - Additional Information (Details)	Jan. 01, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses on loans and leases	$ 441,912,000	$ 1,929,323,000	$ 383,997,000	$ 1,929,323,000	$ 383,997,000	$ 1,673,324,000	$ 441,912,000	$ 358,325,000	$ 341,121,000
Allowance for credit losses on unfunded commitments	$ 2,481,000
Dividends		$ 27,000,000	$ 136,000,000	$ 568,000,000	$ 221,000,000
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Period of deferment	2
Amount deferred	25.00%
Allowance for credit losses on loans and leases	$ 1,100,000,000
Allowance for credit losses on unfunded commitments	116,000,000
Deferred tax assets	306,000,000
Reduction to retained earnings	$ 953,000,000

Regulatory Capital - U.S. Basel

Regulatory Capital - U.S. Basel III Regulatory Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 3,085,133	$ 3,264,309
Tier 1 Capital (to Risk-Weighted Assets)	3,085,133	3,264,309
Total Capital (to Risk-Weighted Assets)	3,399,606	3,600,668
Tier 1 Capital (to Average Assets)	$ 3,085,133	$ 3,264,309
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	12.40%	12.20%
Tier 1 Capital (to Risk-Weighted Assets)	0.124	0.122
Total Capital (to Risk-Weighted Assets)	0.137	0.134
Tier 1 Capital (to Average Assets)	0.096	0.102
Advanced Approach
U.S. Basel III Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,735,574	$ 1,876,050
Tier 1 Capital (to Risk-Weighted Assets)	2,107,482	2,278,060
Total Capital (to Risk-Weighted Assets)	2,603,361	2,814,074
Tier 1 Capital (to Average Assets)	$ 1,284,390	$ 1,284,642
U.S. Basel III Regulatory Requirements, Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	7.00%	7.00%
Tier 1 Capital (to Risk-Weighted Assets)	0.085	0.085
Total Capital (to Risk-Weighted Assets)	0.105	0.105
Tier 1 Capital (to Average Assets)	0.040	0.040

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) $ in Millions	Jun. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 1,000
Other liabilities reserve	$ 86