SLM (SLM) 10-Q 27 Apr 22 2022 Q1 Quarterly report Financial data

Cover page

Cover page	3 Months Ended
	Mar. 31, 2022shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-13251
Entity Registrant Name	SLM Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2013874
Entity Address, Address Line One	300 Continental Drive
Entity Address, City or Town	Newark,
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19713
City Area Code	302
Local Phone Number	451-0200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	271,083,556
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001032033
Current Fiscal Year End Date	--12-31
Common stock, par value $.20 per share
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $.20 per share
Trading Symbol	SLM
Security Exchange Name	NASDAQ
Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
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 (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 3,262,595	$ 4,334,603
Investments
Trading investments at fair value (cost of $33,985 and $29,049, respectively)	38,820	37,465
Available-for-sale investments at fair value (cost of $2,440,204 and $2,535,568, respectively)	2,341,551	2,517,956
Other investments	139,108	140,037
Total investments	2,519,479	2,695,458
Loans held for investment (net of allowance for losses of $1,227,362 and $1,165,335, respectively)	21,291,675	20,341,283
Restricted cash	187,960	210,741
Other interest-earning assets	9,327	9,655
Accrued interest receivable	1,259,145	1,205,667
Premises and equipment, net	148,154	150,516
Goodwill and acquired intangible assets, net	125,267	0
Income taxes receivable, net	215,217	239,578
Tax indemnification receivable	8,155	8,047
Other assets	24,855	26,351
Total assets	29,051,829	29,221,899
Liabilities
Deposits	21,194,026	20,828,124
Long-term borrowings	5,552,497	5,930,990
Other liabilities	261,099	313,074
Total liabilities	27,007,622	27,072,188
Commitments and contingencies
Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized: Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	251,070	251,070
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 434.6 million and 432.0 million shares issued, respectively	86,922	86,403
Additional paid-in capital	1,086,852	1,074,384
Accumulated other comprehensive loss (net of tax benefit of ($12,601) and ($5,707), respectively)	(39,514)	(17,897)
Retained earnings	2,913,544	2,817,134
Total SLM Corporation stockholders’ equity before treasury stock	4,298,874	4,211,094
Less: Common stock held in treasury at cost: 163.5 million and 153.1 million shares, respectively	(2,254,667)	(2,061,383)
Total equity	2,044,207	2,149,711
Total liabilities and equity	$ 29,051,829	$ 29,221,899

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trading investments, cost	$ 33,985	$ 29,049
Available-for-sale investments, cost	2,440,204	2,535,568
Allowance for credit losses on loans and leases	$ 1,227,362	$ 1,165,335
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)	434,600,000	432,000,000
Accumulated other comprehensive income, tax	$ (12,601)	$ (5,707)
Common stock held in treasury (in shares)	163,500,000	153,100,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest income:
Loans	$ 458,044,000	$ 431,804,000
Investments	5,479,000	2,728,000
Cash and cash equivalents	1,515,000	1,626,000
Total interest income	465,038,000	436,158,000
Interest expense:
Deposits	49,537,000	66,598,000
Interest expense on short-term borrowings	2,875,000	3,202,000
Interest expense on long-term borrowings	37,594,000	35,244,000
Total interest expense	90,006,000	105,044,000
Net interest income	375,032,000	331,114,000
Less: provisions for credit losses	98,050,000	(225,767,000)
Net interest income after provisions for credit losses	276,982,000	556,881,000
Non-interest income:
Gains on sales of loans, net	9,881,000	399,111,000
Gains (losses) on derivatives and hedging activities, net	(5,000)	28,000
Other income	12,049,000	14,288,000
Total non-interest income	21,925,000	413,427,000
Operating expenses:
Compensation and benefits	71,981,000	71,581,000
FDIC assessment fees	5,684,000	5,188,000
Other operating expenses	54,341,000	47,730,000
Total operating expenses	132,006,000	124,499,000
Acquired intangible assets amortization expense	733,000	0
Restructuring expenses	0	1,077,000
Total non-interest expenses	132,739,000	125,576,000
Income before income tax expense	166,168,000	844,732,000
Income tax expense	37,356,000	203,525,000
Net income	128,812,000	641,207,000
Preferred stock dividends	1,275,000	1,201,000
Net income attributable to SLM Corporation common stock	$ 127,537,000	$ 640,006,000
Basic earnings per common share (in dollars per share)	$ 0.46	$ 1.77
Average common shares outstanding (in shares)	276,977	361,042
Diluted earnings per common share (in dollars per share)	$ 0.45	$ 1.75
Average common and common equivalent shares outstanding (in shares)	280,654	366,240
Declared dividends per common share (in dollars per share)	$ 0.11	$ 0.03

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 128,812	$ 641,207
Other comprehensive income (loss):
Unrealized losses on investments	(81,041)	(10,071)
Unrealized gains on cash flow hedges	52,530	23,423
Total unrealized gains (losses)	(28,511)	13,352
Income tax (expense) benefit	6,894	(3,229)
Other comprehensive income (loss), net of tax (expense) benefit	(21,617)	10,123
Total comprehensive income	$ 107,195	$ 651,330

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Series B Preferred Stock	Preferred Stock Shares	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained EarningsSeries B Preferred Stock
Beginning Balance, issued (in shares) at Dec. 31, 2020			2,510,696	456,729,251
Beginning Balance (in shares) at Dec. 31, 2020				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 income	641,207							641,207
Other comprehensive income (loss), net of tax	10,123						10,123
Total comprehensive income	651,330
Cash dividends declared:
Common Stock	(10,906)							(10,906)
Preferred Stock		$ (1,201)							$ (1,201)
Dividend equivalent units related to employee stock-based compensation plans	$ (16)					463		(479)
Issuance of common shares (in shares)	2,826,387			2,826,387
Issuance of common shares	$ 2,061			$ 565		1,496
Stock-based compensation expense	11,124					11,124
Common stock repurchased and cancelled (in shares)				(28,502,460)
Common stock repurchased and cancelled	$ (471,810)			$ (5,700)		(466,110)
Common stock repurchased (in shares)	(48,702,830)			(20,200,370)	(20,200,370)
Common stock repurchased	$ (120,640)				$ (295,324)	174,684
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,059,980)			(1,059,980)	(1,059,980)
Shares repurchased related to employee stock-based compensation plans	$ (14,313)				$ (14,313)
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, 2021			2,510,696	432,013,372
Beginning Balance (in shares) at Dec. 31, 2021				278,956,733	(153,056,639)
Beginning Balance at Dec. 31, 2021	2,149,711		$ 251,070	$ 86,403	$ (2,061,383)	1,074,384	(17,897)	2,817,134
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	128,812							128,812
Other comprehensive income (loss), net of tax	(21,617)						(21,617)
Total comprehensive income	107,195
Cash dividends declared:
Common Stock	(30,493)							(30,493)
Preferred Stock		$ (1,275)							$ (1,275)
Dividend equivalent units related to employee stock-based compensation plans	$ (16)					618		(634)
Issuance of common shares (in shares)	2,594,817			2,594,817
Issuance of common shares	$ 448			$ 519		(71)
Stock-based compensation expense	$ 11,921					11,921
Common stock repurchased (in shares)	(9,533,392)			(9,533,392)	(9,533,392)
Common stock repurchased	$ (175,943)				$ (175,943)
Shares repurchased related to employee stock-based compensation plans (in shares)	(934,602)			(934,602)	(934,602)
Shares repurchased related to employee stock-based compensation plans	$ (17,341)				$ (17,341)
Ending Balance, issued (in shares) at Mar. 31, 2022			2,510,696	434,608,189
Ending Balance (in shares) at Mar. 31, 2022				271,083,556	(163,524,633)
Ending Balance at Mar. 31, 2022	$ 2,044,207		$ 251,070	$ 86,922	$ (2,254,667)	$ 1,086,852	$ (39,514)	$ 2,913,544

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common stock dividend (in dollars per share)	$ 0.11	$ 0.03
Series B Preferred Stock
Preferred stock dividend (in dollars per share)	$ 0.51	$ 0.48

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 128,812,000	$ 641,207,000
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for credit losses	98,050,000	(225,767,000)
Income tax expense	37,356,000	203,525,000
Amortization of brokered deposit placement fee	3,425,000	4,307,000
Amortization of Secured Borrowing Facility upfront fee	569,000	773,000
Amortization of deferred loan origination costs and loan premium/(discounts), net	4,455,000	4,016,000
Net amortization of discount on investments	965,000	2,161,000
Reduction (increase) in tax indemnification receivable	(108,000)	2,814,000
Depreciation of premises and equipment	4,189,000	3,715,000
Acquired intangible assets amortization expense	733,000	0
Stock-based compensation expense	11,921,000	11,124,000
Unrealized (gains) losses on derivatives and hedging activities, net	315,000	10,872,000
Gains on sales of loans, net	(9,881,000)	(399,111,000)
Acquisition transaction costs, net	2,511,000	0
Other adjustments to net income, net	7,235,000	2,578,000
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(185,294,000)	(183,168,000)
Increase in non-marketable securities	(992,000)	(317,000)
Decrease in other interest-earning assets	328,000	19,282,000
Increase in other assets	(17,529,000)	(51,667,000)
Decrease in income taxes payable, net	(4,243,000)	(270,000)
Increase (decrease) in accrued interest payable	14,779,000	(9,081,000)
Increase (decrease) in other liabilities	(34,808,000)	8,759,000
Total adjustments	(66,024,000)	(595,455,000)
Total net cash provided by operating activities	62,788,000	45,752,000
Investing activities
Loans acquired and originated	(2,215,958,000)	(2,076,635,000)
Net proceeds from sales of loans held for investment	45,729,000	3,436,391,000
Proceeds from FFELP Loan claim payments	5,594,000	4,602,000
Net decrease in loans held for investment (other than loan sales)	1,153,297,000	1,021,353,000
Purchases of available-for-sale securities	(536,633,000)	(200,716,000)
Proceeds from sales and maturities of available-for-sale securities	686,806,000	205,367,000
Purchase of subsidiary, net of cash acquired	(127,702,000)	0
Total net cash (used in) provided by investing activities	(988,867,000)	2,390,362,000
Financing activities
Brokered deposit placement fee	(2,207,000)	0
Net decrease in certificates of deposit	(127,815,000)	(686,344,000)
Net increase in other deposits	543,767,000	850,408,000
Borrowings collateralized by loans in securitization trusts - repaid	(381,005,000)	(272,123,000)
Issuance costs for unsecured debt offering	(360,000)	(325,000)
Fees paid on Secured Borrowing Facility	0	(2,833,000)
Common stock dividends paid	(30,493,000)	(10,906,000)
Preferred stock dividends paid	(1,275,000)	(1,201,000)
Common stock repurchased	(169,322,000)	(550,790,000)
Total net cash used in financing activities	(168,710,000)	(674,114,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,094,789,000)	1,762,000,000
Cash, cash equivalents and restricted cash at beginning of period	4,545,344,000	4,609,709,000
Cash, cash equivalents and restricted cash at end of period	3,450,555,000	6,371,709,000
Cash disbursements made for:
Interest	68,458,000	76,491,000
Income taxes paid	5,066,000	887,000
Income taxes refunded	(916,000)	(1,049,000)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	3,262,595,000	6,207,001,000
Restricted cash	187,960,000	164,708,000
Total cash, cash equivalents and restricted cash	$ 3,450,555,000	$ 6,371,709,000

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2022 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, 2021 (the “2021 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. Business Combination On March 4, 2022, we completed the previously announced acquisition of the assets primarily used or held for use of Epic Research Education Services, LLC, which does business as Nitro College (“Nitro”). Nitro provides resources that help students and families evaluate how to responsibly pay for college and manage their financial responsibilities after graduation. The addition of Nitro will support our mission of providing students with the confidence needed to successfully navigate the higher education journey. Strategically, we expect the acquisition of the Nitro assets, including its employees and intellectual property, to immediately expand our digital marketing capabilities, reduce the cost to acquire customer accounts, and accelerate our progress to become a broader education solutions provider for students before, during, and immediately after college. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standard Codification 805, “Business Combinations,” whereby as of the acquisition date, the acquired tangible assets and liabilities were recorded at their estimated fair values. The identifiable intangible assets were recorded at fair values as determined by an independent appraiser. The final purchase price allocation for Nitro resulted in an excess purchase price over fair value of net assets acquired, or goodwill, of $51 million. Certain amounts are provisional and are subject to change, including final working capital adjustments and goodwill. The results of operations of Nitro have been included in our consolidated financial statements since the acquisition date. We have not disclosed the pro forma impact of this acquisition to the results of operations for the three months ended March 31, 2022, as the pro forma impact was deemed immaterial. Transaction costs associated with the Nitro acquisition were approximately $3 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income. Identifiable intangible assets at the acquisition date included definite life intangible assets with an aggregate fair value of approximately $75 million, including tradename and trademarks, customer relationships, and developed technology. The intangible assets will be amortized over a period of three See Note 6, “Goodwill and Acquired Intangible Assets,” for additional details. Recently Issued and Adopted Accounting Pronouncements On March 31, 2022, the FASB issued Accounting Standards Update (“ASU”) No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU No. 2022-02”), which eliminates the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The enhanced disclosures are required to be provided for modifications made starting in the period of adoption. Information about modifications in periods before adoption is not required to be provided. ASU No. 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination. For entities that have adopted the amendments in ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“CECL”), the amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments in ASU No. 2022-02 is permitted if an entity has adopted CECL. The amendments should be applied prospectively. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method. We have elected to early adopt in all aspects ASU No. 2022-02 prospectively for the period beginning January 1, 2022. The adoption did not affect our consolidated financial statements. For additional information, see Note 4, "Allowance for Credit Losses".

Investments

Investments	3 Months Ended
	Mar. 31, 2022
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 five percent vertical risk retention interest (i.e., five 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 March 31, 2022 and December 31, 2021, we had $39 million and $37 million, respectively, classified as trading investments. Available-for-Sale Investments The amortized cost and fair value of securities available for sale are as follows: As of March 31, 2022 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 400,647 $ — $ 74 $ (29,641) $ 371,080 Utah Housing Corporation bonds 4,926 — — (77) 4,849 U.S. government-sponsored enterprises and Treasuries 1,799,080 — — (63,830) 1,735,250 Other securities 235,551 — — (5,179) 230,372 Total $ 2,440,204 $ — $ 74 $ (98,727) $ 2,341,551 As of December 31, 2021 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 376,313 $ — $ 1,857 $ (7,073) $ 371,097 Utah Housing Corporation bonds 6,943 — 18 — 6,961 U.S. government-sponsored enterprises and Treasuries 1,958,943 — 603 (11,893) 1,947,653 Other securities 193,369 — 439 (1,563) 192,245 Total $ 2,535,568 $ — $ 2,917 $ (20,529) $ 2,517,956 (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: (Dollars in thousands) Less than 12 months 12 months or more Total Gross Estimated Gross Estimated Gross Estimated As of March 31, 2022: Mortgage-backed securities $ (12,056) $ 188,447 $ (17,585) $ 176,659 $ (29,641) $ 365,106 Utah Housing Corporation bonds (77) 4,849 — — (77) 4,849 U.S. government-sponsored enterprises and Treasuries (61,996) 1,647,055 (1,834) 63,176 (63,830) 1,710,231 Other securities (3,266) 137,845 (1,913) 36,752 (5,179) 174,597 Total $ (77,395) $ 1,978,196 $ (21,332) $ 276,587 $ (98,727) $ 2,254,783 As of December 31, 2021: Mortgage-backed securities $ (5,534) $ 261,404 $ (1,540) $ 36,587 $ (7,074) $ 297,991 Utah Housing Corporation bonds — — — — — — U.S. government-sponsored enterprises and Treasuries (11,892) 1,199,367 — — (11,892) 1,199,367 Other securities (1,563) 132,884 — — (1,563) 132,884 Total $ (18,989) $ 1,593,655 $ (1,540) $ 36,587 $ (20,529) $ 1,630,242 At March 31, 2022 and December 31, 2021, 158 of 186 and 60 of 180, respectively, of our available-for-sale securities were in an unrealized loss position. Impairment For available-for-sale 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, 2021 to March 31, 2022 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 five percent vertical risk retention interest. We classify the non-residual vertical risk 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 March 31, 2022, 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. As of March 31, 2022 Amortized Cost Estimated Fair Value 2022 $ 194,309 $ 193,447 2023 162,595 159,383 2024 597,268 577,077 2025 297,077 293,021 2026 547,832 512,323 2038 73 76 2039 873 916 2042 2,912 2,768 2043 5,415 5,336 2044 7,015 6,959 2045 6,158 6,018 2046 9,374 9,085 2047 9,957 9,751 2048 2,427 2,437 2049 18,261 17,902 2050 127,490 116,445 2051 174,646 159,542 2052 40,972 38,693 2053 132,336 128,621 2054 103,214 101,751 Total $ 2,440,204 $ 2,341,551 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 $720 million and $888 million par value of securities pledged to this borrowing facility at March 31, 2022 and December 31, 2021, 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. As of March 31, 2022 and December 31, 2021, our total investment in these securities was $69 million and $69 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 $66 million at March 31, 2022 and $68 million at December 31, 2021. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $28 million at March 31, 2022 and $30 million at December 31, 2021. Related to these investments, we recognized tax credits and other tax benefits through tax expense of less than $1 million at March 31, 2022 and $7 million at December 31, 2021. Tax credits and other tax benefits are recognized as

Loans Held for Investment

Loans Held for Investment	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment Loans held for investment consist of Private Education Loans, FFELP 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. 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 March 31, 2022 and December 31, 2021, 51 percent and 52 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 quarter of 2022, we recognized $10 million in gains from the sale of approximately $95 million of our Private Education Loans, including $89 million of principal and $6 million in capitalized interest, to an unaffiliated third party. In the first quarter of 2021, we recognized $399 million in gains from the sale of approximately $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. 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 - Unconsolidated VIEs.” Loans held for investment are summarized as follows: March 31, December 31, (Dollars in thousands) 2022 2021 Private Education Loans: Fixed-rate $ 10,685,053 $ 9,920,547 Variable-rate 11,050,316 10,796,316 Total Private Education Loans, gross 21,735,369 20,716,863 Deferred origination costs and unamortized premium/(discount) 71,907 67,488 Allowance for credit losses (1,221,053) (1,158,977) Total Private Education Loans, net 20,586,223 19,625,374 FFELP Loans 682,273 695,216 Deferred origination costs and unamortized premium/(discount) 1,770 1,815 Allowance for credit losses (3,999) (4,077) Total FFELP Loans, net 680,044 692,954 Credit Cards (fixed-rate) 27,547 25,014 Deferred origination costs and unamortized premium/(discount) 171 222 Allowance for credit losses (2,310) (2,281) Total Credit Cards, net 25,408 22,955 Loans held for investment, net $ 21,291,675 $ 20,341,283 The estimated weighted average life of education loans in our portfolio was approximately 4.8 years and 4.7 years at March 31, 2022 and December 31, 2021, respectively. The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: 2022 2021 Three Months Ended March 31, (dollars in thousands) Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,858,270 8.38 % $ 20,984,491 8.22 % FFELP Loans 690,540 3.51 734,289 3.41 Credit Cards 26,622 3.95 11,841 0.78 Total portfolio $ 22,575,432 $ 21,730,621

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2022
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 - 2021 and 2020 — Allowance for Private Education Loan Losses - 2021 and 2020, — Allowance for FFELP Loan Losses - 2021 and 2020, and — Allowance for Credit Card Loans - 2021 and 2020” in our 2021 Form 10-K for a more detailed discussion. Allowance for Credit Losses Metrics Three Months Ended March 31, 2022 FFELP Private Education Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,077 $ 1,158,977 $ 2,281 $ 1,165,335 Transfer from unfunded commitment liability (1) — 94,686 — 94,686 Provisions: Provision for current period 21 48,460 137 48,618 Loan sale reduction to provision — (5,247) — (5,247) Total provisions (2) 21 43,213 137 43,371 Net charge-offs: Charge-offs (99) (83,856) (111) (84,066) Recoveries — 8,033 3 8,036 Net charge-offs (99) (75,823) (108) (76,030) Ending Balance $ 3,999 $ 1,221,053 $ 2,310 $ 1,227,362 Allowance: Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 3,999 $ 1,221,053 $ 2,310 $ 1,227,362 Loans: Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 682,273 $ 21,735,369 $ 27,547 $ 22,445,189 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.07 % 1.89 % 1.63 % Allowance as a percentage of the ending total loan balance 0.59 % 5.62 % 8.39 % Allowance as a percentage of the ending loans in repayment (3) 0.75 % 7.59 % 8.39 % Allowance coverage of net charge-offs (annualized) 10.10 4.03 5.35 Ending total loans, gross $ 682,273 $ 21,735,369 $ 27,547 Average loans in repayment (3) $ 543,303 $ 16,013,289 $ 26,551 Ending loans in repayment (3) $ 535,080 $ 16,095,157 $ 27,547 (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the 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 March 31, 2022 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ 43,213 Provisions for unfunded loan commitments 54,679 Total Private Education Loan provisions for credit losses 97,892 Other impacts to the provisions for credit losses: FFELP Loans 21 Credit Cards 137 Total 158 Provisions for credit losses reported in consolidated statements of income $ 98,050 (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 March 31, 2021 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) — 126,880 — 126,880 Provisions: Provision for current period 29 (254,942) (86) (254,999) Loan sale reduction to provision — (8,858) — (8,858) Loans transferred from held-for-sale — 1,887 — 1,887 Total provisions (2) 29 (261,913) (86) (261,970) Net charge-offs: Charge-offs (89) (55,139) (88) (55,316) Recoveries — 7,703 1 7,704 Net charge-offs (89) (47,436) (87) (47,612) Ending Balance $ 4,318 $ 1,173,375 $ 1,328 $ 1,179,021 Allowance: Ending balance: individually evaluated for impairment $ — $ 95,536 $ — $ 95,536 Ending balance: collectively evaluated for impairment $ 4,318 $ 1,077,839 $ 1,328 $ 1,083,485 Loans: Ending balance: individually evaluated for impairment $ — $ 1,225,604 $ — $ 1,225,604 Ending balance: collectively evaluated for impairment $ 727,664 $ 19,516,236 $ 11,309 $ 20,255,209 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.06 % 1.29 % 2.92 % Allowance as a percentage of the ending total loan balance 0.59 % 5.66 % 11.74 % Allowance as a percentage of the ending loans in repayment (3) 0.80 % 7.94 % 11.74 % Allowance coverage of net charge-offs (annualized) 12.13 6.18 3.82 Ending total loans, gross $ 727,664 $ 20,741,840 $ 11,309 Average loans in repayment (3) $ 554,510 $ 14,743,508 $ 11,909 Ending loans in repayment (3) $ 540,903 $ 14,777,939 $ 11,309 (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the 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 March 31, 2021 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (261,913) Provisions for unfunded loan commitments 36,203 Total Private Education Loan provisions for credit losses (225,710) Other impacts to the provisions for credit losses: FFELP Loans 29 Credit Cards (86) Total (57) Provisions for credit losses reported in consolidated statements of income $ (225,767) (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 March 31, 2021, December 31, 2021, and March 31, 2022, 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 three months ended March 31, 2022 increased by $324 million compared with the year-ago period. During the three months ended March 31, 2022, the provision for credit losses was primarily affected by increased commitments and additional management overlays, which were partially offset by improved economic forecasts and faster prepayment rates. 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 reflected the significant improvement in economic forecasts, as well as the implementation of an updated prepayment speed model. 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. Loan Modifications to Borrowers Experiencing Financial Difficulty The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical information, which includes losses from modifications of receivables whose borrowers are experiencing financial difficulty. We use a discounted cash flow model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. The effect of most modifications of loans made to borrowers who are experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance. The forecast of expected future cash flows is updated as the loan modifications occur. We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations and 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 (currently 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. Within the Private Education Loan portfolio, we deem loans greater than 90 days past due as 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. For additional information, see Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies —Allowance for Credit Losses - 2021 and 2020,” and Note 7, “Allowance for Credit Losses” in our 2021 Form 10-K. Under our current forbearance practices, temporary forbearance of payments is generally granted in one two The limitations on granting of forbearances described above apply to hardship forbearances. We offer other administrative forbearances (e.g., death and disability, bankruptcy, military service, disaster forbearance, and in school assistance) that are either required by law (such as by the Servicemembers Civil Relief Act) or are considered separate from our active loss mitigation programs and therefore are not considered to be loan modifications under ASU No. 2022-02. In addition, we may offer on a limited basis term extensions or rate reductions or a combination of both to borrowers to reduce consolidation activities. For purposes of this disclosure, we do not consider them modifications of loans to borrowers experiencing financial difficulty and they therefore are not included in the tables below. The following table shows the amortized cost basis at the end of the reporting period of the loans to borrowers experiencing financial difficulty that were modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period, disaggregated by class of financing receivable and type of modification. When we approve a Private Education Loan at the beginning of an academic year, we do not always disburse the full amount of the loan at the time of 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 consider borrowers to be in financial difficulty after they have exited school and have difficulty making their scheduled principal and interest payments. Loan Modifications Made to Borrowers Experiencing Financial Difficulty At March 31, 2022 Interest Rate Reduction Combination - Interest Rate Reduction and Term Extension Loan Type: Amortized Cost Basis % of Total Class of Financing Receivable Amortized Cost Basis % of Total Class of Financing Receivable Private Education Loans $ 7,679 0.04 % $ 79,597 0.37 % Total $ 7,679 0.04 % $ 79,597 0.37 % The following table describes the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty: Interest Rate Reduction Combination - Interest Rate Loan Type Financial Effect Loan Type Financial Effect Private Education Loans Reduced average contractual rate from 10.09% to 4.00% Private Education Loans Added a weighted average 10.51 years to the life of loans Reduced average contractual rate from 9.43% to 4.00% When a Private Education Loan reaches 120 days delinquent, the loan is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Allowance for Credit Losses - 2021 and 2020 — Allowance for Private Education Loan Losses - 2021 and 2020, — Allowance for FFELP Loan Losses - 2021 and 2020, and — Allowance for Credit Card Loans - 2021 and 2020” in our 2021 Form 10-K for a more detailed discussion. The following table provides the amount of financing receivables whose borrowers were experiencing financial difficulty and had a payment default and were modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period. We define payment default as 60 days past due for purposes of this disclosure. At March 31, 2022 Modified Loans (1) Payment Default Loan Type: Private Education Loans $ 290 $ 287 Total $ 290 $ 287 (1) Represents amortized cost basis of loans that have been modified. We closely monitor performance of the loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of the modification efforts. The following table depicts the performance of loans that have been modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period. Payment Status (Amortized Cost Basis) At March 31, 2022 Deferment (1) Current (2)(3) 30-59 Days Past Due (2)(3) 60-89 Days Past Due (2)(3) 90 Days or Greater Past Due (2)(3) Loan Type: Private Education Loans $ 649 $ 84,992 $ 1,295 $ 255 $ 85 Total $ 649 $ 84,992 $ 1,295 $ 255 $ 85 (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make full principal and interest payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2) Loans in repayment include loans on which borrowers are making full principal and interest payments after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance). (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. 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 (held for investment), by year of origination, stratified by key credit quality indicators. As of March 31, 2022 Private Education Loans Held for Investment - Credit Quality Indicators Year of Origination 2022 (1) 2021 (1) 2020 (1) 2019 (1) 2018 (1) 2017 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 664,611 $ 4,368,829 $ 3,450,387 $ 2,626,952 $ 1,898,677 $ 6,087,363 $ 19,096,819 88 % Without cosigner 117,001 671,963 533,219 411,385 275,611 629,371 2,638,550 12 Total $ 781,612 $ 5,040,792 $ 3,983,606 $ 3,038,337 $ 2,174,288 $ 6,716,734 $ 21,735,369 100 % FICO at Origination (2) : Less than 670 $ 58,976 $ 333,682 $ 231,772 $ 241,643 $ 183,391 $ 561,766 $ 1,611,230 7 % 670-699 111,251 669,450 543,884 468,705 343,601 1,141,747 3,278,638 15 700-749 251,606 1,591,862 1,290,542 999,922 723,591 2,257,304 7,114,827 33 Greater than or equal to 750 359,779 2,445,798 1,917,408 1,328,067 923,705 2,755,917 9,730,674 45 Total $ 781,612 $ 5,040,792 $ 3,983,606 $ 3,038,337 $ 2,174,288 $ 6,716,734 $ 21,735,369 100 % FICO Refreshed (2)(3) : Less than 670 $ 72,244 $ 472,669 $ 310,819 $ 292,706 $ 245,690 $ 964,669 $ 2,358,797 11 % 670-699 115,446 670,147 453,846 343,831 236,812 738,916 2,558,998 12 700-749 249,052 1,561,528 1,203,084 911,247 631,484 1,855,009 6,411,404 29 Greater than or equal to 750 344,870 2,336,448 2,015,857 1,490,553 1,060,302 3,158,140 10,406,170 48 Total $ 781,612 $ 5,040,792 $ 3,983,606 $ 3,038,337 $ 2,174,288 $ 6,716,734 $ 21,735,369 100 % Seasoning (4) : 1-12 payments $ 417,858 $ 3,015,407 $ 597,296 $ 506,047 $ 384,057 $ 873,302 $ 5,793,967 27 % 13-24 payments — — 2,190,940 331,049 188,777 663,245 3,374,011 16 25-36 payments — — 188 1,483,980 285,486 613,350 2,383,004 11 37-48 payments — — — — 921,378 708,204 1,629,582 7 More than 48 payments — — — — — 3,148,853 3,148,853 14 Not yet in repayment 363,754 2,025,385 1,195,182 717,261 394,590 709,780 5,405,952 25 Total $ 781,612 $ 5,040,792 $ 3,983,606 $ 3,038,337 $ 2,174,288 $ 6,716,734 $ 21,735,369 100 % 2022 Current period (5) gross charge-offs $ — $ (1,618) $ (7,397) $ (12,931) $ (12,579) $ (49,331) $ (83,856) 2022 Current period (5) recoveries — 107 507 989 1,030 5,400 8,033 2022 Current period (5) net charge-offs $ — $ (1,511) $ (6,890) $ (11,942) $ (11,549) $ (43,931) $ (75,823) Total accrued interest by origination vintage $ 9,778 $ 180,992 $ 269,425 $ 271,083 $ 190,288 $ 320,007 $ 1,241,573 (1) Balance represents gross Private Education Loans held for investment. (2) Represents the higher credit score of the cosigner or the borrower. (3) Represents the FICO score updated as of the first-quarter 2022. (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, 2022 through March 31, 2022. As of December 31, 2021 Private Education Loans Held for Investment - Credit Quality Indicators Year of Origination 2021 (1) 2020 (1) 2019 (1) 2018 (1) 2017 (1) 2016 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 3,263,892 $ 3,604,553 $ 2,778,262 $ 2,025,463 $ 1,765,719 $ 4,753,775 $ 18,191,664 88 % Without cosigner 558,469 561,730 438,263 294,597 212,514 459,626 2,525,199 12 Total $ 3,822,361 $ 4,166,283 $ 3,216,525 $ 2,320,060 $ 1,978,233 $ 5,213,401 $ 20,716,863 100 % FICO at Origination (2) : Less than 670 $ 248,368 $ 238,005 $ 251,157 $ 193,123 $ 166,048 $ 428,416 $ 1,525,117 7 % 670-699 508,264 564,497 493,237 363,313 329,807 884,981 3,144,099 15 700-749 1,210,833 1,348,269 1,057,001 770,452 660,270 1,753,709 6,800,534 33 Greater than or equal to 750 1,854,896 2,015,512 1,415,130 993,172 822,108 2,146,295 9,247,113 45 Total $ 3,822,361 $ 4,166,283 $ 3,216,525 $ 2,320,060 $ 1,978,233 $ 5,213,401 $ 20,716,863 100 % FICO Refreshed (2)(3) : Less than 670 $ 326,613 $ 279,578 $ 273,652 $ 235,684 $ 233,022 $ 739,268 $ 2,087,817 10 % 670-699 506,021 475,674 365,133 256,400 209,536 570,605 2,383,369 12 700-749 1,209,493 1,285,015 978,763 682,024 568,766 1,448,692 6,172,753 30 Greater than or equal to 750 1,780,234 2,126,016 1,598,977 1,145,952 966,909 2,454,836 10,072,924 48 Total $ 3,822,361 $ 4,166,283 $ 3,216,525 $ 2,320,060 $ 1,978,233 $ 5,213,401 $ 20,716,863 100 % Seasoning (4) : 1-12 payments $ 2,265,811 $ 594,850 $ 515,328 $ 385,246 $ 340,242 $ 501,269 $ 4,602,746 22 % 13-24 payments — 2,287,737 362,674 203,674 211,064 479,540 3,544,689 17 25-36 payments — 173 1,565,203 312,049 164,575 482,369 2,524,369 12 37-48 payments — — — 983,434 295,206 464,563 1,743,203 8 More than 48 payments — — — — 671,138 2,726,304 3,397,442 16 Not yet in repayment 1,556,550 1,283,523 773,320 435,657 296,008 559,356 4,904,414 25 Total $ 3,822,361 $ 4,166,283 $ 3,216,525 $ 2,320,060 $ 1,978,233 $ 5,213,401 $ 20,716,863 100 % 2021 Current period (5) gross charge-offs $ (1,183) $ (8,604) $ (23,866) $ (32,741) $ (37,186) $ (126,011) $ (229,591) 2021 Current period (5) recoveries 35 540 2,092 3,693 4,450 18,684 29,494 2021 Current period (5) net charge-offs $ (1,148) $ (8,064) $ (21,774) $ (29,048) $ (32,736) $ (107,327) $ (200,097) Total accrued interest by origination vintage $ 109,233 $ 247,418 $ 270,242 $ 198,816 $ 131,685 $ 229,729 $ 1,187,123 (1) Balance represents gross Private Education Loans held for investment. (2) Represents the higher credit score of the cosigner or the borrower. (3) Represents the FICO score updated as of the fourth-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 January 1, 2021 through December 31, 2021. 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). Private Education Loans Held for Investment - Delinquencies by Origination Vintage As of March 31, 2022 2022 2021 2020 2019 2018 2017 and Prior Total Loans in-school/grace/deferment (1) $ 363,754 $ 2,025,385 $ 1,195,182 $ 717,261 $ 394,590 $ 709,780 $ 5,405,952 Loans in forbearance (2) 441 15,123 37,237 35,259 30,585 115,615 234,260 Loans in repayment: Loans current 415,657 2,972,685 2,690,157 2,205,417 1,674,303 5,571,861 15,530,080 Loans delinquent 30-59 days (3) 1,760 17,435 28,523 34,956 33,362 144,499 260,535 Loans delinquent 60-89 days (3) — 6,557 18,618 25,590 23,023 95,272 169,060 Loans 90 days or greater past due (3) — 3,607 13,889 19,854 18,425 79,707 135,482 Total Private Education Loans in repayment 417,417 3,000,284 2,751,187 2,285,817 1,749,113 5,891,339 16,095,157 Total Private Education Loans, gross 781,612 5,040,792 3,983,606 3,038,337 2,174,288 6,716,734 21,735,369 Private Education Loans deferred origination costs and unamortized premium/(discount) 9,615 20,732 14,883 8,753 5,380 12,544 71,907 Total Private Education Loans 791,227 5,061,524 3,998,489 3,047,090 2,179,668 6,729,278 21,807,276 Private Education Loans allowance for losses (54,769) (308,664) (230,000) (187,181) (122,741) (317,698) (1,221,053) Private Education Loans, net $ 736,458 $ 4,752,860 $ 3,768,489 $ 2,859,909 $ 2,056,927 $ 6,411,580 $ 20,586,223 Percentage of Private Education Loans in repayment 53.4 % 59.5 % 69.1 % 75.2 % 80.4 % 87.7 % 74.1 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.4 % 0.9 % 2.2 % 3.5 % 4.3 % 5.4 % 3.5 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.1 % 0.5 % 1.3 % 1.5 % 1.7 % 1.9 % 1.4 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Loans Held for Investment - Delinquencies by Origination Vintage As of December 31, 2021 2021 2020 2019 2018 2017 2016 and Prior Total Loans in-school/grace/deferment (1) $ 1,556,550 $ 1,283,523 $ 773,320 $ 435,657 $ 296,008 $ 559,356 $ 4,904,414 Loans in forbearance (2) 11,951 55,844 52,364 43,613 41,355 96,110 301,237 Loans in repayment: Loans current 2,234,876 2,786,646 2,321,728 1,772,651 1,570,815 4,319,057 15,005,773 Loans delinquent 30-59 days (3) 15,148 29,146 46,616 43,197 41,695 132,757 308,559 Loans delinquent 60-89 days (3) 3,194 7,441 14,044 14,310 16,425 61,533 116,947 Loans 90 days or greater past due (3) 642 3,683 8,453 10,632 11,935 44,588 79,933 Total Private Education Loans in repayment 2,253,860 2,826,916 2,390,841 1,840,790 1,640,870 4,557,935 15,511,212 Total Private Education Loans, gross 3,822,361 4,166,283 3,216,525 2,320,060 1,978,233 5,213,401 20,716,863 Private Education Loans deferred origination costs and unamortized premium/(discount) 22,169 16,067 9,575 5,918 4,588 9,171 67,488 Total Private Education Loans 3,844,530 4,182,350 3,226,100 2,325,978 1,982,821 5,222,572 20,784,351 Private Education Loans allowance for losses (248,102) (239,507) (195,223) (129,678) (99,982) (246,485) (1,158,977) Private Education Loans, net $ 3,596,428 $ 3,942,843 $ 3,030,877 $ 2,196,300 $ 1,882,839 $ 4,976,087 $ 19,625,374 Percentage of Private Education Loans in repayment 59.0 % 67.9 % 74.3 % 79.3 % 82.9 % 87.4 % 74.9 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.8 % 1.4 % 2.9 % 3.7 % 4.3 % 5.2 % 3.3 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.5 % 1.9 % 2.1 % 2.3 % 2.5 % 2.1 % 1.9 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Accrued Interest Receivable The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans 90 days or greater 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. Private Education Loans Accrued Interest Receivable (Dollars in thousands) Total Interest Receivable 90 Days or Greater Past Due Allowance for Uncollectible Interest March 31, 2022 $ 1,241,574 $ 6,292 $ 5,505 December 31, 2021 $ 1,187,123 $ 3,635 $ 4,937

Unfunded Loan Commitments

Unfunded Loan Commitments	3 Months Ended
	Mar. 31, 2022
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 - 2021 and 2020, — Off-Balance Sheet Exposure for Contractual Loan Commitments - 2021 and 2020” in our 2021 Form 10-K for additional information. At March 31, 2022, we had $562 million 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. 2022 2021 Three Months Ended March 31, Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 72,713 $ 1,776,976 $ 110,044 $ 1,673,018 Provision/New commitments - net (1) 47,454 968,830 40,197 843,161 Other provision items 7,226 — (3,994) — Transfer - funded loans (2) (94,686) (2,184,058) (126,880) (2,058,726) Ending Balance $ 32,707 $ 561,748 $ 19,367 $ 457,453 (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. The unfunded commitments disclosed above represent the total amount of outstanding unfunded commitments at each period end. However, historically not all of these commitments are funded prior to the expiration of the commitments. We estimate the amount of commitments expected to be funded in calculating the reserve for unfunded commitments. The amount we expect to fund and use in our calculation of the reserve for unfunded commitments will change period to period based upon the loan characteristics of the underlying commitments.

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Acquired Intangible Assets	Goodwill and Acquired Intangible Assets Goodwill We recorded as goodwill the excess of the purchase price over the estimated fair values of identifiable assets and liabilities acquired as part of the Nitro acquisition in the first quarter of 2022. Goodwill is not amortized but is tested periodically for impairment. We plan to test goodwill for impairment annually in the fourth quarter of the year, or more frequently if we believe that indicators of impairment exist. At March 31, 2022 we had $51 million in total Goodwill. See Note 2, “Significant Accounting Policies” for additional details on our acquisition of Nitro. Acquired Intangible Assets Our intangible assets include acquired tradename and trademarks, customer relationships, and developed technology. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Acquired intangible assets include the following: March 31, 2022 (Dollars in thousands) Useful Life (in years) (1) Cost Basis Accumulated Amortization Net Tradename and trademarks 10 $ 68,470 $ (515) $ 67,955 Customer relationships 5 5,670 (186) 5,484 Developed technology 3 1,260 (32) 1,228 Total acquired intangible assets $ 75,400 $ (733) $ 74,667 (1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 9.51 years.

Deposits

Deposits	3 Months Ended
	Mar. 31, 2022
Banking and Thrift, Other Disclosures [Abstract]
Deposits	Deposits The following table summarizes total deposits at March 31, 2022 and December 31, 2021. March 31, December 31, (Dollars in thousands) 2022 2021 Deposits - interest bearing $ 21,192,004 $ 20,826,692 Deposits - non-interest bearing 2,022 1,432 Total deposits $ 21,194,026 $ 20,828,124 Our total deposits of $21.2 billion were comprised of $10.0 billion in brokered deposits and $11.2 billion in retail and other deposits at March 31, 2022, compared to total deposits of $20.8 billion, which were comprised of $10.1 billion in brokered deposits and $10.7 billion in retail and other deposits, at December 31, 2021. Interest bearing deposits as of March 31, 2022 and December 31, 2021 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 $7.8 billion and $7.3 billion of our deposit total as of March 31, 2022 and December 31, 2021, 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 $3 million and $4 million in the three months ended March 31, 2022 and 2021, respectively. Fees paid to third-party brokers related to brokered CDs were $2 million for the three months ended March 31, 2022. There were no related fees paid in the three months ended March 31, 2021. Interest bearing deposits at March 31, 2022 and December 31, 2021 are summarized as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 10,984,116 0.79 % $ 10,473,569 0.69 % Savings 968,059 0.43 959,122 0.43 Certificates of deposit 9,239,829 1.37 9,394,001 1.20 Deposits - interest bearing $ 21,192,004 $ 20,826,692 (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2022
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 2021 Form 10-K. The following table summarizes our borrowings at March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 (Dollars in thousands) Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ — $ 986,591 $ 986,591 $ — $ 986,138 $ 986,138 Total unsecured borrowings — 986,591 986,591 — 986,138 986,138 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 3,608,606 3,608,606 — 3,897,996 3,897,996 Variable-rate — 957,300 957,300 — 1,046,856 1,046,856 Total Private Education Loan term securitizations — 4,565,906 4,565,906 — 4,944,852 4,944,852 Secured Borrowing Facility — — — — — — Total secured borrowings — 4,565,906 4,565,906 — 4,944,852 4,944,852 Total $ — $ 5,552,497 $ 5,552,497 $ — $ 5,930,990 $ 5,930,990 Long-term Borrowings Secured Financings at Issuance The following table summarizes our secured financings issued in 2021. There were no secured financings issued in the three months ended March 31, 2022. Issue Date Issued Total Issued Weighted Average Cost of Funds (1) Weighted Average Life (Dollars in thousands) Private Education Loans: 2021-B May 2021 $ 531,000 1-month LIBOR plus 0.77% 4.26 2021-D August 2021 527,000 1-month LIBOR plus 0.69% 4.22 2021-E November 2021 534,000 1-month LIBOR plus 0.69% 4.15 Total notes issued in 2021 $ 1,592,000 Total loan and accrued interest amount securitized at inception in 2021 (2) $ 1,656,263 (1) Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs. (2) At March 31, 2022, $1.46 billion of our Private Education Loans, including $1.37 billion of principal and $87 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. As of March 31, 2022 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 $ — $ 4,565,906 $ 4,565,906 $ 5,650,067 $ 187,960 $ 333,325 $ 6,171,352 Secured Borrowing Facility — — — — — 298 298 Total $ — $ 4,565,906 $ 4,565,906 $ 5,650,067 $ 187,960 $ 333,623 $ 6,171,650 . As of December 31, 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 $ — $ 4,994,852 $ 4,994,852 $ 6,029,034 $ 210,741 $ 357,982 $ 6,597,757 Secured Borrowing Facility — — — — — 867 867 Total $ — $ 4,994,852 $ 4,994,852 $ 6,029,034 $ 210,741 $ 358,849 $ 6,598,624 (1) Other assets primarily represent accrued interest receivable. Unconsolidated VIEs Private Education Loan Securitizations 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. 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 five percent of the securities issued by the trusts to meet risk retention requirements. We were not required to consolidate these entities because while as servicer we may have a significant impact on economic performance, the risk of absorbing losses that could be significant is low. 2022-A Transaction On March 16, 2022, we closed an SMB Private Education Loan Trust 2022-A term ABS transaction (the “2022-A Transaction”), in which an unaffiliated third-party sold to the trust approximately $973 million of Private Education Loans that the third-party seller previously purchased from us on November 17, 2021. In the 2022-A Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $95 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 2022-A Transaction and we recorded a $10 million gain on sale associated with this transaction. In connection with the 2022-A Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2022-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. The table below provides a summary of our exposure related to our unconsolidated VIEs. March 31, 2022 December 31, 2021 (Dollars in thousands) Debt Interests (1) Equity Interests (2) Total Exposure Debt Interests (1) Equity Interests (2) Total Exposure Private Education Loan term securitizations $ 230,372 $ 38,820 $ 269,192 $ 192,245 $ 37,465 $ 229,710 (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 March 31, 2022. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing and is payable daily. We did not utilize these lines of credit in the three months ended March 31, 2022 or in the year ended December 31, 2021. 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 March 31, 2022 and December 31, 2021, the value of our pledged collateral at the FRB totaled $2.9 billion and $3.3 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the three months ended March 31, 2022 or in the year ended December 31, 2021.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
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 2021 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 March 31, 2022, $4.8 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 94.3 percent and 5.7 percent, respectively, of our total notional derivative contracts of $5.1 billion at March 31, 2022. 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 March 31, 2022 was $(64) million and $(0.4) 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 March 31, 2022 and December 31, 2021, 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 $9 million and $9 million, respectively. Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments at March 31, 2022 and December 31, 2021, and their impact on earnings and other comprehensive income for the three months ended March 31, 2022 and March 31, 2021. Please refer to Notes to Consolidated Financial Statements, Note 12, “Derivative Financial Instruments” in our 2021 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 March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, (Dollars in thousands) 2022 2021 2022 2021 2022 2021 2022 2021 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ 169 $ — $ — $ — $ — $ 5 $ 169 $ 5 Other Other — — — — — 1,317 — 1,317 Derivative Liabilities: (2) Interest rate swaps Interest rate (43) (231) (220) (21) — — (263) (252) Total net derivatives $ 126 $ (231) $ (220) $ (21) $ — $ 1,322 $ (94) $ 1,070 (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 March 31, December 31, March 31, December 31, (Dollars in thousands) 2022 2021 2022 2021 Gross position (1) $ 169 $ 1,322 $ (263) $ (252) Impact of master netting agreement (169) (5) 169 5 Derivative values with impact of master netting agreements (as carried on balance sheet) — 1,317 (94) (247) Cash collateral pledged (2) 9,327 9,655 — — Net position $ 9,327 $ 10,972 $ (94) $ (247) (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. Notional Values Cash Flow Fair Value Trading Total (Dollars in thousands) March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2022 2021 2022 2021 2022 2021 2022 2021 Interest rate swaps $ 1,407,412 $ 1,438,144 $ 3,678,960 $ 3,915,999 $ — $ 181,953 $ 5,086,372 $ 5,536,096 Other — — — — — 1,053,760 — 1,053,760 Net total notional $ 1,407,412 $ 1,438,144 $ 3,678,960 $ 3,915,999 $ — $ 1,235,713 $ 5,086,372 $ 6,589,856 As of March 31, 2022 and December 31, 2021, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges: (Dollars in thousands) Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included: March 31, December 31, March 31, December 31, 2022 2021 2022 2021 Deposits $ (3,675,421) $ (3,963,268) $ 484 $ (50,784) Impact of Derivatives on the Consolidated Statements of Income Three Months Ended (Dollars in thousands) 2022 2021 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ 17,287 $ 22,610 Hedged items recorded in interest expense 51,268 31,275 Derivatives recorded in interest expense (51,319) (31,251) Total $ 17,236 $ 22,634 Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ (4,541) $ (5,269) Total $ (4,541) $ (5,269) Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ (248) $ (10,864) Total (248) (10,864) Total $ 12,447 $ 6,501 Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended March 31, (Dollars in thousands) 2022 2021 Amount of gain (loss) recognized in other comprehensive income (loss) $ 47,989 $ 18,154 Less: amount of gain (loss) reclassified in interest expense (4,541) (5,269) Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ 52,530 $ 23,423 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 $5 million will be reclassified as a decrease to interest expense. Cash Collateral As of March 31, 2022, 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 March 31, 2022 and December 31, 2021, respectively. Cash collateral pledged related to derivative exposure between us and our derivatives counterparties was $9 million and $10 million at March 31, 2022 and December 31, 2021, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The following table summarizes our common share repurchases and issuances. Three Months Ended (Shares and per share amounts in actuals) 2022 2021 Common stock repurchased under repurchase programs (1)(2)(3) 9,533,392 48,702,830 Average purchase price per share (4) $ 18.46 $ 15.75 Shares repurchased related to employee stock-based compensation plans (5) 934,602 1,059,980 Average purchase price per share $ 18.55 $ 13.50 Common shares issued (6) 2,594,817 2,826,387 (1) Common shares purchased under our share repurchase programs. We have utilized all capacity under our 2021 Share Repurchase Program. There was $1.1 billion of capacity remaining under the 2022 Share Repurchase Program at March 31, 2022. (2) For the three months ended March 31, 2021, the amount includes 13 million shares related to the completion of the accelerated share repurchase agreement in the first quarter of 2021. See Notes to Consolidated Financial Statements, Note 13, “Stockholders’ Equity” in our 2021 Form 10-K for additional information. (3) For the three months ended March 31, 2021, the amount includes 28.5 million shares related to the settlement of our common stock tender offer in the first quarter of 2021. See Notes to Consolidated Financial Statements, Note 13, “Stockholders’ Equity” in our 2021 Form 10-K for additional information. (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 March 31, 2022 was $18.36. Common Stock Dividends In March 2022, we paid a common stock dividend of $0.11 per common share. In March 2021, we paid a common stock dividend of $0.03 per common share. Share Repurchases 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 originally permitted 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 31 million shares of common stock for $517 million in the three months ended March 31, 2021. (Those amounts include the shares repurchased under the common stock tender offer that settled in the first quarter of 2021.) In October 2021, our Board of Directors approved a $250 million increase in the amount of common stock that may be repurchased under our 2021 Share Repurchase Program. This is in addition to the original $1.25 billion of authorization announced on January 27, 2021, for a total 2021 Share Repurchase Program authorization of $1.5 billion. Under the 2021 Share Repurchase Program, we repurchased 2.0 million shares of common stock for $38 million in the three months ended March 31, 2022. We have now utilized all capacity under the 2021 Share Repurchase Program. On January 26, 2022, we announced a new share repurchase program (the “2022 Share Repurchase Program”), which was effective upon announcement and expires on January 25, 2024, 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 2022 Share Repurchase Program, we repurchased 7.5 million shares of common stock for $138 million in the three months ended March 31, 2022. We had $1.1 billion of capacity remaining under the 2022 Share Repurchase Program at March 31, 2022. So long as there is unexpired capacity under a given repurchase program, repurchases under the 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 2022 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 the program or at all. Share Repurchases under Rule 10b5-1 trading plans

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows. Three Months Ended (Dollars in thousands, except per share data) 2022 2021 Numerator: Net income $ 128,812 $ 641,207 Preferred stock dividends 1,275 1,201 Net income attributable to SLM Corporation common stock $ 127,537 $ 640,006 Denominator: Weighted average shares used to compute basic EPS 276,977 361,042 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) 3,677 5,198 Weighted average shares used to compute diluted EPS 280,654 366,240 Basic earnings per common share $ 0.46 $ 1.77 Diluted earnings per common share $ 0.45 $ 1.75 (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	3 Months Ended
	Mar. 31, 2022
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 2021 Form 10-K. During the three months ended March 31, 2022, there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments. The following table summarizes the valuation of our financial instruments that are marked to fair value on a recurring basis. Fair Value Measurements on a Recurring Basis March 31, 2022 December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Trading investments $ — $ — $ 38,820 $ 38,820 $ — $ — $ 37,465 $ 37,465 Available-for-sale investments — 2,341,551 — 2,341,551 — 2,517,956 — 2,517,956 Derivative instruments — 169 — 169 — 1,322 — 1,322 Total $ — $ 2,341,720 $ 38,820 $ 2,380,540 $ — $ 2,519,278 $ 37,465 $ 2,556,743 Liabilities: Derivative instruments $ — $ (263) $ — $ (263) $ — $ (252) $ — $ (252) Total $ — $ (263) $ — $ (263) $ — $ (252) $ — $ (252) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. March 31, 2022 December 31, 2021 (Dollars in thousands) Fair Carrying Difference Fair Carrying Difference Earning assets: Loans held for investment, net: Private Education Loans $ 24,125,657 $ 20,586,223 $ 3,539,434 $ 22,919,836 $ 19,625,374 $ 3,294,462 FFELP Loans 692,507 680,044 12,463 705,644 692,954 12,690 Credit Cards 27,581 25,408 2,173 25,037 22,955 2,082 Cash and cash equivalents 3,262,595 3,262,595 — 4,334,603 4,334,603 — Trading investments 38,820 38,820 — 37,465 37,465 — Available-for-sale investments 2,341,551 2,341,551 — 2,517,956 2,517,956 — Accrued interest receivable 1,368,425 1,259,145 109,280 1,306,410 1,205,667 100,743 Tax indemnification receivable 8,155 8,155 — 8,047 8,047 — Derivative instruments 169 169 — 1,322 1,322 — Total earning assets $ 31,865,460 $ 28,202,110 $ 3,663,350 $ 31,856,320 $ 28,446,343 $ 3,409,977 Interest-bearing liabilities: Money-market and savings accounts $ 11,915,011 $ 11,952,175 $ 37,164 $ 11,457,490 $ 11,432,691 $ (24,799) Certificates of deposit 9,171,506 9,239,829 68,323 9,451,528 9,394,001 (57,527) Long-term borrowings 5,483,809 5,552,497 68,688 6,000,174 5,930,990 (69,184) Accrued interest payable 61,379 61,379 — 46,600 46,600 — Derivative instruments 263 263 — 252 252 — Total interest-bearing liabilities $ 26,631,968 $ 26,806,143 $ 174,175 $ 26,956,044 $ 26,804,534 $ (151,510) Excess of net asset fair value over carrying value $ 3,837,525 $ 3,258,467 Please refer to Notes to Consolidated Financial Statements, Note 16, “Fair Value Measurements” in our 2021 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	3 Months Ended
	Mar. 31, 2022
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. 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 position. 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. Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopt CECL during the 2020 calendar year, including the Bank, may elect 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. The Bank has elected to use this option. Therefore, the regulatory capital impact of the Bank’s transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank’s allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the “adjusted transition amounts”), were deferred for the two-year period ending January 1, 2022. From January 1, 2022 to January 1, 2025, 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. The Bank’s January 1, 2020 CECL transition amounts increased our 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. At March 31, 2022, the adjusted transition amounts, reflecting changes over the phase-in period, that will be deferred for regulatory capital purposes are as follows: Transition Amounts Adjustments for the Year Ended Adjustments for the Year Ended Adjustments Adjusted Transition Amounts (Dollars in thousands) January 1, 2020 December 31, 2020 December 31, 2021 March 31, 2022 March 31, 2022 Retained earnings $ 952,639 $ (57,859) $ (58,429) $ (209,088) $ 627,263 Allowance for credit losses 1,143,053 (55,811) (49,097) (259,536) 778,609 Liability for unfunded commitments 115,758 (2,048) (9,333) (26,094) 78,283 Deferred tax asset 306,171 — — (76,542) 229,629 The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. (Dollars in thousands) Actual U.S. Basel III Minimum Requirements Plus Buffer (1)(2) Amount Ratio Amount Ratio As of March 31, 2022 (3) : Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,155,469 12.9 % $ 1,710,526 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,155,469 12.9 % $ 2,077,067 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,462,126 14.2 % $ 2,565,789 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,155,469 10.5 % $ 1,199,485 > 4.0 % As of December 31, 2021: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,314,657 14.1 % $ 1,643,132 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,314,657 14.1 % $ 1,995,232 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,410,183 14.5 % $ 2,464,699 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,314,657 11.1 % $ 1,198,808 > 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. (3) For March 31, 2022, the actual amounts and the actual ratios include the adjusted transition amounts discussed above. Bank Dividends

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, we had $562 million of outstanding contractual loan commitments which we expect to fund during the remainder of the 2021/2022 academic year. At March 31, 2022, we had a $33 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 - 2021 and 2020 — Off-Balance Sheet Exposure for Contractual Loan Commitments - 2021 and 2020” in our 2021 Form 10-K and Note 5, “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 2021 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.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event2022 Loan SalesOn April 27, 2022, we sold approximately $2.0 billion of our Private Education Loans, including approximately $1.9 billion in principal and approximately $130 million in capitalized interest to an unaffiliated third party. The gain on sale of loans sold expressed as a percentage was in the low double-digits and will be recognized in the second-quarter 2022 consolidated statements of income. The transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date. We will continue to service these loans pursuant to the terms of the applicable transaction documents.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2022 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, 2021 (the “2021 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.
Business Combination	Business CombinationThe acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standard Codification 805, “Business Combinations,” whereby as of the acquisition date, the acquired tangible assets and liabilities were recorded at their estimated fair values. The identifiable intangible assets were recorded at fair values as determined by an independent appraiser.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements On March 31, 2022, the FASB issued Accounting Standards Update (“ASU”) No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU No. 2022-02”), which eliminates the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The enhanced disclosures are required to be provided for modifications made starting in the period of adoption. Information about modifications in periods before adoption is not required to be provided. ASU No. 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination. For entities that have adopted the amendments in ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“CECL”), the amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments in ASU No. 2022-02 is permitted if an entity has adopted CECL. The amendments should be applied prospectively. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method. We have elected to early adopt in all aspects ASU No. 2022-02 prospectively for the period beginning January 1, 2022. The adoption did not affect our consolidated financial statements. For additional information, see Note 4, "Allowance for Credit Losses".

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
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: As of March 31, 2022 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 400,647 $ — $ 74 $ (29,641) $ 371,080 Utah Housing Corporation bonds 4,926 — — (77) 4,849 U.S. government-sponsored enterprises and Treasuries 1,799,080 — — (63,830) 1,735,250 Other securities 235,551 — — (5,179) 230,372 Total $ 2,440,204 $ — $ 74 $ (98,727) $ 2,341,551 As of December 31, 2021 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 376,313 $ — $ 1,857 $ (7,073) $ 371,097 Utah Housing Corporation bonds 6,943 — 18 — 6,961 U.S. government-sponsored enterprises and Treasuries 1,958,943 — 603 (11,893) 1,947,653 Other securities 193,369 — 439 (1,563) 192,245 Total $ 2,535,568 $ — $ 2,917 $ (20,529) $ 2,517,956
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: (Dollars in thousands) Less than 12 months 12 months or more Total Gross Estimated Gross Estimated Gross Estimated As of March 31, 2022: Mortgage-backed securities $ (12,056) $ 188,447 $ (17,585) $ 176,659 $ (29,641) $ 365,106 Utah Housing Corporation bonds (77) 4,849 — — (77) 4,849 U.S. government-sponsored enterprises and Treasuries (61,996) 1,647,055 (1,834) 63,176 (63,830) 1,710,231 Other securities (3,266) 137,845 (1,913) 36,752 (5,179) 174,597 Total $ (77,395) $ 1,978,196 $ (21,332) $ 276,587 $ (98,727) $ 2,254,783 As of December 31, 2021: Mortgage-backed securities $ (5,534) $ 261,404 $ (1,540) $ 36,587 $ (7,074) $ 297,991 Utah Housing Corporation bonds — — — — — — U.S. government-sponsored enterprises and Treasuries (11,892) 1,199,367 — — (11,892) 1,199,367 Other securities (1,563) 132,884 — — (1,563) 132,884 Total $ (18,989) $ 1,593,655 $ (1,540) $ 36,587 $ (20,529) $ 1,630,242
Amortized Cost and Fair Value of Securities by Contractual Maturities	As of March 31, 2022, 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. As of March 31, 2022 Amortized Cost Estimated Fair Value 2022 $ 194,309 $ 193,447 2023 162,595 159,383 2024 597,268 577,077 2025 297,077 293,021 2026 547,832 512,323 2038 73 76 2039 873 916 2042 2,912 2,768 2043 5,415 5,336 2044 7,015 6,959 2045 6,158 6,018 2046 9,374 9,085 2047 9,957 9,751 2048 2,427 2,437 2049 18,261 17,902 2050 127,490 116,445 2051 174,646 159,542 2052 40,972 38,693 2053 132,336 128,621 2054 103,214 101,751 Total $ 2,440,204 $ 2,341,551

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Loans Held for Investment	Loans held for investment are summarized as follows: March 31, December 31, (Dollars in thousands) 2022 2021 Private Education Loans: Fixed-rate $ 10,685,053 $ 9,920,547 Variable-rate 11,050,316 10,796,316 Total Private Education Loans, gross 21,735,369 20,716,863 Deferred origination costs and unamortized premium/(discount) 71,907 67,488 Allowance for credit losses (1,221,053) (1,158,977) Total Private Education Loans, net 20,586,223 19,625,374 FFELP Loans 682,273 695,216 Deferred origination costs and unamortized premium/(discount) 1,770 1,815 Allowance for credit losses (3,999) (4,077) Total FFELP Loans, net 680,044 692,954 Credit Cards (fixed-rate) 27,547 25,014 Deferred origination costs and unamortized premium/(discount) 171 222 Allowance for credit losses (2,310) (2,281) Total Credit Cards, net 25,408 22,955 Loans held for investment, net $ 21,291,675 $ 20,341,283 The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows: 2022 2021 Three Months Ended March 31, (dollars in thousands) Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 21,858,270 8.38 % $ 20,984,491 8.22 % FFELP Loans 690,540 3.51 734,289 3.41 Credit Cards 26,622 3.95 11,841 0.78 Total portfolio $ 22,575,432 $ 21,730,621

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Allowance for Credit Losses and Recorded Investments in Loans	Allowance for Credit Losses Metrics Three Months Ended March 31, 2022 FFELP Private Education Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,077 $ 1,158,977 $ 2,281 $ 1,165,335 Transfer from unfunded commitment liability (1) — 94,686 — 94,686 Provisions: Provision for current period 21 48,460 137 48,618 Loan sale reduction to provision — (5,247) — (5,247) Total provisions (2) 21 43,213 137 43,371 Net charge-offs: Charge-offs (99) (83,856) (111) (84,066) Recoveries — 8,033 3 8,036 Net charge-offs (99) (75,823) (108) (76,030) Ending Balance $ 3,999 $ 1,221,053 $ 2,310 $ 1,227,362 Allowance: Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 3,999 $ 1,221,053 $ 2,310 $ 1,227,362 Loans: Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 682,273 $ 21,735,369 $ 27,547 $ 22,445,189 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.07 % 1.89 % 1.63 % Allowance as a percentage of the ending total loan balance 0.59 % 5.62 % 8.39 % Allowance as a percentage of the ending loans in repayment (3) 0.75 % 7.59 % 8.39 % Allowance coverage of net charge-offs (annualized) 10.10 4.03 5.35 Ending total loans, gross $ 682,273 $ 21,735,369 $ 27,547 Average loans in repayment (3) $ 543,303 $ 16,013,289 $ 26,551 Ending loans in repayment (3) $ 535,080 $ 16,095,157 $ 27,547 (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the 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 March 31, 2022 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ 43,213 Provisions for unfunded loan commitments 54,679 Total Private Education Loan provisions for credit losses 97,892 Other impacts to the provisions for credit losses: FFELP Loans 21 Credit Cards 137 Total 158 Provisions for credit losses reported in consolidated statements of income $ 98,050 (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 March 31, 2021 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) — 126,880 — 126,880 Provisions: Provision for current period 29 (254,942) (86) (254,999) Loan sale reduction to provision — (8,858) — (8,858) Loans transferred from held-for-sale — 1,887 — 1,887 Total provisions (2) 29 (261,913) (86) (261,970) Net charge-offs: Charge-offs (89) (55,139) (88) (55,316) Recoveries — 7,703 1 7,704 Net charge-offs (89) (47,436) (87) (47,612) Ending Balance $ 4,318 $ 1,173,375 $ 1,328 $ 1,179,021 Allowance: Ending balance: individually evaluated for impairment $ — $ 95,536 $ — $ 95,536 Ending balance: collectively evaluated for impairment $ 4,318 $ 1,077,839 $ 1,328 $ 1,083,485 Loans: Ending balance: individually evaluated for impairment $ — $ 1,225,604 $ — $ 1,225,604 Ending balance: collectively evaluated for impairment $ 727,664 $ 19,516,236 $ 11,309 $ 20,255,209 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.06 % 1.29 % 2.92 % Allowance as a percentage of the ending total loan balance 0.59 % 5.66 % 11.74 % Allowance as a percentage of the ending loans in repayment (3) 0.80 % 7.94 % 11.74 % Allowance coverage of net charge-offs (annualized) 12.13 6.18 3.82 Ending total loans, gross $ 727,664 $ 20,741,840 $ 11,309 Average loans in repayment (3) $ 554,510 $ 14,743,508 $ 11,909 Ending loans in repayment (3) $ 540,903 $ 14,777,939 $ 11,309 (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the 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 March 31, 2021 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (261,913) Provisions for unfunded loan commitments 36,203 Total Private Education Loan provisions for credit losses (225,710) Other impacts to the provisions for credit losses: FFELP Loans 29 Credit Cards (86) Total (57) Provisions for credit losses reported in consolidated statements of income $ (225,767) (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. 2022 2021 Three Months Ended March 31, Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 72,713 $ 1,776,976 $ 110,044 $ 1,673,018 Provision/New commitments - net (1) 47,454 968,830 40,197 843,161 Other provision items 7,226 — (3,994) — Transfer - funded loans (2) (94,686) (2,184,058) (126,880) (2,058,726) Ending Balance $ 32,707 $ 561,748 $ 19,367 $ 457,453 (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.
Amortized Cost Basis of Financing Receivables	The following table shows the amortized cost basis at the end of the reporting period of the loans to borrowers experiencing financial difficulty that were modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period, disaggregated by class of financing receivable and type of modification. When we approve a Private Education Loan at the beginning of an academic year, we do not always disburse the full amount of the loan at the time of 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 consider borrowers to be in financial difficulty after they have exited school and have difficulty making their scheduled principal and interest payments. Loan Modifications Made to Borrowers Experiencing Financial Difficulty At March 31, 2022 Interest Rate Reduction Combination - Interest Rate Reduction and Term Extension Loan Type: Amortized Cost Basis % of Total Class of Financing Receivable Amortized Cost Basis % of Total Class of Financing Receivable Private Education Loans $ 7,679 0.04 % $ 79,597 0.37 % Total $ 7,679 0.04 % $ 79,597 0.37 % The following table describes the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty: Interest Rate Reduction Combination - Interest Rate Loan Type Financial Effect Loan Type Financial Effect Private Education Loans Reduced average contractual rate from 10.09% to 4.00% Private Education Loans Added a weighted average 10.51 years to the life of loans Reduced average contractual rate from 9.43% to 4.00% The following table provides the amount of financing receivables whose borrowers were experiencing financial difficulty and had a payment default and were modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period. We define payment default as 60 days past due for purposes of this disclosure. At March 31, 2022 Modified Loans (1) Payment Default Loan Type: Private Education Loans $ 290 $ 287 Total $ 290 $ 287 (1) Represents amortized cost basis of loans that have been modified.
Age Analysis of Past Due Loans Delinquencies	The following table depicts the performance of loans that have been modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period. Payment Status (Amortized Cost Basis) At March 31, 2022 Deferment (1) Current (2)(3) 30-59 Days Past Due (2)(3) 60-89 Days Past Due (2)(3) 90 Days or Greater Past Due (2)(3) Loan Type: Private Education Loans $ 649 $ 84,992 $ 1,295 $ 255 $ 85 Total $ 649 $ 84,992 $ 1,295 $ 255 $ 85 (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make full principal and interest payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2) Loans in repayment include loans on which borrowers are making full principal and interest payments after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance). (3) 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). Private Education Loans Held for Investment - Delinquencies by Origination Vintage As of March 31, 2022 2022 2021 2020 2019 2018 2017 and Prior Total Loans in-school/grace/deferment (1) $ 363,754 $ 2,025,385 $ 1,195,182 $ 717,261 $ 394,590 $ 709,780 $ 5,405,952 Loans in forbearance (2) 441 15,123 37,237 35,259 30,585 115,615 234,260 Loans in repayment: Loans current 415,657 2,972,685 2,690,157 2,205,417 1,674,303 5,571,861 15,530,080 Loans delinquent 30-59 days (3) 1,760 17,435 28,523 34,956 33,362 144,499 260,535 Loans delinquent 60-89 days (3) — 6,557 18,618 25,590 23,023 95,272 169,060 Loans 90 days or greater past due (3) — 3,607 13,889 19,854 18,425 79,707 135,482 Total Private Education Loans in repayment 417,417 3,000,284 2,751,187 2,285,817 1,749,113 5,891,339 16,095,157 Total Private Education Loans, gross 781,612 5,040,792 3,983,606 3,038,337 2,174,288 6,716,734 21,735,369 Private Education Loans deferred origination costs and unamortized premium/(discount) 9,615 20,732 14,883 8,753 5,380 12,544 71,907 Total Private Education Loans 791,227 5,061,524 3,998,489 3,047,090 2,179,668 6,729,278 21,807,276 Private Education Loans allowance for losses (54,769) (308,664) (230,000) (187,181) (122,741) (317,698) (1,221,053) Private Education Loans, net $ 736,458 $ 4,752,860 $ 3,768,489 $ 2,859,909 $ 2,056,927 $ 6,411,580 $ 20,586,223 Percentage of Private Education Loans in repayment 53.4 % 59.5 % 69.1 % 75.2 % 80.4 % 87.7 % 74.1 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.4 % 0.9 % 2.2 % 3.5 % 4.3 % 5.4 % 3.5 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.1 % 0.5 % 1.3 % 1.5 % 1.7 % 1.9 % 1.4 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Loans Held for Investment - Delinquencies by Origination Vintage As of December 31, 2021 2021 2020 2019 2018 2017 2016 and Prior Total Loans in-school/grace/deferment (1) $ 1,556,550 $ 1,283,523 $ 773,320 $ 435,657 $ 296,008 $ 559,356 $ 4,904,414 Loans in forbearance (2) 11,951 55,844 52,364 43,613 41,355 96,110 301,237 Loans in repayment: Loans current 2,234,876 2,786,646 2,321,728 1,772,651 1,570,815 4,319,057 15,005,773 Loans delinquent 30-59 days (3) 15,148 29,146 46,616 43,197 41,695 132,757 308,559 Loans delinquent 60-89 days (3) 3,194 7,441 14,044 14,310 16,425 61,533 116,947 Loans 90 days or greater past due (3) 642 3,683 8,453 10,632 11,935 44,588 79,933 Total Private Education Loans in repayment 2,253,860 2,826,916 2,390,841 1,840,790 1,640,870 4,557,935 15,511,212 Total Private Education Loans, gross 3,822,361 4,166,283 3,216,525 2,320,060 1,978,233 5,213,401 20,716,863 Private Education Loans deferred origination costs and unamortized premium/(discount) 22,169 16,067 9,575 5,918 4,588 9,171 67,488 Total Private Education Loans 3,844,530 4,182,350 3,226,100 2,325,978 1,982,821 5,222,572 20,784,351 Private Education Loans allowance for losses (248,102) (239,507) (195,223) (129,678) (99,982) (246,485) (1,158,977) Private Education Loans, net $ 3,596,428 $ 3,942,843 $ 3,030,877 $ 2,196,300 $ 1,882,839 $ 4,976,087 $ 19,625,374 Percentage of Private Education Loans in repayment 59.0 % 67.9 % 74.3 % 79.3 % 82.9 % 87.4 % 74.9 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.8 % 1.4 % 2.9 % 3.7 % 4.3 % 5.2 % 3.3 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.5 % 1.9 % 2.1 % 2.3 % 2.5 % 2.1 % 1.9 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators	The following tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination, stratified by key credit quality indicators. As of March 31, 2022 Private Education Loans Held for Investment - Credit Quality Indicators Year of Origination 2022 (1) 2021 (1) 2020 (1) 2019 (1) 2018 (1) 2017 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 664,611 $ 4,368,829 $ 3,450,387 $ 2,626,952 $ 1,898,677 $ 6,087,363 $ 19,096,819 88 % Without cosigner 117,001 671,963 533,219 411,385 275,611 629,371 2,638,550 12 Total $ 781,612 $ 5,040,792 $ 3,983,606 $ 3,038,337 $ 2,174,288 $ 6,716,734 $ 21,735,369 100 % FICO at Origination (2) : Less than 670 $ 58,976 $ 333,682 $ 231,772 $ 241,643 $ 183,391 $ 561,766 $ 1,611,230 7 % 670-699 111,251 669,450 543,884 468,705 343,601 1,141,747 3,278,638 15 700-749 251,606 1,591,862 1,290,542 999,922 723,591 2,257,304 7,114,827 33 Greater than or equal to 750 359,779 2,445,798 1,917,408 1,328,067 923,705 2,755,917 9,730,674 45 Total $ 781,612 $ 5,040,792 $ 3,983,606 $ 3,038,337 $ 2,174,288 $ 6,716,734 $ 21,735,369 100 % FICO Refreshed (2)(3) : Less than 670 $ 72,244 $ 472,669 $ 310,819 $ 292,706 $ 245,690 $ 964,669 $ 2,358,797 11 % 670-699 115,446 670,147 453,846 343,831 236,812 738,916 2,558,998 12 700-749 249,052 1,561,528 1,203,084 911,247 631,484 1,855,009 6,411,404 29 Greater than or equal to 750 344,870 2,336,448 2,015,857 1,490,553 1,060,302 3,158,140 10,406,170 48 Total $ 781,612 $ 5,040,792 $ 3,983,606 $ 3,038,337 $ 2,174,288 $ 6,716,734 $ 21,735,369 100 % Seasoning (4) : 1-12 payments $ 417,858 $ 3,015,407 $ 597,296 $ 506,047 $ 384,057 $ 873,302 $ 5,793,967 27 % 13-24 payments — — 2,190,940 331,049 188,777 663,245 3,374,011 16 25-36 payments — — 188 1,483,980 285,486 613,350 2,383,004 11 37-48 payments — — — — 921,378 708,204 1,629,582 7 More than 48 payments — — — — — 3,148,853 3,148,853 14 Not yet in repayment 363,754 2,025,385 1,195,182 717,261 394,590 709,780 5,405,952 25 Total $ 781,612 $ 5,040,792 $ 3,983,606 $ 3,038,337 $ 2,174,288 $ 6,716,734 $ 21,735,369 100 % 2022 Current period (5) gross charge-offs $ — $ (1,618) $ (7,397) $ (12,931) $ (12,579) $ (49,331) $ (83,856) 2022 Current period (5) recoveries — 107 507 989 1,030 5,400 8,033 2022 Current period (5) net charge-offs $ — $ (1,511) $ (6,890) $ (11,942) $ (11,549) $ (43,931) $ (75,823) Total accrued interest by origination vintage $ 9,778 $ 180,992 $ 269,425 $ 271,083 $ 190,288 $ 320,007 $ 1,241,573 (1) Balance represents gross Private Education Loans held for investment. (2) Represents the higher credit score of the cosigner or the borrower. (3) Represents the FICO score updated as of the first-quarter 2022. (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, 2022 through March 31, 2022. As of December 31, 2021 Private Education Loans Held for Investment - Credit Quality Indicators Year of Origination 2021 (1) 2020 (1) 2019 (1) 2018 (1) 2017 (1) 2016 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 3,263,892 $ 3,604,553 $ 2,778,262 $ 2,025,463 $ 1,765,719 $ 4,753,775 $ 18,191,664 88 % Without cosigner 558,469 561,730 438,263 294,597 212,514 459,626 2,525,199 12 Total $ 3,822,361 $ 4,166,283 $ 3,216,525 $ 2,320,060 $ 1,978,233 $ 5,213,401 $ 20,716,863 100 % FICO at Origination (2) : Less than 670 $ 248,368 $ 238,005 $ 251,157 $ 193,123 $ 166,048 $ 428,416 $ 1,525,117 7 % 670-699 508,264 564,497 493,237 363,313 329,807 884,981 3,144,099 15 700-749 1,210,833 1,348,269 1,057,001 770,452 660,270 1,753,709 6,800,534 33 Greater than or equal to 750 1,854,896 2,015,512 1,415,130 993,172 822,108 2,146,295 9,247,113 45 Total $ 3,822,361 $ 4,166,283 $ 3,216,525 $ 2,320,060 $ 1,978,233 $ 5,213,401 $ 20,716,863 100 % FICO Refreshed (2)(3) : Less than 670 $ 326,613 $ 279,578 $ 273,652 $ 235,684 $ 233,022 $ 739,268 $ 2,087,817 10 % 670-699 506,021 475,674 365,133 256,400 209,536 570,605 2,383,369 12 700-749 1,209,493 1,285,015 978,763 682,024 568,766 1,448,692 6,172,753 30 Greater than or equal to 750 1,780,234 2,126,016 1,598,977 1,145,952 966,909 2,454,836 10,072,924 48 Total $ 3,822,361 $ 4,166,283 $ 3,216,525 $ 2,320,060 $ 1,978,233 $ 5,213,401 $ 20,716,863 100 % Seasoning (4) : 1-12 payments $ 2,265,811 $ 594,850 $ 515,328 $ 385,246 $ 340,242 $ 501,269 $ 4,602,746 22 % 13-24 payments — 2,287,737 362,674 203,674 211,064 479,540 3,544,689 17 25-36 payments — 173 1,565,203 312,049 164,575 482,369 2,524,369 12 37-48 payments — — — 983,434 295,206 464,563 1,743,203 8 More than 48 payments — — — — 671,138 2,726,304 3,397,442 16 Not yet in repayment 1,556,550 1,283,523 773,320 435,657 296,008 559,356 4,904,414 25 Total $ 3,822,361 $ 4,166,283 $ 3,216,525 $ 2,320,060 $ 1,978,233 $ 5,213,401 $ 20,716,863 100 % 2021 Current period (5) gross charge-offs $ (1,183) $ (8,604) $ (23,866) $ (32,741) $ (37,186) $ (126,011) $ (229,591) 2021 Current period (5) recoveries 35 540 2,092 3,693 4,450 18,684 29,494 2021 Current period (5) net charge-offs $ (1,148) $ (8,064) $ (21,774) $ (29,048) $ (32,736) $ (107,327) $ (200,097) Total accrued interest by origination vintage $ 109,233 $ 247,418 $ 270,242 $ 198,816 $ 131,685 $ 229,729 $ 1,187,123 (1) Balance represents gross Private Education Loans held for investment. (2) Represents the higher credit score of the cosigner or the borrower. (3) Represents the FICO score updated as of the fourth-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.
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 90 days or greater 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. Private Education Loans Accrued Interest Receivable (Dollars in thousands) Total Interest Receivable 90 Days or Greater Past Due Allowance for Uncollectible Interest March 31, 2022 $ 1,241,574 $ 6,292 $ 5,505 December 31, 2021 $ 1,187,123 $ 3,635 $ 4,937

Unfunded Loan Commitments (Tabl

Unfunded Loan Commitments (Tables)	3 Months Ended
	Mar. 31, 2022
Credit Loss [Abstract]
Allowance for Credit Losses and Recorded Investments in Loans	Allowance for Credit Losses Metrics Three Months Ended March 31, 2022 FFELP Private Education Credit Cards Total Allowance for Credit Losses Beginning balance $ 4,077 $ 1,158,977 $ 2,281 $ 1,165,335 Transfer from unfunded commitment liability (1) — 94,686 — 94,686 Provisions: Provision for current period 21 48,460 137 48,618 Loan sale reduction to provision — (5,247) — (5,247) Total provisions (2) 21 43,213 137 43,371 Net charge-offs: Charge-offs (99) (83,856) (111) (84,066) Recoveries — 8,033 3 8,036 Net charge-offs (99) (75,823) (108) (76,030) Ending Balance $ 3,999 $ 1,221,053 $ 2,310 $ 1,227,362 Allowance: Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 3,999 $ 1,221,053 $ 2,310 $ 1,227,362 Loans: Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 682,273 $ 21,735,369 $ 27,547 $ 22,445,189 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.07 % 1.89 % 1.63 % Allowance as a percentage of the ending total loan balance 0.59 % 5.62 % 8.39 % Allowance as a percentage of the ending loans in repayment (3) 0.75 % 7.59 % 8.39 % Allowance coverage of net charge-offs (annualized) 10.10 4.03 5.35 Ending total loans, gross $ 682,273 $ 21,735,369 $ 27,547 Average loans in repayment (3) $ 543,303 $ 16,013,289 $ 26,551 Ending loans in repayment (3) $ 535,080 $ 16,095,157 $ 27,547 (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the 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 March 31, 2022 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ 43,213 Provisions for unfunded loan commitments 54,679 Total Private Education Loan provisions for credit losses 97,892 Other impacts to the provisions for credit losses: FFELP Loans 21 Credit Cards 137 Total 158 Provisions for credit losses reported in consolidated statements of income $ 98,050 (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 March 31, 2021 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) — 126,880 — 126,880 Provisions: Provision for current period 29 (254,942) (86) (254,999) Loan sale reduction to provision — (8,858) — (8,858) Loans transferred from held-for-sale — 1,887 — 1,887 Total provisions (2) 29 (261,913) (86) (261,970) Net charge-offs: Charge-offs (89) (55,139) (88) (55,316) Recoveries — 7,703 1 7,704 Net charge-offs (89) (47,436) (87) (47,612) Ending Balance $ 4,318 $ 1,173,375 $ 1,328 $ 1,179,021 Allowance: Ending balance: individually evaluated for impairment $ — $ 95,536 $ — $ 95,536 Ending balance: collectively evaluated for impairment $ 4,318 $ 1,077,839 $ 1,328 $ 1,083,485 Loans: Ending balance: individually evaluated for impairment $ — $ 1,225,604 $ — $ 1,225,604 Ending balance: collectively evaluated for impairment $ 727,664 $ 19,516,236 $ 11,309 $ 20,255,209 Net charge-offs as a percentage of average loans in repayment (annualized) (3) 0.06 % 1.29 % 2.92 % Allowance as a percentage of the ending total loan balance 0.59 % 5.66 % 11.74 % Allowance as a percentage of the ending loans in repayment (3) 0.80 % 7.94 % 11.74 % Allowance coverage of net charge-offs (annualized) 12.13 6.18 3.82 Ending total loans, gross $ 727,664 $ 20,741,840 $ 11,309 Average loans in repayment (3) $ 554,510 $ 14,743,508 $ 11,909 Ending loans in repayment (3) $ 540,903 $ 14,777,939 $ 11,309 (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the 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 March 31, 2021 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (261,913) Provisions for unfunded loan commitments 36,203 Total Private Education Loan provisions for credit losses (225,710) Other impacts to the provisions for credit losses: FFELP Loans 29 Credit Cards (86) Total (57) Provisions for credit losses reported in consolidated statements of income $ (225,767) (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. 2022 2021 Three Months Ended March 31, Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 72,713 $ 1,776,976 $ 110,044 $ 1,673,018 Provision/New commitments - net (1) 47,454 968,830 40,197 843,161 Other provision items 7,226 — (3,994) — Transfer - funded loans (2) (94,686) (2,184,058) (126,880) (2,058,726) Ending Balance $ 32,707 $ 561,748 $ 19,367 $ 457,453 (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.

Goodwill and Acquired Intangi_2

Goodwill and Acquired Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Intangible Assets	Acquired intangible assets include the following: March 31, 2022 (Dollars in thousands) Useful Life (in years) (1) Cost Basis Accumulated Amortization Net Tradename and trademarks 10 $ 68,470 $ (515) $ 67,955 Customer relationships 5 5,670 (186) 5,484 Developed technology 3 1,260 (32) 1,228 Total acquired intangible assets $ 75,400 $ (733) $ 74,667 (1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 9.51 years.

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2022
Banking and Thrift, Other Disclosures [Abstract]
Schedule of Deposits	The following table summarizes total deposits at March 31, 2022 and December 31, 2021. March 31, December 31, (Dollars in thousands) 2022 2021 Deposits - interest bearing $ 21,192,004 $ 20,826,692 Deposits - non-interest bearing 2,022 1,432 Total deposits $ 21,194,026 $ 20,828,124
Interest Bearing Deposits	Interest bearing deposits at March 31, 2022 and December 31, 2021 are summarized as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 10,984,116 0.79 % $ 10,473,569 0.69 % Savings 968,059 0.43 959,122 0.43 Certificates of deposit 9,239,829 1.37 9,394,001 1.20 Deposits - interest bearing $ 21,192,004 $ 20,826,692 (1) Includes the effect of interest rate swaps in effective hedge relationships.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes our borrowings at March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 (Dollars in thousands) Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ — $ 986,591 $ 986,591 $ — $ 986,138 $ 986,138 Total unsecured borrowings — 986,591 986,591 — 986,138 986,138 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 3,608,606 3,608,606 — 3,897,996 3,897,996 Variable-rate — 957,300 957,300 — 1,046,856 1,046,856 Total Private Education Loan term securitizations — 4,565,906 4,565,906 — 4,944,852 4,944,852 Secured Borrowing Facility — — — — — — Total secured borrowings — 4,565,906 4,565,906 — 4,944,852 4,944,852 Total $ — $ 5,552,497 $ 5,552,497 $ — $ 5,930,990 $ 5,930,990
Schedule of Securities Financing Transactions	Secured Financings at Issuance The following table summarizes our secured financings issued in 2021. There were no secured financings issued in the three months ended March 31, 2022. Issue Date Issued Total Issued Weighted Average Cost of Funds (1) Weighted Average Life (Dollars in thousands) Private Education Loans: 2021-B May 2021 $ 531,000 1-month LIBOR plus 0.77% 4.26 2021-D August 2021 527,000 1-month LIBOR plus 0.69% 4.22 2021-E November 2021 534,000 1-month LIBOR plus 0.69% 4.15 Total notes issued in 2021 $ 1,592,000 Total loan and accrued interest amount securitized at inception in 2021 (2) $ 1,656,263 (1) Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs.
Schedule of Variable Interest Entities	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. As of March 31, 2022 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 $ — $ 4,565,906 $ 4,565,906 $ 5,650,067 $ 187,960 $ 333,325 $ 6,171,352 Secured Borrowing Facility — — — — — 298 298 Total $ — $ 4,565,906 $ 4,565,906 $ 5,650,067 $ 187,960 $ 333,623 $ 6,171,650 . As of December 31, 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 $ — $ 4,994,852 $ 4,994,852 $ 6,029,034 $ 210,741 $ 357,982 $ 6,597,757 Secured Borrowing Facility — — — — — 867 867 Total $ — $ 4,994,852 $ 4,994,852 $ 6,029,034 $ 210,741 $ 358,849 $ 6,598,624 (1) Other assets primarily represent accrued interest receivable. The table below provides a summary of our exposure related to our unconsolidated VIEs. March 31, 2022 December 31, 2021 (Dollars in thousands) Debt Interests (1) Equity Interests (2) Total Exposure Debt Interests (1) Equity Interests (2) Total Exposure Private Education Loan term securitizations $ 230,372 $ 38,820 $ 269,192 $ 192,245 $ 37,465 $ 229,710 (1) Vertical risk retention interest classified as available-for-sale investment.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Impact of Derivatives on the Consolidated Balance Sheet	The following tables summarize the fair values and notional amounts of all derivative instruments at March 31, 2022 and December 31, 2021, and their impact on earnings and other comprehensive income for the three months ended March 31, 2022 and March 31, 2021. Please refer to Notes to Consolidated Financial Statements, Note 12, “Derivative Financial Instruments” in our 2021 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 March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, (Dollars in thousands) 2022 2021 2022 2021 2022 2021 2022 2021 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ 169 $ — $ — $ — $ — $ 5 $ 169 $ 5 Other Other — — — — — 1,317 — 1,317 Derivative Liabilities: (2) Interest rate swaps Interest rate (43) (231) (220) (21) — — (263) (252) Total net derivatives $ 126 $ (231) $ (220) $ (21) $ — $ 1,322 $ (94) $ 1,070 (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 March 31, December 31, March 31, December 31, (Dollars in thousands) 2022 2021 2022 2021 Gross position (1) $ 169 $ 1,322 $ (263) $ (252) Impact of master netting agreement (169) (5) 169 5 Derivative values with impact of master netting agreements (as carried on balance sheet) — 1,317 (94) (247) Cash collateral pledged (2) 9,327 9,655 — — Net position $ 9,327 $ 10,972 $ (94) $ (247) (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 March 31, December 31, March 31, December 31, (Dollars in thousands) 2022 2021 2022 2021 Gross position (1) $ 169 $ 1,322 $ (263) $ (252) Impact of master netting agreement (169) (5) 169 5 Derivative values with impact of master netting agreements (as carried on balance sheet) — 1,317 (94) (247) Cash collateral pledged (2) 9,327 9,655 — — Net position $ 9,327 $ 10,972 $ (94) $ (247) (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 March 31, December 31, March 31, December 31, (Dollars in thousands) 2022 2021 2022 2021 Gross position (1) $ 169 $ 1,322 $ (263) $ (252) Impact of master netting agreement (169) (5) 169 5 Derivative values with impact of master netting agreements (as carried on balance sheet) — 1,317 (94) (247) Cash collateral pledged (2) 9,327 9,655 — — Net position $ 9,327 $ 10,972 $ (94) $ (247) (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	Notional Values Cash Flow Fair Value Trading Total (Dollars in thousands) March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2022 2021 2022 2021 2022 2021 2022 2021 Interest rate swaps $ 1,407,412 $ 1,438,144 $ 3,678,960 $ 3,915,999 $ — $ 181,953 $ 5,086,372 $ 5,536,096 Other — — — — — 1,053,760 — 1,053,760 Net total notional $ 1,407,412 $ 1,438,144 $ 3,678,960 $ 3,915,999 $ — $ 1,235,713 $ 5,086,372 $ 6,589,856
Schedule of Cumulative Basis Adjustments for Fair Value Hedges	As of March 31, 2022 and December 31, 2021, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges: (Dollars in thousands) Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included: March 31, December 31, March 31, December 31, 2022 2021 2022 2021 Deposits $ (3,675,421) $ (3,963,268) $ 484 $ (50,784)
Derivative Instruments, Gain (Loss)	Impact of Derivatives on the Consolidated Statements of Income Three Months Ended (Dollars in thousands) 2022 2021 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ 17,287 $ 22,610 Hedged items recorded in interest expense 51,268 31,275 Derivatives recorded in interest expense (51,319) (31,251) Total $ 17,236 $ 22,634 Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ (4,541) $ (5,269) Total $ (4,541) $ (5,269) Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ (248) $ (10,864) Total (248) (10,864) Total $ 12,447 $ 6,501
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended March 31, (Dollars in thousands) 2022 2021 Amount of gain (loss) recognized in other comprehensive income (loss) $ 47,989 $ 18,154 Less: amount of gain (loss) reclassified in interest expense (4,541) (5,269) Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ 52,530 $ 23,423

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Common Share Repurchases	The following table summarizes our common share repurchases and issuances. Three Months Ended (Shares and per share amounts in actuals) 2022 2021 Common stock repurchased under repurchase programs (1)(2)(3) 9,533,392 48,702,830 Average purchase price per share (4) $ 18.46 $ 15.75 Shares repurchased related to employee stock-based compensation plans (5) 934,602 1,059,980 Average purchase price per share $ 18.55 $ 13.50 Common shares issued (6) 2,594,817 2,826,387 (1) Common shares purchased under our share repurchase programs. We have utilized all capacity under our 2021 Share Repurchase Program. There was $1.1 billion of capacity remaining under the 2022 Share Repurchase Program at March 31, 2022. (2) For the three months ended March 31, 2021, the amount includes 13 million shares related to the completion of the accelerated share repurchase agreement in the first quarter of 2021. See Notes to Consolidated Financial Statements, Note 13, “Stockholders’ Equity” in our 2021 Form 10-K for additional information. (3) For the three months ended March 31, 2021, the amount includes 28.5 million shares related to the settlement of our common stock tender offer in the first quarter of 2021. See Notes to Consolidated Financial Statements, Note 13, “Stockholders’ Equity” in our 2021 Form 10-K for additional information. (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 per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 (Dollars in thousands, except per share data) 2022 2021 Numerator: Net income $ 128,812 $ 641,207 Preferred stock dividends 1,275 1,201 Net income attributable to SLM Corporation common stock $ 127,537 $ 640,006 Denominator: Weighted average shares used to compute basic EPS 276,977 361,042 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) 3,677 5,198 Weighted average shares used to compute diluted EPS 280,654 366,240 Basic earnings per common share $ 0.46 $ 1.77 Diluted earnings per common share $ 0.45 $ 1.75 (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)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis	The following table summarizes the valuation of our financial instruments that are marked to fair value on a recurring basis. Fair Value Measurements on a Recurring Basis March 31, 2022 December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Trading investments $ — $ — $ 38,820 $ 38,820 $ — $ — $ 37,465 $ 37,465 Available-for-sale investments — 2,341,551 — 2,341,551 — 2,517,956 — 2,517,956 Derivative instruments — 169 — 169 — 1,322 — 1,322 Total $ — $ 2,341,720 $ 38,820 $ 2,380,540 $ — $ 2,519,278 $ 37,465 $ 2,556,743 Liabilities: Derivative instruments $ — $ (263) $ — $ (263) $ — $ (252) $ — $ (252) Total $ — $ (263) $ — $ (263) $ — $ (252) $ — $ (252)
Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments	The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. March 31, 2022 December 31, 2021 (Dollars in thousands) Fair Carrying Difference Fair Carrying Difference Earning assets: Loans held for investment, net: Private Education Loans $ 24,125,657 $ 20,586,223 $ 3,539,434 $ 22,919,836 $ 19,625,374 $ 3,294,462 FFELP Loans 692,507 680,044 12,463 705,644 692,954 12,690 Credit Cards 27,581 25,408 2,173 25,037 22,955 2,082 Cash and cash equivalents 3,262,595 3,262,595 — 4,334,603 4,334,603 — Trading investments 38,820 38,820 — 37,465 37,465 — Available-for-sale investments 2,341,551 2,341,551 — 2,517,956 2,517,956 — Accrued interest receivable 1,368,425 1,259,145 109,280 1,306,410 1,205,667 100,743 Tax indemnification receivable 8,155 8,155 — 8,047 8,047 — Derivative instruments 169 169 — 1,322 1,322 — Total earning assets $ 31,865,460 $ 28,202,110 $ 3,663,350 $ 31,856,320 $ 28,446,343 $ 3,409,977 Interest-bearing liabilities: Money-market and savings accounts $ 11,915,011 $ 11,952,175 $ 37,164 $ 11,457,490 $ 11,432,691 $ (24,799) Certificates of deposit 9,171,506 9,239,829 68,323 9,451,528 9,394,001 (57,527) Long-term borrowings 5,483,809 5,552,497 68,688 6,000,174 5,930,990 (69,184) Accrued interest payable 61,379 61,379 — 46,600 46,600 — Derivative instruments 263 263 — 252 252 — Total interest-bearing liabilities $ 26,631,968 $ 26,806,143 $ 174,175 $ 26,956,044 $ 26,804,534 $ (151,510) Excess of net asset fair value over carrying value $ 3,837,525 $ 3,258,467

Regulatory Capital (Tables)

Regulatory Capital (Tables)	3 Months Ended
	Mar. 31, 2022
Banking and Thrift, Other Disclosures [Abstract]
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations	At March 31, 2022, the adjusted transition amounts, reflecting changes over the phase-in period, that will be deferred for regulatory capital purposes are as follows: Transition Amounts Adjustments for the Year Ended Adjustments for the Year Ended Adjustments Adjusted Transition Amounts (Dollars in thousands) January 1, 2020 December 31, 2020 December 31, 2021 March 31, 2022 March 31, 2022 Retained earnings $ 952,639 $ (57,859) $ (58,429) $ (209,088) $ 627,263 Allowance for credit losses 1,143,053 (55,811) (49,097) (259,536) 778,609 Liability for unfunded commitments 115,758 (2,048) (9,333) (26,094) 78,283 Deferred tax asset 306,171 — — (76,542) 229,629 The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. (Dollars in thousands) Actual U.S. Basel III Minimum Requirements Plus Buffer (1)(2) Amount Ratio Amount Ratio As of March 31, 2022 (3) : Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,155,469 12.9 % $ 1,710,526 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,155,469 12.9 % $ 2,077,067 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,462,126 14.2 % $ 2,565,789 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,155,469 10.5 % $ 1,199,485 > 4.0 % As of December 31, 2021: Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,314,657 14.1 % $ 1,643,132 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,314,657 14.1 % $ 1,995,232 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,410,183 14.5 % $ 2,464,699 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,314,657 11.1 % $ 1,198,808 > 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.

Significant Accounting Polici_3

Significant Accounting Policies (Details) - Nitro $ in Millions	Mar. 04, 2022USD ($)
Business Acquisition [Line Items]
Purchase price	$ 51
Transaction costs	3
Identifiable intangible assets at acquisition date included definite life intangible assets	$ 75
Minimum
Business Acquisition [Line Items]
Intangible assets amortized period	3 years
Maximum
Business Acquisition [Line Items]
Intangible assets amortized period	10 years

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Mar. 31, 2022USD ($)security	Mar. 31, 2022USD ($)security	Mar. 31, 2022USD ($)securityRate	Dec. 31, 2021USD ($)security
Investments, Debt and Equity Securities [Abstract]
Vertical risk retention interest	5.00%		5.00%	5.00%
Trading investments		$ 38,820	$ 38,820	$ 38,820	$ 37,465
Number of available-for-sale securities with unrealized losses | security		158	158	158	60
Number of available-for-sale securities | security		186	186	186	180
Par value of mortgage-backed securities pledged to FRB		$ 720,000	$ 720,000	$ 720,000	$ 888,000
Non-marketable securities investment		69,000	69,000	69,000	69,000
Low income housing tax credit investments		66,000	66,000	66,000	68,000
Low income housing tax credit investments, liability for unfunded commitments		28,000	$ 28,000	$ 28,000	30,000
Low income housing tax credit investments, tax credits and benefits (current year less than)		$ 1,000			$ 7,000
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	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,440,204	$ 2,535,568
Allowance for credit losses	0	0
Gross Unrealized Gains	74	2,917
Gross Unrealized Losses	(98,727)	(20,529)
Estimated Fair Value	2,341,551	2,517,956
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	400,647	376,313
Allowance for credit losses	0	0
Gross Unrealized Gains	74	1,857
Gross Unrealized Losses	(29,641)	(7,073)
Estimated Fair Value	371,080	371,097
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,926	6,943
Allowance for credit losses	0	0
Gross Unrealized Gains	0	18
Gross Unrealized Losses	(77)	0
Estimated Fair Value	4,849	6,961
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,799,080	1,958,943
Allowance for credit losses	0	0
Gross Unrealized Gains	0	603
Gross Unrealized Losses	(63,830)	(11,893)
Estimated Fair Value	1,735,250	1,947,653
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	235,551	193,369
Allowance for credit losses	0	0
Gross Unrealized Gains	0	439
Gross Unrealized Losses	(5,179)	(1,563)
Estimated Fair Value	$ 230,372	$ 192,245

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Less than 12 months
Gross Unrealized Losses	$ (77,395)	$ (18,989)
Estimated Fair Value	1,978,196	1,593,655
12 months or more
Gross Unrealized Losses	(21,332)	(1,540)
Estimated Fair Value	276,587	36,587
Total
Gross Unrealized Losses	(98,727)	(20,529)
Estimated Fair Value	2,254,783	1,630,242
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(12,056)	(5,534)
Estimated Fair Value	188,447	261,404
12 months or more
Gross Unrealized Losses	(17,585)	(1,540)
Estimated Fair Value	176,659	36,587
Total
Gross Unrealized Losses	(29,641)	(7,074)
Estimated Fair Value	365,106	297,991
Utah Housing Corporation bonds
Less than 12 months
Gross Unrealized Losses	(77)	0
Estimated Fair Value	4,849	0
12 months or more
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
Total
Gross Unrealized Losses	(77)	0
Estimated Fair Value	4,849	0
U.S. government-sponsored enterprises and Treasuries
Less than 12 months
Gross Unrealized Losses	(61,996)	(11,892)
Estimated Fair Value	1,647,055	1,199,367
12 months or more
Gross Unrealized Losses	(1,834)	0
Estimated Fair Value	63,176	0
Total
Gross Unrealized Losses	(63,830)	(11,892)
Estimated Fair Value	1,710,231	1,199,367
Other securities
Less than 12 months
Gross Unrealized Losses	(3,266)	(1,563)
Estimated Fair Value	137,845	132,884
12 months or more
Gross Unrealized Losses	(1,913)	0
Estimated Fair Value	36,752	0
Total
Gross Unrealized Losses	(5,179)	(1,563)
Estimated Fair Value	$ 174,597	$ 132,884

Investments - Maturity Table (D

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,440,204	$ 2,535,568
Estimated Fair Value	2,341,551	$ 2,517,956
2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	194,309
Estimated Fair Value	193,447
2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	162,595
Estimated Fair Value	159,383
2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	597,268
Estimated Fair Value	577,077
2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	297,077
Estimated Fair Value	293,021
2026
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	547,832
Estimated Fair Value	512,323
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	73
Estimated Fair Value	76
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	873
Estimated Fair Value	916
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,912
Estimated Fair Value	2,768
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,415
Estimated Fair Value	5,336
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,015
Estimated Fair Value	6,959
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,158
Estimated Fair Value	6,018
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,374
Estimated Fair Value	9,085
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,957
Estimated Fair Value	9,751
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,427
Estimated Fair Value	2,437
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,261
Estimated Fair Value	17,902
2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	127,490
Estimated Fair Value	116,445
2051
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	174,646
Estimated Fair Value	159,542
2052
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40,972
Estimated Fair Value	38,693
2053
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	132,336
Estimated Fair Value	128,621
2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	103,214
Estimated Fair Value	$ 101,751

Loans Held for Investment - Nar

Loans Held for Investment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Receivables [Abstract]
Percent of private loans indexed to LIBOR	51.00%		52.00%
Tier 1 of government guarantee (at least)	97.00%			97.00%
Tier 2 of government guarantee					98.00%
Tier 3 of government guarantee						100.00%
Gain from sale	$ 9,881	$ 399,111
Proceeds from sale of loans	95,000	3,160,000
Net proceeds from sales of loans held for investment, principal	89,000	2,970,000
Net proceeds from sales of loans held for investment, capitalized interest	$ 6,000	$ 193,000
Estimated weighted average life of student loans	4 years 9 months 18 days		4 years 8 months 12 days

Loans Held for Investment - Stu

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,227,362)	$ (1,165,335)	$ (1,179,021)	$ (1,361,723)
Loans held for investment, net	21,291,675	20,341,283
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	21,735,369	20,716,863
Deferred origination costs and unamortized premium/(discount)	71,907	67,488
Allowance for credit losses	(1,221,053)	(1,158,977)
Loans held for investment, net	20,586,223	19,625,374
Private Education Loans | Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	10,685,053	9,920,547
Private Education Loans | Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	11,050,316	10,796,316
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	682,273	695,216
Deferred origination costs and unamortized premium/(discount)	1,770	1,815
Allowance for credit losses	(3,999)	(4,077)
Loans held for investment, net	680,044	692,954
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	27,547	25,014
Deferred origination costs and unamortized premium/(discount)	171	222
Allowance for credit losses	(2,310)	(2,281)
Loans held for investment, net	$ 25,408	$ 22,955

Loans Held for Investment - S_2

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 22,575,432	$ 21,730,621
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,858,270	$ 20,984,491
Weighted Average Interest Rate	8.38%	8.22%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 690,540	$ 734,289
Weighted Average Interest Rate	3.51%	3.41%
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 26,622	$ 11,841
Weighted Average Interest Rate	3.95%	0.78%

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Allowance for Credit Losses
Beginning balance	$ 1,165,335	$ 1,361,723	$ 1,361,723
Transfer from unfunded commitment liability	94,686	126,880
Provision for current period	48,618	(254,999)
Loan sale reduction to provision	(5,247)	(8,858)
Loan transfer from held-for-sale		1,887
Total provisions	43,371	(261,970)
Net charge-offs:
Charge-offs	(84,066)	(55,316)
Recoveries	8,036	7,704
Net charge-offs	(76,030)	(47,612)
Ending Balance	1,227,362	1,179,021	1,165,335
Allowance
Ending balance: individually evaluated for impairment	0	95,536
Ending balance: collectively evaluated for impairment	1,227,362	1,083,485
Loans:
Ending balance: individually evaluated for impairment	0	1,225,604
Ending balance: collectively evaluated for impairment	22,445,189	20,255,209
Provisions for loan losses	43,213	(261,913)
Provisions for unfunded loan commitments	54,679	36,203
Total Private Education Loan provisions for credit losses	97,892	(225,710)
Private Education Loan provision for credit losses, other impacts	158	(57)
Less: provisions for credit losses	98,050	(225,767)
FFELP Loans
Allowance for Credit Losses
Beginning balance	4,077	4,378	4,378
Transfer from unfunded commitment liability	0	0
Provision for current period	21	29
Loan sale reduction to provision	0	0
Loan transfer from held-for-sale		0
Total provisions	21	29
Net charge-offs:
Charge-offs	(99)	(89)
Recoveries	0	0
Net charge-offs	(99)	(89)
Ending Balance	3,999	4,318	4,077
Allowance
Ending balance: individually evaluated for impairment	0	0
Ending balance: collectively evaluated for impairment	3,999	4,318
Loans:
Ending balance: individually evaluated for impairment	0	0
Ending balance: collectively evaluated for impairment	$ 682,273	$ 727,664
Net charge-offs as a percentage of average loans in repayment (annualized)	0.07%	0.06%
Allowance as a percentage of the ending total loan balance	0.59%	0.59%
Allowance as a percentage of the ending loans in repayment	0.75%	0.80%
Allowance coverage of net charge-offs (annualized)	10.10	12.13
Ending total loans, gross	$ 682,273	$ 727,664
Average loans in repayment	543,303	554,510
Ending loans in repayment	535,080	540,903
Private Education Loan provision for credit losses, other impacts	21	29
Private Education Loans
Allowance for Credit Losses
Beginning balance	1,158,977	1,355,844	1,355,844
Transfer from unfunded commitment liability	94,686	126,880
Provision for current period	48,460	(254,942)
Loan sale reduction to provision	(5,247)	(8,858)
Loan transfer from held-for-sale		1,887
Total provisions	43,213	(261,913)
Net charge-offs:
Charge-offs	(83,856)	(55,139)
Recoveries	8,033	7,703
Net charge-offs	(75,823)	(47,436)
Ending Balance	1,221,053	1,173,375	1,158,977
Allowance
Ending balance: individually evaluated for impairment	0	95,536
Ending balance: collectively evaluated for impairment	1,221,053	1,077,839
Loans:
Ending balance: individually evaluated for impairment	0	1,225,604
Ending balance: collectively evaluated for impairment	$ 21,735,369	$ 19,516,236
Net charge-offs as a percentage of average loans in repayment (annualized)	1.89%	1.29%
Allowance as a percentage of the ending total loan balance	5.62%	5.66%
Allowance as a percentage of the ending loans in repayment	7.59%	7.94%
Allowance coverage of net charge-offs (annualized)	4.03	6.18
Ending total loans, gross	$ 21,735,369	$ 20,741,840
Average loans in repayment	16,013,289	14,743,508
Ending loans in repayment	16,095,157	14,777,939
Credit Cards
Allowance for Credit Losses
Beginning balance	2,281	1,501	1,501
Transfer from unfunded commitment liability	0	0
Provision for current period	137	(86)
Loan sale reduction to provision	0	0
Loan transfer from held-for-sale		0
Total provisions	137	(86)
Net charge-offs:
Charge-offs	(111)	(88)
Recoveries	3	1
Net charge-offs	(108)	(87)
Ending Balance	2,310	1,328	$ 2,281
Allowance
Ending balance: individually evaluated for impairment	0	0
Ending balance: collectively evaluated for impairment	2,310	1,328
Loans:
Ending balance: individually evaluated for impairment	0	0
Ending balance: collectively evaluated for impairment	$ 27,547	$ 11,309
Net charge-offs as a percentage of average loans in repayment (annualized)	1.63%	2.92%
Allowance as a percentage of the ending total loan balance	8.39%	11.74%
Allowance as a percentage of the ending loans in repayment	8.39%	11.74%
Allowance coverage of net charge-offs (annualized)	5.35	3.82
Ending total loans, gross	$ 27,547	$ 11,309
Average loans in repayment	26,551	11,909
Ending loans in repayment	27,547	11,309
Private Education Loan provision for credit losses, other impacts	$ 137	$ (86)

Allowance for Credit Losses - N

Allowance for Credit Losses - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)paymenttermChange	Jul. 01, 2006
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase to provision for credit losses	$ 324,000,000
Interest rate offered to borrowers facing financial difficulty, period	2 years
Number of term changes | termChange	2
Criteria for loans to be considered as nonperforming (greater than)	90 days
Tier 1 of government guarantee (at least)	97.00%	97.00%
Maximum amount of forbearance granted	12 months
Number of monthly payments required by a borrower between successive grants of forbearance | payment	12
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%
Increments in which forbearance is granted	2 months
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increments in which forbearance is granted	1 month

Allowance for Credit Losses -_2

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 7,679
% of Total Class of Financing Receivable	0.04%
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 79,597
% of Total Class of Financing Receivable	0.37%
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period when delinquent loans are written off	120 days
Private Education Loans | Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 7,679
% of Total Class of Financing Receivable	0.04%
Private Education Loans | Interest Rate Reduction | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	10.09%
Private Education Loans | Interest Rate Reduction | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	4.00%
Private Education Loans | Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 79,597
% of Total Class of Financing Receivable	0.37%
Weighted average life of loans	10 years 6 months 3 days
Private Education Loans | Combination - Interest Rate Reduction and Term Extension | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	9.43%
Private Education Loans | Combination - Interest Rate Reduction and Term Extension | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	4.00%

Allowance for Credit Losses -_3

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables that Subsequently Defaulted (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period for payment default	60 days
Modified Loans	$ 290
Payment Default	287
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	290
Payment Default	$ 287

Allowance for Credit Losses - P

Allowance for Credit Losses - Payment Status (Amortized Cost Basis) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 290
Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	649
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	84,992
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	1,295
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	255
90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	85
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	290
Private Education Loans | Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	649
Private Education Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	84,992
Private Education Loans | 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	1,295
Private Education Loans | 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	255
Private Education Loans | 90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 85

Allowance for Credit Losses - L

Allowance for Credit Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of FFELP loans insured and guaranteed (at least)	97.00%
Current period gross charge-offs, total	$ (84,066)	$ (55,316)
Current period recoveries, total	8,036	7,704
Net charge-offs	(76,030)	$ (47,612)
Consumer Portfolio Segment | Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period gross charge-offs	0
One year before current period gross charge-offs	(1,618)		$ (1,183)
Two years before current period gross charge-offs	(7,397)		(8,604)
Three years before current period gross charge-offs	(12,931)		(23,866)
Four years before current period gross charge-offs	(12,579)		(32,741)
Five years before current period gross charge-offs	(49,331)		(37,186)
Six years before current period gross charge-offs			(126,011)
Current period gross charge-offs, total	(83,856)		(229,591)
Current period recoveries	0
One year before current period recoveries	107		35
Two years before current period recoveries	507		540
Three years before current period recoveries	989		2,092
Four years before current period recoveries	1,030		3,693
Five years before current period recoveries	5,400		4,450
Six years before current period recoveries			18,684
Current period recoveries, total	8,033		29,494
Current period net charge-offs	0
One year before current period net charge-offs	(1,511)		(1,148)
Two years before current period net charge-offs	(6,890)		(8,064)
Three years before current period net charge-offs	(11,942)		(21,774)
Four years before current period net charge-offs	(11,549)		(29,048)
Five years before current period net charge-offs	(43,931)		(32,736)
Six years before current period net charge-offs			(107,327)
Net charge-offs	(75,823)		(200,097)
Total accrued interest by origination vintage, 2022	9,778
Total accrued interest by origination vintage, 2021	180,992		109,233
Total accrued interest by origination vintage, 2020	269,425		247,418
Total accrued interest by origination vintage, 2019	271,083		270,242
Total accrued interest by origination vintage, 2018	190,288		198,816
Total accrued interest by origination vintage, 2017 and prior	320,007		131,685
Total accrued interest by origination vintage, 2016 and prior			229,729
Total accrued interest by origination vintage	1,241,573		1,187,123
Consumer Portfolio Segment | Student Loan | With cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	664,611
2021	4,368,829		3,263,892
2020	3,450,387		3,604,553
2019	2,626,952		2,778,262
2018	1,898,677		2,025,463
2017 and Prior	6,087,363		1,765,719
2016 and Prior			4,753,775
Total	$ 19,096,819		$ 18,191,664
Private education loans	88.00%		88.00%
Consumer Portfolio Segment | Student Loan | Without cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 117,001
2021	671,963		$ 558,469
2020	533,219		561,730
2019	411,385		438,263
2018	275,611		294,597
2017 and Prior	629,371		212,514
2016 and Prior			459,626
Total	$ 2,638,550		$ 2,525,199
Private education loans	12.00%		12.00%
Consumer Portfolio Segment | Student Loan | With and without cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 781,612
2021	5,040,792		$ 3,822,361
2020	3,983,606		4,166,283
2019	3,038,337		3,216,525
2018	2,174,288		2,320,060
2017 and Prior	6,716,734		1,978,233
2016 and Prior			5,213,401
Total	$ 21,735,369		$ 20,716,863
Total in percent	100.00%		100.00%
Consumer Portfolio Segment | Student Loan | FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 781,612
2021	5,040,792		$ 3,822,361
2020	3,983,606		4,166,283
2019	3,038,337		3,216,525
2018	2,174,288		2,320,060
2017 and Prior	6,716,734		1,978,233
2016 and Prior			5,213,401
Total	$ 21,735,369		$ 20,716,863
Total in percent	100.00%		100.00%
Consumer Portfolio Segment | Student Loan | FICO at Origination | Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 58,976
2021	333,682		$ 248,368
2020	231,772		238,005
2019	241,643		251,157
2018	183,391		193,123
2017 and Prior	561,766		166,048
2016 and Prior			428,416
Total	$ 1,611,230		$ 1,525,117
Private education loans at origination	7.00%		7.00%
Consumer Portfolio Segment | Student Loan | FICO at Origination | 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 111,251
2021	669,450		$ 508,264
2020	543,884		564,497
2019	468,705		493,237
2018	343,601		363,313
2017 and Prior	1,141,747		329,807
2016 and Prior			884,981
Total	$ 3,278,638		$ 3,144,099
Private education loans at origination	15.00%		15.00%
Consumer Portfolio Segment | Student Loan | FICO at Origination | 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 251,606
2021	1,591,862		$ 1,210,833
2020	1,290,542		1,348,269
2019	999,922		1,057,001
2018	723,591		770,452
2017 and Prior	2,257,304		660,270
2016 and Prior			1,753,709
Total	$ 7,114,827		$ 6,800,534
Private education loans at origination	33.00%		33.00%
Consumer Portfolio Segment | Student Loan | FICO at Origination | Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 359,779
2021	2,445,798		$ 1,854,896
2020	1,917,408		2,015,512
2019	1,328,067		1,415,130
2018	923,705		993,172
2017 and Prior	2,755,917		822,108
2016 and Prior			2,146,295
Total	$ 9,730,674		$ 9,247,113
Private education loans at origination	45.00%		45.00%
Consumer Portfolio Segment | Student Loan | FICO Refreshed
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 781,612
2021	5,040,792		$ 3,822,361
2020	3,983,606		4,166,283
2019	3,038,337		3,216,525
2018	2,174,288		2,320,060
2017 and Prior	6,716,734		1,978,233
2016 and Prior			5,213,401
Total	$ 21,735,369		$ 20,716,863
Total in percent	100.00%		100.00%
Consumer Portfolio Segment | Student Loan | FICO Refreshed | Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 72,244
2021	472,669		$ 326,613
2020	310,819		279,578
2019	292,706		273,652
2018	245,690		235,684
2017 and Prior	964,669		233,022
2016 and Prior			739,268
Total	$ 2,358,797		$ 2,087,817
Private education loans at origination	11.00%		10.00%
Consumer Portfolio Segment | Student Loan | FICO Refreshed | 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 115,446
2021	670,147		$ 506,021
2020	453,846		475,674
2019	343,831		365,133
2018	236,812		256,400
2017 and Prior	738,916		209,536
2016 and Prior			570,605
Total	$ 2,558,998		$ 2,383,369
Private education loans at origination	12.00%		12.00%
Consumer Portfolio Segment | Student Loan | FICO Refreshed | 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 249,052
2021	1,561,528		$ 1,209,493
2020	1,203,084		1,285,015
2019	911,247		978,763
2018	631,484		682,024
2017 and Prior	1,855,009		568,766
2016 and Prior			1,448,692
Total	$ 6,411,404		$ 6,172,753
Private education loans at origination	29.00%		30.00%
Consumer Portfolio Segment | Student Loan | FICO Refreshed | Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 344,870
2021	2,336,448		$ 1,780,234
2020	2,015,857		2,126,016
2019	1,490,553		1,598,977
2018	1,060,302		1,145,952
2017 and Prior	3,158,140		966,909
2016 and Prior			2,454,836
Total	$ 10,406,170		$ 10,072,924
Private education loans at origination	48.00%		48.00%
Consumer Portfolio Segment | Student Loan | Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 781,612
2021	5,040,792		$ 3,822,361
2020	3,983,606		4,166,283
2019	3,038,337		3,216,525
2018	2,174,288		2,320,060
2017 and Prior	6,716,734		1,978,233
2016 and Prior			5,213,401
Total	$ 21,735,369		$ 20,716,863
Seasoning based on monthly scheduled payments due from 1-12 payments	27.00%		22.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments	16.00%		17.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments	11.00%		12.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments	7.00%		8.00%
Seasoning based on monthly scheduled payments due from more than 48 payments	14.00%		16.00%
Seasoning based on monthly scheduled payments due from not yet in repayment	25.00%		25.00%
Total in percent	100.00%		100.00%
Consumer Portfolio Segment | Student Loan | Seasoning | 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 417,858
2021	3,015,407		$ 2,265,811
2020	597,296		594,850
2019	506,047		515,328
2018	384,057		385,246
2017 and Prior	873,302		340,242
2016 and Prior			501,269
Total	5,793,967		4,602,746
Consumer Portfolio Segment | Student Loan | Seasoning | 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	0
2021	0		0
2020	2,190,940		2,287,737
2019	331,049		362,674
2018	188,777		203,674
2017 and Prior	663,245		211,064
2016 and Prior			479,540
Total	3,374,011		3,544,689
Consumer Portfolio Segment | Student Loan | Seasoning | 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	0
2021	0		0
2020	188		173
2019	1,483,980		1,565,203
2018	285,486		312,049
2017 and Prior	613,350		164,575
2016 and Prior			482,369
Total	2,383,004		2,524,369
Consumer Portfolio Segment | Student Loan | Seasoning | 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	0
2021	0		0
2020	0		0
2019	0		0
2018	921,378		983,434
2017 and Prior	708,204		295,206
2016 and Prior			464,563
Total	1,629,582		1,743,203
Consumer Portfolio Segment | Student Loan | Seasoning | More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	0
2021	0		0
2020	0		0
2019	0		0
2018	0		0
2017 and Prior	3,148,853		671,138
2016 and Prior			2,726,304
Total	3,148,853		3,397,442
Consumer Portfolio Segment | Student Loan | Seasoning | Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	363,754
2021	2,025,385		1,556,550
2020	1,195,182		1,283,523
2019	717,261		773,320
2018	394,590		435,657
2017 and Prior	709,780		296,008
2016 and Prior			559,356
Total	$ 5,405,952		$ 4,904,414

Allowance for Credit Losses -_4

Allowance for Credit Losses - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (1,227,362)	$ (1,165,335)	$ (1,179,021)	$ (1,361,723)
Loans held for investment, net	$ 21,291,675	$ 20,341,283
Percentage of Private Education Loans in repayment, 2022	53.40%
Percentage of Private Education Loans in repayment, 2021	59.50%	59.00%
Percentage of Private Education Loans in repayment, 2020	69.10%	67.90%
Percentage of Private Education Loans in repayment, 2019	75.20%	74.30%
Percentage of Private Education Loans in repayment, 2018	80.40%	79.30%
Percentage of Private Education Loans in repayment, 2017 and prior	87.70%	82.90%
Percentage of Private Education Loans in repayment, 2016 and prior		87.40%
Percentage of Private Education Loans in repayment	74.10%	74.90%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2022	0.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2021	0.90%	0.80%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2020	2.20%	1.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2019	3.50%	2.90%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2018	4.30%	3.70%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2017 and prior	5.40%	4.30%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2016 and prior		5.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	3.50%	3.30%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2022	0.10%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2021	0.50%	0.50%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2020	1.30%	1.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2019	1.50%	2.10%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2018	1.70%	2.30%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2017 and Prior	1.90%	2.50%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2016 and Prior		2.10%
Loans in forbearance as a percentage of loans in repayment and forbearance	1.40%	1.90%
Student Loan | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in repayment, 2022	$ 417,417
Total Private Education Loans in repayment, 2021	3,000,284	$ 2,253,860
Total Private Education Loans in repayment, 2020	2,751,187	2,826,916
Total Private Education Loans in repayment, 2019	2,285,817	2,390,841
Total Private Education Loans in repayment, 2018	1,749,113	1,840,790
Total Private Education Loans in repayment, 2017	5,891,339	1,640,870
Total Private Education Loans in repayment, 2016 and prior		4,557,935
Total Private Education Loans in repayment	16,095,157	15,511,212
Total Private Education Loans, gross, 2022	781,612
Total Private Education Loans, gross, 2021	5,040,792	3,822,361
Total Private Education Loans, gross, 2020	3,983,606	4,166,283
Total Private Education Loans, gross, 2019	3,038,337	3,216,525
Total Private Education Loans, gross, 2018	2,174,288	2,320,060
Total Private Education Loans, gross, 2017 and prior	6,716,734	1,978,233
Total Private Education Loans, gross, 2016 and prior		5,213,401
Total Private Education Loans, gross	21,735,369	20,716,863
Private Education Loans deferred origination costs and unamortized premium/(discount), 2022	9,615
Private Education Loans deferred origination costs and unamortized premium/(discount), 2021	20,732	22,169
Private Education Loans deferred origination costs and unamortized premium/(discount), 2020	14,883	16,067
Private Education Loans deferred origination costs and unamortized premium/(discount), 2019	8,753	9,575
Private Education Loans deferred origination costs and unamortized premium/(discount), 2018	5,380	5,918
Private Education Loans deferred origination costs and unamortized premium/(discount), 2017 and prior	12,544	4,588
Private Education Loans deferred origination costs and unamortized premium/(discount), 2016 and prior		9,171
Private Education Loans deferred origination costs and unamortized premium/(discount), Total	71,907	67,488
Total Private Education Loans, 2022	791,227
Total Private Education Loans, 2021	5,061,524	3,844,530
Total Private Education Loans, 2020	3,998,489	4,182,350
Total Private Education Loans, 2019	3,047,090	3,226,100
Total Private Education Loans, 2018	2,179,668	2,325,978
Total Private Education Loans, 2017 and Prior	6,729,278	1,982,821
Total Private Education Loans, 2016 and Prior		5,222,572
Total Private Education Loans	21,807,276	20,784,351
Private Education Loans allowance for losses, 2022	(54,769)
Private Education Loans allowance for losses, 2021	(308,664)	(248,102)
Private Education Loans allowance for losses, 2020	(230,000)	(239,507)
Private Education Loans allowance for losses, 2019	(187,181)	(195,223)
Private Education Loans allowance for losses, 2018	(122,741)	(129,678)
Private Education Loans allowance for losses, 2017 and prior	(317,698)	(99,982)
Private Education Loans allowance for losses, 2016 and prior		(246,485)
Private Education Loans allowance for losses	(1,221,053)	(1,158,977)
Private Education Loans, net, 2022	736,458
Private Education Loans, net, 2021	4,752,860	3,596,428
Private Education Loans, net, 2020	3,768,489	3,942,843
Private Education Loans, net, 2019	2,859,909	3,030,877
Private Education Loans, net, 2018	2,056,927	2,196,300
Private Education Loans, net, 2017 and prior	6,411,580	1,882,839
Private Education Loans, net, 2016 and prior		4,976,087
Loans held for investment, net	20,586,223	19,625,374
Student Loan | Consumer Portfolio Segment | Loan delinquent, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	415,657
2021	2,972,685	2,234,876
2020	2,690,157	2,786,646
2019	2,205,417	2,321,728
2018	1,674,303	1,772,651
2017 and Prior	5,571,861	1,570,815
2016 and Prior		4,319,057
Total	15,530,080	15,005,773
Student Loan | Consumer Portfolio Segment | Loan delinquent 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	1,760
2021	17,435	15,148
2020	28,523	29,146
2019	34,956	46,616
2018	33,362	43,197
2017 and Prior	144,499	41,695
2016 and Prior		132,757
Total	260,535	308,559
Student Loan | Consumer Portfolio Segment | Loan delinquent 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	0
2021	6,557	3,194
2020	18,618	7,441
2019	25,590	14,044
2018	23,023	14,310
2017 and Prior	95,272	16,425
2016 and Prior		61,533
Total	169,060	116,947
Student Loan | Consumer Portfolio Segment | Loan delinquent 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	0
2021	3,607	642
2020	13,889	3,683
2019	19,854	8,453
2018	18,425	10,632
2017 and Prior	79,707	11,935
2016 and Prior		44,588
Total	135,482	79,933
Student Loan | Loans in-school/grace/deferment | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	363,754
2021	2,025,385	1,556,550
2020	1,195,182	1,283,523
2019	717,261	773,320
2018	394,590	435,657
2017 and Prior	709,780	296,008
2016 and Prior		559,356
Total	5,405,952	4,904,414
Student Loan | Loans In forbearance | Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, 2022	441
Total Private Education Loans in forbearance, 2021	15,123	11,951
Total Private Education Loans in forbearance, 2020	37,237	55,844
Total Private Education Loans in forbearance, 2019	35,259	52,364
Total Private Education Loans in forbearance, 2018	30,585	43,613
Total Private Education Loans in forbearance, 2017 and Prior	115,615	41,355
Total Private Education Loans in forbearance, 2016 and Prior		96,110
Total Private Education Loans in forbearance	$ 234,260	$ 301,237

Allowance for Credit Losses -_5

Allowance for Credit Losses - Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Total Interest Receivable	$ 1,241,574	$ 1,187,123
90 Days or Greater Past Due	6,292	3,635
Allowance for Uncollectible Interest	$ 5,505	$ 4,937

Unfunded Loan Commitments (Deta

Unfunded Loan Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Credit Loss [Abstract]
Contractual obligation	$ 562,000
Allowance
Beginning balance	72,713	$ 110,044
Provision/New commitments - net	47,454	40,197
Other provision items	7,226	(3,994)
Transfer - funded loans	(94,686)	(126,880)
Ending balance	32,707	19,367
Unfunded Commitments
Beginning balance	1,776,976	1,673,018
Provision/New commitments - net	968,830	843,161
Other provision items	0	0
Transfer - funded loans	(2,184,058)	(2,058,726)
Ending balance	$ 561,748	$ 457,453

Goodwill and Acquired Intangi_3

Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 04, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 51,000,000
Acquired intangible assets amortization expense	733,000	$ 0
Expected amortization, remainder of 2022			$ 8,000,000
Expected amortization of 2023	9,000,000
Expected amortization of 2024	8,000,000
Expected amortization of 2025	8,000,000
Expected amortization of 2026	$ 7,000,000

Goodwill and Acquired Intangi_4

Goodwill and Acquired Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Finite-Lived Intangible Assets [Line Items]
Cost Basis	$ 75,400
Accumulated Amortization	(733)
Net	$ 74,667
Nitro
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life of acquired intangible assets	9 years 6 months 3 days
Tradename and trademarks
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	10 years
Cost Basis	$ 68,470
Accumulated Amortization	(515)
Net	$ 67,955
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	5 years
Cost Basis	$ 5,670
Accumulated Amortization	(186)
Net	$ 5,484
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	3 years
Cost Basis	$ 1,260
Accumulated Amortization	(32)
Net	$ 1,228

Deposits - Summary of Total Dep

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Banking and Thrift, Other Disclosures [Abstract]
Deposits - interest bearing	$ 21,192,004	$ 20,826,692
Deposits - non-interest bearing	2,022	1,432
Total deposits	$ 21,194,026	$ 20,828,124

Deposits - Narrative (Details)

Deposits - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Banking and Thrift, Other Disclosures [Abstract]
Deposits	$ 21,194,026,000		$ 20,828,124,000
Brokered deposits	10,000,000,000		10,100,000,000
Retail and other deposits	11,200,000,000		10,700,000,000
Stable interest-bearing deposits, total	7,800,000,000		7,300,000,000
Brokered deposit placement fee	3,000,000	$ 4,000,000
Third party broker fees paid	2,000,000	$ 0
Deposits exceeding FDIC insurance limits	532,000,000		743,000,000
Accrued interest on deposits	$ 42,000,000		$ 35,000,000

Deposits - Interest Bearing Dep

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amount
Money market	$ 10,984,116	$ 10,473,569
Savings	968,059	959,122
Certificates of deposit	9,239,829	9,394,001
Deposits - interest bearing	$ 21,192,004	$ 20,826,692
Qtr.-End Weighted Average Stated Rate
Money market	0.79%	0.69%
Savings	0.43%	0.43%
Certificates of deposit	1.37%	1.20%

Borrowings - Company Borrowings

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Short-Term	$ 0	$ 0
Long-Term	5,552,497	5,930,990
Total	5,552,497	5,930,990
Unsecured borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	986,591	986,138
Total	986,591	986,138
Secured borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,565,906	4,944,852
Total	4,565,906	4,944,852
Secured borrowings | Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,565,906	4,944,852
Total	4,565,906	4,944,852
Secured borrowings | Private Education Loan term securitizations | Fixed-rate
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	3,608,606	3,897,996
Total	3,608,606	3,897,996
Secured borrowings | Private Education Loan term securitizations | Variable-rate
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	957,300	1,046,856
Total	957,300	1,046,856
Secured borrowings | Secured Borrowing Facility
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	0	0
Total	$ 0	$ 0

Borrowings - Secured Financing

Borrowings - Secured Financing (Details) - USD ($)	1 Months Ended
	Aug. 31, 2021	May 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Securities Financing Transaction [Line Items]
Total Issued				$ 1,592,000,000
Total loans and accrued interest amount securitized at inception			$ 0	$ 1,656,263,000
2021-B
Securities Financing Transaction [Line Items]
Total Issued		$ 531,000,000
Basis spread on variable rate		0.77%
Weighted Average Life (in years)		4 years 3 months 3 days
2021-D
Securities Financing Transaction [Line Items]
Total Issued	$ 527,000,000
Basis spread on variable rate	0.69%
Weighted Average Life (in years)	4 years 2 months 19 days
2021-E
Securities Financing Transaction [Line Items]
Total Issued	$ 534,000,000
Basis spread on variable rate	0.69%
Weighted Average Life (in years)	4 years 1 month 24 days
Private Education Loan term securitizations
Securities Financing Transaction [Line Items]
Loans pledged as collateral			1,460,000,000
Principal amount of collateral			1,370,000,000
Capitalized interest			$ 87,000,000

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)	Mar. 16, 2022	Mar. 31, 2020	Mar. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Total loans and accrued interest amount securitized at inception			$ 0	$ 0	$ 1,656,263,000
Vertical risk retention interest		5.00%	5.00%	5.00%
Uncommitted federal funds			$ 125,000,000	$ 125,000,000
Lendable value of collateral			$ 2,900,000,000	$ 2,900,000,000	$ 3,300,000,000
2022-A
Line of Credit Facility [Line Items]
Vertical risk retention interest	5.00%
2022-A | Student Loan
Line of Credit Facility [Line Items]
Private education loans sold	$ 973,000,000
Additional net proceeds from sales of loans held for investment, capitalized interest	95,000,000
Gain on sale	$ 10,000,000

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Outstanding
Short-Term	$ 0	$ 0
Long-Term	5,552,497	5,930,990
Total	5,552,497	5,930,990
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	187,960	210,741	$ 164,708
Other Assets	24,855	26,351
Total assets	29,051,829	29,221,899
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	0
Long-Term	4,565,906	4,994,852
Total	4,565,906	4,994,852
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,650,067	6,029,034
Restricted Cash	187,960	210,741
Other Assets	333,623	358,849
Total assets	6,171,650	6,598,624
Variable Interest Entity, Primary Beneficiary | Private Education Loan term securitizations
Debt Outstanding
Short-Term	0	0
Long-Term	4,565,906	4,994,852
Total	4,565,906	4,994,852
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,650,067	6,029,034
Restricted Cash	187,960	210,741
Other Assets	333,325	357,982
Total assets	6,171,352	6,597,757
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	298	867
Total assets	$ 298	$ 867

Borrowings - Summary of Exposur

Borrowings - Summary of Exposure Related To Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Debt Instrument [Line Items]
Estimated Fair Value	$ 2,341,551	$ 2,517,956
Total Exposure	32,707	72,713	$ 19,367	$ 110,044	$ 115,758
Private Education Loan term securitizations | Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Estimated Fair Value	230,372	192,245
Equity Interests	38,820	37,465
Total Exposure	$ 269,192	$ 229,710

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)counterparty	Dec. 31, 2021USD ($)
Derivative [Line Items]
Number of central counterparties | counterparty	2
Notional value	$ 5,086,372,000	$ 6,589,856,000
Derivative, fair value, amount offset against collateral, net	9,000,000	9,000,000
Estimated accumulated other comprehensive income to be reclassified in next 12 months	5,000,000
Cash collateral held relative to derivative exposure	0	0
Cash collateral pledged	9,000,000	$ 10,000,000
CME
Derivative [Line Items]
Notional value	$ 4,800,000,000
Percent of total notional derivative contracts	94.30%
Amount of variation margin included as settlement	$ (64,000,000)
LCH
Derivative [Line Items]
Notional value	$ 300,000,000
Percent of total notional derivative contracts	5.70%
Amount of variation margin included as settlement	$ (400,000)

Derivative Financial Instrume_4

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Total net derivatives	$ (94)	$ 1,070
Trading
Derivatives, Fair Value [Line Items]
Total net derivatives	0	1,322
Cash Flow Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	126	(231)
Fair Value Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(220)	(21)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative instruments	169	5
Derivative Liabilities	(263)	(252)
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Derivative instruments	0	5
Derivative Liabilities	0	0
Interest rate swaps | Cash Flow Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	169	0
Derivative Liabilities	(43)	(231)
Interest rate swaps | Fair Value Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	0	0
Derivative Liabilities	(220)	(21)
Other
Derivatives, Fair Value [Line Items]
Derivative instruments	0	1,317
Other | Trading
Derivatives, Fair Value [Line Items]
Derivative instruments	0	1,317
Other | Cash Flow Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	0	0
Other | Fair Value Hedges | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 0	$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities
Cash collateral pledged	$ 9,000	$ 10,000
Other Assets
Other Assets
Gross position	169	1,322
Impact of master netting agreement	(169)	(5)
Derivative values with impact of master netting agreements (as carried on balance sheet)	0	1,317
Cash collateral pledged	9,327	9,655
Net position	9,327	10,972
Other Liabilities
Other Liabilities
Gross position	(263)	(252)
Impact of master netting agreement	169	5
Derivative values with impact of master netting agreements (as carried on balance sheet)	(94)	(247)
Cash collateral pledged	0	0
Net position	$ (94)	$ (247)

Derivative Financial Instrume_6

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Notional values	$ 5,086,372	$ 6,589,856
Trading
Derivatives, Fair Value [Line Items]
Notional values	0	1,235,713
Cash Flow | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	1,407,412	1,438,144
Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	3,678,960	3,915,999
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional values	5,086,372	5,536,096
Interest rate swaps | Trading
Derivatives, Fair Value [Line Items]
Notional values	0	181,953
Interest rate swaps | Cash Flow | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	1,407,412	1,438,144
Interest rate swaps | Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	3,678,960	3,915,999
Other
Derivatives, Fair Value [Line Items]
Notional values	0	1,053,760
Other | Trading
Derivatives, Fair Value [Line Items]
Notional values	0	1,053,760
Other | Cash Flow | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	0	0
Other | Fair Value | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional values	$ 0	$ 0

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (3,675,421)	$ (3,963,268)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ 484	$ (50,784)

Derivative Financial Instrume_8

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flow Hedges
Interest expense	$ 90,006	$ 105,044
Trading
Total	12,447	6,501
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	17,287	22,610
Hedged items recorded in interest expense	51,268	31,275
Derivatives recorded in interest expense	(51,319)	(31,251)
Trading
Total	17,236	22,634
Designated as Hedging Instrument | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	(4,541)	(5,269)
Trading
Trading
Change in fair value of future interest payments recorded in earnings	(248)	(10,864)
Total	$ (248)	$ (10,864)

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
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ 47,989	$ 18,154
Less: amount of gain (loss) reclassified in interest expense	(4,541)	(5,269)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ 52,530	$ 23,423

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Billions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Common stock repurchased under repurchase programs (in shares)	9,533,392	48,702,830
Average purchase price per share (in usd per share)	$ 18.46	$ 15.75
Shares repurchased related to employee stock-based compensation plans (in shares)	934,602	1,059,980
Average purchase price per share (in usd per share)	$ 18.55	$ 13.50
Common shares issued (in shares)	2,594,817	2,826,387
Remaining authority under the share repurchase program	$ 1.1
Common stock repurchased and cancelled (in shares)		28,500,000
2021 Share Repurchase Program, Accelerated Purchases
Class of Stock [Line Items]
Common stock repurchased under repurchase programs (in shares)		13,000,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jan. 26, 2022	Oct. 20, 2021	Jan. 27, 2021
Class of Stock [Line Items]
Common stock dividend (in usd per share)	$ 0.11	$ 0.03
Common stock repurchased (in shares)			9,533,392	48,702,830
Remaining authority under the share repurchase program	$ 1,100		$ 1,100
Common Stock
Class of Stock [Line Items]
Common stock closing price (in usd per share)	$ 18.36		$ 18.36
Common Stock | 2021 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)						$ 1,500	$ 1,250
Common stock repurchased (in shares)			2,000,000	31,000,000
Common stock repurchased, amount			$ 38	$ 517
Increase in amount of common stock that may be repurchased						$ 250
Common Stock | 2022 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)					$ 1,250
Common stock repurchased (in shares)			7,500,000
Common stock repurchased, amount			$ 138
Remaining authority under the share repurchase program	$ 1,100		$ 1,100
Common Stock | Rule 10b5-1 Trading Plan
Class of Stock [Line Items]
Common stock repurchased (in shares)			9,500,000	6,800,000
Common stock repurchased, amount			$ 176	$ 121

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income	$ 128,812	$ 641,207
Preferred stock dividends	1,275	1,201
Net income attributable to SLM Corporation common stock	127,537	640,006
Net income attributable to SLM Corporation common stock	$ 127,537	$ 640,006
Denominator:
Weighted average shares used to compute basic EPS (in shares)	276,977	361,042
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)	3,677	5,198
Weighted average shares used to compute diluted EPS (in shares)	280,654	366,240
Basic earnings per common share (in dollars per share)	$ 0.46	$ 1.77
Diluted earnings per common share (in dollars per share)	$ 0.45	$ 1.75
Antidilutive securities excluded from computation of earnings per share (in shares)	3,000	1,000

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments That are Marked-to-Market on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Trading investments	$ 38,820	$ 37,465
Available-for-sale investments	2,341,551	2,517,956
Fair Value Measurements on a Recurring Basis
Assets
Trading investments	38,820	37,465
Available-for-sale investments	2,341,551	2,517,956
Derivative instruments	169	1,322
Total earning assets	2,380,540	2,556,743
Liabilities
Derivative instruments	(263)	(252)
Fair Value Measurements on a Recurring Basis | Level 1
Assets
Trading investments	0	0
Available-for-sale investments	0	0
Derivative instruments	0	0
Total earning assets	0	0
Liabilities
Derivative instruments	0	0
Fair Value Measurements on a Recurring Basis | Level 2
Assets
Trading investments	0	0
Available-for-sale investments	2,341,551	2,517,956
Derivative instruments	169	1,322
Total earning assets	2,341,720	2,519,278
Liabilities
Derivative instruments	(263)	(252)
Fair Value Measurements on a Recurring Basis | Level 3
Assets
Trading investments	38,820	37,465
Available-for-sale investments	0	0
Derivative instruments	0	0
Total earning assets	38,820	37,465
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	Mar. 31, 2022	Dec. 31, 2021
Earning assets
Trading investments	$ 38,820	$ 37,465
Accrued interest receivable, difference	109,280	100,743
Tax indemnification receivable	215,217	239,578
Total earning assets, difference	3,663,350	3,409,977
Interest-bearing liabilities
Long-term borrowings, difference	68,688	(69,184)
Total interest-bearing liabilities, difference	174,175	(151,510)
Excess of net asset fair value over carrying value	3,837,525	3,258,467
Money-market and savings accounts
Interest-bearing liabilities
Deposits, difference	37,164	(24,799)
Certificates of deposit
Interest-bearing liabilities
Deposits, difference	68,323	(57,527)
Fair Value
Earning assets
Cash and cash equivalents	3,262,595	4,334,603
Trading investments	38,820	37,465
Available-for-sale investments	2,341,551	2,517,956
Accrued interest receivable	1,368,425	1,306,410
Tax indemnification receivable	8,155	8,047
Derivative instruments	169	1,322
Total earning assets	31,865,460	31,856,320
Interest-bearing liabilities
Long-term borrowings	5,483,809	6,000,174
Accrued interest payable	61,379	46,600
Derivative instruments	263	252
Total interest-bearing liabilities	26,631,968	26,956,044
Fair Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	11,915,011	11,457,490
Fair Value | Certificates of deposit
Interest-bearing liabilities
Deposits	9,171,506	9,451,528
Carrying Value
Earning assets
Cash and cash equivalents	3,262,595	4,334,603
Trading investments	38,820	37,465
Available-for-sale investments	2,341,551	2,517,956
Accrued interest receivable	1,259,145	1,205,667
Tax indemnification receivable	8,155	8,047
Derivative instruments	169	1,322
Total earning assets	28,202,110	28,446,343
Interest-bearing liabilities
Long-term borrowings	5,552,497	5,930,990
Accrued interest payable	61,379	46,600
Derivative instruments	263	252
Total interest-bearing liabilities	26,806,143	26,804,534
Carrying Value | Money-market and savings accounts
Interest-bearing liabilities
Deposits	11,952,175	11,432,691
Carrying Value | Certificates of deposit
Interest-bearing liabilities
Deposits	9,239,829	9,394,001
Private Education Loans
Earning assets
Loans held for investment, net, difference	3,539,434	3,294,462
Private Education Loans | Fair Value
Earning assets
Loans held for investment, net	24,125,657	22,919,836
Private Education Loans | Carrying Value
Earning assets
Loans held for investment, net	20,586,223	19,625,374
FFELP Loans
Earning assets
Loans held for investment, net, difference	12,463	12,690
FFELP Loans | Fair Value
Earning assets
Loans held for investment, net	692,507	705,644
FFELP Loans | Carrying Value
Earning assets
Loans held for investment, net	680,044	692,954
Credit Cards
Earning assets
Loans held for investment, net, difference	2,173	2,082
Credit Cards | Fair Value
Earning assets
Loans held for investment, net	27,581	25,037
Credit Cards | Carrying Value
Earning assets
Loans held for investment, net	$ 25,408	$ 22,955

Regulatory Capital - Narrative

Regulatory Capital - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses on loans and leases		$ 1,227,362	$ 1,179,021	$ 1,165,335	$ 1,361,723
Liability for unfunded commitments	$ 115,758	32,707	19,367	$ 72,713	$ 110,044
Deferred tax asset	$ 306,171
Dividends		$ 108,000	$ 1,000,000
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Period of deferment	2 years
Amount deferred	25.00%
Allowance for credit losses on loans and leases	$ 1,100,000
Liability for unfunded commitments	116,000
Deferred tax asset	306,000
Reduction to retained earnings	$ 953,000

Regulatory Capital - Adjusted T

Regulatory Capital - Adjusted Transition Amounts (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	$ 2,913,544	$ 2,817,134			$ 952,639
Allowance for credit losses					1,143,053
Liability for unfunded commitments	32,707	72,713	$ 19,367	$ 110,044	115,758
Deferred tax asset					306,171
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Liability for unfunded commitments					116,000
Deferred tax asset					$ 306,000
Adjustments | Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	(209,088)	(58,429)		(57,859)
Allowance for credit losses	(259,536)	(49,097)		(55,811)
Liability for unfunded commitments	(26,094)	(9,333)		(2,048)
Deferred tax asset	(76,542)	$ 0		$ 0
Adjusted Transition Amounts | Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	627,263
Allowance for credit losses	778,609
Liability for unfunded commitments	78,283
Deferred tax asset	$ 229,629

Regulatory Capital - U.S. Basel

Regulatory Capital - U.S. Basel III Regulatory Requirements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 3,155,469	$ 3,314,657
Tier 1 Capital (to Risk-Weighted Assets)	3,155,469	3,314,657
Total Capital (to Risk-Weighted Assets)	3,462,126	3,410,183
Tier 1 Capital (to Average Assets)	$ 3,155,469	$ 3,314,657
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	12.90%	14.10%
Tier 1 Capital (to Risk-Weighted Assets)	0.129	0.141
Total Capital (to Risk-Weighted Assets)	0.142	0.145
Tier 1 Capital (to Average Assets)	0.105	0.111
U.S. Basel III Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,710,526	$ 1,643,132
Tier 1 Capital (to Risk-Weighted Assets)	2,077,067	1,995,232
Total Capital (to Risk-Weighted Assets)	2,565,789	2,464,699
Tier 1 Capital (to Average Assets)	$ 1,199,485	$ 1,198,808
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	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 562
Other liabilities reserve	$ 33

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Millions	Apr. 27, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Proceeds from sale of loans		$ 95	$ 3,160
Net proceeds from sales of loans held for investment, principal		89	2,970
Net proceeds from sales of loans held for investment, capitalized interest		$ 6	$ 193
Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of loans	$ 2,000
Net proceeds from sales of loans held for investment, principal	1,900
Net proceeds from sales of loans held for investment, capitalized interest	$ 130