SLM (SLM) 10-Q 21 Jul 21 2021 Q2 Quarterly report Financial data

Cover page

Cover page	6 Months Ended
	Jun. 30, 2021shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	305,807,223
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001032033
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $.20 per share
Trading Symbol	SLM
Security Exchange Name	NASDAQ
Noncumulative Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
Trading Symbol	SLMBP
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 4,497,310	$ 4,455,292
Investments
Trading investments at fair value (cost of $29,049 and $12,551)	35,908	16,923
Available-for-sale investments at fair value (cost of $2,070,350 and $1,986,957, respectively)	2,072,309	1,996,634
Other investments	141,400	80,794
Total investments	2,249,617	2,094,351
Loans held for investment (net of allowance for losses of $1,160,244 and $1,361,723, respectively)	20,115,144	19,183,143
Loans held for sale	0	2,885,640
Restricted cash	163,955	154,417
Other interest-earning assets	18,115	42,874
Accrued interest receivable	1,323,448	1,387,305
Premises and equipment, net	153,969	154,670
Income taxes receivable, net	349,107	374,706
Tax indemnification receivable	12,842	18,492
Other assets	41,668	19,533
Total assets	28,925,175	30,770,423
Liabilities
Deposits	21,124,376	22,666,039
Short-term borrowings	199,379	0
Long-term borrowings	4,989,060	5,189,217
Other liabilities	308,982	352,332
Total liabilities	26,621,797	28,207,588
Commitments and contingencies
Equity
Preferred stock	251,070	251,070
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 431.5 million and 456.7 million shares issued, respectively	86,302	91,346
Additional paid-in capital	1,058,698	1,331,247
Accumulated other comprehensive loss (net of tax benefit of ($6,906) and ($10,908), respectively)	(21,640)	(34,200)
Retained earnings	2,480,672	1,722,365
Total SLM Corporation stockholders’ equity before treasury stock	3,855,102	3,361,828
Less: Common stock held in treasury at cost: 125.7 million and 81.4 million shares, respectively	(1,551,724)	(798,993)
Total equity	2,303,378	2,562,835
Total liabilities and equity	$ 28,925,175	$ 30,770,423

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Trading investments, cost	$ 29,049	$ 12,551
Available-for-sale investments, cost	2,070,350	1,986,957
Allowance for credit losses on loans and leases	$ 1,160,244	$ 1,361,723
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
Preferred stock, shares outstanding (in shares)	2,500,000	2,500,000
Preferred stock, liquidation preference (in dollars per share)	$ 100	$ 100
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)	431,500,000	456,700,000
Accumulated other comprehensive income, tax	$ (6,906)	$ (10,908)
Treasury stock, shares (in shares)	125,700,000	81,400,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest income:
Loans	$ 430,099	$ 480,170	$ 861,903	$ 1,035,447
Investments	3,168	3,096	5,896	5,759
Cash and cash equivalents	1,423	1,529	3,049	18,522
Total interest income	434,690	484,795	870,848	1,059,728
Interest expense:
Deposits	57,256	100,246	123,854	235,358
Interest expense on short-term borrowings	5,700	3,399	8,902	7,616
Interest expense on long-term borrowings	32,950	32,375	68,194	67,863
Total interest expense	95,906	136,020	200,950	310,837
Net interest income	338,784	348,775	669,898	748,891
Less: provisions for credit losses	69,677	351,887	(156,090)	413,145
Net interest income (loss) after provisions for credit losses	269,107	(3,112)	825,988	335,746
Non-interest income:
Gains (losses) on sales of loans, net	3,679	(369)	402,790	238,566
Gains on derivatives and hedging activities, net	89	3,751	117	49,423
Other income	48,580	25,412	62,868	32,899
Total non-interest income	52,348	28,794	465,775	320,888
Operating expenses
Compensation and benefits	62,616	72,448	134,197	156,670
FDIC assessment fees	5,925	7,163	11,113	16,053
Other operating expenses	59,469	61,946	107,199	116,132
Total operating expenses	128,010	141,557	252,509	288,855
Restructuring expenses	70	0	1,147	0
Total non-interest expenses	128,080	141,557	253,656	288,855
Income (loss) before income tax expense (benefit)	193,375	(115,875)	1,038,107	367,779
Income tax expense (benefit)	53,174	(30,664)	256,699	90,817
Net income (loss)	140,201	(85,211)	781,408	276,962
Preferred stock dividends	1,192	2,478	2,393	5,942
Net income (loss) attributable to SLM Corporation common stock	139,009	(87,689)	779,015	271,020
Net income (loss) attributable to SLM Corporation common stock	$ 139,009	$ (87,689)	$ 779,015	$ 271,020
Basic earnings (loss) per common share attributable to SLM Corporation (in dollars per share)	$ 0.45	$ (0.23)	$ 2.32	$ 0.69
Average common shares outstanding (in shares)	312,183,000	375,009,000	336,478,000	392,397,000
Diluted earnings (loss) per common share attributable to SLM Corporation (in dollars per share)	$ 0.44	$ (0.23)	$ 2.28	$ 0.69
Average common and common equivalent shares outstanding (in shares)	317,119,000	375,009,000	341,544,000	395,191,000
Declared dividends per common share attributable to SLM Corporation (in dollars per share)	$ 0.03	$ 0.06	$ 0.06	$ 0.09

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 140,201	$ (85,211)	$ 781,408	$ 276,962
Other comprehensive income (loss):
Unrealized gains (losses) on investments	2,354	1,211	(7,717)	6,014
Unrealized gains (losses) on cash flow hedges	856	(2,343)	24,279	(48,037)
Total unrealized gains (losses)	3,210	(1,132)	16,562	(42,023)
Income tax (expense) benefit	(773)	335	(4,002)	10,319
Other comprehensive income (loss), net of tax (expense) benefit	2,437	(797)	12,560	(31,704)
Total comprehensive income (loss)	$ 142,638	$ (86,008)	$ 793,968	$ 245,258

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series B Preferred Stock	Cumulative Effect, Period Of Adoption, Adjustment	Cumulative Effect, Period Of Adoption, Adjusted Balance	Preferred Stock Shares	Preferred Stock SharesCumulative Effect, Period Of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period Of Adoption, Adjusted Balance	Treasury Stock	Treasury StockCumulative Effect, Period Of Adoption, Adjusted Balance	Additional Paid-In Capital	Additional Paid-In CapitalCumulative Effect, Period Of Adoption, Adjusted Balance	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossCumulative Effect, Period Of Adoption, Adjusted Balance	Retained Earnings	Retained EarningsSeries B Preferred Stock	Retained EarningsCumulative Effect, Period Of Adoption, Adjustment	Retained EarningsCumulative Effect, Period Of Adoption, Adjusted Balance
Beginning Balance, issued (in shares) at Dec. 31, 2019					4,000,000	4,000,000	453,599,926	453,599,926
Beginning Balance (in shares) at Dec. 31, 2019							421,093,364	421,093,364	(32,506,562)	(32,506,562)
Beginning Balance at Dec. 31, 2019	$ 3,311,836		$ (952,639)	$ 2,359,197	$ 400,000	$ 400,000	$ 90,720	$ 90,720	$ (324,659)	$ (324,659)	$ 1,307,630	$ 1,307,630	$ (12,367)	$ (12,367)	$ 1,850,512		$ (952,639)	$ 897,873
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	276,962														276,962
Other comprehensive loss, net of tax	(31,704)												(31,704)
Total comprehensive income (loss)	245,258
Dividends, Cash [Abstract]
Common Stock	(35,344)														(35,344)
Preferred Stock		$ (5,942)														$ (5,942)
Dividend equivalent units related to employee stock-based compensation plans	$ (10)										270				(280)
Issuance of common shares (in shares)	2,985,297						2,985,297
Issuance of common shares	$ 2,881						$ 597				2,284
Stock-based compensation expense	$ 21,189										21,189
Common stock repurchased (in shares)	(47,736,847)						(47,736,847)		(47,736,847)
Common stock repurchased	$ (558,167)								$ (461,244)		(96,923)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,106,027)						(1,106,027)		(1,106,027)
Shares repurchased related to employee stock-based compensation plans	$ (12,143)								$ (12,143)
Ending Balance, issued (in shares) at Jun. 30, 2020					4,000,000		456,585,223
Ending Balance (in shares) at Jun. 30, 2020							375,235,787		(81,349,436)
Ending Balance at Jun. 30, 2020	2,016,919				$ 400,000		$ 91,317		$ (798,046)		1,234,450		(44,071)		1,133,269
Beginning Balance, issued (in shares) at Mar. 31, 2020					4,000,000		456,437,488
Beginning Balance (in shares) at Mar. 31, 2020							375,088,960		(81,348,528)
Beginning Balance at Mar. 31, 2020	2,120,583				$ 400,000		$ 91,288		$ (798,039)		1,226,886		(43,274)		1,243,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(85,211)														(85,211)
Other comprehensive loss, net of tax	(797)												(797)
Total comprehensive income (loss)	(86,008)
Dividends, Cash [Abstract]
Common Stock	(22,749)														(22,749)
Preferred Stock		(2,478)														(2,478)
Dividend equivalent units related to employee stock-based compensation plans	$ 0										15				(15)
Issuance of common shares (in shares)	147,735						147,735
Issuance of common shares	$ (1)						$ 29				(30)
Stock-based compensation expense	$ 7,579										7,579
Common stock repurchased (in shares)	0
Shares repurchased related to employee stock-based compensation plans (in shares)	(908)						(908)		(908)
Shares repurchased related to employee stock-based compensation plans	$ (7)								$ (7)
Ending Balance, issued (in shares) at Jun. 30, 2020					4,000,000		456,585,223
Ending Balance (in shares) at Jun. 30, 2020							375,235,787		(81,349,436)
Ending Balance at Jun. 30, 2020	2,016,919				$ 400,000		$ 91,317		$ (798,046)		1,234,450		(44,071)		1,133,269
Beginning Balance, issued (in shares) at Dec. 31, 2020					2,510,696		456,729,251
Beginning Balance (in shares) at Dec. 31, 2020					2,510,696		375,287,999		(81,441,252)
Beginning Balance at Dec. 31, 2020	2,562,835				$ 251,070		$ 91,346		$ (798,993)		1,331,247		(34,200)		1,722,365
Ending Balance, issued (in shares) at Mar. 31, 2021					2,510,696		431,053,178
Ending Balance (in shares) at Mar. 31, 2021							328,351,576		(102,701,602)
Ending Balance at Mar. 31, 2021	2,608,464				$ 251,070		$ 86,211		$ (1,108,630)		1,052,904		(24,077)		2,350,986
Beginning Balance, issued (in shares) at Dec. 31, 2020					2,510,696		456,729,251
Beginning Balance (in shares) at Dec. 31, 2020					2,510,696		375,287,999		(81,441,252)
Beginning Balance at Dec. 31, 2020	2,562,835				$ 251,070		$ 91,346		$ (798,993)		1,331,247		(34,200)		1,722,365
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	781,408														781,408
Other comprehensive loss, net of tax	12,560												12,560
Total comprehensive income (loss)	793,968
Dividends, Cash [Abstract]
Common Stock	(20,170)														(20,170)
Preferred Stock		(2,393)														(2,393)
Dividend equivalent units related to employee stock-based compensation plans	$ (16)										522				(538)
Issuance of common shares (in shares)	3,281,307						3,281,307
Issuance of common shares	$ 2,021						$ 656				1,365
Stock-based compensation expense	17,568										17,568
Common stock repurchased and cancelled (in shares)							(28,502,460)
Fees related to first-quarter 2021 common stock tender offer	$ (472,388)						$ (5,700)				(466,688)
Common stock repurchased (in shares)	(71,509,671)						(43,007,211)		(43,007,211)
Common stock repurchased	$ (560,117)								$ (734,801)		174,684
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,252,412)						(1,252,412)		(1,252,412)
Shares repurchased related to employee stock-based compensation plans	$ (17,930)								$ (17,930)
Ending Balance, issued (in shares) at Jun. 30, 2021					2,510,696		431,508,098
Ending Balance (in shares) at Jun. 30, 2021					2,510,696		305,807,223		(125,700,875)
Ending Balance at Jun. 30, 2021	2,303,378				$ 251,070		$ 86,302		$ (1,551,724)		1,058,698		(21,640)		2,480,672
Beginning Balance, issued (in shares) at Mar. 31, 2021					2,510,696		431,053,178
Beginning Balance (in shares) at Mar. 31, 2021							328,351,576		(102,701,602)
Beginning Balance at Mar. 31, 2021	2,608,464				$ 251,070		$ 86,211		$ (1,108,630)		1,052,904		(24,077)		2,350,986
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	140,201														140,201
Other comprehensive loss, net of tax	2,437												2,437
Total comprehensive income (loss)	142,638
Dividends, Cash [Abstract]
Common Stock	(9,264)														(9,264)
Preferred Stock		$ (1,192)														$ (1,192)
Dividend equivalent units related to employee stock-based compensation plans	$ 0										59				(59)
Issuance of common shares (in shares)	454,920						454,920
Issuance of common shares	$ (40)						$ 91				(131)
Stock-based compensation expense	6,444										6,444
Fees related to first-quarter 2021 common stock tender offer	$ (578)										(578)
Common stock repurchased (in shares)	(22,806,841)						(22,806,841)		(22,806,841)
Common stock repurchased	$ (439,477)								$ (439,477)
Shares repurchased related to employee stock-based compensation plans (in shares)	(192,432)						(192,432)		(192,432)
Shares repurchased related to employee stock-based compensation plans	$ (3,617)								$ (3,617)
Ending Balance, issued (in shares) at Jun. 30, 2021					2,510,696		431,508,098
Ending Balance (in shares) at Jun. 30, 2021					2,510,696		305,807,223		(125,700,875)
Ending Balance at Jun. 30, 2021	$ 2,303,378				$ 251,070		$ 86,302		$ (1,551,724)		$ 1,058,698		$ (21,640)		$ 2,480,672

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Declared dividends per common share attributable to SLM Corporation (in dollars per share)	$ 0.03	$ 0.06	$ 0.06	$ 0.09
Series B Preferred Stock
Preferred stock dividend (in dollars per share)	$ 0.47	$ 0.62	$ 0.95	$ 1.49

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income (loss)	$ 781,408	$ 276,962
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses	(156,090)	413,145
Income tax expense	256,699	90,817
Amortization of brokered deposit placement fee	8,194	10,128
Amortization of Secured Borrowing Facility upfront fee	1,486	1,346
Amortization of deferred loan origination costs and loan premium/(discounts), net	7,983	16,220
Net amortization of discount on investments	4,079	2,551
Unrealized gain on investments	0	(1,710)
Reduction (increase) in tax indemnification receivable	5,649	(567)
Depreciation of premises and equipment	7,545	7,677
Stock-based compensation expense	17,568	21,009
Unrealized (gains) losses on derivatives and hedging activities, net	17,809	(34,752)
Gains on sales of loans, net	(402,790)	(238,566)
Gain on sale of Upromise subsidiary, net	0	(11,331)
Other adjustments to net income, net	(31,210)	3,812
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(369,343)	(464,291)
Increase in non-marketable securities	(8,611)	0
Decrease (increase) in other interest-earning assets	24,759	(22,338)
Increase in other assets	(96,253)	(62,497)
Decrease in income taxes payable, net	(232,124)	(23,597)
Decrease in accrued interest payable	(8,292)	(11,912)
Decrease in Upromise member accounts due to sale	0	(193,840)
Decrease in other liabilities	(8,399)	159,589
Total adjustments	(961,341)	(339,107)
Total net cash used in operating activities	(179,933)	(62,145)
Investing activities
Loans acquired and originated	(2,628,056)	(2,824,850)
Net proceeds from sales of loans held for investment	3,436,085	3,283,039
Proceeds from claim payments	9,275	17,308
Net decrease in loans held for investment	1,892,800	2,035,613
Purchases of available-for-sale securities	(505,004)	(1,556,084)
Proceeds from sales and maturities of available-for-sale securities	582,090	105,073
Proceeds from sale of Upromise subsidiary, net	0	16,922
Total net cash provided by investing activities	2,787,190	1,077,021
Financing activities
Brokered deposit placement fee	(713)	(3,305)
Net decrease in certificates of deposit	(2,312,940)	(1,059,731)
Net increase in other deposits	816,013	220,047
Borrowings collateralized by loans in securitization trusts - issued	529,253	633,305
Borrowings collateralized by loans in securitization trusts - repaid	(534,282)	(541,365)
Issuance costs for unsecured debt offering	(325)	0
Repayment of borrowings under Secured Borrowing Facility	0	(289,230)
Fees paid on Secured Borrowing Facility	(2,846)	(3,251)
Common stock dividends paid	(20,170)	(23,844)
Preferred stock dividends paid	(2,393)	(5,942)
Common stock repurchased	(1,027,298)	(558,167)
Total net cash used in financing activities	(2,555,701)	(1,631,483)
Net increase (decrease) in cash, cash equivalents and restricted cash	51,556	(616,607)
Cash, cash equivalents and restricted cash at beginning of period	4,609,709	5,720,760
Cash, cash equivalents and restricted cash at end of period	4,661,265	5,104,153
Cash disbursements made for:
Interest	192,939	304,119
Income taxes paid	232,285	27,661
Income taxes refunded	(1,049)	(4,016)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	4,497,310	4,988,961
Restricted cash	163,955	115,192
Total cash, cash equivalents and restricted cash	$ 4,661,265	$ 5,104,153

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021 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, 2020 (the “2020 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. Reclassifications Certain reclassifications have been made to the balances for the three and six months ended June 30, 2020, to be consistent with classifications adopted in 2021, which had no effect on net income, total assets or total liabilities.

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Trading Investments We periodically sell Private Education Loans through securitization transactions where we are required to retain a 5 percent vertical risk retention interest (i.e., 5 percent of each class issued in the securitizations). We classify those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the residual classes, which we classify as trading investments recorded at fair value with changes recorded through earnings. At June 30, 2021 and December 31, 2020, we had $36 million and $17 million, respectively, classified as trading investments. Available-for-Sale Investments The amortized cost and fair value of securities available for sale are as follows: June 30, 2021 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 373,019 $ — $ 2,892 $ (3,762) $ 372,149 Utah Housing Corporation bonds 8,375 — 107 — 8,482 U.S. government-sponsored enterprises and Treasuries 1,471,892 — 2,003 (264) 1,473,631 Other securities 217,064 — 1,309 (326) 218,047 Total $ 2,070,350 $ — $ 6,311 $ (4,352) $ 2,072,309 December 31, 2020 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 308,913 $ — $ 6,095 $ (134) $ 314,874 Utah Housing Corporation bonds 12,357 — 210 — 12,567 U.S. government-sponsored enterprises 1,596,890 — 3,395 — 1,600,285 Other securities 68,797 — 462 (351) 68,908 Total $ 1,986,957 $ — $ 10,162 $ (485) $ 1,996,634 ___________ (1) Represents the amount of impairment that has resulted from credit-related factors, and that was recognized in the consolidated balance sheets (as a credit loss expense on available-for-sale securities). The amount excludes unrealized losses related to non-credit factors. The following table summarizes the amount of gross unrealized losses for our available-for-sale securities and the estimated fair value for securities having gross unrealized loss positions, categorized by length of time the securities have been in an unrealized loss position: Less than 12 months 12 months or more Total Gross Estimated Gross Estimated Gross Estimated As of June 30, 2021: Mortgage-backed securities $ (3,762) $ 251,811 $ — $ — $ (3,762) $ 251,811 Utah Housing Corporation bonds — — — — — — U.S. government-sponsored enterprises and Treasuries (264) 316,890 — — (264) 316,890 Other securities (325) 75,773 (1) 2,557 (326) 78,330 Total $ (4,351) $ 644,474 $ (1) $ 2,557 $ (4,352) $ 647,031 As of December 31, 2020: Mortgage-backed securities $ (134) $ 46,011 $ — $ — $ (134) $ 46,011 Utah Housing Corporation bonds — — — — — — U.S. government-sponsored enterprises — — — — — — Other securities (351) 30,441 — — (351) 30,441 Total $ (485) $ 76,452 $ — $ — $ (485) $ 76,452 At June 30, 2021 and December 31, 2020, 41 of 182 and 14 of 163, respectively, of our available-for-sale debt securities were in an unrealized loss position. Impairment 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, as well as Utah Housing Corporation bonds. We own these securities to meet our requirements under the Community Reinvestment Act (“CRA”). We also invest in other U.S. government-sponsored enterprise securities issued by the Federal Home Loan Bank, Freddie Mac, and the Federal Farm Credit Bank. Our mortgage-backed securities that were issued under Ginnie Mae programs carry a full faith and credit guarantee from the U.S. Government. The remaining mortgage-backed securities in a net loss position carry a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively. Our Treasury and other U.S. government-sponsored enterprise bonds are rated Aaa by Moody’s Investors Service or AA+ by Standard and Poor’s. The decline in value from December 31, 2020 to June 30, 2021 was driven by the current interest rate environment and is not credit related. We have the intent and ability to hold these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. Based on this qualitative analysis, we have determined that no credit impairment exists. We periodically sell Private Education Loans through securitization transactions where we are required to retain a 5 percent vertical risk retention interest. We classify the non-residual vertical retention interests as available-for-sale investments. We have the intent and ability to hold each of these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. We expect to receive all contractual cash flows related to these investments and do not consider a credit impairment to exist. As of June 30, 2021, 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 2021 $ 31,146 $ 31,239 2022 992,519 993,634 2023 198,664 198,857 2024 50,000 49,990 2026 199,563 199,910 2038 75 81 2039 1,192 1,304 2042 4,041 4,068 2043 6,655 6,923 2044 8,542 8,883 2045 7,934 8,202 2046 12,528 12,796 2047 16,253 16,533 2048 4,114 4,269 2049 28,654 29,706 2050 163,165 160,817 2051 128,241 127,049 2053 156,676 157,060 2054 60,388 60,988 Total $ 2,070,350 $ 2,072,309 Some of our 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 $825 million and $815 million par value of securities pledged to this borrowing facility at June 30, 2021 and December 31, 2020, respectively, as discussed further in Notes to Consolidated Financial Statements, Note 8, “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. Changes in market value are recorded through earnings. Because these are non-marketable securities, we use observable price changes of identical or similar securities of the same issuer in determining any changes in the value of the securities. In the second quarter of 2021, we funded an additional investment, as part of a larger equity raise, in an issuer whose equity securities we purchased in the past. We used the valuation associated with the more recent equity raise to adjust the valuation of our previous investments, and, as a result, recorded a gain of $35 million on our earlier equity securities investments. This gain was recorded in “other income” in the consolidated statements of income for the three and six months ended June 30, 2021. As of June 30, 2021 and December 31, 2020, our total investment in these securities was $69 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 and tax benefits from net operating losses on the underlying properties. Total carrying value of the LIHTC investments was $71 million at June 30, 2021 and $54 million at December 31, 2020. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $33 million at June 30, 2021 and $19 million at December 31, 2020. Related to these investments, we recognized tax credits and other tax benefits through tax expense of $1 million at June 30, 2021 and $6 million at December 31, 2020. Tax credits and other tax benefits are recognized as part of our annual effective tax rate used to determine tax expense in a given quarter. Accordingly, the portion of a year’s expected tax benefits recognized in any given quarter may differ from 25 percent.

Loans Held for Investment

Loans Held for Investment	6 Months Ended
	Jun. 30, 2021
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 Credit Cards with bonus rewards. We use “Personal Loans” to mean those unsecured loans to individuals that may be used for non-educational purposes. In the third quarter of 2020, we sold our entire Personal Loan portfolio. 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, or SOFR, the Secured Overnight Financing Rate. As of June 30, 2021 and December 31, 2020, 54 percent and 55 percent, respectively, of all of our Private Education Loans were indexed to LIBOR or SOFR. 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 six months of 2021, we recognized a $403 million gain from the sale of approximately $3.19 billion of our Private Education Loans, including $2.99 billion of principal and $195 million in capitalized interest, to an unaffiliated third party. 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. For additional information, see Notes to Consolidated Financial Statements, Note 8, “Borrowings.” Loans held for investment are summarized as follows: June 30, December 31, 2021 2020 Private Education Loans: Fixed-rate $ 9,442,904 $ 8,950,216 Variable-rate 11,034,853 10,779,121 Total Private Education Loans, gross 20,477,757 19,729,337 Deferred origination costs and unamortized premium/(discount) 65,872 63,475 Allowance for credit losses (1,154,540) (1,355,844) Total Private Education Loans, net 19,389,089 18,436,968 FFELP Loans 716,958 737,593 Deferred origination costs and unamortized premium/(discount) 1,913 1,993 Allowance for credit losses (4,262) (4,378) Total FFELP Loans, net 714,609 735,208 Credit Cards (fixed-rate) 12,784 12,238 Deferred origination costs and unamortized premium/(discount) 104 230 Allowance for credit losses (1,442) (1,501) Total Credit Cards, net 11,446 10,967 Loans held for investment, net $ 20,115,144 $ 19,183,143 The estimated weighted average life of education loans in our portfolio was approximately 4.5 years and 5.4 years at June 30, 2021 and December 31, 2020, respectively. The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended June 30, 2021 2020 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,654,285 8.22 % $ 21,590,905 8.33 % FFELP Loans 723,391 3.41 761,469 3.82 Personal Loans — — 836,342 12.54 Credit Cards 11,694 6.64 9,364 (9.34) Total portfolio $ 21,389,370 $ 23,198,080 Six Months Ended June 30, 2021 2020 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,818,476 8.22 % $ 22,546,874 8.60 % FFELP Loans 728,810 3.41 768,897 4.06 Personal Loans — — 905,007 12.31 Credit Cards 11,767 3.71 7,325 (7.67) Total portfolio $ 21,559,053 $ 24,228,103 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 in the case of disaster forbearance, where the accrued interest is not capitalized when the loan re-enters payment status). 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, 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 almost all instances, we require one or more payments before granting forbearance to delinquent borrowers. As a result of the negative impact on employment from COVID-19, our customers are experiencing higher levels of financial hardship, which led initially 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. Beginning in June 2021, we stopped granting disaster forbearance in response to the COVID-19 pandemic. As borrowers in the various delinquency buckets exit disaster forbearance and begin to enter repayment, we expect to see elevated levels of losses in the latter half of 2021. We expect that, left unabated, this deterioration in forbearance, delinquency, and default rates may persist until such time as the economy and employment return to pre-pandemic levels. 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 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, under previous credit administration practices we granted forbearance to borrowers without requiring any period of prior principal and interest payments, meaning that, if a borrower satisfied all eligibility requirements, forbearance increments could 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 would not apply, however, to forbearances granted during the first six months following a borrower’s grace period and would 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 could 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 credit administration practices changes by the end of 2021. However, we may modify or delay the contemplated practices 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 for a two-year period and, in the vast majority of cases, permanently extend the final maturity date of the loan. As part of demonstrating the ability and willingness to pay, the customer must make three consecutive monthly payments at the reduced payment to qualify for the program. The combination of the rate reduction and maturity extension helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate. At June 30, 2021 and December 31, 2020, 9.0 percent and 7.8 percent, respectively, of our loans then currently in full principal and interest repayment status were subject to interest rate reductions made under our rate modification program. We currently have no plans to change the basic elements of the rate and term modifications we offer to our customers experiencing more severe hardship. 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 previous credit administration practices, which may not be indicative of how borrowers will behave under revised credit administration practices, we expect that the credit administration practices changes described above will accelerate defaults and could increase life of loan defaults in our Private Education Loan held for investment portfolio by approximately 4 percent to 14 percent. Among the measures that we are planning to implement and expect may partly offset or moderate any acceleration of or increase in defaults will be greater focus on the risk assessment process to ensure borrowers are mapped to the appropriate program, better utilization of existing programs (e.g., Graduated Repayment Plan (“GRP”) and rate modifications), and the introduction of a new program offering short-term payment reductions (permitting interest-only payments for up to six months) for certain early-stage delinquencies. The full impact of these changes to our collections practices described above may only be realized over the longer term, however. In particular, when we calculate the allowance for credit losses under CECL, which became effective on January 1, 2020, our loan loss reserves increased materially because we expect the life of loan defaults on our overall Private Education Loan portfolio to increase, in part as a result of the planned changes to our credit administration practices. As we progress with the planned changes to our credit administration practices, we expect to learn more about how our borrowers are reacting to these changes and, as we analyze such reactions, we will continue to refine our estimates of the impact of those changes on our allowance for credit losses. As discussed above, we will continue to monitor our credit administration practices and may modify them further from time to time based upon performance, industry conventions, and/or regulatory feedback. We had no loans held for sale and $2.9 billion in loans held for sale at June 30, 2021 and December 31, 2020, respectively. At December 31, 2020, we reversed $206 million through the provisions for credit losses for the allowance related to those loans held for sale, when the loans were transferred from held for investment to held for sale. During the first quarter of 2021, we sold $3.16 billion of our Private Education Loans, including $2.97 billion of principal and $193 million in capitalized interest, to an unaffiliated third party. During the second quarter of 2021, we sold $27 million of

Loans Held for Sale

Loans Held for Sale	6 Months Ended
	Jun. 30, 2021
Transfers and Servicing [Abstract]
Loans Held for Sale	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 Credit Cards with bonus rewards. We use “Personal Loans” to mean those unsecured loans to individuals that may be used for non-educational purposes. In the third quarter of 2020, we sold our entire Personal Loan portfolio. 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, or SOFR, the Secured Overnight Financing Rate. As of June 30, 2021 and December 31, 2020, 54 percent and 55 percent, respectively, of all of our Private Education Loans were indexed to LIBOR or SOFR. 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 six months of 2021, we recognized a $403 million gain from the sale of approximately $3.19 billion of our Private Education Loans, including $2.99 billion of principal and $195 million in capitalized interest, to an unaffiliated third party. 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. For additional information, see Notes to Consolidated Financial Statements, Note 8, “Borrowings.” Loans held for investment are summarized as follows: June 30, December 31, 2021 2020 Private Education Loans: Fixed-rate $ 9,442,904 $ 8,950,216 Variable-rate 11,034,853 10,779,121 Total Private Education Loans, gross 20,477,757 19,729,337 Deferred origination costs and unamortized premium/(discount) 65,872 63,475 Allowance for credit losses (1,154,540) (1,355,844) Total Private Education Loans, net 19,389,089 18,436,968 FFELP Loans 716,958 737,593 Deferred origination costs and unamortized premium/(discount) 1,913 1,993 Allowance for credit losses (4,262) (4,378) Total FFELP Loans, net 714,609 735,208 Credit Cards (fixed-rate) 12,784 12,238 Deferred origination costs and unamortized premium/(discount) 104 230 Allowance for credit losses (1,442) (1,501) Total Credit Cards, net 11,446 10,967 Loans held for investment, net $ 20,115,144 $ 19,183,143 The estimated weighted average life of education loans in our portfolio was approximately 4.5 years and 5.4 years at June 30, 2021 and December 31, 2020, respectively. The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended June 30, 2021 2020 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,654,285 8.22 % $ 21,590,905 8.33 % FFELP Loans 723,391 3.41 761,469 3.82 Personal Loans — — 836,342 12.54 Credit Cards 11,694 6.64 9,364 (9.34) Total portfolio $ 21,389,370 $ 23,198,080 Six Months Ended June 30, 2021 2020 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,818,476 8.22 % $ 22,546,874 8.60 % FFELP Loans 728,810 3.41 768,897 4.06 Personal Loans — — 905,007 12.31 Credit Cards 11,767 3.71 7,325 (7.67) Total portfolio $ 21,559,053 $ 24,228,103 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 in the case of disaster forbearance, where the accrued interest is not capitalized when the loan re-enters payment status). 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, 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 almost all instances, we require one or more payments before granting forbearance to delinquent borrowers. As a result of the negative impact on employment from COVID-19, our customers are experiencing higher levels of financial hardship, which led initially 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. Beginning in June 2021, we stopped granting disaster forbearance in response to the COVID-19 pandemic. As borrowers in the various delinquency buckets exit disaster forbearance and begin to enter repayment, we expect to see elevated levels of losses in the latter half of 2021. We expect that, left unabated, this deterioration in forbearance, delinquency, and default rates may persist until such time as the economy and employment return to pre-pandemic levels. 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 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, under previous credit administration practices we granted forbearance to borrowers without requiring any period of prior principal and interest payments, meaning that, if a borrower satisfied all eligibility requirements, forbearance increments could 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 would not apply, however, to forbearances granted during the first six months following a borrower’s grace period and would 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 could 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 credit administration practices changes by the end of 2021. However, we may modify or delay the contemplated practices 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 for a two-year period and, in the vast majority of cases, permanently extend the final maturity date of the loan. As part of demonstrating the ability and willingness to pay, the customer must make three consecutive monthly payments at the reduced payment to qualify for the program. The combination of the rate reduction and maturity extension helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate. At June 30, 2021 and December 31, 2020, 9.0 percent and 7.8 percent, respectively, of our loans then currently in full principal and interest repayment status were subject to interest rate reductions made under our rate modification program. We currently have no plans to change the basic elements of the rate and term modifications we offer to our customers experiencing more severe hardship. 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 previous credit administration practices, which may not be indicative of how borrowers will behave under revised credit administration practices, we expect that the credit administration practices changes described above will accelerate defaults and could increase life of loan defaults in our Private Education Loan held for investment portfolio by approximately 4 percent to 14 percent. Among the measures that we are planning to implement and expect may partly offset or moderate any acceleration of or increase in defaults will be greater focus on the risk assessment process to ensure borrowers are mapped to the appropriate program, better utilization of existing programs (e.g., Graduated Repayment Plan (“GRP”) and rate modifications), and the introduction of a new program offering short-term payment reductions (permitting interest-only payments for up to six months) for certain early-stage delinquencies. The full impact of these changes to our collections practices described above may only be realized over the longer term, however. In particular, when we calculate the allowance for credit losses under CECL, which became effective on January 1, 2020, our loan loss reserves increased materially because we expect the life of loan defaults on our overall Private Education Loan portfolio to increase, in part as a result of the planned changes to our credit administration practices. As we progress with the planned changes to our credit administration practices, we expect to learn more about how our borrowers are reacting to these changes and, as we analyze such reactions, we will continue to refine our estimates of the impact of those changes on our allowance for credit losses. As discussed above, we will continue to monitor our credit administration practices and may modify them further from time to time based upon performance, industry conventions, and/or regulatory feedback. We had no loans held for sale and $2.9 billion in loans held for sale at June 30, 2021 and December 31, 2020, respectively. At December 31, 2020, we reversed $206 million through the provisions for credit losses for the allowance related to those loans held for sale, when the loans were transferred from held for investment to held for sale. During the first quarter of 2021, we sold $3.16 billion of our Private Education Loans, including $2.97 billion of principal and $193 million in capitalized interest, to an unaffiliated third party. During the second quarter of 2021, we sold $27 million of

Allowance for Credit Losses

Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2021
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 losses expected to be incurred in the loan portfolios. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Allowance for Credit Losses 2020 — Allowance for Private Education Loan Losses, — Allowance for FFELP Loan Losses, and — Allowance for Credit Card Loans” in our 2020 Form 10-K for a more detailed discussion. Allowance for Credit Losses Metrics Allowance for Credit Losses Three Months Ended June 30, 2021 FFELP Private Education Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,318 $ 1,173,375 $ 1,328 $ 1,179,021 Transfer from unfunded commitment liability (1) — 24,556 — 24,556 Provisions: Provision for current period (2) 1,014 182 1,194 Loan sale reduction to provision — (1,477) — (1,477) Total provisions (2) (2) (463) 182 (283) Net charge-offs: Charge-offs (54) (49,900) (74) (50,028) Recoveries — 6,972 6 6,978 Net charge-offs (54) (42,928) (68) (43,050) Ending Balance $ 4,262 $ 1,154,540 $ 1,442 $ 1,160,244 Allowance: Ending balance: individually evaluated for impairment $ — $ 80,495 $ — $ 80,495 Ending balance: collectively evaluated for impairment $ 4,262 $ 1,074,045 $ 1,442 $ 1,079,749 Loans: Ending balance: individually evaluated for impairment $ — $ 1,192,743 $ — $ 1,192,743 Ending balance: collectively evaluated for impairment $ 716,958 $ 19,285,014 $ 12,784 $ 20,014,756 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.04 % 1.16 % 2.29 % Allowance as a percentage of the ending total loan balance 0.59 % 5.64 % 11.28 % Allowance as a percentage of the ending loans in repayment (3) 0.78 % 7.79 % 11.28 % Allowance coverage of net charge-offs (annualized) 19.73 6.72 5.30 Ending total loans, gross $ 716,958 $ 20,477,757 $ 12,784 Average loans in repayment (3) $ 546,306 $ 14,743,360 $ 11,855 Ending loans in repayment (3) $ 548,488 $ 14,825,375 $ 12,784 ____________ (1) See Note 6, “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 provisions for credit losses: Provisions for loan losses $ (463) Provisions for unfunded loan commitments 69,960 Total Private Education Loan provisions for credit losses 69,497 Other impacts to the provisions for credit losses: FFELP Loans (2) Credit Cards 182 Total 180 Provisions for credit losses reported in consolidated statements of income $ 69,677 (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 June 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,296 $ 1,515,781 $ 152,673 $ 574 $ 1,673,324 Transfer from unfunded commitment liability (1) — 37,010 — — 37,010 Provisions: Provision for current period 173 234,015 23,929 509 258,626 Loan sale reduction to provision — — — — — Total provisions (2) 173 234,015 23,929 509 258,626 Net charge-offs: Charge-offs (84) (31,779) (14,601) (41) (46,505) Recoveries — 5,532 1,336 — 6,868 Net charge-offs (84) (26,247) (13,265) (41) (39,637) Ending Balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Allowance: Ending balance: individually evaluated for impairment $ — $ 160,234 $ — $ — $ 160,234 Ending balance: collectively evaluated for impairment $ 4,385 $ 1,600,325 $ 163,337 $ 1,042 $ 1,769,089 Loans: Ending balance: individually evaluated for impairment $ — $ 1,520,240 $ — $ — $ 1,520,240 Ending balance: collectively evaluated for impairment $ 754,340 $ 19,965,225 $ 772,086 $ 10,706 $ 21,502,357 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.07 % 0.75 % 6.87 % 1.77 % Allowance as a percentage of the ending total loan balance 0.58 % 8.19 % 21.16 % 9.73 % Allowance as a percentage of the ending loans in repayment (3) 0.97 % 12.13 % 22.46 % 9.73 % Allowance coverage of net charge-offs (annualized) 13.05 16.77 3.08 6.35 Ending total loans, gross $ 754,340 $ 21,485,465 $ 772,086 $ 10,706 Average loans in repayment (3) $ 513,418 $ 14,011,841 $ 772,137 $ 9,265 Ending loans in repayment (3) $ 452,617 $ 14,512,723 $ 727,214 $ 10,706 ____________ (1) See Note 6, “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 provisions 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 loan 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 provisions for credit losses: Provisions for loan losses $ 234,015 Provisions for unfunded loan commitments 93,261 Total Private Education Loan provisions for credit losses 327,276 Other impacts to the provisions for credit losses: Personal Loans 23,929 FFELP Loans 173 Credit Cards 509 Total 24,611 Provisions for credit losses reported in consolidated statements of income $ 351,887 (3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Credit Losses Six Months Ended FFELP Private Education Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,378 $ 1,355,844 $ 1,501 $ 1,361,723 Transfer from unfunded commitment liability (1) — 151,436 — 151,436 Provisions: Provision for current period 27 (253,928) 96 (253,805) Loan sale reduction to provision — (10,335) — (10,335) Loan transfer from held-for-sale — 1,887 — 1,887 Total provisions (2) 27 (262,376) 96 (262,253) Net charge-offs: Charge-offs (143) (105,039) (162) (105,344) Recoveries — 14,675 7 14,682 Net charge-offs (143) (90,364) (155) (90,662) Ending Balance $ 4,262 $ 1,154,540 $ 1,442 $ 1,160,244 Allowance: Ending balance: individually evaluated for impairment $ — $ 80,495 $ — $ 80,495 Ending balance: collectively evaluated for impairment $ 4,262 $ 1,074,045 $ 1,442 $ 1,079,749 Loans: Ending balance: individually evaluated for impairment $ — $ 1,192,743 $ — $ 1,192,743 Ending balance: collectively evaluated for impairment $ 716,958 $ 19,285,014 $ 12,784 $ 20,014,756 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.05 % 1.23 % 2.59 % Allowance as a percentage of the ending total loan balance 0.59 % 5.64 % 11.28 % Allowance as a percentage of the ending loans in repayment (3) 0.78 % 7.79 % 11.28 % Allowance coverage of net charge-offs (annualized) 14.90 6.39 4.65 Ending total loans, gross $ 716,958 $ 20,477,757 $ 12,784 Average loans in repayment (3) $ 551,765 $ 14,738,505 $ 11,964 Ending loans in repayment (3) $ 548,488 $ 14,825,375 $ 12,784 ____________ (1) See Note 6, “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 Six Months Ended Private Education Loan provisions for credit losses: Provisions for loan losses $ (262,376) Provisions for unfunded loan commitments 106,163 Total Private Education Loan provisions for credit losses (156,213) Other impacts to the provisions for credit losses: FFELP Loans 27 Credit Cards 96 Total 123 Provisions for credit losses reported in consolidated statements of income $ (156,090) (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 Six Months Ended 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 Balance at January 1, 2020 4,485 1,435,130 145,060 290 1,584,965 Transfer from unfunded commitment liability (1) — 179,085 — — 179,085 Provisions: Provision for current period 210 377,877 49,247 800 428,134 Loan sale reduction to provision — (161,793) — — (161,793) Total provisions (2) 210 216,084 49,247 800 266,341 Net charge-offs: Charge-offs (310) (83,248) (33,848) (48) (117,454) Recoveries — 13,508 2,878 — 16,386 Net charge-offs (310) (69,740) (30,970) (48) (101,068) Ending Balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Allowance: Ending balance: individually evaluated for impairment $ — $ 160,234 $ — $ — $ 160,234 Ending balance: collectively evaluated for impairment $ 4,385 $ 1,600,325 $ 163,337 $ 1,042 $ 1,769,089 Loans: Ending balance: individually evaluated for impairment $ — $ 1,520,240 $ — $ — $ 1,520,240 Ending balance: collectively evaluated for impairment $ 754,340 $ 19,965,225 $ 772,086 $ 10,706 $ 21,502,357 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.11 % 0.91 % 7.13 % 1.31 % Allowance as a percentage of the ending total loan balance 0.58 % 8.19 % 21.16 % 9.73 % Allowance as a percentage of the ending loans in repayment (3) 0.97 % 12.13 % 22.46 % 9.73 % Allowance coverage of net charge-offs (annualized) 7.07 12.62 2.64 10.85 Ending total loans, gross $ 754,340 $ 21,485,465 $ 772,086 $ 10,706 Average loans in repayment (3) $ 553,402 $ 15,306,349 $ 869,133 $ 7,326 Ending loans in repayment (3) $ 452,617 $ 14,512,723 $ 727,214 $ 10,706 ____________ (1) See Note 6, “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 provisions 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 loan 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 Six Months Ended Private Education Loan provisions for credit losses: Provisions for loan losses $ 216,084 Provisions for unfunded loan commitments 146,804 Total Private Education Loan provisions for credit losses 362,888 Other impacts to the provisions for credit losses: Personal Loans 49,247 FFELP Loans 210 Credit Cards 800 Total 50,257 Provisions for credit losses reported in consolidated statements of income $ 413,145 (3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Credit Losses - Forecast Assumptions In determining the adequacy of the allowance for credit losses, we include forecasts of college graduate unemployment and the Consumer Price Index in our loss forecasting models. We obtain forecasts for these two inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurring. We determine which forecasts we will include in our estimation of allowance for credit losses and the associated weightings for each of these inputs. At both January 1, 2020 (the initial adoption date of the Financial Accounting Standards Board’s Accounting Standards Update No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” or “CECL”), and June 30, 2021, we used the Base (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario with 10 percent likelihood of occurring)/S3 (downside scenario with 10 percent likelihood of occurring) scenarios and weighted them 40 percent, 30 percent and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses. Provisions for credit losses in the first six months of 2021 decreased by $569 million compared with the year-ago period. During the first six months of 2021, the provision for credit losses was primarily affected by improvements in the economic forecasts, faster prepayment speeds and a change in the economic scenarios used and their respective weightings, as compared to the year-ago period. In the second quarter of 2020, as a result of an increase in COVID-19 infections in the second half of June 2020, we switched to using Moody’s Analytics Base and S-4 downturn scenarios, weighted 50 percent each, in determining the allowance for credit losses. We estimated that the worsening economic environment caused by the COVID-19 pandemic in 2020 increased the provisions for credit losses in the first half of 2020 by $397 million. These factors were offset by additional provisions from the new loan commitments made during the first half of 2021. During the first quarter of 2021, we increased our estimates of future prepayment speeds during both the two-year reasonable and supportable period as well as the remaining term of the underlying loans. These faster estimated prepayment speeds during the two-year reasonable and supportable period reflect the significant improvement in economic forecasts, as well as the implementation of an updated prepayment speed model. To address this fundamental change, we increased our long-term expectations of prepayment speeds. We experienced higher prepayments during the COVID-19 pandemic, when unemployment rates were elevated, than we would have expected based upon our experience during past financial crises. 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 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 contractual interest rate on a loan to 4.0 percent for a two-year period and, in the vast majority of cases, permanently extend the final maturity date of the loan. The combination of these two loan term changes helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate. At June 30, 2021 and June 30, 2020, 9.0 percent and 8.9 percent, respectively, of our loans then currently in full principal and interest repayment status were subject to interest rate reductions made under our rate modification program. Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life. As of both June 30, 2021 and December 31, 2020, approximately 47 percent of TDRs were classified as such due to their forbearance status. For additional information, see Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies —Allowance for Loan Losses 2020,” and Note 7, “Allowance for Credit Losses” in our 2020 Form 10-K. Within the Private Education Loan portfolio, loans greater than 90 days past due are nonperforming. FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default and, therefore, we do not deem FFELP Loans as nonperforming from a credit risk perspective at any point in their life cycle prior to claim payment and continue to accrue interest on those loans through the date of claim. At June 30, 2021 and December 31, 2020, all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans. Recorded Investment Unpaid Principal Balance Allowance June 30, 2021 TDR Loans $ 1,230,794 $ 1,192,743 $ 80,495 December 31, 2020 TDR Loans $ 1,312,805 $ 1,274,590 $ 104,265 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended 2021 2020 Average Interest Average Interest TDR Loans $ 1,251,248 $ 21,490 $ 1,556,278 $ 24,071 Six Months Ended 2021 2020 Average Interest Average Interest TDR Loans $ 1,270,668 $ 42,979 $ 1,591,081 $ 50,559 The following table provides information regarding the loan status and aging of TDR loans. For the periods presented below, we updated our delinquency bucket periods to conform with the delinquency bucket periods defined by the Federal Financial Institutions Examination Council (“FFIEC”). June 30, December 31, 2021 2020 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 86,667 $ 88,750 TDR loans in forbearance (2) 58,441 76,704 TDR loans in repayment (3) and percentage of each status: Loans current 959,797 91.6 % 971,880 87.7 % Loans delinquent 30-59 days (4) 38,500 3.7 59,249 5.3 Loans delinquent 60-89 days (4) 26,365 2.5 43,576 3.9 Loans 90 days or greater past due (4) 22,973 2.2 34,431 3.1 Total TDR loans in repayment (3) 1,047,635 100.0 % 1,109,136 100.0 % Total TDR loans, gross $ 1,192,743 $ 1,274,590 _____ (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 2021 2020 Modified Loans (1) Charge-offs Payment- Modified Loans (1) Charge-offs Payment- TDR Loans $ 1,917 $ 15,888 $ 1,560 $ 36,666 $ 8,623 $ 17,910 Six Months Ended 2021 2020 Modified Loans (1) Charge-offs Payment- Modified Loans (1) Charge-offs Payment- TDR Loans $ 5,634 $ 33,836 $ 7,746 $ 169,481 $ 27,998 $ 49,002 _____ (1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR. Private Education Loans Held for Investment - 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 Held for Investment - Credit Quality Indicators June 30, 2021 Year of Origination 2021 (1) 2020 (1) 2019 (1) 2018 (1) 2017 (1) 2016 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 970,402 $ 3,931,236 $ 3,237,783 $ 2,340,257 $ 2,043,013 $ 5,496,367 $ 18,019,058 88 % Without cosigner 211,824 618,647 505,024 341,619 247,444 534,141 2,458,699 12 Total $ 1,182,226 $ 4,549,883 $ 3,742,807 $ 2,681,876 $ 2,290,457 $ 6,030,508 $ 20,477,757 100 % FICO at Origination (2) : Less than 670 $ 72,850 $ 253,187 $ 280,455 $ 213,139 $ 183,920 $ 483,561 $ 1,487,112 7 % 670-699 160,561 605,523 563,313 410,869 374,958 1,011,060 3,126,284 15 700-749 382,823 1,466,071 1,225,698 887,632 766,167 2,029,007 6,757,398 33 Greater than or equal to 750 565,992 2,225,102 1,673,341 1,170,236 965,412 2,506,880 9,106,963 45 Total $ 1,182,226 $ 4,549,883 $ 3,742,807 $ 2,681,876 $ 2,290,457 $ 6,030,508 $ 20,477,757 100 % FICO Refreshed (2)(3) : Less than 670 $ 85,949 $ 274,820 $ 285,457 $ 254,743 $ 253,135 $ 832,185 $ 1,986,289 10 % 670-699 155,903 520,662 426,727 294,368 246,577 659,428 2,303,665 11 700-749 386,736 1,431,445 1,154,717 787,467 656,960 1,652,346 6,069,671 30 Greater than or equal to 750 553,638 2,322,956 1,875,906 1,345,298 1,133,785 2,886,549 10,118,132 49 Total $ 1,182,226 $ 4,549,883 $ 3,742,807 $ 2,681,876 $ 2,290,457 $ 6,030,508 $ 20,477,757 100 % Seasoning (4) : 1-12 payments $ 667,707 $ 2,362,092 $ 438,639 $ 393,882 $ 377,838 $ 667,673 $ 4,907,831 24 % 13-24 payments — 460,402 1,879,307 223,055 219,685 572,401 3,354,850 16 25-36 payments — — 260,827 1,254,251 207,771 555,597 2,278,446 11 37-48 payments — — — 169,088 933,712 553,180 1,655,980 8 More than 48 payments — — — — 112,835 2,968,608 3,081,443 15 Not yet in repayment 514,519 1,727,389 1,164,034 641,600 438,616 713,049 5,199,207 26 Total $ 1,182,226 $ 4,549,883 $ 3,742,807 $ 2,681,876 $ 2,290,457 $ 6,030,508 $ 20,477,757 100 % 2021 Current period (5) gross charge-offs $ (105) $ (2,381) $ (9,337) $ (15,085) $ (16,485) $ (61,646) $ (105,039) 2021 Current period (5) recoveries — 124 850 1,722 2,109 9,870 14,675 2021 Current period (5) net charge-offs $ (105) $ (2,257) $ (8,487) $ (13,363) $ (14,376) $ (51,776) $ (90,364) Total accrued interest by origination vintage $ 23,950 $ 200,985 $ 312,566 $ 258,207 $ 197,977 $ 311,955 $ 1,305,640 ______ (1) Balance represents gross Private Education Loans. (2) Represents the higher credit score of the cosigner or the borrower. (3) Represents the FICO score updated as of the second-quarter 2021. (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, 2021 through June 30, 2021. Private Education Loans Held for Investment - Credit Quality Indicators December 31, 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 $ 2,915,328 $ 3,467,219 $ 2,556,400 $ 2,262,635 $ 1,977,952 $ 4,198,748 $ 17,378,282 88 % Without cosigner 527,437 559,629 384,111 277,159 211,270 391,449 2,351,055 12 Total $ 3,442,765 $ 4,026,848 $ 2,940,511 $ 2,539,794 $ 2,189,222 $ 4,590,197 $ 19,729,337 100 % FICO at Origination (2) : Less than 670 $ 195,214 $ 290,711 $ 225,276 $ 197,948 $ 162,413 $ 369,609 $ 1,441,171 7 % 670-699 464,785 594,950 441,357 407,394 351,303 771,477 3,031,266 16 700-749 1,111,373 1,310,390 967,802 846,983 740,028 1,533,517 6,510,093 33 Greater than or equal to 750 1,671,393 1,830,797 1,306,076 1,087,469 935,478 1,915,594 8,746,807 44 Total $ 3,442,765 $ 4,026,848 $ 2,940,511 $ 2,539,794 $ 2,189,222 $ 4,590,197 $ 19,729,337 100 % FICO Refreshed (2)(3) : Less than 670 $ 240,154 $ 331,229 $ 301,784 $ 298,195 $ 293,077 $ 734,599 $ 2,199,038 11 % 670-699 438,665 493,135 336,966 283,906 231,759 504,779 2,289,210 12 700-749 1,102,666 1,248,806 871,677 734,222 603,160 1,220,468 5,780,999 29 Greater than or equal to 750 1,661,280 1,953,678 1,430,084 1,223,471 1,061,226 2,130,351 9,460,090 48 Total $ 3,442,765 $ 4,026,848 $ 2,940,511 $ 2,539,794 $ 2,189,222 $ 4,590,197 $ 19,729,337 100 % Seasoning (4) : 1-12 payments $ 2,068,517 $ 600,038 $ 469,143 $ 472,258 $ 381,197 $ 507,343 $ 4,498,496 23 % 13-24 payments 163 2,096,635 383,977 223,332 217,379 425,345 3,346,831 17 25-36 payments — — 1,353,567 370,250 181,940 439,337 2,345,094 12 37-48 payments — — — 965,476 351,433 402,552 1,719,461 9 More than 48 payments — — — — 729,510 2,310,905 3,040,415 15 Not yet in repayment 1,374,085 1,330,175 733,824 508,478 327,763 504,715 4,779,040 24 Total $ 3,442,765 $ 4,026,848 $ 2,940,511 $ 2,539,794 $ 2,189,222 $ 4,590,197 $ 19,729,337 100 % 2020 gross charge-offs (5) $ (1,087) $ (10,940) $ (27,000) $ (35,851) $ (36,416) $ (94,032) $ (205,326) 2020 recoveries (5) 42 636 2,274 3,585 4,284 13,200 24,021 2020 net charge-offs (5) $ (1,045) $ (10,304) $ (24,726) $ (32,266) $ (32,132) $ (80,832) $ (181,305) Total accrued interest by origination vintage $ 90,438 $ 265,688 $ 252,251 $ 209,178 $ 141,094 $ 210,247 $ 1,168,896 ______ (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 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) For period from January 1, 2020 through December 31, 2020. Delinquencies - Private Education Loans Held for Investment The following tables provide information regarding the loan status of our Private Education Loans, held for investment, 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). For the periods presented below, we updated our delinquency bucket periods to conform with the delinquency bucket periods defined by the FFIEC. Private Education Loans Held for Investment Delinquencies by Origination Vintage June 30, 2021 2021 2020 2019 2018 2017 2016 and Prior Total Loans in-school/grace/deferment (1)(2) $ 514,519 $ 1,727,389 $ 1,164,034 $ 641,600 $ 438,616 $ 713,049 $ 5,199,207 Loans in forbearance (1)(3) 1,394 21,742 68,121 71,584 78,989 211,345 453,175 Loans in repayment (1) : Loans current 664,057 2,787,235 2,478,940 1,927,727 1,724,384 4,932,316 14,514,659 Loans delinquent 30-59 days (4) 1,690 9,085 18,709 22,127 25,059 85,868 162,538 Loans delinquent 60-89 days (4) 390 3,380 8,479 10,918 13,229 49,055 85,451 Loans 90 days or greater past due (4) 176 1,052 4,524 7,920 10,180 38,875 62,727 Total Private Education Loans in repayment 666,313 2,800,752 2,510,652 1,968,692 1,772,852 5,106,114 14,825,375 Total Private Education Loans, gross 1,182,226 4,549,883 3,742,807 2,681,876 2,290,457 6,030,508 20,477,757 Private Education Loans deferred origination costs and unamortized premium/(discount) 10,603 18,946 12,100 7,405 5,693 11,125 65,872 Total Private Education Loans 1,192,829 4,568,829 3,754,907 2,689,281 2,296,150 6,041,633 20,543,629 Private Education Loans allowance for losses (80,501) (253,285) (227,307) (155,165) (126,301) (311,981) (1,154,540) Private Education Loans, net $ 1,112,328 $ 4,315,544 $ 3,527,600 $ 2,534,116 $ 2,169,849 $ 5,729,652 $ 19,389,089 Percentage of Private Education Loans in repayment 56.4 % 61.6 % 67.1 % 73.4 % 77.4 % 84.7 % 72.4 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.3 % 0.5 % 1.3 % 2.1 % 2.7 % 3.4 % 2.1 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.2 % 0.8 % 2.6 % 3.5 % 4.3 % 4.0 % 3.0 % _______ (1) For some students, going back to school in the fall was not an option because of the pandemic, or for other reasons. Therefore, some students are taking a “gap year” before returning to school. In 2020, for those students that had unexpectedly separated from school, we provided an extension of time through fall 2021 to re-enroll, before beginning their grace period that occurs prior to entering full principal and interest repayment status. At June 30, 2021, the loans in the “in-school/grace/deferment” category above include $249 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. At June 30, 2021, the loans in the “in forbearance” category above include $23 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. At June 30, 2021, the loans in the “in repayment” category above include $479 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. (2) 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). (3) 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. (4) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Loans Held for Investment Delinquencies by Origination Vintage December 31, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Loans in-school/grace/deferment (1)(2) $ 1,374,085 $ 1,330,175 $ 733,824 $ 508,478 $ 327,763 $ 504,715 $ 4,779,040 Loans in forbearance (1)(3) 16,159 92,677 110,319 118,946 109,073 198,302 645,476 Loans in repayment (1) : Loans current 2,043,033 2,573,228 2,045,012 1,850,539 1,685,572 3,701,564 13,898,948 Loans delinquent 30-59 days (4) 6,400 16,983 26,934 30,771 33,040 91,400 205,528 Loans delinquent 60-89 days (4) 2,628 9,143 15,026 18,121 19,064 55,661 119,643 Loans 90 days or greater past due (4) 460 4,642 9,396 12,939 14,710 38,555 80,702 Total Private Education Loans in repayment 2,052,521 2,603,996 2,096,368 1,912,370 1,752,386 3,887,180 14,304,821 Total Private Education Loans, gross 3,442,765 4,026,848 2,940,511 2,539,794 2,189,222 4,590,197 19,729,337 Private Education Loans deferred origination costs and unamortized premium/(discount) 21,129 13,933 8,671 6,708 5,721 7,313 63,475 Total Private Education Loans 3,463,894 4,040,781 2,949,182 2,546,502 2,194,943 4,597,510 19,792,812 Private Education Loans allowance for losses (210,875) (298,776) (218,136) (184,265) (150,150) (293,642) (1,355,844) Private Education Loans, net $ 3,253,019 $ 3,742,005 $ 2,731,046 $ 2,362,237 $ 2,044,793 $ 4,303,868 $ 18,436,968 Percentage of

Unfunded Loan Commitments

Unfunded Loan Commitments	6 Months Ended
	Jun. 30, 2021
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 Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses 2020 — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2020 Form 10-K for additional information. At June 30, 2021, we had $1.2 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2021/2022 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 June 30, 2021 2020 Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 19,367 $ 457,453 $ 29,707 $ 449,807 Provision/New commitments - net (1) 48,203 1,235,604 72,111 1,165,224 Other provision items 21,757 — 21,150 — Transfer - funded loans (2) (24,555) (531,361) (37,010) (495,989) Ending Balance $ 64,772 $ 1,161,696 $ 85,958 $ 1,119,042 Six Months Ended June 30, 2021 2020 Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 110,044 $ 1,673,018 $ 2,481 $ 1,910,603 Day 1 adjustment for the adoption of CECL — — 115,758 — Balance at January 1 110,044 1,673,018 118,239 1,910,603 Provision/New commitments - net (1) 88,400 2,078,765 121,672 2,000,170 Other provision items 17,763 — 25,132 — Transfer - funded loans (2) (151,435) (2,590,087) (179,085) (2,791,731) Ending Balance $ 64,772 $ 1,161,696 $ 85,958 $ 1,119,042 ________________ (1) Net of expirations of commitments unused. (2) When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.

Deposits

Deposits	6 Months Ended
	Jun. 30, 2021
Banking and Thrift, Other Disclosures [Abstract]
Deposits	Deposits The following table summarizes total deposits at June 30, 2021 and December 31, 2020. June 30, December 31, 2021 2020 Deposits - interest bearing $ 21,121,810 $ 22,664,899 Deposits - non-interest bearing 2,566 1,140 Total deposits $ 21,124,376 $ 22,666,039 Our total deposits of $21.1 billion were comprised of $11.5 billion in brokered deposits and $9.6 billion in retail and other deposits at June 30, 2021, compared to total deposits of $22.7 billion, which were comprised of $11.9 billion in brokered deposits and $10.8 billion in retail and other deposits, at December 31, 2020. Interest bearing deposits as of June 30, 2021 and December 31, 2020 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 $7.9 billion and $7.1 billion of our deposit total as of June 30, 2021 and December 31, 2020, 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 $4 million and $5 million in the three months ended June 30, 2021 and 2020, respectively, and placement fee expense of $8 million and $10 million in the six months ended June 30, 2021 and 2020, respectively. Fees paid to third-party brokers related to brokered CDs were $1 million and $1 million for the three months ended June 30, 2021 and 2020, respectively, and fees paid to third-party brokers related to brokered CDs were $1 million and $3 million for the six months ended June 30, 2021 and 2020, respectively. Interest bearing deposits at June 30, 2021 and December 31, 2020 are summarized as follows: June 30, 2021 December 31, 2020 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 10,910,755 0.67 % $ 10,159,657 0.83 % Savings 958,052 0.42 907,976 0.55 Certificates of deposit 9,253,003 1.21 11,597,266 1.34 Deposits - interest bearing $ 21,121,810 $ 22,664,899 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2021
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”). For additional information regarding our borrowings, see Notes to Consolidated Financial Statements, Note 11, “Borrowings” in our 2020 Form 10-K. The following table summarizes our borrowings at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ 199,379 $ 494,255 $ 693,634 $ — $ 692,879 $ 692,879 Total unsecured borrowings 199,379 494,255 693,634 — 692,879 692,879 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 3,477,121 3,477,121 — 3,261,233 3,261,233 Variable-rate — 1,017,684 1,017,684 — 1,235,105 1,235,105 Total Private Education Loan term securitizations — 4,494,805 4,494,805 — 4,496,338 4,496,338 Secured Borrowing Facility — — — — — — Total secured borrowings — 4,494,805 4,494,805 — 4,496,338 4,496,338 Total $ 199,379 $ 4,989,060 $ 5,188,439 $ — $ 5,189,217 $ 5,189,217 Short-term Borrowings Secured Borrowing Facility On February 17, 2021, we amended our Secured Borrowing Facility to extend the maturity of the facility. The amount that can be borrowed under the facility is $2 billion. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstanding advances. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay and reborrow funds, until February 16, 2022. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on February 16, 2023 (or earlier, if certain material adverse events occur). At both June 30, 2021 and December 31, 2020, there were no secured borrowings outstanding under the Secured Borrowing Facility. Long-term Borrowings Secured Financings 2021 Transaction On May 19, 2021, we executed our $531 million SMB Private Education Loan Trust 2021-B term ABS transaction, which was accounted for as a secured financing. We sold $531 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $529 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.26 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.77 percent. At June 30, 2021, $541 million of our Private Education Loans, including $504 million of principal and $37 million in capitalized interest, were encumbered because of this transaction. Secured Financings at Issuance The following summarizes our secured financings issued in 2020 and in 2021 through June 30, 2021: Issue Date Issued Total Issued Weighted Average Cost of Funds (1) Weighted Average Life Private Education: 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 (2) $ 1,463,230 2021-B May 2021 $ 531,000 1-month LIBOR plus 0.77% 4.26 Total notes issued in 2021 $ 531,000 Total loan and accrued interest amount securitized at inception in 2021 $ 549,516 ____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs. (2) At June 30, 2021, $1.24 billion of our Private Education Loans, including $1.15 billion of principal and $85 million in capitalized interest, were encumbered related to these transactions. 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. June 30, 2021 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 $ — $ 4,494,805 $ 4,494,805 $ 5,585,834 $ 163,955 $ 378,123 $ 6,127,912 Secured Borrowing Facility — — — — — 1,783 1,783 Total $ — $ 4,494,805 $ 4,494,805 $ 5,585,834 $ 163,955 $ 379,906 $ 6,129,695 ____ (1) Other assets primarily represent accrued interest receivable. December 31, 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 $ — $ 4,496,338 $ 4,496,338 $ 5,661,123 $ 154,417 $ 356,967 $ 6,172,507 Secured Borrowing Facility — — — — — 436 436 Total $ — $ 4,496,338 $ 4,496,338 $ 5,661,123 $ 154,417 $ 357,403 $ 6,172,943 ____ (1) Other assets primarily represent accrued interest receivable. Unconsolidated VIEs Private Education Loan Securitizations Our unconsolidated VIEs include variable interests that we hold in certain securitization trusts created by the sale of our Private Education Loans to unaffiliated third parties in the first quarter of 2020 and the first six months of 2021. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales, and we are also the administrator of these trusts. Additionally, we own 5 percent of the securities issued by the trusts to meet risk retention requirements. 2021-A Transaction On February 9, 2021, we closed an SMB Private Education Loan Trust 2021-A term ABS transaction (the “2021-A Transaction”), in which the unaffiliated third-party sold to the trust approximately $2.5 billion of Private Education Loans that the third-party seller previously purchased from us on January 8, 2021. In the 2021-A Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $130 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2021-A Transaction and we recorded an $18 million gain on sale associated with this transaction. In connection with the 2021-A Transaction settlement, we retained a 5 percent vertical risk retention interest (i.e., 5 percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2021-A Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings. 2021-C Transaction On May 27, 2021, we closed an SMB Private Education Loan Trust 2021-C term ABS transaction (the “2021-C Transaction”), in which the unaffiliated third-party sold to the trust approximately $505 million of Private Education Loans that the third-party seller previously purchased from us on January 8, 2021. In the 2021-C Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $27 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2021-C Transaction and we recorded an $4 million gain on sale associated with this transaction. In connection with the 2021-C Transaction settlement, we retained a 5 percent vertical risk retention interest (i.e., 5 percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2021-C Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings. The table below provides a summary of our exposure related to our unconsolidated VIEs. June 30, 2021 December 31, 2020 Debt Interests (1) Equity Interests (2) Total Exposure Debt Interests (1) Equity Interests (2) Total Exposure Private Education Loan term securitizations $ 218,047 $ 35,908 $ 253,955 $ 68,908 $ 16,923 $ 85,831 ____ (1) Vertical risk retention interest classified as available-for-sale investment. (2) Vertical risk retention interest classified as trading investment. Other Borrowing Sources We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $125 million at June 30, 2021. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing and is payable daily. We did not utilize these lines of credit in the six months ended June 30, 2021 or in the year ended December 31, 2020. We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Discount Window (the “Window”). The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At June 30, 2021 and December 31, 2020, the value of our pledged collateral at the FRB totaled $2.8 billion and $3.8 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the six months ended June 30, 2021 or in the year ended December 31, 2020.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2021
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 Notes to Consolidated Financial Statements, Note 12, “Derivative Financial Instruments” in our 2020 Form 10-K for a full discussion of our risk management strategy. Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of June 30, 2021, $7.0 billion notional of our derivative contracts were cleared on the CME and $0.3 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 $7.3 billion at June 30, 2021. For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The amount of variation margin included as settlement as of June 30, 2021 was $(120) million and $13 million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses). Our exposure to the counterparty is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At June 30, 2021 and December 31, 2020, 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 $18 million and $43 million, respectively. Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments at June 30, 2021 and December 31, 2020, and their impact on earnings and other comprehensive income for the six months ended June 30, 2021 and June 30, 2020. Please refer to Notes to Consolidated Financial Statements, Note 12, “Derivative Financial Instruments” in our 2020 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities. Impact of Derivatives on the Consolidated Balance Sheets Cash Flow Hedges Fair Value Hedges Trading Total June 30, December June 30, December June 30, December June 30, December 2021 2020 2021 2020 2021 2020 2021 2020 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ — $ — $ 416 $ 594 $ 43 $ 135 $ 459 $ 729 Derivative Liabilities: (2) Interest rate swaps Interest rate (360) (287) — — — — (360) (287) Total net derivatives $ (360) $ (287) $ 416 $ 594 $ 43 $ 135 $ 99 $ 442 ___________ (1) Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position. (2) The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, 2021 2020 2021 2020 Gross position (1) $ 459 $ 729 $ (360) $ (287) Impact of master netting agreement (321) (176) 321 176 Derivative values with impact of master netting agreements (as carried on balance sheet) 138 553 (39) (111) Cash collateral pledged (2) 18,115 42,874 — — Net position $ 18,253 $ 43,427 $ (39) $ (111) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract. (2) Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts. Cash Flow Fair Value Trading Total June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, 2021 2020 2021 2020 2021 2020 2021 2020 Notional Values Interest rate swaps $ 1,502,358 $ 1,018,976 $ 4,637,654 $ 4,845,543 $ 1,182,583 $ 2,693,364 $ 7,322,595 $ 8,557,883 As of June 30, 2021 and December 31, 2020, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges: Line Item in the Balance Sheet in Which the Hedged Item is Included: Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) June 30, December 31, June 30, December 31, 2021 2020 2021 2020 Deposits $ (4,734,031) $ (4,992,867) $ (102,011) $ (154,235) Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Six Months Ended 2021 2020 2021 2020 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ 22,857 $ 19,433 $ 45,467 $ 24,056 Hedged items recorded in interest expense 20,948 2,296 52,224 (140,952) Derivatives recorded in interest expense (20,934) (2,855) (52,185) 141,328 Total $ 22,871 $ 18,874 $ 45,506 $ 24,432 Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ (5,294) $ (4,219) $ (10,563) $ (5,747) Total $ (5,294) $ (4,219) $ (10,563) $ (5,747) Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ (6,948) $ (7,853) $ (17,812) $ 34,459 Total (6,948) (7,853) (17,812) 34,459 Total $ 10,629 $ 6,802 $ 17,131 $ 53,144 Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Amount of gain (loss) recognized in other comprehensive income (loss) $ (4,438) $ (6,562) $ 13,716 $ (53,784) Less: amount of gain (loss) reclassified in interest expense (5,294) (4,219) (10,563) (5,747) Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ 856 $ (2,343) $ 24,279 $ (48,037) 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 June 30, 2021, cash collateral held and pledged excludes amounts that represent legal settlement of the derivative contracts held with the CME and LCH. There was no cash collateral held related to derivative exposure between us and our derivatives counterparties at June 30, 2021 and December 31, 2020, respectively. Cash collateral pledged related to derivative exposure between us and our derivatives counterparties was $18 million and $43 million at June 30, 2021 and December 31, 2020, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The following table summarizes our common share repurchases and issuances. Three Months Ended Six Months Ended (Shares and per share amounts in actuals) 2021 2020 2021 2020 Common stock repurchased under repurchase programs (1)(2)(3) 22,806,841 — 71,509,671 47,736,847 Average purchase price per share (4) $ 19.27 $ — $ 16.87 $ 9.66 Shares repurchased related to employee stock-based compensation plans (5) 192,432 908 1,252,412 1,106,027 Average purchase price per share $ 18.80 $ 7.77 $ 14.32 $ 10.98 Common shares issued (6) 454,920 147,735 3,281,307 2,985,297 __________________ (1) Common shares purchased under our share repurchase programs. We have utilized all capacity under our 2020 Share Repurchase Program. There was $295 million of capacity remaining under the 2021 Share Repurchase Program at June 30, 2021. (2) For the six months ended June 30, 2021 and 2020, the amount includes 13 million shares and 45 million shares, respectively, related to the accelerated share repurchase agreement described below. (3) For the six months ended June 30, 2021, the amount includes 28.5 million shares related to the settlement of our common stock tender offer described below. (4) Average purchase price per share includes purchase commission costs. (5) 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. (6) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on the NASDAQ Global Select Market on June 30, 2021 was $20.94. Dividend and Share Repurchases In both June 2021 and June 2020, we paid a common stock dividend of $0.03 per common share. In addition, we declared a common stock dividend of $0.03 per common share in June 2020 for payment in the third quarter of 2020. The January 22, 2020 share repurchase program (the “2020 Share Repurchase Program”), which was effective upon announcement and expires on January 21, 2022, permitted us to repurchase from time-to-time shares of common stock up to an aggregate repurchase price not to exceed $600 million. Under the authority of the 2020 Share Repurchase Program, 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 45 million shares. The final total actual number of shares of common stock delivered to us pursuant to the forward agreement was based generally upon a volume-weighted average price at which the shares of our common stock traded during the regular trading sessions on the NASDAQ Global Select Market during the term of the ASR. The transactions were accounted for as equity transactions and were included in treasury stock when the shares were received, at which time there was an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share. On January 26, 2021, we completed the ASR and upon final settlement on January 28, 2021, we received an additional 13 million shares. In total, we repurchased 58 million shares under the ASR at an average price per share of $9.01. Under the 2020 Share Repurchase Program, we also repurchased an additional 4 million shares of common stock for $75 million in the three months ended March 31, 2021. We have now utilized all capacity under the 2020 Share Repurchase Program. On January 27, 2021, we announced a share repurchase program (the “2021 Share Repurchase Program”), which was effective upon announcement and expires on January 26, 2023, and permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion. Under the 2021 Share Repurchase Program, we repurchased 22.8 million shares of common stock for $439 million in the three months ended June 30, 2021, and we repurchased 53.8 million shares of common stock for $957 million in the six months ended June 30, 2021. (For the six months ended June 30, 2021, those amounts include the shares repurchased under the Tender Offer described below.) There was $295 million of capacity remaining under the 2021 Share Repurchase Program at June 30, 2021. Repurchases under our share repurchase programs may occur from time to time and through a variety of methods, including tender offers, open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, or other similar transactions. The timing and volume of any repurchases under the 2021 Share Repurchase Program will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of its share repurchase programs or at all. Common Stock Tender Offer On February 2, 2021, we announced the commencement of a “modified Dutch Auction” tender offer (the “Tender Offer”) to purchase up to $1 billion in aggregate purchase price of our outstanding shares of common stock, par value $0.20 per share. Pursuant to the Tender Offer, we repurchased 28.5 million shares at a price of $16.50 per share. The purchase of shares settled on March 16, 2021, for an aggregate cost of approximately $472 million, including fees and expenses related to the Tender Offer. We cancelled the 28.5 million shares purchased in connection with the Tender Offer. This cancellation decreased the balances of common stock by $6 million and of additional paid-in capital by $466 million, respectively. Share Repurchases under our Rule 10b5-1 trading plan

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share Basic earnings (loss) per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows. Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income (loss) $ 140,201 $ (85,211) $ 781,408 $ 276,962 Preferred stock dividends 1,192 2,478 2,393 5,942 Net income (loss) attributable to SLM Corporation common stock $ 139,009 $ (87,689) $ 779,015 $ 271,020 Denominator: Weighted average shares used to compute basic EPS 312,183 375,009 336,478 392,397 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) 4,936 — 5,066 2,794 Weighted average shares used to compute diluted EPS 317,119 375,009 341,544 395,191 Basic earnings (loss) per common share attributable to SLM Corporation $ 0.45 $ (0.23) $ 2.32 $ 0.69 Diluted earnings (loss) per common share attributable to SLM Corporation $ 0.44 $ (0.23) $ 2.28 $ 0.69 ________________ (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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 Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Fair Value Measurement” in our 2020 Form 10-K. During the six months ended June 30, 2021, there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments. The following table summarizes the valuation of our financial instruments that are marked to fair value on a recurring basis. Fair Value Measurements on a Recurring Basis June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Trading investments $ — $ — $ 35,908 $ 35,908 $ — $ — $ 16,923 $ 16,923 Available-for-sale investments — 2,072,309 — 2,072,309 — 1,996,634 — 1,996,634 Derivative instruments — 459 — 459 — 729 — 729 Total $ — $ 2,072,768 $ 35,908 $ 2,108,676 $ — $ 1,997,363 $ 16,923 $ 2,014,286 Liabilities Derivative instruments $ — $ (360) $ — $ (360) $ — $ (287) $ — $ (287) Total $ — $ (360) $ — $ (360) $ — $ (287) $ — $ (287) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. June 30, 2021 December 31, 2020 Fair Carrying Difference Fair Carrying Difference Earning assets: Loans held for investment, net: Private Education Loans $ 22,528,229 $ 19,389,089 $ 3,139,140 $ 22,124,171 $ 18,436,968 $ 3,687,203 FFELP Loans 727,713 714,609 13,104 748,657 735,208 13,449 Credit Cards 12,802 11,446 1,356 12,249 10,967 1,282 Loans held for sale — — — 3,226,029 2,885,640 340,389 Cash and cash equivalents 4,497,310 4,497,310 — 4,455,292 4,455,292 — Trading investments 35,908 35,908 — 16,923 16,923 — Available-for-sale investments 2,072,309 2,072,309 — 1,996,634 1,996,634 — Accrued interest receivable 1,433,379 1,323,448 109,931 1,527,816 1,387,305 140,511 Tax indemnification receivable 12,842 12,842 — 18,492 18,492 — Derivative instruments 459 459 — 729 729 — Total earning assets $ 31,320,951 $ 28,057,420 $ 3,263,531 $ 34,126,992 $ 29,944,158 $ 4,182,834 Interest-bearing liabilities: Money-market and savings accounts $ 11,921,904 $ 11,868,807 $ (53,097) $ 11,136,560 $ 11,067,633 $ (68,927) Certificates of deposit 9,377,702 9,253,003 (124,699) 11,799,223 11,597,266 (201,957) Short-term borrowings 204,768 199,379 (5,389) — — — Long-term borrowings 5,162,367 4,989,060 (173,307) 5,398,309 5,189,217 (209,092) Accrued interest payable 51,980 51,980 — 60,272 60,272 — Derivative instruments 360 360 — 287 287 — Total interest-bearing liabilities $ 26,719,081 $ 26,362,589 $ (356,492) $ 28,394,651 $ 27,914,675 $ (479,976) Excess of net asset fair value over carrying value $ 2,907,039 $ 3,702,858 Please refer to Notes to Consolidated Financial Statements, Note 16, “Fair Value Measurements” in our 2020 Form 10-K for a full discussion of the methods and assumptions used to estimate the fair value of each class of financial instruments.

Regulatory Capital

Regulatory Capital	6 Months Ended
	Jun. 30, 2021
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. 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, the Bank is subject to a Common Equity Tier 1 capital conservation buffer of greater than 2.5 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, 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 adopted 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 June 30, 2021: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,190,257 13.7 % $ 1,636,018 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,190,257 13.7 % $ 1,986,593 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,276,009 14.0 % $ 2,454,027 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,190,257 10.5 % $ 1,218,407 > 4.0 % As of December 31, 2020: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,579,005 14.0 % $ 1,794,780 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,579,005 14.0 % $ 2,179,375 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,849,820 15.0 % $ 2,692,169 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,579,005 11.3 % $ 1,264,424 > 4.0 % ________________ (1) Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer. (2) The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework. Bank Dividends

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period that we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. At June 30, 2021, we had $1.2 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2021/2022 academic year. At June 30, 2021, we had a $65 million reserve recorded in “Other Liabilities” to cover lifetime expected credit losses on these unfunded commitments. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses 2020 — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2020 Form 10-K and Note 6, “Unfunded Loan Commitments” in this Form 10-Q for additional information. Regulatory Matters For additional information regarding our regulatory matters, see Notes to Consolidated Financial Statements, Note 20, “Commitments, Contingencies and Guarantees” in our 2020 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 damage may be asserted against us and our subsidiaries. It is common for the Company, our subsidiaries and affiliates to receive information and document requests and investigative demands from state attorneys general, legislative committees, and administrative agencies. These requests may be for informational or regulatory purposes and may relate to our business practices, the industries in which we operate, or other companies with whom we conduct business. Our practice has been and continues to be to cooperate with these bodies and be responsive to any such requests. We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, management does not believe there are loss contingencies, if any, arising from pending investigations, litigation or regulatory matters for which reserves should be established.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021 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, 2020 (the “2020 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.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of amortized cost and fair value of securities available-for-sale	The amortized cost and fair value of securities available for sale are as follows: June 30, 2021 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 373,019 $ — $ 2,892 $ (3,762) $ 372,149 Utah Housing Corporation bonds 8,375 — 107 — 8,482 U.S. government-sponsored enterprises and Treasuries 1,471,892 — 2,003 (264) 1,473,631 Other securities 217,064 — 1,309 (326) 218,047 Total $ 2,070,350 $ — $ 6,311 $ (4,352) $ 2,072,309 December 31, 2020 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 308,913 $ — $ 6,095 $ (134) $ 314,874 Utah Housing Corporation bonds 12,357 — 210 — 12,567 U.S. government-sponsored enterprises 1,596,890 — 3,395 — 1,600,285 Other securities 68,797 — 462 (351) 68,908 Total $ 1,986,957 $ — $ 10,162 $ (485) $ 1,996,634 ___________
Available-for-sale securities, continuous unrealized loss position, fair value	The following table summarizes the amount of gross unrealized losses for our available-for-sale securities and the estimated fair value for securities having gross unrealized loss positions, categorized by length of time the securities have been in an unrealized loss position: Less than 12 months 12 months or more Total Gross Estimated Gross Estimated Gross Estimated As of June 30, 2021: Mortgage-backed securities $ (3,762) $ 251,811 $ — $ — $ (3,762) $ 251,811 Utah Housing Corporation bonds — — — — — — U.S. government-sponsored enterprises and Treasuries (264) 316,890 — — (264) 316,890 Other securities (325) 75,773 (1) 2,557 (326) 78,330 Total $ (4,351) $ 644,474 $ (1) $ 2,557 $ (4,352) $ 647,031 As of December 31, 2020: Mortgage-backed securities $ (134) $ 46,011 $ — $ — $ (134) $ 46,011 Utah Housing Corporation bonds — — — — — — U.S. government-sponsored enterprises — — — — — — Other securities (351) 30,441 — — (351) 30,441 Total $ (485) $ 76,452 $ — $ — $ (485) $ 76,452
Amortized cost and fair value of securities by contractual maturities	As of June 30, 2021, 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 2021 $ 31,146 $ 31,239 2022 992,519 993,634 2023 198,664 198,857 2024 50,000 49,990 2026 199,563 199,910 2038 75 81 2039 1,192 1,304 2042 4,041 4,068 2043 6,655 6,923 2044 8,542 8,883 2045 7,934 8,202 2046 12,528 12,796 2047 16,253 16,533 2048 4,114 4,269 2049 28,654 29,706 2050 163,165 160,817 2051 128,241 127,049 2053 156,676 157,060 2054 60,388 60,988 Total $ 2,070,350 $ 2,072,309

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of Loans Held for Investment	Loans held for investment are summarized as follows: June 30, December 31, 2021 2020 Private Education Loans: Fixed-rate $ 9,442,904 $ 8,950,216 Variable-rate 11,034,853 10,779,121 Total Private Education Loans, gross 20,477,757 19,729,337 Deferred origination costs and unamortized premium/(discount) 65,872 63,475 Allowance for credit losses (1,154,540) (1,355,844) Total Private Education Loans, net 19,389,089 18,436,968 FFELP Loans 716,958 737,593 Deferred origination costs and unamortized premium/(discount) 1,913 1,993 Allowance for credit losses (4,262) (4,378) Total FFELP Loans, net 714,609 735,208 Credit Cards (fixed-rate) 12,784 12,238 Deferred origination costs and unamortized premium/(discount) 104 230 Allowance for credit losses (1,442) (1,501) Total Credit Cards, net 11,446 10,967 Loans held for investment, net $ 20,115,144 $ 19,183,143 The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended June 30, 2021 2020 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,654,285 8.22 % $ 21,590,905 8.33 % FFELP Loans 723,391 3.41 761,469 3.82 Personal Loans — — 836,342 12.54 Credit Cards 11,694 6.64 9,364 (9.34) Total portfolio $ 21,389,370 $ 23,198,080 Six Months Ended June 30, 2021 2020 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,818,476 8.22 % $ 22,546,874 8.60 % FFELP Loans 728,810 3.41 768,897 4.06 Personal Loans — — 905,007 12.31 Credit Cards 11,767 3.71 7,325 (7.67) Total portfolio $ 21,559,053 $ 24,228,103 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended 2021 2020 Average Interest Average Interest TDR Loans $ 1,251,248 $ 21,490 $ 1,556,278 $ 24,071 Six Months Ended 2021 2020 Average Interest Average Interest TDR Loans $ 1,270,668 $ 42,979 $ 1,591,081 $ 50,559

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Allowance for credit losses and recorded investments in loans	Allowance for Credit Losses Metrics Allowance for Credit Losses Three Months Ended June 30, 2021 FFELP Private Education Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,318 $ 1,173,375 $ 1,328 $ 1,179,021 Transfer from unfunded commitment liability (1) — 24,556 — 24,556 Provisions: Provision for current period (2) 1,014 182 1,194 Loan sale reduction to provision — (1,477) — (1,477) Total provisions (2) (2) (463) 182 (283) Net charge-offs: Charge-offs (54) (49,900) (74) (50,028) Recoveries — 6,972 6 6,978 Net charge-offs (54) (42,928) (68) (43,050) Ending Balance $ 4,262 $ 1,154,540 $ 1,442 $ 1,160,244 Allowance: Ending balance: individually evaluated for impairment $ — $ 80,495 $ — $ 80,495 Ending balance: collectively evaluated for impairment $ 4,262 $ 1,074,045 $ 1,442 $ 1,079,749 Loans: Ending balance: individually evaluated for impairment $ — $ 1,192,743 $ — $ 1,192,743 Ending balance: collectively evaluated for impairment $ 716,958 $ 19,285,014 $ 12,784 $ 20,014,756 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.04 % 1.16 % 2.29 % Allowance as a percentage of the ending total loan balance 0.59 % 5.64 % 11.28 % Allowance as a percentage of the ending loans in repayment (3) 0.78 % 7.79 % 11.28 % Allowance coverage of net charge-offs (annualized) 19.73 6.72 5.30 Ending total loans, gross $ 716,958 $ 20,477,757 $ 12,784 Average loans in repayment (3) $ 546,306 $ 14,743,360 $ 11,855 Ending loans in repayment (3) $ 548,488 $ 14,825,375 $ 12,784 ____________ (1) See Note 6, “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 provisions for credit losses: Provisions for loan losses $ (463) Provisions for unfunded loan commitments 69,960 Total Private Education Loan provisions for credit losses 69,497 Other impacts to the provisions for credit losses: FFELP Loans (2) Credit Cards 182 Total 180 Provisions for credit losses reported in consolidated statements of income $ 69,677 (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 June 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,296 $ 1,515,781 $ 152,673 $ 574 $ 1,673,324 Transfer from unfunded commitment liability (1) — 37,010 — — 37,010 Provisions: Provision for current period 173 234,015 23,929 509 258,626 Loan sale reduction to provision — — — — — Total provisions (2) 173 234,015 23,929 509 258,626 Net charge-offs: Charge-offs (84) (31,779) (14,601) (41) (46,505) Recoveries — 5,532 1,336 — 6,868 Net charge-offs (84) (26,247) (13,265) (41) (39,637) Ending Balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Allowance: Ending balance: individually evaluated for impairment $ — $ 160,234 $ — $ — $ 160,234 Ending balance: collectively evaluated for impairment $ 4,385 $ 1,600,325 $ 163,337 $ 1,042 $ 1,769,089 Loans: Ending balance: individually evaluated for impairment $ — $ 1,520,240 $ — $ — $ 1,520,240 Ending balance: collectively evaluated for impairment $ 754,340 $ 19,965,225 $ 772,086 $ 10,706 $ 21,502,357 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.07 % 0.75 % 6.87 % 1.77 % Allowance as a percentage of the ending total loan balance 0.58 % 8.19 % 21.16 % 9.73 % Allowance as a percentage of the ending loans in repayment (3) 0.97 % 12.13 % 22.46 % 9.73 % Allowance coverage of net charge-offs (annualized) 13.05 16.77 3.08 6.35 Ending total loans, gross $ 754,340 $ 21,485,465 $ 772,086 $ 10,706 Average loans in repayment (3) $ 513,418 $ 14,011,841 $ 772,137 $ 9,265 Ending loans in repayment (3) $ 452,617 $ 14,512,723 $ 727,214 $ 10,706 ____________ (1) See Note 6, “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 provisions 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 loan 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 provisions for credit losses: Provisions for loan losses $ 234,015 Provisions for unfunded loan commitments 93,261 Total Private Education Loan provisions for credit losses 327,276 Other impacts to the provisions for credit losses: Personal Loans 23,929 FFELP Loans 173 Credit Cards 509 Total 24,611 Provisions for credit losses reported in consolidated statements of income $ 351,887 (3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Credit Losses Six Months Ended FFELP Private Education Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,378 $ 1,355,844 $ 1,501 $ 1,361,723 Transfer from unfunded commitment liability (1) — 151,436 — 151,436 Provisions: Provision for current period 27 (253,928) 96 (253,805) Loan sale reduction to provision — (10,335) — (10,335) Loan transfer from held-for-sale — 1,887 — 1,887 Total provisions (2) 27 (262,376) 96 (262,253) Net charge-offs: Charge-offs (143) (105,039) (162) (105,344) Recoveries — 14,675 7 14,682 Net charge-offs (143) (90,364) (155) (90,662) Ending Balance $ 4,262 $ 1,154,540 $ 1,442 $ 1,160,244 Allowance: Ending balance: individually evaluated for impairment $ — $ 80,495 $ — $ 80,495 Ending balance: collectively evaluated for impairment $ 4,262 $ 1,074,045 $ 1,442 $ 1,079,749 Loans: Ending balance: individually evaluated for impairment $ — $ 1,192,743 $ — $ 1,192,743 Ending balance: collectively evaluated for impairment $ 716,958 $ 19,285,014 $ 12,784 $ 20,014,756 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.05 % 1.23 % 2.59 % Allowance as a percentage of the ending total loan balance 0.59 % 5.64 % 11.28 % Allowance as a percentage of the ending loans in repayment (3) 0.78 % 7.79 % 11.28 % Allowance coverage of net charge-offs (annualized) 14.90 6.39 4.65 Ending total loans, gross $ 716,958 $ 20,477,757 $ 12,784 Average loans in repayment (3) $ 551,765 $ 14,738,505 $ 11,964 Ending loans in repayment (3) $ 548,488 $ 14,825,375 $ 12,784 ____________ (1) See Note 6, “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 Six Months Ended Private Education Loan provisions for credit losses: Provisions for loan losses $ (262,376) Provisions for unfunded loan commitments 106,163 Total Private Education Loan provisions for credit losses (156,213) Other impacts to the provisions for credit losses: FFELP Loans 27 Credit Cards 96 Total 123 Provisions for credit losses reported in consolidated statements of income $ (156,090) (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 Six Months Ended 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 Balance at January 1, 2020 4,485 1,435,130 145,060 290 1,584,965 Transfer from unfunded commitment liability (1) — 179,085 — — 179,085 Provisions: Provision for current period 210 377,877 49,247 800 428,134 Loan sale reduction to provision — (161,793) — — (161,793) Total provisions (2) 210 216,084 49,247 800 266,341 Net charge-offs: Charge-offs (310) (83,248) (33,848) (48) (117,454) Recoveries — 13,508 2,878 — 16,386 Net charge-offs (310) (69,740) (30,970) (48) (101,068) Ending Balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Allowance: Ending balance: individually evaluated for impairment $ — $ 160,234 $ — $ — $ 160,234 Ending balance: collectively evaluated for impairment $ 4,385 $ 1,600,325 $ 163,337 $ 1,042 $ 1,769,089 Loans: Ending balance: individually evaluated for impairment $ — $ 1,520,240 $ — $ — $ 1,520,240 Ending balance: collectively evaluated for impairment $ 754,340 $ 19,965,225 $ 772,086 $ 10,706 $ 21,502,357 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.11 % 0.91 % 7.13 % 1.31 % Allowance as a percentage of the ending total loan balance 0.58 % 8.19 % 21.16 % 9.73 % Allowance as a percentage of the ending loans in repayment (3) 0.97 % 12.13 % 22.46 % 9.73 % Allowance coverage of net charge-offs (annualized) 7.07 12.62 2.64 10.85 Ending total loans, gross $ 754,340 $ 21,485,465 $ 772,086 $ 10,706 Average loans in repayment (3) $ 553,402 $ 15,306,349 $ 869,133 $ 7,326 Ending loans in repayment (3) $ 452,617 $ 14,512,723 $ 727,214 $ 10,706 ____________ (1) See Note 6, “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 provisions 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 loan 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 Six Months Ended Private Education Loan provisions for credit losses: Provisions for loan losses $ 216,084 Provisions for unfunded loan commitments 146,804 Total Private Education Loan provisions for credit losses 362,888 Other impacts to the provisions for credit losses: Personal Loans 49,247 FFELP Loans 210 Credit Cards 800 Total 50,257 Provisions for credit losses reported in consolidated statements of income $ 413,145 (3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Three Months Ended June 30, 2021 2020 Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 19,367 $ 457,453 $ 29,707 $ 449,807 Provision/New commitments - net (1) 48,203 1,235,604 72,111 1,165,224 Other provision items 21,757 — 21,150 — Transfer - funded loans (2) (24,555) (531,361) (37,010) (495,989) Ending Balance $ 64,772 $ 1,161,696 $ 85,958 $ 1,119,042 Six Months Ended June 30, 2021 2020 Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 110,044 $ 1,673,018 $ 2,481 $ 1,910,603 Day 1 adjustment for the adoption of CECL — — 115,758 — Balance at January 1 110,044 1,673,018 118,239 1,910,603 Provision/New commitments - net (1) 88,400 2,078,765 121,672 2,000,170 Other provision items 17,763 — 25,132 — Transfer - funded loans (2) (151,435) (2,590,087) (179,085) (2,791,731) Ending Balance $ 64,772 $ 1,161,696 $ 85,958 $ 1,119,042 ________________ (1) Net of expirations of commitments unused. (2) When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.
Impaired financing receivables	The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans. Recorded Investment Unpaid Principal Balance Allowance June 30, 2021 TDR Loans $ 1,230,794 $ 1,192,743 $ 80,495 December 31, 2020 TDR Loans $ 1,312,805 $ 1,274,590 $ 104,265
Average recorded investment and interest income recognized for troubled debt restructuring loans	Loans held for investment are summarized as follows: June 30, December 31, 2021 2020 Private Education Loans: Fixed-rate $ 9,442,904 $ 8,950,216 Variable-rate 11,034,853 10,779,121 Total Private Education Loans, gross 20,477,757 19,729,337 Deferred origination costs and unamortized premium/(discount) 65,872 63,475 Allowance for credit losses (1,154,540) (1,355,844) Total Private Education Loans, net 19,389,089 18,436,968 FFELP Loans 716,958 737,593 Deferred origination costs and unamortized premium/(discount) 1,913 1,993 Allowance for credit losses (4,262) (4,378) Total FFELP Loans, net 714,609 735,208 Credit Cards (fixed-rate) 12,784 12,238 Deferred origination costs and unamortized premium/(discount) 104 230 Allowance for credit losses (1,442) (1,501) Total Credit Cards, net 11,446 10,967 Loans held for investment, net $ 20,115,144 $ 19,183,143 The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: Three Months Ended June 30, 2021 2020 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,654,285 8.22 % $ 21,590,905 8.33 % FFELP Loans 723,391 3.41 761,469 3.82 Personal Loans — — 836,342 12.54 Credit Cards 11,694 6.64 9,364 (9.34) Total portfolio $ 21,389,370 $ 23,198,080 Six Months Ended June 30, 2021 2020 Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,818,476 8.22 % $ 22,546,874 8.60 % FFELP Loans 728,810 3.41 768,897 4.06 Personal Loans — — 905,007 12.31 Credit Cards 11,767 3.71 7,325 (7.67) Total portfolio $ 21,559,053 $ 24,228,103 The following table provides the average recorded investment and interest income recognized for our TDR loans. Three Months Ended 2021 2020 Average Interest Average Interest TDR Loans $ 1,251,248 $ 21,490 $ 1,556,278 $ 24,071 Six Months Ended 2021 2020 Average Interest Average Interest TDR Loans $ 1,270,668 $ 42,979 $ 1,591,081 $ 50,559
Age analysis of past due loans delinquencies	The following table provides information regarding the loan status and aging of TDR loans. For the periods presented below, we updated our delinquency bucket periods to conform with the delinquency bucket periods defined by the Federal Financial Institutions Examination Council (“FFIEC”). June 30, December 31, 2021 2020 Balance % Balance % TDR loans in in-school/grace/deferment (1) $ 86,667 $ 88,750 TDR loans in forbearance (2) 58,441 76,704 TDR loans in repayment (3) and percentage of each status: Loans current 959,797 91.6 % 971,880 87.7 % Loans delinquent 30-59 days (4) 38,500 3.7 59,249 5.3 Loans delinquent 60-89 days (4) 26,365 2.5 43,576 3.9 Loans 90 days or greater past due (4) 22,973 2.2 34,431 3.1 Total TDR loans in repayment (3) 1,047,635 100.0 % 1,109,136 100.0 % Total TDR loans, gross $ 1,192,743 $ 1,274,590 _____ (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 tables provide information regarding the loan status of our Private Education Loans, held for investment, 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). For the periods presented below, we updated our delinquency bucket periods to conform with the delinquency bucket periods defined by the FFIEC. Private Education Loans Held for Investment Delinquencies by Origination Vintage June 30, 2021 2021 2020 2019 2018 2017 2016 and Prior Total Loans in-school/grace/deferment (1)(2) $ 514,519 $ 1,727,389 $ 1,164,034 $ 641,600 $ 438,616 $ 713,049 $ 5,199,207 Loans in forbearance (1)(3) 1,394 21,742 68,121 71,584 78,989 211,345 453,175 Loans in repayment (1) : Loans current 664,057 2,787,235 2,478,940 1,927,727 1,724,384 4,932,316 14,514,659 Loans delinquent 30-59 days (4) 1,690 9,085 18,709 22,127 25,059 85,868 162,538 Loans delinquent 60-89 days (4) 390 3,380 8,479 10,918 13,229 49,055 85,451 Loans 90 days or greater past due (4) 176 1,052 4,524 7,920 10,180 38,875 62,727 Total Private Education Loans in repayment 666,313 2,800,752 2,510,652 1,968,692 1,772,852 5,106,114 14,825,375 Total Private Education Loans, gross 1,182,226 4,549,883 3,742,807 2,681,876 2,290,457 6,030,508 20,477,757 Private Education Loans deferred origination costs and unamortized premium/(discount) 10,603 18,946 12,100 7,405 5,693 11,125 65,872 Total Private Education Loans 1,192,829 4,568,829 3,754,907 2,689,281 2,296,150 6,041,633 20,543,629 Private Education Loans allowance for losses (80,501) (253,285) (227,307) (155,165) (126,301) (311,981) (1,154,540) Private Education Loans, net $ 1,112,328 $ 4,315,544 $ 3,527,600 $ 2,534,116 $ 2,169,849 $ 5,729,652 $ 19,389,089 Percentage of Private Education Loans in repayment 56.4 % 61.6 % 67.1 % 73.4 % 77.4 % 84.7 % 72.4 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.3 % 0.5 % 1.3 % 2.1 % 2.7 % 3.4 % 2.1 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.2 % 0.8 % 2.6 % 3.5 % 4.3 % 4.0 % 3.0 % _______ (1) For some students, going back to school in the fall was not an option because of the pandemic, or for other reasons. Therefore, some students are taking a “gap year” before returning to school. In 2020, for those students that had unexpectedly separated from school, we provided an extension of time through fall 2021 to re-enroll, before beginning their grace period that occurs prior to entering full principal and interest repayment status. At June 30, 2021, the loans in the “in-school/grace/deferment” category above include $249 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. At June 30, 2021, the loans in the “in forbearance” category above include $23 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. At June 30, 2021, the loans in the “in repayment” category above include $479 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. (2) 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). (3) 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. (4) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Loans Held for Investment Delinquencies by Origination Vintage December 31, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Loans in-school/grace/deferment (1)(2) $ 1,374,085 $ 1,330,175 $ 733,824 $ 508,478 $ 327,763 $ 504,715 $ 4,779,040 Loans in forbearance (1)(3) 16,159 92,677 110,319 118,946 109,073 198,302 645,476 Loans in repayment (1) : Loans current 2,043,033 2,573,228 2,045,012 1,850,539 1,685,572 3,701,564 13,898,948 Loans delinquent 30-59 days (4) 6,400 16,983 26,934 30,771 33,040 91,400 205,528 Loans delinquent 60-89 days (4) 2,628 9,143 15,026 18,121 19,064 55,661 119,643 Loans 90 days or greater past due (4) 460 4,642 9,396 12,939 14,710 38,555 80,702 Total Private Education Loans in repayment 2,052,521 2,603,996 2,096,368 1,912,370 1,752,386 3,887,180 14,304,821 Total Private Education Loans, gross 3,442,765 4,026,848 2,940,511 2,539,794 2,189,222 4,590,197 19,729,337 Private Education Loans deferred origination costs and unamortized premium/(discount) 21,129 13,933 8,671 6,708 5,721 7,313 63,475 Total Private Education Loans 3,463,894 4,040,781 2,949,182 2,546,502 2,194,943 4,597,510 19,792,812 Private Education Loans allowance for losses (210,875) (298,776) (218,136) (184,265) (150,150) (293,642) (1,355,844) Private Education Loans, net $ 3,253,019 $ 3,742,005 $ 2,731,046 $ 2,362,237 $ 2,044,793 $ 4,303,868 $ 18,436,968 Percentage of Private Education Loans in repayment 59.6 % 64.7 % 71.3 % 75.3 % 80.0 % 84.7 % 72.5 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.5 % 1.2 % 2.4 % 3.2 % 3.8 % 4.8 % 2.8 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.8 % 3.4 % 5.0 % 5.9 % 5.9 % 4.9 % 4.3 % _______ (1) For some students, going back to school in the fall was not an option because of the pandemic, or for other reasons. Therefore, some students are taking a “gap year” before returning to school. In 2020, for those students that had unexpectedly separated from school, we provided an extension of time through fall 2021 to re-enroll, before beginning their grace period that occurs prior to entering full principal and interest repayment status. At December 31, 2020, the loans in the “in-school/grace/deferment” category above include $401 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. At December 31, 2020, the loans in the “in forbearance” category above include $30 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. At December 31, 2020, the loans in the “in repayment” category above include $609 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who received such extension of time from us to re-enroll before beginning their grace period. (2) 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). (3) 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. (4) The period of delinquency is based on the number of days scheduled payments are contractually past due.
Modified loans accounts for troubled debt restructuring	The following table provides the amount of modified loans (which include forbearance and reductions in interest rates) that became TDRs in the periods presented. Additionally, for the periods presented, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the relevant period presented and within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. Three Months Ended 2021 2020 Modified Loans (1) Charge-offs Payment- Modified Loans (1) Charge-offs Payment- TDR Loans $ 1,917 $ 15,888 $ 1,560 $ 36,666 $ 8,623 $ 17,910 Six Months Ended 2021 2020 Modified Loans (1) Charge-offs Payment- Modified Loans (1) Charge-offs Payment- TDR Loans $ 5,634 $ 33,836 $ 7,746 $ 169,481 $ 27,998 $ 49,002 _____
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 Held for Investment - Credit Quality Indicators June 30, 2021 Year of Origination 2021 (1) 2020 (1) 2019 (1) 2018 (1) 2017 (1) 2016 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 970,402 $ 3,931,236 $ 3,237,783 $ 2,340,257 $ 2,043,013 $ 5,496,367 $ 18,019,058 88 % Without cosigner 211,824 618,647 505,024 341,619 247,444 534,141 2,458,699 12 Total $ 1,182,226 $ 4,549,883 $ 3,742,807 $ 2,681,876 $ 2,290,457 $ 6,030,508 $ 20,477,757 100 % FICO at Origination (2) : Less than 670 $ 72,850 $ 253,187 $ 280,455 $ 213,139 $ 183,920 $ 483,561 $ 1,487,112 7 % 670-699 160,561 605,523 563,313 410,869 374,958 1,011,060 3,126,284 15 700-749 382,823 1,466,071 1,225,698 887,632 766,167 2,029,007 6,757,398 33 Greater than or equal to 750 565,992 2,225,102 1,673,341 1,170,236 965,412 2,506,880 9,106,963 45 Total $ 1,182,226 $ 4,549,883 $ 3,742,807 $ 2,681,876 $ 2,290,457 $ 6,030,508 $ 20,477,757 100 % FICO Refreshed (2)(3) : Less than 670 $ 85,949 $ 274,820 $ 285,457 $ 254,743 $ 253,135 $ 832,185 $ 1,986,289 10 % 670-699 155,903 520,662 426,727 294,368 246,577 659,428 2,303,665 11 700-749 386,736 1,431,445 1,154,717 787,467 656,960 1,652,346 6,069,671 30 Greater than or equal to 750 553,638 2,322,956 1,875,906 1,345,298 1,133,785 2,886,549 10,118,132 49 Total $ 1,182,226 $ 4,549,883 $ 3,742,807 $ 2,681,876 $ 2,290,457 $ 6,030,508 $ 20,477,757 100 % Seasoning (4) : 1-12 payments $ 667,707 $ 2,362,092 $ 438,639 $ 393,882 $ 377,838 $ 667,673 $ 4,907,831 24 % 13-24 payments — 460,402 1,879,307 223,055 219,685 572,401 3,354,850 16 25-36 payments — — 260,827 1,254,251 207,771 555,597 2,278,446 11 37-48 payments — — — 169,088 933,712 553,180 1,655,980 8 More than 48 payments — — — — 112,835 2,968,608 3,081,443 15 Not yet in repayment 514,519 1,727,389 1,164,034 641,600 438,616 713,049 5,199,207 26 Total $ 1,182,226 $ 4,549,883 $ 3,742,807 $ 2,681,876 $ 2,290,457 $ 6,030,508 $ 20,477,757 100 % 2021 Current period (5) gross charge-offs $ (105) $ (2,381) $ (9,337) $ (15,085) $ (16,485) $ (61,646) $ (105,039) 2021 Current period (5) recoveries — 124 850 1,722 2,109 9,870 14,675 2021 Current period (5) net charge-offs $ (105) $ (2,257) $ (8,487) $ (13,363) $ (14,376) $ (51,776) $ (90,364) Total accrued interest by origination vintage $ 23,950 $ 200,985 $ 312,566 $ 258,207 $ 197,977 $ 311,955 $ 1,305,640 ______ (1) Balance represents gross Private Education Loans. (2) Represents the higher credit score of the cosigner or the borrower. (3) Represents the FICO score updated as of the second-quarter 2021. (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, 2021 through June 30, 2021. Private Education Loans Held for Investment - Credit Quality Indicators December 31, 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 $ 2,915,328 $ 3,467,219 $ 2,556,400 $ 2,262,635 $ 1,977,952 $ 4,198,748 $ 17,378,282 88 % Without cosigner 527,437 559,629 384,111 277,159 211,270 391,449 2,351,055 12 Total $ 3,442,765 $ 4,026,848 $ 2,940,511 $ 2,539,794 $ 2,189,222 $ 4,590,197 $ 19,729,337 100 % FICO at Origination (2) : Less than 670 $ 195,214 $ 290,711 $ 225,276 $ 197,948 $ 162,413 $ 369,609 $ 1,441,171 7 % 670-699 464,785 594,950 441,357 407,394 351,303 771,477 3,031,266 16 700-749 1,111,373 1,310,390 967,802 846,983 740,028 1,533,517 6,510,093 33 Greater than or equal to 750 1,671,393 1,830,797 1,306,076 1,087,469 935,478 1,915,594 8,746,807 44 Total $ 3,442,765 $ 4,026,848 $ 2,940,511 $ 2,539,794 $ 2,189,222 $ 4,590,197 $ 19,729,337 100 % FICO Refreshed (2)(3) : Less than 670 $ 240,154 $ 331,229 $ 301,784 $ 298,195 $ 293,077 $ 734,599 $ 2,199,038 11 % 670-699 438,665 493,135 336,966 283,906 231,759 504,779 2,289,210 12 700-749 1,102,666 1,248,806 871,677 734,222 603,160 1,220,468 5,780,999 29 Greater than or equal to 750 1,661,280 1,953,678 1,430,084 1,223,471 1,061,226 2,130,351 9,460,090 48 Total $ 3,442,765 $ 4,026,848 $ 2,940,511 $ 2,539,794 $ 2,189,222 $ 4,590,197 $ 19,729,337 100 % Seasoning (4) : 1-12 payments $ 2,068,517 $ 600,038 $ 469,143 $ 472,258 $ 381,197 $ 507,343 $ 4,498,496 23 % 13-24 payments 163 2,096,635 383,977 223,332 217,379 425,345 3,346,831 17 25-36 payments — — 1,353,567 370,250 181,940 439,337 2,345,094 12 37-48 payments — — — 965,476 351,433 402,552 1,719,461 9 More than 48 payments — — — — 729,510 2,310,905 3,040,415 15 Not yet in repayment 1,374,085 1,330,175 733,824 508,478 327,763 504,715 4,779,040 24 Total $ 3,442,765 $ 4,026,848 $ 2,940,511 $ 2,539,794 $ 2,189,222 $ 4,590,197 $ 19,729,337 100 % 2020 gross charge-offs (5) $ (1,087) $ (10,940) $ (27,000) $ (35,851) $ (36,416) $ (94,032) $ (205,326) 2020 recoveries (5) 42 636 2,274 3,585 4,284 13,200 24,021 2020 net charge-offs (5) $ (1,045) $ (10,304) $ (24,726) $ (32,266) $ (32,132) $ (80,832) $ (181,305) Total accrued interest by origination vintage $ 90,438 $ 265,688 $ 252,251 $ 209,178 $ 141,094 $ 210,247 $ 1,168,896 ______ (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 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.
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 90 Days and Greater Past Due Allowance for Uncollectible Interest June 30, 2021 $ 1,305,640 $ 3,469 $ 4,104 December 31, 2020 $ 1,168,895 $ 4,354 $ 4,467

Unfunded Loan Commitments (Tabl

Unfunded Loan Commitments (Tables)	6 Months Ended
	Jun. 30, 2021
Credit Loss [Abstract]
Allowance for credit losses and recorded investments in loans	Allowance for Credit Losses Metrics Allowance for Credit Losses Three Months Ended June 30, 2021 FFELP Private Education Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,318 $ 1,173,375 $ 1,328 $ 1,179,021 Transfer from unfunded commitment liability (1) — 24,556 — 24,556 Provisions: Provision for current period (2) 1,014 182 1,194 Loan sale reduction to provision — (1,477) — (1,477) Total provisions (2) (2) (463) 182 (283) Net charge-offs: Charge-offs (54) (49,900) (74) (50,028) Recoveries — 6,972 6 6,978 Net charge-offs (54) (42,928) (68) (43,050) Ending Balance $ 4,262 $ 1,154,540 $ 1,442 $ 1,160,244 Allowance: Ending balance: individually evaluated for impairment $ — $ 80,495 $ — $ 80,495 Ending balance: collectively evaluated for impairment $ 4,262 $ 1,074,045 $ 1,442 $ 1,079,749 Loans: Ending balance: individually evaluated for impairment $ — $ 1,192,743 $ — $ 1,192,743 Ending balance: collectively evaluated for impairment $ 716,958 $ 19,285,014 $ 12,784 $ 20,014,756 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.04 % 1.16 % 2.29 % Allowance as a percentage of the ending total loan balance 0.59 % 5.64 % 11.28 % Allowance as a percentage of the ending loans in repayment (3) 0.78 % 7.79 % 11.28 % Allowance coverage of net charge-offs (annualized) 19.73 6.72 5.30 Ending total loans, gross $ 716,958 $ 20,477,757 $ 12,784 Average loans in repayment (3) $ 546,306 $ 14,743,360 $ 11,855 Ending loans in repayment (3) $ 548,488 $ 14,825,375 $ 12,784 ____________ (1) See Note 6, “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 provisions for credit losses: Provisions for loan losses $ (463) Provisions for unfunded loan commitments 69,960 Total Private Education Loan provisions for credit losses 69,497 Other impacts to the provisions for credit losses: FFELP Loans (2) Credit Cards 182 Total 180 Provisions for credit losses reported in consolidated statements of income $ 69,677 (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 June 30, 2020 FFELP Private Education Personal Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,296 $ 1,515,781 $ 152,673 $ 574 $ 1,673,324 Transfer from unfunded commitment liability (1) — 37,010 — — 37,010 Provisions: Provision for current period 173 234,015 23,929 509 258,626 Loan sale reduction to provision — — — — — Total provisions (2) 173 234,015 23,929 509 258,626 Net charge-offs: Charge-offs (84) (31,779) (14,601) (41) (46,505) Recoveries — 5,532 1,336 — 6,868 Net charge-offs (84) (26,247) (13,265) (41) (39,637) Ending Balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Allowance: Ending balance: individually evaluated for impairment $ — $ 160,234 $ — $ — $ 160,234 Ending balance: collectively evaluated for impairment $ 4,385 $ 1,600,325 $ 163,337 $ 1,042 $ 1,769,089 Loans: Ending balance: individually evaluated for impairment $ — $ 1,520,240 $ — $ — $ 1,520,240 Ending balance: collectively evaluated for impairment $ 754,340 $ 19,965,225 $ 772,086 $ 10,706 $ 21,502,357 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.07 % 0.75 % 6.87 % 1.77 % Allowance as a percentage of the ending total loan balance 0.58 % 8.19 % 21.16 % 9.73 % Allowance as a percentage of the ending loans in repayment (3) 0.97 % 12.13 % 22.46 % 9.73 % Allowance coverage of net charge-offs (annualized) 13.05 16.77 3.08 6.35 Ending total loans, gross $ 754,340 $ 21,485,465 $ 772,086 $ 10,706 Average loans in repayment (3) $ 513,418 $ 14,011,841 $ 772,137 $ 9,265 Ending loans in repayment (3) $ 452,617 $ 14,512,723 $ 727,214 $ 10,706 ____________ (1) See Note 6, “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 provisions 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 loan 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 provisions for credit losses: Provisions for loan losses $ 234,015 Provisions for unfunded loan commitments 93,261 Total Private Education Loan provisions for credit losses 327,276 Other impacts to the provisions for credit losses: Personal Loans 23,929 FFELP Loans 173 Credit Cards 509 Total 24,611 Provisions for credit losses reported in consolidated statements of income $ 351,887 (3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Allowance for Credit Losses Six Months Ended FFELP Private Education Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,378 $ 1,355,844 $ 1,501 $ 1,361,723 Transfer from unfunded commitment liability (1) — 151,436 — 151,436 Provisions: Provision for current period 27 (253,928) 96 (253,805) Loan sale reduction to provision — (10,335) — (10,335) Loan transfer from held-for-sale — 1,887 — 1,887 Total provisions (2) 27 (262,376) 96 (262,253) Net charge-offs: Charge-offs (143) (105,039) (162) (105,344) Recoveries — 14,675 7 14,682 Net charge-offs (143) (90,364) (155) (90,662) Ending Balance $ 4,262 $ 1,154,540 $ 1,442 $ 1,160,244 Allowance: Ending balance: individually evaluated for impairment $ — $ 80,495 $ — $ 80,495 Ending balance: collectively evaluated for impairment $ 4,262 $ 1,074,045 $ 1,442 $ 1,079,749 Loans: Ending balance: individually evaluated for impairment $ — $ 1,192,743 $ — $ 1,192,743 Ending balance: collectively evaluated for impairment $ 716,958 $ 19,285,014 $ 12,784 $ 20,014,756 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.05 % 1.23 % 2.59 % Allowance as a percentage of the ending total loan balance 0.59 % 5.64 % 11.28 % Allowance as a percentage of the ending loans in repayment (3) 0.78 % 7.79 % 11.28 % Allowance coverage of net charge-offs (annualized) 14.90 6.39 4.65 Ending total loans, gross $ 716,958 $ 20,477,757 $ 12,784 Average loans in repayment (3) $ 551,765 $ 14,738,505 $ 11,964 Ending loans in repayment (3) $ 548,488 $ 14,825,375 $ 12,784 ____________ (1) See Note 6, “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 Six Months Ended Private Education Loan provisions for credit losses: Provisions for loan losses $ (262,376) Provisions for unfunded loan commitments 106,163 Total Private Education Loan provisions for credit losses (156,213) Other impacts to the provisions for credit losses: FFELP Loans 27 Credit Cards 96 Total 123 Provisions for credit losses reported in consolidated statements of income $ (156,090) (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 Six Months Ended 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 Balance at January 1, 2020 4,485 1,435,130 145,060 290 1,584,965 Transfer from unfunded commitment liability (1) — 179,085 — — 179,085 Provisions: Provision for current period 210 377,877 49,247 800 428,134 Loan sale reduction to provision — (161,793) — — (161,793) Total provisions (2) 210 216,084 49,247 800 266,341 Net charge-offs: Charge-offs (310) (83,248) (33,848) (48) (117,454) Recoveries — 13,508 2,878 — 16,386 Net charge-offs (310) (69,740) (30,970) (48) (101,068) Ending Balance $ 4,385 $ 1,760,559 $ 163,337 $ 1,042 $ 1,929,323 Allowance: Ending balance: individually evaluated for impairment $ — $ 160,234 $ — $ — $ 160,234 Ending balance: collectively evaluated for impairment $ 4,385 $ 1,600,325 $ 163,337 $ 1,042 $ 1,769,089 Loans: Ending balance: individually evaluated for impairment $ — $ 1,520,240 $ — $ — $ 1,520,240 Ending balance: collectively evaluated for impairment $ 754,340 $ 19,965,225 $ 772,086 $ 10,706 $ 21,502,357 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.11 % 0.91 % 7.13 % 1.31 % Allowance as a percentage of the ending total loan balance 0.58 % 8.19 % 21.16 % 9.73 % Allowance as a percentage of the ending loans in repayment (3) 0.97 % 12.13 % 22.46 % 9.73 % Allowance coverage of net charge-offs (annualized) 7.07 12.62 2.64 10.85 Ending total loans, gross $ 754,340 $ 21,485,465 $ 772,086 $ 10,706 Average loans in repayment (3) $ 553,402 $ 15,306,349 $ 869,133 $ 7,326 Ending loans in repayment (3) $ 452,617 $ 14,512,723 $ 727,214 $ 10,706 ____________ (1) See Note 6, “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 provisions 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 loan 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 Six Months Ended Private Education Loan provisions for credit losses: Provisions for loan losses $ 216,084 Provisions for unfunded loan commitments 146,804 Total Private Education Loan provisions for credit losses 362,888 Other impacts to the provisions for credit losses: Personal Loans 49,247 FFELP Loans 210 Credit Cards 800 Total 50,257 Provisions for credit losses reported in consolidated statements of income $ 413,145 (3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Three Months Ended June 30, 2021 2020 Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 19,367 $ 457,453 $ 29,707 $ 449,807 Provision/New commitments - net (1) 48,203 1,235,604 72,111 1,165,224 Other provision items 21,757 — 21,150 — Transfer - funded loans (2) (24,555) (531,361) (37,010) (495,989) Ending Balance $ 64,772 $ 1,161,696 $ 85,958 $ 1,119,042 Six Months Ended June 30, 2021 2020 Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 110,044 $ 1,673,018 $ 2,481 $ 1,910,603 Day 1 adjustment for the adoption of CECL — — 115,758 — Balance at January 1 110,044 1,673,018 118,239 1,910,603 Provision/New commitments - net (1) 88,400 2,078,765 121,672 2,000,170 Other provision items 17,763 — 25,132 — Transfer - funded loans (2) (151,435) (2,590,087) (179,085) (2,791,731) Ending Balance $ 64,772 $ 1,161,696 $ 85,958 $ 1,119,042 ________________ (1) Net of expirations of commitments unused. (2) When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.

Deposits (Tables)

Deposits (Tables)	6 Months Ended
	Jun. 30, 2021
Banking and Thrift, Other Disclosures [Abstract]
Schedule of deposits	The following table summarizes total deposits at June 30, 2021 and December 31, 2020. June 30, December 31, 2021 2020 Deposits - interest bearing $ 21,121,810 $ 22,664,899 Deposits - non-interest bearing 2,566 1,140 Total deposits $ 21,124,376 $ 22,666,039
Interest bearing deposits	Interest bearing deposits at June 30, 2021 and December 31, 2020 are summarized as follows: June 30, 2021 December 31, 2020 Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 10,910,755 0.67 % $ 10,159,657 0.83 % Savings 958,052 0.42 907,976 0.55 Certificates of deposit 9,253,003 1.21 11,597,266 1.34 Deposits - interest bearing $ 21,121,810 $ 22,664,899 ____________ (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes our borrowings at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ 199,379 $ 494,255 $ 693,634 $ — $ 692,879 $ 692,879 Total unsecured borrowings 199,379 494,255 693,634 — 692,879 692,879 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 3,477,121 3,477,121 — 3,261,233 3,261,233 Variable-rate — 1,017,684 1,017,684 — 1,235,105 1,235,105 Total Private Education Loan term securitizations — 4,494,805 4,494,805 — 4,496,338 4,496,338 Secured Borrowing Facility — — — — — — Total secured borrowings — 4,494,805 4,494,805 — 4,496,338 4,496,338 Total $ 199,379 $ 4,989,060 $ 5,188,439 $ — $ 5,189,217 $ 5,189,217
Schedule of securities financing transactions	Secured Financings at Issuance The following summarizes our secured financings issued in 2020 and in 2021 through June 30, 2021: Issue Date Issued Total Issued Weighted Average Cost of Funds (1) Weighted Average Life Private Education: 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 (2) $ 1,463,230 2021-B May 2021 $ 531,000 1-month LIBOR plus 0.77% 4.26 Total notes issued in 2021 $ 531,000 Total loan and accrued interest amount securitized at inception in 2021 $ 549,516 ____________ (1) Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs.
Schedule of variable interest entities	June 30, 2021 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 $ — $ 4,494,805 $ 4,494,805 $ 5,585,834 $ 163,955 $ 378,123 $ 6,127,912 Secured Borrowing Facility — — — — — 1,783 1,783 Total $ — $ 4,494,805 $ 4,494,805 $ 5,585,834 $ 163,955 $ 379,906 $ 6,129,695 ____ (1) Other assets primarily represent accrued interest receivable. December 31, 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 $ — $ 4,496,338 $ 4,496,338 $ 5,661,123 $ 154,417 $ 356,967 $ 6,172,507 Secured Borrowing Facility — — — — — 436 436 Total $ — $ 4,496,338 $ 4,496,338 $ 5,661,123 $ 154,417 $ 357,403 $ 6,172,943 ____ (1) Other assets primarily represent accrued interest receivable. The table below provides a summary of our exposure related to our unconsolidated VIEs. June 30, 2021 December 31, 2020 Debt Interests (1) Equity Interests (2) Total Exposure Debt Interests (1) Equity Interests (2) Total Exposure Private Education Loan term securitizations $ 218,047 $ 35,908 $ 253,955 $ 68,908 $ 16,923 $ 85,831 ____ (1) Vertical risk retention interest classified as available-for-sale investment.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Impact of derivatives on the consolidated balance sheet	The following tables summarize the fair values and notional amounts of all derivative instruments at June 30, 2021 and December 31, 2020, and their impact on earnings and other comprehensive income for the six months ended June 30, 2021 and June 30, 2020. Please refer to Notes to Consolidated Financial Statements, Note 12, “Derivative Financial Instruments” in our 2020 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities. Impact of Derivatives on the Consolidated Balance Sheets Cash Flow Hedges Fair Value Hedges Trading Total June 30, December June 30, December June 30, December June 30, December 2021 2020 2021 2020 2021 2020 2021 2020 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ — $ — $ 416 $ 594 $ 43 $ 135 $ 459 $ 729 Derivative Liabilities: (2) Interest rate swaps Interest rate (360) (287) — — — — (360) (287) Total net derivatives $ (360) $ (287) $ 416 $ 594 $ 43 $ 135 $ 99 $ 442 ___________ (1) Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position. (2) The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, 2021 2020 2021 2020 Gross position (1) $ 459 $ 729 $ (360) $ (287) Impact of master netting agreement (321) (176) 321 176 Derivative values with impact of master netting agreements (as carried on balance sheet) 138 553 (39) (111) Cash collateral pledged (2) 18,115 42,874 — — Net position $ 18,253 $ 43,427 $ (39) $ (111) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
Offsetting assets	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, 2021 2020 2021 2020 Gross position (1) $ 459 $ 729 $ (360) $ (287) Impact of master netting agreement (321) (176) 321 176 Derivative values with impact of master netting agreements (as carried on balance sheet) 138 553 (39) (111) Cash collateral pledged (2) 18,115 42,874 — — Net position $ 18,253 $ 43,427 $ (39) $ (111) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
Offsetting liabilities	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, 2021 2020 2021 2020 Gross position (1) $ 459 $ 729 $ (360) $ (287) Impact of master netting agreement (321) (176) 321 176 Derivative values with impact of master netting agreements (as carried on balance sheet) 138 553 (39) (111) Cash collateral pledged (2) 18,115 42,874 — — Net position $ 18,253 $ 43,427 $ (39) $ (111) __________ (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
Schedule of notional amounts of outstanding derivative positions	Cash Flow Fair Value Trading Total June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, 2021 2020 2021 2020 2021 2020 2021 2020 Notional Values Interest rate swaps $ 1,502,358 $ 1,018,976 $ 4,637,654 $ 4,845,543 $ 1,182,583 $ 2,693,364 $ 7,322,595 $ 8,557,883
Schedule of cumulative basis adjustments for fair value hedges	As of June 30, 2021 and December 31, 2020, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges: Line Item in the Balance Sheet in Which the Hedged Item is Included: Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) June 30, December 31, June 30, December 31, 2021 2020 2021 2020 Deposits $ (4,734,031) $ (4,992,867) $ (102,011) $ (154,235)
Derivative instruments, gain (loss)	Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Six Months Ended 2021 2020 2021 2020 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ 22,857 $ 19,433 $ 45,467 $ 24,056 Hedged items recorded in interest expense 20,948 2,296 52,224 (140,952) Derivatives recorded in interest expense (20,934) (2,855) (52,185) 141,328 Total $ 22,871 $ 18,874 $ 45,506 $ 24,432 Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ (5,294) $ (4,219) $ (10,563) $ (5,747) Total $ (5,294) $ (4,219) $ (10,563) $ (5,747) Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ (6,948) $ (7,853) $ (17,812) $ 34,459 Total (6,948) (7,853) (17,812) 34,459 Total $ 10,629 $ 6,802 $ 17,131 $ 53,144
Schedule of derivative instruments, effect on other comprehensive income (loss)	Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Amount of gain (loss) recognized in other comprehensive income (loss) $ (4,438) $ (6,562) $ 13,716 $ (53,784) Less: amount of gain (loss) reclassified in interest expense (5,294) (4,219) (10,563) (5,747) Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ 856 $ (2,343) $ 24,279 $ (48,037)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of common share repurchases	The following table summarizes our common share repurchases and issuances. Three Months Ended Six Months Ended (Shares and per share amounts in actuals) 2021 2020 2021 2020 Common stock repurchased under repurchase programs (1)(2)(3) 22,806,841 — 71,509,671 47,736,847 Average purchase price per share (4) $ 19.27 $ — $ 16.87 $ 9.66 Shares repurchased related to employee stock-based compensation plans (5) 192,432 908 1,252,412 1,106,027 Average purchase price per share $ 18.80 $ 7.77 $ 14.32 $ 10.98 Common shares issued (6) 454,920 147,735 3,281,307 2,985,297 __________________ (1) Common shares purchased under our share repurchase programs. We have utilized all capacity under our 2020 Share Repurchase Program. There was $295 million of capacity remaining under the 2021 Share Repurchase Program at June 30, 2021. (2) For the six months ended June 30, 2021 and 2020, the amount includes 13 million shares and 45 million shares, respectively, related to the accelerated share repurchase agreement described below. (3) For the six months ended June 30, 2021, the amount includes 28.5 million shares related to the settlement of our common stock tender offer described below. (4) Average purchase price per share includes purchase commission costs. (5) 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.

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows. Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income (loss) $ 140,201 $ (85,211) $ 781,408 $ 276,962 Preferred stock dividends 1,192 2,478 2,393 5,942 Net income (loss) attributable to SLM Corporation common stock $ 139,009 $ (87,689) $ 779,015 $ 271,020 Denominator: Weighted average shares used to compute basic EPS 312,183 375,009 336,478 392,397 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) 4,936 — 5,066 2,794 Weighted average shares used to compute diluted EPS 317,119 375,009 341,544 395,191 Basic earnings (loss) per common share attributable to SLM Corporation $ 0.45 $ (0.23) $ 2.32 $ 0.69 Diluted earnings (loss) per common share attributable to SLM Corporation $ 0.44 $ (0.23) $ 2.28 $ 0.69 ________________ (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Valuation of financial instruments that are marked-to-market on recurring basis	The following table summarizes the valuation of our financial instruments that are marked to fair value on a recurring basis. Fair Value Measurements on a Recurring Basis June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Trading investments $ — $ — $ 35,908 $ 35,908 $ — $ — $ 16,923 $ 16,923 Available-for-sale investments — 2,072,309 — 2,072,309 — 1,996,634 — 1,996,634 Derivative instruments — 459 — 459 — 729 — 729 Total $ — $ 2,072,768 $ 35,908 $ 2,108,676 $ — $ 1,997,363 $ 16,923 $ 2,014,286 Liabilities Derivative instruments $ — $ (360) $ — $ (360) $ — $ (287) $ — $ (287) Total $ — $ (360) $ — $ (360) $ — $ (287) $ — $ (287)
Fair values of financial assets and liabilities, including derivative financial instruments	The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. June 30, 2021 December 31, 2020 Fair Carrying Difference Fair Carrying Difference Earning assets: Loans held for investment, net: Private Education Loans $ 22,528,229 $ 19,389,089 $ 3,139,140 $ 22,124,171 $ 18,436,968 $ 3,687,203 FFELP Loans 727,713 714,609 13,104 748,657 735,208 13,449 Credit Cards 12,802 11,446 1,356 12,249 10,967 1,282 Loans held for sale — — — 3,226,029 2,885,640 340,389 Cash and cash equivalents 4,497,310 4,497,310 — 4,455,292 4,455,292 — Trading investments 35,908 35,908 — 16,923 16,923 — Available-for-sale investments 2,072,309 2,072,309 — 1,996,634 1,996,634 — Accrued interest receivable 1,433,379 1,323,448 109,931 1,527,816 1,387,305 140,511 Tax indemnification receivable 12,842 12,842 — 18,492 18,492 — Derivative instruments 459 459 — 729 729 — Total earning assets $ 31,320,951 $ 28,057,420 $ 3,263,531 $ 34,126,992 $ 29,944,158 $ 4,182,834 Interest-bearing liabilities: Money-market and savings accounts $ 11,921,904 $ 11,868,807 $ (53,097) $ 11,136,560 $ 11,067,633 $ (68,927) Certificates of deposit 9,377,702 9,253,003 (124,699) 11,799,223 11,597,266 (201,957) Short-term borrowings 204,768 199,379 (5,389) — — — Long-term borrowings 5,162,367 4,989,060 (173,307) 5,398,309 5,189,217 (209,092) Accrued interest payable 51,980 51,980 — 60,272 60,272 — Derivative instruments 360 360 — 287 287 — Total interest-bearing liabilities $ 26,719,081 $ 26,362,589 $ (356,492) $ 28,394,651 $ 27,914,675 $ (479,976) Excess of net asset fair value over carrying value $ 2,907,039 $ 3,702,858

Regulatory Capital (Tables)

Regulatory Capital (Tables)	6 Months Ended
	Jun. 30, 2021
Banking and Thrift, Other Disclosures [Abstract]
Schedule of compliance with regulatory capital requirements under banking regulations	The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. Actual U.S. Basel III Minimum Requirements Plus Buffer (1)(2) Amount Ratio Amount Ratio As of June 30, 2021: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,190,257 13.7 % $ 1,636,018 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,190,257 13.7 % $ 1,986,593 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,276,009 14.0 % $ 2,454,027 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,190,257 10.5 % $ 1,218,407 > 4.0 % As of December 31, 2020: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,579,005 14.0 % $ 1,794,780 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,579,005 14.0 % $ 2,179,375 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,849,820 15.0 % $ 2,692,169 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,579,005 11.3 % $ 1,264,424 > 4.0 % ________________ (1) Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer. (2)

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2020	Jun. 30, 2021USD ($)security	Jun. 30, 2021USD ($)security	Dec. 31, 2020USD ($)security
Investments, Debt and Equity Securities [Abstract]
Vertical risk retention interest	5.00%		5.00%
Trading investments		$ 35,908	$ 35,908	$ 16,923
Number of mortgage-backed securities with unrealized losses | security		41	41	14
Number of mortgage-backed securities | security		182	182	163
Par value of mortgage-backed securities pledged to FRB		$ 825,000	$ 825,000	$ 815,000
Gain on earlier equity securities investments		35,000	35,000
Non-marketable securities investment		69,000	69,000	26,000
Low income housing tax credit investments		71,000	71,000	54,000
Low income housing tax credit investments, liability for unfunded commitments		$ 33,000	33,000	19,000
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%

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,070,350	$ 1,986,957
Allowance for credit losses	0	0
Gross Unrealized Gains	6,311	10,162
Gross Unrealized Losses	(4,352)	(485)
Estimated Fair Value	2,072,309	1,996,634
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	373,019	308,913
Allowance for credit losses	0	0
Gross Unrealized Gains	2,892	6,095
Gross Unrealized Losses	(3,762)	(134)
Estimated Fair Value	372,149	314,874
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,375	12,357
Allowance for credit losses	0	0
Gross Unrealized Gains	107	210
Gross Unrealized Losses	0	0
Estimated Fair Value	8,482	12,567
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,471,892	1,596,890
Allowance for credit losses	0	0
Gross Unrealized Gains	2,003	3,395
Gross Unrealized Losses	(264)	0
Estimated Fair Value	1,473,631	1,600,285
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	217,064	68,797
Allowance for credit losses	0	0
Gross Unrealized Gains	1,309	462
Gross Unrealized Losses	(326)	(351)
Estimated Fair Value	$ 218,047	$ 68,908

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Less than 12 months
Gross Unrealized Losses	$ (4,351)	$ (485)
Estimated Fair Value	644,474	76,452
12 months or more
Gross Unrealized Losses	(1)	0
Estimated Fair Value	2,557	0
Total
Gross Unrealized Losses	(4,352)	(485)
Estimated Fair Value	647,031	76,452
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(3,762)	(134)
Estimated Fair Value	251,811	46,011
12 months or more
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
Total
Gross Unrealized Losses	(3,762)	(134)
Estimated Fair Value	251,811	46,011
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	0
Estimated Fair Value	0	0
Total
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
U.S. government-sponsored enterprises and Treasuries
Less than 12 months
Gross Unrealized Losses	(264)	0
Estimated Fair Value	316,890	0
12 months or more
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
Total
Gross Unrealized Losses	(264)	0
Estimated Fair Value	316,890	0
Other securities
Less than 12 months
Gross Unrealized Losses	(325)	(351)
Estimated Fair Value	75,773	30,441
12 months or more
Gross Unrealized Losses	(1)	0
Estimated Fair Value	2,557	0
Total
Gross Unrealized Losses	(326)	(351)
Estimated Fair Value	$ 78,330	$ 30,441

Investments - Maturity Table (D

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,070,350	$ 1,986,957
Estimated Fair Value	2,072,309	$ 1,996,634
2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	31,146
Estimated Fair Value	31,239
2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	992,519
Estimated Fair Value	993,634
2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	198,664
Estimated Fair Value	198,857
2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50,000
Estimated Fair Value	49,990
2026
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	199,563
Estimated Fair Value	199,910
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	75
Estimated Fair Value	81
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,192
Estimated Fair Value	1,304
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,041
Estimated Fair Value	4,068
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,655
Estimated Fair Value	6,923
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,542
Estimated Fair Value	8,883
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,934
Estimated Fair Value	8,202
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,528
Estimated Fair Value	12,796
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,253
Estimated Fair Value	16,533
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,114
Estimated Fair Value	4,269
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	28,654
Estimated Fair Value	29,706
2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	163,165
Estimated Fair Value	160,817
2051
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	128,241
Estimated Fair Value	127,049
2053
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	156,676
Estimated Fair Value	157,060
2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	60,388
Estimated Fair Value	$ 60,988

Loans Held for Investment - Add

Loans Held for Investment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2020	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%		55.00%
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	$ 3,679		$ (369)	$ 402,790	$ 238,566
Proceeds from sale of loans receivable				3,190,000
Net proceeds from sales of loans held for investment, principal	25,000	$ 2,970,000		2,990,000
Net proceeds from sales of loans held for investment, capitalized interest	2,000	193,000		$ 195,000
Estimated weighted average life of student loans				4 years 6 months		5 years 4 months 24 days
Allowance for credit losses on loans and leases	$ 1,160,244	$ 1,179,021	$ 1,929,323	$ 1,160,244	$ 1,929,323	$ 1,361,723	$ 1,673,324	$ 441,912
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	9.00%			9.00%		7.80%
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans expected to have accelerated default rates and increases to loan life				4.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	4.00%			4.00%
Loans expected to have accelerated default rates and increases to loan life				14.00%

Loans Held for Investment - Stu

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,160,244)	$ (1,179,021)	$ (1,361,723)	$ (1,929,323)	$ (1,673,324)	$ (441,912)
Loans held for investment, net	20,115,144		19,183,143
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	20,477,757		19,729,337
Deferred origination costs and unamortized premium/(discount)	65,872		63,475
Allowance for credit losses	(1,154,540)		(1,355,844)
Loans held for investment, net	19,389,089		18,436,968
Private Education Loans | Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	9,442,904		8,950,216
Private Education Loans | Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	11,034,853		10,779,121
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	716,958		737,593
Deferred origination costs and unamortized premium/(discount)	1,913		1,993
Allowance for credit losses	(4,262)		(4,378)
Loans held for investment, net	714,609		735,208
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	12,784		12,238
Deferred origination costs and unamortized premium/(discount)	104		230
Allowance for credit losses	(1,442)		(1,501)
Loans held for investment, net	$ 11,446		$ 10,967

Loans Held for Investment - S_2

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,389,370	$ 23,198,080	$ 21,559,053	$ 24,228,103
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 20,654,285	$ 21,590,905	$ 20,818,476	$ 22,546,874
Weighted Average Interest Rate	8.22%	8.33%	8.22%	8.60%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 723,391	$ 761,469	$ 728,810	$ 768,897
Weighted Average Interest Rate	3.41%	3.82%	3.41%	4.06%
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 0	$ 836,342	$ 0	$ 905,007
Weighted Average Interest Rate	0.00%	12.54%	0.00%	12.31%
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 11,694	$ 9,364	$ 11,767	$ 7,325
Weighted Average Interest Rate	6.64%	(9.34%)	3.71%	(7.67%)

Loans Held for Sale (Details)

Loans Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Transfers and Servicing [Abstract]
Loans held for sale	$ 0			$ 0		$ 2,885,640
Loan transfer to held-for-sale						$ 206,000
Proceeds from sale of loans receivable	27,000	$ 3,160,000
Net proceeds from sales of loans held for investment, principal	25,000	2,970,000		2,990,000
Net proceeds from sales of loans held for investment, capitalized interest	2,000	$ 193,000		195,000
Gain from sale	$ 3,679		$ (369)	$ 402,790	$ 238,566

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019
Allowance for Credit Losses
Beginning balance	$ 1,179,021	$ 1,361,723	$ 1,673,324	$ 1,361,723	$ 441,912
Transfer from unfunded commitment liability			37,010	151,436	179,085
Provision for current period	1,194		258,626	(253,805)	428,134
Loan sale reduction to provision	(1,477)		0	(10,335)	(161,793)
Loan transfer from held-for-sale				1,887
Total provision	283		(258,626)	262,253	(266,341)
Net charge-offs:
Charge-offs	(50,028)		(46,505)	(105,344)	(117,454)
Recoveries	6,978		6,868	14,682	16,386
Net charge-offs	(43,050)		(39,637)	(90,662)	(101,068)
Ending Balance	1,160,244	1,179,021	1,929,323	1,160,244	1,929,323
Allowance
Ending balance: individually evaluated for impairment	80,495		160,234	80,495	160,234
Ending balance: collectively evaluated for impairment	1,079,749		1,769,089	1,079,749	1,769,089
Loans:
Ending balance: individually evaluated for impairment	1,192,743		1,520,240	1,192,743	1,520,240
Ending balance: collectively evaluated for impairment	20,014,756		21,502,357	20,014,756	21,502,357
Provisions for loan losses	(463)		234,015	(262,376)	216,084
Provisions for unfunded loan commitments	69,960		93,261	106,163	146,804
Total Private Education Loan provisions for credit losses	69,497		327,276	(156,213)	362,888
Private Education Loan provision for credit losses, other impacts	180		24,611	123	50,257
Less: provisions for credit losses	69,677		351,887	(156,090)	413,145
Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Credit Losses
Beginning balance					1,584,965
Day 1 adjustment for the adoption of CECL						$ 1,143,053
Transfer from unfunded commitment liability	24,556
FFELP Loans
Allowance for Credit Losses
Beginning balance	4,318	4,378	4,296	4,378	1,633
Transfer from unfunded commitment liability			0	0	0
Provision for current period	(2)		173	27	210
Loan sale reduction to provision	0		0	0	0
Loan transfer from held-for-sale				0
Total provision	2		(173)	(27)	(210)
Net charge-offs:
Charge-offs	(54)		(84)	(143)	(310)
Recoveries	0		0	0	0
Net charge-offs	(54)		(84)	(143)	(310)
Ending Balance	4,262	4,318	4,385	4,262	4,385
Allowance
Ending balance: individually evaluated for impairment	0		0	0	0
Ending balance: collectively evaluated for impairment	4,262		4,385	4,262	4,385
Loans:
Ending balance: individually evaluated for impairment	0		0	0	0
Ending balance: collectively evaluated for impairment	$ 716,958		$ 754,340	$ 716,958	$ 754,340
Net charge-offs as a percentage of average loans in repayment (annualized)	0.04%		0.07%	0.05%	0.11%
Allowance as a percentage of the ending total loan balance	0.59%		0.58%	0.59%	0.58%
Allowance as a percentage of the ending loans in repayment	0.78%		0.97%	0.78%	0.97%
Allowance coverage of net charge-offs (annualized)	19.73		13.05	14.90	7.07
Ending total loans, gross	$ 716,958		$ 754,340	$ 716,958	$ 754,340
Average loans in repayment	546,306		513,418	551,765	553,402
Ending loans in repayment	548,488		452,617	548,488	452,617
Private Education Loan provision for credit losses, other impacts	(2)		173	27	210
FFELP Loans | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Credit Losses
Beginning balance					4,485
Day 1 adjustment for the adoption of CECL						2,852
Transfer from unfunded commitment liability	0
Private Education Loans
Allowance for Credit Losses
Beginning balance	1,173,375	1,355,844	1,515,781	1,355,844	374,300
Transfer from unfunded commitment liability			37,010	151,436	179,085
Provision for current period	1,014		234,015	(253,928)	377,877
Loan sale reduction to provision	(1,477)		0	(10,335)	(161,793)
Loan transfer from held-for-sale				1,887
Total provision	463		(234,015)	262,376	(216,084)
Net charge-offs:
Charge-offs	(49,900)		(31,779)	(105,039)	(83,248)
Recoveries	6,972		5,532	14,675	13,508
Net charge-offs	(42,928)		(26,247)	(90,364)	(69,740)
Ending Balance	1,154,540	1,173,375	1,760,559	1,154,540	1,760,559
Allowance
Ending balance: individually evaluated for impairment	80,495		160,234	80,495	160,234
Ending balance: collectively evaluated for impairment	1,074,045		1,600,325	1,074,045	1,600,325
Loans:
Ending balance: individually evaluated for impairment	1,192,743		1,520,240	1,192,743	1,520,240
Ending balance: collectively evaluated for impairment	$ 19,285,014		$ 19,965,225	$ 19,285,014	$ 19,965,225
Net charge-offs as a percentage of average loans in repayment (annualized)	1.16%		0.75%	1.23%	0.91%
Allowance as a percentage of the ending total loan balance	5.64%		8.19%	5.64%	8.19%
Allowance as a percentage of the ending loans in repayment	7.79%		12.13%	7.79%	12.13%
Allowance coverage of net charge-offs (annualized)	6.72		16.77	6.39	12.62
Ending total loans, gross	$ 20,477,757		$ 21,485,465	$ 20,477,757	$ 21,485,465
Average loans in repayment	14,743,360		14,011,841	14,738,505	15,306,349
Ending loans in repayment	14,825,375		14,512,723	14,825,375	14,512,723
Private Education Loans | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Credit Losses
Beginning balance					1,435,130
Day 1 adjustment for the adoption of CECL						1,060,830
Transfer from unfunded commitment liability	24,556
Personal Loans
Allowance for Credit Losses
Beginning balance			152,673		65,877
Transfer from unfunded commitment liability			0		0
Provision for current period			23,929		49,247
Loan sale reduction to provision			0		0
Total provision			(23,929)		(49,247)
Net charge-offs:
Charge-offs			(14,601)		(33,848)
Recoveries			1,336		2,878
Net charge-offs			(13,265)		(30,970)
Ending Balance			163,337		163,337
Allowance
Ending balance: individually evaluated for impairment			0		0
Ending balance: collectively evaluated for impairment			163,337		163,337
Loans:
Ending balance: individually evaluated for impairment			0		0
Ending balance: collectively evaluated for impairment			$ 772,086		$ 772,086
Net charge-offs as a percentage of average loans in repayment (annualized)			6.87%		7.13%
Allowance as a percentage of the ending total loan balance			21.16%		21.16%
Allowance as a percentage of the ending loans in repayment			22.46%		22.46%
Allowance coverage of net charge-offs (annualized)			3.08		2.64
Ending total loans, gross			$ 772,086		$ 772,086
Average loans in repayment			772,137		869,133
Ending loans in repayment			727,214		727,214
Private Education Loan provision for credit losses, other impacts			23,929		49,247
Personal Loans | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Credit Losses
Beginning balance					145,060
Day 1 adjustment for the adoption of CECL						79,183
Credit Cards
Allowance for Credit Losses
Beginning balance	1,328	1,501	574	1,501	102
Transfer from unfunded commitment liability			0	0	0
Provision for current period	182		509	96	800
Loan sale reduction to provision	0		0	0	0
Loan transfer from held-for-sale				0
Total provision	(182)		(509)	(96)	(800)
Net charge-offs:
Charge-offs	(74)		(41)	(162)	(48)
Recoveries	6		0	7	0
Net charge-offs	(68)		(41)	(155)	(48)
Ending Balance	1,442	$ 1,328	1,042	1,442	1,042
Allowance
Ending balance: individually evaluated for impairment	0		0	0	0
Ending balance: collectively evaluated for impairment	1,442		1,042	1,442	1,042
Loans:
Ending balance: individually evaluated for impairment	0		0	0	0
Ending balance: collectively evaluated for impairment	$ 12,784		$ 10,706	$ 12,784	$ 10,706
Net charge-offs as a percentage of average loans in repayment (annualized)	2.29%		1.77%	2.59%	1.31%
Allowance as a percentage of the ending total loan balance	11.28%		9.73%	11.28%	9.73%
Allowance as a percentage of the ending loans in repayment	11.28%		9.73%	11.28%	9.73%
Allowance coverage of net charge-offs (annualized)	5.30		6.35	4.65	10.85
Ending total loans, gross	$ 12,784		$ 10,706	$ 12,784	$ 10,706
Average loans in repayment	11,855		9,265	11,964	7,326
Ending loans in repayment	12,784		10,706	12,784	10,706
Private Education Loan provision for credit losses, other impacts	182		$ 509	$ 96	800
Credit Cards | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for Credit Losses
Beginning balance					$ 290
Day 1 adjustment for the adoption of CECL						$ 188
Transfer from unfunded commitment liability	$ 0

Allowance for Credit Losses -_2

Allowance for Credit Losses - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jul. 01, 2006
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	$ 69,677,000	$ 351,887,000	$ (156,090,000)	$ 413,145,000
Reduction to provision for credit losses			$ 569,000,000	$ (397,000,000)
Interest rate offered to borrowers facing financial difficulty	4.00%		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	9.00%	8.90%	9.00%	8.90%
Percentage of loans granted forbearance (as a percentage)	47.00%		47.00%		47.00%
Criteria for loans to be considered as nonperforming (greater than)			90 days
Tier 1 of government guarantee (at least)	97.00%		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
Monthly payment that is smaller than the interest accrued on the loan in that month			$ 25
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	4.00%		4.00%

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	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment	$ 1,230,794	$ 1,312,805
Unpaid Principal Balance	1,192,743	1,274,590
Allowance	$ 80,495	$ 104,265

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	$ 1,251,248	$ 1,556,278	$ 1,270,668	$ 1,591,081
Interest Income Recognized	$ 21,490	$ 24,071	$ 42,979	$ 50,559

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	Jun. 30, 2021	Dec. 31, 2020
TDR loans in repayment and percentage of each status:
Total Private Education Loans in repayment, 2021	$ 666,313
Troubled Debt Restructured Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR loans in in-school/grace/deferment	86,667	$ 88,750
Total Private Education Loans in forbearance	58,441	76,704
TDR loans in repayment and percentage of each status:
Loans	1,192,743	1,274,590
Total Private Education Loans in repayment, 2021	$ 1,047,635	$ 1,109,136
Total TDR loans in repayment	100.00%	100.00%
Total	$ 1,192,743	$ 1,274,590
Loan delinquency, current
TDR loans in repayment and percentage of each status:
Loans	14,514,659	13,898,948
Total	14,514,659	13,898,948
Loan delinquency, current | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans	$ 959,797	$ 971,880
Loans current	91.60%	87.70%
Total	$ 959,797	$ 971,880
Loan delinquency 30-59 days
TDR loans in repayment and percentage of each status:
Loans	162,538	205,528
Total	162,538	205,528
Loan delinquency 30-59 days | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans	$ 38,500	$ 59,249
Loans delinquent	3.70%	5.30%
Total	$ 38,500	$ 59,249
Loan delinquency 60-89 days
TDR loans in repayment and percentage of each status:
Loans	85,451	119,643
Total	85,451	119,643
Loan delinquency 60-89 days | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans	$ 26,365	$ 43,576
Loans delinquent	2.50%	3.90%
Total	$ 26,365	$ 43,576
Loan delinquency 90 days or greater past due
TDR loans in repayment and percentage of each status:
Loans	62,727	80,702
Total	62,727	80,702
Loan delinquency 90 days or greater past due | Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans	$ 22,973	$ 34,431
Loans delinquent	2.20%	3.10%
Total	$ 22,973	$ 34,431

Allowance for Credit Losses - M

Allowance for Credit Losses - Modified Loan Accounts for TDR (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Receivables [Abstract]
Modified Loans	$ 1,917	$ 36,666	$ 5,634	$ 169,481
Charge-offs	15,888	8,623	33,836	27,998
Payment- Default	$ 1,560	$ 17,910	$ 7,746	$ 49,002

Allowance for Credit Losses -_4

Allowance for Credit Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period gross charge-offs, total	$ (50,028)		$ (46,505)	$ (105,344)	$ (117,454)
Current period recoveries, total	6,978		6,868	14,682	16,386
Net charge-offs	(43,050)		$ (39,637)	(90,662)	$ (101,068)
Consumer Portfolio Segment | Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year gross charge-offs	(105)
One year before current fiscal year gross charge-offs	(2,381)	$ (1,087)
Two years before current fiscal year gross charge-offs	(9,337)	(10,940)
Three years before current fiscal year gross charge-offs	(15,085)	(27,000)
Four years before current fiscal year gross charge-offs	(16,485)	(35,851)
Five years before current fiscal year gross charge-offs	(61,646)	(36,416)
Six years before current fiscal year gross charge-offs		(94,032)
Current period gross charge-offs, total	(105,039)	(205,326)
Current fiscal year recoveries	0
One year before current fiscal year recoveries	124	42
Two years before current fiscal year recoveries	850	636
Three years before current fiscal year recoveries	1,722	2,274
Four years before current fiscal year recoveries	2,109	3,585
Five years before current fiscal year recoveries	9,870	4,284
Six years before current fiscal year recoveries		13,200
Current period recoveries, total	14,675	24,021
Current fiscal year net charge-offs	(105)
One year before current fiscal year net charge-offs	(2,257)	(1,045)
Two years before current fiscal year net charge-offs	(8,487)	(10,304)
Three years before current fiscal year net charge-offs	(13,363)	(24,726)
Four years before current fiscal year net charge-offs	(14,376)	(32,266)
Five years before current fiscal year net charge-offs	(51,776)	(32,132)
Six years before current fiscal year net charge-offs		(80,832)
Net charge-offs	(90,364)	$ (181,305)
Total accrued interest by origination vintage, 2021	23,950			23,950
Total accrued interest by origination vintage, 2020	200,985			200,985		$ 90,438
Total accrued interest by origination vintage, 2019	312,566			312,566		265,688
Total accrued interest by origination vintage, 2018	258,207			258,207		252,251
Total accrued interest by origination vintage, 2017	197,977			197,977		209,178
Total accrued interest by origination vintage, 2016 and prior	311,955			311,955		141,094
Total accrued interest by origination vintage, 2015 and prior						210,247
Total accrued interest by origination vintage	1,305,640			1,305,640		1,168,896
Consumer Portfolio Segment | Student Loan | With Cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	970,402			970,402
2020	3,931,236			3,931,236		2,915,328
2019	3,237,783			3,237,783		3,467,219
2018	2,340,257			2,340,257		2,556,400
2017	2,043,013			2,043,013		2,262,635
2016 and prior	5,496,367			5,496,367		1,977,952
2015 and Prior						4,198,748
Total	$ 18,019,058			$ 18,019,058		$ 17,378,282
Private education loans	88.00%			88.00%		88.00%
Consumer Portfolio Segment | Student Loan | Without Cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	$ 211,824			$ 211,824
2020	618,647			618,647		$ 527,437
2019	505,024			505,024		559,629
2018	341,619			341,619		384,111
2017	247,444			247,444		277,159
2016 and prior	534,141			534,141		211,270
2015 and Prior						391,449
Total	$ 2,458,699			$ 2,458,699		$ 2,351,055
Private education loans	12.00%			12.00%		12.00%
Consumer Portfolio Segment | Student Loan | Cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	$ 1,182,226			$ 1,182,226
2020	4,549,883			4,549,883		$ 3,442,765
2019	3,742,807			3,742,807		4,026,848
2018	2,681,876			2,681,876		2,940,511
2017	2,290,457			2,290,457		2,539,794
2016 and prior	6,030,508			6,030,508		2,189,222
2015 and Prior						4,590,197
Total	$ 20,477,757			$ 20,477,757		$ 19,729,337
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]
2021	$ 1,182,226			$ 1,182,226
2020	4,549,883			4,549,883		$ 3,442,765
2019	3,742,807			3,742,807		4,026,848
2018	2,681,876			2,681,876		2,940,511
2017	2,290,457			2,290,457		2,539,794
2016 and prior	6,030,508			6,030,508		2,189,222
2015 and Prior						4,590,197
Total	$ 20,477,757			$ 20,477,757		$ 19,729,337
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]
2021	$ 72,850			$ 72,850
2020	253,187			253,187		$ 195,214
2019	280,455			280,455		290,711
2018	213,139			213,139		225,276
2017	183,920			183,920		197,948
2016 and prior	483,561			483,561		162,413
2015 and Prior						369,609
Total	$ 1,487,112			$ 1,487,112		$ 1,441,171
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]
2021	$ 160,561			$ 160,561
2020	605,523			605,523		$ 464,785
2019	563,313			563,313		594,950
2018	410,869			410,869		441,357
2017	374,958			374,958		407,394
2016 and prior	1,011,060			1,011,060		351,303
2015 and Prior						771,477
Total	$ 3,126,284			$ 3,126,284		$ 3,031,266
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]
2021	$ 382,823			$ 382,823
2020	1,466,071			1,466,071		$ 1,111,373
2019	1,225,698			1,225,698		1,310,390
2018	887,632			887,632		967,802
2017	766,167			766,167		846,983
2016 and prior	2,029,007			2,029,007		740,028
2015 and Prior						1,533,517
Total	$ 6,757,398			$ 6,757,398		$ 6,510,093
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]
2021	$ 565,992			$ 565,992
2020	2,225,102			2,225,102		$ 1,671,393
2019	1,673,341			1,673,341		1,830,797
2018	1,170,236			1,170,236		1,306,076
2017	965,412			965,412		1,087,469
2016 and prior	2,506,880			2,506,880		935,478
2015 and Prior						1,915,594
Total	$ 9,106,963			$ 9,106,963		$ 8,746,807
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]
2021	$ 1,182,226			$ 1,182,226
2020	4,549,883			4,549,883		$ 3,442,765
2019	3,742,807			3,742,807		4,026,848
2018	2,681,876			2,681,876		2,940,511
2017	2,290,457			2,290,457		2,539,794
2016 and prior	6,030,508			6,030,508		2,189,222
2015 and Prior						4,590,197
Total	$ 20,477,757			$ 20,477,757		$ 19,729,337
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]
2021	$ 85,949			$ 85,949
2020	274,820			274,820		$ 240,154
2019	285,457			285,457		331,229
2018	254,743			254,743		301,784
2017	253,135			253,135		298,195
2016 and prior	832,185			832,185		293,077
2015 and Prior						734,599
Total	$ 1,986,289			$ 1,986,289		$ 2,199,038
Private education loans at origination	10.00%			10.00%		11.00%
Consumer Portfolio Segment | Student Loan | School FICO, Refreshed Amounts | 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	$ 155,903			$ 155,903
2020	520,662			520,662		$ 438,665
2019	426,727			426,727		493,135
2018	294,368			294,368		336,966
2017	246,577			246,577		283,906
2016 and prior	659,428			659,428		231,759
2015 and Prior						504,779
Total	$ 2,303,665			$ 2,303,665		$ 2,289,210
Private education loans at origination	11.00%			11.00%		12.00%
Consumer Portfolio Segment | Student Loan | School FICO, Refreshed Amounts | 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	$ 386,736			$ 386,736
2020	1,431,445			1,431,445		$ 1,102,666
2019	1,154,717			1,154,717		1,248,806
2018	787,467			787,467		871,677
2017	656,960			656,960		734,222
2016 and prior	1,652,346			1,652,346		603,160
2015 and Prior						1,220,468
Total	$ 6,069,671			$ 6,069,671		$ 5,780,999
Private education loans at origination	30.00%			30.00%		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]
2021	$ 553,638			$ 553,638
2020	2,322,956			2,322,956		$ 1,661,280
2019	1,875,906			1,875,906		1,953,678
2018	1,345,298			1,345,298		1,430,084
2017	1,133,785			1,133,785		1,223,471
2016 and prior	2,886,549			2,886,549		1,061,226
2015 and Prior						2,130,351
Total	$ 10,118,132			$ 10,118,132		$ 9,460,090
Private education loans at origination	49.00%			49.00%		48.00%
Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	$ 1,182,226			$ 1,182,226
2020	4,549,883			4,549,883		$ 3,442,765
2019	3,742,807			3,742,807		4,026,848
2018	2,681,876			2,681,876		2,940,511
2017	2,290,457			2,290,457		2,539,794
2016 and prior	6,030,508			6,030,508		2,189,222
2015 and Prior						4,590,197
Total	$ 20,477,757			$ 20,477,757		$ 19,729,337
Seasoning based on monthly scheduled payments due from 1-12 payments	24.00%			24.00%		23.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments	16.00%			16.00%		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%		9.00%
Seasoning based on monthly scheduled payments due from more than 48 payments	15.00%			15.00%		15.00%
Seasoning based on monthly scheduled payments due from not yet in repayment	26.00%			26.00%		24.00%
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]
2021	$ 667,707			$ 667,707
2020	2,362,092			2,362,092		$ 2,068,517
2019	438,639			438,639		600,038
2018	393,882			393,882		469,143
2017	377,838			377,838		472,258
2016 and prior	667,673			667,673		381,197
2015 and Prior						507,343
Total	4,907,831			4,907,831		4,498,496
Consumer Portfolio Segment | Student Loan | Seasoning | 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0			0
2020	460,402			460,402		163
2019	1,879,307			1,879,307		2,096,635
2018	223,055			223,055		383,977
2017	219,685			219,685		223,332
2016 and prior	572,401			572,401		217,379
2015 and Prior						425,345
Total	3,354,850			3,354,850		3,346,831
Consumer Portfolio Segment | Student Loan | Seasoning | 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0			0
2020	0			0		0
2019	260,827			260,827		0
2018	1,254,251			1,254,251		1,353,567
2017	207,771			207,771		370,250
2016 and prior	555,597			555,597		181,940
2015 and Prior						439,337
Total	2,278,446			2,278,446		2,345,094
Consumer Portfolio Segment | Student Loan | Seasoning | 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0			0
2020	0			0		0
2019	0			0		0
2018	169,088			169,088		0
2017	933,712			933,712		965,476
2016 and prior	553,180			553,180		351,433
2015 and Prior						402,552
Total	1,655,980			1,655,980		1,719,461
Consumer Portfolio Segment | Student Loan | Seasoning | More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0			0
2020	0			0		0
2019	0			0		0
2018	0			0		0
2017	112,835			112,835		0
2016 and prior	2,968,608			2,968,608		729,510
2015 and Prior						2,310,905
Total	3,081,443			3,081,443		3,040,415
Consumer Portfolio Segment | Student Loan | Seasoning | Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	514,519			514,519
2020	1,727,389			1,727,389		1,374,085
2019	1,164,034			1,164,034		1,330,175
2018	641,600			641,600		733,824
2017	438,616			438,616		508,478
2016 and prior	713,049			713,049		327,763
2015 and Prior						504,715
Total	$ 5,199,207			$ 5,199,207		$ 4,779,040

Allowance for Credit Losses -_5

Allowance for Credit Losses - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (1,160,244)	$ (1,179,021)	$ (1,361,723)	$ (1,929,323)	$ (1,673,324)	$ (441,912)
Loans held for investment, net	$ 20,115,144		$ 19,183,143
Percentage of Private Education Loans in repayment, 2021	56.40%		59.60%
Percentage of Private Education Loans in repayment, 2020	61.60%		64.70%
Percentage of Private Education Loans in repayment, 2019	67.10%		71.30%
Percentage of Private Education Loans in repayment, 2018	73.40%		75.30%
Percentage of Private Education Loans in repayment, 2017	77.40%		80.00%
Percentage of Private Education Loans in repayment, 2016 and prior	84.70%		84.70%
Percentage of Private Education Loans in repayment	72.40%		72.50%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2021	0.30%		0.50%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2020	0.50%		1.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2019	1.30%		2.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2018	2.10%		3.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2017	2.70%		3.80%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2016 and prior	3.40%		4.80%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	2.10%		2.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2021	0.20%		0.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2020	0.80%		3.40%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2019	2.60%		5.00%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2018	3.50%		5.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2017	4.30%		5.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2016 and Prior	4.00%		4.90%
Loans in forbearance as a percentage of loans in repayment and forbearance	3.00%		4.30%
Student Loan | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in repayment, 2021	$ 666,313
Total Private Education Loans in repayment, 2020	2,800,752		$ 2,052,521
Total Private Education Loans in repayment, 2019	2,510,652		2,603,996
Total Private Education Loans in repayment, 2018	1,968,692		2,096,368
Total Private Education Loans in repayment, 2017	1,772,852		1,912,370
Total Private Education Loans in repayment, 2016	5,106,114		1,752,386
Total Private Education Loans in repayment, 2015 and prior			3,887,180
Total Private Education Loans in repayment	14,825,375		14,304,821
Total Private Education Loans, gross, 2021	1,182,226		3,442,765
Total Private Education Loans, gross, 2020	4,549,883		4,026,848
Total Private Education Loans, gross, 2019	3,742,807		2,940,511
Total Private Education Loans, gross, 2018	2,681,876		2,539,794
Total Private Education Loans, gross, 2017	2,290,457		2,189,222
Total Private Education Loans, gross, 2016 and prior	6,030,508		4,590,197
Total Private Education Loans, gross	20,477,757		19,729,337
Private Education Loans deferred origination costs and unamortized premium/(discount), 2021	10,603		21,129
Private Education Loans deferred origination costs and unamortized premium/(discount), 2020	18,946		13,933
Private Education Loans deferred origination costs and unamortized premium/(discount), 2019	12,100		8,671
Private Education Loans deferred origination costs and unamortized premium/(discount), 2018	7,405		6,708
Private Education Loans deferred origination costs and unamortized premium/(discount), 2017	5,693		5,721
Private Education Loans deferred origination costs and unamortized premium/(discount), 2016	11,125		7,313
Private Education Loans deferred origination costs and unamortized premium/(discount), Total	65,872		63,475
Total Private Education Loans, 2021	1,192,829		3,463,894
Total Private Education Loans, 2020	4,568,829		4,040,781
Total Private Education Loans, 2019	3,754,907		2,949,182
Total Private Education Loans, 2018	2,689,281		2,546,502
Total Private Education Loans, 2017	2,296,150		2,194,943
Total Private Education Loans, 2016 and Prior	6,041,633		4,597,510
Total Private Education Loans	20,543,629		19,792,812
Private Education Loans allowance for losses, 2021	(80,501)		(210,875)
Private Education Loans allowance for losses, 2020	(253,285)		(298,776)
Private Education Loans allowance for losses, 2019	(227,307)		(218,136)
Private Education Loans allowance for losses, 2018	(155,165)		(184,265)
Private Education Loans allowance for losses, 2017	(126,301)		(150,150)
Private Education Loans allowance for losses, 2016 and prior	(311,981)		(293,642)
Private Education Loans allowance for losses	(1,154,540)		(1,355,844)
Private Education Loans, net, 2021	1,112,328		3,253,019
Private Education Loans, net, 2020	4,315,544		3,742,005
Private Education Loans, net, 2019	3,527,600		2,731,046
Private Education Loans, net, 2018	2,534,116		2,362,237
Private Education Loans, net, 2017	2,169,849		2,044,793
Private Education Loans, net, 2016 and prior	5,729,652		4,303,868
Loans held for investment, net	19,389,089		18,436,968
Student Loan | Consumer Portfolio Segment | Loan delinquency, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	664,057
2020	2,787,235		2,043,033
2019	2,478,940		2,573,228
2018	1,927,727		2,045,012
2017	1,724,384		1,850,539
2016 and prior	4,932,316		1,685,572
2015 and Prior			3,701,564
Total	14,514,659		13,898,948
Student Loan | Consumer Portfolio Segment | Loan delinquency 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	1,690
2020	9,085		6,400
2019	18,709		16,983
2018	22,127		26,934
2017	25,059		30,771
2016 and prior	85,868		33,040
2015 and Prior			91,400
Total	162,538		205,528
Student Loan | Consumer Portfolio Segment | Loan delinquency 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	390
2020	3,380		2,628
2019	8,479		9,143
2018	10,918		15,026
2017	13,229		18,121
2016 and prior	49,055		19,064
2015 and Prior			55,661
Total	85,451		119,643
Student Loan | Consumer Portfolio Segment | Loan delinquency 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	176
2020	1,052		460
2019	4,524		4,642
2018	7,920		9,396
2017	10,180		12,939
2016 and prior	38,875		14,710
2015 and Prior			38,555
Total	62,727		80,702
Student Loan | Loans In-School/Grace/Deferment | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	514,519
2020	1,727,389		1,374,085
2019	1,164,034		1,330,175
2018	641,600		733,824
2017	438,616		508,478
2016 and prior	713,049		327,763
2015 and Prior			504,715
Total	5,199,207		4,779,040
Student Loan | Loans In Forbearance | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance	1,394
Total Private Education Loans in forbearance, 2020	21,742		16,159
Total Private Education Loans in forbearance, 2019	68,121		92,677
Total Private Education Loans in forbearance, 2018	71,584		110,319
Total Private Education Loans in forbearance, 2017	78,989		118,946
Total Private Education Loans in forbearance, 2016 and Prior	211,345		109,073
Total Private Education Loans in forbearance, 2015 and Prior			198,302
Total Private Education Loans in forbearance	453,175		645,476
Student Loan, Borrowers Who Did Not Return To School And Received Extenstion | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in repayment, 2021	479,000		609,000
Student Loan, Borrowers Who Did Not Return To School And Received Extenstion | Loans In-School/Grace/Deferment | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	249,000		401,000
Student Loan, Borrowers Who Did Not Return To School And Received Extenstion | Loans In Forbearance | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance	$ 23,000		$ 30,000

Allowance for Credit Losses -_6

Allowance for Credit Losses - Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Total Interest Receivable	$ 1,305,640	$ 1,168,895
90 Days and Greater Past Due	3,469	4,354
Allowance for Uncollectible Interest	$ 4,104	$ 4,467

Unfunded Loan Commitments (Deta

Unfunded Loan Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Credit Loss [Abstract]
Contractual obligation	$ 1,200,000		$ 1,200,000
Allowance
Beginning balance	19,367	$ 29,707	110,044	$ 2,481
Provision/New commitments - net	48,203	72,111	88,400	121,672
Other provision items	21,757	21,150	17,763	25,132
Transfer - funded loans	(24,555)	(37,010)	(151,435)	(179,085)
Ending balance	64,772	85,958	64,772	85,958
Unfunded Commitments
Beginning balance	457,453	449,807	1,673,018	1,910,603
Provision/New commitments - net	1,235,604	1,165,224	2,078,765	2,000,170
Other provision items	0	0	0	0
Transfer - funded loans	(531,361)	(495,989)	(2,590,087)	(2,791,731)
Ending balance	$ 1,161,696	$ 1,119,042	1,161,696	1,119,042
Cumulative Effect, Period Of Adoption, Adjustment
Allowance
Beginning balance			0	115,758
Unfunded Commitments
Beginning balance			0	0
Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance
Beginning balance			110,044	118,239
Unfunded Commitments
Beginning balance			$ 1,673,018	$ 1,910,603

Deposits - Summary of Total Dep

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Banking and Thrift, Other Disclosures [Abstract]
Deposits - interest bearing	$ 21,121,810	$ 22,664,899
Deposits - non-interest bearing	2,566	1,140
Total deposits	$ 21,124,376	$ 22,666,039

Deposits - Additional Informati

Deposits - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Banking and Thrift, Other Disclosures [Abstract]
Deposits	$ 21,124,376		$ 21,124,376		$ 22,666,039
Brokered deposits	11,500,000		11,500,000		11,900,000
Retail and other deposits	9,600,000		9,600,000		10,800,000
Stable interest-bearing deposits, total	7,900,000		7,900,000		7,100,000
Brokered deposit placement fee	4,000	$ 5,000	8,000	$ 10,000
Third party broker fees paid	1,000	$ 1,000	1,000	$ 3,000
Deposits exceeding FDIC insurance limits	587,000		587,000		571,000
Accrued interest on deposits	$ 41,000		$ 41,000		$ 50,000

Deposits - Interest Bearing Dep

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Amount
Money market	$ 10,910,755	$ 10,159,657
Savings	958,052	907,976
Certificates of deposit	9,253,003	11,597,266
Deposits - interest bearing	$ 21,121,810	$ 22,664,899
Qtr.-End Weighted Average Stated Rate
Money market	0.67%	0.83%
Savings	0.42%	0.55%
Certificates of deposit	1.21%	1.34%

Borrowings - Company Borrowings

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Short-Term	$ 199,379	$ 0
Long-Term	4,989,060	5,189,217
Total	5,188,439	5,189,217
Unsecured borrowings
Debt Instrument [Line Items]
Short-Term	199,379	0
Long-Term	494,255	692,879
Total	693,634	692,879
Secured borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,494,805	4,496,338
Total	4,494,805	4,496,338
Secured borrowings | Private Education Loan securitization
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,494,805	4,496,338
Total	4,494,805	4,496,338
Secured borrowings | Private Education Loan securitization | Fixed-rate
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	3,477,121	3,261,233
Total	3,477,121	3,261,233
Secured borrowings | Private Education Loan securitization | Variable-rate
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	1,017,684	1,235,105
Total	1,017,684	1,235,105
Secured borrowings | Secured Borrowing Facility
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	0	0
Total	$ 0	$ 0

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	May 27, 2021	May 19, 2021	Feb. 17, 2021	Feb. 09, 2021	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2020	May 31, 2021
Line of Credit Facility [Line Items]
Short-term borrowings						$ 199,379,000	$ 0
Estimated weighted average life of student loans						4 years 6 months	5 years 4 months 24 days
Vertical risk retention interest					5.00%	5.00%
Unsecured offering issued						$ 531,000,000	$ 1,343,000,000
Uncommitted federal funds						125,000,000
Lendable value of collateral						2,800,000,000	3,800,000,000
Unsecured borrowings
Line of Credit Facility [Line Items]
Short-term borrowings						199,379,000	0
SMB Private Education Loan Trust 2021-B
Line of Credit Facility [Line Items]
Principal Amount Outstanding on Loans Held-for-sale or Securitization or Asset-backed Financing Arrangement		$ 531,000,000
Loans sold to third parties		$ 531,000,000
Ownership interest percentage		100.00%
Proceeds from Issuance of Unsecured Debt		$ 529,000,000
Estimated weighted average life of student loans		4 years 3 months 3 days
Loans pledged as collateral						541,000,000
Principal amount of collateral						504,000,000
Capitalized interest						37,000,000
Unsecured offering issued								$ 531,000,000
SMB Private Education Loan Trust 2021-B | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.77%
2021-A
Line of Credit Facility [Line Items]
Vertical risk retention interest				5.00%
2021-A | Student Loan
Line of Credit Facility [Line Items]
Private education loans sold				$ 2,500,000,000
Additional net proceeds from sales of loans held for investment, capitalized interest				130,000,000
Gain on sale				$ 18,000,000
2021-C
Line of Credit Facility [Line Items]
Vertical risk retention interest	5.00%
2021-C | Student Loan
Line of Credit Facility [Line Items]
Private education loans sold	$ 505,000,000
Additional net proceeds from sales of loans held for investment, capitalized interest	27,000,000
Gain on sale	$ 4,000,000
Commercial Paper | ABCP borrowings
Line of Credit Facility [Line Items]
Private asset backed commercial paper education loan funding facility			$ 2,000,000,000
Ownership interest percentage in residual interest in ABCP facility			100.00%
Short-term borrowings						$ 0	$ 0

Borrowings - Securitizations (D

Borrowings - Securitizations (Details) - USD ($)	1 Months Ended
	May 31, 2021	Aug. 31, 2020	Feb. 29, 2020	Jun. 30, 2021	Dec. 31, 2020
Securities Financing Transaction [Line Items]
Total Issued				$ 531,000,000	$ 1,343,000,000
Total loan and accrued interest amount securitized at inception on-balance sheet term securitization				549,516,000	$ 1,463,230,000
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
Private Education Loan securitization
Securities Financing Transaction [Line Items]
Loans pledged as collateral				1,240,000,000
Principal amount of collateral				1,150,000,000
Capitalized interest				85,000,000
SMB Private Education Loan Trust 2021-B
Securities Financing Transaction [Line Items]
Total Issued	$ 531,000,000
Basis spread on variable rate	0.77%
Weighted Average Life	4 years 3 months 3 days
Loans pledged as collateral				541,000,000
Principal amount of collateral				504,000,000
Capitalized interest				$ 37,000,000

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Debt Outstanding
Short-Term	$ 199,379	$ 0
Long-Term	4,989,060	5,189,217
Total	5,188,439	5,189,217
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	163,955	154,417	$ 115,192
Other Assets	41,668	19,533
Total assets	28,925,175	30,770,423
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	0
Long-Term	4,494,805	4,496,338
Total	4,494,805	4,496,338
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,585,834	5,661,123
Restricted Cash	163,955	154,417
Other Assets	379,906	357,403
Total assets	6,129,695	6,172,943
Variable Interest Entity, Primary Beneficiary | Private Education Loan securitization
Debt Outstanding
Short-Term	0	0
Long-Term	4,494,805	4,496,338
Total	4,494,805	4,496,338
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,585,834	5,661,123
Restricted Cash	163,955	154,417
Other Assets	378,123	356,967
Total assets	6,127,912	6,172,507
Variable Interest Entity, Primary Beneficiary | Secured Borrowing Facility
Debt Outstanding
Short-Term	0	0
Long-Term	0	0
Total	0	0
Carrying Amount of Assets Securing Debt Outstanding
Loans	0	0
Restricted Cash	0	0
Other Assets	1,783	436
Total assets	$ 1,783	$ 436

Borrowings - Summary of Exposur

Borrowings - Summary of Exposure Related To Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Estimated Fair Value	$ 2,072,309		$ 1,996,634
Total Exposure	64,772	$ 19,367	110,044	$ 85,958	$ 29,707	$ 2,481
Private Education Loan securitization | Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Estimated Fair Value	218,047		68,908
Equity Interests	35,908		16,923
Total Exposure	$ 253,955		$ 85,831

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021USD ($)numberOfCounterparties	Dec. 31, 2020USD ($)
Derivative [Line Items]
Number of central counterparties | numberOfCounterparties	2
Notional value	$ 7,300,000,000
Net derivatives	18,000,000	$ 43,000,000
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	18,000,000	$ 43,000,000
CHICAGO MERCANTILE EXCHANGE
Derivative [Line Items]
Notional value	$ 7,000,000,000
Percent of total notional derivative contracts	95.10%
Amount of variation margin included as settlement	$ (120,000,000)
London Clearing House
Derivative [Line Items]
Notional value	$ 300,000,000
Percent of total notional derivative contracts	4.90%
Amount of variation margin included as settlement	$ 13,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Total net derivatives	$ 18,000	$ 43,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative instruments	459	729
Derivative Liabilities	(360)	(287)
Total net derivatives	99	442
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Derivative instruments	43	135
Derivative Liabilities	0	0
Total net derivatives	43	135
Interest rate swaps | Cash Flow Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	0	0
Derivative Liabilities	(360)	(287)
Total net derivatives	(360)	(287)
Interest rate swaps | Fair Value Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	416	594
Derivative Liabilities	0	0
Total net derivatives	$ 416	$ 594

Derivative Financial Instrume_5

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities
Cash collateral pledged	$ 18,000	$ 43,000
Other Assets
Other Assets
Gross position	459	729
Impact of master netting agreement	(321)	(176)
Derivative values with impact of master netting agreements (as carried on balance sheet)	138	553
Cash collateral pledged	18,115	42,874
Net position	18,253	43,427
Other Liabilities
Other Liabilities
Gross position	(360)	(287)
Impact of master netting agreement	321	176
Derivative values with impact of master netting agreements (as carried on balance sheet)	(39)	(111)
Cash collateral pledged	0	0
Net position	$ (39)	$ (111)

Derivative Financial Instrume_6

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Notional values	$ 7,300,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional values	7,322,595	$ 8,557,883
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Notional values	1,182,583	2,693,364
Interest rate swaps | Cash Flow | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	1,502,358	1,018,976
Interest rate swaps | Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	$ 4,637,654	$ 4,845,543

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (4,734,031)	$ (4,992,867)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ (102,011)	$ (154,235)

Derivative Financial Instrume_8

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash Flow Hedges
Interest expense	$ 95,906	$ 136,020	$ 200,950	$ 310,837
Trading
Total	10,629	6,802	17,131	53,144
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	22,857	19,433	45,467	24,056
Hedged items recorded in interest expense	20,948	2,296	52,224	(140,952)
Derivatives recorded in interest expense	(20,934)	(2,855)	(52,185)	141,328
Trading
Total	22,871	18,874	45,506	24,432
Designated as Hedging Instrument | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	(5,294)	(4,219)	(10,563)	(5,747)
Trading
Trading
Change in fair value of future interest payments recorded in earnings	(6,948)	(7,853)	(17,812)	34,459
Total	$ (6,948)	$ (7,853)	$ (17,812)	$ 34,459

Derivative Financial Instrume_9

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ (4,438)	$ (6,562)	$ 13,716	$ (53,784)
Less: amount of gain (loss) reclassified in interest expense	(5,294)	(4,219)	(10,563)	(5,747)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ 856	$ (2,343)	$ 24,279	$ (48,037)

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 10, 2021	Jan. 28, 2021	Mar. 11, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity [Abstract]
Common stock repurchased under repurchase program (in shares)	45,000,000	13,000,000	45,000,000	22,806,841	0	71,509,671	47,736,847
Average purchase price per share (in usd per share)				$ 19.27	$ 0	$ 16.87	$ 9.66
Shares repurchased related to employee stock-based compensation plans (in shares)				192,432	908	1,252,412	1,106,027
Average purchase price per share (in usd per share)				$ 18.80	$ 7.77	$ 14.32	$ 10.98
Common shares issued (in shares)				454,920	147,735	3,281,307	2,985,297
Remaining authority under the share repurchase program				$ 295		$ 295
Common stock repurchased and cancelled (in shares)						28,500,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Mar. 16, 2021	Mar. 10, 2021	Jan. 28, 2021	Jan. 26, 2021	Mar. 11, 2020	Mar. 10, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Feb. 02, 2021	Jan. 27, 2021	Dec. 31, 2020	Jan. 22, 2020
Class of Stock [Line Items]
Common stock dividend (in usd per share)							$ 0.03	$ 0.03
Declared dividends per common share attributable to SLM Corporation (in dollars per share)								$ 0.03	$ 0.03		$ 0.06	$ 0.06	$ 0.09
Aggregate purchase price (not to exceed)																	$ 600,000,000
Common stock repurchased, amount						$ 525,000,000
Common stock repurchased (in shares)		45,000,000	13,000,000		45,000,000				22,806,841		0	71,509,671	47,736,847
Average purchase price per share (in usd per share)									$ 18.80		$ 7.77	$ 14.32	$ 10.98
Remaining authority under the share repurchase program							$ 295,000,000		$ 295,000,000			$ 295,000,000
Common stock, par value (in dollars per share)							$ 0.20		$ 0.20			$ 0.20				$ 0.20
Common stock repurchased												$ 1,027,298,000	$ 558,167,000
Common stock repurchased and cancelled (in shares)	28,500,000
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)									22,806,841			43,007,211	47,736,847
Tender Offer | Additional Paid-In Capital
Class of Stock [Line Items]
Common stock purchase cancelled, common stock balance													$ 466,000,000
Tender Offer | Common Stock
Class of Stock [Line Items]
Common stock purchase cancelled, common stock balance													$ 6,000,000
Common Stock
Class of Stock [Line Items]
Common stock closing price (in usd per share)							$ 20.94		$ 20.94			$ 20.94
Common Stock | 2020 Share Repurchase Program
Class of Stock [Line Items]
Common stock repurchased, amount										$ 75,000,000
Common stock repurchased (in shares)				58,000,000						4,000,000
Treasury stock, additional shares received				13,000,000
Average purchase price per share (in usd per share)				$ 9.01
Common Stock | 2021 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)															$ 1,250,000,000
Common stock repurchased, amount									$ 439,000,000			$ 957,000,000
Common stock repurchased (in shares)									22,800,000			53,800,000
Remaining authority under the share repurchase program							$ 295,000,000		$ 295,000,000			$ 295,000,000
Common Stock | Tender Offer
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)														$ 1,000,000,000
Common stock repurchased (in shares)		28,500,000
Average purchase price per share (in usd per share)		$ 16.50
Common stock, par value (in dollars per share)														$ 0.20
Common stock repurchased	$ 472,000,000
Common Stock | Rule 10b5-1 Trading Plan
Class of Stock [Line Items]
Common stock repurchased, amount									$ 439,000,000			$ 560,000,000
Common stock repurchased (in shares)									22,800,000			29,600,000

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income (loss)	$ 140,201	$ (85,211)	$ 781,408	$ 276,962
Preferred stock dividends	1,192	2,478	2,393	5,942
Net income (loss) attributable to SLM Corporation common stock	139,009	(87,689)	779,015	271,020
Net income (loss) attributable to SLM Corporation common stock	$ 139,009	$ (87,689)	$ 779,015	$ 271,020
Denominator:
Weighted average shares used to compute basic EPS (in shares)	312,183,000	375,009,000	336,478,000	392,397,000
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units and Employee Stock Purchase Plan (“ESPP”) (in shares)	4,936,000	0	5,066,000	2,794,000
Weighted average shares used to compute diluted EPS (in shares)	317,119,000	375,009,000	341,544,000	395,191,000
Basic earnings (loss) per common share attributable to SLM Corporation (in dollars per share)	$ 0.45	$ (0.23)	$ 2.32	$ 0.69
Diluted earnings (loss) per common share attributable to SLM Corporation (in dollars per share)	$ 0.44	$ (0.23)	$ 2.28	$ 0.69
Antidilutive securities excluded from computation of earnings per share (in shares)	1,000,000	7,000,000	1,000,000	3,000,000

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments That are Marked-to-Market on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Trading investments	$ 35,908	$ 16,923
Estimated Fair Value	2,072,309	1,996,634
Fair Value Measurements on a Recurring Basis
Assets
Trading investments	35,908	16,923
Estimated Fair Value	2,072,309	1,996,634
Derivative instruments	459	729
Total earning assets	2,108,676	2,014,286
Liabilities
Derivative instruments	(360)	(287)
Fair Value Measurements on a Recurring Basis | Level 1
Assets
Trading investments	0	0
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
Trading investments	0	0
Estimated Fair Value	2,072,309	1,996,634
Derivative instruments	459	729
Total earning assets	2,072,768	1,997,363
Liabilities
Derivative instruments	(360)	(287)
Fair Value Measurements on a Recurring Basis | Level 3
Assets
Trading investments	35,908	16,923
Estimated Fair Value	0	0
Derivative instruments	0	0
Total earning assets	35,908	16,923
Liabilities
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Earning assets
Loans held for sale	$ 0	$ 340,389
Trading investments	35,908	16,923
Accrued interest receivable, difference	109,931	140,511
Tax indemnification receivable	349,107	374,706
Total earning assets, difference	3,263,531	4,182,834
Interest-bearing liabilities
Short-term borrowings, difference	(5,389)
Long-term borrowings, difference	(173,307)	(209,092)
Total interest-bearing liabilities, difference	(356,492)	(479,976)
Excess of net asset fair value over carrying value	2,907,039	3,702,858
Money-market and savings accounts
Interest-bearing liabilities
Deposits, difference	(53,097)	(68,927)
Certificates of deposit
Interest-bearing liabilities
Deposits, difference	(124,699)	(201,957)
Fair Value
Earning assets
Loans held for sale	0	3,226,029
Cash and cash equivalents	4,497,310	4,455,292
Trading investments	35,908	16,923
Available-for-sale investments	2,072,309	1,996,634
Accrued interest receivable	1,433,379	1,527,816
Tax indemnification receivable	12,842	18,492
Derivative instruments	459	729
Total earning assets	31,320,951	34,126,992
Interest-bearing liabilities
Short-term borrowings	204,768	0
Long-term borrowings	5,162,367	5,398,309
Accrued interest payable	51,980	60,272
Derivative instruments	360	287
Total interest-bearing liabilities	26,719,081	28,394,651
Fair Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	11,921,904	11,136,560
Fair Value | Certificates of deposit
Interest-bearing liabilities
Deposits	9,377,702	11,799,223
Carrying Value
Earning assets
Loans held for sale	0	2,885,640
Cash and cash equivalents	4,497,310	4,455,292
Trading investments	35,908	16,923
Available-for-sale investments	2,072,309	1,996,634
Accrued interest receivable	1,323,448	1,387,305
Tax indemnification receivable	12,842	18,492
Derivative instruments	459	729
Total earning assets	28,057,420	29,944,158
Interest-bearing liabilities
Short-term borrowings	199,379	0
Long-term borrowings	4,989,060	5,189,217
Accrued interest payable	51,980	60,272
Derivative instruments	360	287
Total interest-bearing liabilities	26,362,589	27,914,675
Carrying Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	11,868,807	11,067,633
Carrying Value | Certificates of deposit
Interest-bearing liabilities
Deposits	9,253,003	11,597,266
Private Education Loans
Earning assets
Loans held for investment, net, difference	3,139,140	3,687,203
Private Education Loans | Fair Value
Earning assets
Loans held for investment, net	22,528,229	22,124,171
Private Education Loans | Carrying Value
Earning assets
Loans held for investment, net	19,389,089	18,436,968
FFELP Loans
Earning assets
Loans held for investment, net, difference	13,104	13,449
FFELP Loans | Fair Value
Earning assets
Loans held for investment, net	727,713	748,657
FFELP Loans | Carrying Value
Earning assets
Loans held for investment, net	714,609	735,208
Credit Cards
Earning assets
Loans held for investment, net, difference	1,356	1,282
Credit Cards | Fair Value
Earning assets
Loans held for investment, net	12,802	12,249
Credit Cards | Carrying Value
Earning assets
Loans held for investment, net	$ 11,446	$ 10,967

Regulatory Capital - Additional

Regulatory Capital - Additional Information (Details)	Jan. 01, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses on loans and leases		$ 1,160,244,000	$ 1,929,323,000	$ 1,160,244,000	$ 1,929,323,000	$ 1,179,021,000	$ 1,361,723,000	$ 1,673,324,000	$ 441,912,000
Ending balance		64,772,000	85,958,000	64,772,000	85,958,000	$ 19,367,000	$ 110,044,000	$ 29,707,000	$ 2,481,000
Dividends		$ 123,000,000	$ 27,000,000	$ 1,100,000,000	$ 568,000,000
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
Ending balance	116,000,000
Deferred tax assets	306,000,000
Reduction to retained earnings	$ 953,000,000

Regulatory Capital - U.S. Basel

Regulatory Capital - U.S. Basel III Regulatory Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 3,190,257	$ 3,579,005
Tier 1 Capital (to Risk-Weighted Assets)	3,190,257	3,579,005
Total Capital (to Risk-Weighted Assets)	3,276,009	3,849,820
Tier 1 Capital (to Average Assets)	$ 3,190,257	$ 3,579,005
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	13.70%	14.00%
Tier 1 Capital (to Risk-Weighted Assets)	0.137	0.140
Total Capital (to Risk-Weighted Assets)	0.140	0.150
Tier 1 Capital (to Average Assets)	0.105	0.113
Advanced Approach
U.S. Basel III Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,636,018	$ 1,794,780
Tier 1 Capital (to Risk-Weighted Assets)	1,986,593	2,179,375
Total Capital (to Risk-Weighted Assets)	2,454,027	2,692,169
Tier 1 Capital (to Average Assets)	$ 1,218,407	$ 1,264,424
U.S. Basel III Regulatory Requirements, Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	7.00%	7.00%
Tier 1 Capital (to Risk-Weighted Assets)	0.085	0.085
Total Capital (to Risk-Weighted Assets)	0.105	0.105
Tier 1 Capital (to Average Assets)	0.040	0.040

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) $ in Millions	Jun. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 1,200
Other liabilities reserve	$ 65