Navient (NAVI) 10-Q 24 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
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	111,824,749
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	13865 Sunrise Valley Drive
Entity Address, City or Town	Herndon
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20171
City Area Code	703
Local Phone Number	810-3000
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
Trading Symbol	None
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Investments	$ 129	$ 146
Cash and cash equivalents	823	839
Restricted cash and cash equivalents	2,125	1,954
Goodwill and acquired intangible assets, net	692	695
Other assets	2,773	2,914
Total assets	59,029	61,375
Liabilities
Short-term borrowings	4,427	4,226
Long-term borrowings	50,848	53,402
Other liabilities	988	987
Total liabilities	56,263	58,615
Commitments and contingencies
Equity
Common stock, par value $0.01 per share, 1.125 billion shares authorized: 465 million and 464 million shares issued, respectively	4	4
Additional paid-in capital	3,360	3,353
Accumulated other comprehensive income (net of tax expense of $4 and $6, respectively)	15	19
Retained earnings	4,691	4,638
Total Navient Corporation stockholders’ equity before treasury stock	8,070	8,014
Less: Common stock held in treasury at cost: 353 million and 350 million shares, respectively	(5,304)	(5,254)
Total equity	2,766	2,760
Total liabilities and equity	59,029	61,375
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	35,879	37,925
Private Education Loans [Member]
Assets
Loans, net	$ 16,608	$ 16,902

Consolidated Balance Sheets - S

Consolidated Balance Sheets - Supplemental Information (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Short-term borrowings	$ 4,427	$ 4,226
Long-term borrowings	50,848	53,402
FFELP Loans [Member]
Loans, net	35,879	37,925
Private Education Loans [Member]
Loans, net	16,608	16,902
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Loans, net	51,348	53,591
Restricted cash	2,109	1,937
Other assets, net	1,580	1,744
Short-term borrowings	3,816	3,634
Long-term borrowings	45,724	48,169
Net assets of consolidated variable interest entities	5,497	5,469
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loans [Member]
Loans, net	35,745	37,832
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loans [Member]
Loans, net	$ 15,603	$ 15,759

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Allowance for loans losses	$ 744	$ 832
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	465,000,000	464,000,000
Tax expense for accumulated other comprehensive loss	$ 4	$ 6
Common stock held in treasury	353,000,000	350,000,000
Series A Junior Participating Preferred Stock [Member]
Preferred stock, par value	$ 0.2	$ 0.2
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	$ 206	$ 215
Private Education Loans [Member]
Allowance for loans losses	$ 538	$ 617

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income:
Cash and investments	$ 38	$ 34
Total interest income	1,027	1,071
Total interest expense	875	837
Net interest income	152	234
Less: provisions for loan losses	12	(14)
Net interest income after provisions for loan losses	140	248
Other income (loss):
Servicing revenue	17	17
Asset recovery and business processing revenue	77	72
Other income	9	7
Gains (losses) on derivative and hedging activities, net	32	(8)
Total other income	135	88
Expenses:
Salaries and benefits	101	105
Other operating expenses	82	80
Total operating expenses	183	185
Goodwill and acquired intangible asset impairment and amortization expense	3	3
Restructuring/other reorganization expenses	1	4
Total expenses	187	192
Income before income tax expense	88	144
Income tax expense	15	33
Net income	$ 73	$ 111
Basic earnings per common share	$ 0.65	$ 0.87
Average common shares outstanding	113	129
Diluted earnings per common share	$ 0.64	$ 0.86
Average common and common equivalent shares outstanding	114	130
Dividends per common share	$ 0.16	$ 0.16
FFELP Loans [Member]
Interest income:
Total interest income	$ 661	$ 693
Less: provisions for loan losses	1	10
Private Education Loans [Member]
Interest income:
Total interest income	328	344
Less: provisions for loan losses	$ 11	$ (24)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income		$ 73	$ 111
Net changes in cash flow hedges, net of tax	[1]	(4)	(21)
Total comprehensive income		$ 69	$ 90
[1] See “Note 4 – Derivative Financial Instruments.”

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	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]
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
Beginning Balance, Value at Dec. 31, 2023	2,760	$ 4	$ (5,254)				3,353	19	4,638	2,760
Beginning Balance, Shares at Dec. 31, 2023		463,715,048	(350,210,737)		113,504,311
Comprehensive income (loss):
Net income	73								73	73
Other comprehensive income (loss), net of tax	(4)							(4)		(4)
Total comprehensive income (loss)	69									69
Cash dividends:
Common stock	(18)								(18)	(18)
Dividend equivalent units related to employee stock-based compensation plans	(2)								(2)	(2)
Issuance of common shares	$ 2						2			2
Issuance of common shares, Shares	1,300,000	1,316,257			1,316,257
Stock-based compensation expense	$ 5						5			5
Common stock repurchased	(43)		$ (43)		$ (43)					(43)
Common stock repurchased, shares			(2,551,849)		(2,551,849)
Shares repurchased related to employee stock-based compensation plans	$ (7)		$ (7)							(7)
Shares repurchased related to employee stock-based compensation plans, Shares	(400,000)		(443,970)		(443,970)
Ending Balance, Value at Mar. 31, 2024	$ 2,766	$ 4	$ (5,304)				$ 3,360	$ 15	$ 4,691	$ 2,766
Ending Balance, Shares at Mar. 31, 2024		465,031,305	(353,206,556)		111,824,749

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 73	$ 111
Adjustments to reconcile net income to net cash provided by operating activities:
Goodwill and acquired intangible asset impairment and amortization expense	3	3
Stock-based compensation expense	5	9
Mark-to-market (gains) losses on derivative and hedging activities, net	(36)	65
Provisions for loan losses	12	(14)
Decrease (increase) in accrued interest receivable	109	(12)
Decrease in accrued interest payable	(15)	(49)
Decrease in other assets	47	58
Decrease in other liabilities	(16)	(26)
Total adjustments	109	34
Net cash provided by operating activities	182	145
Cash flows from investing activities
Education loans originated and acquired	(363)	(274)
Proceeds from payments on education loans	2,679	2,118
Other investing activities, net	14	4
Net cash provided by investing activities	2,330	1,848
Cash flows from financing activities
Borrowings collateralized by loans in trust - repaid	(2,450)	(3,047)
Long-term unsecured notes repaid	(1)	(1,001)
Other financing activities, net	(46)	(57)
Common stock repurchased	(43)	(85)
Common dividends paid	(18)	(21)
Net cash used in financing activities	(2,357)	(4,022)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	155	(2,029)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	2,793	4,807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,948	2,778
Supplemental disclosure of cash flow information:
Interest paid	866	845
Income taxes paid	8	6
Income taxes refunds received	0	(2)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	823	570
Restricted cash and cash equivalents	2,125	2,208
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,948	2,778
Asset-backed Securities, Securitized Loans and Receivables [Member]
Cash flows from financing activities
Asset-backed commercial paper conduits, net	$ 201	$ 189

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 73	$ 111

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Other Information Director and Officer Trading Arrangements None of our directors or officers (as defined in Rule 16a–1(f)) adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the first quarter of 2024.
Directors or Officers [Member]
Trading Arrangements, by Individual
Title	directors or officers
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2024 are not necessarily indicative of the results for the year ending December 31, 2024 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 2023 Form 10-K. Definitions for certain capitalized terms used but not otherwise defined in this Form 10-Q can be found in our 2023 Form 10-K. Recently Issued Accounting Pronouncements Segment Reporting In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, “Segment Reporting – Improvements to Reportable Segment Disclosures,” which requires expanded disclosures regarding significant segment expenses for each reportable segment. Significant segment expenses include expenses that are regularly provided to the chief operating decision maker (CODM) and included in each reported measure of segment profit or loss. The ASU also requires disclosure of the CODM’s title and position and permits companies to disclose multiple segment profit or loss measures if the CODM uses these measures to allocate resources and assess segment performance. Companies must reconcile each measure of profit or loss quarterly to the consolidated income statement. This guidance became effective beginning after January 1, 2024, for fiscal years, and beginning after January 1, 2025, for interim periods. The Company continues to assess the impact of the reportable segment disclosure requirements.

Allowance for Loan Losses

Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Allowance for Loan Losses	2. Allowance for Loan Losses Allowance for Loan Losses Roll Forward Three Months Ended March 31, 2024 (Dollars in millions) FFELP Private Total Beginning balance $ 215 $ 617 $ 832 Total provision 1 11 12 Charge-offs: Gross charge-offs ( 10 ) ( 110 ) ( 120 ) Expected future recoveries on current period gross charge-offs — 11 11 Net charge-offs (1)(2) ( 10 ) ( 99 ) ( 109 ) Decrease in expected future recoveries on previously fully (3) — 9 9 Allowance at end of period $ 206 $ 538 $ 744 Net charge-offs as a percentage of average loans in repayment .13 % 2.40 % Ending total loans $ 36,085 $ 17,146 Average loans in repayment $ 29,736 $ 16,671 Ending loans in repayment $ 28,985 $ 16,480 (1) $ 28 million of Private Education Loan net charge-offs is in connection with the resolution of certain private legacy loans in bankruptcy. This was previously reserved for in 2023. (2) 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. (3) 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) 2024 Beginning of period expected future recoveries on previously fully charged-off loans $ 226 Expected future recoveries of current period defaults 11 Recoveries (cash collected) ( 11 ) Charge-offs (as a result of lower recovery expectations) ( 9 ) End of period expected future recoveries on previously fully charged-off loans $ 217 Change in balance during period $ ( 9 ) 2. Allowance for Loan Losses (Continued) Three Months Ended March 31, 2023 (Dollars in millions) FFELP Loans Private Education Loans Total Beginning balance $ 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) 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, 2024 December 31, 2023 March 31, 2023 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 1,562 $ 1,557 $ 1,778 Loans in forbearance (2) 5,538 6,147 6,844 Loans in repayment and percentage of each status: Loans current 25,162 86.8 % 26,204 86.1 % 28,886 85.6 % Loans delinquent 31-60 days (3) 1,163 4.0 1,193 3.9 1,270 3.8 Loans delinquent 61-90 days (3) 747 2.6 746 2.5 902 2.7 Loans delinquent greater than 90 days (3) 1,913 6.6 2,293 7.5 2,682 7.9 Total FFELP Loans in repayment 28,985 100 % 30,436 100 % 33,740 100 % Total FFELP Loans 36,085 38,140 42,362 FFELP Loan allowance for losses ( 206 ) ( 215 ) ( 214 ) FFELP Loans, net $ 35,879 $ 37,925 $ 42,148 Percentage of FFELP Loans in repayment 80.3 % 79.8 % 79.6 % Delinquencies as a percentage of FFELP Loans in 13.2 % 13.9 % 14.4 % FFELP Loans in forbearance as a percentage of 16.0 % 16.8 % 16.9 % (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, 2024 March 31, 2023 Change Stafford Loans $ 11,398 $ 13,592 $ ( 2,194 ) Consolidation Loans 21,177 24,697 ( 3,520 ) Rehab Loans 3,510 4,073 ( 563 ) Total loans, gross $ 36,085 $ 42,362 $ ( 6,277 ) 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, 2024 (Dollars in millions) 2024 2023 2022 2021 2020 Prior Total % of Total Credit Quality FICO Scores: 640 and above $ 259 $ 877 $ 1,514 $ 3,744 $ 1,175 $ 7,827 $ 15,396 90 % Below 640 5 14 70 128 31 1,502 1,750 10 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % Loan Status: In-school/grace/ $ 12 $ 65 $ 66 $ 84 $ 21 $ 418 $ 666 4 % Current/90 days or 252 824 1,508 3,772 1,182 8,591 16,129 94 Greater than 90 days — 2 10 16 3 320 351 2 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % Seasoning (1) : 1-12 payments $ 252 $ 782 $ 50 $ 28 $ 5 $ 48 $ 1,165 7 % 13-24 payments — 51 1,188 124 12 64 1,439 8 25-36 payments — — 299 3,478 38 126 3,941 23 37-48 payments — — — 196 1,020 267 1,483 9 More than 48 — — — — 121 8,628 8,749 51 Loans in-school/ 12 58 47 46 10 196 369 2 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % Certain Loan (2) : Modified $ — $ 1 $ 52 $ 144 $ 51 $ 5,680 $ 5,928 35 % Non-Modified 264 890 1,532 3,728 1,155 3,649 11,218 65 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % Cosigners: With cosigner (3) $ 45 $ 268 $ 174 $ 90 $ 22 $ 4,993 $ 5,592 33 % Without cosigner 219 623 1,410 3,782 1,184 4,336 11,554 67 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % School Type: Not-for-profit $ 239 $ 844 $ 1,500 $ 3,647 $ 1,153 $ 7,984 $ 15,367 90 % For-profit 25 47 84 225 53 1,345 1,779 10 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % Allowance for loan ( 538 ) Total loans, net $ 16,608 Charge-Offs $ — $ ( 1 ) $ ( 2 ) $ ( 4 ) $ ( 1 ) $ ( 91 ) $ ( 99 ) 100 % (1) Number of months in active repayment for which a scheduled payment was received. (2) Loan Modifications represents the historical definition of a troubled debt restructuring (TDR) prior to the implementation of ASU No. 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 modification disclosures required under ASU No. 2022-02. (3) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 66 % for total loans at March 31, 2024. 2. Allowance for Loan Losses (Continued) 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 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 Modifications represents the historical definition of a troubled debt restructuring (TDR) prior to the implementation of ASU No. 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 modification disclosures required under ASU No. 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 Delinquencies March 31, 2024 December 31, 2023 March 31, 2023 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 369 $ 360 $ 369 Loans in forbearance (2) 297 363 354 Loans in repayment and percentage of each status: Loans current 15,661 95.0 % 15,935 94.9 % 17,439 95.5 % Loans delinquent 31-60 days (3) 303 1.9 308 1.8 290 1.6 Loans delinquent 61-90 days (3) 165 1.0 173 1.0 165 .9 Loans delinquent greater than 90 days (3) 351 2.1 380 2.3 364 2.0 Total loans in repayment 16,480 100 % 16,796 100 % 18,258 100 % Total loans 17,146 17,519 18,981 Allowance for losses ( 538 ) ( 617 ) ( 706 ) Loans, net $ 16,608 $ 16,902 $ 18,275 Percentage of loans in repayment 96.1 % 95.9 % 96.2 % Delinquencies as a percentage of loans in 5.0 % 5.1 % 4.5 % Loans in forbearance as a percentage of 1.8 % 2.1 % 1.9 % (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 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 Service members 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 tables show the amortized cost basis as of March 31, 2024 and 2023 of the loans to borrowers experiencing financial difficulty that were modified during the respective period. Three Months Ended March 31, 2024 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 $ 545 3.2 % $ 337 2.0 % $ 39 .2 % Three Months Ended March 31, 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, 2024 and 2023, there was $ 1.1 billion and $ 1.1 billion, respectively, 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. 2. Allowance for Loan Losses (Continued) For those loans modified in the three months ended March 31, 2024 and 2023, the following tables show the impact of such modification. Three Months Ended March 31, 2024 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 13.3 % to 5.4 % Added an average 5 months to the remaining life of the loans Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.9 % to 5.3 %. Three Months Ended March 31, 2023 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 %. The following table provides the amount of loan modifications for which a charge-off or payment default occurred in the respective period and within 12 months of the loan receiving a loan modification. We define payment default as 60 days or more 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. Three Months Ended March 31, (Dollars in millions) 2024 2023 Modified loans (amortized cost) (1) $ 179 $ 2 Payment default (par) $ 183 $ 2 Charge-offs (par) $ 11 $ — (1) For the three months ended March 31, 2024 , the modified loans include $ 123 million of Interest Rate Reduction, $ 12 million of Combination Rate Reduction and Term Extension, and $ 44 million of More Than Insignificant Payment Delay . For the three months ended March 31, 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 of Private Education Loans that have been modified during the respective reporting periods. (Dollars in millions) Payment Status (Amortized Cost) Loan Status March 31, 2024 December 31, 2023 March 31, 2023 Loans in school/deferment $ 1 $ 22 $ 2 Loans in forbearance 33 93 22 Loans current 872 2,199 891 Loans delinquent 31 - 60 days 9 160 8 Loans delinquent 61 - 90 days 2 96 2 Loans delinquent greater than 90 days 4 159 7 Total modified loans $ 921 $ 2,729 $ 932

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings	3. Borrowings The following table summarizes our borrowings. March 31, 2024 December 31, 2023 (Dollars in millions) Short Long Total Short Long Total Unsecured borrowings: Senior unsecured debt (1) $ 556 $ 5,303 $ 5,859 $ 506 $ 5,351 $ 5,857 Total unsecured borrowings 556 5,303 5,859 506 5,351 5,857 Secured borrowings: FFELP Loan securitizations (2)(3) 55 33,787 33,842 59 35,626 35,685 Private Education Loan securitizations (4) 383 11,214 11,597 435 11,754 12,189 FFELP Loan ABCP facilities 1,719 89 1,808 1,854 89 1,943 Private Education Loan ABCP facilities 1,659 784 2,443 1,286 821 2,107 Other (5) 62 39 101 95 39 134 Total secured borrowings 3,878 45,913 49,791 3,729 48,329 52,058 Total before hedge accounting adjustments 4,434 51,216 55,650 4,235 53,680 57,915 Hedge accounting adjustments ( 7 ) ( 368 ) ( 375 ) ( 9 ) ( 278 ) ( 287 ) Total $ 4,427 $ 50,848 $ 55,275 $ 4,226 $ 53,402 $ 57,628 (1) Includes principal amount of $ 557 million and $ 506 million of short-term debt as of March 31, 2024 and December 31, 2023, respectively. Includes principal amount of $ 5.3 billion and $ 5.4 billion of long-term debt as of March 31, 2024 and December 31, 2023, respectively. (2) Includes $ 55 million and $ 59 million of short-term debt and $ 116 million and $ 122 million of long-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of March 31, 2024 and December 31, 2023, respectively. (3) Includes defaulted FFELP secured debt tranches with a remaining principal amount of $ 1.5 billion as of March 31, 2024 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 2031 and 2037. 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 $ 383 million and $ 435 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. March 31, 2024 Debt Outstanding Carrying Amount of Assets Securing (Dollars in millions) Short Long Total Loans Cash Other Total Secured Borrowings — VIEs: FFELP Loan securitizations $ 55 $ 33,787 $ 33,842 $ 33,995 $ 1,575 $ 1,557 $ 37,127 Private Education Loan securitizations 383 11,214 11,597 12,842 363 113 13,318 FFELP Loan ABCP facilities 1,719 89 1,808 1,750 84 79 1,913 Private Education Loan ABCP facilities 1,659 784 2,443 2,761 87 55 2,903 Total before hedge accounting 3,816 45,874 49,690 51,348 2,109 1,804 55,261 Hedge accounting adjustments — ( 150 ) ( 150 ) — — ( 224 ) ( 224 ) Total $ 3,816 $ 45,724 $ 49,540 $ 51,348 $ 2,109 $ 1,580 $ 55,037 December 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 $ 59 $ 35,626 $ 35,685 $ 35,935 $ 1,441 $ 1,673 $ 39,049 Private Education Loan securitizations 435 11,754 12,189 13,396 350 119 13,865 FFELP Loan ABCP facilities 1,854 89 1,943 1,897 77 92 2,066 Private Education Loan ABCP facilities 1,286 821 2,107 2,363 69 50 2,482 Total before hedge accounting 3,634 48,290 51,924 53,591 1,937 1,934 57,462 Hedge accounting adjustments — ( 121 ) ( 121 ) — — ( 190 ) ( 190 ) Total $ 3,634 $ 48,169 $ 51,803 $ 53,591 $ 1,937 $ 1,744 $ 57,272

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2024
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, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 37 $ 55 $ — $ — $ 37 $ 55 Cross-currency interest rate Foreign currency and — — — — — — — — Total derivative assets (2) — — 37 55 — — 37 55 Derivative Liabilities: Interest rate swaps Interest rate — — — — ( 1 ) ( 1 ) ( 1 ) ( 1 ) Floor Income Contracts Interest rate — — — — — — — — Cross-currency interest rate Foreign currency and — — ( 223 ) ( 189 ) — — ( 223 ) ( 189 ) Total derivative liabilities (2) — — ( 223 ) ( 189 ) ( 1 ) ( 1 ) ( 224 ) ( 190 ) Net total derivatives $ — $ — $ ( 186 ) $ ( 134 ) $ ( 1 ) $ ( 1 ) $ ( 187 ) $ ( 135 ) (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, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Gross position $ 37 $ 55 $ ( 224 ) $ ( 190 ) Impact of master netting agreements — — — — Derivative values with impact of master netting 37 55 ( 224 ) ( 190 ) Cash collateral (held) pledged ( 28 ) ( 60 ) 37 46 Net position $ 9 $ ( 5 ) $ ( 187 ) $ ( 144 ) (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, 2024 As of December 31, 2023 (Dollar in millions) Carrying Hedge Basis Adjustments Carrying Hedge Basis Adjustments Short-term borrowings $ 492 $ ( 7 ) $ 490 $ ( 9 ) Long-term borrowings $ 5,204 $ ( 371 ) $ 5,341 $ ( 281 ) 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, 2024 and December 31, 2023 by $ 4 million and $ 5 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 position at March 31, 2024 and December 31, 2023 by $ 0.5 million and $ 1 million, respectively. Cash Flow Fair Value Trading Total (Dollars in billions) Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Notional Values: Interest rate swaps $ 1.0 $ 2.2 $ 4.6 $ 4.6 $ 2.2 $ 1.9 $ 7.8 $ 8.7 Floor Income Contracts — — — — — — — — Cross-currency interest rate swaps — — 1.5 1.6 — — 1.5 1.6 Total derivatives $ 1.0 $ 2.2 $ 6.1 $ 6.2 $ 2.2 $ 1.9 $ 9.3 $ 10.3 Mark-to-Market Impact of Derivatives on Statements of Income Total Gains (Losses) Three Months Ended March 31, (Dollars in millions) 2024 2023 Fair Value Hedges: Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ ( 55 ) $ 78 Gains (losses) recognized in net income on hedged items 58 ( 82 ) Net fair value hedge ineffectiveness gains (losses) 3 ( 4 ) Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives ( 33 ) 29 Gains (losses) recognized in net income on hedged items 30 ( 31 ) Net fair value hedge ineffectiveness gains (losses) ( 3 ) ( 2 ) Total fair value hedges (1)(2) — ( 6 ) Cash Flow Hedges: Total cash flow hedges (2) — — Trading: Interest rate swaps 32 ( 8 ) Floor income contracts — — Cross currency interest rate swaps — — Other — — Total trading derivatives (3) 32 ( 8 ) Mark-to-market gains (losses) recognized $ 32 $ ( 14 ) (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) 2024 2023 Total gains (losses) on cash flow hedges $ 4 $ ( 3 ) Reclassification adjustments for derivative (gains) losses (1) ( 8 ) ( 18 ) Net changes in cash flow hedges, net of tax $ ( 4 ) $ ( 21 ) (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, 2024 December 31, 2023 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 28 $ 60 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 $ 28 $ 60 Derivative asset at fair value including accrued interest $ 35 $ 62 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 37 $ 46 Total collateral pledged $ 37 $ 46 Derivative liability at fair value including accrued interest and premium $ 230 $ 197 (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. At March 31, 2024 and December 31, 2023, we had a net positive exposure (derivative gain positions to us less collateral which has been posted by counterparties to us) related to Navient Corporation derivatives of $ 10 million and $ 6 million, respectively. The trusts are not required to post collateral to the counterparties. At March 31, 2024 and December 31, 2023, the net positive exposure on swaps in securitization trusts was $ 0 million and $ 0 million, respectively.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Accrued interest receivable $ 1,972 $ 2,081 Benefit and insurance-related investments 452 460 Income tax asset, net 117 122 Derivatives at fair value 37 55 Accounts receivable 91 101 Fixed assets 61 62 Other 43 33 Total $ 2,773 $ 2,914

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Common stock repurchased (1) 2.6 4.9 Common stock repurchased (in dollars) (1) $ 43 $ 85 Average purchase price per share (1) $ 16.84 $ 17.40 Remaining common stock repurchase authority (1) $ 247 $ 515 Shares repurchased related to employee stock-based compensation plans (2) .4 1.3 Average purchase price per share (2) $ 16.07 $ 18.44 Common shares issued (3) 1.3 2.4 Dividends paid $ 18 $ 21 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 the vesting of restricted stock for employees’ tax withholding obligations. (3) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on March 28, 2024 was $ 17.40 .

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Numerator: Net income $ 73 $ 111 Denominator: Weighted average shares used to compute basic EPS 113 129 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock (1) 1 1 Dilutive potential common shares (2) 1 1 Weighted average shares used to compute diluted EPS 114 130 Basic earnings per common share $ .65 $ .87 Diluted earnings per common share $ .64 $ .86 (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, 2024 and 2023 , 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, 2024
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, 2024, 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 2024 and 2023, there were no significant transfers of financial instruments between levels. Fair Value Measurements on a Recurring Basis March 31, 2024 December 31, 2023 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivative instruments: (1) Interest rate swaps $ — $ 37 $ — $ 37 $ — $ 55 $ — $ 55 Cross-currency interest rate swaps — — — — — — — — Total derivative assets (2) — 37 — 37 — 55 — 55 Total $ — $ 37 $ — $ 37 $ — $ 55 $ — $ 55 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ ( 1 ) $ ( 1 ) $ — $ — $ ( 1 ) $ ( 1 ) Floor Income Contracts — — — — — — — — Cross-currency interest rate swaps — — ( 223 ) ( 223 ) — — ( 189 ) ( 189 ) Total derivative liabilities (2) — — ( 224 ) ( 224 ) — — ( 190 ) ( 190 ) Total $ — $ — $ ( 224 ) $ ( 224 ) $ — $ — $ ( 190 ) $ ( 190 ) (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, 2024 2023 Derivative instruments Derivative instruments (Dollars in millions) Interest Cross Other Total Interest Cross Other Total Balance, beginning of $ ( 1 ) $ ( 189 ) $ — $ ( 190 ) $ ( 2 ) $ ( 253 ) $ — $ ( 255 ) Total gains/(losses): Included in earnings (1) — ( 44 ) — ( 44 ) — 15 — 15 Included in other comprehensive income — — — — — — — — Settlements — 10 — 10 — 14 — 14 Transfers in and/or out — — — — — — — — Balance, end of period $ ( 1 ) $ ( 223 ) $ — $ ( 224 ) $ ( 2 ) $ ( 224 ) $ — $ ( 226 ) Change in mark-to- (2) $ — $ ( 34 ) $ — $ ( 34 ) $ — $ 29 $ — $ 29 (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) 2024 2023 Gains (losses) on derivative and hedging activities, net $ — $ — Interest expense ( 44 ) 15 Total $ ( 44 ) $ 15 (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, 2024 Valuation Input Range and Derivatives Prime basis swaps $ ( 1 ) Discounted cash flow Constant Prepayment Rate 10 % Bid/ask adjustment to .08 % Cross-currency interest rate swaps ( 223 ) Discounted cash flow Constant Prepayment Rate 5 % Other — Total $ ( 224 ) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. March 31, 2024 December 31, 2023 (Dollars in millions) Fair Carrying Difference Fair Carrying Difference Earning assets FFELP Loans $ 35,251 $ 35,879 $ ( 628 ) $ 36,590 $ 37,925 $ ( 1,335 ) Private Education Loans 16,092 16,608 ( 516 ) 16,287 16,902 ( 615 ) Cash and investments 3,077 3,077 — 2,939 2,939 — Total earning assets 54,420 55,564 ( 1,144 ) 55,816 57,766 ( 1,950 ) Interest-bearing liabilities Short-term borrowings 4,436 4,427 ( 9 ) 4,237 4,226 ( 11 ) Long-term borrowings 49,446 50,848 1,402 51,566 53,402 1,836 Total interest-bearing liabilities 53,882 55,275 1,393 55,803 57,628 1,825 Derivative financial instruments Floor Income Contracts — — — — — — Interest rate swaps 36 36 — 54 54 — Cross-currency interest rate swaps ( 223 ) ( 223 ) — ( 189 ) ( 189 ) — Other — — — — — — Excess of net asset fair value over carrying value $ 249 $ ( 125 )

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, 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 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 have normalized at elevated levels and therefore the Company must continue to expend time and resources to timely respond to these requests which may, depending on their outcome, result in payments of restitution, fines and penalties. 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. 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. The Company accrues a liability for litigation, regulatory matters, and unasserted contract claims when those matters present loss contingencies that are both probable and reasonably estimable. When loss contingencies are not both probable and reasonably estimable, we do not accrue a liability. 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. The Company evaluates its outstanding legal and regulatory matters each reporting period, and makes adjustments to the accrued liabilities for such matters, upward or downward, as appropriate, based on the relevant facts and circumstances. The Company's accrued liabilities and estimated range of possible losses pertaining to certain matters can involve significant judgment given factors such as: the varying stages of the proceedings; the existence of numerous yet to be resolved issues; the breadth of the claims (often spanning multiple years and wide ranges of business activities); unspecified damages, civil money penalties or fines and/or the novelty of the legal issues presented; and the attendant uncertainty of the various potential outcomes of such proceedings, including where the Company has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities. Various aspects of the legal proceedings underlying these estimates will change from time to time. Actual losses therefore may vary significantly from any estimates. Due to developments in the second half of 2023 and the first quarter of 2024 in connection with the Company's CFPB matter, the Company concluded a loss was probable and reasonably estimable. As of December 31, 2023 and March 31, 2024, the contingency loss liability was $ 73 million and $ 85 million, respectively. The litigation process is not predictable and can lead to unexpected results. Therefore, it is reasonably possible that the Company’s exposure to loss may exceed any amounts accrued. 9. Commitments, Contingencies and Guarantees (Continued) The Company believes the estimate of the aggregate range of reasonably possible losses (meaning the likelihood of losses is more than remote but less than likely) in connection with this matter, is from $ 0 to $ 250 million. This estimated range of reasonably possible losses was based on currently available information for this matter. This estimate does not represent the Company's maximum potential loss exposure, and further developments could result in the matter being resolved for more or less than the amount currently accrued. It is possible that an adverse outcome may have a material impact on the Company. Set forth below are descriptions of the Company’s material legal proceedings. 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. The Company has cancelled the loan balance of approximately 66,000 borrowers with qualifying Private Education Loans that were originated largely between 2002 and 2010 and later defaulted and charged off. The loans cancelled have aggregate outstanding balances of approximately $ 1.7 billion. The expense to the Company to cancel these loans was approximately $ 50 million which represents the amount of expected future recoveries of these charged-off loans on the balance sheet. In addition, the Company agreed to make a one-time payment of approximately $ 145 million to the states. In the fourth quarter of 2021 when such loss became probable, the Company recognized total regulatory expenses of approximately $ 205 million related to this matter.. 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. 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.” The Settlement has received 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 a $ 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. We anticipate that any cash contribution we 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 and other 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 loss contingency accruals 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 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 received 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 accrued liabilities related to indemnification matters with SLM BankCo as of March 31, 2024.

Revenue from Contracts with Cus

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan $ — $ — $ — $ — $ — $ — Government services — 48 48 — 40 40 Healthcare services — 29 29 — 32 32 Total $ — $ 77 $ 77 $ — $ 72 $ 72 Revenue by Client Type Three Months Ended March 31, 2024 2023 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ — $ 15 $ 15 $ — $ 2 $ 2 Guarantor agencies — — — — — — State and local government — 17 17 — 22 22 Tolling authorities — 16 16 — 16 16 Hospitals and other — 29 29 — 32 32 Total $ — $ 77 $ 77 $ — $ 72 $ 72 As of March 31, 2024 and March 31, 2023 , there was $ 84 million and $ 68 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, 2024
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. We generate revenue primarily through net interest income on our FFELP Loans. The following table includes asset information for our Federal Education Loans segment. (Dollars in millions) March 31, 2024 December 31, 2023 FFELP Loans, net $ 35,879 $ 37,925 Cash and investments (1) 1,661 1,520 Other 2,040 2,128 Total assets $ 39,580 $ 41,573 (1) Includes restricted cash and investments. Consumer Lending Segment Navient owns, originates and services refinance and in-school Private Education Loans. "Refinance" Private Education Loans are loans where a borrower has refinanced their education loans, and "In-school" Private Education Loans are loans originally made to borrowers while they are attending school. We generate revenue primarily through net interest income on our Private Education Loan portfolio. The following table includes asset information for our Consumer Lending segment. (Dollars in millions) March 31, 2024 December 31, 2023 Private Education Loans, net $ 16,608 $ 16,902 Cash and investments (1) 532 497 Other 545 577 Total assets $ 17,685 $ 17,976 (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. 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, 2024 and December 31, 2023 , the Business Processing segment had total assets of $ 366 million and $ 380 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, 2024 and December 31, 2023 , the Other segment had total assets of $ 1.4 billion and $ 1.4 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, 2024 Adjustments Reportable Segments (Dollars in millions) Total Reclassi- Additions/ Total (1) Total Federal Education Loans Consumer Lending Business Processing Other Interest income: Education loans $ 989 $ 661 $ 328 $ — $ — Cash and investments 38 23 7 — 8 Total interest income 1,027 684 335 — 8 Total interest expense 875 631 201 — 32 Net interest income 152 $ 10 $ 1 $ 11 $ 163 53 134 — ( 24 ) Less: provisions for loan 12 12 1 11 — — Net interest income 140 52 123 — ( 24 ) Other income (loss): Servicing revenue 17 13 4 — — Asset recovery and 77 — — 77 — Other revenue 41 4 — — 5 Total other income 135 ( 10 ) ( 22 ) ( 32 ) 103 17 4 77 5 Expenses: Direct operating 118 17 32 69 — Unallocated shared 65 — — — 65 Operating expenses 183 — — — 183 17 32 69 65 Goodwill and acquired 3 — ( 3 ) ( 3 ) — — — — — Restructuring/other 1 — — — 1 — — — 1 Total expenses 187 — ( 3 ) ( 3 ) 184 17 32 69 66 Income (loss) before 88 — ( 18 ) ( 18 ) 70 52 95 8 ( 85 ) Income tax expense (2) 15 — 1 1 16 12 22 2 ( 20 ) Net income (loss) $ 73 $ — $ ( 19 ) $ ( 19 ) $ 54 $ 40 $ 73 $ 6 $ ( 65 ) (1) Core Earnings adjustments to GAAP: Three Months Ended March 31, 2024 (Dollars in millions) Net Impact of Net Impact of Total Net interest income (loss) after provisions for loan losses $ 11 $ — $ 11 Total other income (loss) ( 32 ) — ( 32 ) Goodwill and acquired intangible asset impairment and amortization — ( 3 ) ( 3 ) Total Core Earnings adjustments to GAAP $ ( 21 ) $ 3 ( 18 ) Income tax expense (benefit) 1 Net income (loss) $ ( 19 ) (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, 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 revenue ( 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) Su mmary of Core Earnings Adjustments to GAAP Three Months Ended March 31, (Dollars in millions) 2024 2023 GAAP net income $ 73 $ 111 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) ( 21 ) 27 Net impact of goodwill and acquired intangible assets (2) 3 3 Net income tax effect (3) ( 1 ) ( 8 ) Total Core Earnings adjustments to GAAP ( 19 ) 22 Core Earnings net income $ 54 $ 133 (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. (3) 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, 2024
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, 2024 are not necessarily indicative of the results for the year ending December 31, 2024 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 2023 Form 10-K. Definitions for certain capitalized terms used but not otherwise defined in this Form 10-Q can be found in our 2023 Form 10-K.
Recently Issued Accounting Pronouncements	Segment Reporting In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, “Segment Reporting – Improvements to Reportable Segment Disclosures,” which requires expanded disclosures regarding significant segment expenses for each reportable segment. Significant segment expenses include expenses that are regularly provided to the chief operating decision maker (CODM) and included in each reported measure of segment profit or loss. The ASU also requires disclosure of the CODM’s title and position and permits companies to disclose multiple segment profit or loss measures if the CODM uses these measures to allocate resources and assess segment performance. Companies must reconcile each measure of profit or loss quarterly to the consolidated income statement. This guidance became effective beginning after January 1, 2024, for fiscal years, and beginning after January 1, 2025, for interim periods. The Company continues to assess the impact of the reportable segment disclosure requirements.

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 (Dollars in millions) FFELP Private Total Beginning balance $ 215 $ 617 $ 832 Total provision 1 11 12 Charge-offs: Gross charge-offs ( 10 ) ( 110 ) ( 120 ) Expected future recoveries on current period gross charge-offs — 11 11 Net charge-offs (1)(2) ( 10 ) ( 99 ) ( 109 ) Decrease in expected future recoveries on previously fully (3) — 9 9 Allowance at end of period $ 206 $ 538 $ 744 Net charge-offs as a percentage of average loans in repayment .13 % 2.40 % Ending total loans $ 36,085 $ 17,146 Average loans in repayment $ 29,736 $ 16,671 Ending loans in repayment $ 28,985 $ 16,480 (1) $ 28 million of Private Education Loan net charge-offs is in connection with the resolution of certain private legacy loans in bankruptcy. This was previously reserved for in 2023. (2) 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. (3) 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) 2024 Beginning of period expected future recoveries on previously fully charged-off loans $ 226 Expected future recoveries of current period defaults 11 Recoveries (cash collected) ( 11 ) Charge-offs (as a result of lower recovery expectations) ( 9 ) End of period expected future recoveries on previously fully charged-off loans $ 217 Change in balance during period $ ( 9 ) 2. Allowance for Loan Losses (Continued) Three Months Ended March 31, 2023 (Dollars in millions) FFELP Loans Private Education Loans Total Beginning balance $ 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 )
Age Analysis of Past Due Loans Delinquencies	FFELP Loan Delinquencies March 31, 2024 December 31, 2023 March 31, 2023 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 1,562 $ 1,557 $ 1,778 Loans in forbearance (2) 5,538 6,147 6,844 Loans in repayment and percentage of each status: Loans current 25,162 86.8 % 26,204 86.1 % 28,886 85.6 % Loans delinquent 31-60 days (3) 1,163 4.0 1,193 3.9 1,270 3.8 Loans delinquent 61-90 days (3) 747 2.6 746 2.5 902 2.7 Loans delinquent greater than 90 days (3) 1,913 6.6 2,293 7.5 2,682 7.9 Total FFELP Loans in repayment 28,985 100 % 30,436 100 % 33,740 100 % Total FFELP Loans 36,085 38,140 42,362 FFELP Loan allowance for losses ( 206 ) ( 215 ) ( 214 ) FFELP Loans, net $ 35,879 $ 37,925 $ 42,148 Percentage of FFELP Loans in repayment 80.3 % 79.8 % 79.6 % Delinquencies as a percentage of FFELP Loans in 13.2 % 13.9 % 14.4 % FFELP Loans in forbearance as a percentage of 16.0 % 16.8 % 16.9 % (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, 2024 December 31, 2023 March 31, 2023 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 369 $ 360 $ 369 Loans in forbearance (2) 297 363 354 Loans in repayment and percentage of each status: Loans current 15,661 95.0 % 15,935 94.9 % 17,439 95.5 % Loans delinquent 31-60 days (3) 303 1.9 308 1.8 290 1.6 Loans delinquent 61-90 days (3) 165 1.0 173 1.0 165 .9 Loans delinquent greater than 90 days (3) 351 2.1 380 2.3 364 2.0 Total loans in repayment 16,480 100 % 16,796 100 % 18,258 100 % Total loans 17,146 17,519 18,981 Allowance for losses ( 538 ) ( 617 ) ( 706 ) Loans, net $ 16,608 $ 16,902 $ 18,275 Percentage of loans in repayment 96.1 % 95.9 % 96.2 % Delinquencies as a percentage of loans in 5.0 % 5.1 % 4.5 % Loans in forbearance as a percentage of 1.8 % 2.1 % 1.9 % (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, 2024 March 31, 2023 Change Stafford Loans $ 11,398 $ 13,592 $ ( 2,194 ) Consolidation Loans 21,177 24,697 ( 3,520 ) Rehab Loans 3,510 4,073 ( 563 ) Total loans, gross $ 36,085 $ 42,362 $ ( 6,277 )
Summary of Amortized Cost Basis of Loans to Borrowers	The following tables show the amortized cost basis as of March 31, 2024 and 2023 of the loans to borrowers experiencing financial difficulty that were modified during the respective period. Three Months Ended March 31, 2024 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 $ 545 3.2 % $ 337 2.0 % $ 39 .2 % Three Months Ended March 31, 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, 2024 and 2023, there was $ 1.1 billion and $ 1.1 billion, respectively, 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. 2. Allowance for Loan Losses (Continued) For those loans modified in the three months ended March 31, 2024 and 2023, the following tables show the impact of such modification. Three Months Ended March 31, 2024 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 13.3 % to 5.4 % Added an average 5 months to the remaining life of the loans Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.9 % to 5.3 %. Three Months Ended March 31, 2023 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 %. The
Schedule of Amount of Loans Modified and Payment Default	Three Months Ended March 31, (Dollars in millions) 2024 2023 Modified loans (amortized cost) (1) $ 179 $ 2 Payment default (par) $ 183 $ 2 Charge-offs (par) $ 11 $ — (1) For the three months ended March 31, 2024 , the modified loans include $ 123 million of Interest Rate Reduction, $ 12 million of Combination Rate Reduction and Term Extension, and $ 44 million of More Than Insignificant Payment Delay . For the three months ended March 31, 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 of Private Education Loans that have been modified during the respective reporting periods. (Dollars in millions) Payment Status (Amortized Cost) Loan Status March 31, 2024 December 31, 2023 March 31, 2023 Loans in school/deferment $ 1 $ 22 $ 2 Loans in forbearance 33 93 22 Loans current 872 2,199 891 Loans delinquent 31 - 60 days 9 160 8 Loans delinquent 61 - 90 days 2 96 2 Loans delinquent greater than 90 days 4 159 7 Total modified loans $ 921 $ 2,729 $ 932
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, 2024 (Dollars in millions) 2024 2023 2022 2021 2020 Prior Total % of Total Credit Quality FICO Scores: 640 and above $ 259 $ 877 $ 1,514 $ 3,744 $ 1,175 $ 7,827 $ 15,396 90 % Below 640 5 14 70 128 31 1,502 1,750 10 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % Loan Status: In-school/grace/ $ 12 $ 65 $ 66 $ 84 $ 21 $ 418 $ 666 4 % Current/90 days or 252 824 1,508 3,772 1,182 8,591 16,129 94 Greater than 90 days — 2 10 16 3 320 351 2 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % Seasoning (1) : 1-12 payments $ 252 $ 782 $ 50 $ 28 $ 5 $ 48 $ 1,165 7 % 13-24 payments — 51 1,188 124 12 64 1,439 8 25-36 payments — — 299 3,478 38 126 3,941 23 37-48 payments — — — 196 1,020 267 1,483 9 More than 48 — — — — 121 8,628 8,749 51 Loans in-school/ 12 58 47 46 10 196 369 2 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % Certain Loan (2) : Modified $ — $ 1 $ 52 $ 144 $ 51 $ 5,680 $ 5,928 35 % Non-Modified 264 890 1,532 3,728 1,155 3,649 11,218 65 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % Cosigners: With cosigner (3) $ 45 $ 268 $ 174 $ 90 $ 22 $ 4,993 $ 5,592 33 % Without cosigner 219 623 1,410 3,782 1,184 4,336 11,554 67 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % School Type: Not-for-profit $ 239 $ 844 $ 1,500 $ 3,647 $ 1,153 $ 7,984 $ 15,367 90 % For-profit 25 47 84 225 53 1,345 1,779 10 Total $ 264 $ 891 $ 1,584 $ 3,872 $ 1,206 $ 9,329 $ 17,146 100 % Allowance for loan ( 538 ) Total loans, net $ 16,608 Charge-Offs $ — $ ( 1 ) $ ( 2 ) $ ( 4 ) $ ( 1 ) $ ( 91 ) $ ( 99 ) 100 % (1) Number of months in active repayment for which a scheduled payment was received. (2) Loan Modifications represents the historical definition of a troubled debt restructuring (TDR) prior to the implementation of ASU No. 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 modification disclosures required under ASU No. 2022-02. (3) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 66 % for total loans at March 31, 2024. 2. Allowance for Loan Losses (Continued) 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 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 Modifications represents the historical definition of a troubled debt restructuring (TDR) prior to the implementation of ASU No. 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 modification disclosures required under ASU No. 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 .

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Company's Borrowings	The following table summarizes our borrowings. March 31, 2024 December 31, 2023 (Dollars in millions) Short Long Total Short Long Total Unsecured borrowings: Senior unsecured debt (1) $ 556 $ 5,303 $ 5,859 $ 506 $ 5,351 $ 5,857 Total unsecured borrowings 556 5,303 5,859 506 5,351 5,857 Secured borrowings: FFELP Loan securitizations (2)(3) 55 33,787 33,842 59 35,626 35,685 Private Education Loan securitizations (4) 383 11,214 11,597 435 11,754 12,189 FFELP Loan ABCP facilities 1,719 89 1,808 1,854 89 1,943 Private Education Loan ABCP facilities 1,659 784 2,443 1,286 821 2,107 Other (5) 62 39 101 95 39 134 Total secured borrowings 3,878 45,913 49,791 3,729 48,329 52,058 Total before hedge accounting adjustments 4,434 51,216 55,650 4,235 53,680 57,915 Hedge accounting adjustments ( 7 ) ( 368 ) ( 375 ) ( 9 ) ( 278 ) ( 287 ) Total $ 4,427 $ 50,848 $ 55,275 $ 4,226 $ 53,402 $ 57,628 (1) Includes principal amount of $ 557 million and $ 506 million of short-term debt as of March 31, 2024 and December 31, 2023, respectively. Includes principal amount of $ 5.3 billion and $ 5.4 billion of long-term debt as of March 31, 2024 and December 31, 2023, respectively. (2) Includes $ 55 million and $ 59 million of short-term debt and $ 116 million and $ 122 million of long-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of March 31, 2024 and December 31, 2023, respectively. (3) Includes defaulted FFELP secured debt tranches with a remaining principal amount of $ 1.5 billion as of March 31, 2024 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 2031 and 2037. 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 $ 383 million and $ 435 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. March 31, 2024 Debt Outstanding Carrying Amount of Assets Securing (Dollars in millions) Short Long Total Loans Cash Other Total Secured Borrowings — VIEs: FFELP Loan securitizations $ 55 $ 33,787 $ 33,842 $ 33,995 $ 1,575 $ 1,557 $ 37,127 Private Education Loan securitizations 383 11,214 11,597 12,842 363 113 13,318 FFELP Loan ABCP facilities 1,719 89 1,808 1,750 84 79 1,913 Private Education Loan ABCP facilities 1,659 784 2,443 2,761 87 55 2,903 Total before hedge accounting 3,816 45,874 49,690 51,348 2,109 1,804 55,261 Hedge accounting adjustments — ( 150 ) ( 150 ) — — ( 224 ) ( 224 ) Total $ 3,816 $ 45,724 $ 49,540 $ 51,348 $ 2,109 $ 1,580 $ 55,037 December 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 $ 59 $ 35,626 $ 35,685 $ 35,935 $ 1,441 $ 1,673 $ 39,049 Private Education Loan securitizations 435 11,754 12,189 13,396 350 119 13,865 FFELP Loan ABCP facilities 1,854 89 1,943 1,897 77 92 2,066 Private Education Loan ABCP facilities 1,286 821 2,107 2,363 69 50 2,482 Total before hedge accounting 3,634 48,290 51,924 53,591 1,937 1,934 57,462 Hedge accounting adjustments — ( 121 ) ( 121 ) — — ( 190 ) ( 190 ) Total $ 3,634 $ 48,169 $ 51,803 $ 53,591 $ 1,937 $ 1,744 $ 57,272

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 37 $ 55 $ — $ — $ 37 $ 55 Cross-currency interest rate Foreign currency and — — — — — — — — Total derivative assets (2) — — 37 55 — — 37 55 Derivative Liabilities: Interest rate swaps Interest rate — — — — ( 1 ) ( 1 ) ( 1 ) ( 1 ) Floor Income Contracts Interest rate — — — — — — — — Cross-currency interest rate Foreign currency and — — ( 223 ) ( 189 ) — — ( 223 ) ( 189 ) Total derivative liabilities (2) — — ( 223 ) ( 189 ) ( 1 ) ( 1 ) ( 224 ) ( 190 ) Net total derivatives $ — $ — $ ( 186 ) $ ( 134 ) $ ( 1 ) $ ( 1 ) $ ( 187 ) $ ( 135 ) (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, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Gross position $ 37 $ 55 $ ( 224 ) $ ( 190 ) Impact of master netting agreements — — — — Derivative values with impact of master netting 37 55 ( 224 ) ( 190 ) Cash collateral (held) pledged ( 28 ) ( 60 ) 37 46 Net position $ 9 $ ( 5 ) $ ( 187 ) $ ( 144 ) (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, 2024 As of December 31, 2023 (Dollar in millions) Carrying Hedge Basis Adjustments Carrying Hedge Basis Adjustments Short-term borrowings $ 492 $ ( 7 ) $ 490 $ ( 9 ) Long-term borrowings $ 5,204 $ ( 371 ) $ 5,341 $ ( 281 )
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, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Gross position $ 37 $ 55 $ ( 224 ) $ ( 190 ) Impact of master netting agreements — — — — Derivative values with impact of master netting 37 55 ( 224 ) ( 190 ) Cash collateral (held) pledged ( 28 ) ( 60 ) 37 46 Net position $ 9 $ ( 5 ) $ ( 187 ) $ ( 144 )
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, 2024 As of December 31, 2023 (Dollar in millions) Carrying Hedge Basis Adjustments Carrying Hedge Basis Adjustments Short-term borrowings $ 492 $ ( 7 ) $ 490 $ ( 9 ) Long-term borrowings $ 5,204 $ ( 371 ) $ 5,341 $ ( 281 )
Derivative Notional Values	Cash Flow Fair Value Trading Total (Dollars in billions) Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Mar 31, 2024 Dec 31, 2023 Notional Values: Interest rate swaps $ 1.0 $ 2.2 $ 4.6 $ 4.6 $ 2.2 $ 1.9 $ 7.8 $ 8.7 Floor Income Contracts — — — — — — — — Cross-currency interest rate swaps — — 1.5 1.6 — — 1.5 1.6 Total derivatives $ 1.0 $ 2.2 $ 6.1 $ 6.2 $ 2.2 $ 1.9 $ 9.3 $ 10.3
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) 2024 2023 Fair Value Hedges: Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ ( 55 ) $ 78 Gains (losses) recognized in net income on hedged items 58 ( 82 ) Net fair value hedge ineffectiveness gains (losses) 3 ( 4 ) Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives ( 33 ) 29 Gains (losses) recognized in net income on hedged items 30 ( 31 ) Net fair value hedge ineffectiveness gains (losses) ( 3 ) ( 2 ) Total fair value hedges (1)(2) — ( 6 ) Cash Flow Hedges: Total cash flow hedges (2) — — Trading: Interest rate swaps 32 ( 8 ) Floor income contracts — — Cross currency interest rate swaps — — Other — — Total trading derivatives (3) 32 ( 8 ) Mark-to-market gains (losses) recognized $ 32 $ ( 14 ) (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) 2024 2023 Total gains (losses) on cash flow hedges $ 4 $ ( 3 ) Reclassification adjustments for derivative (gains) losses (1) ( 8 ) ( 18 ) Net changes in cash flow hedges, net of tax $ ( 4 ) $ ( 21 ) (1) 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, 2024 December 31, 2023 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 28 $ 60 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 $ 28 $ 60 Derivative asset at fair value including accrued interest $ 35 $ 62 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 37 $ 46 Total collateral pledged $ 37 $ 46 Derivative liability at fair value including accrued interest and premium $ 230 $ 197 (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.

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Accrued interest receivable $ 1,972 $ 2,081 Benefit and insurance-related investments 452 460 Income tax asset, net 117 122 Derivatives at fair value 37 55 Accounts receivable 91 101 Fixed assets 61 62 Other 43 33 Total $ 2,773 $ 2,914

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Common stock repurchased (1) 2.6 4.9 Common stock repurchased (in dollars) (1) $ 43 $ 85 Average purchase price per share (1) $ 16.84 $ 17.40 Remaining common stock repurchase authority (1) $ 247 $ 515 Shares repurchased related to employee stock-based compensation plans (2) .4 1.3 Average purchase price per share (2) $ 16.07 $ 18.44 Common shares issued (3) 1.3 2.4 Dividends paid $ 18 $ 21 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 the vesting of restricted stock for employees’ tax withholding obligations. (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, 2024
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) per Common Share	Three Months Ended March 31, (In millions, except per share data) 2024 2023 Numerator: Net income $ 73 $ 111 Denominator: Weighted average shares used to compute basic EPS 113 129 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock (1) 1 1 Dilutive potential common shares (2) 1 1 Weighted average shares used to compute diluted EPS 114 130 Basic earnings per common share $ .65 $ .87 Diluted earnings per common share $ .64 $ .86 (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, 2024 and 2023 , 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, 2024
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 2024 and 2023, there were no significant transfers of financial instruments between levels. Fair Value Measurements on a Recurring Basis March 31, 2024 December 31, 2023 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivative instruments: (1) Interest rate swaps $ — $ 37 $ — $ 37 $ — $ 55 $ — $ 55 Cross-currency interest rate swaps — — — — — — — — Total derivative assets (2) — 37 — 37 — 55 — 55 Total $ — $ 37 $ — $ 37 $ — $ 55 $ — $ 55 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ ( 1 ) $ ( 1 ) $ — $ — $ ( 1 ) $ ( 1 ) Floor Income Contracts — — — — — — — — Cross-currency interest rate swaps — — ( 223 ) ( 223 ) — — ( 189 ) ( 189 ) Total derivative liabilities (2) — — ( 224 ) ( 224 ) — — ( 190 ) ( 190 ) Total $ — $ — $ ( 224 ) $ ( 224 ) $ — $ — $ ( 190 ) $ ( 190 ) (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.
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, 2024 2023 Derivative instruments Derivative instruments (Dollars in millions) Interest Cross Other Total Interest Cross Other Total Balance, beginning of $ ( 1 ) $ ( 189 ) $ — $ ( 190 ) $ ( 2 ) $ ( 253 ) $ — $ ( 255 ) Total gains/(losses): Included in earnings (1) — ( 44 ) — ( 44 ) — 15 — 15 Included in other comprehensive income — — — — — — — — Settlements — 10 — 10 — 14 — 14 Transfers in and/or out — — — — — — — — Balance, end of period $ ( 1 ) $ ( 223 ) $ — $ ( 224 ) $ ( 2 ) $ ( 224 ) $ — $ ( 226 ) Change in mark-to- (2) $ — $ ( 34 ) $ — $ ( 34 ) $ — $ 29 $ — $ 29 (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) 2024 2023 Gains (losses) on derivative and hedging activities, net $ — $ — Interest expense ( 44 ) 15 Total $ ( 44 ) $ 15 (2) 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) 2024 2023 Gains (losses) on derivative and hedging activities, net $ — $ — Interest expense ( 44 ) 15 Total $ ( 44 ) $ 15
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, 2024 Valuation Input Range and Derivatives Prime basis swaps $ ( 1 ) Discounted cash flow Constant Prepayment Rate 10 % Bid/ask adjustment to .08 % Cross-currency interest rate swaps ( 223 ) Discounted cash flow Constant Prepayment Rate 5 % Other — Total $ ( 224 )
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, 2024 December 31, 2023 (Dollars in millions) Fair Carrying Difference Fair Carrying Difference Earning assets FFELP Loans $ 35,251 $ 35,879 $ ( 628 ) $ 36,590 $ 37,925 $ ( 1,335 ) Private Education Loans 16,092 16,608 ( 516 ) 16,287 16,902 ( 615 ) Cash and investments 3,077 3,077 — 2,939 2,939 — Total earning assets 54,420 55,564 ( 1,144 ) 55,816 57,766 ( 1,950 ) Interest-bearing liabilities Short-term borrowings 4,436 4,427 ( 9 ) 4,237 4,226 ( 11 ) Long-term borrowings 49,446 50,848 1,402 51,566 53,402 1,836 Total interest-bearing liabilities 53,882 55,275 1,393 55,803 57,628 1,825 Derivative financial instruments Floor Income Contracts — — — — — — Interest rate swaps 36 36 — 54 54 — Cross-currency interest rate swaps ( 223 ) ( 223 ) — ( 189 ) ( 189 ) — Other — — — — — — Excess of net asset fair value over carrying value $ 249 $ ( 125 )

Revenue from Contracts with C_2

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan $ — $ — $ — $ — $ — $ — Government services — 48 48 — 40 40 Healthcare services — 29 29 — 32 32 Total $ — $ 77 $ 77 $ — $ 72 $ 72 Revenue by Client Type Three Months Ended March 31, 2024 2023 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ — $ 15 $ 15 $ — $ 2 $ 2 Guarantor agencies — — — — — — State and local government — 17 17 — 22 22 Tolling authorities — 16 16 — 16 16 Hospitals and other — 29 29 — 32 32 Total $ — $ 77 $ 77 $ — $ 72 $ 72

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Results and Reconciliations to GAAP	Segment Results and Reconciliations to GAAP Three Months Ended March 31, 2024 Adjustments Reportable Segments (Dollars in millions) Total Reclassi- Additions/ Total (1) Total Federal Education Loans Consumer Lending Business Processing Other Interest income: Education loans $ 989 $ 661 $ 328 $ — $ — Cash and investments 38 23 7 — 8 Total interest income 1,027 684 335 — 8 Total interest expense 875 631 201 — 32 Net interest income 152 $ 10 $ 1 $ 11 $ 163 53 134 — ( 24 ) Less: provisions for loan 12 12 1 11 — — Net interest income 140 52 123 — ( 24 ) Other income (loss): Servicing revenue 17 13 4 — — Asset recovery and 77 — — 77 — Other revenue 41 4 — — 5 Total other income 135 ( 10 ) ( 22 ) ( 32 ) 103 17 4 77 5 Expenses: Direct operating 118 17 32 69 — Unallocated shared 65 — — — 65 Operating expenses 183 — — — 183 17 32 69 65 Goodwill and acquired 3 — ( 3 ) ( 3 ) — — — — — Restructuring/other 1 — — — 1 — — — 1 Total expenses 187 — ( 3 ) ( 3 ) 184 17 32 69 66 Income (loss) before 88 — ( 18 ) ( 18 ) 70 52 95 8 ( 85 ) Income tax expense (2) 15 — 1 1 16 12 22 2 ( 20 ) Net income (loss) $ 73 $ — $ ( 19 ) $ ( 19 ) $ 54 $ 40 $ 73 $ 6 $ ( 65 ) (1) Core Earnings adjustments to GAAP: Three Months Ended March 31, 2024 (Dollars in millions) Net Impact of Net Impact of Total Net interest income (loss) after provisions for loan losses $ 11 $ — $ 11 Total other income (loss) ( 32 ) — ( 32 ) Goodwill and acquired intangible asset impairment and amortization — ( 3 ) ( 3 ) Total Core Earnings adjustments to GAAP $ ( 21 ) $ 3 ( 18 ) Income tax expense (benefit) 1 Net income (loss) $ ( 19 ) (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, 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 revenue ( 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.
Core Earnings Adjustments to GAAP	Su mmary of Core Earnings Adjustments to GAAP Three Months Ended March 31, (Dollars in millions) 2024 2023 GAAP net income $ 73 $ 111 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) ( 21 ) 27 Net impact of goodwill and acquired intangible assets (2) 3 3 Net income tax effect (3) ( 1 ) ( 8 ) Total Core Earnings adjustments to GAAP ( 19 ) 22 Core Earnings net income $ 54 $ 133 (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. (3) 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, 2024 December 31, 2023 FFELP Loans, net $ 35,879 $ 37,925 Cash and investments (1) 1,661 1,520 Other 2,040 2,128 Total assets $ 39,580 $ 41,573 (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, 2024 December 31, 2023 Private Education Loans, net $ 16,608 $ 16,902 Cash and investments (1) 532 497 Other 545 577 Total assets $ 17,685 $ 17,976 (1) Includes restricted cash and investments.

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses	$ 744	$ 832	$ 920	$ 1,022

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, 2024	Mar. 31, 2023
Allowance for Loan Losses
Beginning balance	$ 832	$ 1,022
Provision:
Total provision	12	(14)
Charge-offs:
Gross charge-offs	(120)	(106)
Expected future recoveries on current period gross charge-offs	11	13
Net charge-offs	(109)	(93)
Decrease in expected future recoveries on previously fully charged-off loans	9	5
Allowance at end of period	744	920
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance	215	222
Provision:
Total provision	1	10
Charge-offs:
Gross charge-offs	(10)	(18)
Expected future recoveries on current period gross charge-offs	0	0
Net charge-offs	(10)	(18)
Decrease in expected future recoveries on previously fully charged-off loans	0	0
Allowance at end of period	$ 206	$ 214
Net charge-offs as a percentage of average loans in repayment (annualized)	0.13%	0.22%
Ending total loans	$ 36,085	$ 42,362
Average loans in repayment	29,736	34,305
Ending loans in repayment	28,985	33,740
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance	617	800
Provision:
Total provision	11	(24)
Charge-offs:
Gross charge-offs	(110)	(88)
Expected future recoveries on current period gross charge-offs	11	13
Net charge-offs	(99)	(75)
Decrease in expected future recoveries on previously fully charged-off loans	9	5
Allowance at end of period	$ 538	$ 706
Net charge-offs as a percentage of average loans in repayment (annualized)	2.40%	1.63%
Ending total loans	$ 17,146	$ 18,981
Average loans in repayment	16,671	18,552
Ending loans in repayment	$ 16,480	$ 18,258

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, 2024	Mar. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Expected future recoveries of current period defaults	$ 11	$ 13
Change in balance during period	(9)	(5)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning of period expected future recoveries on previously fully charged-off loans	226	274
Expected future recoveries of current period defaults	11	13
Recoveries (cash collected)	(11)	(13)
Charge-offs (as a result of lower recovery expectations)	(9)	(6)
End of period expected future recoveries on previously fully charged-off loans	217	268
Change in balance during period	(9)	$ (5)
Private Education Loans [Member] | Loans Receivable For Previously Fully Charged Off Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Charge offs related to resolution of loans in bankruptcy	$ 28

Allowance for Loan Losses - Add

Allowance for Loan Losses - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Period of hardship forbearance of payments	12 months
Period of hardship forbearance of payments for borrowers of substantial payments	24 months
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, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Loans in repayment and percentage of each status:
Loan allowance for losses	$ (744)	$ (920)	$ (832)	$ (1,022)
FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	36,085	42,362
Loan allowance for losses	(206)	(214)	(215)	(222)
Loans, net	35,879		37,925
Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	36,085	42,362	38,140
Loan allowance for losses	(206)	(214)	(215)
Loans, net	$ 35,879	$ 42,148	$ 37,925
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	86.80%	85.60%	86.10%
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	4%	3.80%	3.90%
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	2.60%	2.70%	2.50%
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	6.60%	7.90%	7.50%
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	80.30%	79.60%	79.80%
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	13.20%	14.40%	13.90%
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%	16.90%	16.80%
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	$ 1,562	$ 1,778	$ 1,557
Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	5,538	6,844	6,147
Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	28,985	33,740	30,436
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	25,162	28,886	26,204
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	1,163	1,270	1,193
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	747	902	746
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	1,913	2,682	2,293
Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	17,146	18,981
Loan allowance for losses	(538)	(706)	(617)	$ (800)
Loans, net	16,608	18,275	16,902
Private Education Loans [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	17,146	18,981	17,519
Loan allowance for losses	(538)	(706)	(617)
Loans, net	$ 16,608	$ 18,275	$ 16,902
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%	95.50%	94.90%
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	1.90%	1.60%	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	1%	0.90%	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	2.10%	2%	2.30%
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	96.10%	96.20%	95.90%
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	5%	4.50%	5.10%
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	1.80%	1.90%	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	$ 369	$ 360
Private Education Loans [Member] | Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	297	354	363
Private Education Loans [Member] | Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	16,480	18,258	16,796
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	15,935
Total Loans, gross	15,661
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	308
Total Loans, gross	303
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	173
Total Loans, gross	165
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	$ 380
Total Loans, gross	$ 351

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loan Type (Detail) - FFELP Loans [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	$ 36,085	$ 42,362
Change	(6,277)
Stafford Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	11,398	13,592
Change	(2,194)
Consolidation Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	21,177	24,697
Change	(3,520)
Rehab Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	3,510	$ 4,073
Change	$ (563)

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, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Loan allowance for losses	$ (744)	$ (832)	$ (920)	$ (1,022)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Loans, gross	17,146		18,981
Loan allowance for losses	(538)	(617)	(706)	$ (800)
Loans, net	16,608	$ 16,902	18,275
Loan, Net Charge-Offs in Year One	0		0
Loan, Net Charge-Offs in Year Two	(1)		(2)
Loan, Net Charge-Offs in Year Three	(2)		(2)
Loan, Net Charge-Offs in Year Four	(4)		(1)
Loan, Net Charge-Offs in Year Five	(1)		(2)
Loan, Net Charge-Offs in Year Prior	(91)		(68)
Total Net Charge-Offs	$ (99)		$ (75)
Percentage of Loan, Net Charge-Offs	100%		100%
FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 264		$ 170
Total Private Education Loan Credit Quality Indicators by Origination Year Two	891		1,801
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,584		4,460
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,872		1,462
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,206		1,396
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,329		9,692
Total Loans, gross	$ 17,146		$ 18,981
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	$ 259		$ 167
Total Private Education Loan Credit Quality Indicators by Origination Year Two	877		1,761
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,514		4,368
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,744		1,438
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,175		1,353
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,827		8,133
Total Loans, gross	$ 15,396		$ 17,220
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	90%		91%
FICO Scores [Member] | Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 5		$ 3
Total Private Education Loan Credit Quality Indicators by Origination Year Two	14		40
Total Private Education Loan Credit Quality Indicators by Origination Year Three	70		92
Total Private Education Loan Credit Quality Indicators by Origination Year Four	128		24
Total Private Education Loan Credit Quality Indicators by Origination Year Five	31		43
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,502		1,559
Total Loans, gross	$ 1,750		$ 1,761
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	10%		9%
Loan Status [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 264		$ 170
Total Private Education Loan Credit Quality Indicators by Origination Year Two	891		1,801
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,584		4,460
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,872		1,462
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,206		1,396
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,329		9,692
Total Loans, gross	$ 17,146		$ 18,981
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	$ 12		$ 9
Total Private Education Loan Credit Quality Indicators by Origination Year Two	65		67
Total Private Education Loan Credit Quality Indicators by Origination Year Three	66		91
Total Private Education Loan Credit Quality Indicators by Origination Year Four	84		27
Total Private Education Loan Credit Quality Indicators by Origination Year Five	21		31
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	418		498
Total Loans, gross	$ 666		$ 723
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	$ 252		$ 161
Total Private Education Loan Credit Quality Indicators by Origination Year Two	824		1,729
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,508		4,360
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,772		1,432
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,182		1,359
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,591		8,853
Total Loans, gross	$ 16,129		$ 17,894
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	94%		94%
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	2		5
Total Private Education Loan Credit Quality Indicators by Origination Year Three	10		9
Total Private Education Loan Credit Quality Indicators by Origination Year Four	16		3
Total Private Education Loan Credit Quality Indicators by Origination Year Five	3		6
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	320		341
Total Loans, gross	$ 351		$ 364
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2%		2%
Seasoning [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 264		$ 170
Total Private Education Loan Credit Quality Indicators by Origination Year Two	891		1,801
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,584		4,460
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,872		1,462
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,206		1,396
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,329		9,692
Total Loans, gross	$ 17,146		$ 18,981
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	$ 252		$ 161
Total Private Education Loan Credit Quality Indicators by Origination Year Two	782		1,386
Total Private Education Loan Credit Quality Indicators by Origination Year Three	50		80
Total Private Education Loan Credit Quality Indicators by Origination Year Four	28		9
Total Private Education Loan Credit Quality Indicators by Origination Year Five	5		8
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	48		71
Total Loans, gross	$ 1,165		$ 1,715
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	7%		9%
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	51		362
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,188		4,084
Total Private Education Loan Credit Quality Indicators by Origination Year Four	124		32
Total Private Education Loan Credit Quality Indicators by Origination Year Five	12		23
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	64		86
Total Loans, gross	$ 1,439		$ 4,587
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	8%		24%
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	299		242
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,478		1,251
Total Private Education Loan Credit Quality Indicators by Origination Year Five	38		106
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	126		157
Total Loans, gross	$ 3,941		$ 1,756
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	23%		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	196		155
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,020		1,190
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	267		272
Total Loans, gross	$ 1,483		$ 1,617
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	9%		9%
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	121		53
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,628		8,884
Total Loans, gross	$ 8,749		$ 8,937
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	51%		47%
Seasoning [Member] | School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 12		$ 9
Total Private Education Loan Credit Quality Indicators by Origination Year Two	58		53
Total Private Education Loan Credit Quality Indicators by Origination Year Three	47		54
Total Private Education Loan Credit Quality Indicators by Origination Year Four	46		15
Total Private Education Loan Credit Quality Indicators by Origination Year Five	10		16
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	196		222
Total Loans, gross	$ 369		$ 369
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	$ 264		$ 170
Total Private Education Loan Credit Quality Indicators by Origination Year Two	891		1,801
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,584		4,460
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,872		1,462
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,206		1,396
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,329		9,692
Total Loans, gross	$ 17,146		$ 18,981
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	1		14
Total Private Education Loan Credit Quality Indicators by Origination Year Three	52		89
Total Private Education Loan Credit Quality Indicators by Origination Year Four	144		38
Total Private Education Loan Credit Quality Indicators by Origination Year Five	51		72
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,680		6,279
Total Loans, gross	$ 5,928		$ 6,492
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	35%		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	$ 264		$ 170
Total Private Education Loan Credit Quality Indicators by Origination Year Two	890		1,787
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,532		4,371
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,728		1,424
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,155		1,324
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,649		3,413
Total Loans, gross	$ 11,218		$ 12,489
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	65%		66%
Cosigners [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 264		$ 170
Total Private Education Loan Credit Quality Indicators by Origination Year Two	891		1,801
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,584		4,460
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,872		1,462
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,206		1,396
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,329		9,692
Total Loans, gross	$ 17,146		$ 18,981
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	$ 45		$ 35
Total Private Education Loan Credit Quality Indicators by Origination Year Two	268		189
Total Private Education Loan Credit Quality Indicators by Origination Year Three	174		103
Total Private Education Loan Credit Quality Indicators by Origination Year Four	90		26
Total Private Education Loan Credit Quality Indicators by Origination Year Five	22		9
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	4,993		5,894
Total Loans, gross	$ 5,592		$ 6,256
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	33%		33%
Cosigners [Member] | Without Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 219		$ 135
Total Private Education Loan Credit Quality Indicators by Origination Year Two	623		1,612
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,410		4,357
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,782		1,436
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,184		1,387
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	4,336		3,798
Total Loans, gross	$ 11,554		$ 12,725
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	67%		67%
School Type [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 264		$ 170
Total Private Education Loan Credit Quality Indicators by Origination Year Two	891		1,801
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,584		4,460
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,872		1,462
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,206		1,396
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,329		9,692
Total Loans, gross	$ 17,146		$ 18,981
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	$ 239		$ 158
Total Private Education Loan Credit Quality Indicators by Origination Year Two	844		1,704
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,500		4,202
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,647		1,397
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,153		1,300
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,984		8,150
Total Loans, gross	$ 15,367		$ 16,911
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	90%		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	$ 25		$ 12
Total Private Education Loan Credit Quality Indicators by Origination Year Two	47		97
Total Private Education Loan Credit Quality Indicators by Origination Year Three	84		258
Total Private Education Loan Credit Quality Indicators by Origination Year Four	225		65
Total Private Education Loan Credit Quality Indicators by Origination Year Five	53		96
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,345		1,542
Total Loans, gross	$ 1,779		$ 2,070
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	10%		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, 2024	Mar. 31, 2023
With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators, Excluding Refinance Loans, Percent	66%	65%

Allowance for Loan Losses - Amo

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Details) - Private Education Loans [Member] - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Interest Rate Concession [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 545	$ 611
Loan Modifications, % of Loan Type	3.20%	3.20%
Loans receivable, weighted average rate of interest	5.40%	4.90%	13.30%	12.90%
More Than an Insignificant Payment Delay [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 337	$ 275
Loan Modifications, % of Loan Type	2%	1.40%
Loans receivable, weighted average period added to remaining life of loan	5 months	6 months
Combination Rate Reduction and Term Extension [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 39	$ 46
Loan Modifications, % of Loan Type	0.20%	0.20%
Loans receivable, weighted average rate of interest	5.30%	5.10%	12.90%	12.50%
Loans receivable, weighted average period added to remaining life of loan	7 years	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, 2024	Dec. 31, 2023	Mar. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 16,608	$ 16,902	$ 18,275
Interest Rate Concession [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 1,100		$ 1,100

Allowance for Loan Losses - A_4

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Details) - Private Education Loans [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 179	$ 2
Payment Default (Par)	183	2
Charge-offs (par)	$ 11	$ 0

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] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 179	$ 2
Interest Rate Concession [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	123	1.6
More Than an Insignificant Payment Delay [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	44
Combination Rate Reduction and Term Extension [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 12	$ 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] - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	$ 921	$ 2,729	$ 932
Financing Asset, Not Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	872	2,199	891
Financial Asset, 31 to 60 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	9	160	8
Financial Asset, 61 to 90 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	2	96	2
Financial Asset, 90 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	4	159	7
School/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	1	22	2
Forbearance [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	$ 33	$ 93	$ 22

Borrowings - Company's Borrowin

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term borrowings	$ 4,427	$ 4,226
Long-term borrowings	50,848	53,402
Total	55,275	57,628
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	4,434	4,235
Long-term borrowings	51,216	53,680
Total	55,650	57,915
Total Before Hedge Accounting Adjustments [Member] | Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	556	506
Long-term borrowings	5,303	5,351
Total	5,859	5,857
Total Before Hedge Accounting Adjustments [Member] | Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	556	506
Long-term borrowings	5,303	5,351
Total	5,859	5,857
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	55	59
Long-term borrowings	33,787	35,626
Total	33,842	35,685
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	383	435
Long-term borrowings	11,214	11,754
Total	11,597	12,189
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,719	1,854
Long-term borrowings	89	89
Total	1,808	1,943
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,659	1,286
Long-term borrowings	784	821
Total	2,443	2,107
Total Before Hedge Accounting Adjustments [Member] | Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	62	95
Long-term borrowings	39	39
Total	101	134
Total Before Hedge Accounting Adjustments [Member] | Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	3,878	3,729
Long-term borrowings	45,913	48,329
Total	49,791	52,058
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	(7)	(9)
Long-term borrowings	(368)	(278)
Total	$ (375)	$ (287)

Borrowings - Company's Borrow_2

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term debt	$ 4,427	$ 4,226
Long-term debt	50,848	53,402
FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Debt tranches default principal amount	1,500
Long Term Senior Unsecured Debt [Member] | FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	116	122
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term debt	4,434	4,235
Long-term debt	51,216	53,680
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term debt	55	59
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term debt	383	435
Total Before Hedge Accounting Adjustments [Member] | Short Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	557	506
Total Before Hedge Accounting Adjustments [Member] | Long Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	$ 5,300	$ 5,400

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 4,427	$ 4,226
Long-term borrowings	50,848	53,402
Total	55,275	57,628
Total assets	59,029	61,375
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,434	4,235
Long-term borrowings	51,216	53,680
Total	55,650	57,915
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	(7)	(9)
Long-term borrowings	(368)	(278)
Total	(375)	(287)
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	3,816	3,634
Long-term borrowings	45,724	48,169
Total	49,540	51,803
Loans	51,348	53,591
Cash	2,109	1,937
Other assets	1,580	1,744
Total assets	55,037	57,272
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	55	59
Long-term borrowings	33,787	35,626
Total	33,842	35,685
Loans	33,995	35,935
Cash	1,575	1,441
Other assets	1,557	1,673
Total assets	37,127	39,049
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	383	435
Long-term borrowings	11,214	11,754
Total	11,597	12,189
Loans	12,842	13,396
Cash	363	350
Other assets	113	119
Total assets	13,318	13,865
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,719	1,854
Long-term borrowings	89	89
Total	1,808	1,943
Loans	1,750	1,897
Cash	84	77
Other assets	79	92
Total assets	1,913	2,066
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,659	1,286
Long-term borrowings	784	821
Total	2,443	2,107
Loans	2,761	2,363
Cash	87	69
Other assets	55	50
Total assets	2,903	2,482
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	3,816	3,634
Long-term borrowings	45,874	48,290
Total	49,690	51,924
Loans	51,348	53,591
Cash	2,109	1,937
Other assets	1,804	1,934
Total assets	55,261	57,462
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	(150)	(121)
Total	(150)	(121)
Loans	0	0
Cash	0	0
Other assets	(224)	(190)
Total assets	$ (224)	$ (190)

Derivative Financial Instrume_3

Derivative Financial Instruments - Impact of Derivatives on Balance Sheet (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Assets:
Derivative assets	$ 37	$ 55
Derivative Liabilities:
Derivative liabilities	(224)	(190)
Net total derivatives	(187)	(135)
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	37	55
Derivative Liabilities:
Derivative liabilities	(223)	(189)
Net total derivatives	(186)	(134)
Trading [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	(1)	(1)
Net total derivatives	(1)	(1)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	37	55
Derivative Liabilities:
Derivative liabilities	(1)	(1)
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	37	55
Derivative Liabilities:
Derivative liabilities	0	0
Interest Rate Swaps [Member] | Trading [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	(1)	(1)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	(223)	(189)
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	(223)	(189)
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, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 37	$ 55
Impact of master netting agreements, Assets	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	$ 37	$ 55
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Cash collateral (held) pledged, Assets	$ (28)	$ (60)
Net position, Assets	9	(5)
Derivative liabilities	(224)	(190)
Impact of master netting agreements, Liabilities	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	$ (224)	$ (190)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Cash collateral (held) pledged, Liabilities	$ 37	$ 46
Net position, Liabilities	$ (187)	$ (144)

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, 2024	Dec. 31, 2023
Short-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	$ 492	$ 490
Hedge Basis Adjustments	(7)	(9)
Long-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	5,204	5,341
Hedge Basis Adjustments	$ (371)	$ (281)

Derivative Financial Instrume_6

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments Gain Loss [Line Items]
Decrease in valuation due to net credit risk adjustments	$ 4,000,000	$ 5,000,000
Decrease in valuation due to liquidity adjustments	500,000	1,000,000
Derivative liability at fair value including accrued interest and premium receivable	230,000,000	197,000,000
Net positive exposure related to corporate derivatives	10,000,000	6,000,000
Net positive exposure on foreign currency swaps	0	$ 0
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, 2024	Dec. 31, 2023
Derivative [Line Items]
Total Derivative Notional Values	$ 9,300,000,000	$ 10,300,000,000
Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,000,000,000	2,200,000,000
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,100,000,000	6,200,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	2,200,000,000	1,900,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	7,800,000,000	8,700,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,000,000,000	2,200,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	4,600,000,000	4,600,000,000
Interest Rate Swaps [Member] | Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	2,200,000,000	1,900,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	0	0
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	0	0
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,500,000,000	1,600,000,000
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	1,500,000,000	1,600,000,000
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, 2024	Mar. 31, 2023
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	$ 32	$ (8)
Interest Expense and Derivative Instruments Hedging Activities [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	32	(14)
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	0	(6)
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	(55)	78
Gains (losses) recognized in net income on hedged items	58	(82)
Net fair value hedge ineffectiveness gains (losses)	3	(4)
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	(33)	29
Gains (losses) recognized in net income on hedged items	30	(31)
Net fair value hedge ineffectiveness gains (losses)	(3)	(2)
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	32	(8)
Trading [Member] | Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	32	(8)
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	0
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, 2024	Mar. 31, 2023
Derivative Instruments Gain Loss [Line Items]
Total gains (losses) on cash flow hedges		$ 4	$ (3)
Net changes in cash flow hedges, net of tax	[1]	(4)	(21)
Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)		$ (8)	$ (18)
[1] See “Note 4 – Derivative Financial Instruments.”

Derivative Financial Instrum_10

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 28	$ 60
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	28	60
Derivative asset at fair value including accrued interest	35	62
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	37	46
Total collateral pledged	37	46
Derivative liability at fair value including accrued interest and premium receivable	$ 230	$ 197

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 1,972	$ 2,081
Benefit and insurance-related investments	452	460
Income tax asset, net	117	122
Derivatives at fair value	37	55
Accounts receivable	91	101
Fixed assets	61	62
Other	43	33
Total	$ 2,773	$ 2,914

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, 2024	Mar. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, value	$ 43	$ 85
Average purchase price per share	$ 16.07	$ 18.44
Remaining common stock repurchase authority	$ 247	$ 515
Shares repurchased related to employee stock-based compensation plans	400,000	1,300,000
Average purchase price per share	$ 16.84	$ 17.4
Common shares issued	1,300,000	2,400,000
Dividends paid	$ 18	$ 21
Dividends per share	$ 0.16	$ 0.16
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, shares	2,551,849	4,900,000
Common stock repurchased, value	$ 43	$ 85
Shares repurchased related to employee stock-based compensation plans	443,970	1,276,713
Common shares issued	1,316,257	2,420,932

Stockholders' Equity - Common_2

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Parenthetical) (Detail) $ in Billions	Mar. 29, 2024 USD ($)
Equity [Abstract]
Authorized multi-year share repurchased program amount	$ 1

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)	Mar. 28, 2024 $ / shares
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock	$ 17.4

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, 2024	Mar. 31, 2023
Numerator:
Net income	$ 73	$ 111
Denominator:
Weighted average shares used to compute basic EPS	113	129
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan ("ESPP")	1	1
Dilutive potential common shares	1	1
Weighted average shares used to compute diluted EPS	114	130
Basic earnings per common share	$ 0.65	$ 0.87
Diluted earnings per common share	$ 0.64	$ 0.86

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, 2024	Mar. 31, 2023
Employee Stock Option
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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 37	$ 55
Derivative liabilities	(224)	(190)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	37	55
Derivative liabilities	(1)	(1)
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	(223)	(189)
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	37	55
Total	37	55
Derivative liabilities	(224)	(190)
Total	(224)	(190)
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	37	55
Total	37	55
Derivative liabilities	0	0
Total	0	0
Fair Value Measurements Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Total	0	0
Derivative liabilities	(224)	(190)
Total	(224)	(190)
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	37	55
Derivative liabilities	(1)	(1)
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	37	55
Derivative liabilities	0	0
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	0	0
Derivative liabilities	(1)	(1)
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	(223)	(189)
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	(223)	(189)
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, 2024	Mar. 31, 2023
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (190)	$ (255)
Total gains/(losses):
Included in earnings	$ (44)	$ 15
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	10	14
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	(34)	29
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(1)	(2)
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	(1)	(2)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	0	0
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	(189)	(253)
Total gains/(losses):
Included in earnings	(44)	15
Included in other comprehensive income	0	0
Settlements	10	14
Transfers in and/or out of level 3	0	0
Balance, end of period	(223)	(224)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	(34)	29
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, 2024	Mar. 31, 2023
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ (44)	$ 15
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	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	$ 0
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	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	$ (44)	$ 15
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	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, 2024 USD ($)	Dec. 31, 2023 USD ($)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 36	$ 54
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	(223)	(189)
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	(224)
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	$ (223)
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 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	$ (1)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Level 3 [Member] | Prime 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 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, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Carrying Value	$ 55,564	$ 57,766
Short-term borrowings, Carrying Value	4,427	4,226
Long-term borrowings, Carrying Value	50,848	53,402
Total	55,275	57,628
Total earning assets, Fair Value	54,420	55,816
Short-term borrowings, Fair Value	4,436	4,237
Long-term borrowings, Fair Value	49,446	51,566
Total interest-bearing liabilities, Fair Value	53,882	55,803
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	35,879	37,925
Loans receivable, Fair Value	35,251	36,590
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	36	54
Derivative financial instruments, Fair Value	36	54
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(223)	(189)
Derivative financial instruments, Fair Value	(223)	(189)
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	16,608	16,902	$ 18,275
Loans receivable, Fair Value	16,092	16,287
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	0	0
Total earning assets, Fair Value	(1,144)	(1,950)
Short-term borrowings, Fair Value	(9)	(11)
Long-term borrowings, Fair Value	1,402	1,836
Total interest-bearing liabilities, Fair Value	1,393	1,825
Excess of net asset fair value over carrying value	249	(125)
Difference [Member] | FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(628)	(1,335)
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	(516)	(615)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	3,077	2,939
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 3,077	$ 2,939

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees - Additional Information (Detail)		1 Months Ended	3 Months Ended
	Apr. 12, 2023 USD ($)	Jan. 31, 2022 USD ($) StateAttorneysGeneral Borrower	Mar. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Probable contingency loss liability					$ 85,000,000	$ 73,000,000
Number of State Attorneys General under Agreement | StateAttorneysGeneral		40
Number of borrowers involved in cancellation of loan balance | Borrower		66,000
Aggregate outstanding balance of loans cancelled		$ 1,700,000,000
Expense on cancellation of loans		50,000,000
One-time payment		$ 145,000,000
Regulatory expenses				$ 205,000,000
Additional private loan provision for loan losses			$ 23,000,000
Aggregate cash fund contribution	$ 44,000,000
Net impact to operating expense			$ 0
Minimum [Member]
Loss Contingencies [Line Items]
Probable contingency loss liability					0
Maximum [Member]
Loss Contingencies [Line Items]
Probable contingency loss liability					250,000,000
SLM BankCo [Member] | Indemnification Matters [Member]
Loss Contingencies [Line Items]
Accrued liabilities related to indemnification matters					$ 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, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 77	$ 72
Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	15	2
Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	17	22
Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	16	16
Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	29	32
Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Federal Education Loans [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Federal Education Loans [Member] | Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Federal Education Loans [Member] | State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Federal Education Loans [Member] | Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Federal Education Loans [Member] | Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	77	72
Business Processing [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	15	2
Business Processing [Member] | Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Business Processing [Member] | State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	17	22
Business Processing [Member] | Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	16	16
Business Processing [Member] | Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	29	32
Federal Education Loan Asset Recovery Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Federal Education Loan Asset Recovery Services [Member] | Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Federal Education Loan Asset Recovery Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Government Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	48	40
Government Services [Member] | Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Government Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	48	40
Healthcare Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	29	32
Healthcare Services [Member] | Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0
Healthcare Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 29	$ 32

Revenue from Contracts with C_4

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Additional Information (Detail) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 91,000,000	$ 101,000,000
ASU 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable	84,000,000		$ 68,000,000
Contract assets	0
Contract liability	$ 0

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments | Segment	4
Total assets	$ 59,029	$ 61,375
Business Processing [Member]
Segment Reporting Information [Line Items]
Total assets	366	380
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,400	$ 1,400

Segment Reporting - Asset Infor

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Other	$ 2,773	$ 2,914
Total assets	59,029	61,375
Federal Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	35,879	37,925
Cash and investments	1,661	1,520
Other	2,040	2,128
Total assets	39,580	41,573
Consumer Lending [Member]
Segment Reporting Information [Line Items]
Loans, net	16,608	16,902
Cash and investments	532	497
Other	545	577
Total assets	$ 17,685	$ 17,976

Segment Reporting - Segment Res

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income:
Cash and investments	$ 38	$ 34
Total interest income	1,027	1,071
Total interest expense	875	837
Net interest income	152	234
Less: provisions for loan losses	12	(14)
Net interest income after provisions for loan losses	140	248
Other income (loss):
Servicing revenue	17	17
Asset recovery and business processing revenue	77	72
Other revenue	41	(1)
Total other income	135	88
Expenses:
Direct operating expenses	118	124
Unallocated shared services expenses	65	61
Total operating expenses	183	185
Goodwill and acquired intangible asset impairment and amortization	3	3
Restructuring/other reorganization expenses	1	4
Total expenses	187	192
Income before income tax expense	88	144
Income tax expense (benefit)	15	33
Net income	73	111
Operating Segments [Member]
Interest income:
Net interest income	163	253
Less: provisions for loan losses	12	(14)
Other income (loss):
Total other income	103	96
Expenses:
Total operating expenses	183	185
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	1	4
Total expenses	184	189
Income before income tax expense	70	174
Income tax expense (benefit)	16	41
Net income	54	133
Operating Segments [Member] | Federal Education Loans [Member]
Interest income:
Cash and investments	23	20
Total interest income	684	715
Total interest expense	631	590
Net interest income	53	125
Less: provisions for loan losses	1	10
Net interest income after provisions for loan losses	52	115
Other income (loss):
Servicing revenue	13	14
Asset recovery and business processing revenue	0	0
Other revenue	4	5
Total other income	17	19
Expenses:
Direct operating expenses	17	20
Unallocated shared services expenses	0	0
Total operating expenses	17	20
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	0	0
Total expenses	17	20
Income before income tax expense	52	114
Income tax expense (benefit)	12	27
Net income	40	87
Operating Segments [Member] | Consumer Lending [Member]
Interest income:
Cash and investments	7	6
Total interest income	335	350
Total interest expense	201	197
Net interest income	134	153
Less: provisions for loan losses	11	(24)
Net interest income after provisions for loan losses	123	177
Other income (loss):
Servicing revenue	4	3
Asset recovery and business processing revenue	0	0
Other revenue	0	0
Total other income	4	3
Expenses:
Direct operating expenses	32	37
Unallocated shared services expenses	0	0
Total operating expenses	32	37
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	0	0
Total expenses	32	37
Income before income tax expense	95	143
Income tax expense (benefit)	22	33
Net income	73	110
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	77	72
Other revenue	0	0
Total other income	77	72
Expenses:
Direct operating expenses	69	67
Unallocated shared services expenses	0	0
Total operating expenses	69	67
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	0	0
Total expenses	69	67
Income before income tax expense	8	5
Income tax expense (benefit)	2	1
Net income	6	4
Operating Segments [Member] | Other Segment [Member]
Interest income:
Cash and investments	8	8
Total interest income	8	8
Total interest expense	32	33
Net interest income	(24)	(25)
Less: provisions for loan losses	0	0
Net interest income after provisions for loan losses	(24)	(25)
Other income (loss):
Servicing revenue	0	0
Asset recovery and business processing revenue	0	0
Other revenue	5	2
Total other income	5	2
Expenses:
Direct operating expenses	0	0
Unallocated shared services expenses	65	61
Total operating expenses	65	61
Goodwill and acquired intangible asset impairment and amortization	0	0
Restructuring/other reorganization expenses	1	4
Total expenses	66	65
Income before income tax expense	(85)	(88)
Income tax expense (benefit)	(20)	(20)
Net income	(65)	(68)
Adjustments [Member] | Reclassifications [Member]
Interest income:
Net interest income	10	12
Other income (loss):
Total other income	(10)	(12)
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	1	7
Other income (loss):
Total other income	(22)	20
Expenses:
Total operating expenses	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(3)
Restructuring/other reorganization expenses	0	0
Total expenses	(3)	(3)
Income before income tax expense	(18)	30
Income tax expense (benefit)	1	8
Net income	(19)	22
Adjustments [Member] | Total Adjustments [Member]
Interest income:
Net interest income	11	19
Net interest income after provisions for loan losses	11	19
Other income (loss):
Total other income	(32)	8
Expenses:
Total operating expenses	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(3)
Restructuring/other reorganization expenses	0	0
Total expenses	(3)	(3)
Income before income tax expense	(18)	30
Income tax expense (benefit)	1	8
Net income	(19)	22
Education Loan Portfolio [Member]
Interest income:
Total interest income	989	1,037
Education Loan Portfolio [Member] | Operating Segments [Member] | Federal Education Loans [Member]
Interest income:
Total interest income	661	695
Education Loan Portfolio [Member] | Operating Segments [Member] | Consumer Lending [Member]
Interest income:
Total interest income	328	344
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, 2024	Mar. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 140	$ 248
Goodwill and acquired intangible asset impairment and amortization	3	3
Income tax expense (benefit)	15	33
Net income	73	111
Total Adjustments [Member] | Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	11	19
Total other income (loss)	(32)	8
Goodwill and acquired intangible asset impairment and amortization	(3)	(3)
Total Core Earnings adjustments to GAAP	(18)	30
Income tax expense (benefit)	1	8
Net income	(19)	22
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)	(3)
Total Core Earnings adjustments to GAAP	3	3
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	11	19
Total other income (loss)	(32)	8
Goodwill and acquired intangible asset impairment and amortization	0	0
Total Core Earnings adjustments to GAAP	$ (21)	$ 27

Segment Reporting - Core Earnin

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	$ 73	$ 111
Net income tax effect	(15)	(33)
Operating Segments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	54	133
Net income tax effect	(16)	(41)
Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	(19)	22
Core Earnings adjustments to GAAP	(18)	30
Net income tax effect	(1)	(8)
Net Impact of Derivative Accounting [Member] | Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	(21)	27
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	$ 3

Segment Reporting - Core Earn_2

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2024 USD ($)
Segment Reporting [Abstract]
Amount that will be equal to mark-to-market gain or loss over the life of the contract	$ 0