Navient (NAVI) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2023 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	Navient Corporation
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	126,464,845
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36228
Entity Tax Identification Number	46-4054283
Entity Address, Address Line One	123 Justison Street
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19801
City Area Code	(302)
Local Phone Number	283-8000
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Common Stock Par Value. 01 Per Share [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $.01 per share
Trading Symbol	NAVI
Security Exchange Name	NASDAQ
Senior Notes Due December 15, 2043 [Member]
Document Information [Line Items]
Title of 12(b) Security	6% Senior Notes due December 15, 2043
Trading Symbol	JSM
Security Exchange Name	NASDAQ
Preferred Stock Purchase Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments
Held-to-maturity	$ 57	$ 60
Other	96	107
Total investments	153	167
Cash and cash equivalents	570	1,535
Restricted cash and cash equivalents	2,208	3,272
Goodwill and acquired intangible assets, net	703	705
Other assets	2,856	2,866
Total assets	66,913	70,795
Liabilities
Short-term borrowings	5,753	5,870
Long-term borrowings	57,388	61,026
Other liabilities	814	922
Total liabilities	63,955	67,818
Commitments and contingencies
Equity
Common stock, par value $0.01 per share, 1.125 billion shares authorized: 464 million and 461 million shares issued, respectively	4	4
Additional paid-in capital	3,335	3,313
Accumulated other comprehensive income (net of tax expense of $22 and $29, respectively)	66	87
Retained earnings	4,579	4,490
Total Navient Corporation stockholders’ equity before treasury stock	7,984	7,894
Less: Common stock held in treasury at cost: 337 million and 331 million shares, respectively	(5,026)	(4,917)
Total Navient Corporation stockholders’ equity	2,958	2,977
Noncontrolling interest	0	0
Total equity	2,958	2,977
Total liabilities and equity	66,913	70,795
Series A Junior Participating Preferred Stock [Member]
Equity
Series A Junior Participating Preferred Stock, par value $0.20 per share; 2 million shares authorized at December 31, 2021; no shares issued or outstanding	0	0
FFELP Loans [Member]
Assets
Loans, net	42,148	43,525
Private Education Loans [Member]
Assets
Loans, net	$ 18,275	$ 18,725

Consolidated Balance Sheets - S

Consolidated Balance Sheets - Supplemental Information (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Short-term borrowings	$ 5,753	$ 5,870
Long-term borrowings	57,388	61,026
FFELP Loans [Member]
Loans, net	42,148	43,525
Private Education Loans [Member]
Loans, net	18,275	18,725
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Loans, net	58,908	60,672
Restricted cash	2,180	3,233
Other assets, net	1,534	1,356
Short-term borrowings	4,520	4,458
Long-term borrowings	52,714	55,598
Net assets of consolidated variable interest entities	5,388	5,205
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loans [Member]
Loans, net	42,086	43,465
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loans [Member]
Loans, net	$ 16,822	$ 17,207

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Allowance for loans losses	$ 920	$ 1,022
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	464,000,000	461,000,000
Tax expense (benefit) for accumulated other comprehensive income (loss)	$ 22	$ 29
Common stock held in treasury	337,000,000	331,000,000
Series A Junior Participate [Member]
Preferred stock, par value	$ 0.20	$ 0.20
Preferred stock shares authorized	2,000,000	2,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
FFELP Loans [Member]
Allowance for loans losses	$ 214	$ 222
Private Education Loans [Member]
Allowance for loans losses	$ 706	$ 800

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income:
Cash and investments	$ 34	$ 1
Total interest income	1,071	626
Total interest expense	837	289
Net interest income	234	337
Less: provisions for loan losses	(14)	16
Net interest income after provisions for loan losses	248	321
Other income (loss):
Servicing revenue	17	18
Asset recovery and business processing revenue	72	97
Other income	7	10
Gains (losses) on derivative and hedging activities, net	(8)	98
Total other income	88	223
Expenses:
Salaries and benefits	105	120
Other operating expenses	80	85
Total operating expenses	185	205
Goodwill and acquired intangible asset impairment and amortization expense	3	4
Restructuring/other reorganization expenses	4	3
Total expenses	192	212
Income before income tax expense	144	332
Income tax expense	33	77
Net income	$ 111	$ 255
Basic earnings per common share	$ 0.87	$ 1.69
Average common shares outstanding	129	151
Diluted earnings per common share	$ 0.86	$ 1.67
Average common and common equivalent shares outstanding	130	153
Dividends per common share	$ 0.16	$ 0.16
FFELP Loans [Member]
Interest income:
Total interest income	$ 693	$ 349
Less: provisions for loan losses	10	0
Private Education Loans [Member]
Interest income:
Total interest income	344	276
Less: provisions for loan losses	$ (24)	$ 16

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement Of Income And Comprehensive Income [Abstract]
Net income		$ 111	$ 255
Net changes in cash flow hedges, net of taxes	[1]	(21)	114
Total comprehensive income		$ 90	$ 369
[1] See “Note 4 – Derivative Financial Instruments.”

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Open Market Repurchases [Member]	Common Stock [Member]	Treasury Stock [Member]	Treasury Stock [Member] Open Market Repurchases [Member]	Common Stock Shares Outstanding [Member]	Common Stock Shares Outstanding [Member] Open Market Repurchases [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member] Open Market Repurchases [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2021	$ 2,608		$ 4	$ (4,495)				$ 3,282	$ (133)	$ 3,939	$ 2,597		$ 11
Beginning Balance, Shares at Dec. 31, 2021			458,629,384	(304,886,613)		153,742,771
Comprehensive income (loss):
Net income	255									255	255
Other comprehensive income (loss), net of tax	114								114		114
Total comprehensive income (loss)	369										369
Cash dividends:
Common stock	(24)									(24)	(24)
Dividend equivalent units related to employee stock-based compensation plans	(3)									(3)	(3)
Issuance of common shares	$ 11							11			11
Issuance of common shares, Shares	2,400,000		2,359,901			2,359,901
Stock-based compensation expense	$ 9							9			9
Common stock repurchased		$ (115)			$ (115)	$ (115)						$ (115)
Common stock repurchased, Shares					(6,247,437)	(6,200,000)	(6,247,437)
Shares repurchased related to employee stock-based compensation plans	$ (20)			$ (20)							(20)
Shares repurchased related to employee stock-based compensation plans, Shares	(1,100,000)			(1,110,584)		(1,110,584)
Net activity in noncontrolling interest	$ (5)												(5)
Ending Balance, Value at Mar. 31, 2022	2,830		$ 4	$ (4,630)				3,302	(19)	4,167	2,824		$ 6
Ending Balance, Shares at Mar. 31, 2022			460,989,285	(312,244,634)		148,744,651
Beginning Balance, Value at Dec. 31, 2022	2,977		$ 4	$ (4,917)				3,313	87	4,490	2,977
Beginning Balance, Shares at Dec. 31, 2022			461,087,590	(330,878,152)		130,209,438
Comprehensive income (loss):
Net income	111									111	111
Other comprehensive income (loss), net of tax	(21)								(21)		(21)
Total comprehensive income (loss)	90										90
Cash dividends:
Common stock	(21)									(21)	(21)
Dividend equivalent units related to employee stock-based compensation plans	(1)									(1)	(1)
Issuance of common shares	$ 13							13			13
Issuance of common shares, Shares	2,400,000		2,420,932			2,420,932
Stock-based compensation expense	$ 9							9			9
Common stock repurchased		$ (85)			$ (85)	$ (85)						$ (85)
Common stock repurchased, Shares					(4,888,812)	(4,900,000)	(4,888,812)
Shares repurchased related to employee stock-based compensation plans	$ (23)			$ (23)							(23)
Shares repurchased related to employee stock-based compensation plans, Shares	(1,300,000)			(1,276,713)		(1,276,713)
Other	$ (1)			$ (1)							(1)
Ending Balance, Value at Mar. 31, 2023	$ 2,958		$ 4	$ (5,026)				$ 3,335	$ 66	$ 4,579	$ 2,958
Ending Balance, Shares at Mar. 31, 2023			463,508,522	(337,043,677)		126,464,845

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Dividends per common share	$ 0.16	$ 0.16
Retained Earnings [Member]
Dividends per common share	0.16	0.16
Total Stockholders' Equity [Member]
Dividends per common share	$ 0.16	$ 0.16

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 111	$ 255
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Goodwill and acquired intangible asset impairment and amortization expense	3	4
Stock-based compensation expense	9	9
Mark-to-market (gains) losses on derivative and hedging activities, net	65	(314)
Provisions for loan losses	(14)	16
(Increase) decrease in accrued interest receivable	(12)	48
Decrease in accrued interest payable	(49)	(15)
Decrease in other assets	58	174
Decrease in other liabilities	(26)	(286)
Total adjustments	34	(364)
Net cash provided by (used in) operating activities	145	(109)
Cash flows from investing activities
Education loans originated and acquired	(274)	(1,091)
Proceeds from payments on education loans	2,118	2,789
Other investing activities, net	4	53
Net cash provided by investing activities	1,848	1,751
Cash flows from financing activities
Borrowings collateralized by loans in trust - issued	0	995
Borrowings collateralized by loans in trust - repaid	(3,047)	(3,296)
Long-term unsecured notes repaid	(1,001)	0
Other financing activities, net	(57)	43
Common stock repurchased	(85)	(115)
Common dividends paid	(21)	(24)
Net cash used in financing activities	(4,022)	(2,006)
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents	(2,029)	(364)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	4,807	3,578
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,778	3,214
Supplemental disclosure of cash flow information:
Interest paid	845	300
Income taxes paid	6	5
Income taxes refunds received	(2)	(4)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	570	708
Restricted cash and cash equivalents	2,208	2,506
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,778	3,214
Asset-backed Securities, Securitized Loans and Receivables [Member]
Cash flows from financing activities
Asset-backed commercial paper conduits, net	$ 189	$ 391

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	1. Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements of Navient 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 of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which we are the primary beneficiary, 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, 2023 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, 2022 (the 2022 Form 10-K). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2022 Form 10-K. Recently Issued Accounting Pronouncements Effective in 2020 and Forward Rate Reform In March 2020 (and as amended in December 2022), the FASB issued ASU No. 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional temporary relief for companies who are preparing for the discontinuation of interest rates indexed to the London Interbank Offered Rate (LIBOR). The ASU provides companies with guidance in the form of expedients and exceptions related to contract modifications and hedge accounting to ease the burden of and simplify the accounting associated with transitioning away from LIBOR. Modifications of qualifying contracts are accounted for as the continuation of an existing contract rather than as a new contract. Modifications of qualifying hedging relationships will not require discontinuation of the existing hedge accounting relationships. One-month and three-month LIBOR will be discontinued after June 30, 2023. Our instruments that are indexed to one-month and three-month LIBOR will be indexed to SOFR after that date. There is $ 13 billion of debt as of March 31, 2023, that is in either a fair value or cash flow hedge relationship using LIBOR swaps. We will use the hedge accounting expedients in this ASU when those swaps transition to SOFR. As a result, these hedges will not result in the discontinuation of the existing hedge accounting relationships. 1. Significant Accounting Policies (Continued) Troubled Debt Restructurings In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the troubled debt restructurings (TDRs) recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The ASU also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty. This guidance was effective on January 1, 2023. Prior to adopting this new guidance on January 1, 2023, as it relates to interest rate concessions granted as part of our Private Education Loan modification program, a discounted cash flow model was used to calculate the amount of interest forgiven for loans that were in the program and the present value of that interest rate concession was included as a part of the allowance for loan loss. This new guidance no longer requires the measurement and recognition of this element of our allowance for loan loss for new modifications that occur subsequent to January 1, 2023. As of December 31, 2022, the allowance for loan loss included $ 77 million related to this interest rate concession component of the allowance for loan loss. We elected to adopt this amendment using a prospective transition method which results in the $ 77 million releasing in 2023 and 2024 as the borrowers exit their current modification programs. $ 52 million of the $ 77 million was released in first-quarter 2023.

Allowance for Loan Losses

Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Allowance for Loan Losses	2. Allowance for Loan Losses Allowance for Loan Losses Roll Forward Three Months Ended March 31, 2023 (Dollars in millions) FFELP Private Total Allowance at beginning of period $ 222 $ 800 $ 1,022 Total provision 10 ( 24 ) ( 14 ) Charge-offs: Gross charge-offs ( 18 ) ( 88 ) ( 106 ) Expected future recoveries on current period gross charge-offs — 13 13 Net charge-offs (1) ( 18 ) ( 75 ) ( 93 ) Decrease in expected future recoveries on previously fully (2) — 5 5 Allowance at end of period $ 214 $ 706 $ 920 Net charge-offs as a percentage of average loans in repayment .22 % 1.63 % Ending total loans $ 42,362 $ 18,981 Average loans in repayment $ 34,305 $ 18,552 Ending loans in repayment $ 33,740 $ 18,258 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, we charge off the estimated loss of a defaulted loan balance by charging off the entire defaulted loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as "expected future recoveries on previously fully charged-off loans." For FFELP Loans, the recovery is received at the time of charge-off. (2) At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance by charging off the entire loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately reflected as a reduction to expected future recoveries on previously fully charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on previously fully charged-off loans: Three Months Ended March 31, (Dollars in millions) 2023 Beginning of period expected future recoveries on previously fully charged-off loans $ 274 Expected future recoveries of current period defaults 13 Recoveries (cash collected) ( 13 ) Charge-offs (as a result of lower recovery expectations) ( 6 ) End of period expected future recoveries on previously fully charged-off loans 268 Change in balance during period $ ( 5 ) 2. Allowance for Loan Losses (Continued) Three Months Ended March 31, 2022 (Dollars in millions) FFELP Loans Private Education Loans Total Allowance at beginning of period $ 262 $ 1,009 $ 1,271 Total provision — 16 16 Charge-offs: Gross charge-offs ( 7 ) ( 81 ) ( 88 ) Expected future recoveries on current period gross charge-offs — 12 12 Net charge-offs (1) ( 7 ) ( 69 ) ( 76 ) Decrease in expected future recoveries on previously fully (2) — 8 8 Allowance at end of period $ 255 $ 964 $ 1,219 Net charge-offs as a percentage of average loans in repayment .07 % 1.38 % Ending total loans $ 51,268 $ 21,052 Average loans in repayment $ 43,125 $ 20,387 Ending loans in repayment $ 42,724 $ 20,257 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, we charge off the estimated loss of a defaulted loan balance by charging off the entire defaulted loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as "expected future recoveries on previously fully charged-off loans." For FFELP Loans, the recovery is received at the time of charge-off. (2) At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance by charging off the entire loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately reflected as a reduction to expected future recoveries on previously fully charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on previously fully charged-off loans: Three Months Ended March 31, (Dollars in millions) 2022 Beginning of period expected future recoveries on previously fully charged-off loans $ 329 Expected future recoveries of current period defaults 12 Recoveries (cash collected) ( 15 ) Charge-offs (as a result of lower recovery expectations) ( 5 ) End of period expected future recoveries on previously fully charged-off loans $ 321 Change in balance during period $ ( 8 ) 2. Allowance for Loan Losses (Continued) Key Credit Quality Indicators We assess and determine the collectability of our education loan portfolios by evaluating certain risk characteristics we refer to as key credit quality indicators. Key credit quality indicators are incorporated into the allowance for loan losses calculation. FFELP Loans FFELP Loans are substantially insured and guaranteed as to their principal and accrued interest in the event of default. The key credit quality indicators are loan status and loan type. FFELP Loan Delinquencies March 31, 2023 December 31, 2022 March 31, 2022 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 1,778 $ 1,772 $ 2,232 Loans in forbearance (2) 6,844 7,603 6,312 Loans in repayment and percentage of each status: Loans current 28,886 85.6 % 29,004 84.4 % 36,948 86.5 % Loans delinquent 31-60 days (3) 1,270 3.8 1,247 3.6 1,888 4.4 Loans delinquent 61-90 days (3) 902 2.7 833 2.4 1,148 2.7 Loans delinquent greater than 90 days (3) 2,682 7.9 3,288 9.6 2,740 6.4 Total FFELP Loans in repayment 33,740 100 % 34,372 100 % 42,724 100 % Total FFELP Loans 42,362 43,747 51,268 FFELP Loan allowance for losses ( 214 ) ( 222 ) ( 255 ) FFELP Loans, net $ 42,148 $ 43,525 $ 51,013 Percentage of FFELP Loans in repayment 79.6 % 78.6 % 83.3 % Delinquencies as a percentage of FFELP Loans in 14.4 % 15.6 % 13.5 % FFELP Loans in forbearance as a percentage of 16.9 % 18.1 % 12.9 % (1) Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships. (2) Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, 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. Loan type : (Dollars in millions) March 31, 2023 March 31, 2022 Change Stafford Loans $ 13,592 $ 15,975 $ ( 2,383 ) Consolidation Loans 24,697 30,665 ( 5,968 ) Rehab Loans 4,073 4,628 ( 555 ) Total loans, gross $ 42,362 $ 51,268 $ ( 8,906 ) 2. Allowance for Loan Losses (Continued) Private Education Loans The key credit quality indicators are credit scores (FICO scores), loan status, loan seasoning, certain loan modifications, the existence of a cosigner and school type. The FICO score is the higher of the borrower or co-borrower score and is updated at least every six months while school type is assessed at origination. The other Private Education Loan key quality indicators are updated quarterly. Private Education Loan Credit Quality Indicators by Origination Year March 31, 2023 (Dollars in millions) 2023 2022 2021 2020 2019 Prior Total % of Total Credit Quality FICO Scores: 640 and above $ 167 $ 1,761 $ 4,368 $ 1,438 $ 1,353 $ 8,133 $ 17,220 91 % Below 640 3 40 92 24 43 1,559 1,761 9 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % Loan Status: In-school/grace/ $ 9 $ 67 $ 91 $ 27 $ 31 $ 498 $ 723 4 % Current/90 days or 161 1,729 4,360 1,432 1,359 8,853 17,894 94 Greater than 90 days — 5 9 3 6 341 364 2 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % Seasoning (1) : 1-12 payments $ 161 $ 1,386 $ 80 $ 9 $ 8 $ 71 $ 1,715 9 % 13-24 payments — 362 4,084 32 23 86 4,587 24 25-36 payments — — 242 1,251 106 157 1,756 9 37-48 payments — — — 155 1,190 272 1,617 9 More than 48 — — — — 53 8,884 8,937 47 Loans in-school/ 9 53 54 15 16 222 369 2 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % Certain Loan (2) : Modified $ — $ 14 $ 89 $ 38 $ 72 $ 6,279 $ 6,492 34 % Non-Modified 170 1,787 4,371 1,424 1,324 3,413 12,489 66 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % Cosigners: With cosigner (3) $ 35 $ 189 $ 103 $ 26 $ 9 $ 5,894 $ 6,256 33 % Without cosigner 135 1,612 4,357 1,436 1,387 3,798 12,725 67 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % School Type: Not-for-profit $ 158 $ 1,704 $ 4,202 $ 1,397 $ 1,300 $ 8,150 $ 16,911 89 % For-profit 12 97 258 65 96 1,542 2,070 11 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % Allowance for loan ( 706 ) Total loans, net $ 18,275 1Q-23 Net Charge-Offs $ — $ ( 2 ) $ ( 2 ) $ ( 1 ) $ ( 2 ) $ ( 68 ) $ ( 75 ) 100 % (1) Number of months in active repayment for which a scheduled payment was received. (2) Loan Modification status represents the historical definition of a troubled debt restructuring (“TDR”) prior to the implementation of ASU 2022-02 on January 1, 2023. Any loan that meets the historical definition of a TDR retains that classification for the life of the loan (including loans that meet that definition in 2023). This includes loans given rate modifications, term extensions or forbearance greater than 3 months in the prior 24-month period. This classification is not intended to reconcile in any way to the new modification disclosures required under ASU 2022-02. (3) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65 % for total loans at March 31, 2023. 2. Allowance for Loan Losses (Continued) Private Education Loan Credit Quality Indicators by Origination Year March 31, 2022 (Dollars in millions) 2022 2021 2020 2019 2018 Prior Total % of Total Credit Quality FICO Scores: 640 and above $ 948 $ 5,037 $ 1,783 $ 1,683 $ 626 $ 9,314 $ 19,391 92 % Below 640 8 44 16 37 21 1,535 $ 1,661 8 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Loan Status: In-school/grace/ $ 5 $ 64 $ 25 $ 34 $ 13 $ 654 $ 795 4 % Current/90 days or 951 5,015 1,772 1,684 632 9,889 $ 19,943 95 Greater than 90 days — 2 2 2 2 306 314 1 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Seasoning (1) : 1-12 payments $ 951 $ 4,740 $ 26 $ 17 $ 3 $ 115 $ 5,852 28 % 13-24 payments — 300 1,555 108 11 134 $ 2,108 10 25-36 payments — — 201 1,507 46 225 $ 1,979 9 37-48 payments — — — 68 545 369 $ 982 5 More than 48 — — — — 35 9,719 $ 9,754 46 Loans in-school/ 5 41 17 20 7 287 377 2 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Certain Loan (2) : Modified $ — $ 9 $ 15 $ 43 $ 28 $ 6,998 $ 7,093 34 % Non-Modified 956 5,072 1,784 1,677 619 3,851 13,959 66 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Cosigners: With cosigner (3) $ 11 $ 97 $ 31 $ 11 $ — $ 6,994 $ 7,144 34 % Without cosigner 945 4,984 1,768 1,709 647 3,855 13,908 66 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % School Type: Not-for-profit $ 893 $ 4,786 $ 1,719 $ 1,602 $ 595 $ 9,048 $ 18,643 89 % For-profit 63 295 80 118 52 1,801 2,409 11 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Allowance for loan ( 964 ) Total loans, net $ 20,088 (1) Number of months in active repayment for which a scheduled payment was received. (2) Loan Modification status represents the historical definition of a troubled debt restructuring (“TDR”) prior to the implementation of ASU 2022-02 on January 1, 2023. Any loan that meets the historical definition of a TDR retains that classification for the life of the loan (including loans that meet that definition in 2023). This includes loans given rate modifications, term extensions or forbearance greater than 3 months in the prior 24-month period. This classification is not intended to reconcile in any way to the new modification disclosures required under ASU 2022-02. (3) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65 % for total loans at March 31, 2022. 2. Allowance for Loan Losses (Continued) Private Education Loan Delinquencies March 31, 2023 December 31, 2022 March 31, 2022 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 369 $ 354 $ 377 Loans in forbearance (2) 354 401 418 Loans in repayment and percentage of each status: Loans current 17,439 95.5 % 17,838 95.0 % 19,447 96.0 % Loans delinquent 31-60 days (3) 290 1.6 335 1.8 290 1.4 Loans delinquent 61-90 days (3) 165 .9 186 1.0 206 1.0 Loans delinquent greater than 90 days (3) 364 2.0 411 2.2 314 1.6 Total loans in repayment 18,258 100 % 18,770 100 % 20,257 100 % Total loans 18,981 19,525 21,052 Allowance for losses ( 706 ) ( 800 ) ( 964 ) Loans, net $ 18,275 $ 18,725 $ 20,088 Percentage of loans in repayment 96.2 % 96.1 % 96.2 % Delinquencies as a percentage of loans in 4.5 % 5.0 % 4.0 % Loans in forbearance as a percentage of loans in 1.9 % 2.1 % 2.0 % (1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (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 such as disaster relief, including COVID-19 relief programs, 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 . 2. Allowance for Loan Losses (Continued) Loan Modifications to Borrowers Experiencing Financial Difficulty We adjust the terms of Private Education Loans for certain borrowers when we believe such changes will help our customers better manage their student loan obligations, achieve better outcomes and increase the collectability of the loans. These changes generally take the form of a temporary interest rate reduction, a temporary forbearance of payments, a temporary interest only payment, and a temporary interest rate reduction with a permanent extension of the loan term. 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 model design predicts borrowers that will have financial difficulty in the future and require loan modification and increased life of loan default risk. Under our current forbearance practices, temporary hardship forbearance of payments generally cannot exceed 12 months over the life of the loan. However, exceptions can be made in cases where borrowers have shown the ability to make a substantial number of monthly principal and interest payments and in those cases borrowers can be granted up to 24 months of hardship forbearance over the life of the loan. We offer other administrative forbearances (e.g., death and disability, bankruptcy, military service, and disaster forbearance) that are either required by law (such as the Servicemembers Civil Relief Act) or are considered separate from our active loss mitigation programs and therefore are not considered to be loan modifications requiring disclosure under ASU No. 2022-02. 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. Further, FFELP loan modification events are either legal entitlements subject to regulatory-driven eligibility criteria or addressed in the promissory note terms, so we do not consider these events as a component of our loan modification programs. The following table shows the amortized cost basis as of March 31, 2023 of the loans to borrowers experiencing financial difficulty that were modified in first-quarter 2023. Loan Modifications Made to Borrowers Experiencing Financial Difficulty (Dollars in millions) Interest Rate Reductions (1) More Than an Insignificant Payment Delay (2) Combination Rate Reduction and Term Extension Loan Type Amortized Cost % of Loan Type Amortized Cost % of Loan Type Amortized Cost % of Loan Type Private Education $ 611 3.2 % $ 275 1.4 % $ 46 .2 % (1) As of March 31, 2023, there was $ 1.1 billion of loans in the interest rate reduction program. (2) More Than an Insignificant Payment Delay includes loans granted more than 3 months of short-term interest only payments or hardship forbearance in first-quarter 2023. For those loans modified in first-quarter 2023, the following table shows the impact of such modification. Loan Type Interest Rate Reductions More Than an Insignificant Payment Delay Combination Rate Reduction and Term Extension Private Education Loans Reduced the weighted average contractual rate from 12.9 % to 4.9 % Added an average 6 months to the remaining life of the loans Added an average 8 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.5 % to 5.1 %. 2. Allowance for Loan Losses (Continued) The following table provides the amount of loans whose borrowers were experiencing financial difficulty, were modified during first-quarter 2023 and subsequently had a payment default in first-quarter 2023. We define payment default as 60 days past due for purposes of this disclosure. We closely monitor performance of the loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of the modification efforts. (Dollars in millions) Loan Type Modified Loans Payment Default (Par) Private Education Loans (1) $ 2 $ 2 (1) For first-quarter 2023, the modified loans include $ 1.6 million of Interest Rate Reduction and $ 0.1 million of Combination Rate Reduction and Term Extension . The following table provides the performance and related loan status as of March 31, 2023 of loans that were modified in first-quarter 2023. (Dollars in millions) Loan Type: Private Education Loans (1) Status Payment status (Amortized Cost) Loans in School/Deferment $ 2 Loans in Forbearance 22 Loans current 891 Loans delinquent 31 - 60 days 8 Loans delinquent 61 - 90 days 2 Loans delinquent greater than 90 days 7 Total Modified Loans $ 932 (1) For first-quarter 2023, $ 0.4 million of loans modified during the quarter were charged off. Prior to our adoption of ASU 2022-02 on January 1, 2023, we accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. Certain Private Education Loans for which we have granted either a forbearance of greater than three months, an interest rate reduction or an extended repayment plan were classified as TDRs. The following table provides the amount of loans modified in the period presented that resulted in a TDR. Additionally, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. Three Months Ended March 31, (Dollars in millions) 2022 Modified loans $ 55 Charge-offs $ 56 Payment default $ 9

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Borrowings	3. Borrowings The following table summarizes our borrowings. March 31, 2023 December 31, 2022 (Dollars in millions) Short Long Total Short Long Total Unsecured borrowings: Senior unsecured debt (1) $ 1,149 $ 4,864 $ 6,013 $ 1,301 $ 5,711 $ 7,012 Total unsecured borrowings 1,149 4,864 6,013 1,301 5,711 7,012 Secured borrowings: FFELP Loan securitizations (2)(3) 68 40,275 40,343 76 42,675 42,751 Private Education Loan securitizations (4) 648 12,187 12,835 725 12,744 13,469 FFELP Loan ABCP facilities 887 428 1,315 923 386 1,309 Private Education Loan ABCP facilities 2,917 — 2,917 2,734 — 2,734 Other (5) 105 — 105 121 — 121 Total secured borrowings 4,625 52,890 57,515 4,579 55,805 60,384 Total before hedge accounting adjustments 5,774 57,754 63,528 5,880 61,516 67,396 Hedge accounting adjustments ( 21 ) ( 366 ) ( 387 ) ( 10 ) ( 490 ) ( 500 ) Total $ 5,753 $ 57,388 $ 63,141 $ 5,870 $ 61,026 $ 66,896 (1) Includes principal amount of $ 1.1 billion and $ 1.3 of short-term debt as of March 31, 2023 and December 31, 2022, respectively. Includes principal amount of $ 4.9 billion and $ 5.7 billion of long-term debt as of March 31, 2023 and December 31, 2022, respectively. (2) Includes $ 68 million and $ 76 million of short-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of March 31, 2023 and December 31, 2022, respectively. (3) Includes defaulted FFELP secured debt tranches with a remaining principal amount of $ 685 million as of March 31, 2023 as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2030 and 2035. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date. (4) Includes $ 648 million and $ 725 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of March 31, 2023 and December 31, 2022, respectively. (5) “Other” primarily includes the obligation to return cash collateral held related to derivative exposure. 3. Borrowings (Continued) Variable Interest Entities We consolidated the following financing VIEs as of March 31, 2023 and December 31, 2022, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. March 31, 2023 Debt Outstanding Carrying Amount of Assets Securing (Dollars in millions) Short Long Total Loans Cash Other Total Secured Borrowings — VIEs: FFELP Loan securitizations $ 68 $ 40,275 $ 40,343 $ 40,755 $ 1,612 $ 1,578 $ 43,945 Private Education Loan securitizations 648 12,187 12,835 13,609 396 97 14,102 FFELP Loan ABCP facilities 887 428 1,315 1,331 35 46 1,412 Private Education Loan ABCP facilities 2,917 — 2,917 3,213 137 40 3,390 Total before hedge accounting 4,520 52,890 57,410 58,908 2,180 1,761 62,849 Hedge accounting adjustments — ( 176 ) ( 176 ) — — ( 227 ) ( 227 ) Total $ 4,520 $ 52,714 $ 57,234 $ 58,908 $ 2,180 $ 1,534 $ 62,622 December 31, 2022 Debt Outstanding Carrying Amount of Assets Securing (Dollars in millions) Short Long Total Loans Cash Other Total Secured Borrowings — VIEs: FFELP Loan securitizations $ 76 $ 42,675 $ 42,751 $ 42,148 $ 2,705 $ 1,544 $ 46,397 Private Education Loan securitizations 725 12,744 13,469 14,168 367 105 14,640 FFELP Loan ABCP facilities 923 386 1,309 1,317 39 44 1,400 Private Education Loan ABCP facilities 2,734 — 2,734 3,039 122 ( 81 ) 3,080 Total before hedge accounting 4,458 55,805 60,263 60,672 3,233 1,612 65,517 Hedge accounting adjustments — ( 207 ) ( 207 ) — — ( 256 ) ( 256 ) Total $ 4,458 $ 55,598 $ 60,056 $ 60,672 $ 3,233 $ 1,356 $ 65,261

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	4. Derivative Financial Instruments Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments and their impact on net income and other comprehensive income. Impact of Derivatives on Balance Sheet Cash Flow Fair Value (3) Trading Total (Dollars in millions) Hedged Risk Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 72 $ 55 $ 1 $ 1 $ 73 $ 56 Cross-currency interest rate Foreign currency and — — — — — — — — Total derivative assets (2) — — 72 55 1 1 73 56 Derivative Liabilities: Interest rate swaps Interest rate — — — ( 2 ) ( 3 ) ( 3 ) ( 3 ) ( 5 ) Floor Income Contracts Interest rate — — — — — — — — Cross-currency interest rate Foreign currency and — — ( 224 ) ( 253 ) — — ( 224 ) ( 253 ) Total derivative liabilities (2) — — ( 224 ) ( 255 ) ( 3 ) ( 3 ) ( 227 ) ( 258 ) Net total derivatives $ — $ — $ ( 152 ) $ ( 200 ) $ ( 2 ) $ ( 2 ) $ ( 154 ) $ ( 202 ) (1) Fair values reported are exclusive of collateral held and pledged and accrued interest. 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 without the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities (Dollar in millions) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Gross position $ 73 $ 56 $ ( 227 ) $ ( 258 ) Impact of master netting agreements — — — — Derivative values with impact of master netting 73 56 ( 227 ) ( 258 ) Cash collateral (held) pledged ( 65 ) ( 80 ) 51 62 Net position $ 8 $ ( 24 ) $ ( 176 ) $ ( 196 ) (3) The following table shows the carrying value of liabilities in fair value hedges and the related fair value hedging adjustments to these liabilities: As of March 31, 2023 As of December 31, 2022 (Dollar in millions) Carrying Hedge Basis Adjustments Carrying Hedge Basis Adjustments Short-term borrowings $ 1,126 $ ( 21 ) $ 1,289 $ ( 10 ) Long-term borrowings $ 5,374 $ ( 370 ) $ 6,188 $ ( 494 ) 4. Derivative Financial Instruments (Continued) The above fair values include adjustments when necessary for counterparty credit risk for both when we are exposed to the counterparty, net of collateral postings, and when the counterparty is exposed to us, net of collateral postings. The net adjustments decreased the asset position at March, 31, 2023 and December 31, 2022 by $ 5 million and $ 6 million, respectively. In addition, the above fair values reflect adjustments for illiquid derivatives as indicated by a wide bid/ask spread in the interest rate indices to which the derivatives are indexed. These adjustments decreased the overall net asset positions at March 31, 2023 and December 31, 2022 by $ 1 million and $ 1 million, respectively. Cash Flow Fair Value Trading Total (Dollars in billions) Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Notional Values: Interest rate swaps $ 6.4 $ 8.3 $ 5.2 $ 6.2 $ 13.3 $ 17.4 $ 24.9 $ 31.9 Floor Income Contracts — — — — 6.0 6.0 6.0 6.0 Cross-currency interest rate swaps — — 1.7 1.8 — — 1.7 1.8 Total derivatives $ 6.4 $ 8.3 $ 6.9 $ 8.0 $ 19.3 $ 23.4 $ 32.6 $ 39.7 Mark-to-Market Impact of Derivatives on Statements of Income Total Gains (Losses) Three Months Ended March 31, (Dollars in millions) 2023 2022 Fair Value Hedges: Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ 78 $ ( 288 ) Gains (losses) recognized in net income on hedged items ( 82 ) 313 Net fair value hedge ineffectiveness gains (losses) ( 4 ) 25 Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives 29 ( 36 ) Gains (losses) recognized in net income on hedged items ( 31 ) 52 Net fair value hedge ineffectiveness gains (losses) ( 2 ) 16 Total fair value hedges (1)(2) ( 6 ) 41 Cash Flow Hedges: Total cash flow hedges (2) — — Trading: Interest rate swaps ( 8 ) 62 Floor income contracts — 36 Cross currency interest rate swaps — — Other — — Total trading derivatives (3) ( 8 ) 98 Mark-to-market gains (losses) recognized $ ( 14 ) $ 139 (1) Recorded in interest expense in the consolidated statements of income. (2) The accrued interest income (expense) on fair value hedges and cash flow hedges is recorded in interest expense and is excluded from this table. (3) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. 4. Derivative Financial Instruments (Continued) Impact of Derivatives on Other Comprehensive Income (Equity) Three Months Ended March 31, (Dollars in millions) 2023 2022 Total gains (losses) on cash flow hedges $ ( 3 ) $ 93 Reclassification adjustments for derivative (gains) losses (1) ( 18 ) 21 Net changes in cash flow hedges, net of tax $ ( 21 ) $ 114 (1) Includes net settlement income/expense. Collateral The following table details collateral held and pledged related to derivative exposure between us and our derivative counterparties: (Dollars in millions) March 31, 2023 December 31, 2022 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 65 $ 80 Securities at fair value — corporate derivatives (not recorded in financial (1) — — Securities at fair value — on-balance sheet securitization derivatives (not (2) — — Total collateral held $ 65 $ 80 Derivative asset at fair value including accrued interest $ 73 $ 85 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 51 $ 62 Total collateral pledged $ 51 $ 62 Derivative liability at fair value including accrued interest and premium $ 235 $ 266 (1) The Company has the ability to sell or re-pledge securities it holds as collateral. (2) The trusts do not have the ability to sell or re-pledge securities they hold as collateral. Our corporate derivatives contain credit contingent features. At our current unsecured credit rating, we have fully collateralized our corporate derivative liability position (including accrued interest and net of premiums receivable) of $ 0 with our counterparties. Downgrades in our unsecured credit rating would not result in any additional collateral requirements. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings. The table below highlights credit exposure related to our derivative counterparties at March 31, 2023. (Dollars in millions) Corporate Securitization Exposure, net of collateral $ 13 $ — Percent of exposure to counterparties with credit ratings 100 % — % Percent of exposure to counterparties with credit ratings — % — %

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2023
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Assets	5. Other Assets The following table provides the detail of our other assets. (Dollars in millions) March 31, 2023 December 31, 2022 Accrued interest receivable $ 2,043 $ 2,031 Benefit and insurance-related investments 454 452 Income tax asset, net 111 132 Derivatives at fair value 73 56 Accounts receivable 78 83 Fixed assets 69 74 Other 28 38 Total $ 2,856 $ 2,866

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	6. Stockholders’ Equity The following table summarizes common share repurchases, issuances and dividends paid. Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2023 2022 Common stock repurchased (1) 4.9 6.2 Common stock repurchased (in dollars) (1) $ 85 $ 115 Average purchase price per share (1) $ 17.40 $ 18.41 Remaining common stock repurchase authority (1) $ 515 $ 885 Shares repurchased related to employee stock-based compensation plans (2) 1.3 1.1 Average purchase price per share (2) $ 18.44 $ 17.92 Common shares issued (3) 2.4 2.4 Dividends paid $ 21 $ 24 Dividends per share $ .16 $ .16 (1) Common shares purchased under our share repurchase program. Our board of directors authorized a $ 1 billion multi-year share repurchase program in December 2021. (2) Comprises 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. (3) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on March 31, 2023 was $ 15.99 .

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) per Common Share	7. Earnings (Loss) per Common Share Basic earnings (loss) per common share (EPS) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows. Three Months Ended March 31, (In millions, except per share data) 2023 2022 Numerator: Net income $ 111 $ 255 Denominator: Weighted average shares used to compute basic EPS 129 151 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, (1) 1 2 Dilutive potential common shares (2) 1 2 Weighted average shares used to compute 130 153 Basic earnings per common share $ .87 $ 1.69 Diluted earnings per common share $ .86 $ 1.67 (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 applicable ESPPs, determined by the treasury stock method. (2) For the three months ended March 31, 2023 and 2022 , securities covering approximately 0 million and 0 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. Fair Value Measurements We use estimates of fair value in applying various accounting standards in our 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. The fair value of the items discussed below are separately disclosed in this footnote. During the three months ended March 31, 2023, there were no significant transfers of financial instruments between levels, or changes in our methodology used to value our financial instruments. The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During the first quarters of 2023 and 2022, there were no significant transfers of financial instruments between levels. Fair Value Measurements on a Recurring Basis March 31, 2023 December 31, 2022 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivative instruments: (1) Interest rate swaps — 72 1 73 — 55 1 56 Cross-currency interest rate swaps — — — — — — — — Total derivative assets (2) — 72 1 73 — 55 1 56 Total $ — $ 72 $ 1 $ 73 $ — $ 55 $ 1 $ 56 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ ( 3 ) $ ( 3 ) $ — $ ( 2 ) $ ( 3 ) $ ( 5 ) Floor Income Contracts — — — — — — — — Cross-currency interest rate swaps — — ( 224 ) ( 224 ) — — ( 253 ) ( 253 ) Total derivative liabilities (2) — — ( 227 ) ( 227 ) — ( 2 ) ( 256 ) ( 258 ) Total $ — $ — $ ( 227 ) $ ( 227 ) $ — $ ( 2 ) $ ( 256 ) $ ( 258 ) (1) Fair value of derivative instruments excludes accrued interest and the value of collateral. (2) See "Note 4 – Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification. (3) Borrowings which are the hedged item in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and not reflected in this table. 8. Fair Value Measurements (Continued) The following tables summarize the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis. Three Months Ended March 31, 2023 2022 Derivative instruments Derivative instruments (Dollars in millions) Interest Cross Other Total Interest Cross Other Total Balance, beginning of $ ( 2 ) $ ( 253 ) $ — $ ( 255 ) $ ( 4 ) $ ( 190 ) $ — $ ( 194 ) Total gains/(losses): Included in earnings (1) — 15 — 15 1 ( 41 ) — ( 40 ) Included in other — — — — — — — — Settlements — 14 — 14 — 5 — 5 Transfers in and/or out — — — — — — — — Balance, end of period $ ( 2 ) $ ( 224 ) $ — $ ( 226 ) $ ( 3 ) $ ( 226 ) $ — $ ( 229 ) Change in mark-to- (2) $ — $ 29 $ — $ 29 $ 1 $ ( 36 ) $ — $ ( 35 ) (1) “Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income: Three Months Ended March 31, (Dollars in millions) 2023 2022 Gains (losses) on derivative and hedging activities, net $ — $ 1 Interest expense 15 ( 41 ) Total $ 15 $ ( 40 ) (2) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. 8. Fair Value Measurements (Continued) The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above. (Dollars in millions) Fair Value at March 31, 2023 Valuation Input Range and Derivatives Prime/LIBOR basis swaps $ ( 2 ) Discounted cash flow Constant Prepayment Rate 10 % Bid/ask adjustment to .08 % Cross-currency interest rate swaps ( 224 ) Discounted cash flow Constant Prepayment Rate 5 % Other — Total $ ( 226 ) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. March 31, 2023 December 31, 2022 (Dollars in millions) Fair Carrying Difference Fair Carrying Difference Earning assets FFELP Loans $ 39,970 $ 42,148 $ ( 2,178 ) $ 41,426 $ 43,525 $ ( 2,099 ) Private Education Loans 17,530 18,275 ( 745 ) 17,880 18,725 ( 845 ) Cash and investments 2,931 2,931 — 4,974 4,974 — Total earning assets 60,431 63,354 ( 2,923 ) 64,280 67,224 ( 2,944 ) Interest-bearing liabilities Short-term borrowings 5,758 5,753 ( 5 ) 5,879 5,870 ( 9 ) Long-term borrowings 54,261 57,388 3,127 57,652 61,026 3,374 Total interest-bearing liabilities 60,019 63,141 3,122 63,531 66,896 3,365 Derivative financial instruments Floor Income Contracts — — — — — — Interest rate swaps 70 70 — 51 51 — Cross-currency interest rate swaps ( 224 ) ( 224 ) — ( 253 ) ( 253 ) — Other — — — — — — Excess of net asset fair value over carrying value $ 199 $ 421

Commitment, Contingencies and G

Commitment, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2023
Commitments And Contingencies Disclosure [Abstract]
Commitment, Contingencies and Guarantees	9. Commitments, Contingencies and Guarantees L egal Proceedings We and our subsidiaries and affiliates are subject to various claims, lawsuits and other actions that arise in the normal course of business. We believe that these claims, lawsuits and other actions will not, individually or in the aggregate, have a material adverse effect on our business, financial condition or results of operations, except as otherwise disclosed. Most of these matters are claims including individual and class action lawsuits against our servicing or business processing subsidiaries alleging the violation of state or federal laws in connection with servicing or collection activities on their education loans and other debts. In the ordinary course of our business, the Company and our subsidiaries and affiliates receive information and document requests and investigative demands from various entities including State Attorneys General, U.S. Attorneys, legislative committees, individual members of Congress and administrative agencies. These requests may be informational, regulatory or enforcement in nature and may relate to our business practices, the industries in which we operate, or companies with whom we conduct business. Generally, our practice has been and continues to be to cooperate with these bodies and to be responsive to any such requests. The number of these inquiries and the volume of related information demands continue to increase and therefore continue to increase the time, costs and resources we must dedicate to timely respond to these requests and may, depending on their outcome, result in payments of restitution, fines and penalties. Certain Cases In January 2017, the Consumer Financial Protection Bureau (the CFPB) and Attorneys General for the State of Illinois and the State of Washington initiated civil actions naming Navient Corporation and several of its subsidiaries as defendants alleging violations of certain Federal and State consumer protection statutes, including the CFPA, FCRA, FDCPA and various state consumer protection laws. The Attorneys General for the States of Pennsylvania, California, Mississippi, and New Jersey also initiated actions against the Company and certain subsidiaries alleging violations of various state and federal consumer protection laws based upon similar alleged acts or failures to act. In addition to these matters, a number of lawsuits have been filed by nongovernmental parties or, in the future, may be filed by additional governmental or nongovernmental parties seeking damages or other remedies related to similar issues raised by the CFPB and the State Attorneys General. In January 2022, we entered into a series of Consent Judgment and Orders (the “Agreements”) with 40 State Attorneys General to resolve all matters in dispute related to the State Attorneys General cases as well as the related investigations, subpoenas, civil investigative demands and inquiries from various other state regulators. These Agreements do not resolve the litigation involving the Company and the CFPB. As the Company has previously stated, we believe the allegations in the CFPB suit are false and that they improperly seek to impose penalties on Navient based on new, previously unannounced servicing standards applied retroactively against only one servicer. We therefore have denied these allegations and are vigorously defending against the allegations in that case. At this point in time, it is reasonably possible that a loss contingency exists; however, the Company is unable to anticipate the timing of a resolution or the impact that an adverse ruling in the CFPB case may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with this matter and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company. On April 12, 2023, the Company reached an agreement in principle (“Settlement”) with certain plaintiffs for a nationwide settlement of claims raised in the following bankruptcy adversary actions: Coyle v. Navient Solutions, LLC, No. 22-80018 (Bankr. W.D. Mich.); Homaidan v. SLM Corp., No. 1:17-ap-01085 (Bankr. E.D.N.Y.); Mazloom v. Navient Solutions, LLC, No. 20-80033-6 (Bankr. N.D.N.Y.); and Woodard v. Navient Solutions, LLC, No. 08-81442 (Bankr. D. Neb.) collectively referred to as the “Bankruptcy Cases.” This settlement in principle is subject, among other things, to final documentation and final court approval. Under the Settlement, Navient will forego the collection of defined balances for borrowers or co-borrowers of certain private loans — all of which were originated prior to our company separation — who have received a discharge in bankruptcy during the periods covered by the agreements. As a result, we recorded $ 23 million additional private loan provision for loan losses in the first quarter of 2023 related to the estimated future charge offs that are expected to occur. The Company has also agreed to fund settlement funds. It anticipates that any cash contribution it will be required to make to these funds will not exceed $ 44 million in the aggregate and will be fully covered by insurance. The net impact to operating expense for this element of the settlement for the first quarter of 2023 was $ 0 due to the accrual of the offsetting insurance reimbursements. 9. Commitments, Contingencies and Guarantees (Continued) Regulatory Matters The Company has been named as defendant in a number of putative class action cases alleging violations of various state and federal consumer protection laws including the Telephone Consumer Protection Act (TCPA), the Consumer Financial Protection Act of 2010 (CFPA), the Fair Credit Reporting Act (FCRA), the Fair Debt Collection Practices Act (FDCPA), in adversarial proceedings under the U.S. Bankruptcy Code, and various state consumer protection laws. At this point in time, the Company is unable to anticipate the timing of a resolution or the impact that these legal proceedings may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with these matters and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company. In addition, Navient and its subsidiaries are subject to examination or regulation by various federal regulatory, state licensing or other regulatory agencies as part of its ordinary course of business including the SEC, CFPB, FFIEC and ED. Items or matters similar to or different from those described above may arise during the course of those examinations. We also routinely receive inquiries or requests from various regulatory entities or bodies or government agencies concerning our business or our assets. Generally, the Company endeavors to cooperate with each such inquiry or request. The Company has received separate CIDs or subpoenas from multiple State Attorneys General, including for the District of Columbia, Kansas, Oregon, Colorado, New Jersey, New York and Indiana that are similar to the CIDs or subpoenas that preceded the lawsuits referenced above. Those CIDs and subpoenas have been resolved as part of the Company’s settlement with the State Attorneys General. Nevertheless, we have and, in the future, may receive additional CIDs or subpoenas and other inquiries from these or other Attorneys General with respect to similar or different matters. Under the terms of the Separation and Distribution Agreement between the Company and SLM BankCo, Navient agreed to indemnify SLM BankCo for claims, actions, damages, losses or expenses that may arise from the conduct of activities of pre-Spin-Off SLM BankCo occurring prior to the Spin-Off other than those specifically excluded in that agreement. Also, as part of the Separation and Distribution Agreement, SLM BankCo agreed to indemnify Navient for certain claims, actions, damages, losses or expenses subject to the terms, conditions and limitations set forth in that agreement. As a result, subject to the terms, conditions and limitations set forth in that agreement, Navient agreed to indemnify and hold harmless Sallie Mae and its subsidiaries, including Sallie Mae Bank from liabilities arising out of the regulatory matters and CFPB and State Attorneys General lawsuits mentioned above. In addition, we asserted various claims for indemnification against Sallie Mae and Sallie Mae Bank for such specifically excluded items arising out of the CFPB and the State Attorneys General lawsuits if and to the extent any indemnified liabilities exist now or in the future. Navient has no reserves related to indemnification matters with SLM BankCo as of March 31, 2023. Contingencies In the ordinary course of business, we and our subsidiaries are 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 are asserted against us and our subsidiaries. We and our subsidiaries are also subject to potential unasserted claims by third parties. In the ordinary course of business, we and our subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. In connection with formal and informal inquiries in these cases, we and our subsidiaries receive requests, subpoenas and orders for documents, testimony and information in connection with various aspects of our regulated activities. 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. In view of the inherent difficulty of predicting the outcome of litigation and regulatory matters, we may not be able to predict what the eventual outcome of the pending matters will be, what the timing or the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties, if any, related to each pending matter may be. Based on current knowledge, reserves have been established for certain litigation, regulatory matters, and unasserted contract claims where the loss is both probable and estimable. Based on current knowledge, management does not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our consolidated financial position, liquidity, results of operations or cash flows, except as otherwise disclosed .

Revenue from Contracts with Cus

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606	3 Months Ended
	Mar. 31, 2023
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers Accounted for in Accordance with ASC 606	10. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 The following tables illustrate the disaggregation of revenue from contracts accounted for under ASC 606 with customers according to service type and client type by reportable operating segment. Revenue by Service Type Three Months Ended March 31, 2023 2022 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan $ — $ — $ — $ 1 $ — $ 1 Government services — 40 40 — 49 49 Healthcare services — 32 32 — 45 45 Total $ — $ 72 $ 72 $ 1 $ 94 $ 95 Revenue by Client Type Three Months Ended March 31, 2023 2022 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ — $ 2 $ 2 $ — $ 2 $ 2 Guarantor agencies — — — 1 — 1 Other institutions — — — — — — State and local government — 22 22 — 33 33 Tolling authorities — 16 16 — 14 14 Hospitals and other — 32 32 — 45 45 Total $ — $ 72 $ 72 $ 1 $ 94 $ 95 As of March 31, 2023 and March 31, 2022 , there was $ 68 million and $ 90 million respectively, of net accounts receivable related to these contracts. Navient had no material contract assets or contract liabilities.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	11. Segment Reporting We monitor and assess our ongoing operations and results based on the following four reportable operating segments: Federal Education Loans, Consumer Lending, Business Processing and Other. These segments meet the quantitative thresholds for reportable operating segments. Accordingly, the results of operations of these reportable operating segments are presented separately. The underlying operating segments are used by the Company’s chief operating decision maker to manage the business, review operating performance and allocate resources, and qualify to be aggregated as part of the primary reportable operating segments. As discussed further below, we measure the profitability of our operating segments based on Core Earnings net income. Accordingly, information regarding our reportable operating segments net income is provided on a Core Earnings basis. Federal Education Loans Segment Navient owns FFELP Loans and performs servicing on this portfolio. We also service FFELP Loans owned by other institutions. Our servicing quality, data-driven strategies and omnichannel education about federal repayment options translate into positive results for the millions of borrowers we serve. We generate revenue primarily through net interest income on our FFELP Loans and servicing-related fee income. The following table includes asset information for our Federal Education Loans segment. (Dollars in millions) March 31, 2023 December 31, 2022 FFELP Loans, net $ 42,148 $ 43,525 Cash and investments (1) 1,650 2,746 Other 2,133 2,229 Total assets $ 45,931 $ 48,500 (1) Includes restricted cash and investments. Consumer Lending Segment Navient owns, originates and services in-school and refinance Private Education Loans. "In-school" Private Education Loans are loans originally made to borrowers while they are attending school whereas "Refinance" Private Education Loans are loans where a borrower has refinanced their education loans. We generate revenue primarily through net interest income on our Private Education Loan portfolio. Navient helps students and families through the going-to and paying-for-college journey. Our digital tools empower people to find grants and scholarships, compare financial aid offers and complete the FAFSA. Our Private Education Loans offer easy-to-understand payment options. After graduation, we offer student loan refinancing to help people simplify their repayment and earn a better rate. We believe our 50 years of experience, product design, digital marketing strategies, and origination and servicing platform provide a unique competitive advantage. The following table includes asset information for our Consumer Lending segment. (Dollars in millions) March 31, 2023 December 31, 2022 Private Education Loans, net $ 18,275 $ 18,725 Cash and investments (1) 635 617 Other 558 453 Total assets $ 19,468 $ 19,795 (1) Includes restricted cash and investments. 11. Segment Reporting (Continued) Business Processing Segment Navient provides business processing solutions such as omnichannel contact center services, workflow processing, and revenue cycle optimization. We leverage the same expertise and intelligent tools we use to deliver successful results for portfolios we own. Our support enables our clients to ensure better constituent outcomes, meet rapidly changing needs, improve technology, reduce operating expenses, manage risk and optimize revenue opportunities. Our clients include: • Government: We offer our solutions to federal agencies, state governments, tolling and parking authorities, and other public sector clients. • Healthcare: Our clients include hospitals, hospital systems, medical centers, large physician groups, other healthcare providers and public health departments. At March 31, 2023 and December 31, 2022 , the Business Processing segment had total assets of $ 379 million and $ 390 million, respectively. Other Segment This segment consists of our corporate liquidity portfolio, gains and losses incurred on the repurchase of debt, unallocated expenses of shared services (which includes regulatory expenses) and restructuring/other reorganization expenses. Unallocated shared services expenses are comprised of costs primarily related to information technology costs related to infrastructure and operations, stock-based compensation expense, accounting, finance, legal, compliance and risk management, regulatory-related expenses, human resources, certain executive management and the board of directors. Regulatory-related expenses include actual settlement amounts as well as third-party professional fees we incur in connection with such regulatory matters and are presented net of any insurance reimbursements for covered costs related to such matters. At March 31, 2023 and December 31, 2022 , the Other segment had total assets of $ 1.1 billion and $ 2.1 billion, respectively. 11. Segment Reporting (Continued) Measure of Profitability We prepare financial statements and present financial results in accordance with GAAP. However, we also evaluate our business segments and present financial results on a basis that differs from GAAP. We refer to this different basis of presentation as Core Earnings. We provide this Core Earnings basis of presentation on a consolidated basis and for each business segment because this is what we review internally when making management decisions regarding our performance and how we allocate resources. We also refer to this information in our presentations with credit rating agencies, lenders and investors. Because our Core Earnings basis of presentation corresponds to our segment financial presentations, we are required by GAAP to provide Core Earnings disclosure in the notes to our consolidated financial statements for our business segments. Core Earnings are not a substitute for reported results under GAAP. We use Core Earnings to manage our business segments because Core Earnings reflect adjustments to GAAP financial results for two items, discussed below, that can create significant volatility mostly due to timing factors generally beyond the control of management. Accordingly, we believe that Core Earnings provide management with a useful basis from which to better evaluate results from ongoing operations against the business plan or against results from prior periods. Consequently, we disclose this information because we believe it provides investors with additional information regarding the operational and performance indicators that are most closely assessed by management. When compared to GAAP results, the two items we remove to result in our Core Earnings presentations are: 1. Mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks that do not qualify for hedge accounting treatment or do qualify for hedge accounting treatment but result in ineffectiveness; and 2. The accounting for goodwill and acquired intangible assets. While GAAP provides a uniform, comprehensive basis of accounting, for the reasons described above, our Core Earnings basis of presentation does not. Core Earnings are subject to certain general and specific limitations that investors should carefully consider. For example, there is no comprehensive, authoritative guidance for management reporting. Our Core Earnings are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Accordingly, our Core Earnings presentation does not represent a comprehensive basis of accounting. Investors, therefore, may not be able to compare our performance with that of other financial services companies based upon Core Earnings. Core Earnings results are only meant to supplement GAAP results by providing additional information regarding the operational and performance indicators that are most closely used by management, our board of directors, credit rating agencies, lenders and investors to assess performance. 11. Segment Reporting (Continued) Segment Results and Reconciliations to GAAP Three Months Ended March 31, 2023 Adjustments Reportable Segments (Dollars in millions) Total Reclassi- Additions/ Total (1) Total Federal Education Loans Consumer Lending Business Processing Other Interest income: Education loans $ 1,037 $ 695 $ 344 $ — $ — Cash and investments 34 20 6 — 8 Total interest income 1,071 715 350 — 8 Total interest expense 837 590 197 — 33 Net interest income 234 $ 12 $ 7 $ 19 $ 253 125 153 — ( 25 ) Less: provisions for loan ( 14 ) ( 14 ) 10 ( 24 ) — — Net interest income 248 115 177 — ( 25 ) Other income (loss): Servicing revenue 17 14 3 — — Asset recovery and 72 — — 72 — Other income (loss) ( 1 ) 5 — — 2 Total other income 88 ( 12 ) 20 8 96 19 3 72 2 Expenses: Direct operating 124 20 37 67 — Unallocated shared 61 — — — 61 Operating expenses 185 — — — 185 20 37 67 61 Goodwill and acquired 3 — ( 3 ) ( 3 ) — — — — — Restructuring/other 4 — — — 4 — — — 4 Total expenses 192 — ( 3 ) ( 3 ) 189 20 37 67 65 Income (loss) before 144 — 30 30 174 114 143 5 ( 88 ) Income tax expense (2) 33 — 8 8 41 27 33 1 ( 20 ) Net income (loss) $ 111 $ — $ 22 $ 22 $ 133 $ 87 $ 110 $ 4 $ ( 68 ) (1) Core Earnings adjustments to GAAP: Three Months Ended March 31, 2023 (Dollars in millions) Net Impact of Net Impact of Total Net interest income (loss) after provisions for loan losses $ 19 $ — $ 19 Total other income (loss) 8 — 8 Goodwill and acquired intangible asset impairment and amortization — ( 3 ) ( 3 ) Total Core Earnings adjustments to GAAP $ 27 $ 3 30 Income tax expense (benefit) 8 Net income (loss) $ 22 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 11. Segment Reporting (Continued) Three Months Ended March 31, 2022 Adjustments Reportable Segments (Dollars in millions) Total Reclassi- Additions/ Total (1) Total Federal Education Loans Consumer Lending Business Processing Other Interest income: Education loans $ 625 $ 334 $ 276 $ — $ — Cash and investments 1 — 1 — — Total interest income 626 334 277 — — Total interest expense 289 195 125 — 15 Net interest income (loss) 337 $ ( 19 ) $ ( 42 ) $ ( 61 ) $ 276 139 152 — ( 15 ) Less: provisions for loan 16 16 — 16 — — Net interest income (loss) 321 139 136 — ( 15 ) Other income (loss): Servicing revenue 18 15 3 — — Asset recovery and 97 3 — 94 — Other income (loss) 108 11 — — ( 1 ) Total other income (loss) 223 19 ( 117 ) ( 98 ) 125 29 3 94 ( 1 ) Expenses: Direct operating 139 28 35 76 — Unallocated shared 66 — — — 66 Operating expenses 205 — — — 205 28 35 76 66 Goodwill and acquired 4 — ( 4 ) ( 4 ) — — — — — Restructuring/other 3 — — — 3 — — — 3 Total expenses 212 — ( 4 ) ( 4 ) 208 28 35 76 69 Income (loss) before 332 — ( 155 ) ( 155 ) 177 140 104 18 ( 85 ) Income tax expense (2) 77 — ( 35 ) ( 35 ) 42 33 25 4 ( 20 ) Net income (loss) $ 255 $ — $ ( 120 ) $ ( 120 ) $ 135 $ 107 $ 79 $ 14 $ ( 65 ) (1) Core Earnings adjustments to GAAP: Three Months Ended March 31, 2022 (Dollars in millions) Net Impact of Net Impact of Total Net interest income (loss) after provisions for loan losses $ ( 61 ) $ — $ ( 61 ) Total other income (loss) ( 98 ) — ( 98 ) Goodwill and acquired intangible asset impairment and amortization — ( 4 ) ( 4 ) Total Core Earnings adjustments to GAAP $ ( 159 ) $ 4 ( 155 ) Income tax expense (benefit) ( 35 ) Net income (loss) $ ( 120 ) (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 11. Segment Reporting (Continued) Su mmary of Core Earnings Adjustments to GAAP Three Months Ended March 31, (Dollars in millions) 2023 2022 GAAP net income $ 111 $ 255 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) 27 ( 159 ) Net impact of goodwill and acquired intangible assets (2) 3 4 Net tax effect (3) ( 8 ) 35 Total Core Earnings adjustments to GAAP 22 ( 120 ) Core Earnings net income $ 133 $ 135 (1) Derivative accounting: Core Earnings exclude periodic gains and losses that are caused by the mark-to-market valuations on derivatives that do not qualify for hedge accounting treatment under GAAP as well as the periodic mark-to-market gains and losses that are a result of ineffectiveness recognized related to effective hedges under GAAP. Under GAAP, for our derivatives that are held to maturity, the mark-to-market gain or loss over the life of the contract will equal $ 0 except for Floor Income Contracts where the mark-to-market gain will equal the amount for which we sold the contract. In our Core Earnings presentation, we recognize the economic effect of these hedges, which generally results in any net settlement cash paid or received being recognized ratably as an interest expense or revenue over the hedged item’s life. (2) Goodwill and acquired intangible assets: Our Core Earnings exclude goodwill and intangible asset impairment and amortization of acquired intangible assets. Net tax effect: Such tax effect is based upon our Core Earnings effective tax rate for the ye ar.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, consolidated financial statements of Navient 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 of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which we are the primary beneficiary, 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, 2023 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, 2022 (the 2022 Form 10-K). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2022 Form 10-K.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Effective in 2020 and Forward Rate Reform In March 2020 (and as amended in December 2022), the FASB issued ASU No. 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional temporary relief for companies who are preparing for the discontinuation of interest rates indexed to the London Interbank Offered Rate (LIBOR). The ASU provides companies with guidance in the form of expedients and exceptions related to contract modifications and hedge accounting to ease the burden of and simplify the accounting associated with transitioning away from LIBOR. Modifications of qualifying contracts are accounted for as the continuation of an existing contract rather than as a new contract. Modifications of qualifying hedging relationships will not require discontinuation of the existing hedge accounting relationships. One-month and three-month LIBOR will be discontinued after June 30, 2023. Our instruments that are indexed to one-month and three-month LIBOR will be indexed to SOFR after that date. There is $ 13 billion of debt as of March 31, 2023, that is in either a fair value or cash flow hedge relationship using LIBOR swaps. We will use the hedge accounting expedients in this ASU when those swaps transition to SOFR. As a result, these hedges will not result in the discontinuation of the existing hedge accounting relationships. 1. Significant Accounting Policies (Continued) Troubled Debt Restructurings In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the troubled debt restructurings (TDRs) recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The ASU also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty. This guidance was effective on January 1, 2023. Prior to adopting this new guidance on January 1, 2023, as it relates to interest rate concessions granted as part of our Private Education Loan modification program, a discounted cash flow model was used to calculate the amount of interest forgiven for loans that were in the program and the present value of that interest rate concession was included as a part of the allowance for loan loss. This new guidance no longer requires the measurement and recognition of this element of our allowance for loan loss for new modifications that occur subsequent to January 1, 2023. As of December 31, 2022, the allowance for loan loss included $ 77 million related to this interest rate concession component of the allowance for loan loss. We elected to adopt this amendment using a prospective transition method which results in the $ 77 million releasing in 2023 and 2024 as the borrowers exit their current modification programs. $ 52 million of the $ 77 million was released in first-quarter 2023.

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2023
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for Credit Losses and Recorded Investments in Loans	Allowance for Loan Losses Roll Forward Three Months Ended March 31, 2023 (Dollars in millions) FFELP Private Total Allowance at beginning of period $ 222 $ 800 $ 1,022 Total provision 10 ( 24 ) ( 14 ) Charge-offs: Gross charge-offs ( 18 ) ( 88 ) ( 106 ) Expected future recoveries on current period gross charge-offs — 13 13 Net charge-offs (1) ( 18 ) ( 75 ) ( 93 ) Decrease in expected future recoveries on previously fully (2) — 5 5 Allowance at end of period $ 214 $ 706 $ 920 Net charge-offs as a percentage of average loans in repayment .22 % 1.63 % Ending total loans $ 42,362 $ 18,981 Average loans in repayment $ 34,305 $ 18,552 Ending loans in repayment $ 33,740 $ 18,258 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, we charge off the estimated loss of a defaulted loan balance by charging off the entire defaulted loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as "expected future recoveries on previously fully charged-off loans." For FFELP Loans, the recovery is received at the time of charge-off. (2) At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance by charging off the entire loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately reflected as a reduction to expected future recoveries on previously fully charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on previously fully charged-off loans: Three Months Ended March 31, (Dollars in millions) 2023 Beginning of period expected future recoveries on previously fully charged-off loans $ 274 Expected future recoveries of current period defaults 13 Recoveries (cash collected) ( 13 ) Charge-offs (as a result of lower recovery expectations) ( 6 ) End of period expected future recoveries on previously fully charged-off loans 268 Change in balance during period $ ( 5 ) 2. Allowance for Loan Losses (Continued) Three Months Ended March 31, 2022 (Dollars in millions) FFELP Loans Private Education Loans Total Allowance at beginning of period $ 262 $ 1,009 $ 1,271 Total provision — 16 16 Charge-offs: Gross charge-offs ( 7 ) ( 81 ) ( 88 ) Expected future recoveries on current period gross charge-offs — 12 12 Net charge-offs (1) ( 7 ) ( 69 ) ( 76 ) Decrease in expected future recoveries on previously fully (2) — 8 8 Allowance at end of period $ 255 $ 964 $ 1,219 Net charge-offs as a percentage of average loans in repayment .07 % 1.38 % Ending total loans $ 51,268 $ 21,052 Average loans in repayment $ 43,125 $ 20,387 Ending loans in repayment $ 42,724 $ 20,257 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, we charge off the estimated loss of a defaulted loan balance by charging off the entire defaulted loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as "expected future recoveries on previously fully charged-off loans." For FFELP Loans, the recovery is received at the time of charge-off. (2) At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance by charging off the entire loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately reflected as a reduction to expected future recoveries on previously fully charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on previously fully charged-off loans: Three Months Ended March 31, (Dollars in millions) 2022 Beginning of period expected future recoveries on previously fully charged-off loans $ 329 Expected future recoveries of current period defaults 12 Recoveries (cash collected) ( 15 ) Charge-offs (as a result of lower recovery expectations) ( 5 ) End of period expected future recoveries on previously fully charged-off loans $ 321 Change in balance during period $ ( 8 )
Age Analysis of Past Due Loans Delinquencies	FFELP Loan Delinquencies March 31, 2023 December 31, 2022 March 31, 2022 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 1,778 $ 1,772 $ 2,232 Loans in forbearance (2) 6,844 7,603 6,312 Loans in repayment and percentage of each status: Loans current 28,886 85.6 % 29,004 84.4 % 36,948 86.5 % Loans delinquent 31-60 days (3) 1,270 3.8 1,247 3.6 1,888 4.4 Loans delinquent 61-90 days (3) 902 2.7 833 2.4 1,148 2.7 Loans delinquent greater than 90 days (3) 2,682 7.9 3,288 9.6 2,740 6.4 Total FFELP Loans in repayment 33,740 100 % 34,372 100 % 42,724 100 % Total FFELP Loans 42,362 43,747 51,268 FFELP Loan allowance for losses ( 214 ) ( 222 ) ( 255 ) FFELP Loans, net $ 42,148 $ 43,525 $ 51,013 Percentage of FFELP Loans in repayment 79.6 % 78.6 % 83.3 % Delinquencies as a percentage of FFELP Loans in 14.4 % 15.6 % 13.5 % FFELP Loans in forbearance as a percentage of 16.9 % 18.1 % 12.9 % (1) Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships. (2) Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Loan Delinquencies March 31, 2023 December 31, 2022 March 31, 2022 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 369 $ 354 $ 377 Loans in forbearance (2) 354 401 418 Loans in repayment and percentage of each status: Loans current 17,439 95.5 % 17,838 95.0 % 19,447 96.0 % Loans delinquent 31-60 days (3) 290 1.6 335 1.8 290 1.4 Loans delinquent 61-90 days (3) 165 .9 186 1.0 206 1.0 Loans delinquent greater than 90 days (3) 364 2.0 411 2.2 314 1.6 Total loans in repayment 18,258 100 % 18,770 100 % 20,257 100 % Total loans 18,981 19,525 21,052 Allowance for losses ( 706 ) ( 800 ) ( 964 ) Loans, net $ 18,275 $ 18,725 $ 20,088 Percentage of loans in repayment 96.2 % 96.1 % 96.2 % Delinquencies as a percentage of loans in 4.5 % 5.0 % 4.0 % Loans in forbearance as a percentage of loans in 1.9 % 2.1 % 2.0 % (1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (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 such as disaster relief, including COVID-19 relief programs, 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 .
Loans Type	Loan type : (Dollars in millions) March 31, 2023 March 31, 2022 Change Stafford Loans $ 13,592 $ 15,975 $ ( 2,383 ) Consolidation Loans 24,697 30,665 ( 5,968 ) Rehab Loans 4,073 4,628 ( 555 ) Total loans, gross $ 42,362 $ 51,268 $ ( 8,906 )
Summary of Amortized Cost Basis of Loans to Borrowers	The following table shows the amortized cost basis as of March 31, 2023 of the loans to borrowers experiencing financial difficulty that were modified in first-quarter 2023. Loan Modifications Made to Borrowers Experiencing Financial Difficulty (Dollars in millions) Interest Rate Reductions (1) More Than an Insignificant Payment Delay (2) Combination Rate Reduction and Term Extension Loan Type Amortized Cost % of Loan Type Amortized Cost % of Loan Type Amortized Cost % of Loan Type Private Education $ 611 3.2 % $ 275 1.4 % $ 46 .2 % (1) As of March 31, 2023, there was $ 1.1 billion of loans in the interest rate reduction program. (2) More Than an Insignificant Payment Delay includes loans granted more than 3 months of short-term interest only payments or hardship forbearance in first-quarter 2023. For those loans modified in first-quarter 2023, the following table shows the impact of such modification. Loan Type Interest Rate Reductions More Than an Insignificant Payment Delay Combination Rate Reduction and Term Extension Private Education Loans Reduced the weighted average contractual rate from 12.9 % to 4.9 % Added an average 6 months to the remaining life of the loans Added an average 8 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.5 % to 5.1 %.
Schedule of Amount of Loans Modified and Payment Default	The following table provides the amount of loans whose borrowers were experiencing financial difficulty, were modified during first-quarter 2023 and subsequently had a payment default in first-quarter 2023. We define payment default as 60 days past due for purposes of this disclosure. We closely monitor performance of the loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of the modification efforts. (Dollars in millions) Loan Type Modified Loans Payment Default (Par) Private Education Loans (1) $ 2 $ 2 (1) For first-quarter 2023, the modified loans include $ 1.6 million of Interest Rate Reduction and $ 0.1 million of Combination Rate Reduction and Term Extension .
Summary of Performance and Related Loan Status of Loans Modified	The following table provides the performance and related loan status as of March 31, 2023 of loans that were modified in first-quarter 2023. (Dollars in millions) Loan Type: Private Education Loans (1) Status Payment status (Amortized Cost) Loans in School/Deferment $ 2 Loans in Forbearance 22 Loans current 891 Loans delinquent 31 - 60 days 8 Loans delinquent 61 - 90 days 2 Loans delinquent greater than 90 days 7 Total Modified Loans $ 932 (1) For first-quarter 2023, $ 0.4 million of loans modified during the quarter were charged off.
Loans Modified Accounts for TDR	The following table provides the amount of loans modified in the period presented that resulted in a TDR. Additionally, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. Three Months Ended March 31, (Dollars in millions) 2022 Modified loans $ 55 Charge-offs $ 56 Payment default $ 9
Private Education Loans [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators	Private Education Loan Credit Quality Indicators by Origination Year March 31, 2023 (Dollars in millions) 2023 2022 2021 2020 2019 Prior Total % of Total Credit Quality FICO Scores: 640 and above $ 167 $ 1,761 $ 4,368 $ 1,438 $ 1,353 $ 8,133 $ 17,220 91 % Below 640 3 40 92 24 43 1,559 1,761 9 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % Loan Status: In-school/grace/ $ 9 $ 67 $ 91 $ 27 $ 31 $ 498 $ 723 4 % Current/90 days or 161 1,729 4,360 1,432 1,359 8,853 17,894 94 Greater than 90 days — 5 9 3 6 341 364 2 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % Seasoning (1) : 1-12 payments $ 161 $ 1,386 $ 80 $ 9 $ 8 $ 71 $ 1,715 9 % 13-24 payments — 362 4,084 32 23 86 4,587 24 25-36 payments — — 242 1,251 106 157 1,756 9 37-48 payments — — — 155 1,190 272 1,617 9 More than 48 — — — — 53 8,884 8,937 47 Loans in-school/ 9 53 54 15 16 222 369 2 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % Certain Loan (2) : Modified $ — $ 14 $ 89 $ 38 $ 72 $ 6,279 $ 6,492 34 % Non-Modified 170 1,787 4,371 1,424 1,324 3,413 12,489 66 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % Cosigners: With cosigner (3) $ 35 $ 189 $ 103 $ 26 $ 9 $ 5,894 $ 6,256 33 % Without cosigner 135 1,612 4,357 1,436 1,387 3,798 12,725 67 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % School Type: Not-for-profit $ 158 $ 1,704 $ 4,202 $ 1,397 $ 1,300 $ 8,150 $ 16,911 89 % For-profit 12 97 258 65 96 1,542 2,070 11 Total $ 170 $ 1,801 $ 4,460 $ 1,462 $ 1,396 $ 9,692 $ 18,981 100 % Allowance for loan ( 706 ) Total loans, net $ 18,275 1Q-23 Net Charge-Offs $ — $ ( 2 ) $ ( 2 ) $ ( 1 ) $ ( 2 ) $ ( 68 ) $ ( 75 ) 100 % (1) Number of months in active repayment for which a scheduled payment was received. (2) Loan Modification status represents the historical definition of a troubled debt restructuring (“TDR”) prior to the implementation of ASU 2022-02 on January 1, 2023. Any loan that meets the historical definition of a TDR retains that classification for the life of the loan (including loans that meet that definition in 2023). This includes loans given rate modifications, term extensions or forbearance greater than 3 months in the prior 24-month period. This classification is not intended to reconcile in any way to the new modification disclosures required under ASU 2022-02. (3) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65 % for total loans at March 31, 2023. 2. Allowance for Loan Losses (Continued) Private Education Loan Credit Quality Indicators by Origination Year March 31, 2022 (Dollars in millions) 2022 2021 2020 2019 2018 Prior Total % of Total Credit Quality FICO Scores: 640 and above $ 948 $ 5,037 $ 1,783 $ 1,683 $ 626 $ 9,314 $ 19,391 92 % Below 640 8 44 16 37 21 1,535 $ 1,661 8 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Loan Status: In-school/grace/ $ 5 $ 64 $ 25 $ 34 $ 13 $ 654 $ 795 4 % Current/90 days or 951 5,015 1,772 1,684 632 9,889 $ 19,943 95 Greater than 90 days — 2 2 2 2 306 314 1 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Seasoning (1) : 1-12 payments $ 951 $ 4,740 $ 26 $ 17 $ 3 $ 115 $ 5,852 28 % 13-24 payments — 300 1,555 108 11 134 $ 2,108 10 25-36 payments — — 201 1,507 46 225 $ 1,979 9 37-48 payments — — — 68 545 369 $ 982 5 More than 48 — — — — 35 9,719 $ 9,754 46 Loans in-school/ 5 41 17 20 7 287 377 2 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Certain Loan (2) : Modified $ — $ 9 $ 15 $ 43 $ 28 $ 6,998 $ 7,093 34 % Non-Modified 956 5,072 1,784 1,677 619 3,851 13,959 66 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Cosigners: With cosigner (3) $ 11 $ 97 $ 31 $ 11 $ — $ 6,994 $ 7,144 34 % Without cosigner 945 4,984 1,768 1,709 647 3,855 13,908 66 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % School Type: Not-for-profit $ 893 $ 4,786 $ 1,719 $ 1,602 $ 595 $ 9,048 $ 18,643 89 % For-profit 63 295 80 118 52 1,801 2,409 11 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Allowance for loan ( 964 ) Total loans, net $ 20,088 (1) Number of months in active repayment for which a scheduled payment was received. (2) Loan Modification status represents the historical definition of a troubled debt restructuring (“TDR”) prior to the implementation of ASU 2022-02 on January 1, 2023. Any loan that meets the historical definition of a TDR retains that classification for the life of the loan (including loans that meet that definition in 2023). This includes loans given rate modifications, term extensions or forbearance greater than 3 months in the prior 24-month period. This classification is not intended to reconcile in any way to the new modification disclosures required under ASU 2022-02. (3) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65 % for total loans at March 31, 2022.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Company's Borrowings	The following table summarizes our borrowings. March 31, 2023 December 31, 2022 (Dollars in millions) Short Long Total Short Long Total Unsecured borrowings: Senior unsecured debt (1) $ 1,149 $ 4,864 $ 6,013 $ 1,301 $ 5,711 $ 7,012 Total unsecured borrowings 1,149 4,864 6,013 1,301 5,711 7,012 Secured borrowings: FFELP Loan securitizations (2)(3) 68 40,275 40,343 76 42,675 42,751 Private Education Loan securitizations (4) 648 12,187 12,835 725 12,744 13,469 FFELP Loan ABCP facilities 887 428 1,315 923 386 1,309 Private Education Loan ABCP facilities 2,917 — 2,917 2,734 — 2,734 Other (5) 105 — 105 121 — 121 Total secured borrowings 4,625 52,890 57,515 4,579 55,805 60,384 Total before hedge accounting adjustments 5,774 57,754 63,528 5,880 61,516 67,396 Hedge accounting adjustments ( 21 ) ( 366 ) ( 387 ) ( 10 ) ( 490 ) ( 500 ) Total $ 5,753 $ 57,388 $ 63,141 $ 5,870 $ 61,026 $ 66,896 (1) Includes principal amount of $ 1.1 billion and $ 1.3 of short-term debt as of March 31, 2023 and December 31, 2022, respectively. Includes principal amount of $ 4.9 billion and $ 5.7 billion of long-term debt as of March 31, 2023 and December 31, 2022, respectively. (2) Includes $ 68 million and $ 76 million of short-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of March 31, 2023 and December 31, 2022, respectively. (3) Includes defaulted FFELP secured debt tranches with a remaining principal amount of $ 685 million as of March 31, 2023 as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2030 and 2035. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date. (4) Includes $ 648 million and $ 725 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of March 31, 2023 and December 31, 2022, respectively. (5) “Other” primarily includes the obligation to return cash collateral held related to derivative exposure.
Financing VIEs	We consolidated the following financing VIEs as of March 31, 2023 and December 31, 2022, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. March 31, 2023 Debt Outstanding Carrying Amount of Assets Securing (Dollars in millions) Short Long Total Loans Cash Other Total Secured Borrowings — VIEs: FFELP Loan securitizations $ 68 $ 40,275 $ 40,343 $ 40,755 $ 1,612 $ 1,578 $ 43,945 Private Education Loan securitizations 648 12,187 12,835 13,609 396 97 14,102 FFELP Loan ABCP facilities 887 428 1,315 1,331 35 46 1,412 Private Education Loan ABCP facilities 2,917 — 2,917 3,213 137 40 3,390 Total before hedge accounting 4,520 52,890 57,410 58,908 2,180 1,761 62,849 Hedge accounting adjustments — ( 176 ) ( 176 ) — — ( 227 ) ( 227 ) Total $ 4,520 $ 52,714 $ 57,234 $ 58,908 $ 2,180 $ 1,534 $ 62,622 December 31, 2022 Debt Outstanding Carrying Amount of Assets Securing (Dollars in millions) Short Long Total Loans Cash Other Total Secured Borrowings — VIEs: FFELP Loan securitizations $ 76 $ 42,675 $ 42,751 $ 42,148 $ 2,705 $ 1,544 $ 46,397 Private Education Loan securitizations 725 12,744 13,469 14,168 367 105 14,640 FFELP Loan ABCP facilities 923 386 1,309 1,317 39 44 1,400 Private Education Loan ABCP facilities 2,734 — 2,734 3,039 122 ( 81 ) 3,080 Total before hedge accounting 4,458 55,805 60,263 60,672 3,233 1,612 65,517 Hedge accounting adjustments — ( 207 ) ( 207 ) — — ( 256 ) ( 256 ) Total $ 4,458 $ 55,598 $ 60,056 $ 60,672 $ 3,233 $ 1,356 $ 65,261

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Impact of Derivatives on Balance Sheet	The following tables summarize the fair values and notional amounts of all derivative instruments and their impact on net income and other comprehensive income. Impact of Derivatives on Balance Sheet Cash Flow Fair Value (3) Trading Total (Dollars in millions) Hedged Risk Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 72 $ 55 $ 1 $ 1 $ 73 $ 56 Cross-currency interest rate Foreign currency and — — — — — — — — Total derivative assets (2) — — 72 55 1 1 73 56 Derivative Liabilities: Interest rate swaps Interest rate — — — ( 2 ) ( 3 ) ( 3 ) ( 3 ) ( 5 ) Floor Income Contracts Interest rate — — — — — — — — Cross-currency interest rate Foreign currency and — — ( 224 ) ( 253 ) — — ( 224 ) ( 253 ) Total derivative liabilities (2) — — ( 224 ) ( 255 ) ( 3 ) ( 3 ) ( 227 ) ( 258 ) Net total derivatives $ — $ — $ ( 152 ) $ ( 200 ) $ ( 2 ) $ ( 2 ) $ ( 154 ) $ ( 202 ) (1) Fair values reported are exclusive of collateral held and pledged and accrued interest. 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 without the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities (Dollar in millions) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Gross position $ 73 $ 56 $ ( 227 ) $ ( 258 ) Impact of master netting agreements — — — — Derivative values with impact of master netting 73 56 ( 227 ) ( 258 ) Cash collateral (held) pledged ( 65 ) ( 80 ) 51 62 Net position $ 8 $ ( 24 ) $ ( 176 ) $ ( 196 ) (3) The following table shows the carrying value of liabilities in fair value hedges and the related fair value hedging adjustments to these liabilities: As of March 31, 2023 As of December 31, 2022 (Dollar in millions) Carrying Hedge Basis Adjustments Carrying Hedge Basis Adjustments Short-term borrowings $ 1,126 $ ( 21 ) $ 1,289 $ ( 10 ) Long-term borrowings $ 5,374 $ ( 370 ) $ 6,188 $ ( 494 )
Gross Positions with Impact of Master Netting Agreements	(2) The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities (Dollar in millions) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Gross position $ 73 $ 56 $ ( 227 ) $ ( 258 ) Impact of master netting agreements — — — — Derivative values with impact of master netting 73 56 ( 227 ) ( 258 ) Cash collateral (held) pledged ( 65 ) ( 80 ) 51 62 Net position $ 8 $ ( 24 ) $ ( 176 ) $ ( 196 )
Carrying Value and Related Fair Value Hedging Adjustments of Liabilities	(3) The following table shows the carrying value of liabilities in fair value hedges and the related fair value hedging adjustments to these liabilities: As of March 31, 2023 As of December 31, 2022 (Dollar in millions) Carrying Hedge Basis Adjustments Carrying Hedge Basis Adjustments Short-term borrowings $ 1,126 $ ( 21 ) $ 1,289 $ ( 10 ) Long-term borrowings $ 5,374 $ ( 370 ) $ 6,188 $ ( 494 )
Derivative Notional Values	Cash Flow Fair Value Trading Total (Dollars in billions) Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Mar 31, 2023 Dec 31, 2022 Notional Values: Interest rate swaps $ 6.4 $ 8.3 $ 5.2 $ 6.2 $ 13.3 $ 17.4 $ 24.9 $ 31.9 Floor Income Contracts — — — — 6.0 6.0 6.0 6.0 Cross-currency interest rate swaps — — 1.7 1.8 — — 1.7 1.8 Total derivatives $ 6.4 $ 8.3 $ 6.9 $ 8.0 $ 19.3 $ 23.4 $ 32.6 $ 39.7
Mark-to-Market Impact of Derivatives on Statements of Income	Mark-to-Market Impact of Derivatives on Statements of Income Total Gains (Losses) Three Months Ended March 31, (Dollars in millions) 2023 2022 Fair Value Hedges: Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ 78 $ ( 288 ) Gains (losses) recognized in net income on hedged items ( 82 ) 313 Net fair value hedge ineffectiveness gains (losses) ( 4 ) 25 Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives 29 ( 36 ) Gains (losses) recognized in net income on hedged items ( 31 ) 52 Net fair value hedge ineffectiveness gains (losses) ( 2 ) 16 Total fair value hedges (1)(2) ( 6 ) 41 Cash Flow Hedges: Total cash flow hedges (2) — — Trading: Interest rate swaps ( 8 ) 62 Floor income contracts — 36 Cross currency interest rate swaps — — Other — — Total trading derivatives (3) ( 8 ) 98 Mark-to-market gains (losses) recognized $ ( 14 ) $ 139 (1) Recorded in interest expense in the consolidated statements of income. (2) The accrued interest income (expense) on fair value hedges and cash flow hedges is recorded in interest expense and is excluded from this table. (3) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.
Impact of Derivatives on Other Comprehensive Income (Equity)	Impact of Derivatives on Other Comprehensive Income (Equity) Three Months Ended March 31, (Dollars in millions) 2023 2022 Total gains (losses) on cash flow hedges $ ( 3 ) $ 93 Reclassification adjustments for derivative (gains) losses (1) ( 18 ) 21 Net changes in cash flow hedges, net of tax $ ( 21 ) $ 114 Includes net settlement income/expense.
Collateral Held and Pledged	The following table details collateral held and pledged related to derivative exposure between us and our derivative counterparties: (Dollars in millions) March 31, 2023 December 31, 2022 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 65 $ 80 Securities at fair value — corporate derivatives (not recorded in financial (1) — — Securities at fair value — on-balance sheet securitization derivatives (not (2) — — Total collateral held $ 65 $ 80 Derivative asset at fair value including accrued interest $ 73 $ 85 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 51 $ 62 Total collateral pledged $ 51 $ 62 Derivative liability at fair value including accrued interest and premium $ 235 $ 266 (1) The Company has the ability to sell or re-pledge securities it holds as collateral. (2) The trusts do not have the ability to sell or re-pledge securities they hold as collateral.
Schedule of Credit Exposure Related to Our Derivative Counterparties	The table below highlights credit exposure related to our derivative counterparties at March 31, 2023. (Dollars in millions) Corporate Securitization Exposure, net of collateral $ 13 $ — Percent of exposure to counterparties with credit ratings 100 % — % Percent of exposure to counterparties with credit ratings — % — %

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table provides the detail of our other assets. (Dollars in millions) March 31, 2023 December 31, 2022 Accrued interest receivable $ 2,043 $ 2,031 Benefit and insurance-related investments 454 452 Income tax asset, net 111 132 Derivatives at fair value 73 56 Accounts receivable 78 83 Fixed assets 69 74 Other 28 38 Total $ 2,856 $ 2,866

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Common Share Repurchases, Issuances and Dividends Paid	The following table summarizes common share repurchases, issuances and dividends paid. Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2023 2022 Common stock repurchased (1) 4.9 6.2 Common stock repurchased (in dollars) (1) $ 85 $ 115 Average purchase price per share (1) $ 17.40 $ 18.41 Remaining common stock repurchase authority (1) $ 515 $ 885 Shares repurchased related to employee stock-based compensation plans (2) 1.3 1.1 Average purchase price per share (2) $ 18.44 $ 17.92 Common shares issued (3) 2.4 2.4 Dividends paid $ 21 $ 24 Dividends per share $ .16 $ .16 (1) Common shares purchased under our share repurchase program. Our board of directors authorized a $ 1 billion multi-year share repurchase program in December 2021. (2) Comprises 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. (3) Common shares issued under our various compensation and benefit plans.

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) per Common Share	Basic earnings (loss) per common share (EPS) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows. Three Months Ended March 31, (In millions, except per share data) 2023 2022 Numerator: Net income $ 111 $ 255 Denominator: Weighted average shares used to compute basic EPS 129 151 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, (1) 1 2 Dilutive potential common shares (2) 1 2 Weighted average shares used to compute 130 153 Basic earnings per common share $ .87 $ 1.69 Diluted earnings per common share $ .86 $ 1.67 (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 applicable ESPPs, determined by the treasury stock method. For the three months ended March 31, 2023 and 2022 , securities covering approximately 0 million and 0 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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-market on a recurring basis. During the first quarters of 2023 and 2022, there were no significant transfers of financial instruments between levels. Fair Value Measurements on a Recurring Basis March 31, 2023 December 31, 2022 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivative instruments: (1) Interest rate swaps — 72 1 73 — 55 1 56 Cross-currency interest rate swaps — — — — — — — — Total derivative assets (2) — 72 1 73 — 55 1 56 Total $ — $ 72 $ 1 $ 73 $ — $ 55 $ 1 $ 56 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ ( 3 ) $ ( 3 ) $ — $ ( 2 ) $ ( 3 ) $ ( 5 ) Floor Income Contracts — — — — — — — — Cross-currency interest rate swaps — — ( 224 ) ( 224 ) — — ( 253 ) ( 253 ) Total derivative liabilities (2) — — ( 227 ) ( 227 ) — ( 2 ) ( 256 ) ( 258 ) Total $ — $ — $ ( 227 ) $ ( 227 ) $ — $ ( 2 ) $ ( 256 ) $ ( 258 ) (1) Fair value of derivative instruments excludes accrued interest and the value of collateral. (2) See "Note 4 – Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification. Borrowings which are the hedged item in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and not reflected in this table.
Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis	The following tables summarize the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis. Three Months Ended March 31, 2023 2022 Derivative instruments Derivative instruments (Dollars in millions) Interest Cross Other Total Interest Cross Other Total Balance, beginning of $ ( 2 ) $ ( 253 ) $ — $ ( 255 ) $ ( 4 ) $ ( 190 ) $ — $ ( 194 ) Total gains/(losses): Included in earnings (1) — 15 — 15 1 ( 41 ) — ( 40 ) Included in other — — — — — — — — Settlements — 14 — 14 — 5 — 5 Transfers in and/or out — — — — — — — — Balance, end of period $ ( 2 ) $ ( 224 ) $ — $ ( 226 ) $ ( 3 ) $ ( 226 ) $ — $ ( 229 ) Change in mark-to- (2) $ — $ 29 $ — $ 29 $ 1 $ ( 36 ) $ — $ ( 35 ) (1) “Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income: Three Months Ended March 31, (Dollars in millions) 2023 2022 Gains (losses) on derivative and hedging activities, net $ — $ 1 Interest expense 15 ( 41 ) Total $ 15 $ ( 40 ) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.
Included in Earnings	(1) “Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income: Three Months Ended March 31, (Dollars in millions) 2023 2022 Gains (losses) on derivative and hedging activities, net $ — $ 1 Interest expense 15 ( 41 ) Total $ 15 $ ( 40 )
Unobservable Data Used in Recurring Valuations of Level 3	The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above. (Dollars in millions) Fair Value at March 31, 2023 Valuation Input Range and Derivatives Prime/LIBOR basis swaps $ ( 2 ) Discounted cash flow Constant Prepayment Rate 10 % Bid/ask adjustment to .08 % Cross-currency interest rate swaps ( 224 ) Discounted cash flow Constant Prepayment Rate 5 % Other — Total $ ( 226 )
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, 2023 December 31, 2022 (Dollars in millions) Fair Carrying Difference Fair Carrying Difference Earning assets FFELP Loans $ 39,970 $ 42,148 $ ( 2,178 ) $ 41,426 $ 43,525 $ ( 2,099 ) Private Education Loans 17,530 18,275 ( 745 ) 17,880 18,725 ( 845 ) Cash and investments 2,931 2,931 — 4,974 4,974 — Total earning assets 60,431 63,354 ( 2,923 ) 64,280 67,224 ( 2,944 ) Interest-bearing liabilities Short-term borrowings 5,758 5,753 ( 5 ) 5,879 5,870 ( 9 ) Long-term borrowings 54,261 57,388 3,127 57,652 61,026 3,374 Total interest-bearing liabilities 60,019 63,141 3,122 63,531 66,896 3,365 Derivative financial instruments Floor Income Contracts — — — — — — Interest rate swaps 70 70 — 51 51 — Cross-currency interest rate swaps ( 224 ) ( 224 ) — ( 253 ) ( 253 ) — Other — — — — — — Excess of net asset fair value over carrying value $ 199 $ 421

Revenue from Contracts with C_2

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Revenue from Contracts with Customers Accounted Under ASC 606	The following tables illustrate the disaggregation of revenue from contracts accounted for under ASC 606 with customers according to service type and client type by reportable operating segment. Revenue by Service Type Three Months Ended March 31, 2023 2022 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan $ — $ — $ — $ 1 $ — $ 1 Government services — 40 40 — 49 49 Healthcare services — 32 32 — 45 45 Total $ — $ 72 $ 72 $ 1 $ 94 $ 95 Revenue by Client Type Three Months Ended March 31, 2023 2022 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ — $ 2 $ 2 $ — $ 2 $ 2 Guarantor agencies — — — 1 — 1 Other institutions — — — — — — State and local government — 22 22 — 33 33 Tolling authorities — 16 16 — 14 14 Hospitals and other — 32 32 — 45 45 Total $ — $ 72 $ 72 $ 1 $ 94 $ 95

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Results and Reconciliations to GAAP	Segment Results and Reconciliations to GAAP Three Months Ended March 31, 2023 Adjustments Reportable Segments (Dollars in millions) Total Reclassi- Additions/ Total (1) Total Federal Education Loans Consumer Lending Business Processing Other Interest income: Education loans $ 1,037 $ 695 $ 344 $ — $ — Cash and investments 34 20 6 — 8 Total interest income 1,071 715 350 — 8 Total interest expense 837 590 197 — 33 Net interest income 234 $ 12 $ 7 $ 19 $ 253 125 153 — ( 25 ) Less: provisions for loan ( 14 ) ( 14 ) 10 ( 24 ) — — Net interest income 248 115 177 — ( 25 ) Other income (loss): Servicing revenue 17 14 3 — — Asset recovery and 72 — — 72 — Other income (loss) ( 1 ) 5 — — 2 Total other income 88 ( 12 ) 20 8 96 19 3 72 2 Expenses: Direct operating 124 20 37 67 — Unallocated shared 61 — — — 61 Operating expenses 185 — — — 185 20 37 67 61 Goodwill and acquired 3 — ( 3 ) ( 3 ) — — — — — Restructuring/other 4 — — — 4 — — — 4 Total expenses 192 — ( 3 ) ( 3 ) 189 20 37 67 65 Income (loss) before 144 — 30 30 174 114 143 5 ( 88 ) Income tax expense (2) 33 — 8 8 41 27 33 1 ( 20 ) Net income (loss) $ 111 $ — $ 22 $ 22 $ 133 $ 87 $ 110 $ 4 $ ( 68 ) (1) Core Earnings adjustments to GAAP: Three Months Ended March 31, 2023 (Dollars in millions) Net Impact of Net Impact of Total Net interest income (loss) after provisions for loan losses $ 19 $ — $ 19 Total other income (loss) 8 — 8 Goodwill and acquired intangible asset impairment and amortization — ( 3 ) ( 3 ) Total Core Earnings adjustments to GAAP $ 27 $ 3 30 Income tax expense (benefit) 8 Net income (loss) $ 22 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 11. Segment Reporting (Continued) Three Months Ended March 31, 2022 Adjustments Reportable Segments (Dollars in millions) Total Reclassi- Additions/ Total (1) Total Federal Education Loans Consumer Lending Business Processing Other Interest income: Education loans $ 625 $ 334 $ 276 $ — $ — Cash and investments 1 — 1 — — Total interest income 626 334 277 — — Total interest expense 289 195 125 — 15 Net interest income (loss) 337 $ ( 19 ) $ ( 42 ) $ ( 61 ) $ 276 139 152 — ( 15 ) Less: provisions for loan 16 16 — 16 — — Net interest income (loss) 321 139 136 — ( 15 ) Other income (loss): Servicing revenue 18 15 3 — — Asset recovery and 97 3 — 94 — Other income (loss) 108 11 — — ( 1 ) Total other income (loss) 223 19 ( 117 ) ( 98 ) 125 29 3 94 ( 1 ) Expenses: Direct operating 139 28 35 76 — Unallocated shared 66 — — — 66 Operating expenses 205 — — — 205 28 35 76 66 Goodwill and acquired 4 — ( 4 ) ( 4 ) — — — — — Restructuring/other 3 — — — 3 — — — 3 Total expenses 212 — ( 4 ) ( 4 ) 208 28 35 76 69 Income (loss) before 332 — ( 155 ) ( 155 ) 177 140 104 18 ( 85 ) Income tax expense (2) 77 — ( 35 ) ( 35 ) 42 33 25 4 ( 20 ) Net income (loss) $ 255 $ — $ ( 120 ) $ ( 120 ) $ 135 $ 107 $ 79 $ 14 $ ( 65 ) (1) Core Earnings adjustments to GAAP: Three Months Ended March 31, 2022 (Dollars in millions) Net Impact of Net Impact of Total Net interest income (loss) after provisions for loan losses $ ( 61 ) $ — $ ( 61 ) Total other income (loss) ( 98 ) — ( 98 ) Goodwill and acquired intangible asset impairment and amortization — ( 4 ) ( 4 ) Total Core Earnings adjustments to GAAP $ ( 159 ) $ 4 ( 155 ) Income tax expense (benefit) ( 35 ) Net income (loss) $ ( 120 ) (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment.
Core Earnings Adjustments to GAAP	Su mmary of Core Earnings Adjustments to GAAP Three Months Ended March 31, (Dollars in millions) 2023 2022 GAAP net income $ 111 $ 255 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) 27 ( 159 ) Net impact of goodwill and acquired intangible assets (2) 3 4 Net tax effect (3) ( 8 ) 35 Total Core Earnings adjustments to GAAP 22 ( 120 ) Core Earnings net income $ 133 $ 135 (1) Derivative accounting: Core Earnings exclude periodic gains and losses that are caused by the mark-to-market valuations on derivatives that do not qualify for hedge accounting treatment under GAAP as well as the periodic mark-to-market gains and losses that are a result of ineffectiveness recognized related to effective hedges under GAAP. Under GAAP, for our derivatives that are held to maturity, the mark-to-market gain or loss over the life of the contract will equal $ 0 except for Floor Income Contracts where the mark-to-market gain will equal the amount for which we sold the contract. In our Core Earnings presentation, we recognize the economic effect of these hedges, which generally results in any net settlement cash paid or received being recognized ratably as an interest expense or revenue over the hedged item’s life. (2) Goodwill and acquired intangible assets: Our Core Earnings exclude goodwill and intangible asset impairment and amortization of acquired intangible assets. Net tax effect: Such tax effect is based upon our Core Earnings effective tax rate for the ye ar.
Federal Education Loans [Member]
Asset Information for Loans Segment	The following table includes asset information for our Federal Education Loans segment. (Dollars in millions) March 31, 2023 December 31, 2022 FFELP Loans, net $ 42,148 $ 43,525 Cash and investments (1) 1,650 2,746 Other 2,133 2,229 Total assets $ 45,931 $ 48,500 (1) Includes restricted cash and investments.
Consumer Lending [Member]
Asset Information for Loans Segment	The following table includes asset information for our Consumer Lending segment. (Dollars in millions) March 31, 2023 December 31, 2022 Private Education Loans, net $ 18,275 $ 18,725 Cash and investments (1) 635 617 Other 558 453 Total assets $ 19,468 $ 19,795 Includes restricted cash and investments.

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses	$ 920	$ 1,022	$ 1,219	$ 1,271
ASU 2020-04 [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt	13,000
ASU 2020-02 [Member] | Interest Rate Reduction [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses	77	$ 77
Allowance for loans losses released	$ 52

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Allowance for Loan Losses
Allowance at beginning of period	$ 1,022	$ 1,271
Provision:
Total provision	(14)	16
Charge-offs:
Gross charge-offs	(106)	(88)
Expected future recoveries on current period gross charge-offs	13	12
Net charge-offs	(93)	(76)
Decrease in expected future recoveries on previously fully charged-off loans	5	8
Allowance at end of period	920	1,219
FFELP Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period	222	262
Provision:
Total provision	10	0
Charge-offs:
Gross charge-offs	(18)	(7)
Expected future recoveries on current period gross charge-offs	0
Net charge-offs	(18)	(7)
Decrease in expected future recoveries on previously fully charged-off loans	0	0
Allowance at end of period	$ 214	$ 255
Net charge-offs as a percentage of average loans in repayment (annualized)	0.22%	0.07%
Ending total loans	$ 42,362	$ 51,268
Average loans in repayment	34,305	43,125
Ending loans in repayment	33,740	42,724
Private Education Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period	800	1,009
Provision:
Total provision	(24)	16
Charge-offs:
Gross charge-offs	(88)	(81)
Expected future recoveries on current period gross charge-offs	13	12
Net charge-offs	(75)	(69)
Decrease in expected future recoveries on previously fully charged-off loans	5	8
Allowance at end of period	$ 706	$ 964
Net charge-offs as a percentage of average loans in repayment (annualized)	1.63%	1.38%
Ending total loans	$ 18,981	$ 21,052
Average loans in repayment	18,552	20,387
Ending loans in repayment	$ 18,258	$ 20,257

Allowance for Loan Losses - A_2

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Expected future recoveries of current period defaults	$ 13	$ 12
Change in balance during period	(5)	(8)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning of period expected future recoveries on previously fully charged-off loans	274	329
Expected future recoveries of current period defaults	13	12
Recoveries (cash collected)	(13)	(15)
Charge-offs (as a result of lower recovery expectations)	(6)	(5)
End of period expected future recoveries on previously fully charged-off loans	268	321
Change in balance during period	$ (5)	$ (8)

Allowance for Loan Losses - Add

Allowance for Loan Losses - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Period of hardship forbearance of payments	12 months
Period of hardship forbearance of payments for borrowers of substantial payments	24 years
Percentage guaranteed as to principal and accrued interest by federal goverment in event of default	97%

Allowance for Loan Losses - Age

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Loans in repayment and percentage of each status:
Loan allowance for losses	$ (920)	$ (1,219)	$ (1,022)	$ (1,271)
FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	42,362	51,268
Loan allowance for losses	(214)	(255)	(222)	(262)
Loans, net	42,148		43,525
Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	42,362	51,268	43,747
Loan allowance for losses	(214)	(255)	(222)
Loans, net	$ 42,148	$ 51,013	$ 43,525
Dimensions of concentration risk	100%	100%	100%
Credit Concentration Risk [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	85.60%	86.50%	84.40%
Credit Concentration Risk [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	3.80%	4.40%	3.60%
Credit Concentration Risk [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	2.70%	2.70%	2.40%
Credit Concentration Risk [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	7.90%	6.40%	9.60%
Credit Concentration Risk [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	79.60%	83.30%	78.60%
Credit Concentration Risk [Member] | Financing Receivables, Delinquent Loans in Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	14.40%	13.50%	15.60%
Credit Concentration Risk [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	16.90%	12.90%	18.10%
School/Grace/Deferment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 1,778	$ 2,232	$ 1,772
Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	6,844	6,312	7,603
Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	33,740	42,724	34,372
Repayment [Member] | Credit Concentration Risk [Member] | Financing Asset, Not Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	28,886	36,948	29,004
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	1,270	1,888	1,247
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	902	1,148	833
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	2,682	2,740	3,288
Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	18,981	21,052
Loan allowance for losses	(706)	(964)	(800)	$ (1,009)
Loans, net	18,275	20,088	18,725
Private Education Loans [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	18,981	21,052	19,525
Loan allowance for losses	(706)	(964)	(800)
Loans, net	$ 18,275	$ 20,088	$ 18,725
Dimensions of concentration risk	100%	100%	100%
Private Education Loans [Member] | Credit Concentration Risk [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	95.50%	96%	95%
Private Education Loans [Member] | Credit Concentration Risk [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.60%	1.40%	1.80%
Private Education Loans [Member] | Credit Concentration Risk [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	0.90%	1%	1%
Private Education Loans [Member] | Credit Concentration Risk [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	2%	1.60%	2.20%
Private Education Loans [Member] | Credit Concentration Risk [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	96.20%	96.20%	96.10%
Private Education Loans [Member] | Credit Concentration Risk [Member] | Financing Receivables, Delinquent Loans in Repayment [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	4.50%	4%	5%
Private Education Loans [Member] | Credit Concentration Risk [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	1.90%	2%	2.10%
Private Education Loans [Member] | School/Grace/Deferment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 369	$ 377	$ 354
Private Education Loans [Member] | Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	354	418	401
Private Education Loans [Member] | Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	18,258	20,257	18,770
Private Education Loans [Member] | Repayment [Member] | Credit Concentration Risk [Member] | Financing Asset, Not Past Due [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	17,439	19,447	17,838
Private Education Loans [Member] | Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	290	290	335
Private Education Loans [Member] | Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	165	206	186
Private Education Loans [Member] | Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 90 Days Past Due [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 364	$ 314	$ 411

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loan Type (Detail) - FFELP Loans [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	$ 42,362	$ 51,268
Change	(8,906)
Stafford Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	13,592	15,975
Change	(2,383)
Consolidation Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	24,697	30,665
Change	(5,968)
Rehab Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	4,073	$ 4,628
Change	$ (555)

Allowance for Loan Losses - Pri

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Loan allowance for losses	$ (920)	$ (1,022)	$ (1,219)	$ (1,271)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Loans, gross	18,981		21,052
Loan allowance for losses	(706)	(800)	(964)	$ (1,009)
Loans, net	18,275	$ 18,725	20,088
Loan, Net Charge-Offs in Year One	0
Loan, Net Charge-Offs in Year Two	(2)
Loan, Net Charge-Offs in Year Three	(2)
Loan, Net Charge-Offs in Year Four	(1)
Loan, Net Charge-Offs in Year Five	(2)
Loan, Net Charge-Offs in Year Prior	(68)
Total Net Charge-Offs	$ (75)
Percentage of Loan, Net Charge-Offs	100%
FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 170		956
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,801		5,081
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,460		1,799
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,462		1,720
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,396		647
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,692		10,849
Total Loans, gross	$ 18,981		$ 21,052
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100%		100%
FICO Scores [Member] | 640 and Above [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 167		$ 948
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,761		5,037
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,368		1,783
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,438		1,683
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,353		626
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,133		9,314
Total Loans, gross	$ 17,220		$ 19,391
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	91%		92%
FICO Scores [Member] | Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 3		$ 8
Total Private Education Loan Credit Quality Indicators by Origination Year Two	40		44
Total Private Education Loan Credit Quality Indicators by Origination Year Three	92		16
Total Private Education Loan Credit Quality Indicators by Origination Year Four	24		37
Total Private Education Loan Credit Quality Indicators by Origination Year Five	43		21
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,559		1,535
Total Loans, gross	$ 1,761		$ 1,661
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	9%		8%
Loan Status [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 170		$ 956
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,801		5,081
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,460		1,799
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,462		1,720
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,396		647
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,692		10,849
Total Loans, gross	$ 18,981		$ 21,052
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100%		100%
Loan Status [Member] | School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 9		$ 5
Total Private Education Loan Credit Quality Indicators by Origination Year Two	67		64
Total Private Education Loan Credit Quality Indicators by Origination Year Three	91		25
Total Private Education Loan Credit Quality Indicators by Origination Year Four	27		34
Total Private Education Loan Credit Quality Indicators by Origination Year Five	31		13
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	498		654
Total Loans, gross	$ 723		$ 795
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	4%		4%
Loan Status [Member] | Current/90 Days or Less Delinquent [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 161		$ 951
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,729		5,015
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,360		1,772
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,432		1,684
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,359		632
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,853		9,889
Total Loans, gross	$ 17,894		$ 19,943
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	94%		95%
Loan Status [Member] | Greater than 90 days Delinquent [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0		$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	5		2
Total Private Education Loan Credit Quality Indicators by Origination Year Three	9		2
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3		2
Total Private Education Loan Credit Quality Indicators by Origination Year Five	6		2
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	341		306
Total Loans, gross	$ 364		$ 314
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2%		1%
Seasoning [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 170		$ 956
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,801		5,081
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,460		1,799
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,462		1,720
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,396		647
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,692		10,849
Total Loans, gross	$ 18,981		$ 21,052
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100%		100%
Seasoning [Member] | 1-12 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 161		$ 951
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,386		4,740
Total Private Education Loan Credit Quality Indicators by Origination Year Three	80		26
Total Private Education Loan Credit Quality Indicators by Origination Year Four	9		17
Total Private Education Loan Credit Quality Indicators by Origination Year Five	8		3
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	71		115
Total Loans, gross	$ 1,715		$ 5,852
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	9%		28%
Seasoning [Member] | 13-24 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0		$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	362		300
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,084		1,555
Total Private Education Loan Credit Quality Indicators by Origination Year Four	32		108
Total Private Education Loan Credit Quality Indicators by Origination Year Five	23		11
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	86		134
Total Loans, gross	$ 4,587		$ 2,108
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	24%		10%
Seasoning [Member] | 25-36 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0		$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	0		0
Total Private Education Loan Credit Quality Indicators by Origination Year Three	242		201
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,251		1,507
Total Private Education Loan Credit Quality Indicators by Origination Year Five	106		46
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	157		225
Total Loans, gross	$ 1,756		$ 1,979
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	9%		9%
Seasoning [Member] | 37-48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0		$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	0		0
Total Private Education Loan Credit Quality Indicators by Origination Year Three	0		0
Total Private Education Loan Credit Quality Indicators by Origination Year Four	155		68
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,190		545
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	272		369
Total Loans, gross	$ 1,617		$ 982
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	9%		5%
Seasoning [Member] | More than 48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0		$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	0		0
Total Private Education Loan Credit Quality Indicators by Origination Year Three	0		0
Total Private Education Loan Credit Quality Indicators by Origination Year Four	0		0
Total Private Education Loan Credit Quality Indicators by Origination Year Five	53		35
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,884		9,719
Total Loans, gross	$ 8,937		$ 9,754
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	47%		46%
Seasoning [Member] | School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 9		$ 5
Total Private Education Loan Credit Quality Indicators by Origination Year Two	53		41
Total Private Education Loan Credit Quality Indicators by Origination Year Three	54		17
Total Private Education Loan Credit Quality Indicators by Origination Year Four	15		20
Total Private Education Loan Credit Quality Indicators by Origination Year Five	16		7
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	222		287
Total Loans, gross	$ 369		$ 377
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2%		2%
Certain Loan Modifications [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 170		$ 956
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,801		5,081
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,460		1,799
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,462		1,720
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,396		647
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,692		10,849
Total Loans, gross	$ 18,981		$ 21,052
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100%		100%
Certain Loan Modifications [Member] | Modified [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0		$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	14		9
Total Private Education Loan Credit Quality Indicators by Origination Year Three	89		15
Total Private Education Loan Credit Quality Indicators by Origination Year Four	38		43
Total Private Education Loan Credit Quality Indicators by Origination Year Five	72		28
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	6,279		6,998
Total Loans, gross	$ 6,492		$ 7,093
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	34%		34%
Certain Loan Modifications [Member] | Non-Modified [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 170		$ 956
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,787		5,072
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,371		1,784
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,424		1,677
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,324		619
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,413		3,851
Total Loans, gross	$ 12,489		$ 13,959
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	66%		66%
Cosigners [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 170		$ 956
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,801		5,081
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,460		1,799
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,462		1,720
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,396		647
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,692		10,849
Total Loans, gross	$ 18,981		$ 21,052
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100%		100%
Cosigners [Member] | With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 35		$ 11
Total Private Education Loan Credit Quality Indicators by Origination Year Two	189		97
Total Private Education Loan Credit Quality Indicators by Origination Year Three	103		31
Total Private Education Loan Credit Quality Indicators by Origination Year Four	26		11
Total Private Education Loan Credit Quality Indicators by Origination Year Five	9		0
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,894		6,994
Total Loans, gross	$ 6,256		$ 7,144
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	33%		34%
Cosigners [Member] | Without Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 135		$ 945
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,612		4,984
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,357		1,768
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,436		1,709
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,387		647
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,798		3,855
Total Loans, gross	$ 12,725		$ 13,908
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	67%		66%
School Type [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 170		$ 956
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,801		5,081
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,460		1,799
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,462		1,720
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,396		647
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,692		10,849
Total Loans, gross	$ 18,981		$ 21,052
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100%		100%
School Type [Member] | Not For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 158		$ 893
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,704		4,786
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,202		1,719
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,397		1,602
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,300		595
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,150		9,048
Total Loans, gross	$ 16,911		$ 18,643
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	89%		89%
School Type [Member] | For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 12		$ 63
Total Private Education Loan Credit Quality Indicators by Origination Year Two	97		295
Total Private Education Loan Credit Quality Indicators by Origination Year Three	258		80
Total Private Education Loan Credit Quality Indicators by Origination Year Four	65		118
Total Private Education Loan Credit Quality Indicators by Origination Year Five	96		52
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,542		1,801
Total Loans, gross	$ 2,070		$ 2,409
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	11%		11%

Allowance for Loan Losses - P_2

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Parenthetical) (Detail)	Mar. 31, 2023	Mar. 31, 2022
With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators, Excluding Refinance Loans, Percent	65%	65%

Allowance for Loan Losses - Amo

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost		$ 55
Private Education Loans [Member] | Interest Rate Reduction [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 611
Loan Modifications, % of Loan Type	3.20%
Loans receivable, weighted average rate of interest	4.90%		12.90%
Private Education Loans [Member] | More Than an Insignificant Payment Delay [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 275
Loan Modifications, % of Loan Type	1.40%
Loans receivable, weighted average period added to remaining life of loan	6 months
Private Education Loans [Member] | Combination Rate Reduction and Term Extension [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 46
Loan Modifications, % of Loan Type	0.20%
Loans receivable, weighted average rate of interest	5.10%		12.50%
Loans receivable, weighted average period added to remaining life of loan	8 years

Allowance for Loan Losses - A_3

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Parenthetical) (Details) - Private Education Loans [Member] - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 18,275	$ 18,725	$ 20,088
Interest Rate Reduction [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 1,100

Allowance for Loan Losses - A_4

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Payment Default (Par)		$ 9
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 2
Payment Default (Par)	$ 2

Allowance for Loan Losses - A_5

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Parenthetical) (Details) - Private Education Loans [Member] $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 2
Interest Rate Reduction [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	1.6
Combination Rate Reduction and Term Extension [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 0.1

Allowance for Loan Losses - Sum

Allowance for Loan Losses - Summary of Performance and Related Loan Status of Loans Modified (Details) - Private Education Loans [Member] $ in Millions	Mar. 31, 2023 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	$ 932
Financing Asset, Not Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	891
Financial Asset, 31 to 60 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	8
Financial Asset, 61 to 90 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	2
Financial Asset, 90 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	7
School/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	2
Forbearance [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	$ 22

Allowance for Loan Losses - S_2

Allowance for Loan Losses - Summary of Performance and Related Loan Status of Loans Modified (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans modified, charged off	$ 0.4

Allowance for Loan Losses - L_2

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Receivables [Abstract]
Modified loans	$ 55
Charge-offs	56
Payment default	$ 9

Borrowings - Company's Borrowin

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term borrowings	$ 5,753	$ 5,870
Long-term borrowings	57,388	61,026
Total	63,141	66,896
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	5,774	5,880
Long-term borrowings	57,754	61,516
Total	63,528	67,396
Total Before Hedge Accounting Adjustments [Member] | Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,149	1,301
Long-term borrowings	4,864	5,711
Total	6,013	7,012
Total Before Hedge Accounting Adjustments [Member] | Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,149	1,301
Long-term borrowings	4,864	5,711
Total	6,013	7,012
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	68	76
Long-term borrowings	40,275	42,675
Total	40,343	42,751
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	648	725
Long-term borrowings	12,187	12,744
Total	12,835	13,469
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	887	923
Long-term borrowings	428	386
Total	1,315	1,309
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,917	2,734
Long-term borrowings	0	0
Total	2,917	2,734
Total Before Hedge Accounting Adjustments [Member] | Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	105	121
Long-term borrowings	0	0
Total	105	121
Total Before Hedge Accounting Adjustments [Member] | Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	4,625	4,579
Long-term borrowings	52,890	55,805
Total	57,515	60,384
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	(21)	(10)
Long-term borrowings	(366)	(490)
Total	$ (387)	$ (500)

Borrowings - Company's Borrow_2

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term debt	$ 5,753	$ 5,870
Long-term debt	57,388	61,026
FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Debt tranches default principal amount	685
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term debt	5,774	5,880
Long-term debt	57,754	61,516
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term debt	68	76
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term debt	648	725
Total Before Hedge Accounting Adjustments [Member] | Short Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	1,100	1,300
Total Before Hedge Accounting Adjustments [Member] | Long Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	$ 4,900	$ 5,700

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 5,753	$ 5,870
Long-term borrowings	57,388	61,026
Total	63,141	66,896
Total assets	66,913	70,795
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	5,774	5,880
Long-term borrowings	57,754	61,516
Total	63,528	67,396
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	(21)	(10)
Long-term borrowings	(366)	(490)
Total	(387)	(500)
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,520	4,458
Long-term borrowings	52,714	55,598
Total	57,234	60,056
Loans	58,908	60,672
Cash	2,180	3,233
Other assets	1,534	1,356
Total assets	62,622	65,261
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	68	76
Long-term borrowings	40,275	42,675
Total	40,343	42,751
Loans	40,755	42,148
Cash	1,612	2,705
Other assets	1,578	1,544
Total assets	43,945	46,397
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	648	725
Long-term borrowings	12,187	12,744
Total	12,835	13,469
Loans	13,609	14,168
Cash	396	367
Other assets	97	105
Total assets	14,102	14,640
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	887	923
Long-term borrowings	428	386
Total	1,315	1,309
Loans	1,331	1,317
Cash	35	39
Other assets	46	44
Total assets	1,412	1,400
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,917	2,734
Long-term borrowings	0	0
Total	2,917	2,734
Loans	3,213	3,039
Cash	137	122
Other assets	40	(81)
Total assets	3,390	3,080
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,520	4,458
Long-term borrowings	52,890	55,805
Total	57,410	60,263
Loans	58,908	60,672
Cash	2,180	3,233
Other assets	1,761	1,612
Total assets	62,849	65,517
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	0	0
Long-term borrowings	(176)	(207)
Total	(176)	(207)
Loans	0	0
Cash	0	0
Other assets	(227)	(256)
Total assets	$ (227)	$ (256)

Derivative Financial Instrume_3

Derivative Financial Instruments - Impact of Derivatives on Balance Sheet (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Assets:
Derivative assets	$ 73	$ 56
Derivative Liabilities:
Derivative liabilities	(227)	(258)
Net total derivatives	(154)	(202)
Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	0
Net total derivatives	0	0
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	72	55
Derivative Liabilities:
Derivative liabilities	(224)	(255)
Net total derivatives	(152)	(200)
Trading [Member]
Derivative Assets:
Derivative assets	1	1
Derivative Liabilities:
Derivative liabilities	(3)	(3)
Net total derivatives	(2)	(2)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	73	56
Derivative Liabilities:
Derivative liabilities	(3)	(5)
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	0
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	72	55
Derivative Liabilities:
Derivative liabilities	0	(2)
Interest Rate Swaps [Member] | Trading [Member]
Derivative Assets:
Derivative assets	1	1
Derivative Liabilities:
Derivative liabilities	(3)	(3)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	(224)	(253)
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	0
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	(224)	(253)
Cross-Currency Interest Rate Swaps [Member] | Trading [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	0
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	0	0
Floor Income Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative Liabilities:
Derivative liabilities	0	0
Floor Income Contracts [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Liabilities:
Derivative liabilities	0	0
Floor Income Contracts [Member] | Trading [Member]
Derivative Liabilities:
Derivative liabilities	$ 0	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative assets	$ 73	$ 56
Impact of master netting agreements, Assets	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	$ 73	$ 56
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Cash collateral (held) pledged, Assets	$ (65)	$ (80)
Net position, Assets	(8)	(24)
Derivative liabilities	(227)	(258)
Impact of master netting agreements, Liabilities	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	$ (227)	$ (258)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Cash collateral (held) pledged, Liabilities	$ 51	$ 62
Net position, Liabilities	$ (176)	$ (196)

Derivative Financial Instrume_5

Derivative Financial Instruments - Carrying Value and Related Fair Value Hedging Adjustments of Liabilities (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Short-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	$ 1,126	$ 1,289
Hedge Basis Adjustments	(21)	(10)
Long-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	5,374	6,188
Hedge Basis Adjustments	$ (370)	$ (494)

Derivative Financial Instrume_6

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Decrease in valuation due to net credit risk adjustments	$ 5,000,000	$ 6,000,000
Decrease in valuation due to liquidity adjustments	1,000,000	1,000,000
Derivative liability at fair value including accrued interest and premium receivable	235,000,000	$ 266,000,000
Counterparty [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	$ 0

Derivative Financial Instrume_7

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Total Derivative Notional Values	$ 32,600,000,000	$ 39,700,000,000
Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,400,000,000	8,300,000,000
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,900,000,000	8,000,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	19,300,000,000	23,400,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	24,900,000,000	31,900,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,400,000,000	8,300,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	5,200,000,000	6,200,000,000
Interest Rate Swaps [Member] | Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	13,300,000,000	17,400,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,000,000,000	6,000,000,000
Floor Income Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	0	0
Floor Income Contracts [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	0	0
Floor Income Contracts [Member] | Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,000,000,000	6,000,000,000
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,700,000,000	1,800,000,000
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	0	0
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,700,000,000	1,800,000,000
Cross-Currency Interest Rate Swaps [Member] | Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 0	$ 0

Derivative Financial Instrume_8

Derivative Financial Instruments - Mark-to-Market Impact of Derivatives on Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ (8)	$ 98
Interest Expense and Derivative Instruments Hedging Activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	(14)	139
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	(6)	41
Designated as Hedging Instrument [Member] | Fair Value [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in net income on derivatives	78	(288)
Gains (losses) recognized in net income on hedged items	(82)	313
Net fair value hedge ineffectiveness gains (losses)	(4)	25
Designated as Hedging Instrument [Member] | Fair Value [Member] | Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in net income on derivatives	29	(36)
Gains (losses) recognized in net income on hedged items	(31)	52
Net fair value hedge ineffectiveness gains (losses)	(2)	16
Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	0	0
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	(8)	98
Trading [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	(8)	62
Trading [Member] | Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	0	0
Trading [Member] | Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	0	36
Trading [Member] | Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ 0	$ 0

Derivative Financial Instrume_9

Derivative Financial Instruments - Impact of Derivatives on Other Comprehensive Income (Equity) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Total gains (losses) on cash flow hedges		$ (3)	$ 93
Net changes in cash flow hedges, net of tax	[1]	(21)	114
Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)		$ (18)	$ 21
[1] See “Note 4 – Derivative Financial Instruments.”

Derivative Financial Instrum_10

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 65	$ 80
Securities at fair value - corporate derivatives (not recorded in financial statements)	0	0
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	0	0
Total collateral held	65	80
Derivative asset at fair value including accrued interest	73	85
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	51	62
Total collateral pledged	51	62
Derivative liability at fair value including accrued interest and premium receivable	$ 235	$ 266

Derivative Financial Instrum_11

Derivative Financial Instruments - Credit Exposure Related Counterparties (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Corporate Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Exposure, net of collateral	$ 13
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3	100%
Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3	0%
Securitization Trust Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Exposure, net of collateral	$ 0
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3	0%
Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3	0%

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 2,043	$ 2,031
Benefit and insurance-related investments	454	452
Income tax asset, net	111	132
Derivatives at fair value	73	56
Accounts receivable	78	83
Fixed assets	69	74
Other	28	38
Total	$ 2,856	$ 2,866

Stockholders' Equity - Common S

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 17.40	$ 18.41
Remaining common stock repurchase authority	$ 515	$ 885
Shares repurchased related to employee stock-based compensation plans	1,300,000	1,100,000
Average purchase price per share	$ 18.44	$ 17.92
Common shares issued	2,400,000	2,400,000
Dividends paid	$ 21	$ 24
Dividends per share	$ 0.16	$ 0.16
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, shares	4,900,000	6,200,000
Common stock repurchased, value	$ 85	$ 115
Shares repurchased related to employee stock-based compensation plans	1,276,713	1,110,584
Common shares issued	2,420,932	2,359,901

Stockholders' Equity - Common_2

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Parenthetical) (Detail) $ in Billions	Dec. 31, 2021 USD ($)
Equity [Abstract]
Authorized multi-year share repurchased program amount	$ 1

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)	Mar. 31, 2023 $ / shares
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock	$ 15.99

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 111	$ 255
Denominator:
Weighted average shares used to compute basic EPS	129	151
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
Dilutive potential common shares	1	2
Weighted average shares used to compute diluted EPS	130	153
Basic earnings per common share	$ 0.87	$ 1.69
Diluted earnings per common share	$ 0.86	$ 1.67

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the computation of diluted earnings per share	0	0

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 73	$ 56
Derivative liabilities	(227)	(258)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	73	56
Derivative liabilities	(3)	(5)
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	(224)	(253)
Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	73	56
Total	73	56
Derivative liabilities	(227)	(258)
Total	(227)	(258)
Fair Value Measurements Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Total	0	0
Derivative liabilities	0	0
Total	0	0
Fair Value Measurements Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	72	55
Total	72	55
Derivative liabilities	0	(2)
Total	0	(2)
Fair Value Measurements Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1	1
Total	1	1
Derivative liabilities	(227)	(256)
Total	(227)	(256)
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	73	56
Derivative liabilities	(3)	(5)
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	72	55
Derivative liabilities	0	(2)
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1	1
Derivative liabilities	(3)	(3)
Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	(224)	(253)
Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	(224)	(253)
Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (255)	$ (194)
Total gains/(losses):
Included in earnings	$ 15	$ (40)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain Loss On Derivative Instruments Net Pretax	Gain Loss On Derivative Instruments Net Pretax
Included in other comprehensive income	$ 0	$ 0
Settlements	14	5
Transfers in and/or out of level 3	0	0
Balance, end of period	(226)	(229)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	29	(35)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(2)	(4)
Total gains/(losses):
Included in earnings	0	1
Included in other comprehensive income	0	0
Settlements	0	0
Transfers in and/or out of level 3	0	0
Balance, end of period	(2)	(3)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	0	1
Cross-Currency Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(253)	(190)
Total gains/(losses):
Included in earnings	15	(41)
Included in other comprehensive income	0	0
Settlements	14	5
Transfers in and/or out of level 3	0	0
Balance, end of period	(224)	(226)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	29	(36)
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	0	0
Total gains/(losses):
Included in earnings	0	0
Included in other comprehensive income	0	0
Settlements	0	0
Transfers in and/or out of level 3	0	0
Balance, end of period	0	0
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	$ 0	$ 0

Fair Value Measurements - Inclu

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 15	$ (40)
Fair Value Recurring Basis Unobservable Input Reconciliation Net Derivative Asset Liability Gain Loss Statement Of Income Extensible List	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net
Gain (Losses) on Derivative Instruments [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 0	$ 1
Fair Value Recurring Basis Unobservable Input Reconciliation Net Derivative Asset Liability Gain Loss Statement Of Income Extensible List	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net
Interest Expense [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 15	$ (41)
Fair Value Recurring Basis Unobservable Input Reconciliation Net Derivative Asset Liability Gain Loss Statement Of Income Extensible List	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 70	$ 51
Cross-Currency Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(224)	(253)
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	0	$ 0
Level 3 [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(226)
Level 3 [Member] | Cross-Currency Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (224)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivatives	5
Derivative Asset (Liability) Net, Measurement Input [Extensible Enumeration]	Constant Prepayment Rate [Member]
Level 3 [Member] | Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 0
Level 3 [Member] | Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (2)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Level 3 [Member] | Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Constant Prepayment Rate [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivatives	10
Level 3 [Member] | Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Bid/ask adjustment to discount rate [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivatives	0.08

Fair Value Measurements - Fair

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Carrying Value	$ 63,354	$ 67,224
Short-term borrowings, Carrying Value	5,753	5,870
Long-term borrowings, Carrying Value	57,388	61,026
Total	63,141	66,896
Total earning assets, Fair Value	60,431	64,280
Short-term borrowings, Fair Value	5,758	5,879
Long-term borrowings, Fair Value	54,261	57,652
Total interest-bearing liabilities, Fair Value	60,019	63,531
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	42,148	43,525
Loans receivable, Fair Value	39,970	41,426
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	0	0
Derivative financial instruments, Fair Value	0	0
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	70	51
Derivative financial instruments, Fair Value	70	51
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(224)	(253)
Derivative financial instruments, Fair Value	(224)	(253)
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	0	0
Derivative financial instruments, Fair Value	0	0
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	18,275	18,725	$ 20,088
Loans receivable, Fair Value	17,530	17,880
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	0	0
Total earning assets, Fair Value	2,923	(2,944)
Short-term borrowings, Fair Value	(5)	(9)
Long-term borrowings, Fair Value	3,127	3,374
Total interest-bearing liabilities, Fair Value	3,122	3,365
Excess of net asset fair value over carrying value	199	421
Difference [Member] | FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(2,178)	(2,099)
Difference [Member] | Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Fair Value	0	0
Difference [Member] | Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Fair Value	0	0
Difference [Member] | Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Fair Value	0	0
Difference [Member] | Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Fair Value	0	0
Difference [Member] | Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(745)	(845)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	2,931	4,974
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 2,931	$ 4,974

Commitments, Contingencies and

Commitments, Contingencies and Guarantees - Additional Information (Detail)		1 Months Ended	3 Months Ended
	Apr. 12, 2023 USD ($)	Jan. 31, 2022 StateAttorneysGeneral	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Number of State Attorneys General under Agreement | StateAttorneysGeneral		40
Additional private loan provision for loan losses			$ 23,000,000
Net impact to operating expense			0
Subsequent Event [Member]
Loss Contingencies [Line Items]
Aggregate cash fund contribution	$ 44,000,000
SLM BankCo [Member] | Indemnification Matters [Member]
Loss Contingencies [Line Items]
Reserve for estimated amounts and costs incurred			$ 0

Revenue from Contracts with C_3

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Summary of Disaggregation of Revenue from Contracts with Customers Accounted Under ASC 606 (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 72	$ 95
Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	2	2
Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	1
State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	22	33
Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	16	14
Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	32	45
Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	1
Federal Education Loans [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0
Federal Education Loans [Member] | Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	1
Federal Education Loans [Member] | Other Institutions [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0
Federal Education Loans [Member] | State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0
Federal Education Loans [Member] | Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0
Federal Education Loans [Member] | Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0
Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	72	94
Business Processing [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	2	2
Business Processing [Member] | Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0
Business Processing [Member] | State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	22	33
Business Processing [Member] | Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	16	14
Business Processing [Member] | Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	32	45
Federal Education Loan Asset Recovery Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	1
Federal Education Loan Asset Recovery Services [Member] | Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	1
Federal Education Loan Asset Recovery Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0
Government Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	40	49
Government Services [Member] | Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0
Government Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	40	49
Healthcare Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	32	45
Healthcare Services [Member] | Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0
Healthcare Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 32	$ 45

Revenue from Contracts with C_4

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Additional Information (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 78,000,000	$ 83,000,000
ASU 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable	68,000,000		$ 90,000,000
Contract assets	0
Contract liability	$ 0

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments | Segment	4
Total assets	$ 66,913	$ 70,795
Business Processing [Member]
Segment Reporting Information [Line Items]
Total assets	379	390
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,100	$ 2,100

Segment Reporting - Asset Infor

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Other	$ 2,856	$ 2,866
Total assets	66,913	70,795
Federal Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	42,148	43,525
Cash and investments	1,650	2,746
Other	2,133	2,229
Total assets	45,931	48,500
Consumer Lending [Member]
Segment Reporting Information [Line Items]
Loans, net	18,275	18,725
Cash and investments	635	617
Other	558	453
Total assets	$ 19,468	$ 19,795

Segment Reporting - Segment Res

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income:
Cash and investments	$ 34	$ 1
Total interest income	1,071	626
Total interest expense	837	289
Net interest income	234	337
Less: provisions for loan losses	(14)	16
Net interest income after provisions for loan losses	248	321
Other income (loss):
Servicing revenue	17	18
Asset recovery and business processing revenue	72	97
Other income (loss)	(1)	108
Total other income	88	223
Expenses:
Direct operating expenses	124	139
Unallocated shared services expenses	61	66
Total operating expenses	185	205
Goodwill and acquired intangible asset impairment and amortization	3	4
Restructuring/other reorganization expenses	4	3
Total expenses	192	212
Income before income tax expense	144	332
Income tax expense (benefit)	33	77
Net income	111	255
Operating Segments [Member]
Interest income:
Net interest income	253	276
Less: provisions for loan losses	(14)	16
Other income (loss):
Total other income	96	125
Expenses:
Total operating expenses	185	205
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	4	3
Total expenses	189	208
Income before income tax expense	174	177
Income tax expense (benefit)	41	42
Net income	133	135
Operating Segments [Member] | Federal Education Loans [Member]
Interest income:
Cash and investments	20	0
Total interest income	715	334
Total interest expense	590	195
Net interest income	125	139
Less: provisions for loan losses	10	0
Net interest income after provisions for loan losses	115	139
Other income (loss):
Servicing revenue	14	15
Asset recovery and business processing revenue	0	3
Other income (loss)	5	11
Total other income	19	29
Expenses:
Direct operating expenses	20	28
Unallocated shared services expenses	0	0
Total operating expenses	20	28
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	0	0
Total expenses	20	28
Income before income tax expense	114	140
Income tax expense (benefit)	27	33
Net income	87	107
Operating Segments [Member] | Consumer Lending [Member]
Interest income:
Cash and investments	6	1
Total interest income	350	277
Total interest expense	197	125
Net interest income	153	152
Less: provisions for loan losses	(24)	16
Net interest income after provisions for loan losses	177	136
Other income (loss):
Servicing revenue	3	3
Asset recovery and business processing revenue	0	0
Other income (loss)	0	0
Total other income	3	3
Expenses:
Direct operating expenses	37	35
Unallocated shared services expenses	0	0
Total operating expenses	37	35
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	0	0
Total expenses	37	35
Income before income tax expense	143	104
Income tax expense (benefit)	33	25
Net income	110	79
Operating Segments [Member] | Business Processing [Member]
Interest income:
Cash and investments	0	0
Total interest income	0	0
Total interest expense	0	0
Net interest income	0	0
Less: provisions for loan losses	0	0
Net interest income after provisions for loan losses	0	0
Other income (loss):
Servicing revenue	0	0
Asset recovery and business processing revenue	72	94
Other income (loss)	0	0
Total other income	72	94
Expenses:
Direct operating expenses	67	76
Unallocated shared services expenses	0	0
Total operating expenses	67	76
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	0	0
Total expenses	67	76
Income before income tax expense	5	18
Income tax expense (benefit)	1	4
Net income	4	14
Operating Segments [Member] | Other Segment [Member]
Interest income:
Cash and investments	8	0
Total interest income	8	0
Total interest expense	33	15
Net interest income	(25)	(15)
Less: provisions for loan losses	0	0
Net interest income after provisions for loan losses	(25)	(15)
Other income (loss):
Servicing revenue	0	0
Asset recovery and business processing revenue	0	0
Other income (loss)	2	(1)
Total other income	2	(1)
Expenses:
Direct operating expenses	0	0
Unallocated shared services expenses	61	66
Total operating expenses	61	66
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	4	3
Total expenses	65	69
Income before income tax expense	(88)	(85)
Income tax expense (benefit)	(20)	(20)
Net income	(68)	(65)
Adjustments [Member] | Reclassifications [Member]
Interest income:
Net interest income	12	(19)
Other income (loss):
Total other income	(12)	19
Expenses:
Total operating expenses	0	0
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	0	0
Total expenses	0	0
Income before income tax expense	0	0
Income tax expense (benefit)	0	0
Net income	0	0
Adjustments [Member] | Additions (Subtractions) [Member]
Interest income:
Net interest income	7	(42)
Other income (loss):
Total other income	20	(117)
Expenses:
Total operating expenses	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(4)
Restructuring/other reorganization expenses	0	0
Total expenses	(3)	(4)
Income before income tax expense	30	(155)
Income tax expense (benefit)	8	(35)
Net income	22	(120)
Adjustments [Member] | Total Adjustments [Member]
Interest income:
Net interest income	19	(61)
Net interest income after provisions for loan losses	19	(61)
Other income (loss):
Total other income	8	(98)
Expenses:
Total operating expenses	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(4)
Restructuring/other reorganization expenses	0	0
Total expenses	(3)	(4)
Income before income tax expense	30	(155)
Income tax expense (benefit)	8	(35)
Net income	22	(120)
Education Loan Portfolio [Member]
Interest income:
Total interest income	1,037	625
Education Loan Portfolio [Member] | Operating Segments [Member] | Federal Education Loans [Member]
Interest income:
Total interest income	695	334
Education Loan Portfolio [Member] | Operating Segments [Member] | Consumer Lending [Member]
Interest income:
Total interest income	344	276
Education Loan Portfolio [Member] | Operating Segments [Member] | Business Processing [Member]
Interest income:
Total interest income	0	0
Education Loan Portfolio [Member] | Operating Segments [Member] | Other Segment [Member]
Interest income:
Total interest income	$ 0	$ 0

Segment Reporting - Segment R_2

Segment Reporting - Segment Results and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 248	$ 321
Total other income (loss)	88	223
Goodwill and acquired intangible asset impairment and amortization	3	4
Income tax expense (benefit)	33	77
Net income	111	255
Total Adjustments [Member] | Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	19	(61)
Total other income (loss)	8	(98)
Goodwill and acquired intangible asset impairment and amortization	(3)	(4)
Total Core Earnings adjustments to GAAP	30	(155)
Income tax expense (benefit)	8	(35)
Net income	22	(120)
Net Impact of Goodwill and Acquired Intangible Assets [Member] | Total Adjustments [Member] | Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	0	0
Total other income (loss)	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(4)
Total Core Earnings adjustments to GAAP	3	4
Net Impact of Derivative Accounting [Member] | Total Adjustments [Member] | Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	19	(61)
Total other income (loss)	8	(98)
Goodwill and acquired intangible asset impairment and amortization	0	0
Total Core Earnings adjustments to GAAP	$ 27	$ (159)

Segment Reporting - Core Earnin

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income	$ 111	$ 255
Net tax effect	(33)	(77)
Operating Segments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income	133	135
Net tax effect	(41)	(42)
Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income	22	(120)
Core Earnings adjustments to GAAP	30	(155)
Net tax effect	(8)	35
Net Impact of Derivative Accounting [Member] | Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	27	(159)
Net Impact of Goodwill and Acquired Intangible Assets [Member] | Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	$ 3	$ 4

Segment Reporting - Core Earn_2

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Amount that will be equal to mark-to-market gain or loss over the life of the contract	$ 0