SLM (SLM) 10-Q 21 Oct 20 2020 Q3 Quarterly report Financial data

Cover page

Cover page	9 Months Ended
	Sep. 30, 2020shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	375,237,815
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 4,351,045	$ 5,563,877
Investments
Trading investments at fair value (cost of $12,551)	14,651	0
Available-for-sale investments at fair value (cost of $2,081,236 and $485,756, respectively)	2,090,707	487,669
Other investments	81,231	84,420
Total investments	2,186,589	572,089
Loans held for investment (net of allowance for losses of $1,734,559 and $441,912, respectively)	21,709,771	24,667,792
Restricted cash	162,448	156,883
Other interest-earning assets	53,808	52,564
Accrued interest receivable	1,472,602	1,392,725
Premises and equipment, net	148,773	134,749
Income taxes receivable, net	505,208	88,844
Tax indemnification receivable	28,256	27,558
Other assets	23,921	29,398
Total assets	30,642,421	32,686,479
Liabilities
Deposits	23,109,923	24,283,983
Short-term borrowings	0	289,230
Long-term borrowings	4,947,647	4,354,037
Upromise member accounts	0	192,662
Other liabilities	384,405	254,731
Total liabilities	28,441,975	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: 456.6 million and 453.6 million shares issued, respectively	91,319	90,720
Additional paid-in capital	1,243,482	1,307,630
Accumulated other comprehensive loss (net of tax benefit of ($12,647) and ($3,995), respectively)	(38,941)	(12,367)
Retained earnings	1,302,654	1,850,512
Total SLM Corporation stockholders’ equity before treasury stock	2,998,514	3,636,495
Less: Common stock held in treasury at cost: 81.4 million and 32.5 million shares, respectively	(798,068)	(324,659)
Total equity	2,200,446	3,311,836
Total liabilities and equity	$ 30,642,421	$ 32,686,479

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Trading investments, cost	$ 12,551
Available-for-sale investments, cost	2,081,236	$ 485,756
Allowance for credit losses on loans and leases	$ 1,734,559	$ 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)	456,600,000	453,600,000
Accumulated other comprehensive income, tax	$ 12,647	$ 3,995
Treasury stock, shares (in shares)	81,400,000	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 INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income:
Loans	$ 477,833	$ 564,698	$ 1,513,279	$ 1,672,082
Investments	3,327	2,145	9,086	5,272
Cash and cash equivalents	1,218	23,548	19,740	53,212
Total interest income	482,378	590,391	1,542,105	1,730,566
Interest expense:
Deposits	83,500	143,393	318,858	405,977
Interest expense on short-term borrowings	3,424	1,400	11,041	3,700
Interest expense on long-term borrowings	30,887	40,533	98,750	116,675
Total interest expense	117,811	185,326	428,649	526,352
Net interest income	364,567	405,065	1,113,456	1,204,214
Less: provisions for credit losses	(3,640)	99,526	409,505	256,691
Net interest income after provisions for credit losses	368,207	305,539	703,951	947,523
Non-interest income (loss):
Gains (losses) on sales of loans, net	(4)	0	238,562	0
Gains (loss) on derivatives and hedging activities, net	(15)	1,961	49,408	21,460
Other income	9,646	15,280	42,547	31,313
Total non-interest income	9,627	17,241	330,517	52,773
Operating expenses
Compensation and benefits	62,743	64,980	219,413	210,213
FDIC assessment fees	1,455	8,814	17,508	23,788
Other operating expenses	63,292	79,827	179,424	198,573
Total operating expenses	127,490	153,621	416,345	432,574
Restructuring expenses	24,127	0	24,127	0
Total non-interest expenses	151,617	153,621	440,472	432,574
Income before income tax expense	226,217	169,159	593,996	567,722
Income tax expense	55,189	40,701	146,006	130,798
Net income	171,028	128,458	447,990	436,924
Preferred stock dividends	2,058	4,153	8,000	12,952
Net income attributable to SLM Corporation common stock	$ 168,970	$ 124,305	$ 439,990	$ 423,972
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.45	$ 0.29	$ 1.14	$ 0.99
Average common shares outstanding (in shares)	375,094,000	424,149,000	386,587,000	429,295,000
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.45	$ 0.29	$ 1.13	$ 0.98
Average common and common equivalent shares outstanding (in shares)	377,918,000	427,336,000	389,391,000	432,572,000
Declared dividends per common share attributable to SLM Corporation (in dollars per share)	$ 0	$ 0	$ 0.09	$ 0.09

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 171,028	$ 128,458	$ 447,990	$ 436,924
Other comprehensive income (loss):
Unrealized gains on investments	1,545	1,344	7,559	7,446
Unrealized gains (losses) on cash flow hedges	5,252	(10,083)	(42,785)	(48,213)
Total unrealized gains (losses)	6,797	(8,739)	(35,226)	(40,767)
Income tax (expense) benefit	(1,667)	2,135	8,652	9,961
Other comprehensive income (loss), net of tax (expense) benefit	5,130	(6,604)	(26,574)	(30,806)
Total comprehensive income	$ 176,158	$ 121,854	$ 421,416	$ 406,118

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	436,924								436,924
Other comprehensive loss, net of tax	(30,806)							(30,806)
Total comprehensive income	406,118
Cash dividends declared:
Common Stock	(38,485)								(38,485)
Preferred Stock		$ (12,952)								$ (12,952)
Dividend equivalent units related to employee stock-based compensation plans	$ 0						5		(5)
Issuance of common shares (in shares)	3,677,821				3,677,821
Issuance of common shares	$ 3,119				$ 735		2,384
Stock-based compensation expense	$ 24,779						24,604		175
Common stock repurchased (in shares)	(15,861,718)				(15,861,718)	(15,861,718)
Common stock repurchased	$ (157,597)					$ (157,597)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,328,665)				(1,328,665)	(1,328,665)
Shares repurchased related to employee stock-based compensation plans	$ (14,506)					$ (14,506)
Ending Balance (in shares) at Sep. 30, 2019				4,000,000	422,168,926	(31,365,116)
Ending Balance, issued (in shares) at Sep. 30, 2019					453,534,042
Ending Balance at Sep. 30, 2019	3,183,132			$ 400,000	$ 90,707	$ (314,694)	1,301,628	(20,183)	1,725,674
Beginning Balance (in shares) at Jun. 30, 2019				4,000,000	426,594,990	(26,912,915)
Beginning Balance, issued (in shares) at Jun. 30, 2019					453,507,905
Beginning Balance at Jun. 30, 2019	3,097,316			$ 400,000	$ 90,702	$ (277,071)	1,296,409	(13,579)	1,600,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	128,458								128,458
Other comprehensive loss, net of tax	(6,604)							(6,604)
Total comprehensive income	121,854
Cash dividends declared:
Preferred Stock		(4,153)								(4,153)
Common stock dividend accrual adjustment	$ 339								339
Issuance of common shares (in shares)	26,137				26,137
Issuance of common shares	$ 92				$ 5		87
Stock-based compensation expense	$ 5,307						5,132		175
Common stock repurchased (in shares)	(4,436,963)				(4,436,963)	(4,436,963)
Common stock repurchased	$ (37,477)					$ (37,477)
Shares repurchased related to employee stock-based compensation plans (in shares)	(15,238)				(15,238)	(15,238)
Shares repurchased related to employee stock-based compensation plans	$ (146)					$ (146)
Ending Balance (in shares) at Sep. 30, 2019				4,000,000	422,168,926	(31,365,116)
Ending Balance, issued (in shares) at Sep. 30, 2019					453,534,042
Ending Balance at Sep. 30, 2019	3,183,132			$ 400,000	$ 90,707	$ (314,694)	1,301,628	(20,183)	1,725,674
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	447,990								447,990
Other comprehensive loss, net of tax	(26,574)							(26,574)
Total comprehensive income	421,416
Cash dividends declared:
Common Stock	(35,097)								(35,097)
Preferred Stock		(8,000)								(8,000)
Dividend equivalent units related to employee stock-based compensation plans	$ (10)						270		(280)
Issuance of common shares (in shares)	2,990,447				2,990,447
Issuance of common shares	$ 2,897				$ 599		2,298
Stock-based compensation expense	$ 30,375						30,207		168
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)	(1,109,149)				(1,109,149)	1,109,149
Shares repurchased related to employee stock-based compensation plans	$ (12,165)					$ (12,165)
Ending Balance (in shares) at Sep. 30, 2020				4,000,000	375,237,815	(81,352,558)
Ending Balance, issued (in shares) at Sep. 30, 2020					456,590,373
Ending Balance at Sep. 30, 2020	2,200,446			$ 400,000	$ 91,319	$ (798,068)	1,243,482	(38,941)	1,302,654
Beginning Balance (in shares) at Jun. 30, 2020				4,000,000	375,235,787	(81,349,436)
Beginning Balance, issued (in shares) at Jun. 30, 2020					456,585,223
Beginning Balance at Jun. 30, 2020	2,016,919			$ 400,000	$ 91,317	$ (798,046)	1,234,450	(44,071)	1,133,269
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	171,028								171,028
Other comprehensive loss, net of tax	5,130							5,130
Total comprehensive income	176,158
Cash dividends declared:
Preferred Stock		$ (2,058)								$ (2,058)
Common stock dividend accrual adjustment	$ (247)								(247)
Issuance of common shares (in shares)	5,150				5,150
Issuance of common shares	$ 16				$ 2		14
Stock-based compensation expense	$ 9,186						9,018		(168)
Common stock repurchased (in shares)	0
Shares repurchased related to employee stock-based compensation plans (in shares)	(3,122)				(3,122)	3,122
Shares repurchased related to employee stock-based compensation plans	$ (22)					$ (22)
Ending Balance (in shares) at Sep. 30, 2020				4,000,000	375,237,815	(81,352,558)
Ending Balance, issued (in shares) at Sep. 30, 2020					456,590,373
Ending Balance at Sep. 30, 2020	$ 2,200,446			$ 400,000	$ 91,319	$ (798,068)	$ 1,243,482	$ (38,941)	$ 1,302,654

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Common stock dividend (in dollars per share)	$ 0	$ 0	$ 0.09	$ 0.09
Preferred stock dividend (in dollars per share)	$ 0.51
Accounting Standards Update [Extensible List]					us-gaap:AccountingStandardsUpdate201613Member
Series B Preferred Stock
Preferred stock dividend (in dollars per share)		$ 1.04	$ 2	$ 3.24

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	$ 447,990	$ 436,924
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses	409,505	256,691
Income tax expense	146,006	130,798
Amortization of brokered deposit placement fee	14,881	12,292
Amortization of Secured Borrowing Facility upfront fee	2,159	838
Amortization of deferred loan origination costs and loan premium/(discounts), net	20,127	9,750
Net amortization of discount on investments	4,255	1,312
Unrealized gain on investments	(2,100)	0
(Increase) reduction in tax indemnification receivable	(698)	981
Depreciation of premises and equipment	11,386	10,850
Stock-based compensation expense	30,253	24,841
Unrealized gains on derivatives and hedging activities, net	(21,862)	(24,957)
Gains on sales of loans, net	(238,562)	0
Gain on sale of Upromise subsidiary, net	(11,331)	0
Other adjustments to net income, net	5,389	(2,447)
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(668,103)	(719,555)
Increase in non-marketable securities	0	(10,700)
Increase in other interest-earning assets	(1,244)	(47,513)
Decrease in tax indemnification receivable	0	0
Increase in other assets	(46,194)	(10,274)
Decrease in income taxes payable, net	(243,851)	(184,991)
Increase in accrued interest payable	38	21,831
Decrease in Upromise member accounts due to sale	(193,840)	0
Increase in other liabilities	126,645	15,928
Total adjustments	(657,141)	(514,325)
Total net cash used in operating activities	(209,151)	(77,401)
Investing activities
Loans acquired and originated	(4,736,304)	(5,335,986)
Net proceeds from sales of loans held for investment	3,875,984	0
Proceeds from claim payments	22,563	31,474
Net decrease in loans held for investment	2,954,660	2,992,844
Purchases of available-for-sale securities	(1,897,511)	(305,872)
Proceeds from sales and maturities of available-for-sale securities	376,580	32,282
Proceeds from sale of Upromise subsidiary, net	16,922	0
Total net cash provided by (used in) investing activities	612,894	(2,585,258)
Financing activities
Brokered deposit placement fee	(4,810)	(19,799)
Net (decrease) increase in certificates of deposit	(1,802,541)	2,682,850
Net increase in other deposits	501,843	911,985
Borrowings collateralized by loans in securitization trusts - issued	1,337,543	1,105,594
Borrowings collateralized by loans in securitization trusts - repaid	(749,300)	(793,062)
Borrowings under Secured Borrowing Facility	0	297,800
Repayment of borrowings under Secured Borrowing Facility	(289,230)	0
Fees paid on Secured Borrowing Facility	(3,251)	(1,116)
Common stock dividends paid	(35,097)	(38,485)
Preferred stock dividends paid	(8,000)	(12,952)
Common stock repurchased	(558,167)	(157,597)
Net cash (used in) provided by financing activities	(1,611,010)	3,975,218
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,207,267)	1,312,559
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	4,513,493	3,994,454
Cash disbursements made for:
Interest	402,151	489,599
Income taxes paid	248,121	185,138
Income taxes refunded	(4,024)	(853)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Total cash, cash equivalents and restricted cash	$ 4,513,493	$ 3,994,454

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 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 nine months ended September 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 credit 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 forecast period. The reasonable and supportable forecast 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 forecast period, we immediately revert our forecast of expected losses to our historical averages. We use a two-year reasonable and supportable forecast 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 expected economic scenarios 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 credit 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 credit 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 credit losses, the timing of when losses are recognized, and the related provision for credit losses on our consolidated statements of income. When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period. These include, but are not limited to, CECL model inputs and any overlays deemed necessary by management. The most impactful CECL model inputs include: • Economic forecasts; • Weighting of economic forecasts; • Prepayment speeds; • New loan volume, including commitments made but not yet disbursed; and • Loan sales. Management overlays can encompass a broad array of factors not captured by model inputs, such as changes in servicing policies. 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 September 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 credit 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 credit 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 September 30, 2020 and December 31, 2019, 27 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 credit losses. As part of concluding on the adequacy of the allowance for credit 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 if the borrower has not made a required payment prior to the 31st day after such 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 September 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 Credit 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 credit 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 credit 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. During the third quarter of 2020, we sold our entire Personal Loan portfolio. Therefore, at September 30, 2020, the allowance for Personal Loans was $0. We collected on defaulted Personal Loans through a mix of in-house collectors, third-party collectors, and sales to third-parties. Prior to the sale of these loans, 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 considered 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 reviewed 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 considered a Personal Loan to be delinquent if the borrower had not made a required payment prior to the 31st day after such payment was contractually due. Allowance for Credit Card Loans We use the gross loss approach when estimating the allowance for credit 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 credit 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 credit losses for FFELP Loans and related periodic provision expense are relatively small. We use the gross loss approach when estimating the allowance for credit losses for our FFELP Loans. We maintain an allowance for credit 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 credit 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 fees 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 of deferred direct origination and acquisition costs. 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 have changed 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 credit 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 income. 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 credit 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 on January 1, 2020: January 1, 2020 As reported under CECL Pre-CECL Adoption Impact of CECL Adoption Assets: Allowance for credit 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 credit 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 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 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 credit 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 On May 31, 2020, we sold our Upromise Inc. (“Upromise”) subsidiary to a third-party, which resulted in a gain of $11 million, recorded in “other income” on the consolidated statements of income for the nine months ended September 30, 2020. Restructuring Activities During the third quarter of 2020, we initiated a restructuring program to reduce costs and improve operating effic

Investments

Investments	9 Months Ended
	Sep. 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 September 30, 2020, we had $15 million classified as trading investments. Available-for-Sale Investments The amortized cost and fair value of securities available for sale are as follows: September 30, 2020 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 308,757 $ — $ 5,670 $ (100) $ 314,327 Utah Housing Corporation bonds 12,357 — 170 — 12,527 U.S. government-sponsored enterprises and Treasuries 1,687,856 — 3,688 (10) 1,691,534 Other securities 72,266 — 396 (343) 72,319 Total $ 2,081,236 $ — $ 9,924 $ (453) $ 2,090,707 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 September 30, 2020: Mortgage-backed securities $ (100) $ 26,026 $ — $ — $ (100) $ 26,026 Utah Housing Corporation bonds — — — — — — U.S. government-sponsored enterprises and Treasuries (10) 76,010 — — (10) 76,010 Other securities (343) 33,918 — — (343) 33,918 Total $ (453) $ 135,954 $ — $ — $ (453) $ 135,954 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 $38 million, $93 million, and $178 million, respectively, at September 30, 2020. We own these securities to meet our requirements under the Community Reinvestment Act (“CRA”). As of September 30, 2020, three 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 September 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 September 30, 2020, two 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 September 30, 2020, eight 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 September 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 $ 214,950 $ 214,970 2021 454,287 455,932 2022 878,920 880,483 2023 139,699 140,147 2038 172 195 2039 2,058 2,271 2042 5,738 5,750 2043 9,572 10,027 2044 12,993 13,540 2045 12,176 12,611 2046 19,044 19,485 2047 28,940 29,448 2048 6,907 7,209 2049 56,060 58,279 2050 167,454 168,041 2054 72,266 72,319 Total $ 2,081,236 $ 2,090,707 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 $748 million and $252 million par value of securities pledged to this borrowing facility at September 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 in the third quarter of 2019 on our earlier equity securities investments. As of September 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 $55 million at September 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 $22 million at September 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 September 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	9 Months Ended
	Sep. 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 “Credit Cards” to refer to our suite of cash-back Credit Cards with bonus rewards. We use “Personal Loans” to mean those unsecured loans to individuals that may be used for non-educational purposes. Our Private Education Loans are made largely to bridge the gap between the cost of higher education and the amount funded through financial aid, government loans, and customers’ resources. Private Education Loans bear the full credit risk of the customer. We manage this risk through risk-performance underwriting strategies and qualified cosigners. Private Education Loans may be fixed-rate or may carry a variable interest rate indexed to LIBOR, the London interbank offered rate. As of September 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. In the third quarter of 2020, we sold our entire Personal Loan portfolio, including $697 million of principal and $7 million in accrued interest, which resulted in a $43 million reduction to our provision for credit losses. Loans held for investment are summarized as follows: September 30, December 31, 2020 2019 Private Education Loans: Fixed-rate $ 10,353,809 $ 9,830,301 Variable-rate 12,260,518 13,359,290 Total Private Education Loans, gross 22,614,327 23,189,591 Deferred origination costs and unamortized premium/(discount) 70,406 81,224 Allowance for credit losses (1,728,811) (374,300) Total Private Education Loans, net 20,955,922 22,896,515 FFELP Loans 745,556 783,306 Deferred origination costs and unamortized premium/(discount) 2,027 2,143 Allowance for credit losses (4,363) (1,633) Total FFELP Loans, net 743,220 783,816 Personal Loans (fixed-rate) — 1,049,007 Deferred origination costs and unamortized premium/(discount) — 513 Allowance for credit losses — (65,877) Total Personal Loans, net — 983,643 Credit Cards (fixed-rate) 11,540 3,884 Deferred origination costs and unamortized premium/(discount) 474 36 Allowance for credit losses (1,385) (102) Total Credit Cards, net 10,629 3,818 Loans held for investment, net $ 21,709,771 $ 24,667,792 The estimated weighted average life of education loans in our portfolio was approximately 5.4 years at both September 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 September 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,937,758 8.24 % $ 22,202,420 9.30 % FFELP Loans 750,925 3.46 806,865 4.54 Personal Loans 527,204 12.86 1,132,185 12.16 Total portfolio $ 23,215,887 $ 24,141,470 Nine Months Ended September 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 22,342,353 8.48 % $ 21,896,218 9.40 % FFELP Loans 762,863 3.86 821,870 4.83 Personal Loans 778,153 12.43 1,152,471 11.99 Total portfolio $ 23,883,369 $ 23,870,559 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 have led to higher levels of forbearance. We expect such higher levels of financial hardship to lead to higher levels of delinquencies and defaults in the future, as borrowers who had received disaster forbearance from us re-enter repayment status. 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 ended, we reduced the disaster forbearance to one-month increments and implemented additional discussions between our servicing agents and borrowers to encourage borrowers/cosigners to enter repayment. If the financial hardship extends beyond 90 days, additional assistance will be available for eligible customers. For example, 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. 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 postponed our efforts so that we can be more flexible in dealing with our customers’ financial hardship. In October 2020, we began to roll out in a methodical approach the implementation of the credit administration practices changes and related testing. 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

Allowance for Credit Losses

Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Allowance for Credit Losses	Allowance for Credit 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 credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe the allowance for credit 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 Credit Losses Metrics Allowance for Credit Losses Three Months Ended September 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Transfer from unfunded commitment liability (1) — 100,470 — — 100,470 Provisions: Provision for current period 67 (81,710) (8,762) 391 (90,014) Loan sale reduction to provision — — (42,916) — (42,916) Total provision (2) 67 (81,710) (51,678) 391 (132,930) Net charge-offs: Charge-offs (89) (55,298) (5,231) (48) (60,666) Recoveries — 4,790 2,106 — 6,896 Net charge-offs (89) (50,508) (3,125) (48) (53,770) Loan sales — — (108,534) — (108,534) Ending Balance $ 4,363 $ 1,728,811 $ — $ 1,385 $ 1,734,559 Allowance: Ending balance: individually evaluated for impairment $ — $ 138,663 $ — $ — $ 138,663 Ending balance: collectively evaluated for impairment $ 4,363 $ 1,590,148 $ — $ 1,385 $ 1,595,896 Loans: Ending balance: individually evaluated for impairment $ — $ 1,495,161 $ — $ — $ 1,495,161 Ending balance: collectively evaluated for impairment $ 745,556 $ 21,119,166 $ — $ 11,540 $ 21,876,262 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.07 % 1.33 % — % 1.73 % Allowance as a percentage of the ending total loan balance 0.59 % 7.64 % — % 12.00 % Allowance as a percentage of the ending loans in repayment (3) 0.77 % 10.91 % — % 12.00 % Allowance coverage of net charge-offs (annualized) 12.26 8.56 — 7.21 Ending total loans, gross $ 745,556 $ 22,614,327 $ — $ 11,540 Average loans in repayment (3) $ 510,809 $ 15,182,703 $ — $ 11,103 Ending loans in repayment (3) $ 564,442 $ 15,853,309 $ — $ 11,540 ____________ (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 income. 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 credit losses. Consolidated Statements of Income Three Months Ended Private Education Loan provision for credit losses: Provision for loan losses $ (81,710) Provision for unfunded commitments 129,290 Total Private Education Loan provision for credit losses 47,580 Other impacts to the provision for credit losses: Personal Loans (51,678) FFELP Loans 67 Credit Cards 391 Total (51,220) Provisions for credit losses reported in consolidated statements of income $ (3,640) (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 Credit Losses Three Months Ended September 30, 2019 FFELP Private Education Personal Total Allowance for Credit Losses Beginning balance $ 1,734 $ 307,968 $ 74,295 $ 383,997 Total provision 158 84,110 14,046 98,314 Net charge-offs: Charge-offs (203) (56,398) (19,626) (76,227) Recoveries — 6,864 1,458 8,322 Net charge-offs (203) (49,534) (18,168) (67,905) Ending Balance $ 1,689 $ 342,544 $ 70,173 $ 414,406 Allowance: Ending balance: individually evaluated for impairment $ — $ 171,884 $ — $ 171,884 Ending balance: collectively evaluated for impairment $ 1,689 $ 170,660 $ 70,173 $ 242,522 Loans: Ending balance: individually evaluated for impairment $ — $ 1,474,819 $ — $ 1,474,819 Ending balance: collectively evaluated for impairment $ 798,168 $ 21,645,350 $ 1,131,833 $ 23,575,351 Net charge-offs as a percentage of average loans in repayment (annualized) (1) 0.13 % 1.27 % 6.42 % Allowance as a percentage of the ending total loan balance 0.21 % 1.48 % 6.20 % Allowance as a percentage of the ending loans in repayment (1) 0.27 % 2.13 % 6.20 % Allowance coverage of net charge-offs (annualized) 2.08 1.73 0.97 Ending total loans, gross $ 798,168 $ 23,120,169 $ 1,131,833 Average loans in repayment (1) $ 621,706 $ 15,632,028 $ 1,131,965 Ending loans in repayment (1) $ 631,626 $ 16,072,979 $ 1,131,833 ____________ (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 Credit Losses Nine Months Ended September 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Credit 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) — 279,555 — — 279,555 Provisions: Provision for current period 277 296,167 40,485 1,191 338,120 Loan sale reduction to provision — (161,793) (42,916) — (204,709) Total provision (2) 277 134,374 (2,431) 1,191 133,411 Net charge-offs: Charge-offs (399) (138,546) (39,079) (96) (178,120) Recoveries — 18,298 4,984 — 23,282 Net charge-offs (399) (120,248) (34,095) (96) (154,838) Loan sales — — (108,534) — (108,534) Ending Balance $ 4,363 $ 1,728,811 $ — $ 1,385 $ 1,734,559 Allowance: Ending balance: individually evaluated for impairment $ — $ 138,663 $ — $ — $ 138,663 Ending balance: collectively evaluated for impairment $ 4,363 $ 1,590,148 $ — $ 1,385 $ 1,595,896 Loans: Ending balance: individually evaluated for impairment $ — $ 1,495,161 $ — $ — $ 1,495,161 Ending balance: collectively evaluated for impairment $ 745,556 $ 21,119,166 $ — $ 11,540 $ 21,876,262 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.10 % 1.05 % — % 1.51 % Allowance as a percentage of the ending total loan balance 0.59 % 7.64 % — % 12.00 % Allowance as a percentage of the ending loans in repayment (3) 0.77 % 10.91 % — % 12.00 % Allowance coverage of net charge-offs (annualized) 8.20 10.78 — 10.82 Ending total loans, gross $ 745,556 $ 22,614,327 $ — $ 11,540 Average loans in repayment (3) $ 546,443 $ 15,336,253 $ — $ 8,499 Ending loans in repayment (3) $ 564,442 $ 15,853,309 $ — $ 11,540 ____________ (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 income. 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 credit losses. Consolidated Statements of Income Nine Months Ended Private Education Loan provision for credit losses: Provision for loan losses $ 134,374 Provision for unfunded commitments 276,094 Total Private Education Loan provision for credit losses 410,468 Other impacts to the provision for credit losses: Personal Loans (2,431) FFELP Loans 277 Credit Cards 1,191 Total (963) Provisions for credit losses reported in consolidated statements of income $ 409,505 (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 Credit Losses Nine Months Ended September 30, 2019 FFELP Private Education Personal Total Allowance for Credit Losses Beginning balance $ 977 $ 277,943 $ 62,201 $ 341,121 Total provision 1,320 197,289 58,280 256,889 Net charge-offs: Charge-offs (608) (151,357) (53,951) (205,916) Recoveries — 18,669 3,643 22,312 Net charge-offs (608) (132,688) (50,308) (183,604) Ending Balance $ 1,689 $ 342,544 $ 70,173 $ 414,406 Allowance: Ending balance: individually evaluated for impairment $ — $ 171,884 $ — $ 171,884 Ending balance: collectively evaluated for impairment $ 1,689 $ 170,660 $ 70,173 $ 242,522 Loans: Ending balance: individually evaluated for impairment $ — $ 1,474,819 $ — $ 1,474,819 Ending balance: collectively evaluated for impairment $ 798,168 $ 21,645,350 $ 1,131,833 $ 23,575,351 Net charge-offs as a percentage of average loans in repayment (annualized) (1) 0.13 % 1.15 % 5.82 % Allowance as a percentage of the ending total loan balance 0.21 % 1.48 % 6.20 % Allowance as a percentage of the ending loans in repayment (1) 0.27 % 2.13 % 6.20 % Allowance coverage of net charge-offs (annualized) 2.08 1.94 1.05 Ending total loans, gross $ 798,168 $ 23,120,169 $ 1,131,833 Average loans in repayment (1) $ 636,538 $ 15,351,188 $ 1,152,555 Ending loans in repayment (1) $ 631,626 $ 16,072,979 $ 1,131,833 ____________ (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 September 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 September 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 September 30, 2020 TDR Loans $ 1,537,499 $ 1,495,161 $ 138,663 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 $ 1,554,741 $ 24,972 $ 1,467,098 $ 24,639 Nine Months Ended 2020 2019 Average Interest Average Interest TDR Loans $ 1,579,640 $ 75,530 $ 1,391,167 $ 69,159 The following table provides information regarding the loan status and aging of TDR loans. September 30, December 31, 2020 2019 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 96,489 $ 87,749 TDR loans in forbearance (2) and percentage of each status: TDR loans in forbearance - current (2) 102,973 99.9 % 99,054 100.0 % TDR loans in forbearance - delinquent 31-60 days (2)(4) 139 0.1 — — TDR loans in forbearance - delinquent 61-90 days (2)(4) — — — — TDR loans in forbearance - delinquent greater than 90 days (2)(4) — — — — Total TDR loans in forbearance (2) 103,112 100.0 % 99,054 100.0 % TDR loans in repayment (3) and percentage of each status: Loans current 1,139,598 87.9 % 1,230,954 88.2 % Loans delinquent 31-60 days (4) 70,790 5.5 85,555 6.1 Loans delinquent 61-90 days (4) 51,537 4.0 49,626 3.6 Loans delinquent greater than 90 days (4) 33,635 2.6 29,028 2.1 Total TDR loans in repayment (3) 1,295,560 100.0 % 1,395,163 100.0 % Total TDR loans, gross $ 1,495,161 $ 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 $ 30,990 $ 20,033 $ 19,788 $ 115,195 $ 21,092 $ 29,258 Nine Months Ended Nine Months Ended Modified Loans (1) Charge-offs Payment- Modified Loans (1) Charge-offs Payment- TDR Loans $ 200,471 $ 48,031 $ 68,790 $ 357,676 $ 54,173 $ 84,409 _____ (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 September 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 $ 2,583,111 $ 4,444,417 $ 3,156,414 $ 2,695,281 $ 2,338,980 $ 4,833,371 $ 20,051,574 89 % Without cosigner 445,546 651,283 448,682 323,888 246,098 447,256 2,562,753 11 Total $ 3,028,657 $ 5,095,700 $ 3,605,096 $ 3,019,169 $ 2,585,078 $ 5,280,627 $ 22,614,327 100 % FICO at Origination (2) : Less than 670 $ 177,986 $ 361,387 $ 267,945 $ 228,293 $ 187,659 $ 414,785 $ 1,638,055 7 % 670-699 411,825 751,145 537,957 478,944 410,372 883,813 3,474,056 15 700-749 975,514 1,661,005 1,183,935 1,004,662 871,989 1,767,363 7,464,468 33 Greater than or equal to 750 1,463,332 2,322,163 1,615,259 1,307,270 1,115,058 2,214,666 10,037,748 45 Total $ 3,028,657 $ 5,095,700 $ 3,605,096 $ 3,019,169 $ 2,585,078 $ 5,280,627 $ 22,614,327 100 % FICO Refreshed (2)(3) : Less than 670 $ 217,218 $ 395,572 $ 344,242 $ 336,857 $ 332,360 $ 837,360 $ 2,463,609 11 % 670-699 397,492 642,016 426,549 338,010 276,258 578,132 2,658,457 12 700-749 963,875 1,598,763 1,081,419 883,872 723,213 1,413,526 6,664,668 29 Greater than or equal to 750 1,450,072 2,459,349 1,752,886 1,460,430 1,253,247 2,451,609 10,827,593 48 Total $ 3,028,657 $ 5,095,700 $ 3,605,096 $ 3,019,169 $ 2,585,078 $ 5,280,627 $ 22,614,327 100 % Seasoning (4) : 1-12 payments $ 1,772,006 $ 2,163,584 $ 479,231 $ 482,319 $ 409,027 $ 603,765 $ 5,909,932 26 % 13-24 payments 21 968,742 1,437,060 261,628 247,112 502,320 3,416,883 15 25-36 payments — — 631,736 1,150,053 225,369 502,923 2,510,081 11 37-48 payments — — — 403,088 941,217 482,116 1,826,421 8 More than 48 payments — — — — 304,878 2,590,571 2,895,449 13 Not yet in repayment 1,256,630 1,963,374 1,057,069 722,081 457,475 598,932 6,055,561 27 Total $ 3,028,657 $ 5,095,700 $ 3,605,096 $ 3,019,169 $ 2,585,078 $ 5,280,627 $ 22,614,327 100 % Current period (5) gross charge-offs $ (458) $ (6,040) $ (18,124) $ (25,359) $ (24,979) $ (63,586) $ (138,546) Current period (5) recoveries 5 381 1,672 2,778 3,277 10,185 18,298 Current period (5) net charge-offs $ (453) $ (5,659) $ (16,452) $ (22,581) $ (21,702) $ (53,401) $ (120,248) Total accrued interest by origination vintage $ 54,276 $ 308,207 $ 325,240 $ 289,104 $ 209,478 $ 267,871 $ 1,454,176 ______ (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 third-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 September 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 September 30, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Loans in-school/grace/deferment (1) $ 1,256,630 $ 1,963,374 $ 1,057,069 $ 722,081 $ 457,475 $ 598,932 $ 6,055,561 Loans in forbearance: Loans in forbearance - loans current (2) 8,343 64,167 110,935 127,915 126,218 267,584 705,162 Loans in forbearance - loans delinquent 31-60 days (2)(3) — 5 14 25 71 159 274 Loans in forbearance - loans delinquent 61-90 days (2)(3) — — — 21 — — 21 Loans in forbearance - loans delinquent greater than 90 days (2)(3) — — — — — — — Total Private Education Loans in forbearance (2) 8,343 64,172 110,949 127,961 126,289 267,743 705,457 Loans in repayment: Loans current 1,758,337 3,031,984 2,374,526 2,092,242 1,920,310 4,197,607 15,375,006 Loans delinquent 31-60 days (3) 4,209 24,834 37,444 43,055 43,560 112,149 265,251 Loans delinquent 61-90 days (3) 828 8,421 17,289 22,429 24,515 66,341 139,823 Loans delinquent greater than 90 days (3) 310 2,915 7,819 11,401 12,929 37,855 73,229 Total Private Education Loans in repayment 1,763,684 3,068,154 2,437,078 2,169,127 2,001,314 4,413,952 15,853,309 Total Private Education Loans, gross 3,028,657 5,095,700 3,605,096 3,019,169 2,585,078 5,280,627 22,614,327 Private Education Loans deferred origination costs and unamortized premium/(discount) 16,654 18,633 11,151 8,354 6,971 8,643 70,406 Total Private Education Loans 3,045,311 5,114,333 3,616,247 3,027,523 2,592,049 5,289,270 22,684,733 Private Education Loans allowance for losses (208,507) (407,435) (293,033) (243,715) (199,119) (377,002) (1,728,811) Private Education Loans, net $ 2,836,804 $ 4,706,898 $ 3,323,214 $ 2,783,808 $ 2,392,930 $ 4,912,268 $ 20,955,922 Percentage of Private Education Loans in repayment 58.2 % 60.2 % 67.6 % 71.8 % 77.4 % 83.6 % 70.1 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.3 % 1.2 % 2.6 % 3.5 % 4.0 % 4.9 % 3.0 % Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans 0.3 % 1.2 % 2.6 % 3.5 % 4.1 % 4.9 % 3.0 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.5 % 2.0 % 4.4 % 5.6 % 5.9 % 5.7 % 4.3 % _______ (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. 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 September 30, 2020 $ 1,454,176 $ 4,096 $ 4,427 December 31, 2019 $ 1,366,158 $ 2,390 $ 5,309

Unfunded Loan Commitments

Unfunded Loan Commitments	9 Months Ended
	Sep. 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 September 30, 2020, we had $1.8 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 September 30, 2020 2019 Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 85,958 $ 1,119,042 $ 755 $ 1,335,755 Provision/New commitments - net (1) 129,290 2,542,390 3,382 3,140,432 Transfer - funded loans (2) (100,470) (1,890,305) (2,170) (2,242,077) Ending Balance $ 114,778 $ 1,771,127 $ 1,967 $ 2,234,110 Nine Months Ended September 30, 2020 2019 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 - net (1) 276,094 4,542,560 5,516 5,122,672 Transfer - funded loans (2) (279,555) (4,682,036) (5,714) (4,899,306) Ending Balance $ 114,778 $ 1,771,127 $ 1,967 $ 2,234,110 ________________ (1) Net of expirations of commitments unused. (2) When a loan commitment is funded, its related allowance for credit losses is transferred to the allowance for credit losses. The unfunded commitments disclosed above represent the total amount of outstanding unfunded commitments at each period end. However, historically not all of these commitments are funded prior to the expiration of the commitments. We estimate the amount of commitments expected to be funded in calculating the reserve for unfunded commitments. The amount we expect to fund and use in our calculation of the reserve for unfunded commitments will change period to period based upon the loan characteristics of the underlying commitments.

Deposits

Deposits	9 Months Ended
	Sep. 30, 2020
Banking and Thrift, Other Disclosures [Abstract]
Deposits	Deposits The following table summarizes total deposits at September 30, 2020 and December 31, 2019. September 30, December 31, 2020 2019 Deposits - interest bearing $ 23,109,438 $ 24,282,906 Deposits - non-interest bearing 485 1,077 Total deposits $ 23,109,923 $ 24,283,983 Our total deposits of $23.1 billion were comprised of $12.1 billion in brokered deposits and $11.0 billion in retail and other deposits at September 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 September 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 September 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 September 30, 2020 and 2019, respectively, and placement fee expense of $15 million and $12 million in the nine months ended September 30, 2020 and 2019, respectively. Fees paid to third-party brokers related to brokered CDs were $2 million and $5 million for the three months ended September 30, 2020 and 2019, respectively, and fees paid to third-party brokers related to brokered CDs were $5 million and $20 million for the nine months ended September 30, 2020 and 2019, respectively. Interest bearing deposits at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, 2020 December 31, 2019 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 10,003,940 0.90 % $ 9,616,547 2.04 % Savings 866,611 0.69 718,616 1.71 Certificates of deposit 12,238,887 1.41 13,947,743 2.44 Deposits - interest bearing $ 23,109,438 $ 24,282,906 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings

Borrowings	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019. September 30, 2020 December 31, 2019 Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ — $ 198,768 $ 198,768 $ — $ 198,159 $ 198,159 Total unsecured borrowings — 198,768 198,768 — 198,159 198,159 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 3,398,239 3,398,239 — 2,629,902 2,629,902 Variable-rate — 1,350,640 1,350,640 — 1,525,976 1,525,976 Total Private Education Loan term securitizations — 4,748,879 4,748,879 — 4,155,878 4,155,878 Secured Borrowing Facility — — — 289,230 — 289,230 Total secured borrowings — 4,748,879 4,748,879 289,230 4,155,878 4,445,108 Total $ — $ 4,947,647 $ 4,947,647 $ 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 September 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 September 30, 2020, $626 million of our Private Education Loans, including $582 million of principal and $44 million in capitalized interest, were encumbered because of this transaction. On August 12, 2020, we executed our $707 million SMB Private Education Loan Trust 2020-B term ABS transaction, which was accounted for as a secured financing. We sold $707 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $705 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.14 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 1.30 percent. At September 30, 2020, $775 million of our Private Education Loans, including $720 million of principal and $55 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 September 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 2020-B August 2020 707,000 1-month LIBOR plus 1.30% 4.14 Total notes issued in 2020 $ 1,343,000 Total loan and accrued interest amount securitized at inception in 2020 $ 1,463,230 ____________ (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 September 30, 2020 and December 31, 2019, respectively: September 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 $ — $ 4,748,879 $ 4,748,879 $ 5,865,487 $ 162,448 $ 426,404 $ 6,454,339 Secured Borrowing Facility — — — — — 1,248 1,248 Total $ — $ 4,748,879 $ 4,748,879 $ 5,865,487 $ 162,448 $ 427,652 $ 6,455,587 ____ (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 September 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 nine months ended September 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 asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At September 30, 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 nine months ended September 30, 2020 or in the year ended December 31, 2019.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 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 September 30, 2020, $8.4 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 $8.8 billion at September 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 September 30, 2020 was $(218) million and $22 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 September 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 $54 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 September 30, 2020 and December 31, 2019, and their impact on earnings and other comprehensive income for the three and nine months ended September 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 September 30, December September 30, December September 30, December September 30, December 2020 2019 2020 2019 2020 2019 2020 2019 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ 298 $ 715 $ 59 $ — $ 184 $ — $ 541 $ 715 Derivative Liabilities: (2) Interest rate swaps Interest rate — — — (896) — (268) — (1,164) Total net derivatives $ 298 $ 715 $ 59 $ (896) $ 184 $ (268) $ 541 $ (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 September 30, December 31, September 30, December 31, 2020 2019 2020 2019 Gross position (1) $ 541 $ 715 $ — $ (1,164) Impact of master netting agreement — (519) — 519 Derivative values with impact of master netting agreements (as carried on balance sheet) 541 196 — (645) Cash collateral pledged (2) 53,808 52,564 — — Net position $ 54,349 $ 52,760 $ — $ (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 September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2020 2019 2020 2019 2020 2019 2020 2019 Notional Values Interest rate swaps $ 1,052,164 $ 1,150,518 $ 5,045,134 $ 5,031,429 $ 2,693,364 $ 3,744,917 $ 8,790,662 $ 9,926,864 As of September 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) September 30, December 31, September 30, December 31, 2020 2019 2020 2019 Deposits $ (5,217,274) $ (5,085,426) $ (179,648) $ (63,148) Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Nine Months Ended 2020 2019 2020 2019 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ 23,851 $ (2,924) $ 47,906 $ (10,812) Hedged items recorded in interest expense 24,451 (16,391) (116,500) (98,094) Derivatives recorded in interest expense (24,458) 16,610 116,870 97,947 Total $ 23,844 $ (2,705) $ 48,276 $ (10,959) Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ (5,176) $ 517 $ (10,922) $ 3,002 Total $ (5,176) $ 517 $ (10,922) $ 3,002 Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ (12,848) $ 2,844 $ 21,611 $ 25,288 Total (12,848) 2,844 21,611 25,288 Total $ 5,820 $ 656 $ 58,965 $ 17,331 Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Amount of loss recognized in other comprehensive income (loss) $ 76 $ (9,566) $ (53,707) $ (45,211) Less: amount of gain (loss) reclassified in interest expense (5,176) 517 (10,922) 3,002 Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ 5,252 $ (10,083) $ (42,785) $ (48,213) 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 $19 million will be reclassified as an increase to interest expense. Cash Collateral As of September 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 September 30, 2020 and December 31, 2019, respectively. Cash collateral pledged related to derivative exposure between us and our derivatives counterparties was $54 million and $53 million at September 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	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The following table summarizes our common share repurchases and issuances. Three Months Ended Nine Months Ended (Shares and per share amounts in actuals) 2020 2019 2020 2019 Common stock repurchased under repurchase program (1)(2) — 4,436,963 47,736,847 15,861,718 Average purchase price per share (3) $ — $ 8.45 $ 9.66 $ 9.94 Shares repurchased related to employee stock-based compensation plans (4) 3,122 15,238 1,109,149 1,328,665 Average purchase price per share $ 7.05 $ 9.54 $ 10.97 $ 10.92 Common shares issued (5) 5,150 26,137 2,990,447 3,677,821 __________________ (1) Common shares purchased under our share repurchase programs. $75 million of capacity under the 2020 Share Repurchase Program remained available as of September 30, 2020. (2) For the nine months ended September 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 the NASDAQ Global Select Market on September 30, 2020 was $8.09. Dividend and Share Repurchases In both September 2020 and 2019, we paid a common stock dividend of $0.03 per common share. In the nine months ended September 30, 2020 and 2019, we paid a total common stock dividend of $0.09 per common share. 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 September 30, 2020 and 4 million shares of common stock for $37 million in the three months ended September 30, 2019. Under the 2019 Share Repurchase Program, we repurchased 3 million shares of common stock for $33 million in the nine months ended September 30, 2020 and 16 million shares of common stock for $157 million in the nine months ended September 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 Rule 10b-18 volume-weighted average price at which the shares of our common stock trade during the regular trading sessions on the NASDAQ Global Select Market during the term of the ASR. At settlement of the forward agreement, the third-party financial institution may be obligated to deliver additional shares of common stock to us or we may be obligated to make delivery of common stock or a cash payment to them, at our option. The transactions are accounted for as equity transactions and are included in treasury stock when the shares are received, at which time there is an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share. We expect final settlement of the share repurchases under the ASR to occur before or during the first quarter of 2021. Under the 2020 Share Repurchase Program, repurchases may occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers, or other similar transactions.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows. Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2020 2019 2020 2019 Numerator: Net income $ 171,028 $ 128,458 $ 447,990 $ 436,924 Preferred stock dividends 2,058 4,153 8,000 12,952 Net income attributable to SLM Corporation common stock $ 168,970 $ 124,305 $ 439,990 $ 423,972 Denominator: Weighted average shares used to compute basic EPS 375,094 424,149 386,587 429,295 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) 2,824 3,187 2,804 3,277 Weighted average shares used to compute diluted EPS 377,918 427,336 389,391 432,572 Basic earnings per common share attributable to SLM Corporation $ 0.45 $ 0.29 $ 1.14 $ 0.99 Diluted earnings per common share attributable to SLM Corporation $ 0.45 $ 0.29 $ 1.13 $ 0.98 ________________ (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	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Available-for-sale investments $ — $ 2,018,388 $ 72,319 $ 2,090,707 $ — $ 487,669 $ — $ 487,669 Derivative instruments — 541 — 541 — 715 — 715 Total $ — $ 2,018,929 $ 72,319 $ 2,091,248 $ — $ 488,384 $ — $ 488,384 Liabilities Derivative instruments $ — $ — $ — $ — $ — $ (1,164) $ — $ (1,164) Total $ — $ — $ — $ — $ — $ (1,164) $ — $ (1,164) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. September 30, 2020 December 31, 2019 Fair Carrying Difference Fair Carrying Difference Earning assets: Loans held for investment, net: Private Education Loans $ 24,328,972 $ 20,955,922 $ 3,373,050 $ 24,988,941 $ 22,896,515 $ 2,092,426 FFELP Loans 756,739 743,220 13,519 795,055 783,816 11,239 Personal Loans — — — 1,047,119 983,643 63,476 Credit Cards 10,970 10,629 341 3,818 3,818 — Cash and cash equivalents 4,351,045 4,351,045 — 5,563,877 5,563,877 — Trading investments 14,651 14,651 — — — — Available-for-sale investments 2,090,707 2,090,707 — 487,669 487,669 — Accrued interest receivable 1,567,103 1,472,602 94,501 1,491,471 1,392,725 98,746 Tax indemnification receivable 28,256 28,256 — 27,558 27,558 — Derivative instruments 541 541 — 715 715 — Total earning assets $ 33,148,984 $ 29,667,573 $ 3,481,411 $ 34,406,223 $ 32,140,336 $ 2,265,887 Interest-bearing liabilities: Money-market and savings accounts $ 10,944,983 $ 10,870,551 $ (74,432) $ 10,363,691 $ 10,335,163 $ (28,528) Certificates of deposit 12,464,852 12,238,887 (225,965) 14,065,007 13,947,743 (117,264) Short-term borrowings — — — 289,230 289,230 — Long-term borrowings 5,136,732 4,947,647 (189,085) 4,434,323 4,354,037 (80,286) Accrued interest payable 75,196 75,196 — 75,158 75,158 — Derivative instruments — — — 1,164 1,164 — Total interest-bearing liabilities $ 28,621,763 $ 28,132,281 $ (489,482) $ 29,228,573 $ 29,002,495 $ (226,078) Excess of net asset fair value over carrying value $ 2,991,929 $ 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	9 Months Ended
	Sep. 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 August 26, 2020, the FDIC and other federal banking agencies published a 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. The final rule is substantially similar to an interim final rule issued on March 27, 2020. Under this 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 credit 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 credit 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 September 30, 2020: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,230,078 12.7 % $ 1,785,181 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,230,078 12.7 % $ 2,167,720 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,551,765 13.9 % $ 2,677,771 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,230,078 10.2 % $ 1,261,080 > 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 % $ 1,282,642 > 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	9 Months Ended
	Sep. 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 September 30, 2020, we had $1.8 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2020/2021 academic year. At September 30, 2020, we had $115 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)	9 Months Ended
	Sep. 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 nine months ended September 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 credit 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 forecast period. The reasonable and supportable forecast 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 forecast period, we immediately revert our forecast of expected losses to our historical averages. We use a two-year reasonable and supportable forecast 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 expected economic scenarios 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 credit 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 credit 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 credit losses, the timing of when losses are recognized, and the related provision for credit losses on our consolidated statements of income. When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period. These include, but are not limited to, CECL model inputs and any overlays deemed necessary by management. The most impactful CECL model inputs include: • Economic forecasts; • Weighting of economic forecasts; • Prepayment speeds; • New loan volume, including commitments made but not yet disbursed; and • Loan sales. Management overlays can encompass a broad array of factors not captured by model inputs, such as changes in servicing policies.
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 September 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 credit 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 credit 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 September 30, 2020 and December 31, 2019, 27 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 credit losses. As part of concluding on the adequacy of the allowance for credit 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 if the borrower has not made a required payment prior to the 31st day after such 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 credit 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
Troubled Debt Restructurings ("TDRs")	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 September 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 Credit 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. 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. During the third quarter of 2020, we sold our entire Personal Loan portfolio. Therefore, at September 30, 2020, the allowance for Personal Loans was $0. We collected on defaulted Personal Loans through a mix of in-house collectors, third-party collectors, and sales to third-parties. Prior to the sale of these loans, 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 considered 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 credit 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 credit 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 credit losses for FFELP Loans and related periodic provision expense are relatively small.
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 fees 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 of deferred direct origination and acquisition costs. 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 have changed 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 credit 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 credit 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 on January 1, 2020: January 1, 2020 As reported under CECL Pre-CECL Adoption Impact of CECL Adoption Assets: Allowance for credit 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 credit 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 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 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 credit 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)	9 Months Ended
	Sep. 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 on January 1, 2020: January 1, 2020 As reported under CECL Pre-CECL Adoption Impact of CECL Adoption Assets: Allowance for credit 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 credit 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)	9 Months Ended
	Sep. 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: September 30, 2020 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 308,757 $ — $ 5,670 $ (100) $ 314,327 Utah Housing Corporation bonds 12,357 — 170 — 12,527 U.S. government-sponsored enterprises and Treasuries 1,687,856 — 3,688 (10) 1,691,534 Other securities 72,266 — 396 (343) 72,319 Total $ 2,081,236 $ — $ 9,924 $ (453) $ 2,090,707 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 September 30, 2020: Mortgage-backed securities $ (100) $ 26,026 $ — $ — $ (100) $ 26,026 Utah Housing Corporation bonds — — — — — — U.S. government-sponsored enterprises and Treasuries (10) 76,010 — — (10) 76,010 Other securities (343) 33,918 — — (343) 33,918 Total $ (453) $ 135,954 $ — $ — $ (453) $ 135,954 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 September 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 $ 214,950 $ 214,970 2021 454,287 455,932 2022 878,920 880,483 2023 139,699 140,147 2038 172 195 2039 2,058 2,271 2042 5,738 5,750 2043 9,572 10,027 2044 12,993 13,540 2045 12,176 12,611 2046 19,044 19,485 2047 28,940 29,448 2048 6,907 7,209 2049 56,060 58,279 2050 167,454 168,041 2054 72,266 72,319 Total $ 2,081,236 $ 2,090,707

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Loans Held for Investment	Loans held for investment are summarized as follows: September 30, December 31, 2020 2019 Private Education Loans: Fixed-rate $ 10,353,809 $ 9,830,301 Variable-rate 12,260,518 13,359,290 Total Private Education Loans, gross 22,614,327 23,189,591 Deferred origination costs and unamortized premium/(discount) 70,406 81,224 Allowance for credit losses (1,728,811) (374,300) Total Private Education Loans, net 20,955,922 22,896,515 FFELP Loans 745,556 783,306 Deferred origination costs and unamortized premium/(discount) 2,027 2,143 Allowance for credit losses (4,363) (1,633) Total FFELP Loans, net 743,220 783,816 Personal Loans (fixed-rate) — 1,049,007 Deferred origination costs and unamortized premium/(discount) — 513 Allowance for credit losses — (65,877) Total Personal Loans, net — 983,643 Credit Cards (fixed-rate) 11,540 3,884 Deferred origination costs and unamortized premium/(discount) 474 36 Allowance for credit losses (1,385) (102) Total Credit Cards, net 10,629 3,818 Loans held for investment, net $ 21,709,771 $ 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 September 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,937,758 8.24 % $ 22,202,420 9.30 % FFELP Loans 750,925 3.46 806,865 4.54 Personal Loans 527,204 12.86 1,132,185 12.16 Total portfolio $ 23,215,887 $ 24,141,470 Nine Months Ended September 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 22,342,353 8.48 % $ 21,896,218 9.40 % FFELP Loans 762,863 3.86 821,870 4.83 Personal Loans 778,153 12.43 1,152,471 11.99 Total portfolio $ 23,883,369 $ 23,870,559 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 $ 1,554,741 $ 24,972 $ 1,467,098 $ 24,639 Nine Months Ended 2020 2019 Average Interest Average Interest TDR Loans $ 1,579,640 $ 75,530 $ 1,391,167 $ 69,159

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Allowance for credit losses and recorded investments in loans	Allowance for Credit Losses Nine Months Ended September 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Credit 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) — 279,555 — — 279,555 Provisions: Provision for current period 277 296,167 40,485 1,191 338,120 Loan sale reduction to provision — (161,793) (42,916) — (204,709) Total provision (2) 277 134,374 (2,431) 1,191 133,411 Net charge-offs: Charge-offs (399) (138,546) (39,079) (96) (178,120) Recoveries — 18,298 4,984 — 23,282 Net charge-offs (399) (120,248) (34,095) (96) (154,838) Loan sales — — (108,534) — (108,534) Ending Balance $ 4,363 $ 1,728,811 $ — $ 1,385 $ 1,734,559 Allowance: Ending balance: individually evaluated for impairment $ — $ 138,663 $ — $ — $ 138,663 Ending balance: collectively evaluated for impairment $ 4,363 $ 1,590,148 $ — $ 1,385 $ 1,595,896 Loans: Ending balance: individually evaluated for impairment $ — $ 1,495,161 $ — $ — $ 1,495,161 Ending balance: collectively evaluated for impairment $ 745,556 $ 21,119,166 $ — $ 11,540 $ 21,876,262 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.10 % 1.05 % — % 1.51 % Allowance as a percentage of the ending total loan balance 0.59 % 7.64 % — % 12.00 % Allowance as a percentage of the ending loans in repayment (3) 0.77 % 10.91 % — % 12.00 % Allowance coverage of net charge-offs (annualized) 8.20 10.78 — 10.82 Ending total loans, gross $ 745,556 $ 22,614,327 $ — $ 11,540 Average loans in repayment (3) $ 546,443 $ 15,336,253 $ — $ 8,499 Ending loans in repayment (3) $ 564,442 $ 15,853,309 $ — $ 11,540 ____________ (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 income. 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 credit losses. Consolidated Statements of Income Nine Months Ended Private Education Loan provision for credit losses: Provision for loan losses $ 134,374 Provision for unfunded commitments 276,094 Total Private Education Loan provision for credit losses 410,468 Other impacts to the provision for credit losses: Personal Loans (2,431) FFELP Loans 277 Credit Cards 1,191 Total (963) Provisions for credit losses reported in consolidated statements of income $ 409,505 (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 September 30, 2020 2019 Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 85,958 $ 1,119,042 $ 755 $ 1,335,755 Provision/New commitments - net (1) 129,290 2,542,390 3,382 3,140,432 Transfer - funded loans (2) (100,470) (1,890,305) (2,170) (2,242,077) Ending Balance $ 114,778 $ 1,771,127 $ 1,967 $ 2,234,110 Nine Months Ended September 30, 2020 2019 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 - net (1) 276,094 4,542,560 5,516 5,122,672 Transfer - funded loans (2) (279,555) (4,682,036) (5,714) (4,899,306) Ending Balance $ 114,778 $ 1,771,127 $ 1,967 $ 2,234,110 ________________ (1) Net of expirations of commitments unused. (2)
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 September 30, 2020 TDR Loans $ 1,537,499 $ 1,495,161 $ 138,663 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: September 30, December 31, 2020 2019 Private Education Loans: Fixed-rate $ 10,353,809 $ 9,830,301 Variable-rate 12,260,518 13,359,290 Total Private Education Loans, gross 22,614,327 23,189,591 Deferred origination costs and unamortized premium/(discount) 70,406 81,224 Allowance for credit losses (1,728,811) (374,300) Total Private Education Loans, net 20,955,922 22,896,515 FFELP Loans 745,556 783,306 Deferred origination costs and unamortized premium/(discount) 2,027 2,143 Allowance for credit losses (4,363) (1,633) Total FFELP Loans, net 743,220 783,816 Personal Loans (fixed-rate) — 1,049,007 Deferred origination costs and unamortized premium/(discount) — 513 Allowance for credit losses — (65,877) Total Personal Loans, net — 983,643 Credit Cards (fixed-rate) 11,540 3,884 Deferred origination costs and unamortized premium/(discount) 474 36 Allowance for credit losses (1,385) (102) Total Credit Cards, net 10,629 3,818 Loans held for investment, net $ 21,709,771 $ 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 September 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,937,758 8.24 % $ 22,202,420 9.30 % FFELP Loans 750,925 3.46 806,865 4.54 Personal Loans 527,204 12.86 1,132,185 12.16 Total portfolio $ 23,215,887 $ 24,141,470 Nine Months Ended September 30, 2020 2019 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 22,342,353 8.48 % $ 21,896,218 9.40 % FFELP Loans 762,863 3.86 821,870 4.83 Personal Loans 778,153 12.43 1,152,471 11.99 Total portfolio $ 23,883,369 $ 23,870,559 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 $ 1,554,741 $ 24,972 $ 1,467,098 $ 24,639 Nine Months Ended 2020 2019 Average Interest Average Interest TDR Loans $ 1,579,640 $ 75,530 $ 1,391,167 $ 69,159
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 September 30, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Loans in-school/grace/deferment (1) $ 1,256,630 $ 1,963,374 $ 1,057,069 $ 722,081 $ 457,475 $ 598,932 $ 6,055,561 Loans in forbearance: Loans in forbearance - loans current (2) 8,343 64,167 110,935 127,915 126,218 267,584 705,162 Loans in forbearance - loans delinquent 31-60 days (2)(3) — 5 14 25 71 159 274 Loans in forbearance - loans delinquent 61-90 days (2)(3) — — — 21 — — 21 Loans in forbearance - loans delinquent greater than 90 days (2)(3) — — — — — — — Total Private Education Loans in forbearance (2) 8,343 64,172 110,949 127,961 126,289 267,743 705,457 Loans in repayment: Loans current 1,758,337 3,031,984 2,374,526 2,092,242 1,920,310 4,197,607 15,375,006 Loans delinquent 31-60 days (3) 4,209 24,834 37,444 43,055 43,560 112,149 265,251 Loans delinquent 61-90 days (3) 828 8,421 17,289 22,429 24,515 66,341 139,823 Loans delinquent greater than 90 days (3) 310 2,915 7,819 11,401 12,929 37,855 73,229 Total Private Education Loans in repayment 1,763,684 3,068,154 2,437,078 2,169,127 2,001,314 4,413,952 15,853,309 Total Private Education Loans, gross 3,028,657 5,095,700 3,605,096 3,019,169 2,585,078 5,280,627 22,614,327 Private Education Loans deferred origination costs and unamortized premium/(discount) 16,654 18,633 11,151 8,354 6,971 8,643 70,406 Total Private Education Loans 3,045,311 5,114,333 3,616,247 3,027,523 2,592,049 5,289,270 22,684,733 Private Education Loans allowance for losses (208,507) (407,435) (293,033) (243,715) (199,119) (377,002) (1,728,811) Private Education Loans, net $ 2,836,804 $ 4,706,898 $ 3,323,214 $ 2,783,808 $ 2,392,930 $ 4,912,268 $ 20,955,922 Percentage of Private Education Loans in repayment 58.2 % 60.2 % 67.6 % 71.8 % 77.4 % 83.6 % 70.1 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.3 % 1.2 % 2.6 % 3.5 % 4.0 % 4.9 % 3.0 % Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans 0.3 % 1.2 % 2.6 % 3.5 % 4.1 % 4.9 % 3.0 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.5 % 2.0 % 4.4 % 5.6 % 5.9 % 5.7 % 4.3 % _______ (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 $ 30,990 $ 20,033 $ 19,788 $ 115,195 $ 21,092 $ 29,258 Nine Months Ended Nine Months Ended Modified Loans (1) Charge-offs Payment- Modified Loans (1) Charge-offs Payment- TDR Loans $ 200,471 $ 48,031 $ 68,790 $ 357,676 $ 54,173 $ 84,409 _____
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 September 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 $ 2,583,111 $ 4,444,417 $ 3,156,414 $ 2,695,281 $ 2,338,980 $ 4,833,371 $ 20,051,574 89 % Without cosigner 445,546 651,283 448,682 323,888 246,098 447,256 2,562,753 11 Total $ 3,028,657 $ 5,095,700 $ 3,605,096 $ 3,019,169 $ 2,585,078 $ 5,280,627 $ 22,614,327 100 % FICO at Origination (2) : Less than 670 $ 177,986 $ 361,387 $ 267,945 $ 228,293 $ 187,659 $ 414,785 $ 1,638,055 7 % 670-699 411,825 751,145 537,957 478,944 410,372 883,813 3,474,056 15 700-749 975,514 1,661,005 1,183,935 1,004,662 871,989 1,767,363 7,464,468 33 Greater than or equal to 750 1,463,332 2,322,163 1,615,259 1,307,270 1,115,058 2,214,666 10,037,748 45 Total $ 3,028,657 $ 5,095,700 $ 3,605,096 $ 3,019,169 $ 2,585,078 $ 5,280,627 $ 22,614,327 100 % FICO Refreshed (2)(3) : Less than 670 $ 217,218 $ 395,572 $ 344,242 $ 336,857 $ 332,360 $ 837,360 $ 2,463,609 11 % 670-699 397,492 642,016 426,549 338,010 276,258 578,132 2,658,457 12 700-749 963,875 1,598,763 1,081,419 883,872 723,213 1,413,526 6,664,668 29 Greater than or equal to 750 1,450,072 2,459,349 1,752,886 1,460,430 1,253,247 2,451,609 10,827,593 48 Total $ 3,028,657 $ 5,095,700 $ 3,605,096 $ 3,019,169 $ 2,585,078 $ 5,280,627 $ 22,614,327 100 % Seasoning (4) : 1-12 payments $ 1,772,006 $ 2,163,584 $ 479,231 $ 482,319 $ 409,027 $ 603,765 $ 5,909,932 26 % 13-24 payments 21 968,742 1,437,060 261,628 247,112 502,320 3,416,883 15 25-36 payments — — 631,736 1,150,053 225,369 502,923 2,510,081 11 37-48 payments — — — 403,088 941,217 482,116 1,826,421 8 More than 48 payments — — — — 304,878 2,590,571 2,895,449 13 Not yet in repayment 1,256,630 1,963,374 1,057,069 722,081 457,475 598,932 6,055,561 27 Total $ 3,028,657 $ 5,095,700 $ 3,605,096 $ 3,019,169 $ 2,585,078 $ 5,280,627 $ 22,614,327 100 % Current period (5) gross charge-offs $ (458) $ (6,040) $ (18,124) $ (25,359) $ (24,979) $ (63,586) $ (138,546) Current period (5) recoveries 5 381 1,672 2,778 3,277 10,185 18,298 Current period (5) net charge-offs $ (453) $ (5,659) $ (16,452) $ (22,581) $ (21,702) $ (53,401) $ (120,248) Total accrued interest by origination vintage $ 54,276 $ 308,207 $ 325,240 $ 289,104 $ 209,478 $ 267,871 $ 1,454,176 ______ (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 third-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 September 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.
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 September 30, 2020 $ 1,454,176 $ 4,096 $ 4,427 December 31, 2019 $ 1,366,158 $ 2,390 $ 5,309

Unfunded Loan Commitments (Tabl

Unfunded Loan Commitments (Tables)	9 Months Ended
	Sep. 30, 2020
Credit Loss [Abstract]
Allowance for credit losses and recorded investments in loans	Allowance for Credit Losses Nine Months Ended September 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Credit 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) — 279,555 — — 279,555 Provisions: Provision for current period 277 296,167 40,485 1,191 338,120 Loan sale reduction to provision — (161,793) (42,916) — (204,709) Total provision (2) 277 134,374 (2,431) 1,191 133,411 Net charge-offs: Charge-offs (399) (138,546) (39,079) (96) (178,120) Recoveries — 18,298 4,984 — 23,282 Net charge-offs (399) (120,248) (34,095) (96) (154,838) Loan sales — — (108,534) — (108,534) Ending Balance $ 4,363 $ 1,728,811 $ — $ 1,385 $ 1,734,559 Allowance: Ending balance: individually evaluated for impairment $ — $ 138,663 $ — $ — $ 138,663 Ending balance: collectively evaluated for impairment $ 4,363 $ 1,590,148 $ — $ 1,385 $ 1,595,896 Loans: Ending balance: individually evaluated for impairment $ — $ 1,495,161 $ — $ — $ 1,495,161 Ending balance: collectively evaluated for impairment $ 745,556 $ 21,119,166 $ — $ 11,540 $ 21,876,262 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.10 % 1.05 % — % 1.51 % Allowance as a percentage of the ending total loan balance 0.59 % 7.64 % — % 12.00 % Allowance as a percentage of the ending loans in repayment (3) 0.77 % 10.91 % — % 12.00 % Allowance coverage of net charge-offs (annualized) 8.20 10.78 — 10.82 Ending total loans, gross $ 745,556 $ 22,614,327 $ — $ 11,540 Average loans in repayment (3) $ 546,443 $ 15,336,253 $ — $ 8,499 Ending loans in repayment (3) $ 564,442 $ 15,853,309 $ — $ 11,540 ____________ (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 income. 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 credit losses. Consolidated Statements of Income Nine Months Ended Private Education Loan provision for credit losses: Provision for loan losses $ 134,374 Provision for unfunded commitments 276,094 Total Private Education Loan provision for credit losses 410,468 Other impacts to the provision for credit losses: Personal Loans (2,431) FFELP Loans 277 Credit Cards 1,191 Total (963) Provisions for credit losses reported in consolidated statements of income $ 409,505 (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 September 30, 2020 2019 Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 85,958 $ 1,119,042 $ 755 $ 1,335,755 Provision/New commitments - net (1) 129,290 2,542,390 3,382 3,140,432 Transfer - funded loans (2) (100,470) (1,890,305) (2,170) (2,242,077) Ending Balance $ 114,778 $ 1,771,127 $ 1,967 $ 2,234,110 Nine Months Ended September 30, 2020 2019 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 - net (1) 276,094 4,542,560 5,516 5,122,672 Transfer - funded loans (2) (279,555) (4,682,036) (5,714) (4,899,306) Ending Balance $ 114,778 $ 1,771,127 $ 1,967 $ 2,234,110 ________________ (1) Net of expirations of commitments unused. (2)

Deposits (Tables)

Deposits (Tables)	9 Months Ended
	Sep. 30, 2020
Banking and Thrift, Other Disclosures [Abstract]
Schedule of deposits	The following table summarizes total deposits at September 30, 2020 and December 31, 2019. September 30, December 31, 2020 2019 Deposits - interest bearing $ 23,109,438 $ 24,282,906 Deposits - non-interest bearing 485 1,077 Total deposits $ 23,109,923 $ 24,283,983
Interest bearing deposits	Interest bearing deposits at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, 2020 December 31, 2019 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 10,003,940 0.90 % $ 9,616,547 2.04 % Savings 866,611 0.69 718,616 1.71 Certificates of deposit 12,238,887 1.41 13,947,743 2.44 Deposits - interest bearing $ 23,109,438 $ 24,282,906 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes our borrowings at September 30, 2020 and December 31, 2019. September 30, 2020 December 31, 2019 Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ — $ 198,768 $ 198,768 $ — $ 198,159 $ 198,159 Total unsecured borrowings — 198,768 198,768 — 198,159 198,159 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 3,398,239 3,398,239 — 2,629,902 2,629,902 Variable-rate — 1,350,640 1,350,640 — 1,525,976 1,525,976 Total Private Education Loan term securitizations — 4,748,879 4,748,879 — 4,155,878 4,155,878 Secured Borrowing Facility — — — 289,230 — 289,230 Total secured borrowings — 4,748,879 4,748,879 289,230 4,155,878 4,445,108 Total $ — $ 4,947,647 $ 4,947,647 $ 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 September 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 2020-B August 2020 707,000 1-month LIBOR plus 1.30% 4.14 Total notes issued in 2020 $ 1,343,000 Total loan and accrued interest amount securitized at inception in 2020 $ 1,463,230 ____________
Schedule of variable interest entities	We consolidate the following financing VIEs as of September 30, 2020 and December 31, 2019, respectively: September 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 $ — $ 4,748,879 $ 4,748,879 $ 5,865,487 $ 162,448 $ 426,404 $ 6,454,339 Secured Borrowing Facility — — — — — 1,248 1,248 Total $ — $ 4,748,879 $ 4,748,879 $ 5,865,487 $ 162,448 $ 427,652 $ 6,455,587 ____ (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)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019, and their impact on earnings and other comprehensive income for the three and nine months ended September 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 September 30, December September 30, December September 30, December September 30, December 2020 2019 2020 2019 2020 2019 2020 2019 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ 298 $ 715 $ 59 $ — $ 184 $ — $ 541 $ 715 Derivative Liabilities: (2) Interest rate swaps Interest rate — — — (896) — (268) — (1,164) Total net derivatives $ 298 $ 715 $ 59 $ (896) $ 184 $ (268) $ 541 $ (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 September 30, December 31, September 30, December 31, 2020 2019 2020 2019 Gross position (1) $ 541 $ 715 $ — $ (1,164) Impact of master netting agreement — (519) — 519 Derivative values with impact of master netting agreements (as carried on balance sheet) 541 196 — (645) Cash collateral pledged (2) 53,808 52,564 — — Net position $ 54,349 $ 52,760 $ — $ (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 September 30, December 31, September 30, December 31, 2020 2019 2020 2019 Gross position (1) $ 541 $ 715 $ — $ (1,164) Impact of master netting agreement — (519) — 519 Derivative values with impact of master netting agreements (as carried on balance sheet) 541 196 — (645) Cash collateral pledged (2) 53,808 52,564 — — Net position $ 54,349 $ 52,760 $ — $ (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 September 30, December 31, September 30, December 31, 2020 2019 2020 2019 Gross position (1) $ 541 $ 715 $ — $ (1,164) Impact of master netting agreement — (519) — 519 Derivative values with impact of master netting agreements (as carried on balance sheet) 541 196 — (645) Cash collateral pledged (2) 53,808 52,564 — — Net position $ 54,349 $ 52,760 $ — $ (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 September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2020 2019 2020 2019 2020 2019 2020 2019 Notional Values Interest rate swaps $ 1,052,164 $ 1,150,518 $ 5,045,134 $ 5,031,429 $ 2,693,364 $ 3,744,917 $ 8,790,662 $ 9,926,864
Schedule of cumulative basis adjustments for fair value hedges	As of September 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) September 30, December 31, September 30, December 31, 2020 2019 2020 2019 Deposits $ (5,217,274) $ (5,085,426) $ (179,648) $ (63,148)
Derivative instruments, gain (loss)	Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Nine Months Ended 2020 2019 2020 2019 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ 23,851 $ (2,924) $ 47,906 $ (10,812) Hedged items recorded in interest expense 24,451 (16,391) (116,500) (98,094) Derivatives recorded in interest expense (24,458) 16,610 116,870 97,947 Total $ 23,844 $ (2,705) $ 48,276 $ (10,959) Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ (5,176) $ 517 $ (10,922) $ 3,002 Total $ (5,176) $ 517 $ (10,922) $ 3,002 Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ (12,848) $ 2,844 $ 21,611 $ 25,288 Total (12,848) 2,844 21,611 25,288 Total $ 5,820 $ 656 $ 58,965 $ 17,331
Schedule of derivative instruments, effect on other comprehensive income (loss)	Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Amount of loss recognized in other comprehensive income (loss) $ 76 $ (9,566) $ (53,707) $ (45,211) Less: amount of gain (loss) reclassified in interest expense (5,176) 517 (10,922) 3,002 Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ 5,252 $ (10,083) $ (42,785) $ (48,213)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of common share repurchases	The following table summarizes our common share repurchases and issuances. Three Months Ended Nine Months Ended (Shares and per share amounts in actuals) 2020 2019 2020 2019 Common stock repurchased under repurchase program (1)(2) — 4,436,963 47,736,847 15,861,718 Average purchase price per share (3) $ — $ 8.45 $ 9.66 $ 9.94 Shares repurchased related to employee stock-based compensation plans (4) 3,122 15,238 1,109,149 1,328,665 Average purchase price per share $ 7.05 $ 9.54 $ 10.97 $ 10.92 Common shares issued (5) 5,150 26,137 2,990,447 3,677,821 __________________ (1) Common shares purchased under our share repurchase programs. $75 million of capacity under the 2020 Share Repurchase Program remained available as of September 30, 2020. (2) For the nine months ended September 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 per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, (In thousands, except per share data) 2020 2019 2020 2019 Numerator: Net income $ 171,028 $ 128,458 $ 447,990 $ 436,924 Preferred stock dividends 2,058 4,153 8,000 12,952 Net income attributable to SLM Corporation common stock $ 168,970 $ 124,305 $ 439,990 $ 423,972 Denominator: Weighted average shares used to compute basic EPS 375,094 424,149 386,587 429,295 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) 2,824 3,187 2,804 3,277 Weighted average shares used to compute diluted EPS 377,918 427,336 389,391 432,572 Basic earnings per common share attributable to SLM Corporation $ 0.45 $ 0.29 $ 1.14 $ 0.99 Diluted earnings per common share attributable to SLM Corporation $ 0.45 $ 0.29 $ 1.13 $ 0.98 ________________ (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)	9 Months Ended
	Sep. 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 September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Available-for-sale investments $ — $ 2,018,388 $ 72,319 $ 2,090,707 $ — $ 487,669 $ — $ 487,669 Derivative instruments — 541 — 541 — 715 — 715 Total $ — $ 2,018,929 $ 72,319 $ 2,091,248 $ — $ 488,384 $ — $ 488,384 Liabilities Derivative instruments $ — $ — $ — $ — $ — $ (1,164) $ — $ (1,164) Total $ — $ — $ — $ — $ — $ (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. September 30, 2020 December 31, 2019 Fair Carrying Difference Fair Carrying Difference Earning assets: Loans held for investment, net: Private Education Loans $ 24,328,972 $ 20,955,922 $ 3,373,050 $ 24,988,941 $ 22,896,515 $ 2,092,426 FFELP Loans 756,739 743,220 13,519 795,055 783,816 11,239 Personal Loans — — — 1,047,119 983,643 63,476 Credit Cards 10,970 10,629 341 3,818 3,818 — Cash and cash equivalents 4,351,045 4,351,045 — 5,563,877 5,563,877 — Trading investments 14,651 14,651 — — — — Available-for-sale investments 2,090,707 2,090,707 — 487,669 487,669 — Accrued interest receivable 1,567,103 1,472,602 94,501 1,491,471 1,392,725 98,746 Tax indemnification receivable 28,256 28,256 — 27,558 27,558 — Derivative instruments 541 541 — 715 715 — Total earning assets $ 33,148,984 $ 29,667,573 $ 3,481,411 $ 34,406,223 $ 32,140,336 $ 2,265,887 Interest-bearing liabilities: Money-market and savings accounts $ 10,944,983 $ 10,870,551 $ (74,432) $ 10,363,691 $ 10,335,163 $ (28,528) Certificates of deposit 12,464,852 12,238,887 (225,965) 14,065,007 13,947,743 (117,264) Short-term borrowings — — — 289,230 289,230 — Long-term borrowings 5,136,732 4,947,647 (189,085) 4,434,323 4,354,037 (80,286) Accrued interest payable 75,196 75,196 — 75,158 75,158 — Derivative instruments — — — 1,164 1,164 — Total interest-bearing liabilities $ 28,621,763 $ 28,132,281 $ (489,482) $ 29,228,573 $ 29,002,495 $ (226,078) Excess of net asset fair value over carrying value $ 2,991,929 $ 2,039,809

Regulatory Capital (Tables)

Regulatory Capital (Tables)	9 Months Ended
	Sep. 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 September 30, 2020: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,230,078 12.7 % $ 1,785,181 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,230,078 12.7 % $ 2,167,720 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,551,765 13.9 % $ 2,677,771 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,230,078 10.2 % $ 1,261,080 > 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 % $ 1,282,642 > 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 ($)	Jan. 01, 2020	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)numberOfInvestments	Sep. 30, 2019USD ($)	Dec. 31, 2019
Financing Receivable, Impaired [Line Items]
Percentage of Private Education Loans related to borrowers in school, grace or deferment			27.00%		27.00%		25.00%
Interest rate offered to borrowers facing financial difficulty			4.00%		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%		47.00%		50.00%
Percentage reimbursement on all qualifying default claims period two (as a percentage)			97.00%		97.00%
Percentage reimbursement on all qualifying default claims period one (as a percentage)			98.00%		98.00%
Percentage reimbursement on all qualifying default claims period three (as a percentage)			100.00%		100.00%
Variable rate			105.00%		105.00%
Gain on sale of Upromise subsidiary	$ 11,000				$ 11,331	$ 0
Restructuring expenses			$ 24,127	$ 0	$ 24,127	$ 0
Restructuring expenses related to severance benefits			20,000
Other related costs			$ 4,000
Positions eliminated | numberOfInvestments					165
Workforce eliminated					9.00%
Accounting Standards Update 2016-13
Financing Receivable, Impaired [Line Items]
Period of deferment		2

Significant Accounting Polici_5

Significant Accounting Policies - Effect of CECL Adoption (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases	$ 1,734,559	$ 1,929,323	$ 441,912	$ 441,912	$ 414,406	$ 383,997	$ 341,121
Off-balance sheet exposures			2,481
Retained earnings	1,302,654		1,850,512	1,850,512
Deferred tax asset
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	1,728,811		374,300	374,300
FFELP Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases	4,363		1,633	1,633
Personal Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases	0		65,877	65,877
Credit Cards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans and leases	$ 1,385		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 | Deferred tax asset
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 | Deferred tax asset
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	9 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)securitynumberOfInvestments	Dec. 31, 2019USD ($)security
Investment Holdings [Line Items]
Vertical risk retention interest	5.00%
Trading investments			$ 14,651	$ 0
Available-for-sale investments, cost			2,081,236	485,756
Par value of mortgage-backed securities pledged to FRB			748,000	252,000
Gain on equity securities investment		$ 8,000
Non-marketable securities investment			26,000	26,000
Low income housing tax credit investments			55,000	58,000
Low income housing tax credit investments, liability for unfunded commitments			22,000	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%
Minimum
Investment Holdings [Line Items]
Number of securities in net loss position | numberOfInvestments			8
Maximum
Investment Holdings [Line Items]
Number of securities in net loss position | numberOfInvestments			10
Mortgage-backed securities
Investment Holdings [Line Items]
Number of securities in net loss position | security			3	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
Number of mortgage-backed securities | security			3
U.S. government-sponsored enterprises and Treasuries
Investment Holdings [Line Items]
Number of securities in net loss position | security			2
Number of government sponsored securities | security			32
Ginnie Mae | Mortgage-backed securities
Investment Holdings [Line Items]
Available-for-sale investments, cost			$ 38,000
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			93,000
Freddie Mac | Mortgage-backed securities
Investment Holdings [Line Items]
Available-for-sale investments, cost			$ 178,000
Student Loan
Investment Holdings [Line Items]
Private education loans sold	$ 1,700,000

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,081,236	$ 485,756
Allowance for credit losses	0	0
Gross Unrealized Gains	9,924	2,675
Gross Unrealized Losses	(453)	(762)
Estimated Fair Value	2,090,707	487,669
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	308,757	215,888
Allowance for credit losses	0	0
Gross Unrealized Gains	5,670	1,895
Gross Unrealized Losses	(100)	(658)
Estimated Fair Value	314,327	217,125
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,357	19,474
Allowance for credit losses	0	0
Gross Unrealized Gains	170	145
Gross Unrealized Losses	0	(83)
Estimated Fair Value	12,527	19,536
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,687,856	250,394
Allowance for credit losses	0	0
Gross Unrealized Gains	3,688	635
Gross Unrealized Losses	(10)	(21)
Estimated Fair Value	1,691,534	$ 251,008
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	72,266
Allowance for credit losses	0
Gross Unrealized Gains	396
Gross Unrealized Losses	(343)
Estimated Fair Value	$ 72,319

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Less than 12 months
Gross Unrealized Losses	$ (453)	$ (239)
Estimated Fair Value	135,954	40,601
12 months or more
Gross Unrealized Losses	0	(523)
Estimated Fair Value	0	53,545
Total
Gross Unrealized Losses	(453)	(762)
Estimated Fair Value	135,954	94,146
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(100)	(218)
Estimated Fair Value	26,026	25,624
12 months or more
Gross Unrealized Losses	0	(440)
Estimated Fair Value	0	42,448
Total
Gross Unrealized Losses	(100)	(658)
Estimated Fair Value	26,026	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	(10)	(21)
Estimated Fair Value	76,010	14,977
12 months or more
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
Total
Gross Unrealized Losses	(10)	(21)
Estimated Fair Value	76,010	$ 14,977
Other securities
Less than 12 months
Gross Unrealized Losses	(343)
Estimated Fair Value	33,918
12 months or more
Gross Unrealized Losses	0
Estimated Fair Value	0
Total
Gross Unrealized Losses	(343)
Estimated Fair Value	$ 33,918

Investments - Maturity Table (D

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,081,236	$ 485,756
Estimated Fair Value	2,090,707	$ 487,669
2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	214,950
Estimated Fair Value	214,970
2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	454,287
Estimated Fair Value	455,932
2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	878,920
Estimated Fair Value	880,483
2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	139,699
Estimated Fair Value	140,147
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	172
Estimated Fair Value	195
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,058
Estimated Fair Value	2,271
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,738
Estimated Fair Value	5,750
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,572
Estimated Fair Value	10,027
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,993
Estimated Fair Value	13,540
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,176
Estimated Fair Value	12,611
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,044
Estimated Fair Value	19,485
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	28,940
Estimated Fair Value	29,448
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,907
Estimated Fair Value	7,209
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	56,060
Estimated Fair Value	58,279
2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	167,454
Estimated Fair Value	168,041
2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	72,266
Estimated Fair Value	$ 72,319

Loans Held for Investment - Add

Loans Held for Investment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 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	$ (4)	$ 239,000	$ 0	$ 238,562	$ 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
Net proceeds from sales of personal loans, principal	697,000
Net proceeds from personal loans, accrued interest	7,000
Loan sale reduction to provision	$ (42,916)			$ (204,709)
Estimated weighted average life of student loans				5 years 4 months 24 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	8.80%			8.80%		7.20%
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan sale reduction to provision	$ (42,916)			$ (42,916)
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	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,734,559)	$ (1,929,323)	$ (441,912)	$ (441,912)	$ (414,406)	$ (383,997)	$ (341,121)
Loans held for investment, net	21,709,771			24,667,792
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	22,614,327			23,189,591
Deferred origination costs and unamortized premium/(discount)	70,406			81,224
Allowance for credit losses	(1,728,811)		(374,300)	(374,300)
Loans held for investment, net	20,955,922			22,896,515
Private Education Loans | Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	10,353,809			9,830,301
Private Education Loans | Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	12,260,518			13,359,290
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	745,556			783,306
Deferred origination costs and unamortized premium/(discount)	2,027			2,143
Allowance for credit losses	(4,363)		(1,633)	(1,633)
Loans held for investment, net	743,220			783,816
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	0			1,049,007
Deferred origination costs and unamortized premium/(discount)	0			513
Allowance for credit losses	0		(65,877)	(65,877)
Loans held for investment, net	0			983,643
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans	11,540			3,884
Deferred origination costs and unamortized premium/(discount)	474			36
Allowance for credit losses	(1,385)		$ (102)	(102)
Loans held for investment, net	$ 10,629			$ 3,818

Loans Held for Investment - S_2

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 23,215,887	$ 24,141,470	$ 23,883,369	$ 23,870,559
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,937,758	$ 22,202,420	$ 22,342,353	$ 21,896,218
Weighted Average Interest Rate	8.24%	9.30%	8.48%	9.40%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 750,925	$ 806,865	$ 762,863	$ 821,870
Weighted Average Interest Rate	3.46%	4.54%	3.86%	4.83%
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 527,204	$ 1,132,185	$ 778,153	$ 1,152,471
Weighted Average Interest Rate	12.86%	12.16%	12.43%	11.99%

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jan. 01, 2020
Allowance for Credit Losses
Beginning balance	$ 1,929,323	$ 383,997	$ 441,912	$ 341,121	$ 341,121
Provision for current period	(90,014)		338,120
Loan sale reduction to provision	(42,916)		(204,709)
Total provision	(132,930)	98,314	133,411	256,889
Net charge-offs:
Charge-offs	(60,666)	(76,227)	(178,120)	(205,916)
Recoveries	6,896	8,322	23,282	22,312
Net charge-offs	53,770	67,905	154,838	183,604
Loan sales	(108,534)		(108,534)
Ending Balance	1,734,559	414,406	1,734,559	414,406	441,912
Allowance:
Ending balance: individually evaluated for impairment	138,663	171,884	138,663	171,884
Ending balance: collectively evaluated for impairment	1,595,896	242,522	1,595,896	242,522
Loans:
Ending balance: individually evaluated for impairment	1,495,161	1,474,819	1,495,161	1,474,819
Ending balance: collectively evaluated for impairment	21,876,262	23,575,351	21,876,262	23,575,351
Provision for loan losses	(81,710)		134,374
Provision for unfunded commitments	129,290		276,094
Total Private Education Loan provision for credit losses	47,580		410,468
Private Education Loan provision for credit losses, other impacts	(51,220)		(963)
Less: provisions for credit losses	(3,640)	99,526	409,505	256,691
Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Credit Losses
Transfer from unfunded commitment liability	100,470		279,555
Net charge-offs:
Day 1 adjustment for the adoption of CECL						$ 1,143,053
FFELP Loans
Allowance for Credit Losses
Beginning balance	4,385	1,734	1,633	977	977
Provision for current period	67		277
Loan sale reduction to provision	0		0
Total provision	67	158	277	1,320
Net charge-offs:
Charge-offs	(89)	(203)	(399)	(608)
Recoveries	0	0	0	0
Net charge-offs	89	203	399	608
Loan sales	0		0
Ending Balance	4,363	1,689	4,363	1,689	1,633
Allowance:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	4,363	1,689	4,363	1,689
Loans:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	$ 745,556	$ 798,168	$ 745,556	$ 798,168
Net charge-offs as a percentage of average loans in repayment (annualized)	0.07%	0.13%	0.10%	0.13%
Allowance as a percentage of the ending total loan balance	0.59%	0.21%	0.59%	0.21%
Allowance as a percentage of the ending loans in repayment	0.77%	0.27%	0.77%	0.27%
Allowance coverage of net charge-offs (annualized)	12.26	2.08	8.20	2.08
Ending total loans, gross	$ 745,556	$ 798,168	$ 745,556	$ 798,168
Average loans in repayment	510,809	621,706	546,443	636,538
Ending loans in repayment	564,442	631,626	564,442	631,626
Private Education Loan provision for credit losses, other impacts	67		277
FFELP Loans | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Credit 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 Credit Losses
Beginning balance	1,760,559	307,968	374,300	277,943	277,943
Provision for current period	(81,710)		296,167
Loan sale reduction to provision	0		(161,793)
Total provision	(81,710)	84,110	134,374	197,289
Net charge-offs:
Charge-offs	(55,298)	(56,398)	(138,546)	(151,357)
Recoveries	4,790	6,864	18,298	18,669
Net charge-offs	50,508	49,534	120,248	132,688
Loan sales	0		0
Ending Balance	1,728,811	342,544	1,728,811	342,544	374,300
Allowance:
Ending balance: individually evaluated for impairment	138,663	171,884	138,663	171,884
Ending balance: collectively evaluated for impairment	1,590,148	170,660	1,590,148	170,660
Loans:
Ending balance: individually evaluated for impairment	1,495,161	1,474,819	1,495,161	1,474,819
Ending balance: collectively evaluated for impairment	$ 21,119,166	$ 21,645,350	$ 21,119,166	$ 21,645,350
Net charge-offs as a percentage of average loans in repayment (annualized)	1.33%	1.27%	1.05%	1.15%
Allowance as a percentage of the ending total loan balance	7.64%	1.48%	7.64%	1.48%
Allowance as a percentage of the ending loans in repayment	10.91%	2.13%	10.91%	2.13%
Allowance coverage of net charge-offs (annualized)	8.56	1.73	10.78	1.94
Ending total loans, gross	$ 22,614,327	$ 23,120,169	$ 22,614,327	$ 23,120,169
Average loans in repayment	15,182,703	15,632,028	15,336,253	15,351,188
Ending loans in repayment	15,853,309	16,072,979	15,853,309	16,072,979
Private Education Loans | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Credit Losses
Transfer from unfunded commitment liability	100,470		279,555
Net charge-offs:
Day 1 adjustment for the adoption of CECL						1,060,830
Personal Loans
Allowance for Credit Losses
Beginning balance	163,337	74,295	65,877	62,201	62,201
Provision for current period	(8,762)		40,485
Loan sale reduction to provision	(42,916)		(42,916)
Total provision	(51,678)	14,046	(2,431)	58,280
Net charge-offs:
Charge-offs	(5,231)	(19,626)	(39,079)	(53,951)
Recoveries	2,106	1,458	4,984	3,643
Net charge-offs	3,125	18,168	34,095	50,308
Loan sales	(108,534)		(108,534)
Ending Balance	0	70,173	0	70,173	65,877
Allowance:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	0	70,173	0	70,173
Loans:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	$ 0	$ 1,131,833	$ 0	$ 1,131,833
Net charge-offs as a percentage of average loans in repayment (annualized)	0.00%	6.42%	0.00%	5.82%
Allowance as a percentage of the ending total loan balance	0.00%	6.20%	0.00%	6.20%
Allowance as a percentage of the ending loans in repayment	0.00%	6.20%	0.00%	6.20%
Allowance coverage of net charge-offs (annualized)	0	0.97	0	1.05
Ending total loans, gross	$ 0	$ 1,131,833	$ 0	$ 1,131,833
Average loans in repayment	0	1,131,965	0	1,152,555
Ending loans in repayment	0	$ 1,131,833	0	$ 1,131,833
Private Education Loan provision for credit losses, other impacts	(51,678)		(2,431)
Personal Loans | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Credit 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 Credit Losses
Beginning balance	1,042		102
Provision for current period	391		1,191
Loan sale reduction to provision	0		0
Total provision	391		1,191
Net charge-offs:
Charge-offs	(48)		(96)
Recoveries	0		0
Net charge-offs	48		96
Loan sales	0		0
Ending Balance	1,385		1,385		$ 102
Allowance:
Ending balance: individually evaluated for impairment	0		0
Ending balance: collectively evaluated for impairment	1,385		1,385
Loans:
Ending balance: individually evaluated for impairment	0		0
Ending balance: collectively evaluated for impairment	$ 11,540		$ 11,540
Net charge-offs as a percentage of average loans in repayment (annualized)	1.73%		1.51%
Allowance as a percentage of the ending total loan balance	12.00%		12.00%
Allowance as a percentage of the ending loans in repayment	12.00%		12.00%
Allowance coverage of net charge-offs (annualized)	7.21		10.82
Ending total loans, gross	$ 11,540		$ 11,540
Average loans in repayment	11,103		8,499
Ending loans in repayment	11,540		11,540
Private Education Loan provision for credit losses, other impacts	391		1,191
Credit Cards | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Credit Losses
Transfer from unfunded commitment liability	$ 0		$ 0
Net charge-offs:
Day 1 adjustment for the adoption of CECL						$ 188

Allowance for Credit Losses -_2

Allowance for Credit Losses - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 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	8.80%		8.00%
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 Credit Losses - R

Allowance for Credit Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Details) - TDR Loans - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment	$ 1,537,499	$ 1,612,896
Unpaid Principal Balance	1,495,161	1,581,966
Allowance	$ 138,663	$ 186,697

Allowance for Credit Losses -_3

Allowance for Credit Losses - Average Recorded Investment and Interest Income Recognized for TDR (Details) - TDR Loans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	$ 1,554,741	$ 1,467,098	$ 1,579,640	$ 1,391,167
Interest Income Recognized	$ 24,972	$ 24,639	$ 75,530	$ 69,159

Allowance for Credit Losses - L

Allowance for Credit Losses - Loan Status and Aging of Past Due TDR Loans (Details) - Student Loan - Consumer Portfolio Segment - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
TDR loans in repayment and percentage of each status:
Total Private Education Loans in repayment, 2020	$ 1,763,684
Total	15,375,006	$ 16,315,651
Troubled Debt Restructured Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR loans in in-school/grace/deferment	96,489	87,749
TDR loans in repayment and percentage of each status:
TDR loans in forbearance - current	102,973	99,054
Total TDR loans in forbearance	$ 103,112	$ 99,054
Loans in forbearance, current	99.90%	100.00%
Total TDR loans in forbearance	100.00%	100.00%
Loans current	$ 1,139,598	$ 1,230,954
Total Private Education Loans in repayment, 2020	$ 1,295,560	$ 1,395,163
Loans current	87.90%	88.20%
Total TDR loans in repayment(3)	100.00%	100.00%
Total	$ 1,495,161	$ 1,581,966
Loan delinquency 31-60 days
TDR loans in repayment and percentage of each status:
Total	265,251	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	$ 139	$ 0
Loans in forbearance, delinquent	0.10%	0.00%
Loans delinquent	$ 70,790	$ 85,555
Loans delinquent	5.50%	6.10%
Loan delinquency 61-90
TDR loans in repayment and percentage of each status:
Total	$ 139,823	$ 121,302
Loan delinquency 61-90 | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
TDR loans in forbearance - delinquent	$ 0	$ 0
Loans in forbearance, delinquent	0.00%	0.00%
Loans delinquent	$ 51,537	$ 49,626
Loans delinquent	4.00%	3.60%
Loan delinquency greater than 90 days
TDR loans in repayment and percentage of each status:
Total	$ 73,229	$ 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	$ 0	$ 0
Loans in forbearance, delinquent	0.00%	0.00%
Loans delinquent	$ 33,635	$ 29,028
Loans delinquent	2.60%	2.10%

Allowance for Credit Losses - M

Allowance for Credit Losses - Modified Loan Accounts for TDR (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Receivables [Abstract]
Modified Loans	$ 30,990	$ 115,195	$ 200,471	$ 357,676
Charge-offs	20,033	21,092	48,031	54,173
Payment- Default	$ 19,788	$ 29,258	$ 68,790	$ 84,409

Allowance for Credit Losses -_4

Allowance for Credit Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transfer of allowance for funded loans	$ (60,666)	$ (76,227)	$ (178,120)	$ (205,916)
Current period recoveries	6,896	8,322	23,282	22,312
Net charge-offs	(53,770)	(67,905)	(154,838)	$ (183,604)
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0		0		$ 1,049,007
Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transfer of allowance for funded loans	(100,470)	$ (2,170)
Consumer Portfolio Segment | Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	1,758,337		1,758,337
2019	3,031,984		3,031,984		2,340,221
2018	2,374,526		2,374,526		3,159,878
2017	2,092,242		2,092,242		2,781,132
2016	1,920,310		1,920,310		2,566,815
2015 and Prior	4,197,607		4,197,607		2,225,721
2014 and Prior					3,241,884
Total	15,375,006		15,375,006		16,315,651
Current period gross charge-offs, 2020			(458)		(1,697)
Current period gross charge-offs, 2019			(6,040)		(14,650)
Current period gross charge-offs, 2018			(18,124)		(29,119)
Current period gross charge-offs, 2017			(25,359)		(40,576)
Current period gross charge-offs, 2016			(24,979)		(41,141)
Current period gross charge-offs, 2015 and prior			(63,586)		(81,795)
Transfer of allowance for funded loans			(138,546)		(208,978)
Current period recoveries, 2020			5		69
Current period recoveries, 2019			381		1,016
Current period recoveries, 2018			1,672		2,622
Current period recoveries, 2017			2,778		4,431
Current period recoveries, 2016			3,277		5,175
Current period recoveries, 2015 and prior			10,185		12,452
Current period recoveries			18,298		25,765
Current period net charge-offs, 2020			(453)		(1,628)
Current period net charge-offs, 2019			(5,659)		(13,634)
Current period net charge-offs, 2018			(16,452)		(26,497)
Current period net charge-offs, 2017			(22,581)		(36,145)
Current period net charge-offs, 2016			(21,702)		(35,966)
Current period net charge-offs, 2015 and prior			(53,401)		(69,343)
Net charge-offs			(120,248)		(183,213)
Total accrued interest by origination vintage, 2020	54,276		54,276		116,423
Total accrued interest by origination vintage, 2019	308,207		308,207		321,568
Total accrued interest by origination vintage, 2018	325,240		325,240		327,002
Total accrued interest by origination vintage, 2017	289,104		289,104		261,083
Total accrued interest by origination vintage, 2016	209,478		209,478		165,764
Total accrued interest by origination vintage, 2015 and prior	267,871		267,871		174,318
Total accrued interest by origination vintage	1,454,176		1,454,176		1,366,158
Consumer Portfolio Segment | Student Loan | With Cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	2,583,111		2,583,111
2019	4,444,417		4,444,417		3,475,256
2018	3,156,414		3,156,414		4,303,772
2017	2,695,281		2,695,281		3,575,973
2016	2,338,980		2,338,980		3,112,873
2015 and Prior	4,833,371		4,833,371		2,579,214
2014 and Prior					3,662,547
Total	$ 20,051,574		$ 20,051,574		$ 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	$ 445,546		$ 445,546
2019	651,283		651,283		$ 571,792
2018	448,682		448,682		584,601
2017	323,888		323,888		427,512
2016	246,098		246,098		320,985
2015 and Prior	447,256		447,256		241,958
2014 and Prior					333,108
Total	$ 2,562,753		$ 2,562,753		$ 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	$ 3,028,657		$ 3,028,657
2019	5,095,700		5,095,700		$ 4,047,048
2018	3,605,096		3,605,096		4,888,373
2017	3,019,169		3,019,169		4,003,485
2016	2,585,078		2,585,078		3,433,858
2015 and Prior	5,280,627		5,280,627		2,821,172
2014 and Prior					3,995,655
Total	$ 22,614,327		$ 22,614,327		$ 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	$ 3,028,657		$ 3,028,657
2019	5,095,700		5,095,700		$ 4,047,048
2018	3,605,096		3,605,096		4,888,373
2017	3,019,169		3,019,169		4,003,485
2016	2,585,078		2,585,078		3,433,858
2015 and Prior	5,280,627		5,280,627		2,821,172
2014 and Prior					3,995,655
Total	$ 22,614,327		$ 22,614,327		$ 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	$ 177,986		$ 177,986
2019	361,387		361,387		$ 283,040
2018	267,945		267,945		343,613
2017	228,293		228,293		285,747
2016	187,659		187,659		236,457
2015 and Prior	414,785		414,785		203,145
2014 and Prior					313,587
Total	$ 1,638,055		$ 1,638,055		$ 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	$ 411,825		$ 411,825
2019	751,145		751,145		$ 592,376
2018	537,957		537,957		714,779
2017	478,944		478,944		617,676
2016	410,372		410,372		529,575
2015 and Prior	883,813		883,813		439,050
2014 and Prior					676,569
Total	$ 3,474,056		$ 3,474,056		$ 3,570,025
Private education loans at origination	15.00%		15.00%		16.00%
Consumer Portfolio Segment | Student Loan | FICO at Original Approval | 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 975,514		$ 975,514
2019	1,661,005		1,661,005		$ 1,319,563
2018	1,183,935		1,183,935		1,601,904
2017	1,004,662		1,004,662		1,325,387
2016	871,989		871,989		1,155,253
2015 and Prior	1,767,363		1,767,363		944,135
2014 and Prior					1,324,506
Total	$ 7,464,468		$ 7,464,468		$ 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	$ 1,463,332		$ 1,463,332
2019	2,322,163		2,322,163		$ 1,852,069
2018	1,615,259		1,615,259		2,228,077
2017	1,307,270		1,307,270		1,774,675
2016	1,115,058		1,115,058		1,512,573
2015 and Prior	2,214,666		2,214,666		1,234,842
2014 and Prior					1,680,993
Total	$ 10,037,748		$ 10,037,748		$ 10,283,229
Private education loans at origination	45.00%		45.00%		44.00%
Consumer Portfolio Segment | Student Loan | School FICO, Refreshed Amounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 3,028,657		$ 3,028,657
2019	5,095,700		5,095,700		$ 4,047,048
2018	3,605,096		3,605,096		4,888,373
2017	3,019,169		3,019,169		4,003,485
2016	2,585,078		2,585,078		3,433,858
2015 and Prior	5,280,627		5,280,627		2,821,172
2014 and Prior					3,995,655
Total	$ 22,614,327		$ 22,614,327		$ 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	$ 217,218		$ 217,218
2019	395,572		395,572		$ 401,979
2018	344,242		344,242		515,901
2017	336,857		336,857		475,007
2016	332,360		332,360		449,568
2015 and Prior	837,360		837,360		419,308
2014 and Prior					717,674
Total	$ 2,463,609		$ 2,463,609		$ 2,979,437
Private education loans at origination	11.00%		11.00%		13.00%
Consumer Portfolio Segment | Student Loan | School FICO, Refreshed Amounts | 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 397,492		$ 397,492
2019	642,016		642,016		$ 582,256
2018	426,549		426,549		645,422
2017	338,010		338,010		497,497
2016	276,258		276,258		397,889
2015 and Prior	578,132		578,132		308,607
2014 and Prior					451,451
Total	$ 2,658,457		$ 2,658,457		$ 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	$ 963,875		$ 963,875
2019	1,598,763		1,598,763		$ 1,284,867
2018	1,081,419		1,081,419		1,506,849
2017	883,872		883,872		1,199,564
2016	723,213		723,213		994,309
2015 and Prior	1,413,526		1,413,526		772,205
2014 and Prior					1,048,808
Total	$ 6,664,668		$ 6,664,668		$ 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	$ 1,450,072		$ 1,450,072
2019	2,459,349		2,459,349		$ 1,777,946
2018	1,752,886		1,752,886		2,220,201
2017	1,460,430		1,460,430		1,831,417
2016	1,253,247		1,253,247		1,592,092
2015 and Prior	2,451,609		2,451,609		1,321,052
2014 and Prior					1,777,722
Total	$ 10,827,593		$ 10,827,593		$ 10,520,430
Private education loans at origination	48.00%		48.00%		45.00%
Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	$ 3,028,657		$ 3,028,657
2019	5,095,700		5,095,700		$ 4,047,048
2018	3,605,096		3,605,096		4,888,373
2017	3,019,169		3,019,169		4,003,485
2016	2,585,078		2,585,078		3,433,858
2015 and Prior	5,280,627		5,280,627		2,821,172
2014 and Prior					3,995,655
Total	$ 22,614,327		$ 22,614,327		$ 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	8.00%		8.00%		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	27.00%		27.00%		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	$ 1,772,006		$ 1,772,006
2019	2,163,584		2,163,584		$ 2,376,404
2018	479,231		479,231		719,158
2017	482,319		482,319		705,181
2016	409,027		409,027		617,174
2015 and Prior	603,765		603,765		462,946
2014 and Prior					470,839
Total	5,909,932		5,909,932		5,351,702
Consumer Portfolio Segment | Student Loan | Seasoning | 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	21		21
2019	968,742		968,742		0
2018	1,437,060		1,437,060		2,588,702
2017	261,628		261,628		424,953
2016	247,112		247,112		305,078
2015 and Prior	502,320		502,320		285,513
2014 and Prior					399,905
Total	3,416,883		3,416,883		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	631,736		631,736		0
2017	1,150,053		1,150,053		1,862,587
2016	225,369		225,369		418,048
2015 and Prior	502,923		502,923		227,391
2014 and Prior					394,339
Total	2,510,081		2,510,081		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	403,088		403,088		0
2016	941,217		941,217		1,457,760
2015 and Prior	482,116		482,116		413,508
2014 and Prior					342,676
Total	1,826,421		1,826,421		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	304,878		304,878		0
2015 and Prior	2,590,571		2,590,571		1,056,229
2014 and Prior					1,973,795
Total	2,895,449		2,895,449		3,030,024
Consumer Portfolio Segment | Student Loan | Seasoning | Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	1,256,630		1,256,630
2019	1,963,374		1,963,374		1,670,644
2018	1,057,069		1,057,069		1,580,513
2017	722,081		722,081		1,010,764
2016	457,475		457,475		635,798
2015 and Prior	598,932		598,932		375,585
2014 and Prior					414,101
Total	6,055,561		6,055,561		5,687,405
Consumer Portfolio Segment | Student Loan | Loans In Forbearance
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	8,343		8,343
2019	64,167		64,167		21,009
2018	110,935		110,935		108,509
2017	127,915		127,915		142,341
2016	126,218		126,218		146,114
2015 and Prior	267,584		267,584		127,799
2014 and Prior					168,744
Total	$ 705,162		$ 705,162		$ 714,516

Allowance for Credit Losses -_5

Allowance for Credit Losses - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (1,734,559)	$ (1,929,323)	$ (441,912)	$ (441,912)	$ (414,406)	$ (383,997)	$ (341,121)
Loans held for investment, net	$ 21,709,771			$ 24,667,792
Percentage of Private Education Loans in repayment, 2020	58.20%			58.20%
Percentage of Private Education Loans in repayment, 2019	60.20%			65.40%
Percentage of Private Education Loans in repayment, 2018	67.60%			71.20%
Percentage of Private Education Loans in repayment, 2017	71.80%			77.20%
Percentage of Private Education Loans in repayment, 2016	77.40%			82.20%
Percentage of Private Education Loans in repayment, 2015 and prior	83.60%			85.40%
Percentage of Private Education Loans in repayment	70.10%			72.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2020	0.30%			0.60%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2019	1.20%			1.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2018	2.60%			2.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2017	3.50%			3.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2016	4.00%			4.00%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2015 and prior	4.90%			5.00%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	3.00%			2.80%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2020	0.30%			0.60%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2019	1.20%			1.20%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2018	2.60%			2.40%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2017	3.50%			3.20%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2016	4.10%			4.00%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans, 2015 and Prior	4.90%			5.00%
Delinquencies as a percentage of Private Education Loans in repayment and delinquent forbearance loans	3.00%			2.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2020	0.50%			0.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2019	2.00%			3.30%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2018	4.40%			4.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2017	5.60%			5.20%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2016	5.90%			5.20%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2015 and Prior	5.70%			4.70%
Loans in forbearance as a percentage of loans in repayment and forbearance	4.30%			4.10%
Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (114,778)	$ (85,958)			$ (1,967)	$ (755)
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0			$ 1,049,007
Private Education Loans allowance for losses	0		$ (65,877)	(65,877)
Loans held for investment, net	0			983,643
Student Loan | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	1,758,337
2019	3,031,984			2,340,221
2018	2,374,526			3,159,878
2017	2,092,242			2,781,132
2016	1,920,310			2,566,815
2015 and Prior	4,197,607			2,225,721
2014 and Prior				3,241,884
Total	15,375,006			16,315,651
Total Private Education Loans in repayment, 2019	3,068,154			2,355,395
Total Private Education Loans in repayment, 2018	2,437,078			3,199,351
Total Private Education Loans in repayment, 2017	2,169,127			2,850,380
Total Private Education Loans in repayment, 2016	2,001,314			2,651,946
Total Private Education Loans in repayment, 2015	4,413,952			2,317,788
Total Private Education Loans in repayment, 2014 and prior				3,412,810
Total Private Education Loans in repayment	15,853,309			16,787,670
Total Private Education Loans, gross, 2020	3,028,657			4,047,048
Total Private Education Loans, gross, 2019	5,095,700			4,888,373
Total Private Education Loans, gross, 2018	3,605,096			4,003,485
Total Private Education Loans, gross, 2017	3,019,169			3,433,858
Total Private Education Loans, gross, 2016	2,585,078			2,821,172
Total Private Education Loans, gross, 2014 and prior	5,280,627			3,995,655
Total Private Education Loans, gross	22,614,327			23,189,591
Private Education Loans deferred origination costs and unamortized premium/(discount), 2020	16,654			23,661
Private Education Loans deferred origination costs and unamortized premium/(discount), 2019	18,633			17,699
Private Education Loans deferred origination costs and unamortized premium/(discount), 2018	11,151			13,843
Private Education Loans deferred origination costs and unamortized premium/(discount), 2017	8,354			12,304
Private Education Loans deferred origination costs and unamortized premium/(discount), 2016	6,971			8,564
Private Education Loans deferred origination costs and unamortized premium/(discount), 2015	8,643			5,153
Private Education Loans deferred origination costs and unamortized premium/(discount), Total	70,406			81,224
Total Private Education Loans, 2020	3,045,311			4,070,709
Total Private Education Loans, 2019	5,114,333			4,906,072
Total Private Education Loans, 2018	3,616,247			4,017,328
Total Private Education Loans, 2017	3,027,523			3,446,162
Total Private Education Loans, 2016	2,592,049			2,829,736
Total Private Education Loans, 2015 and Prior	5,289,270			4,000,808
Total Private Education Loans	22,684,733			23,270,815
Private Education Loans allowance for losses, 2020	(208,507)			(3,013)
Private Education Loans allowance for losses, 2019	(407,435)			(19,105)
Private Education Loans allowance for losses, 2018	(293,033)			(44,858)
Private Education Loans allowance for losses, 2017	(243,715)			(71,598)
Private Education Loans allowance for losses, 2016	(199,119)			(80,974)
Private Education Loans allowance for losses, 2015 and prior	(377,002)			(154,752)
Private Education Loans allowance for losses	(1,728,811)			(374,300)
Private Education Loans, net, 2020	2,836,804			4,067,696
Private Education Loans, net, 2019	4,706,898			4,886,967
Private Education Loans, net, 2018	3,323,214			3,972,470
Private Education Loans, net, 2017	2,783,808			3,374,564
Private Education Loans, net, 2016	2,392,930			2,748,762
Private Education Loans, net, 2015 and prior	4,912,268			3,846,056
Loans held for investment, net	20,955,922			22,896,515
Student Loan | Consumer Portfolio Segment | Loan delinquency 31-60 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	4,209
2019	24,834			11,152
2018	37,444			26,096
2017	43,055			44,382
2016	43,560			51,656
2015 and Prior	112,149			54,559
2014 and Prior				100,206
Total	265,251			288,051
Student Loan | Consumer Portfolio Segment | Loan delinquency 61-90
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	828
2019	8,421			3,087
2018	17,289			9,527
2017	22,429			17,048
2016	24,515			21,161
2015 and Prior	66,341			24,562
2014 and Prior				45,917
Total	139,823			121,302
Student Loan | Consumer Portfolio Segment | Loan delinquency greater than 90 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	310
2019	2,915			935
2018	7,819			3,850
2017	11,401			7,818
2016	12,929			12,314
2015 and Prior	37,855			12,946
2014 and Prior				24,803
Total	73,229			62,666
Student Loan | Loans In-School/Grace/Deferment | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	1,256,630
2019	1,963,374			1,670,644
2018	1,057,069			1,580,513
2017	722,081			1,010,764
2016	457,475			635,798
2015 and Prior	598,932			375,585
2014 and Prior				414,101
Total	6,055,561			5,687,405
Student Loan | Loans In Forbearance | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	8,343
2019	64,167			21,009
2018	110,935			108,509
2017	127,915			142,341
2016	126,218			146,114
2015 and Prior	267,584			127,799
2014 and Prior				168,744
Total	705,162			714,516
Total Private Education Loans in forbearance, 2020	8,343
Total Private Education Loans in forbearance, 2019	64,172
Total Private Education Loans in forbearance, 2018	110,949
Total Private Education Loans in forbearance, 2017	127,961
Total Private Education Loans in forbearance, 2016	126,289
Total Private Education Loans in forbearance, 2015 and Prior	705,457
2015 and Prior	267,743
Total Private Education Loans in repayment, 2019				21,009
Total Private Education Loans in repayment, 2018				108,509
Total Private Education Loans in repayment, 2017				142,341
Total Private Education Loans in repayment, 2016				146,114
Total Private Education Loans in repayment, 2015				127,799
Total Private Education Loans in repayment, 2014 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	0
2019	5			0
2018	14			0
2017	25			0
2016	71			0
2015 and Prior	159			0
2014 and Prior				0
Total	274			0
Student Loan | Loans In Forbearance | Consumer Portfolio Segment | Loan delinquency 61-90
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0			0
2018	0			0
2017	21			0
2016	0			0
2015 and Prior	0			0
2014 and Prior				0
Total	21			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	0			0
2018	0			0
2017	0			0
2016	0			0
2015 and Prior	0			0
2014 and Prior				0
Total	$ 0			$ 0

Allowance for Credit Losses -_6

Allowance for Credit Losses - Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Total Interest Receivable	$ 1,454,176	$ 1,366,158
Greater Than 90 Days Past Due	4,096	2,390
Allowance for Uncollectible Interest	$ 4,427	$ 5,309

Unfunded Loan Commitments (Deta

Unfunded Loan Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jan. 01, 2020	Dec. 31, 2018
Credit Loss [Abstract]
Contractual obligation	$ 1,800,000		$ 1,800,000
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,929,323	$ 383,997	441,912	$ 341,121	$ 341,121
Less: provisions for credit losses	(3,640)	99,526	409,505	256,691
Transfer of allowance for funded loans	(60,666)	(76,227)	(178,120)	(205,916)
Ending Balance	1,734,559	414,406	1,734,559	414,406	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
Unfunded Commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,119,042	1,335,755	1,910,603	2,010,744	2,010,744
Less: provisions for credit losses	2,542,390	3,140,432	4,542,560	5,122,672
Transfer of allowance for funded loans	(1,890,305)	(2,242,077)	(4,682,036)	(4,899,306)
Ending Balance	1,771,127	2,234,110	1,771,127	2,234,110	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
Consumer Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	85,958	755
Less: provisions for credit losses	129,290	3,382
Transfer of allowance for funded loans	(100,470)	(2,170)
Ending Balance	114,778	1,967	114,778	1,967
Consumer Portfolio Segment | Unfunded Commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			2,481	2,165	2,165
Less: provisions for credit losses			276,094	5,516
Transfer of allowance for funded loans			(279,555)	(5,714)
Ending Balance	$ 114,778	$ 1,967	$ 114,778	$ 1,967	2,481
Consumer Portfolio Segment | Unfunded Commitments | 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	Sep. 30, 2020	Dec. 31, 2019
Banking and Thrift, Other Disclosures [Abstract]
Deposits - interest bearing	$ 23,109,438	$ 24,282,906
Deposits - non-interest bearing	485	1,077
Total deposits	$ 23,109,923	$ 24,283,983

Deposits - Additional Informati

Deposits - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Banking and Thrift, Other Disclosures [Abstract]
Deposits	$ 23,109,923		$ 23,109,923		$ 24,283,983
Brokered deposits	12,100,000		12,100,000		13,800,000
Retail and other deposits	11,000,000		11,000,000		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	15,000	$ 12,000
Third party broker fees paid	2,000	$ 5,000	5,000	$ 20,000
Deposits exceeding FDIC insurance limits	681,000		681,000		963,000
Accrued interest on deposits	$ 64,000		$ 64,000		$ 68,000

Deposits - Interest Bearing Dep

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amount
Money market	$ 10,003,940	$ 9,616,547
Savings	866,611	718,616
Certificates of deposit	12,238,887	13,947,743
Deposits - interest bearing	$ 23,109,438	$ 24,282,906
Qtr.-End Weighted Average Stated Rate
Money market	0.90%	2.04%
Savings	0.69%	1.71%
Certificates of deposit	1.41%	2.44%

Borrowings - Company Borrowings

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Short-Term	$ 0	$ 289,230
Long-Term	4,947,647	4,354,037
Total	4,947,647	4,643,267
Unsecured borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	198,768	198,159
Total	198,768	198,159
Secured borrowings
Debt Instrument [Line Items]
Short-Term	0	289,230
Long-Term	4,748,879	4,155,878
Total	4,748,879	4,445,108
Secured borrowings | Private Education Loan securitization
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,748,879	4,155,878
Total	4,748,879	4,155,878
Secured borrowings | Private Education Loan securitization | Fixed-rate
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	3,398,239	2,629,902
Total	3,398,239	2,629,902
Secured borrowings | Private Education Loan securitization | Variable-rate
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	1,350,640	1,525,976
Total	1,350,640	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 ($)	Aug. 12, 2020	Feb. 19, 2020	Feb. 12, 2020	Sep. 30, 2020	Dec. 31, 2019	Feb. 20, 2019
Line of Credit Facility [Line Items]
Short-term borrowings				$ 0	$ 289,230,000
Unsecured offering issued				$ 1,343,000,000	$ 1,110,000,000
Estimated weighted average life of student loans				5 years 4 months 24 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 2020 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				626,000,000
Principal amount of collateral				582,000,000
Capitalized interest				44,000,000
Class A and B Notes
Line of Credit Facility [Line Items]
Estimated weighted average life of student loans	4 years 1 month 20 days		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	1.30%		0.88%
Private Education Loans 2020 Term B
Line of Credit Facility [Line Items]
Total loan amount securitized at inception	$ 707,000,000
Amount of loan securitization sold to third parties	$ 707,000,000
Ownership interest percentage	100.00%
Proceeds from loan securitization sold to third parties	$ 705,000,000
Loans pledged as collateral				775,000,000
Principal amount of collateral				720,000,000
Capitalized interest				55,000,000
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
	Aug. 31, 2020	Feb. 29, 2020	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
Securities Financing Transaction [Line Items]
Total Issued					$ 1,343,000,000	$ 1,110,000,000
Total loan and accrued interest amount securitized at inception on-balance sheet term securitization					$ 1,463,230,000	$ 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
2020-B
Securities Financing Transaction [Line Items]
Total Issued	$ 707,000,000
Basis spread on variable rate	1.30%
Weighted Average Life	4 years 1 month 20 days

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Debt Outstanding
Short-Term	$ 0	$ 289,230
Long-Term	4,947,647	4,354,037
Total	4,947,647	4,643,267
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	162,448	156,883	$ 142,846
Other Assets	23,921	29,398
Total assets	30,642,421	32,686,479
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	289,230
Long-Term	4,748,879	4,155,878
Total	4,748,879	4,445,108
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,865,487	5,586,652
Restricted Cash	162,448	154,563
Other Assets	427,652	357,005
Total assets	6,455,587	6,098,220
Variable Interest Entity, Primary Beneficiary | Private Education Loan securitization
Debt Outstanding
Short-Term	0	0
Long-Term	4,748,879	4,155,878
Total	4,748,879	4,155,878
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,865,487	5,246,986
Restricted Cash	162,448	145,760
Other Assets	426,404	333,173
Total assets	6,454,339	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	1,248	23,832
Total assets	$ 1,248	$ 372,301

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional value	$ 8,800,000,000
Net derivatives	54,000,000	$ 52,000,000
Estimated accumulated other comprehensive income to be reclassified in next 12 months	19,000,000
Cash collateral held relative to derivative exposure	0	0
Cash collateral pledged	54,000,000	$ 53,000,000
CHICAGO MERCANTILE EXCHANGE
Derivative [Line Items]
Notional value	$ 8,400,000,000
Percent of total notional derivative contracts	95.10%
Amount of variation margin included as settlement	$ (218,000,000)
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	$ 22,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Total net derivatives	$ 54,000	$ 52,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative instruments	541	715
Derivative Liabilities	0	(1,164)
Total net derivatives	541	(449)
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Derivative instruments	184	0
Derivative Liabilities	0	(268)
Total net derivatives	184	(268)
Interest rate swaps | Cash Flow | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	298	715
Derivative Liabilities	0	0
Total net derivatives	298	715
Interest rate swaps | Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	59	0
Derivative Liabilities	0	(896)
Total net derivatives	$ 59	$ (896)

Derivative Financial Instrume_5

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities
Cash collateral pledged	$ 54,000	$ 53,000
Other Assets
Other Assets
Gross position	541	715
Impact of master netting agreement	0	(519)
Derivative values with impact of master netting agreements (as carried on balance sheet)	541	196
Cash collateral pledged	53,808	52,564
Net position	54,349	52,760
Other Liabilities
Other Liabilities
Gross position	0	(1,164)
Impact of master netting agreement	0	519
Derivative values with impact of master netting agreements (as carried on balance sheet)	0	(645)
Cash collateral pledged	0	0
Net position	$ 0	$ (645)

Derivative Financial Instrume_6

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional values	$ 8,800,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional values	8,790,662	$ 9,926,864
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Notional values	2,693,364	3,744,917
Interest rate swaps | Cash Flow Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	1,052,164	1,150,518
Interest rate swaps | Fair Value Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	$ 5,045,134	$ 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	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (5,217,274)	$ (5,085,426)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ (179,648)	$ (63,148)

Derivative Financial Instrume_8

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Cash Flow Hedges
Interest expense	$ 117,811	$ 185,326	$ 428,649	$ 526,352
Trading
Total	5,820	656	58,965	17,331
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	23,851	(2,924)	47,906	(10,812)
Hedged items recorded in interest expense	24,451	(16,391)	(116,500)	(98,094)
Derivatives recorded in interest expense	(24,458)	16,610	116,870	97,947
Trading
Total	23,844	(2,705)	48,276	(10,959)
Designated as Hedging Instrument | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	(5,176)	517	(10,922)	3,002
Trading
Trading
Change in fair value of future interest payments recorded in earnings	(12,848)	2,844	21,611	25,288
Total	$ (12,848)	$ 2,844	$ 21,611	$ 25,288

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of loss recognized in other comprehensive income (loss)	$ 76	$ (9,566)	$ (53,707)	$ (45,211)
Less: amount of gain (loss) reclassified in interest expense	(5,176)	517	(10,922)	3,002
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ 5,252	$ (10,083)	$ (42,785)	$ (48,213)

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 10, 2020	Jan. 23, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Common stock repurchased under repurchase program (in shares)	44,900,000	3,000,000	0	4,436,963	47,736,847	15,861,718
Average purchase price per share (in usd per share)			$ 0	$ 8.45	$ 9.66	$ 9.94
Shares repurchased related to employee stock-based compensation plans (in shares)			3,122	15,238	1,109,149	1,328,665
Average purchase price per share (in usd per share)			$ 7.05	$ 9.54	$ 10.97	$ 10.92
Common shares issued (in shares)			5,150	26,137	2,990,447	3,677,821
Remaining authority under the share repurchase program			$ 75		$ 75

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Mar. 10, 2020	Jan. 23, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 22, 2020
Class of Stock [Line Items]
Common stock dividend (in usd per share)			$ 0.03	$ 0.03			$ 0.09	$ 0.09
Aggregate purchase price (not to exceed)		$ 200,000,000							$ 600,000,000
Common stock repurchased (in shares)	44,900,000	3,000,000			0	4,436,963	47,736,847	15,861,718
Common stock repurchased, price						$ 37,000,000	$ 33,000,000	$ 157,000,000
Common stock repurchased, amount	$ 525,000,000
Common Stock
Class of Stock [Line Items]
Common stock closing price (in usd per share)			$ 8.09		$ 8.09		$ 8.09

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income	$ 171,028	$ 128,458	$ 447,990	$ 436,924
Preferred stock dividends	2,058	4,153	8,000	12,952
Net income attributable to SLM Corporation common stock	$ 168,970	$ 124,305	$ 439,990	$ 423,972
Denominator:
Weighted average shares used to compute basic EPS (in shares)	375,094,000	424,149,000	386,587,000	429,295,000
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock and restricted stock units and Employee Stock Purchase Plan (ESPP) (in shares)	2,824,000	3,187,000	2,804,000	3,277,000
Weighted average shares used to compute diluted EPS (in shares)	377,918,000	427,336,000	389,391,000	432,572,000
Basic earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.45	$ 0.29	$ 1.14	$ 0.99
Diluted earnings per common share attributable to SLM Corporation (in dollars per share)	$ 0.45	$ 0.29	$ 1.13	$ 0.98
Antidilutive securities excluded from computation of earnings per share (in shares)	2,000,000	0	0	0

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments That are Marked-to-Market on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Estimated Fair Value	$ 2,090,707	$ 487,669
Fair Value Measurements on a Recurring Basis
Assets
Estimated Fair Value	2,090,707	487,669
Derivative instruments	541	715
Total earning assets	2,091,248	488,384
Liabilities
Derivative instruments	0	(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	2,018,388	487,669
Derivative instruments	541	715
Total earning assets	2,018,929	488,384
Liabilities
Derivative instruments	0	(1,164)
Fair Value Measurements on a Recurring Basis | Level 3
Assets
Estimated Fair Value	72,319	0
Derivative instruments	0	0
Total earning assets	72,319	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	Sep. 30, 2020	Dec. 31, 2019
Earning assets
Trading investments	$ 14,651	$ 0
Accrued interest receivable, difference	94,501	98,746
Tax indemnification receivable	505,208	88,844
Total earning assets, difference	3,481,411	2,265,887
Interest-bearing liabilities
Long-term borrowings, difference	(189,085)	(80,286)
Total interest-bearing liabilities, difference	(489,482)	(226,078)
Excess of net asset fair value over carrying value	2,991,929	2,039,809
Money-market and savings accounts
Interest-bearing liabilities
Deposits, difference	(74,432)	(28,528)
Certificates of deposit
Interest-bearing liabilities
Deposits, difference	(225,965)	(117,264)
Fair Value
Earning assets
Cash and cash equivalents	4,351,045	5,563,877
Trading investments	14,651	0
Available-for-sale investments	2,090,707	487,669
Accrued interest receivable	1,567,103	1,491,471
Tax indemnification receivable	28,256	27,558
Derivative instruments	541	715
Total earning assets	33,148,984	34,406,223
Interest-bearing liabilities
Short-term borrowings	0	289,230
Long-term borrowings	5,136,732	4,434,323
Accrued interest payable	75,196	75,158
Derivative instruments	0	1,164
Total interest-bearing liabilities	28,621,763	29,228,573
Fair Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	10,944,983	10,363,691
Fair Value | Certificates of deposit
Interest-bearing liabilities
Deposits	12,464,852	14,065,007
Carrying Value
Earning assets
Cash and cash equivalents	4,351,045	5,563,877
Trading investments	14,651	0
Available-for-sale investments	2,090,707	487,669
Accrued interest receivable	1,472,602	1,392,725
Tax indemnification receivable	28,256	27,558
Derivative instruments	541	715
Total earning assets	29,667,573	32,140,336
Interest-bearing liabilities
Short-term borrowings	0	289,230
Long-term borrowings	4,947,647	4,354,037
Accrued interest payable	75,196	75,158
Derivative instruments	0	1,164
Total interest-bearing liabilities	28,132,281	29,002,495
Carrying Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	10,870,551	10,335,163
Carrying Value | Certificates of deposit
Interest-bearing liabilities
Deposits	12,238,887	13,947,743
Private Education Loans
Earning assets
Loans held for investment, net, difference	3,373,050	2,092,426
Private Education Loans | Fair Value
Earning assets
Loans held for investment, net	24,328,972	24,988,941
Private Education Loans | Carrying Value
Earning assets
Loans held for investment, net	20,955,922	22,896,515
FFELP Loans
Earning assets
Loans held for investment, net, difference	13,519	11,239
FFELP Loans | Fair Value
Earning assets
Loans held for investment, net	756,739	795,055
FFELP Loans | Carrying Value
Earning assets
Loans held for investment, net	743,220	783,816
Personal Loans
Earning assets
Loans held for investment, net, difference	0	63,476
Personal Loans | Fair Value
Earning assets
Loans held for investment, net	0	1,047,119
Personal Loans | Carrying Value
Earning assets
Loans held for investment, net	0	983,643
Credit Cards
Earning assets
Loans held for investment, net, difference	341	0
Credit Cards | Fair Value
Earning assets
Loans held for investment, net	10,970	3,818
Credit Cards | Carrying Value
Earning assets
Loans held for investment, net	$ 10,629	$ 3,818

Regulatory Capital - Additional

Regulatory Capital - Additional Information (Details)	Jan. 01, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses on loans and leases	$ 441,912,000	$ 1,734,559,000	$ 414,406,000	$ 1,734,559,000	$ 414,406,000	$ 1,929,323,000	$ 441,912,000	$ 383,997,000	$ 341,121,000
Allowance for credit losses on unfunded commitments	$ 2,481,000
Dividends		$ 0	$ 20,000,000	$ 568,000,000	$ 241,000,000
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	Sep. 30, 2020	Dec. 31, 2019
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 3,230,078	$ 3,264,309
Tier 1 Capital (to Risk-Weighted Assets)	3,230,078	3,264,309
Total Capital (to Risk-Weighted Assets)	3,551,765	3,600,668
Tier 1 Capital (to Average Assets)	$ 3,230,078	$ 3,264,309
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	12.70%	12.20%
Tier 1 Capital (to Risk-Weighted Assets)	0.127	0.122
Total Capital (to Risk-Weighted Assets)	0.139	0.134
Tier 1 Capital (to Average Assets)	0.102	0.102
Advanced Approach
U.S. Basel III Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,785,181	$ 1,876,050
Tier 1 Capital (to Risk-Weighted Assets)	2,167,720	2,278,060
Total Capital (to Risk-Weighted Assets)	2,677,771	2,814,074
Tier 1 Capital (to Average Assets)	$ 1,261,080	$ 1,282,642
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	Sep. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 1,800
Other liabilities reserve	$ 115