Navient (NAVI) 10-Q 30 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	NAVI
Entity Registrant Name	NAVIENT CORP
Entity Central Index Key	1,593,538
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	362,308,654

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Investments
Available-for-sale	$ 6	$ 6
Other	679	627
Total investments	685	633
Cash and cash equivalents	1,305	1,443
Restricted cash and investments	4,296	3,926
Goodwill and acquired intangible assets, net	544	369
Other assets	5,045	5,664
Total assets	137,666	146,352
Liabilities
Short-term borrowings	2,816	2,663
Long-term borrowings	128,293	136,866
Other liabilities	2,670	2,625
Total liabilities	$ 133,779	$ 142,154
Commitments and contingencies
Equity
Common stock, par value $0.01 per share, 1.125 billion shares authorized: 0 million and 426 million shares issued, respectively	$ 4	$ 4
Additional paid-in capital	2,964	2,893
Accumulated other comprehensive (loss) income (net of tax benefit (expense) of $0 and $(5), respectively)	(82)	9
Retained earnings	2,251	1,724
Total Navient Corporation stockholders' equity before treasury stock	5,137	4,630
Less: Common stock held in treasury at cost: 0 million and 24 million shares, respectively	(1,254)	(432)
Total Navient Corporation stockholders' equity	3,883	4,198
Noncontrolling interest	4
Total equity	3,887	4,198
Total liabilities and equity	137,666	146,352
FFELP Loans [Member]
Assets
Loans, net	98,468	104,521
Private Education Loans [Member]
Assets
Loans, net	27,323	29,796
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Investments
Restricted cash and investments	4,129	3,733
Other assets	581	1,230
Liabilities
Short-term borrowings	758	653
Long-term borrowings	109,899	117,678
Net assets of consolidated variable interest entities	11,544	11,417
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loans [Member]
Assets
Loans, net	94,213	100,367
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loans [Member]
Assets
Loans, net	$ 23,278	$ 24,418

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Allowance for loans losses	$ 1,608	$ 2,033
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	430,000,000	426,000,000
Tax benefit (expense) for accumulated other comprehensive (loss) income	$ 48	$ (5)
Common stock held in treasury	68,000,000	24,000,000
Private Education Loans [Member]
Allowance for loans losses	$ 1,505	$ 1,916
FFELP Loans [Member]
Allowance for loans losses	$ 84	$ 93

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income:
Other loans	$ 1	$ 2	$ 5	$ 7
Cash and investments	2	2	6	7
Total interest income	1,077	1,132	3,238	3,603
Total interest expense	524	508	1,553	1,550
Net interest income	553	624	1,685	2,053
Less: provisions for loan losses	123	140	446	490
Net interest income after provisions for loan losses	430	484	1,239	1,563
Other income (loss):
Gains on sales of loans and investments			12
Gains (losses) on derivative and hedging activities, net	20	108	73	161
Servicing revenue	76	81	258	217
Asset recovery revenue	85	65	273	308
Gains on debt repurchases	0	0	0	0
Other		34	15	49
Total other income	181	288	631	735
Expenses:
Salaries and benefits	106	109	344	367
Other operating expenses	122	86	339	406
Total operating expenses	228	195	683	773
Goodwill and acquired intangible asset impairment and amortization expense	3	2	7	7
Restructuring and other reorganization expenses		14	32	102
Total expenses	231	211	722	882
Income from continuing operations, before income tax expense	380	561	1,148	1,416
Income tax expense	144	200	438	530
Net income from continuing operations	236	361	710	886
Income (loss) from discontinued operations, net of tax expense (benefit)	1	(2)	1	(1)
Net income	237	359	711	885
Less: net income (loss) attributable to noncontrolling interest	0	0	0	0
Net income attributable to Navient Corporation	237	359	711	885
Preferred stock dividends				6
Net income attributable to Navient Corporation common stock	$ 237	$ 359	$ 711	$ 879
Basic earnings per common share attributable to Navient Corporation:
Continuing operations	$ 0.64	$ 0.87	$ 1.86	$ 2.09
Discontinued operations	0	0	0	0
Total	$ 0.64	$ 0.87	$ 1.86	$ 2.09
Average common shares outstanding	369	415	382	421
Diluted earnings per common share attributable to Navient Corporation:
Continuing operations	$ 0.63	$ 0.85	$ 1.83	$ 2.05
Discontinued operations	0	0	0	0
Total	$ 0.63	$ 0.85	$ 1.83	$ 2.05
Average common and common equivalent shares outstanding	375	423	389	429
Dividends per common share attributable to Navient Corporation	$ 0.16	$ 0.15	$ 0.48	$ 0.45
FFELP Loans [Member]
Interest income:
Student loans	$ 630	$ 638	$ 1,892	$ 1,916
Less: provisions for loan losses	7	10	19	30
Private Education Loans [Member]
Interest income:
Student loans	444	490	1,335	1,673
Less: provisions for loan losses	$ 117	$ 130	$ 428	$ 460

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 237	$ 359	$ 711	$ 885
Other comprehensive income (loss):
Unrealized hedging losses on derivatives	(88)		(143)	(15)
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)			(1)	3
Total unrealized losses on derivatives	(88)		(144)	(12)
Unrealized gain on investments		1		3
Income tax benefit	32		53	4
Other comprehensive income (loss), net of tax	(56)	1	(91)	(5)
Comprehensive income	181	360	620	880
Less: comprehensive income attributable to noncontrolling interest	0	0	0	0
Total comprehensive income attributable to Navient Corporation	$ 181	$ 360	$ 620	$ 880

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Common Stock Shares Outstanding [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Retained Earnings [Member]Series A Preferred Stock [Member]	Retained Earnings [Member]Series B Preferred Stock [Member]	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member]Series A Preferred Stock [Member]	Total Stockholders' Equity [Member]Series B Preferred Stock [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2013	$ 5,642			$ 565	$ 109	$ (2,033)		$ 4,399	$ 13	$ 2,584			$ 5,637			$ 5
Beginning Balance, Shares at Dec. 31, 2013				7,300,000	545,210,941	(116,262,066)	428,948,875
Comprehensive income:
Net income	885									885			885
Other comprehensive income (loss), net of tax	(5)								(5)				(5)
Total comprehensive income	880												880
Cash dividends:
Common stock	(189)									(189)			(189)
Preferred stock		$ (4)	$ (2)								$ (4)	$ (2)		$ (4)	$ (2)
Dividend equivalent units related to employee stock-based compensation plans	(2)									(2)			(2)
Issuance of common shares	$ 52				$ (80)			132					52
Issuance of common shares, Shares	6,818,737				6,818,737		6,818,737
Retirement of common stock in treasury					$ (25)	$ 2,288		(2,263)
Retirement of common stock in treasury, Shares					(126,963,268)	126,963,268
Tax benefit related to employee stock-based compensation plans	$ 14							14					14
Stock-based compensation expense	33							33					33
Common stock repurchased	(432)					$ (432)							(432)
Common stock repurchased, Shares						(21,744,028)	(21,744,028)
Shares repurchased related to employee stock-based compensation plans	$ (80)					$ (80)							(80)
Shares repurchased related to employee stock-based compensation plans, Shares	(3,804,359)					(3,804,359)	(3,804,359)
Deconsolidation of subsidiary	$ (5)															(5)
Distribution of consumer banking business	(1,751)			$ (565)				565		(1,751)			(1,751)
Distribution of consumer banking business, shares				(7,300,000)
Ending Balance, Value at Sep. 30, 2014	4,156				$ 4	$ (257)		2,880	8	1,521			4,156
Ending Balance, Shares at Sep. 30, 2014					425,066,410	(14,847,185)	410,219,225
Beginning Balance, Value at Jun. 30, 2014	4,021				$ 4	$ (82)		2,868	7	1,224			4,021
Beginning Balance, Shares at Jun. 30, 2014					424,353,699	(4,915,240)	419,438,459
Comprehensive income:
Net income	359									359			359
Other comprehensive income (loss), net of tax	1								1				1
Total comprehensive income	360												360
Cash dividends:
Common stock	(62)									(62)			(62)
Issuance of common shares	$ 5							5					5
Issuance of common shares, Shares	712,711				712,711		712,711
Tax benefit related to employee stock-based compensation plans	$ 2							2					2
Stock-based compensation expense	5							5					5
Common stock repurchased	(167)					$ (167)							(167)
Common stock repurchased, Shares						(9,513,514)	(9,513,514)
Shares repurchased related to employee stock-based compensation plans	$ (8)					$ (8)							(8)
Shares repurchased related to employee stock-based compensation plans, Shares	(418,431)					(418,431)	(418,431)
Ending Balance, Value at Sep. 30, 2014	$ 4,156				$ 4	$ (257)		2,880	8	1,521			4,156
Ending Balance, Shares at Sep. 30, 2014					425,066,410	(14,847,185)	410,219,225
Beginning Balance, Value at Dec. 31, 2014	4,198				$ 4	$ (432)		2,893	9	1,724			4,198
Beginning Balance, Shares at Dec. 31, 2014					425,637,635	(23,902,829)	401,734,806
Comprehensive income:
Net income	711									711			711
Other comprehensive income (loss), net of tax	(91)								(91)				(91)
Total comprehensive income	620												620
Cash dividends:
Common stock	(182)									(182)			(182)
Dividend equivalent units related to employee stock-based compensation plans	(2)									(2)			(2)
Issuance of common shares	$ 33							33					33
Issuance of common shares, Shares	4,781,517				4,781,517		4,781,517
Tax benefit related to employee stock-based compensation plans	$ 11							11					11
Stock-based compensation expense	27							27					27
Common stock repurchased	(775)					$ (775)							(775)
Common stock repurchased, Shares						(41,919,908)	(41,919,908)
Shares repurchased related to employee stock-based compensation plans	$ (47)					$ (47)							(47)
Shares repurchased related to employee stock-based compensation plans, Shares	(2,287,761)					(2,287,761)	(2,287,761)
Noncontrolling interest in asset recovery business	$ 4															4
Ending Balance, Value at Sep. 30, 2015	3,887				$ 4	$ (1,254)		2,964	(82)	2,251			3,883			4
Ending Balance, Shares at Sep. 30, 2015					430,419,152	(68,110,498)	362,308,654
Beginning Balance, Value at Jun. 30, 2015	3,933				$ 4	$ (1,075)		2,954	(26)	2,072			3,929			4
Beginning Balance, Shares at Jun. 30, 2015					429,856,043	(55,823,281)	374,032,762
Comprehensive income:
Net income	237									237			237
Other comprehensive income (loss), net of tax	(56)								(56)				(56)
Total comprehensive income	181												181
Cash dividends:
Common stock	(58)									(58)			(58)
Issuance of common shares	$ 6							6					6
Issuance of common shares, Shares	563,109				563,109		563,109
Stock-based compensation expense	$ 4							4					4
Common stock repurchased	(175)					$ (175)							(175)
Common stock repurchased, Shares						(12,075,388)	(12,075,388)
Shares repurchased related to employee stock-based compensation plans	$ (4)					$ (4)							(4)
Shares repurchased related to employee stock-based compensation plans, Shares	(211,829)					(211,829)	(211,829)
Ending Balance, Value at Sep. 30, 2015	$ 3,887				$ 4	$ (1,254)		$ 2,964	$ (82)	$ 2,251			$ 3,883			$ 4
Ending Balance, Shares at Sep. 30, 2015					430,419,152	(68,110,498)	362,308,654

Consolidated Statements of Cha7

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Dividends per common share attributable to Navient Corporation	$ 0.16	$ 0.15	$ 0.48	$ 0.45
Retained Earnings [Member]
Dividends per common share attributable to Navient Corporation	0.16	0.15	0.48	0.45
Total Stockholders' Equity [Member]
Dividends per common share attributable to Navient Corporation	$ 0.16	$ 0.15	$ 0.48	0.45
Series A Preferred Stock [Member]
Preferred stock, Dividends per preferred share				1.74
Series A Preferred Stock [Member] | Retained Earnings [Member]
Preferred stock, Dividends per preferred share				1.74
Series A Preferred Stock [Member] | Total Stockholders' Equity [Member]
Preferred stock, Dividends per preferred share				1.74
Series B Preferred Stock [Member]
Preferred stock, Dividends per preferred share				0.98
Series B Preferred Stock [Member] | Retained Earnings [Member]
Preferred stock, Dividends per preferred share				0.98
Series B Preferred Stock [Member] | Total Stockholders' Equity [Member]
Preferred stock, Dividends per preferred share				$ 0.98

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 711	$ 885
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations, net of tax	(1)	1
Gains on loans and investments, net	(12)
Goodwill and acquired intangible asset impairment and amortization expense	7	7
Stock-based compensation expense	27	33
Unrealized gains on derivative and hedging activities	(537)	(661)
Provisions for loan losses	446	490
Decrease (increase) in restricted cash - other	50	(3)
Decrease in accrued interest receivable	196	136
Decrease in accrued interest payable	(93)	(108)
Decrease in other assets	799	811
(Decrease) increase in other liabilities	(134)	25
Cash provided by operating activities - continuing operations	1,459	1,616
Cash used in operating activities - discontinued operations		(1)
Total net cash provided by operating activities	1,459	1,615
Investing activities
Student loans acquired and originated	(2,940)	(4,286)
Reduction of student loans:
Installment payments, claims and other	10,583	9,092
Proceeds from sales of student loans	386
Other investing activities, net	(46)	148
Purchases of available-for-sale securities		(28)
Proceeds from maturities of available-for-sale securities	1	3
Purchases of other securities	(82)	(313)
Proceeds from maturities of other securities	24	319
Increase in restricted cash - variable interest entities	(396)	(52)
Purchase of subsidiary, net of cash acquired	(181)
Total net cash provided by investing activities	7,349	4,883
Financing activities
Distribution of consumer banking business		(2,217)
Borrowings collateralized by loans in trust - issued	4,110	5,109
Borrowings collateralized by loans in trust - repaid	(10,949)	(9,409)
Asset-backed commercial paper conduits, net	543	(1,898)
Other long-term borrowings issued	493	834
Other long-term borrowings repaid	(2,075)	(2,192)
Other financing activities, net	(111)	(72)
Retail and other deposits, net		726
Common stock repurchased	(775)	(432)
Common stock dividends paid	(182)	(189)
Preferred stock dividends paid		(6)
Net cash used in financing activities	(8,946)	(9,746)
Net decrease in cash and cash equivalents	(138)	(3,248)
Cash and cash equivalents at beginning of period	1,443	5,190
Cash and cash equivalents at end of period	1,305	1,942
Cash disbursements made (refunds received) for:
Interest	1,489	1,489
Income taxes paid	$ 67	339
Income taxes received		$ (107)

The Separation

The Separation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Separation	1. The Separation On April 30, 2014, the spin-off of Navient from SLM Corporation (the “Spin-Off”) was completed and Navient became an independent, publicly traded company focused on loan management, servicing and asset recovery. The separation was completed through the distribution of 100 percent of the outstanding shares of Navient common stock, on the basis of one share of Navient common stock for each share of SLM Corporation common stock. SLM Corporation continues operation as a separate publicly traded company and includes Sallie Mae Bank. Due to the relative significance of Navient to SLM Corporation prior to the Spin-Off, for financial reporting purposes, Navient is treated as the “accounting spinnor” and therefore is the “accounting successor” to SLM Corporation as constituted prior to the Spin-Off, notwithstanding the legal form of the Spin-Off. Since Navient is the accounting successor, the historical financial statements of SLM Corporation prior to the Spin-Off are the historical financial statements of Navient. As a result, the GAAP financial results reported in this Quarterly Report on Form 10-Q include the historical financial results of SLM Corporation prior to the Spin-Off on April 30, 2014 (i.e., such consolidated results include our loan management, servicing and asset recovery business and the consumer banking business associated with Sallie Mae Bank (“SLM BankCo”)) and reflect the deemed distribution of SLM BankCo to SLM Corporation’s stockholders on April 30, 2014.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	2. 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 and nine month periods ended September 30, 2015 are not necessarily indicative of the results for the year ending December 31, 2015 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2014 Form 10-K. Reclassifications Certain reclassifications have been made to the balances as of and for the three and nine months ended September 30, 2014 to be consistent with classifications adopted for 2015, and had no effect on net income, total assets or total liabilities. Recently Issued Accounting Pronouncements Revenue Recognition On May 28, 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. In July 2015, the FASB agreed to defer the mandatory effective date by one year. Accordingly, the new standard is effective for the Company as of January 1, 2018. Early application is permitted as of January 2017. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet determined the effect of the standard on our ongoing financial reporting but do not expect it to be material.

Allowance for Loan Losses

Allowance for Loan Losses	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Allowance for Loan Losses	3. Allowance for Loan Losses The financial statements of Navient reflect the deemed distribution of SLM BankCo on April 30, 2014. As a result of the deemed distribution, all disclosures in this footnote as of a date prior to April 30, 2014 include SLM BankCo’s FFELP and Private Education Loans, whereas the disclosures as of September 30, 2014, December 31, 2014 and September 30, 2015 do not contain SLM BankCo’s FFELP and Private Education Loans. Our provisions for loan losses represent the periodic expense of maintaining an allowance sufficient to absorb incurred probable losses, net of expected recoveries, in the held-for-investment loan portfolios. The evaluation of the provisions for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe that the allowance for loan losses is appropriate to cover probable losses incurred in the loan portfolios. We segregate our Private Education Loan portfolio into two classes of loans — traditional and non-traditional. Non-traditional loans are loans to (i) customers attending for-profit schools with an original Fair Isaac and Company (“FICO”) score of less than 670 and (ii) customers attending not-for-profit schools with an original FICO score of less than 640. The FICO score used in determining whether a loan is non-traditional is the greater of the customer or cosigner FICO score at origination. Traditional loans are defined as all other Private Education Loans that are not classified as non-traditional. Allowance for Loan Losses Metrics Three Months Ended September 30, 2015 (Dollars in millions) FFELP Loans Private Education Other Total Allowance for Loan Losses Beginning balance $ 89 $ 1,533 $ 21 $ 1,643 Total provision 7 117 (1 ) 123 Total net charge-offs (1) (12 ) (148 ) (1 ) (161 ) Reclassification of interest reserve (2) — 3 — 3 Ending balance $ 84 $ 1,505 $ 19 $ 1,608 Allowance: Ending balance: individually evaluated for impairment $ — $ 1,247 $ 16 $ 1,263 Ending balance: collectively evaluated for impairment $ 84 $ 258 $ 3 $ 345 Loans: Ending balance: individually evaluated for impairment (3) $ — $ 10,870 $ 41 $ 10,911 Ending balance: collectively evaluated for impairment (3) $ 97,425 $ 18,507 $ 50 $ 115,982 Net charge-offs as a percentage of average loans in repayment (annualized) .06 % 2.31 % 5.10 % Allowance coverage of net charge-offs (annualized) 1.7 2.6 3.9 Allowance as a percentage of the ending total loan balance .09 % 5.12 % 20.31 % Allowance as a percentage of the ending loans in repayment .11 % 5.99 % 20.31 % Ending total loans (3) $ 97,425 $ 29,377 $ 91 Average loans in repayment $ 75,460 $ 25,546 $ 93 Ending loans in repayment $ 75,294 $ 25,104 $ 91 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion. (2) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. (3) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. Three Months Ended September 30, 2014 (Dollars in millions) FFELP Loans Private Education Other Total Allowance for Loan Losses Beginning balance $ 96 $ 1,983 $ 26 $ 2,105 Total provision 10 130 — 140 Total net charge-offs (1) (14 ) (158 ) (1 ) (173 ) Reclassification of interest reserve (2) — 4 — 4 Ending balance $ 92 $ 1,959 $ 25 $ 2,076 Allowance: Ending balance: individually evaluated for impairment $ — $ 1,121 $ 19 $ 1,140 Ending balance: collectively evaluated for impairment $ 92 $ 838 $ 6 $ 936 Loans: Ending balance: individually evaluated for impairment (3) $ — $ 10,329 $ 45 $ 10,374 Ending balance: collectively evaluated for impairment (3) $ 96,828 $ 22,710 $ 67 $ 119,605 Net charge-offs as a percentage of average loans in repayment (annualized) .08 % 2.30 % 3.08 % Allowance coverage of net charge-offs (annualized) 1.6 3.1 7.0 Allowance as a percentage of the ending total loan balance .09 % 5.93 % 22.08 % Allowance as a percentage of the ending loans in repayment .13 % 7.23 % 22.08 % Ending total loans (3) $ 96,828 $ 33,039 $ 112 Average loans in repayment $ 71,807 $ 27,228 $ 114 Ending loans in repayment $ 71,508 $ 27,092 $ 112 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion. (2) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. (3) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. Nine Months Ended September 30, 2015 (Dollars in millions) FFELP Loans Private Education Other Total Allowance for Loan Losses Beginning balance $ 93 $ 1,916 $ 24 $ 2,033 Total provision 19 428 (1 ) 446 Net adjustment resulting from the change in the charge-off rate (1) — (330 ) — (330 ) Net charge-offs remaining (2) (28 ) (517 ) (4 ) (549 ) Total net charge-offs (28 ) (847 ) (4 ) (879 ) Reclassification of interest reserve (3) — 8 — 8 Ending balance $ 84 $ 1,505 $ 19 $ 1,608 Allowance: Ending balance: individually evaluated for impairment $ — $ 1,247 $ 16 $ 1,263 Ending balance: collectively evaluated for impairment $ 84 $ 258 $ 3 $ 345 Loans: Ending balance: individually evaluated for impairment (4) $ — $ 10,870 $ 41 $ 10,911 Ending balance: collectively evaluated for impairment (4) $ 97,425 $ 18,507 $ 50 $ 115,982 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (annualized) (1) .05 % 2.65 % 5.72 % Net adjustment resulting from the change in the charge-off rate as a percentage of average loans in repayment (annualized) (1) — % 1.69 % — % Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized) (1) 2.2 2.2 3.3 Allowance as a percentage of the ending total loan balance .09 % 5.12 % 20.31 % Allowance as a percentage of the ending loans in repayment .11 % 5.99 % 20.31 % Ending total loans (4) $ 97,425 $ 29,377 $ 91 Average loans in repayment $ 76,412 $ 26,100 $ 99 Ending loans in repayment $ 75,294 $ 25,104 $ 91 (1) In the second quarter of 2015, the portion of the loan amount charged off at default on Private Education Loans increased from 73 percent to 79 percent. This did not impact the provision for loan losses as previously this had been reserved through the allowance for loan losses. This change resulted in a $330 million reduction to the balance of the receivable for partially charged-off loans. (2) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion. (3) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. (4) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. Nine Months Ended September 30, 2014 (Dollars in millions) FFELP Loans Private Education Other Total Allowance for Loan Losses Beginning balance $ 119 $ 2,097 $ 28 $ 2,244 Total provision 30 460 — 490 Total net charge-offs (1) (51 ) (543 ) (3 ) (597 ) Reclassification of interest reserve (2) — 14 — 14 Distribution of SLM BankCo (6 ) (69 ) — (75 ) Ending balance $ 92 $ 1,959 $ 25 $ 2,076 Allowance: Ending balance: individually evaluated for impairment $ — $ 1,121 $ 19 $ 1,140 Ending balance: collectively evaluated for impairment $ 92 $ 838 $ 6 $ 936 Loans: Ending balance: individually evaluated for impairment (3) $ — $ 10,329 $ 45 $ 10,374 Ending balance: collectively evaluated for impairment (3) $ 96,828 $ 22,710 $ 67 $ 119,605 Net charge-offs as a percentage of average loans in repayment (annualized) .10 % 2.50 % 3.48 % Allowance coverage of net charge-offs (annualized) 1.3 2.7 5.9 Allowance as a percentage of the ending total loan balance .09 % 5.93 % 22.08 % Allowance as a percentage of the ending loans in repayment .13 % 7.23 % 22.08 % Ending total loans (3) $ 96,828 $ 33,039 $ 112 Average loans in repayment $ 72,635 $ 29,065 $ 120 Ending loans in repayment $ 71,508 $ 27,092 $ 112 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion. (2) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. (3) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. Key Credit Quality Indicators FFELP Loans are substantially insured and guaranteed as to their principal and accrued interest in the event of default; therefore, the key credit quality indicator for this portfolio is loan status. The impact of changes in loan status is incorporated quarterly into our allowance for loan losses calculation. For Private Education Loans, the key credit quality indicators are school type, FICO scores, the existence of a cosigner, the loan status and loan seasoning. The school type/FICO score are assessed at origination and maintained through the traditional/non-traditional loan designation. The other Private Education Loan key quality indicators can change and are incorporated quarterly into our allowance for loan losses calculation. The following table highlights the principal balance (excluding the receivable for partially charged-off loans) of our Private Education Loan portfolio stratified by the key credit quality indicators. Private Education Loans September 30, 2015 December 31, 2014 (Dollars in millions) Balance (3) % of Balance Balance (3) % of Balance Credit Quality Indicators School Type/FICO Scores: Traditional $ 26,182 92 % $ 28,527 92 % Non-Traditional (1) 2,303 8 2,534 8 Total $ 28,485 100 % $ 31,061 100 % Cosigners: With cosigner $ 18,380 65 % $ 20,001 64 % Without cosigner 10,105 35 11,060 36 Total $ 28,485 100 % $ 31,061 100 % Seasoning (2) : 1-12 payments $ 1,926 7 % $ 2,734 9 % 13-24 payments 2,336 8 3,161 10 25-36 payments 3,545 12 4,259 14 37-48 payments 3,972 14 4,404 14 More than 48 payments 14,371 51 13,450 43 Not yet in repayment 2,335 8 3,053 10 Total $ 28,485 100 % $ 31,061 100 % (1) Defined as loans to customers attending for-profit schools (with a FICO score of less than 670 at origination) and customers attending not-for-profit schools (with a FICO score of less than 640 at origination). (2) Number of months in active repayment for which a scheduled payment was received. (3) Balance represents gross Private Education Loans. The following tables provide information regarding the loan status and aging of past due loans. FFELP Loan Delinquencies September 30, December 31, (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 9,184 $ 10,861 Loans in forbearance (2) 12,947 14,366 Loans in repayment and percentage of each status: Loans current 63,320 84.1 % 65,221 83.4 % Loans delinquent 31-60 days (3) 3,654 4.9 3,942 5.0 Loans delinquent 61-90 days (3) 1,886 2.5 2,451 3.1 Loans delinquent greater than 90 days (3) 6,434 8.5 6,597 8.5 Total FFELP Loans in repayment 75,294 100 % 78,211 100 % Total FFELP Loans, gross 97,425 103,438 FFELP Loan unamortized premium 1,127 1,176 Total FFELP Loans 98,552 104,614 FFELP Loan allowance for losses (84 ) (93 ) FFELP Loans, net $ 98,468 $ 104,521 Percentage of FFELP Loans in repayment 77.3 % 75.6 % Delinquencies as a percentage of FFELP Loans in repayment 15.9 % 16.6 % FFELP Loans in forbearance as a percentage of loans in repayment and forbearance 14.7 % 15.5 % (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. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Traditional Loan September 30, December 31, (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 2,128 $ 2,777 Loans in forbearance (2) 924 935 Loans in repayment and percentage of each status: Loans current 21,596 93.4 % 23,012 92.7 % Loans delinquent 31-60 days (3) 504 2.2 624 2.5 Loans delinquent 61-90 days (3) 338 1.4 363 1.5 Loans delinquent greater than 90 days (3) 692 3.0 816 3.3 Total traditional loans in repayment 23,130 100 % 24,815 100 % Total traditional loans, gross 26,182 28,527 Traditional loans unamortized discount (487 ) (526 ) Total traditional loans 25,695 28,001 Traditional loans receivable for partially charged-off loans 564 775 Traditional loans allowance for losses (1,251 ) (1,515 ) Traditional loans, net $ 25,008 $ 27,261 Percentage of traditional loans in repayment 88.3 % 87.0 % Delinquencies as a percentage of traditional loans in repayment 6.6 % 7.3 % Loans in forbearance as a percentage of loans in repayment and forbearance 3.8 % 3.6 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Non-Traditional September 30, December 31, (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 207 $ 276 Loans in forbearance (2) 122 124 Loans in repayment and percentage of each status: Loans current 1,662 84.2 % 1,749 81.9 % Loans delinquent 31-60 days (3) 85 4.3 110 5.2 Loans delinquent 61-90 days (3) 65 3.3 73 3.4 Loans delinquent greater than 90 days (3) 162 8.2 202 9.5 Total non-traditional loans in repayment 1,974 100 % 2,134 100 % Total non-traditional loans, gross 2,303 2,534 Non-traditional loans unamortized discount (62 ) (68 ) Total non-traditional loans 2,241 2,466 Non-traditional loans receivable for partially charged-off loans 328 470 Non-traditional loans allowance for losses (254 ) (401 ) Non-traditional loans, net $ 2,315 $ 2,535 Percentage of non-traditional loans in repayment 85.7 % 84.2 % Delinquencies as a percentage of non-traditional loans in repayment 15.8 % 18.1 % Loans in forbearance as a percentage of loans in repayment and forbearance 5.8 % 5.5 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Receivable for Partially Charged-Off Private Education Loans At the end of each month, for loans that are 212 or more days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this remaining loan balance as the “receivable for partially charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately charged off through the allowance for Private Education Loan losses with an offsetting reduction in the receivable for partially charged-off Private Education 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 financial crisis, which began in 2007, impacted our collections on defaulted loans and as a result, Private Education Loans which defaulted from 2007 through March 31, 2015, experienced collection performance below our pre-financial crisis experience. For that reason, until we gained enough data and experience to determine the long-term, post-default recovery rate of 21 percent in second-quarter 2015, we established a reserve for potential shortfalls in recoveries. In the second quarter of 2015, the portion of the loan amount charged off at default increased from 73 percent to 79 percent. This did not impact the provision for loan losses as previously this had been reserved through the allowance for loan losses. This change resulted in a $330 million reduction to the balance of the receivable for partially charged-off loans. We no longer expect to have significant periodic recovery shortfalls as a result of this change; however, it is possible we may continue to experience such shortfalls. The following table summarizes the activity in the receivable for partially charged-off Private Education Loans. Three Months Ended Nine Months Ended (Dollars in millions) 2015 2014 2015 2014 Receivable at beginning of period $ 902 $ 1,269 $ 1,245 $ 1,313 Expected future recoveries of current period defaults (1) 38 51 147 175 Recoveries (2) (48 ) (48 ) (151 ) (167 ) Net adjustment resulting from the change in the charge-off rate (3) — — (330 ) — Net charge-offs remaining — (19 ) (19 ) (68 ) Total net charge-offs — (19 ) (349 ) (68 ) Receivable at end of period 892 1,253 892 1,253 Allowance for estimated recovery shortfalls (4) — (392 ) — (392 ) Net receivable at end of period $ 892 $ 861 $ 892 $ 861 (1) Represents the difference between the defaulted loan balance and our estimate of the amount to be collected in the future. (2) Current period cash collections. (3) Prior to second-quarter 2015, charge-offs represent the current period recovery shortfall — the difference between what was expected to be collected and what was actually collected. In the second quarter of 2015, the portion of the loan amount charged off at default increased from 73 percent to 79 percent. This change resulted in a $330 million reduction to the balance of the receivable for partially charged-off loans. These amounts are included in total charge-offs as reported in the “Allowance for Private Education Loan Losses” table. (4) The allowance for estimated recovery shortfalls of the receivable for partially charged-off Private Education Loans is a component of the overall allowance for Private Education Loan losses. Troubled Debt Restructurings (“TDRs”) We sometimes modify the terms of loans for certain customers when we believe such modifications may increase the ability and willingness of a customer to make payments and thus increase the ultimate overall amount collected on a loan. These modifications generally take the form of a forbearance, a temporary interest rate reduction or an extended repayment plan. For customers experiencing financial difficulty, certain Private Education Loans for which we have granted either a forbearance of greater than three months, an interest rate reduction or an extended repayment plan are classified as TDRs. Approximately 54 percent and 51 percent of the loans granted forbearance have qualified as a TDR loan at September 30, 2015 and December 31, 2014, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction plan was $2.2 billion as of both September 30, 2015 and December 31, 2014. At September 30, 2015 and December 31, 2014, all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans. TDR Loans (Dollars in millions) Recorded (1) Unpaid Related September 30, 2015 Private Education Loans — Traditional $ 9,041 $ 9,107 $ 1,014 Private Education Loans — Non-Traditional 1,452 1,452 233 Total $ 10,493 $ 10,559 $ 1,247 December 31, 2014 Private Education Loans — Traditional $ 8,728 $ 8,790 $ 917 Private Education Loans — Non-Traditional 1,477 1,476 215 Total $ 10,205 $ 10,266 $ 1,132 (1) The recorded investment is equal to the unpaid principal balance and accrued interest receivable net of unamortized deferred fees and costs. The following tables provide the average recorded investment and interest income recognized for our TDR loans. Three Months Ended September 30, 2015 2014 (Dollars in millions) Average Interest Average Interest Private Education Loans — Traditional $ 8,988 $ 134 $ 8,306 $ 126 Private Education Loans — Non-Traditional 1,456 29 1,466 29 Total $ 10,444 $ 163 $ 9,772 $ 155 Nine Months Ended September 30, 2015 2014 (Dollars in millions) Average Interest Average Interest Private Education Loans — Traditional $ 8,930 $ 402 $ 7,983 $ 366 Private Education Loans — Non-Traditional 1,466 86 1,450 87 Total $ 10,396 $ 488 $ 9,433 $ 453 The following table provides information regarding the loan status and aging of TDR loans that are past due. TDR Loan Delinquencies September 30, 2015 December 31, 2014 (Dollars in millions) Balance % Balance % Loans in deferment (1) $ 767 $ 825 Loans in forbearance (2) 746 745 Loans in repayment and percentage of each status: Loans current 7,657 84.7 % 7,186 82.7 % Loans delinquent 31-60 days (3) 410 4.5 464 5.3 Loans delinquent 61-90 days (3) 301 3.3 299 3.4 Loans delinquent greater than 90 days (3) 678 7.5 747 8.6 Total TDR loans in repayment 9,046 100 % 8,696 100 % Total TDR loans, gross $ 10,559 $ 10,266 (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. The following tables provide the amount of loans modified in the periods presented that resulted in a TDR. Additionally, the tables summarize charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. The majority of our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan or do not involve an extended repayment plan. Three Months Ended September 30, 2015 2014 (Dollars in millions) Modified (1) Charge- (2) Payment Modified (1) Charge- (2) Payment Private Education Loans — Traditional $ 339 $ 81 $ 83 $ 415 $ 72 $ 110 Private Education Loans — Non-Traditional 32 26 15 43 23 24 Total $ 371 $ 107 $ 98 $ 458 $ 95 $ 134 Nine Months Ended September 30, 2015 2014 (Dollars in millions) Modified (1) Charge- (2) Payment Modified (1) Charge- (2) Payment Private Education Loans — Traditional $ 1,107 $ 273 $ 266 $ 1,414 $ 245 $ 331 Private Education Loans — Non-Traditional 111 84 47 159 80 76 Total $ 1,218 $ 357 $ 313 $ 1,573 $ 325 $ 407 (1) Represents period ending balance of loans that have been modified during the period and resulted in a TDR. (2) Represents loans that charged off that were classified as TDRs. Accrued Interest Receivable The following table provides information regarding accrued interest receivable on our Private Education Loans and our allowance for uncollectible interest. (Dollars in millions) Accrued Allowance for September 30, 2015 Private Education Loans — Traditional $ 486 $ 26 Private Education Loans — Non-Traditional 60 8 Total $ 546 $ 34 December 31, 2014 Private Education Loans — Traditional $ 542 $ 29 Private Education Loans — Non-Traditional 70 11 Total $ 612 $ 40

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Borrowings	4. Borrowings The following table summarizes our borrowings. September 30, 2015 December 31, 2014 (Dollars in millions) Short Long Total Short Long Total Unsecured borrowings: Senior unsecured debt $ 1,222 $ 14,597 $ 15,819 $ 1,066 $ 16,311 $ 17,377 Total unsecured borrowings 1,222 14,597 15,819 1,066 16,311 17,377 Secured borrowings: FFELP Loan securitizations — 80,751 80,751 — 86,241 86,241 Private Education Loan securitizations — 16,744 16,744 — 17,997 17,997 FFELP Loan — other facilities — 15,796 15,796 — 15,358 15,358 Private Education Loan — other facilities 758 — 758 653 — 653 Other (1) 851 — 851 937 — 937 Total secured borrowings 1,609 113,291 114,900 1,590 119,596 121,186 Total before hedge accounting adjustments 2,831 127,888 130,719 2,656 135,907 138,563 Hedge accounting adjustments (15 ) 405 390 7 959 966 Total $ 2,816 $ 128,293 $ 131,109 $ 2,663 $ 136,866 $ 139,529 (1) “Other” primarily consists of the obligation to return cash collateral held related to derivative exposure. Variable Interest Entities We consolidated the following financing VIEs as of September 30, 2015 and December 31, 2014, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. September 30, 2015 Debt Outstanding Carrying Amount of Assets Securing Debt (Dollars in millions) Short Long Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 80,751 $ 80,751 $ 80,748 $ 3,462 $ 679 $ 84,889 Private Education Loan securitizations — 16,744 16,744 22,130 378 356 22,864 FFELP Loan — other facilities — 12,996 12,996 13,465 272 184 13,921 Private Education Loan — other facilities 758 — 758 1,148 17 37 1,202 Total before hedge accounting adjustments 758 110,491 111,249 117,491 4,129 1,256 122,876 Hedge accounting adjustments — (592 ) (592 ) — — (675 ) (675 ) Total $ 758 $ 109,899 $ 110,657 $ 117,491 $ 4,129 $ 581 $ 122,201 December 31, 2014 Debt Outstanding Carrying Amount of Assets Securing Debt (Dollars in millions) Short Long Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 86,241 $ 86,241 $ 86,715 $ 3,069 $ 722 $ 90,506 Private Education Loan securitizations — 17,997 17,997 23,184 378 389 23,951 FFELP Loan — other facilities — 13,358 13,358 13,653 269 260 14,182 Private Education Loan — other facilities 653 — 653 1,233 17 36 1,286 Total before hedge accounting adjustments 653 117,596 118,249 124,785 3,733 1,407 129,925 Hedge accounting adjustments — 82 82 — — (177 ) (177 ) Total $ 653 $ 117,678 $ 118,331 $ 124,785 $ 3,733 $ 1,230 $ 129,748

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	5. Derivative Financial Instruments Our risk management strategy and use of and accounting for derivatives have not materially changed from that discussed in our 2014 Form 10-K. Please refer to “Note 7 — Derivative Financial Instruments” in our 2014 Form 10-K for a full discussion. Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments at September 30, 2015 and December 31, 2014, and their impact on other comprehensive income and earnings for the three and nine months ended September 30, 2015 and 2014. Impact of Derivatives on Consolidated Balance Sheet Cash Flow Fair Value Trading Total (Dollars in millions) Hedged Risk Sept. 30, Dec. 31, Sept. 30, Dec. 31, Sept. 30, Dec. 31, Sept. 30, Dec. 31, Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ 6 $ 901 $ 828 $ 61 $ 23 $ 962 $ 857 Cross-currency interest rate swaps Foreign currency & — — 11 164 — — 11 164 Other (2) Interest rate — — — — 1 1 1 1 Total derivative assets (3) — 6 912 992 62 24 974 1,022 Derivative Liabilities: Interest rate swaps Interest rate (139 ) (3 ) — (22 ) (64 ) (120 ) (203 ) (145 ) Floor Income Contracts Interest rate — — — — (609 ) (915 ) (609 ) (915 ) Cross-currency interest rate swaps Foreign currency & — — (687 ) (293 ) (62 ) (65 ) (749 ) (358 ) Other (2) Interest rate — — — — (3 ) (12 ) (3 ) (12 ) Total derivative liabilities (3) (139 ) (3 ) (687 ) (315 ) (738 ) (1,112 ) (1,564 ) (1,430 ) Net total derivatives $ (139 ) $ 3 $ 225 $ 677 $ (676 ) $ (1,088 ) $ (590 ) $ (408 ) (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) “Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility. (3) 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) September 30, December 31, September 30, December 31, Gross position $ 974 $ 1,022 $ (1,564 ) $ (1,430 ) Impact of master netting agreements (91 ) (241 ) 91 241 Derivative values with impact of master netting agreements (as carried on balance sheet) 883 781 (1,473 ) (1,189 ) Cash collateral (held) pledged (851 ) (935 ) 651 624 Net position $ 32 $ (154 ) $ (822 ) $ (565 ) The above fair values include adjustments for counterparty credit risk both for 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 overall net asset positions at September 30, 2015 and December 31, 2014 by $1 million and $18 million, respectively. In addition, the above fair values reflect adjustments for illiquid derivatives as indicated by a wide bid/ask spread in the interest rate indices to which the derivatives are indexed. These adjustments decreased the overall net asset positions at September 30, 2015 and December 31, 2014 by $26 million and $73 million, respectively. Cash Flow Fair Value Trading Total (Dollars in billions) Sept. 30, Dec. 31, Sept. 30, Dec. 31, Sept. 30, Dec. 31, Sept. 30, Dec. 31, Notional Values: Interest rate swaps $ 9.5 $ 6.0 $ 13.2 $ 14.3 $ 30.0 $ 28.7 $ 52.7 $ 49.0 Floor Income Contracts — — — — 35.1 35.2 35.1 35.2 Cross-currency interest rate swaps — — 9.1 9.4 .4 .4 9.5 9.8 Other (1) — — — — 3.3 3.6 3.3 3.6 Total derivatives $ 9.5 $ 6.0 $ 22.3 $ 23.7 $ 68.8 $ 67.9 $ 100.6 $ 97.6 (1) “Other” includes embedded derivatives bifurcated from securitization debt, as well as derivatives related to our Total Return Swap Facility. Impact of Derivatives on Consolidated Statements of Income Three Months Ended September 30, Unrealized Gain (1)(2) Realized Gain (3) Unrealized Gain (1) Total Gain (Loss) (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Fair Value Hedges: Interest rate swaps $ 209 $ (99 ) $ 83 $ 95 $ (234 ) $ 125 $ 58 $ 121 Cross-currency interest rate swaps (6 ) (748 ) (1 ) 8 35 830 28 90 Total fair value derivatives 203 (847 ) 82 103 (199 ) 955 86 211 Cash Flow Hedges: Interest rate swaps — — — — — — — — Total cash flow derivatives — — — — — — — — Trading: Interest rate swaps 82 (12 ) 10 12 — — 92 — Floor Income Contracts 69 195 (164 ) (167 ) — — (95 ) 28 Cross-currency interest rate swaps 7 (24 ) (1 ) (1 ) — — 6 (25 ) Other 13 (2 ) — (1 ) — — 13 (3 ) Total trading derivatives 171 157 (155 ) (157 ) — — 16 — Total 374 (690 ) (73 ) (54 ) (199 ) 955 102 211 Less: realized gains (losses) recorded in interest expense — — 82 103 — — 82 103 Gains (losses) on derivative and hedging activities, net $ 374 $ (690 ) $ (155 ) $ (157 ) $ (199 ) $ 955 $ 20 $ 108 (1) Recorded in “Gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. (2) Represents ineffectiveness related to cash flow hedges. (3) For fair value and cash flow hedges, recorded in interest expense. For trading derivatives, recorded in “Gains (losses) on derivative and hedging activities, net.” Nine Months Ended September 30, Unrealized Gain (1)(2) Realized Gain (3) Unrealized Gain (1) Total Gain (Loss) (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Fair Value Hedges: Interest rate swaps $ 95 $ 67 $ 265 $ 294 $ (111 ) $ (40 ) $ 249 $ 321 Cross-currency interest rate swaps (547 ) (739 ) 3 45 682 821 138 127 Total fair value derivatives (452 ) (672 ) 268 339 571 781 387 448 Cash Flow Hedges: Interest rate swaps — — — (3 ) — — — (3 ) Total cash flow derivatives — — — (3 ) — — — (3 ) Trading: Interest rate swaps 94 41 30 35 — — 124 76 Floor Income Contracts 312 508 (489 ) (532 ) — — (177 ) (24 ) Cross-currency interest rate swaps 3 (10 ) (3 ) (2 ) — — — (12 ) Other 9 13 (2 ) (1 ) — — 7 12 Total trading derivatives 418 552 (464 ) (500 ) — — (46 ) 52 Total (34 ) (120 ) (196 ) (164 ) 571 781 341 497 Less: realized gains (losses) recorded in interest expense — — 268 336 — — 268 336 Gains (losses) on derivative and hedging activities, net $ (34 ) $ (120 ) $ (464 ) $ (500 ) $ 571 $ 781 $ 73 $ 161 (1) Recorded in “Gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. (2) Represents ineffectiveness related to cash flow hedges. (3) For fair value and cash flow hedges, recorded in interest expense. For trading derivatives, recorded in “Gains (losses) on derivative and hedging activities, net.” Collateral Collateral held and pledged related to derivative exposures between us and our derivative counterparties are detailed in the following table: (Dollars in millions) September 30, December 31, Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 851 $ 935 Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements) (1) 309 344 Total collateral held $ 1,160 $ 1,279 Derivative asset at fair value including accrued interest $ 1,054 $ 1,091 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 651 $ 624 Total collateral pledged $ 651 $ 624 Derivative liability at fair value including accrued interest and premium receivable $ 1,411 $ 926 (1) 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 $714 million with our counterparties. Downgrades in our unsecured credit rating would not result in any additional collateral requirements, except downgrades may, however, increase the frequency of collateral calls. Two counterparties have the right to terminate the contracts based on our current unsecured credit rating. We currently have a liability position with these derivative counterparties (including accrued interest and net of premiums receivable) of $55 million and have posted $55 million of collateral to these counterparties. If these two counterparties exercised their right to terminate, we do not believe we would be required to deliver material additional assets to settle the contracts. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	6. Other Assets The following table provides the detail of our other assets. September 30, 2015 December 31, 2014 (Dollars in millions) Ending % of Ending % of Accrued interest receivable, net $ 1,625 32 % $ 1,821 32 % Income tax asset, net current and deferred 1,083 21 1,389 25 Derivatives at fair value 883 18 781 14 Accounts receivable 316 6 558 10 Benefit and insurance-related investments 490 10 485 9 Fixed assets, net 155 3 152 3 Other loans, net 72 1 83 1 Other 421 9 395 6 Total $ 5,045 100 % $ 5,664 100 %

Business Combination - Acquisit

Business Combination - Acquisition of Gila LLC	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combination - Acquisition of Gila LLC	7. Business Combination — Acquisition of Gila LLC Acquisitions are accounted for under the acquisition method of accounting as defined in Accounting Standards Codification (“ASC”) Topic 805, “Business Combinations.” The Company allocates the purchase price to the fair value of the acquired tangible assets, liabilities and identifiable intangible assets as of the acquisition date as determined by an independent appraiser. Goodwill associated with the Company’s acquisitions is reviewed for impairment in accordance with ASC Topic 350, “Intangibles — Goodwill and Other.” On February 20, 2015, Navient acquired a 97.9 percent controlling interest in Gila LLC for approximately $185 million. Gila LLC is an asset recovery and business process outsourcing firm serving more than 600 clients in 39 states. The firm provides receivables management services and account processing solutions for state governments, agencies, court systems and municipalities. The results of operations of Gila LLC have been included in Navient’s consolidated financial statements since the acquisition date and are reflected in Navient’s Business Services segment results as discussed further in Note 13, “Segment Reporting.” As of September 30, 2015, Navient finalized its purchase price allocation for Gila LLC which resulted in an excess purchase price over the fair value of net assets acquired, or goodwill, of approximately $97 million. Identifiable intangible assets at the acquisition date include the Gila LLC trade name, an indefinite life intangible asset, with an aggregate estimated fair value of approximately $13 million as of the acquisition date. Definite life intangible assets with an estimated aggregate fair value of approximately $71 million as of the acquisition date consist primarily of customer relationships. These definite life intangible assets will be amortized over two to 16 years depending on the economic benefit derived from each of the underlying assets. During the third-quarter 2015, there were no other changes or adjustments to goodwill and intangible assets.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity The following table summarizes common share repurchases and issuances. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Common shares repurchased (1) 12,075,388 9,513,514 41,919,908 21,744,028 Average purchase price per share $ 14.51 $ 17.62 $ 18.50 $ 19.89 Shares repurchased related to employee stock-based compensation plans (2) 211,829 418,431 2,287,761 3,804,359 Average purchase price per share $ 15.46 $ 17.75 $ 20.17 $ 20.98 Common shares issued (3) 563,109 712,711 4,781,517 6,818,737 (1) Common shares purchased under our share repurchase programs, including share repurchase programs conducted by SLM Corporation prior to April 30, 2014. (2) Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (3) Common shares issued under our various compensation and benefit plans, including shares issued by SLM Corporation prior to April 30, 2014. The closing price of our common stock on September 30, 2015 was $11.24. Dividend and Share Repurchase Program In September 2015, June 2015 and March 2015, we paid a common stock dividend of $0.16 per share. We repurchased 41.9 million shares of common stock for $775 million in the nine months ended September 30, 2015. The shares were repurchased under our January 2015 share repurchase program that authorizes up to $1 billion of share repurchases, of which $225 million remained available at September 30, 2015. In the nine months ended September 30, 2014, we repurchased 21.7 million shares for $432 million. Since the Spin-Off, we repurchased 64 million shares.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Common Share	9. Earnings per Common Share Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows. Three Months Ended Nine Months Ended (In millions, except per share data) 2015 2014 2015 2014 Numerator: Net income attributable to Navient Corporation $ 237 $ 359 $ 711 $ 885 Preferred stock dividends — — — 6 Net income attributable to Navient Corporation common stock $ 237 $ 359 $ 711 $ 879 Denominator: Weighted average shares used to compute basic EPS 369 415 382 421 Effect of dilutive securities: Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plans (“ESPPs”) (1) 6 8 7 8 Dilutive potential common shares (2) 6 8 7 8 Weighted average shares used to compute diluted EPS 375 423 389 429 Basic earnings (loss) per common share attributable to Navient Corporation: Continuing operations $ .64 $ .87 $ 1.86 $ 2.09 Discontinued operations — — — — Total $ .64 $ .87 $ 1.86 $ 2.09 Diluted earnings (loss) per common share attributable to Navient Corporation: Continuing operations $ .63 $ .85 $ 1.83 $ 2.05 Discontinued operations — — — — Total $ .63 $ .85 $ 1.83 $ 2.05 (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, non-vested restricted stock, restricted stock units, and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method. (2) For the three months ended September 30, 2015 and 2014, stock options covering approximately 6 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the nine months ended September 30, 2015 and 2014, stock options covering approximately 4 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Restructuring and Other Reorgan

Restructuring and Other Reorganization Activities	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring and Other Reorganization Activities	10. Restructuring and Other Reorganization Activities During the second quarter of 2015, the Company launched an initiative to simplify and streamline its management structure following the Spin-Off of SLM BankCo to improve the operating efficiency and effectiveness of the organization. As part of the Company’s streamlining efforts, restructuring and other reorganization expenses of $29 million were recognized in the second quarter of 2015, primarily related to severance and other related costs. The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, “the Severance Plan”). The Severance Plan provides severance benefits in the event of termination of the Company’s full-time employees and part-time employees who work at least 24 hours per week. The Severance Plan establishes specified benefits based on base salary, job level immediately preceding termination and years of service upon involuntary termination of employment. The benefits payable under the Severance Plan relate to past service, and they accumulate and vest. Accordingly, we recognize severance expenses to be paid pursuant to the Severance Plan when payment of such benefits is probable and can be reasonably estimated in accordance with ASC 712, “Compensation — Nonretirement Postemployment Benefits.” Such benefits, including severance pay calculated based on the Severance Plan, medical and dental benefits, and outplacement services expenses are classified as restructuring and other reorganization expenses in the accompanying consolidated statements of income. We expect this initiative to be substantially complete as of December 31, 2015.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. 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. Please refer to “Note 12 — Fair Value Measurements” in our 2014 Form 10-K for a full discussion. During the three and nine months ended September 30, 2015, there were no significant transfers of financial instruments between levels, or changes in our methodology or assumptions used to value our financial instruments. The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. Fair Value Measurements on a Recurring Basis September 30, 2015 December 31, 2014 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Available-for-sale investments: Agency residential mortgage-backed securities $ — $ 1 $ — $ 1 $ — $ 1 $ — $ 1 Other — 5 — 5 — 5 — 5 Total available-for-sale investments — 6 — 6 — 6 — 6 Derivative instruments: (1) Interest rate swaps — 941 21 962 — 841 16 857 Cross-currency interest rate swaps — — 11 11 — — 164 164 Other — — 1 1 — — 1 1 Total derivative assets (3) — 941 33 974 — 841 181 1,022 Total $ — $ 947 $ 33 $ 980 $ — $ 847 $ 181 $ 1,028 Liabilities (2) Derivative instruments (1) Interest rate swaps $ — $ (143 ) $ (60 ) $ (203 ) $ — $ (41 ) $ (104 ) $ (145 ) Floor Income Contracts — (609 ) — (609 ) — (915 ) — (915 ) Cross-currency interest rate swaps — (82 ) (667 ) (749 ) — (77 ) (281 ) (358 ) Other — — (3 ) (3 ) — — (12 ) (12 ) Total derivative liabilities (3) — (834 ) (730 ) (1,564 ) — (1,033 ) (397 ) (1,430 ) Total $ — $ (834 ) $ (730 ) $ (1,564 ) $ — $ (1,033 ) $ (397 ) $ (1,430 ) (1) Fair value of derivative instruments excludes accrued interest and the value of collateral. (2) Borrowings which are the hedged items 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 are not reflected in this table. (3) See “Note 5 — Derivative Financial Instruments” for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification. 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 September 30, 2015 2014 Derivative instruments Derivative instruments (Dollars in millions) Interest Cross Other Total Interest Cross Other Total Balance, beginning of period $ (82 ) $ (654 ) $ (15 ) $ (751 ) $ (74 ) $ 1,042 $ (6 ) $ 962 Total gains/(losses) (realized and unrealized): Included in earnings (1) 40 (5 ) 13 48 (7 ) (738 ) (3 ) (748 ) Included in other comprehensive income — — — — — — — — Settlements 3 3 — 6 (1 ) (7 ) 1 (7 ) Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (39 ) $ (656 ) $ (2 ) $ (697 ) $ (82 ) $ 297 $ (8 ) $ 207 Change in unrealized gains/(losses) relating to instruments still held at the reporting date (2) $ 37 $ (2 ) $ 13 $ 48 $ (8 ) $ (745 ) $ (3 ) $ (756 ) Nine Months Ended September 30, 2015 2014 Derivative instruments Derivative instruments (Dollars in millions) Interest Cross Other Total Interest Cross Other Total Balance, beginning of period $ (88 ) $ (117 ) $ (11 ) $ (216 ) $ (87 ) $ 1,007 $ (21 ) $ 899 Total gains/(losses) (realized and unrealized): Included in earnings (1) 45 (538 ) 6 (487 ) 7 (671 ) 11 (653 ) Included in other comprehensive income — — — — — — — — Settlements 4 (1 ) 3 6 (2 ) (39 ) 2 (39 ) Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (39 ) $ (656 ) $ (2 ) $ (697 ) $ (82 ) $ 297 $ (8 ) $ 207 Change in unrealized gains/(losses) relating to instruments still held at the reporting date (2) $ 42 $ (536 ) $ 9 $ (485 ) $ 6 $ (811 ) $ 13 $ (792 ) (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 Nine Months Ended (Dollars in millions) 2015 2014 2015 2014 Gains (losses) on derivative and hedging activities, net $ 50 $ (755 ) $ (488 ) $ (692 ) Interest expense (2 ) 7 1 39 Total $ 48 $ (748 ) $ (487 ) $ (653 ) (2) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. 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 Valuation Input Range Derivatives Consumer Price Index/ LIBOR basis swaps $ 9 Discounted cash flow Bid/ask adjustment to discount rate .02% — .05% (.04%) Prime/LIBOR basis swaps (48 ) Discounted cash flow Constant prepayment rate 4.7% Bid/ask adjustment to .03% — .05% (.03%) Cross-currency interest rate swaps (656 ) Discounted cash flow Constant prepayment rate 2.8% Other (2 ) Total $ (697 ) The significant inputs that are unobservable or from inactive markets related to our level 3 derivatives detailed in the table above would be expected to have the following impacts to the valuations: • Consumer Price Index/LIBOR basis swaps — These swaps do not actively trade in the markets as indicated by a wide bid/ask spread. A wider bid/ask spread will result in a decrease in the overall valuation. • Prime/LIBOR basis swaps — These swaps do not actively trade in the markets as indicated by a wide bid/ask spread. A wider bid/ask spread will result in a decrease in the overall valuation. In addition, the unobservable inputs include Constant Prepayment Rates of the underlying securitization trust the swap references. A decrease in this input will result in a longer weighted average life of the swap which will increase the value for swaps in a gain position and decrease the value for swaps in a loss position, everything else equal. The opposite is true for an increase in the input. • Cross-currency interest rate swaps — The unobservable inputs used in these valuations are Constant Prepayment Rates of the underlying securitization trust the swap references. A decrease in this input will result in a longer weighted average life of the swap. All else equal in a typical currency market, this will result in a decrease to the valuation due to the delay in the cash flows of the currency exchanges as well as diminished liquidity in the forward exchange markets as the term of the swap is increased. The opposite is true for an increase in the input. The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. September 30, 2015 December 31, 2014 (Dollars in millions) Fair Carrying Difference Fair Carrying Difference Earning assets FFELP Loans $ 96,028 $ 98,468 $ (2,440 ) $ 104,419 $ 104,521 $ (102 ) Private Education Loans 26,544 27,323 (779 ) 29,433 29,796 (363 ) Cash and investments (1) 6,286 6,286 — 6,002 6,002 — Total earning assets 128,858 132,077 (3,219 ) 139,854 140,319 (465 ) Interest-bearing liabilities Short-term borrowings 2,814 2,816 2 2,661 2,663 2 Long-term borrowings 122,022 128,293 6,271 134,201 136,866 2,665 Total interest-bearing liabilities 124,836 131,109 6,273 136,862 139,529 2,667 Derivative financial instruments Floor Income Contracts (609 ) (609 ) — (915 ) (915 ) — Interest rate swaps 759 759 — 712 712 — Cross-currency interest rate swaps (738 ) (738 ) — (194 ) (194 ) — Other (2 ) (2 ) — (11 ) (11 ) — Excess of net asset fair value over carrying value $ 3,054 $ 2,202 (1) “Cash and investments” includes available-for-sale investments that consist of investments that are primarily agency securities whose cost basis is $5 million and $5 million at September 30, 2015 and December 31, 2014, respectively, versus a fair value of $6 million and $6 million at September 30, 2015 and December 31, 2014, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Regulatory Matters On May 2, 2014, Navient Solutions, Inc. (“NSI”), a wholly-owned subsidiary of Navient, and Sallie Mae Bank entered into consent orders with the Federal Deposit Insurance Corporation (the “FDIC”) (respectively, the “NSI Order” and the “Bank Order”; collectively, “the FDIC Orders”) to resolve matters related to certain cited violations of Section 5 of the Federal Trade Commission Act, including the disclosures and assessments of certain late fees, as well as alleged violations under the Servicemembers Civil Relief Act (the “SCRA”). The FDIC Orders, which became effective upon the signing of the consent order with the United States Department of Justice (the “DOJ”) by NSI and SLM BankCo on May 13, 2014, required NSI to pay $3.3 million in civil monetary penalties. NSI has paid its civil monetary penalties. In addition, the FDIC Orders required the establishment of a restitution reserve account totaling $30 million to provide restitution with respect to loans owned or originated by Sallie Mae Bank, from November 28, 2005 until the effective date of the FDIC Orders. Pursuant to the Separation and Distribution Agreement among SLM Corporation, SLM BankCo and Navient dated as of April 28, 2014 (the “Separation Agreement”), Navient funded the restitution reserve account in May 2014. The NSI Order also required NSI to ensure proper servicing for service members and proper application of SCRA benefits under a revised and broader definition of eligibility than previously required by the statute and regulatory guidance and to make changes to billing statements and late fee practices. These changes to billing statements and late fee practices have already been implemented. NSI also decided to voluntarily make restitution of certain late fees to all other customers whose loans were neither owned nor originated by Sallie Mae Bank. They were calculated in the same manner as that which was required under the FDIC Orders and are estimated to be $42 million. The process to refund these fees as well as amounts from the restitution fund is substantially complete. With respect to alleged civil violations of the SCRA, NSI and Sallie Mae Bank entered into a consent order with the DOJ. The DOJ consent order (the “DOJ Order”) covers all loans either owned by Sallie Mae Bank or serviced by NSI from November 28, 2005 until the effective date of the settlement. The DOJ Order required NSI to fund a $60 million settlement fund, which represents the total amount of compensation due to service members under the DOJ agreement, and to pay $55,000 in civil money penalties. The DOJ Order was approved by the United States District Court in Delaware on September 29, 2014. Shortly thereafter, Navient funded the settlement fund and paid the civil money penalties pursuant to the terms of the order. On April 15, 2015, the DOJ approved the distribution plan for the settlement fund and the funds were disbursed in the second quarter of 2015. The total reserves established by the Company in 2013 and 2014 to cover these costs were $177 million, and as of September 30, 2015, substantially all of this amount had been paid or credited or refunded to customer accounts. The final cost of these proceedings will remain uncertain until all of the work under the various consent orders has been completed. As previously disclosed, the Company and various of its subsidiaries are subject to the following investigations and inquiries: • In December 2013, Navient received Civil Investigative Demands (“CIDs”) issued by the State of Illinois Office of Attorney General and the State of Washington Office of the Attorney General and multiple other state Attorneys General. According to the CIDs, the investigations were initiated to ascertain whether any practices declared to be unlawful under the Consumer Fraud and Deceptive Business Practices Act have occurred or are about to occur. • In April 2014, NSI received a CID from the Consumer Financial Protection Bureau (the “CFPB”) as part of the CFPB’s separate investigation regarding allegations relating to Navient’s disclosures and assessment of late fees and other matters. Navient has received a series of supplemental CIDs on these matters. On August 19, 2015, NSI received a letter from the CFPB notifying NSI that, in accordance with the CFPB’s discretionary Notice and Opportunity to Respond and Advise (“NORA”) process, the CFPB’s Office of Enforcement is considering recommending that the CFPB take legal action against NSI. The NORA letter relates to a previously disclosed investigation into NSI’s disclosures and assessment of late fees and other matters and states that, in connection with any action, the CFPB may seek restitution, civil monetary penalties and corrective action against NSI. The Company responded to the NORA letter on September 10, 2015. • In November 2014, Navient’s subsidiary, Pioneer Credit Recovery, Inc. (“Pioneer”), received a CID from the CFPB as part of the CFPB’s investigation regarding Pioneer’s activities relating to rehabilitation loans and collection of defaulted student debt. • In December 2014, NSI received a subpoena from the New York Department of Financial Services (the “NY DFS”) as part of the NY DFS’s inquiry with regard to whether persons or entities have engaged in fraud or misconduct with respect to a financial product or service under New York Financial Services Law or other laws. We have been in discussions with each of these regulatory entities or bodies and are cooperating with these investigations, inquiries or examinations and are committed to resolving any potential concerns. It is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with these matters and reserves have not been established. In addition, Navient and its subsidiaries are subject to examination by the CFPB, FDIC, ED and various state agencies as part of its ordinary course of business. Items or matters similar to or different from those described above may arise during the course of those examinations. Under the terms of the Separation Agreement, Navient agreed to be responsible for, and to indemnify SLM BankCo for, all claims, actions, damages, losses or expenses that may arise from the conduct of all activities of pre-Spin-Off SLM BankCo occurring prior to the Spin-Off other than those specifically excluded in the Separation and Distribution Agreement. As a result, all liabilities arising out of the regulatory matters mentioned above, other than fines or penalties directly levied against Sallie Mae Bank, are the responsibility of, or assumed by, Navient or one of its subsidiaries, and Navient has agreed to indemnify and hold harmless Sallie Mae and its subsidiaries, including Sallie Mae Bank, therefrom. Navient has no additional reserves related to indemnification matters with SLM BankCo as of September 30, 2015. OIG Audit The Office of the Inspector General (the “OIG”) of ED commenced an audit regarding Special Allowance Payments (“SAP”) on September 10, 2007. On September 25, 2013, we received the final audit determination of Federal Student Aid (the “Final Audit Determination”) on the final audit report issued by the OIG on August 3, 2009 related to this audit. The Final Audit Determination concurred with the final audit report issued by the OIG and instructed us to make adjustment to our government billing to reflect the policy determination. Navient remains in active discussions with ED on this matter and we also have the right to appeal the Final Audit Determination to the Administrative Actions and Appeals Service Group of ED. The last date to file an appeal in this matter has been extended by ED several times and is currently November 12, 2015. We continue to believe that our SAP billing practices were proper, considering then-existing ED guidance and lack of applicable regulations. The Company established a reserve for this matter in 2014 as part of the total reserve for pending regulatory matters discussed previously. 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. 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 numerous 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 such litigation and regulatory matters, we cannot 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 related to each pending matter may be. We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, reserves have been established for certain litigation or regulatory matters where the loss is both probable and estimable. Based on current knowledge, management does not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our consolidated financial position, liquidity, results of operations or cash flows.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	13. Segment Reporting FFELP Loans Segment In the FFELP Loans segment, we acquire and finance FFELP Loans. Even though FFELP Loans are no longer originated due to changes in federal law that took effect in 2010, we continue to pursue acquisitions of FFELP Loan portfolios that leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we primarily earn net interest income on the FFELP Loan portfolio. This segment is expected to generate significant amounts of earnings and cash flow as the portfolio amortizes. The following table includes GAAP basis asset information for our FFELP Loans segment. (Dollars in millions) September 30, 2015 December 31, 2014 FFELP Loans, net $ 98,468 $ 104,521 Cash and investments (1) 4,500 4,050 Other 2,043 2,566 Total assets $ 105,011 $ 111,137 (1) Includes restricted cash and investments. Private Education Loans Segment In this segment, we acquire, finance and service Private Education Loans. Even though we no longer originate Private Education Loans, we continue to pursue acquisitions of Private Education Loan portfolios that leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we primarily earn net interest income on the Private Education Loan portfolio (after provision for loan losses). This segment is expected to generate significant amounts of cash as the portfolio amortizes. The following table includes GAAP basis asset information for our Private Education Loans segment. (Dollars in millions) September 30, 2015 December 31, 2014 Private Education Loans, net $ 27,323 $ 29,796 Cash and investments (1) 396 402 Other 2,391 2,453 Total assets $ 30,110 $ 32,651 (1) Includes restricted cash and investments. Business Services Segment Our Business Services segment generates its revenue from servicing our FFELP Loan portfolio as well as providing servicing and asset recovery services for loans on behalf of Guarantors of FFELP Loans and other institutions, including ED, higher education institutions and other federal, state, court and municipal clients. At September 30, 2015 and December 31, 2014, the Business Services segment had total assets of $557 million and $416 million, respectively, on a GAAP basis. Other Segment Our Other segment primarily consists of activities of our holding company, including the repurchase of debt, the corporate liquidity portfolio and all unallocated overhead. We also include results from certain smaller wind-down and discontinued operations within this segment. Overhead expenses include costs related to executive management, the board of directors, accounting, finance, legal, human resources, stock-based compensation expense and certain information technology costs related to infrastructure and operations. At September 30, 2015 and December 31, 2014, the Other segment had total assets of $2.0 billion and $2.1 billion, respectively, on a GAAP basis. Measure of Profitability We prepare financial statements in accordance with GAAP. However, we also evaluate our business segments 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 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 each business segment because “Core Earnings” reflect adjustments to GAAP financial results for three items, discussed below, that are either related to the Spin-Off or 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 three items we remove to result in our “Core Earnings” presentations are: 1. The financial results attributable to the operations of SLM BankCo prior to the Spin-Off and related restructuring and other reorganization expense incurred in connection with the Spin-Off, including the restructuring expenses related to the restructuring initiative launched in second-quarter 2015 to simplify and streamline the Company’s management structure post-Spin-Off. For GAAP purposes, Navient reflected the deemed distribution of SLM BankCo on April 30, 2014. For “Core Earnings,” we exclude the consumer banking business as if it had never been a part of Navient’s historical results prior to the deemed distribution of SLM BankCo on April 30, 2014; 2. Unrealized 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 3. 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. Segment Results and Reconciliations to GAAP Three Months Ended September 30, 2015 (Dollars in millions) FFELP Private Business Other Eliminations (1) Total Adjustments Total Reclassifications Additions/ Total (2) Interest income: Student loans $ 526 $ 444 $ — $ — $ — $ 970 $ 164 $ (60 ) $ 104 $ 1,074 Other loans — — — 1 — 1 — — — 1 Cash and investments 2 — — — — 2 — — — 2 Total interest income 528 444 — 1 — 973 164 (60 ) 104 1,077 Total interest expense 317 170 — 26 — 513 11 — 11 524 Net interest income (loss) 211 274 — (25 ) — 460 153 (60 ) 93 553 Less: provisions for loan losses 7 117 — (1 ) — 123 — — — 123 Net interest income (loss) after provisions for loan losses 204 157 — (24 ) — 337 153 (60 ) 93 430 Other income (loss): Gains on sales of loans and investments — — — — — — — — — — Servicing revenue 16 5 161 — (106 ) 76 — — — 76 Asset recovery revenue — — 85 — — 85 — — — 85 Gains on debt repurchases — — — — — — — — — — Other income (loss) — — 2 3 — 5 (153 ) 168 15 20 Total other income (loss) 16 5 248 3 (106 ) 166 (153 ) 168 15 181 Expenses: Direct operating expenses 109 39 123 9 (106 ) 174 — — — 174 Overhead expenses — — — 54 — 54 — — — 54 Operating expenses 109 39 123 63 (106 ) 228 — — — 228 Goodwill and acquired intangible asset impairment and amortization — — — — — — — 3 3 3 Restructuring and other reorganization expenses — — — — — — — — — — Total expenses 109 39 123 63 (106 ) 228 — 3 3 231 Income (loss) from continuing operations, before income tax expense (benefit) 111 123 125 (84 ) — 275 — 105 105 380 Income tax expense (benefit) (3) 41 46 46 (31 ) — 102 — 42 42 144 Net income (loss) from continuing operations 70 77 79 (53 ) — 173 — 63 63 236 Income from discontinued operations, net of tax expense — — — 1 — 1 — — — 1 Net income (loss) $ 70 $ 77 $ 79 $ (52 ) $ — $ 174 $ — $ 63 $ 63 $ 237 (1) The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment. (2) “Core Earnings” adjustments to GAAP: Three Months Ended September 30, 2015 (Dollars in millions) Net Impact from Net Impact of Net Impact of Total Net interest income after provisions for loan losses $ — $ 93 $ — $ 93 Total other income — 15 — 15 Operating expenses — — — — Goodwill and acquired intangible asset impairment and amortization — — 3 3 Restructuring and other reorganization expenses — — — — Total “Core Earnings” adjustments to GAAP $ — $ 108 $ (3 ) 105 Income tax expense 42 Net income $ 63 (3) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Three Months Ended September 30, 2014 (Dollars in millions) FFELP Private Business Other Eliminations (1) Total Adjustments Total Reclassifications Additions/ Total (2) Interest income: Student loans $ 531 $ 490 $ — $ — $ — $ 1,021 $ 167 $ (60 ) $ 107 $ 1,128 Other loans — — — 2 — 2 — — — 2 Cash and investments 1 — — 1 — 2 — — — 2 Total interest income 532 490 — 3 — 1,025 167 (60 ) 107 1,132 Total interest expense 293 174 — 29 — 496 10 2 12 508 Net interest income (loss) 239 316 — (26 ) — 529 157 (62 ) 95 624 Less: provisions for loan losses 10 130 — — — 140 — — — 140 Net interest income (loss) after provisions for loan losses 229 186 — (26 ) — 389 157 (62 ) 95 484 Other income (loss): Gains on sales of loans and investments — — — — — — — — — — Servicing revenue 16 10 167 — (112 ) 81 — — — 81 Asset recovery revenue — — 65 — — 65 — — — 65 Gains on debt repurchases — — — — — — — — — — Other income (loss) — — 3 8 — 11 (157 ) 288 131 142 Total other income (loss) 16 10 235 8 (112 ) 157 (157 ) 288 131 288 Expenses: Direct operating expenses 118 40 98 3 (112 ) 147 — — — 147 Overhead expenses — — — 48 — 48 — — — 48 Operating expenses 118 40 98 51 (112 ) 195 — — — 195 Goodwill and acquired intangible asset impairment and amortization — — — — — — — 2 2 2 Restructuring and other reorganization expenses — — — — — — — 14 14 14 Total expenses 118 40 98 51 (112 ) 195 — 16 16 211 Income (loss) from continuing operations, before income tax expense (benefit) 127 156 137 (69 ) — 351 — 210 210 561 Income tax expense (benefit) (3) 48 58 50 (25 ) — 131 — 69 69 200 Net income (loss) from continuing operations 79 98 87 (44 ) — 220 — 141 141 361 Loss from discontinued operations, net of tax benefit — — (2 ) — — (2 ) — — — (2 ) Net income (loss) $ 79 $ 98 $ 85 $ (44 ) $ — $ 218 $ — $ 141 $ 141 $ 359 (1) The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment. (2) “Core Earnings” adjustments to GAAP: Three Months Ended September 30, 2014 (Dollars in millions) Net Impact from Net Impact of Net Impact of Total Net interest income after provisions for loan losses $ — $ 95 $ — $ 95 Total other income — 131 — 131 Operating expenses — — — — Goodwill and acquired intangible asset impairment and amortization — — 2 2 Restructuring and other reorganization expenses 14 — — 14 Total “Core Earnings” adjustments to GAAP $ (14 ) $ 226 $ (2 ) 210 Income tax expense 69 Net income $ 141 (3) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Nine Months Ended September 30, 2015 (Dollars in millions) FFELP Private Business Other Eliminations (1) Total Adjustments Total Reclassifications Additions/ Total (2) Interest income: Student loans $ 1,581 $ 1,335 $ — $ — $ — $ 2,916 $ 489 $ (178 ) $ 311 $ 3,227 Other loans — — — 5 — 5 — — — 5 Cash and investments 5 — — 1 — 6 — — — 6 Total interest income 1,586 1,335 — 6 — 2,927 489 (178 ) 311 3,238 Total interest expense 928 514 — 84 — 1,526 27 — 27 1,553 Net interest income (loss) 658 821 — (78 ) — 1,401 462 (178 ) 284 1,685 Less: provisions for loan losses 19 428 — (1 ) — 446 — — — 446 Net interest income (loss) after provisions for loan losses 639 393 — (77 ) — 955 462 (178 ) 284 1,239 Other income (loss): Gains on sales of loans and investments 12 — — — — 12 — — — 12 Servicing revenue 78 17 487 — (324 ) 258 — — — 258 Asset recovery revenue — — 273 — — 273 — — — 273 Gains on debt repurchases — — — — — — — — — — Other income (loss) — — 4 11 — 15 (462 ) 535 73 88 Total other income (loss) 90 17 764 11 (324 ) 558 (462 ) 535 73 631 Expenses: Direct operating expenses 336 127 355 20 (324 ) 514 — — — 514 Overhead expenses — — — 169 — 169 — — — 169 Operating expenses 336 127 355 189 (324 ) 683 — — — 683 Goodwill and acquired intangible asset impairment and amortization — — — — — — — 7 7 7 Restructuring and other reorganization expenses — — — — — — — 32 32 32 Total expenses 336 127 355 189 (324 ) 683 — 39 39 722 Income (loss) from continuing operations, before income tax expense (benefit) 393 283 409 (255 ) — 830 — 318 318 1,148 Income tax expense (benefit) (3) 146 105 152 (95 ) — 308 — 130 130 438 Net income (loss) from continuing operations 247 178 257 (160 ) — 522 — 188 188 710 Income from discontinued operations, net of tax expense — — — 1 — 1 — — — 1 Net income (loss) $ 247 $ 178 $ 257 $ (159 ) $ — $ 523 $ — $ 188 $ 188 $ 711 (1) The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment. (2) “Core Earnings” adjustments to GAAP: Nine Months Ended September 30, 2015 (Dollars in millions) Net Impact from Net Impact of Net Impact of Total Net interest income after provisions for loan losses $ — $ 284 $ — $ 284 Total other income — 73 — 73 Operating expenses — — — — Goodwill and acquired intangible asset impairment and amortization — — 7 7 Restructuring and other reorganization expenses 32 — — 32 Total “Core Earnings” adjustments to GAAP $ (32 ) $ 357 $ (7 ) 318 Income tax expense 130 Net income $ 188 (3) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Nine Months Ended September 30, 2014 (Dollars in millions) FFELP Private Business Other Eliminations (1) Total Adjustments Total Reclassifications Additions/ Total (2) Interest income: Student loans $ 1,564 $ 1,475 $ — $ — $ — $ 3,039 $ 532 $ 18 $ 550 $ 3,589 Other loans — — — 7 — 7 — — — 7 Cash and investments 3 — — 3 — 6 — 1 1 7 Total interest income 1,567 1,475 — 10 — 3,052 532 19 551 3,603 Total interest expense 871 532 — 84 — 1,487 32 31 63 1,550 Net interest income (loss) 696 943 — (74 ) — 1,565 500 (12 ) 488 2,053 Less: provisions for loan losses 30 411 — — — 441 — 49 49 490 Net interest income (loss) after provisions for loan losses 666 532 — (74 ) — 1,124 500 (61 ) 439 1,563 Other income (loss): Gains on sales of loans and investments — — — — — — — — — — Servicing revenue 42 18 502 — (345 ) 217 — — — 217 Asset recovery revenue — — 308 — — 308 — — — 308 Gains on debt repurchases — — — — — — — — — — Other income (loss) — — 4 19 — 23 (500 ) 687 187 210 Total other income (loss) 42 18 814 19 (345 ) 548 (500 ) 687 187 735 Expenses: Direct operating expenses 363 138 286 118 (345 ) 560 — 35 35 595 Overhead expenses — — — 149 — 149 — 29 29 178 Operating expenses 363 138 286 267 (345 ) 709 — 64 64 773 Goodwill and acquired intangible asset impairment and amortization — — — — — — — 7 7 7 Restructuring and other reorganization expenses — — — — — — — 102 102 102 Total expenses 363 138 286 267 (345 ) 709 — 173 173 882 Income (loss) from continuing operations, before income tax expense (benefit) 345 412 528 (322 ) — 963 — 453 453 1,416 Income tax expense (benefit) (3) 131 153 197 (120 ) — 361 — 169 169 530 Net income (loss) from continuing operations 214 259 331 (202 ) — 602 — 284 284 886 Loss from discontinued operations, net of tax benefit — — (1 ) — — (1 ) — — — (1 ) Net income (loss) $ 214 $ 259 $ 330 $ (202 ) $ — $ 601 $ — $ 284 $ 284 $ 885 (1) The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment. (2) “Core Earnings” adjustments to GAAP: Nine Months Ended September 30, 2014 (Dollars in millions) Net Impact from Net Impact of Net Impact of Total Net interest income after provisions for loan losses $ 137 $ 302 $ — $ 439 Total other income 14 173 — 187 Operating expenses 64 — — 64 Goodwill and acquired intangible asset impairment and amortization — — 7 7 Restructuring and other reorganization expenses 102 — — 102 Total “Core Earnings” adjustments to GAAP $ (15 ) $ 475 $ (7 ) 453 Income tax expense 169 Net income $ 284 (3) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Summary of “Core Earnings” Adjustments to GAAP Three Months Ended Nine Months Ended (Dollars in millions) 2015 2014 2015 2014 “Core Earnings” adjustments to GAAP: Net impact of the removal of SLM BankCo’s operations and restructuring and other reorganization expense in connection with the Spin-Off (1) $ — $ (14 ) $ (32 ) $ (15 ) Net impact of derivative accounting (2) 108 226 357 475 Net impact of goodwill and acquired intangibles assets (3) (3 ) (2 ) (7 ) (7 ) Net tax effect (4) (42 ) (69 ) (130 ) (169 ) Total “Core Earnings” adjustments to GAAP $ 63 $ 141 $ 188 $ 284 (1) SLM BankCo’s operations and restructuring and other reorganization expense in connection with the Spin-Off: (2) Derivative accounting: (3) Goodwill and acquired intangible assets: (4) Net tax effect:

Significant Accounting Polici22

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
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 and nine month periods ended September 30, 2015 are not necessarily indicative of the results for the year ending December 31, 2015 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2014 Form 10-K.
Reclassifications	Reclassifications Certain reclassifications have been made to the balances as of and for the three and nine months ended September 30, 2014 to be consistent with classifications adopted for 2015, and had no effect on net income, total assets or total liabilities.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Revenue Recognition On May 28, 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. In July 2015, the FASB agreed to defer the mandatory effective date by one year. Accordingly, the new standard is effective for the Company as of January 1, 2018. Early application is permitted as of January 2017. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet determined the effect of the standard on our ongoing financial reporting but do not expect it to be material.

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2015
Allowance for Credit Losses and Recorded Investments in Loans	Allowance for Loan Losses Metrics Three Months Ended September 30, 2015 (Dollars in millions) FFELP Loans Private Education Other Total Allowance for Loan Losses Beginning balance $ 89 $ 1,533 $ 21 $ 1,643 Total provision 7 117 (1 ) 123 Total net charge-offs (1) (12 ) (148 ) (1 ) (161 ) Reclassification of interest reserve (2) — 3 — 3 Ending balance $ 84 $ 1,505 $ 19 $ 1,608 Allowance: Ending balance: individually evaluated for impairment $ — $ 1,247 $ 16 $ 1,263 Ending balance: collectively evaluated for impairment $ 84 $ 258 $ 3 $ 345 Loans: Ending balance: individually evaluated for impairment (3) $ — $ 10,870 $ 41 $ 10,911 Ending balance: collectively evaluated for impairment (3) $ 97,425 $ 18,507 $ 50 $ 115,982 Net charge-offs as a percentage of average loans in repayment (annualized) .06 % 2.31 % 5.10 % Allowance coverage of net charge-offs (annualized) 1.7 2.6 3.9 Allowance as a percentage of the ending total loan balance .09 % 5.12 % 20.31 % Allowance as a percentage of the ending loans in repayment .11 % 5.99 % 20.31 % Ending total loans (3) $ 97,425 $ 29,377 $ 91 Average loans in repayment $ 75,460 $ 25,546 $ 93 Ending loans in repayment $ 75,294 $ 25,104 $ 91 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion. (2) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. (3) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. Three Months Ended September 30, 2014 (Dollars in millions) FFELP Loans Private Education Other Total Allowance for Loan Losses Beginning balance $ 96 $ 1,983 $ 26 $ 2,105 Total provision 10 130 — 140 Total net charge-offs (1) (14 ) (158 ) (1 ) (173 ) Reclassification of interest reserve (2) — 4 — 4 Ending balance $ 92 $ 1,959 $ 25 $ 2,076 Allowance: Ending balance: individually evaluated for impairment $ — $ 1,121 $ 19 $ 1,140 Ending balance: collectively evaluated for impairment $ 92 $ 838 $ 6 $ 936 Loans: Ending balance: individually evaluated for impairment (3) $ — $ 10,329 $ 45 $ 10,374 Ending balance: collectively evaluated for impairment (3) $ 96,828 $ 22,710 $ 67 $ 119,605 Net charge-offs as a percentage of average loans in repayment (annualized) .08 % 2.30 % 3.08 % Allowance coverage of net charge-offs (annualized) 1.6 3.1 7.0 Allowance as a percentage of the ending total loan balance .09 % 5.93 % 22.08 % Allowance as a percentage of the ending loans in repayment .13 % 7.23 % 22.08 % Ending total loans (3) $ 96,828 $ 33,039 $ 112 Average loans in repayment $ 71,807 $ 27,228 $ 114 Ending loans in repayment $ 71,508 $ 27,092 $ 112 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion. (2) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. (3) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. Nine Months Ended September 30, 2015 (Dollars in millions) FFELP Loans Private Education Other Total Allowance for Loan Losses Beginning balance $ 93 $ 1,916 $ 24 $ 2,033 Total provision 19 428 (1 ) 446 Net adjustment resulting from the change in the charge-off rate (1) — (330 ) — (330 ) Net charge-offs remaining (2) (28 ) (517 ) (4 ) (549 ) Total net charge-offs (28 ) (847 ) (4 ) (879 ) Reclassification of interest reserve (3) — 8 — 8 Ending balance $ 84 $ 1,505 $ 19 $ 1,608 Allowance: Ending balance: individually evaluated for impairment $ — $ 1,247 $ 16 $ 1,263 Ending balance: collectively evaluated for impairment $ 84 $ 258 $ 3 $ 345 Loans: Ending balance: individually evaluated for impairment (4) $ — $ 10,870 $ 41 $ 10,911 Ending balance: collectively evaluated for impairment (4) $ 97,425 $ 18,507 $ 50 $ 115,982 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (annualized) (1) .05 % 2.65 % 5.72 % Net adjustment resulting from the change in the charge-off rate as a percentage of average loans in repayment (annualized) (1) — % 1.69 % — % Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized) (1) 2.2 2.2 3.3 Allowance as a percentage of the ending total loan balance .09 % 5.12 % 20.31 % Allowance as a percentage of the ending loans in repayment .11 % 5.99 % 20.31 % Ending total loans (4) $ 97,425 $ 29,377 $ 91 Average loans in repayment $ 76,412 $ 26,100 $ 99 Ending loans in repayment $ 75,294 $ 25,104 $ 91 (1) In the second quarter of 2015, the portion of the loan amount charged off at default on Private Education Loans increased from 73 percent to 79 percent. This did not impact the provision for loan losses as previously this had been reserved through the allowance for loan losses. This change resulted in a $330 million reduction to the balance of the receivable for partially charged-off loans. (2) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion. (3) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. (4) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. Nine Months Ended September 30, 2014 (Dollars in millions) FFELP Loans Private Education Other Total Allowance for Loan Losses Beginning balance $ 119 $ 2,097 $ 28 $ 2,244 Total provision 30 460 — 490 Total net charge-offs (1) (51 ) (543 ) (3 ) (597 ) Reclassification of interest reserve (2) — 14 — 14 Distribution of SLM BankCo (6 ) (69 ) — (75 ) Ending balance $ 92 $ 1,959 $ 25 $ 2,076 Allowance: Ending balance: individually evaluated for impairment $ — $ 1,121 $ 19 $ 1,140 Ending balance: collectively evaluated for impairment $ 92 $ 838 $ 6 $ 936 Loans: Ending balance: individually evaluated for impairment (3) $ — $ 10,329 $ 45 $ 10,374 Ending balance: collectively evaluated for impairment (3) $ 96,828 $ 22,710 $ 67 $ 119,605 Net charge-offs as a percentage of average loans in repayment (annualized) .10 % 2.50 % 3.48 % Allowance coverage of net charge-offs (annualized) 1.3 2.7 5.9 Allowance as a percentage of the ending total loan balance .09 % 5.93 % 22.08 % Allowance as a percentage of the ending loans in repayment .13 % 7.23 % 22.08 % Ending total loans (3) $ 96,828 $ 33,039 $ 112 Average loans in repayment $ 72,635 $ 29,065 $ 120 Ending loans in repayment $ 71,508 $ 27,092 $ 112 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion. (2) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. (3) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.
Age Analysis of Past Due Loans Delinquencies	The following tables provide information regarding the loan status and aging of past due loans. FFELP Loan Delinquencies September 30, December 31, (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 9,184 $ 10,861 Loans in forbearance (2) 12,947 14,366 Loans in repayment and percentage of each status: Loans current 63,320 84.1 % 65,221 83.4 % Loans delinquent 31-60 days (3) 3,654 4.9 3,942 5.0 Loans delinquent 61-90 days (3) 1,886 2.5 2,451 3.1 Loans delinquent greater than 90 days (3) 6,434 8.5 6,597 8.5 Total FFELP Loans in repayment 75,294 100 % 78,211 100 % Total FFELP Loans, gross 97,425 103,438 FFELP Loan unamortized premium 1,127 1,176 Total FFELP Loans 98,552 104,614 FFELP Loan allowance for losses (84 ) (93 ) FFELP Loans, net $ 98,468 $ 104,521 Percentage of FFELP Loans in repayment 77.3 % 75.6 % Delinquencies as a percentage of FFELP Loans in repayment 15.9 % 16.6 % FFELP Loans in forbearance as a percentage of loans in repayment and forbearance 14.7 % 15.5 % (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. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Traditional Loan September 30, December 31, (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 2,128 $ 2,777 Loans in forbearance (2) 924 935 Loans in repayment and percentage of each status: Loans current 21,596 93.4 % 23,012 92.7 % Loans delinquent 31-60 days (3) 504 2.2 624 2.5 Loans delinquent 61-90 days (3) 338 1.4 363 1.5 Loans delinquent greater than 90 days (3) 692 3.0 816 3.3 Total traditional loans in repayment 23,130 100 % 24,815 100 % Total traditional loans, gross 26,182 28,527 Traditional loans unamortized discount (487 ) (526 ) Total traditional loans 25,695 28,001 Traditional loans receivable for partially charged-off loans 564 775 Traditional loans allowance for losses (1,251 ) (1,515 ) Traditional loans, net $ 25,008 $ 27,261 Percentage of traditional loans in repayment 88.3 % 87.0 % Delinquencies as a percentage of traditional loans in repayment 6.6 % 7.3 % Loans in forbearance as a percentage of loans in repayment and forbearance 3.8 % 3.6 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Non-Traditional September 30, December 31, (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 207 $ 276 Loans in forbearance (2) 122 124 Loans in repayment and percentage of each status: Loans current 1,662 84.2 % 1,749 81.9 % Loans delinquent 31-60 days (3) 85 4.3 110 5.2 Loans delinquent 61-90 days (3) 65 3.3 73 3.4 Loans delinquent greater than 90 days (3) 162 8.2 202 9.5 Total non-traditional loans in repayment 1,974 100 % 2,134 100 % Total non-traditional loans, gross 2,303 2,534 Non-traditional loans unamortized discount (62 ) (68 ) Total non-traditional loans 2,241 2,466 Non-traditional loans receivable for partially charged-off loans 328 470 Non-traditional loans allowance for losses (254 ) (401 ) Non-traditional loans, net $ 2,315 $ 2,535 Percentage of non-traditional loans in repayment 85.7 % 84.2 % Delinquencies as a percentage of non-traditional loans in repayment 15.8 % 18.1 % Loans in forbearance as a percentage of loans in repayment and forbearance 5.8 % 5.5 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans	The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans. TDR Loans (Dollars in millions) Recorded (1) Unpaid Related September 30, 2015 Private Education Loans — Traditional $ 9,041 $ 9,107 $ 1,014 Private Education Loans — Non-Traditional 1,452 1,452 233 Total $ 10,493 $ 10,559 $ 1,247 December 31, 2014 Private Education Loans — Traditional $ 8,728 $ 8,790 $ 917 Private Education Loans — Non-Traditional 1,477 1,476 215 Total $ 10,205 $ 10,266 $ 1,132 (1) The recorded investment is equal to the unpaid principal balance and accrued interest receivable net of unamortized deferred fees and costs.
Average Recorded Investment and Interest Income Recognized for TDR	The following tables provide the average recorded investment and interest income recognized for our TDR loans. Three Months Ended September 30, 2015 2014 (Dollars in millions) Average Interest Average Interest Private Education Loans — Traditional $ 8,988 $ 134 $ 8,306 $ 126 Private Education Loans — Non-Traditional 1,456 29 1,466 29 Total $ 10,444 $ 163 $ 9,772 $ 155 Nine Months Ended September 30, 2015 2014 (Dollars in millions) Average Interest Average Interest Private Education Loans — Traditional $ 8,930 $ 402 $ 7,983 $ 366 Private Education Loans — Non-Traditional 1,466 86 1,450 87 Total $ 10,396 $ 488 $ 9,433 $ 453
Loans Modified Accounts for TDR	The following tables provide the amount of loans modified in the periods presented that resulted in a TDR. Additionally, the tables summarize charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. The majority of our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan or do not involve an extended repayment plan. Three Months Ended September 30, 2015 2014 (Dollars in millions) Modified (1) Charge- (2) Payment Modified (1) Charge- (2) Payment Private Education Loans — Traditional $ 339 $ 81 $ 83 $ 415 $ 72 $ 110 Private Education Loans — Non-Traditional 32 26 15 43 23 24 Total $ 371 $ 107 $ 98 $ 458 $ 95 $ 134 Nine Months Ended September 30, 2015 2014 (Dollars in millions) Modified (1) Charge- (2) Payment Modified (1) Charge- (2) Payment Private Education Loans — Traditional $ 1,107 $ 273 $ 266 $ 1,414 $ 245 $ 331 Private Education Loans — Non-Traditional 111 84 47 159 80 76 Total $ 1,218 $ 357 $ 313 $ 1,573 $ 325 $ 407 (1) Represents period ending balance of loans that have been modified during the period and resulted in a TDR. (2) Represents loans that charged off that were classified as TDRs.
Private Education Loans [Member]
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators	The following table highlights the principal balance (excluding the receivable for partially charged-off loans) of our Private Education Loan portfolio stratified by the key credit quality indicators. Private Education Loans September 30, 2015 December 31, 2014 (Dollars in millions) Balance (3) % of Balance Balance (3) % of Balance Credit Quality Indicators School Type/FICO Scores: Traditional $ 26,182 92 % $ 28,527 92 % Non-Traditional (1) 2,303 8 2,534 8 Total $ 28,485 100 % $ 31,061 100 % Cosigners: With cosigner $ 18,380 65 % $ 20,001 64 % Without cosigner 10,105 35 11,060 36 Total $ 28,485 100 % $ 31,061 100 % Seasoning (2) : 1-12 payments $ 1,926 7 % $ 2,734 9 % 13-24 payments 2,336 8 3,161 10 25-36 payments 3,545 12 4,259 14 37-48 payments 3,972 14 4,404 14 More than 48 payments 14,371 51 13,450 43 Not yet in repayment 2,335 8 3,053 10 Total $ 28,485 100 % $ 31,061 100 % (1) Defined as loans to customers attending for-profit schools (with a FICO score of less than 670 at origination) and customers attending not-for-profit schools (with a FICO score of less than 640 at origination). (2) Number of months in active repayment for which a scheduled payment was received. (3) Balance represents gross Private Education Loans.
Receivable for Partially Charged-Off Loans	The following table summarizes the activity in the receivable for partially charged-off Private Education Loans. Three Months Ended Nine Months Ended (Dollars in millions) 2015 2014 2015 2014 Receivable at beginning of period $ 902 $ 1,269 $ 1,245 $ 1,313 Expected future recoveries of current period defaults (1) 38 51 147 175 Recoveries (2) (48 ) (48 ) (151 ) (167 ) Net adjustment resulting from the change in the charge-off rate (3) — — (330 ) — Net charge-offs remaining — (19 ) (19 ) (68 ) Total net charge-offs — (19 ) (349 ) (68 ) Receivable at end of period 892 1,253 892 1,253 Allowance for estimated recovery shortfalls (4) — (392 ) — (392 ) Net receivable at end of period $ 892 $ 861 $ 892 $ 861 (1) Represents the difference between the defaulted loan balance and our estimate of the amount to be collected in the future. (2) Current period cash collections. (3) Prior to second-quarter 2015, charge-offs represent the current period recovery shortfall — the difference between what was expected to be collected and what was actually collected. In the second quarter of 2015, the portion of the loan amount charged off at default increased from 73 percent to 79 percent. This change resulted in a $330 million reduction to the balance of the receivable for partially charged-off loans. These amounts are included in total charge-offs as reported in the “Allowance for Private Education Loan Losses” table. (4) The allowance for estimated recovery shortfalls of the receivable for partially charged-off Private Education Loans is a component of the overall allowance for Private Education Loan losses.
Accrued Interest Receivable	The following table provides information regarding accrued interest receivable on our Private Education Loans and our allowance for uncollectible interest. (Dollars in millions) Accrued Allowance for September 30, 2015 Private Education Loans — Traditional $ 486 $ 26 Private Education Loans — Non-Traditional 60 8 Total $ 546 $ 34 December 31, 2014 Private Education Loans — Traditional $ 542 $ 29 Private Education Loans — Non-Traditional 70 11 Total $ 612 $ 40
Troubled Debt Restructuring Loans [Member]
Age Analysis of Past Due Loans Delinquencies	The following table provides information regarding the loan status and aging of TDR loans that are past due. TDR Loan Delinquencies September 30, 2015 December 31, 2014 (Dollars in millions) Balance % Balance % Loans in deferment (1) $ 767 $ 825 Loans in forbearance (2) 746 745 Loans in repayment and percentage of each status: Loans current 7,657 84.7 % 7,186 82.7 % Loans delinquent 31-60 days (3) 410 4.5 464 5.3 Loans delinquent 61-90 days (3) 301 3.3 299 3.4 Loans delinquent greater than 90 days (3) 678 7.5 747 8.6 Total TDR loans in repayment 9,046 100 % 8,696 100 % Total TDR loans, gross $ 10,559 $ 10,266 (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Company's Borrowings	The following table summarizes our borrowings. September 30, 2015 December 31, 2014 (Dollars in millions) Short Long Total Short Long Total Unsecured borrowings: Senior unsecured debt $ 1,222 $ 14,597 $ 15,819 $ 1,066 $ 16,311 $ 17,377 Total unsecured borrowings 1,222 14,597 15,819 1,066 16,311 17,377 Secured borrowings: FFELP Loan securitizations — 80,751 80,751 — 86,241 86,241 Private Education Loan securitizations — 16,744 16,744 — 17,997 17,997 FFELP Loan — other facilities — 15,796 15,796 — 15,358 15,358 Private Education Loan — other facilities 758 — 758 653 — 653 Other (1) 851 — 851 937 — 937 Total secured borrowings 1,609 113,291 114,900 1,590 119,596 121,186 Total before hedge accounting adjustments 2,831 127,888 130,719 2,656 135,907 138,563 Hedge accounting adjustments (15 ) 405 390 7 959 966 Total $ 2,816 $ 128,293 $ 131,109 $ 2,663 $ 136,866 $ 139,529 (1) “Other” primarily consists of the obligation to return cash collateral held related to derivative exposure.
Financing VIEs	We consolidated the following financing VIEs as of September 30, 2015 and December 31, 2014, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. September 30, 2015 Debt Outstanding Carrying Amount of Assets Securing Debt (Dollars in millions) Short Long Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 80,751 $ 80,751 $ 80,748 $ 3,462 $ 679 $ 84,889 Private Education Loan securitizations — 16,744 16,744 22,130 378 356 22,864 FFELP Loan — other facilities — 12,996 12,996 13,465 272 184 13,921 Private Education Loan — other facilities 758 — 758 1,148 17 37 1,202 Total before hedge accounting adjustments 758 110,491 111,249 117,491 4,129 1,256 122,876 Hedge accounting adjustments — (592 ) (592 ) — — (675 ) (675 ) Total $ 758 $ 109,899 $ 110,657 $ 117,491 $ 4,129 $ 581 $ 122,201 December 31, 2014 Debt Outstanding Carrying Amount of Assets Securing Debt (Dollars in millions) Short Long Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 86,241 $ 86,241 $ 86,715 $ 3,069 $ 722 $ 90,506 Private Education Loan securitizations — 17,997 17,997 23,184 378 389 23,951 FFELP Loan — other facilities — 13,358 13,358 13,653 269 260 14,182 Private Education Loan — other facilities 653 — 653 1,233 17 36 1,286 Total before hedge accounting adjustments 653 117,596 118,249 124,785 3,733 1,407 129,925 Hedge accounting adjustments — 82 82 — — (177 ) (177 ) Total $ 653 $ 117,678 $ 118,331 $ 124,785 $ 3,733 $ 1,230 $ 129,748

Derivative Financial Instrume25

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Impact of Derivatives on Consolidated Balance Sheet	Impact of Derivatives on Consolidated Balance Sheet Cash Flow Fair Value Trading Total (Dollars in millions) Hedged Risk Sept. 30, Dec. 31, Sept. 30, Dec. 31, Sept. 30, Dec. 31, Sept. 30, Dec. 31, Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ 6 $ 901 $ 828 $ 61 $ 23 $ 962 $ 857 Cross-currency interest rate swaps Foreign currency & — — 11 164 — — 11 164 Other (2) Interest rate — — — — 1 1 1 1 Total derivative assets (3) — 6 912 992 62 24 974 1,022 Derivative Liabilities: Interest rate swaps Interest rate (139 ) (3 ) — (22 ) (64 ) (120 ) (203 ) (145 ) Floor Income Contracts Interest rate — — — — (609 ) (915 ) (609 ) (915 ) Cross-currency interest rate swaps Foreign currency & — — (687 ) (293 ) (62 ) (65 ) (749 ) (358 ) Other (2) Interest rate — — — — (3 ) (12 ) (3 ) (12 ) Total derivative liabilities (3) (139 ) (3 ) (687 ) (315 ) (738 ) (1,112 ) (1,564 ) (1,430 ) Net total derivatives $ (139 ) $ 3 $ 225 $ 677 $ (676 ) $ (1,088 ) $ (590 ) $ (408 ) (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) “Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility. (3) The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:
Gross Positions without Impact of Master Netting Agreements	(3) 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) September 30, December 31, September 30, December 31, Gross position $ 974 $ 1,022 $ (1,564 ) $ (1,430 ) Impact of master netting agreements (91 ) (241 ) 91 241 Derivative values with impact of master netting agreements (as carried on balance sheet) 883 781 (1,473 ) (1,189 ) Cash collateral (held) pledged (851 ) (935 ) 651 624 Net position $ 32 $ (154 ) $ (822 ) $ (565 )
Derivative Notional Values	Cash Flow Fair Value Trading Total (Dollars in billions) Sept. 30, Dec. 31, Sept. 30, Dec. 31, Sept. 30, Dec. 31, Sept. 30, Dec. 31, Notional Values: Interest rate swaps $ 9.5 $ 6.0 $ 13.2 $ 14.3 $ 30.0 $ 28.7 $ 52.7 $ 49.0 Floor Income Contracts — — — — 35.1 35.2 35.1 35.2 Cross-currency interest rate swaps — — 9.1 9.4 .4 .4 9.5 9.8 Other (1) — — — — 3.3 3.6 3.3 3.6 Total derivatives $ 9.5 $ 6.0 $ 22.3 $ 23.7 $ 68.8 $ 67.9 $ 100.6 $ 97.6 (1) “Other” includes embedded derivatives bifurcated from securitization debt, as well as derivatives related to our Total Return Swap Facility.
Impact of Derivatives on Consolidated Statements of Income	Impact of Derivatives on Consolidated Statements of Income Three Months Ended September 30, Unrealized Gain (1)(2) Realized Gain (3) Unrealized Gain (1) Total Gain (Loss) (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Fair Value Hedges: Interest rate swaps $ 209 $ (99 ) $ 83 $ 95 $ (234 ) $ 125 $ 58 $ 121 Cross-currency interest rate swaps (6 ) (748 ) (1 ) 8 35 830 28 90 Total fair value derivatives 203 (847 ) 82 103 (199 ) 955 86 211 Cash Flow Hedges: Interest rate swaps — — — — — — — — Total cash flow derivatives — — — — — — — — Trading: Interest rate swaps 82 (12 ) 10 12 — — 92 — Floor Income Contracts 69 195 (164 ) (167 ) — — (95 ) 28 Cross-currency interest rate swaps 7 (24 ) (1 ) (1 ) — — 6 (25 ) Other 13 (2 ) — (1 ) — — 13 (3 ) Total trading derivatives 171 157 (155 ) (157 ) — — 16 — Total 374 (690 ) (73 ) (54 ) (199 ) 955 102 211 Less: realized gains (losses) recorded in interest expense — — 82 103 — — 82 103 Gains (losses) on derivative and hedging activities, net $ 374 $ (690 ) $ (155 ) $ (157 ) $ (199 ) $ 955 $ 20 $ 108 (1) Recorded in “Gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. (2) Represents ineffectiveness related to cash flow hedges. (3) For fair value and cash flow hedges, recorded in interest expense. For trading derivatives, recorded in “Gains (losses) on derivative and hedging activities, net.” Nine Months Ended September 30, Unrealized Gain (1)(2) Realized Gain (3) Unrealized Gain (1) Total Gain (Loss) (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Fair Value Hedges: Interest rate swaps $ 95 $ 67 $ 265 $ 294 $ (111 ) $ (40 ) $ 249 $ 321 Cross-currency interest rate swaps (547 ) (739 ) 3 45 682 821 138 127 Total fair value derivatives (452 ) (672 ) 268 339 571 781 387 448 Cash Flow Hedges: Interest rate swaps — — — (3 ) — — — (3 ) Total cash flow derivatives — — — (3 ) — — — (3 ) Trading: Interest rate swaps 94 41 30 35 — — 124 76 Floor Income Contracts 312 508 (489 ) (532 ) — — (177 ) (24 ) Cross-currency interest rate swaps 3 (10 ) (3 ) (2 ) — — — (12 ) Other 9 13 (2 ) (1 ) — — 7 12 Total trading derivatives 418 552 (464 ) (500 ) — — (46 ) 52 Total (34 ) (120 ) (196 ) (164 ) 571 781 341 497 Less: realized gains (losses) recorded in interest expense — — 268 336 — — 268 336 Gains (losses) on derivative and hedging activities, net $ (34 ) $ (120 ) $ (464 ) $ (500 ) $ 571 $ 781 $ 73 $ 161 (1) Recorded in “Gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. (2) Represents ineffectiveness related to cash flow hedges. (3) For fair value and cash flow hedges, recorded in interest expense. For trading derivatives, recorded in “Gains (losses) on derivative and hedging activities, net.”
Collateral Held and Pledged	Collateral held and pledged related to derivative exposures between us and our derivative counterparties are detailed in the following table: (Dollars in millions) September 30, December 31, Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 851 $ 935 Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements) (1) 309 344 Total collateral held $ 1,160 $ 1,279 Derivative asset at fair value including accrued interest $ 1,054 $ 1,091 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 651 $ 624 Total collateral pledged $ 651 $ 624 Derivative liability at fair value including accrued interest and premium receivable $ 1,411 $ 926 (1) The trusts do not have the ability to sell or re-pledge securities they hold as collateral.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table provides the detail of our other assets. September 30, 2015 December 31, 2014 (Dollars in millions) Ending % of Ending % of Accrued interest receivable, net $ 1,625 32 % $ 1,821 32 % Income tax asset, net current and deferred 1,083 21 1,389 25 Derivatives at fair value 883 18 781 14 Accounts receivable 316 6 558 10 Benefit and insurance-related investments 490 10 485 9 Fixed assets, net 155 3 152 3 Other loans, net 72 1 83 1 Other 421 9 395 6 Total $ 5,045 100 % $ 5,664 100 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Common Share Repurchases and Issuances	The following table summarizes common share repurchases and issuances. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Common shares repurchased (1) 12,075,388 9,513,514 41,919,908 21,744,028 Average purchase price per share $ 14.51 $ 17.62 $ 18.50 $ 19.89 Shares repurchased related to employee stock-based compensation plans (2) 211,829 418,431 2,287,761 3,804,359 Average purchase price per share $ 15.46 $ 17.75 $ 20.17 $ 20.98 Common shares issued (3) 563,109 712,711 4,781,517 6,818,737 (1) Common shares purchased under our share repurchase programs, including share repurchase programs conducted by SLM Corporation prior to April 30, 2014. (2) Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (3) Common shares issued under our various compensation and benefit plans, including shares issued by SLM Corporation prior to April 30, 2014.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings per Common Share	Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows. Three Months Ended Nine Months Ended (In millions, except per share data) 2015 2014 2015 2014 Numerator: Net income attributable to Navient Corporation $ 237 $ 359 $ 711 $ 885 Preferred stock dividends — — — 6 Net income attributable to Navient Corporation common stock $ 237 $ 359 $ 711 $ 879 Denominator: Weighted average shares used to compute basic EPS 369 415 382 421 Effect of dilutive securities: Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plans (“ESPPs”) (1) 6 8 7 8 Dilutive potential common shares (2) 6 8 7 8 Weighted average shares used to compute diluted EPS 375 423 389 429 Basic earnings (loss) per common share attributable to Navient Corporation: Continuing operations $ .64 $ .87 $ 1.86 $ 2.09 Discontinued operations — — — — Total $ .64 $ .87 $ 1.86 $ 2.09 Diluted earnings (loss) per common share attributable to Navient Corporation: Continuing operations $ .63 $ .85 $ 1.83 $ 2.05 Discontinued operations — — — — Total $ .63 $ .85 $ 1.83 $ 2.05 (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, non-vested restricted stock, restricted stock units, and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method. (2) For the three months ended September 30, 2015 and 2014, stock options covering approximately 6 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the nine months ended September 30, 2015 and 2014, stock options covering approximately 4 million and 3 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)	9 Months Ended
	Sep. 30, 2015
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. Fair Value Measurements on a Recurring Basis September 30, 2015 December 31, 2014 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Available-for-sale investments: Agency residential mortgage-backed securities $ — $ 1 $ — $ 1 $ — $ 1 $ — $ 1 Other — 5 — 5 — 5 — 5 Total available-for-sale investments — 6 — 6 — 6 — 6 Derivative instruments: (1) Interest rate swaps — 941 21 962 — 841 16 857 Cross-currency interest rate swaps — — 11 11 — — 164 164 Other — — 1 1 — — 1 1 Total derivative assets (3) — 941 33 974 — 841 181 1,022 Total $ — $ 947 $ 33 $ 980 $ — $ 847 $ 181 $ 1,028 Liabilities (2) Derivative instruments (1) Interest rate swaps $ — $ (143 ) $ (60 ) $ (203 ) $ — $ (41 ) $ (104 ) $ (145 ) Floor Income Contracts — (609 ) — (609 ) — (915 ) — (915 ) Cross-currency interest rate swaps — (82 ) (667 ) (749 ) — (77 ) (281 ) (358 ) Other — — (3 ) (3 ) — — (12 ) (12 ) Total derivative liabilities (3) — (834 ) (730 ) (1,564 ) — (1,033 ) (397 ) (1,430 ) Total $ — $ (834 ) $ (730 ) $ (1,564 ) $ — $ (1,033 ) $ (397 ) $ (1,430 ) (1) Fair value of derivative instruments excludes accrued interest and the value of collateral. (2) Borrowings which are the hedged items 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 are not reflected in this table. (3) See “Note 5 — Derivative Financial Instruments” for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.
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 September 30, 2015 2014 Derivative instruments Derivative instruments (Dollars in millions) Interest Cross Other Total Interest Cross Other Total Balance, beginning of period $ (82 ) $ (654 ) $ (15 ) $ (751 ) $ (74 ) $ 1,042 $ (6 ) $ 962 Total gains/(losses) (realized and unrealized): Included in earnings (1) 40 (5 ) 13 48 (7 ) (738 ) (3 ) (748 ) Included in other comprehensive income — — — — — — — — Settlements 3 3 — 6 (1 ) (7 ) 1 (7 ) Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (39 ) $ (656 ) $ (2 ) $ (697 ) $ (82 ) $ 297 $ (8 ) $ 207 Change in unrealized gains/(losses) relating to instruments still held at the reporting date (2) $ 37 $ (2 ) $ 13 $ 48 $ (8 ) $ (745 ) $ (3 ) $ (756 ) Nine Months Ended September 30, 2015 2014 Derivative instruments Derivative instruments (Dollars in millions) Interest Cross Other Total Interest Cross Other Total Balance, beginning of period $ (88 ) $ (117 ) $ (11 ) $ (216 ) $ (87 ) $ 1,007 $ (21 ) $ 899 Total gains/(losses) (realized and unrealized): Included in earnings (1) 45 (538 ) 6 (487 ) 7 (671 ) 11 (653 ) Included in other comprehensive income — — — — — — — — Settlements 4 (1 ) 3 6 (2 ) (39 ) 2 (39 ) Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (39 ) $ (656 ) $ (2 ) $ (697 ) $ (82 ) $ 297 $ (8 ) $ 207 Change in unrealized gains/(losses) relating to instruments still held at the reporting date (2) $ 42 $ (536 ) $ 9 $ (485 ) $ 6 $ (811 ) $ 13 $ (792 ) (1) “Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income:
Included in Earnings	Three Months Ended Nine Months Ended (Dollars in millions) 2015 2014 2015 2014 Gains (losses) on derivative and hedging activities, net $ 50 $ (755 ) $ (488 ) $ (692 ) Interest expense (2 ) 7 1 39 Total $ 48 $ (748 ) $ (487 ) $ (653 ) (2) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.
Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments	The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. September 30, 2015 December 31, 2014 (Dollars in millions) Fair Carrying Difference Fair Carrying Difference Earning assets FFELP Loans $ 96,028 $ 98,468 $ (2,440 ) $ 104,419 $ 104,521 $ (102 ) Private Education Loans 26,544 27,323 (779 ) 29,433 29,796 (363 ) Cash and investments (1) 6,286 6,286 — 6,002 6,002 — Total earning assets 128,858 132,077 (3,219 ) 139,854 140,319 (465 ) Interest-bearing liabilities Short-term borrowings 2,814 2,816 2 2,661 2,663 2 Long-term borrowings 122,022 128,293 6,271 134,201 136,866 2,665 Total interest-bearing liabilities 124,836 131,109 6,273 136,862 139,529 2,667 Derivative financial instruments Floor Income Contracts (609 ) (609 ) — (915 ) (915 ) — Interest rate swaps 759 759 — 712 712 — Cross-currency interest rate swaps (738 ) (738 ) — (194 ) (194 ) — Other (2 ) (2 ) — (11 ) (11 ) — Excess of net asset fair value over carrying value $ 3,054 $ 2,202 (1) “Cash and investments” includes available-for-sale investments that consist of investments that are primarily agency securities whose cost basis is $5 million and $5 million at September 30, 2015 and December 31, 2014, respectively, versus a fair value of $6 million and $6 million at September 30, 2015 and December 31, 2014, respectively.
Level 3 [Member]
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 Valuation Input Range Derivatives Consumer Price Index/ LIBOR basis swaps $ 9 Discounted cash flow Bid/ask adjustment to discount rate .02% — .05% (.04%) Prime/LIBOR basis swaps (48 ) Discounted cash flow Constant prepayment rate 4.7% Bid/ask adjustment to .03% — .05% (.03%) Cross-currency interest rate swaps (656 ) Discounted cash flow Constant prepayment rate 2.8% Other (2 ) Total $ (697 )

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Results and Reconciliations to GAAP	Segment Results and Reconciliations to GAAP Three Months Ended September 30, 2015 (Dollars in millions) FFELP Private Business Other Eliminations (1) Total Adjustments Total Reclassifications Additions/ Total (2) Interest income: Student loans $ 526 $ 444 $ — $ — $ — $ 970 $ 164 $ (60 ) $ 104 $ 1,074 Other loans — — — 1 — 1 — — — 1 Cash and investments 2 — — — — 2 — — — 2 Total interest income 528 444 — 1 — 973 164 (60 ) 104 1,077 Total interest expense 317 170 — 26 — 513 11 — 11 524 Net interest income (loss) 211 274 — (25 ) — 460 153 (60 ) 93 553 Less: provisions for loan losses 7 117 — (1 ) — 123 — — — 123 Net interest income (loss) after provisions for loan losses 204 157 — (24 ) — 337 153 (60 ) 93 430 Other income (loss): Gains on sales of loans and investments — — — — — — — — — — Servicing revenue 16 5 161 — (106 ) 76 — — — 76 Asset recovery revenue — — 85 — — 85 — — — 85 Gains on debt repurchases — — — — — — — — — — Other income (loss) — — 2 3 — 5 (153 ) 168 15 20 Total other income (loss) 16 5 248 3 (106 ) 166 (153 ) 168 15 181 Expenses: Direct operating expenses 109 39 123 9 (106 ) 174 — — — 174 Overhead expenses — — — 54 — 54 — — — 54 Operating expenses 109 39 123 63 (106 ) 228 — — — 228 Goodwill and acquired intangible asset impairment and amortization — — — — — — — 3 3 3 Restructuring and other reorganization expenses — — — — — — — — — — Total expenses 109 39 123 63 (106 ) 228 — 3 3 231 Income (loss) from continuing operations, before income tax expense (benefit) 111 123 125 (84 ) — 275 — 105 105 380 Income tax expense (benefit) (3) 41 46 46 (31 ) — 102 — 42 42 144 Net income (loss) from continuing operations 70 77 79 (53 ) — 173 — 63 63 236 Income from discontinued operations, net of tax expense — — — 1 — 1 — — — 1 Net income (loss) $ 70 $ 77 $ 79 $ (52 ) $ — $ 174 $ — $ 63 $ 63 $ 237 (1) The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment. (2) “Core Earnings” adjustments to GAAP: Three Months Ended September 30, 2015 (Dollars in millions) Net Impact from Net Impact of Net Impact of Total Net interest income after provisions for loan losses $ — $ 93 $ — $ 93 Total other income — 15 — 15 Operating expenses — — — — Goodwill and acquired intangible asset impairment and amortization — — 3 3 Restructuring and other reorganization expenses — — — — Total “Core Earnings” adjustments to GAAP $ — $ 108 $ (3 ) 105 Income tax expense 42 Net income $ 63 (3) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Three Months Ended September 30, 2014 (Dollars in millions) FFELP Private Business Other Eliminations (1) Total Adjustments Total Reclassifications Additions/ Total (2) Interest income: Student loans $ 531 $ 490 $ — $ — $ — $ 1,021 $ 167 $ (60 ) $ 107 $ 1,128 Other loans — — — 2 — 2 — — — 2 Cash and investments 1 — — 1 — 2 — — — 2 Total interest income 532 490 — 3 — 1,025 167 (60 ) 107 1,132 Total interest expense 293 174 — 29 — 496 10 2 12 508 Net interest income (loss) 239 316 — (26 ) — 529 157 (62 ) 95 624 Less: provisions for loan losses 10 130 — — — 140 — — — 140 Net interest income (loss) after provisions for loan losses 229 186 — (26 ) — 389 157 (62 ) 95 484 Other income (loss): Gains on sales of loans and investments — — — — — — — — — — Servicing revenue 16 10 167 — (112 ) 81 — — — 81 Asset recovery revenue — — 65 — — 65 — — — 65 Gains on debt repurchases — — — — — — — — — — Other income (loss) — — 3 8 — 11 (157 ) 288 131 142 Total other income (loss) 16 10 235 8 (112 ) 157 (157 ) 288 131 288 Expenses: Direct operating expenses 118 40 98 3 (112 ) 147 — — — 147 Overhead expenses — — — 48 — 48 — — — 48 Operating expenses 118 40 98 51 (112 ) 195 — — — 195 Goodwill and acquired intangible asset impairment and amortization — — — — — — — 2 2 2 Restructuring and other reorganization expenses — — — — — — — 14 14 14 Total expenses 118 40 98 51 (112 ) 195 — 16 16 211 Income (loss) from continuing operations, before income tax expense (benefit) 127 156 137 (69 ) — 351 — 210 210 561 Income tax expense (benefit) (3) 48 58 50 (25 ) — 131 — 69 69 200 Net income (loss) from continuing operations 79 98 87 (44 ) — 220 — 141 141 361 Loss from discontinued operations, net of tax benefit — — (2 ) — — (2 ) — — — (2 ) Net income (loss) $ 79 $ 98 $ 85 $ (44 ) $ — $ 218 $ — $ 141 $ 141 $ 359 (1) The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment. (2) “Core Earnings” adjustments to GAAP: Three Months Ended September 30, 2014 (Dollars in millions) Net Impact from Net Impact of Net Impact of Total Net interest income after provisions for loan losses $ — $ 95 $ — $ 95 Total other income — 131 — 131 Operating expenses — — — — Goodwill and acquired intangible asset impairment and amortization — — 2 2 Restructuring and other reorganization expenses 14 — — 14 Total “Core Earnings” adjustments to GAAP $ (14 ) $ 226 $ (2 ) 210 Income tax expense 69 Net income $ 141 (3) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Nine Months Ended September 30, 2015 (Dollars in millions) FFELP Private Business Other Eliminations (1) Total Adjustments Total Reclassifications Additions/ Total (2) Interest income: Student loans $ 1,581 $ 1,335 $ — $ — $ — $ 2,916 $ 489 $ (178 ) $ 311 $ 3,227 Other loans — — — 5 — 5 — — — 5 Cash and investments 5 — — 1 — 6 — — — 6 Total interest income 1,586 1,335 — 6 — 2,927 489 (178 ) 311 3,238 Total interest expense 928 514 — 84 — 1,526 27 — 27 1,553 Net interest income (loss) 658 821 — (78 ) — 1,401 462 (178 ) 284 1,685 Less: provisions for loan losses 19 428 — (1 ) — 446 — — — 446 Net interest income (loss) after provisions for loan losses 639 393 — (77 ) — 955 462 (178 ) 284 1,239 Other income (loss): Gains on sales of loans and investments 12 — — — — 12 — — — 12 Servicing revenue 78 17 487 — (324 ) 258 — — — 258 Asset recovery revenue — — 273 — — 273 — — — 273 Gains on debt repurchases — — — — — — — — — — Other income (loss) — — 4 11 — 15 (462 ) 535 73 88 Total other income (loss) 90 17 764 11 (324 ) 558 (462 ) 535 73 631 Expenses: Direct operating expenses 336 127 355 20 (324 ) 514 — — — 514 Overhead expenses — — — 169 — 169 — — — 169 Operating expenses 336 127 355 189 (324 ) 683 — — — 683 Goodwill and acquired intangible asset impairment and amortization — — — — — — — 7 7 7 Restructuring and other reorganization expenses — — — — — — — 32 32 32 Total expenses 336 127 355 189 (324 ) 683 — 39 39 722 Income (loss) from continuing operations, before income tax expense (benefit) 393 283 409 (255 ) — 830 — 318 318 1,148 Income tax expense (benefit) (3) 146 105 152 (95 ) — 308 — 130 130 438 Net income (loss) from continuing operations 247 178 257 (160 ) — 522 — 188 188 710 Income from discontinued operations, net of tax expense — — — 1 — 1 — — — 1 Net income (loss) $ 247 $ 178 $ 257 $ (159 ) $ — $ 523 $ — $ 188 $ 188 $ 711 (1) The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment. (2) “Core Earnings” adjustments to GAAP: Nine Months Ended September 30, 2015 (Dollars in millions) Net Impact from Net Impact of Net Impact of Total Net interest income after provisions for loan losses $ — $ 284 $ — $ 284 Total other income — 73 — 73 Operating expenses — — — — Goodwill and acquired intangible asset impairment and amortization — — 7 7 Restructuring and other reorganization expenses 32 — — 32 Total “Core Earnings” adjustments to GAAP $ (32 ) $ 357 $ (7 ) 318 Income tax expense 130 Net income $ 188 (3) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Nine Months Ended September 30, 2014 (Dollars in millions) FFELP Private Business Other Eliminations (1) Total Adjustments Total Reclassifications Additions/ Total (2) Interest income: Student loans $ 1,564 $ 1,475 $ — $ — $ — $ 3,039 $ 532 $ 18 $ 550 $ 3,589 Other loans — — — 7 — 7 — — — 7 Cash and investments 3 — — 3 — 6 — 1 1 7 Total interest income 1,567 1,475 — 10 — 3,052 532 19 551 3,603 Total interest expense 871 532 — 84 — 1,487 32 31 63 1,550 Net interest income (loss) 696 943 — (74 ) — 1,565 500 (12 ) 488 2,053 Less: provisions for loan losses 30 411 — — — 441 — 49 49 490 Net interest income (loss) after provisions for loan losses 666 532 — (74 ) — 1,124 500 (61 ) 439 1,563 Other income (loss): Gains on sales of loans and investments — — — — — — — — — — Servicing revenue 42 18 502 — (345 ) 217 — — — 217 Asset recovery revenue — — 308 — — 308 — — — 308 Gains on debt repurchases — — — — — — — — — — Other income (loss) — — 4 19 — 23 (500 ) 687 187 210 Total other income (loss) 42 18 814 19 (345 ) 548 (500 ) 687 187 735 Expenses: Direct operating expenses 363 138 286 118 (345 ) 560 — 35 35 595 Overhead expenses — — — 149 — 149 — 29 29 178 Operating expenses 363 138 286 267 (345 ) 709 — 64 64 773 Goodwill and acquired intangible asset impairment and amortization — — — — — — — 7 7 7 Restructuring and other reorganization expenses — — — — — — — 102 102 102 Total expenses 363 138 286 267 (345 ) 709 — 173 173 882 Income (loss) from continuing operations, before income tax expense (benefit) 345 412 528 (322 ) — 963 — 453 453 1,416 Income tax expense (benefit) (3) 131 153 197 (120 ) — 361 — 169 169 530 Net income (loss) from continuing operations 214 259 331 (202 ) — 602 — 284 284 886 Loss from discontinued operations, net of tax benefit — — (1 ) — — (1 ) — — — (1 ) Net income (loss) $ 214 $ 259 $ 330 $ (202 ) $ — $ 601 $ — $ 284 $ 284 $ 885 (1) The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment. (2) “Core Earnings” adjustments to GAAP: Nine Months Ended September 30, 2014 (Dollars in millions) Net Impact from Net Impact of Net Impact of Total Net interest income after provisions for loan losses $ 137 $ 302 $ — $ 439 Total other income 14 173 — 187 Operating expenses 64 — — 64 Goodwill and acquired intangible asset impairment and amortization — — 7 7 Restructuring and other reorganization expenses 102 — — 102 Total “Core Earnings” adjustments to GAAP $ (15 ) $ 475 $ (7 ) 453 Income tax expense 169 Net income $ 284 (3) Income taxes are based on a percentage of net income before tax for the individual reportable segment.
Core Earnings Adjustments to GAAP	Summary of “Core Earnings” Adjustments to GAAP Three Months Ended Nine Months Ended (Dollars in millions) 2015 2014 2015 2014 “Core Earnings” adjustments to GAAP: Net impact of the removal of SLM BankCo’s operations and restructuring and other reorganization expense in connection with the Spin-Off (1) $ — $ (14 ) $ (32 ) $ (15 ) Net impact of derivative accounting (2) 108 226 357 475 Net impact of goodwill and acquired intangibles assets (3) (3 ) (2 ) (7 ) (7 ) Net tax effect (4) (42 ) (69 ) (130 ) (169 ) Total “Core Earnings” adjustments to GAAP $ 63 $ 141 $ 188 $ 284 (1) SLM BankCo’s operations and restructuring and other reorganization expense in connection with the Spin-Off: (2) Derivative accounting: (3) Goodwill and acquired intangible assets: (4) Net tax effect:
Assets [Member] | FFELP Loans Segment [Member]
Asset Information for Loans Segment	The following table includes GAAP basis asset information for our FFELP Loans segment. (Dollars in millions) September 30, 2015 December 31, 2014 FFELP Loans, net $ 98,468 $ 104,521 Cash and investments (1) 4,500 4,050 Other 2,043 2,566 Total assets $ 105,011 $ 111,137 (1) Includes restricted cash and investments.
Assets [Member] | Private Education Loans Segment [Member]
Asset Information for Loans Segment	The following table includes GAAP basis asset information for our Private Education Loans segment. (Dollars in millions) September 30, 2015 December 31, 2014 Private Education Loans, net $ 27,323 $ 29,796 Cash and investments (1) 396 402 Other 2,391 2,453 Total assets $ 30,110 $ 32,651 (1) Includes restricted cash and investments.

The Separation - Additional Inf

The Separation - Additional Information (Detail)	Apr. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock distribution percentage	100.00%

Allowance for Loan Losses - Add

Allowance for Loan Losses - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Mar. 31, 2015	Sep. 30, 2015USD ($)CreditScoreLoans	Dec. 31, 2014USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Maximum original FICO score at for-profit schools to become eligible for non-traditional loans | CreditScore			670
Maximum original FICO score at not-for-profit schools to become eligible for non-traditional loans | CreditScore			640
Net adjustment resulting from the change in the charge-off rate			$ 330
Percentage of loans granted forbearance that migrated to TDR classification			54.00%	51.00%
TDR loans, Unpaid Principal Balance			$ 10,559	$ 10,266
Payment default period for TDRs			60 days past due
Interest Rate Reduction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
TDR loans, Unpaid Principal Balance			$ 2,200	$ 2,200
Minimum [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Delinquency period (in days)			212 days
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of classes of loans | Loans			2
Portion of loan amount charged off at default	79.00%	73.00%
Net adjustment resulting from the change in the charge-off rate	$ 330		$ 330
Loans default recovery rate	21.00%

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2015USD ($)SecurityLoan	Jun. 30, 2015USD ($)	Sep. 30, 2014USD ($)SecurityLoan	Sep. 30, 2015USD ($)SecurityLoan	Sep. 30, 2014USD ($)SecurityLoan	Dec. 31, 2014USD ($)
Allowance for Loan Losses
Beginning balance	$ 1,643		$ 2,105	$ 2,033	$ 2,244
Total provision	123		140	446	490
Net adjustment resulting from the change in the charge-off rate				(330)
Net charge-offs remaining				(549)
Total net charge-offs	(161)		(173)	(879)	(597)
Reclassification of interest reserve	3		4	8	14
Distribution of SLM BankCo					(75)
Ending balance	1,608	$ 1,643	2,076	1,608	2,076
Allowance:
Ending balance: individually evaluated for impairment	1,263		1,140	1,263	1,140
Ending balance: collectively evaluated for impairment	345		936	345	936
Loans:
Ending balance: individually evaluated for impairment	10,911		10,374	10,911	10,374
Ending balance: collectively evaluated for impairment	115,982		119,605	115,982	119,605
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance	89		96	93	119
Total provision	7		10	19	30
Net charge-offs remaining				(28)
Total net charge-offs	(12)		(14)	(28)	(51)
Distribution of SLM BankCo					(6)
Ending balance	84	89	92	84	92
Allowance:
Ending balance: collectively evaluated for impairment	84		92	84	92
Loans:
Ending balance: collectively evaluated for impairment	$ 97,425		$ 96,828	$ 97,425	$ 96,828
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (annualized)				0.05%
Net charge-offs as a percentage of average loans in repayment (annualized)	0.06%		0.08%		0.10%
Allowance coverage of net charge-offs (annualized) | SecurityLoan	1.7		1.6		1.3
Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized) | SecurityLoan				2.2
Allowance as a percentage of the ending total loan balance	0.09%		0.09%	0.09%	0.09%
Allowance as a percentage of the ending loans in repayment	0.11%		0.13%	0.11%	0.13%
Ending total loans	$ 97,425		$ 96,828	$ 97,425	$ 96,828
Average loans in repayment	75,460		71,807	76,412	72,635
Ending loans in repayment	75,294		71,508	75,294	71,508	$ 78,211
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance	1,533		1,983	1,916	2,097
Total provision	117		130	428	460
Net adjustment resulting from the change in the charge-off rate		(330)		(330)
Net charge-offs remaining				(517)
Total net charge-offs	(148)		(158)	(847)	(543)
Reclassification of interest reserve	3		4	8	14
Distribution of SLM BankCo					(69)
Ending balance	1,505	1,533	1,959	1,505	1,959
Allowance:
Ending balance: individually evaluated for impairment	1,247		1,121	1,247	1,121
Ending balance: collectively evaluated for impairment	258		838	258	838
Loans:
Ending balance: individually evaluated for impairment	10,870		10,329	10,870	10,329
Ending balance: collectively evaluated for impairment	$ 18,507		$ 22,710	$ 18,507	$ 22,710
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (annualized)				2.65%
Net charge-offs as a percentage of average loans in repayment (annualized)	2.31%		2.30%		2.50%
Net adjustment resulting from the change in the charge-off rate as a percentage of average loans in repayment (annualized)				1.69%
Allowance coverage of net charge-offs (annualized) | SecurityLoan	2.6		3.1		2.7
Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized) | SecurityLoan				2.2
Allowance as a percentage of the ending total loan balance	5.12%		5.93%	5.12%	5.93%
Allowance as a percentage of the ending loans in repayment	5.99%		7.23%	5.99%	7.23%
Ending total loans	$ 29,377		$ 33,039	$ 29,377	$ 33,039
Average loans in repayment	25,546		27,228	26,100	29,065
Ending loans in repayment	25,104		27,092	25,104	27,092
Other Loans [Member]
Allowance for Loan Losses
Beginning balance	21		26	24	28
Total provision	(1)			(1)
Net charge-offs remaining				(4)
Total net charge-offs	(1)		(1)	(4)	(3)
Ending balance	19	$ 21	25	19	25
Allowance:
Ending balance: individually evaluated for impairment	16		19	16	19
Ending balance: collectively evaluated for impairment	3		6	3	6
Loans:
Ending balance: individually evaluated for impairment	41		45	41	45
Ending balance: collectively evaluated for impairment	$ 50		$ 67	$ 50	$ 67
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (annualized)				5.72%
Net charge-offs as a percentage of average loans in repayment (annualized)	5.10%		3.08%		3.48%
Allowance coverage of net charge-offs (annualized) | SecurityLoan	3.9		7		5.9
Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized) | SecurityLoan				3.3
Allowance as a percentage of the ending total loan balance	20.31%		22.08%	20.31%	22.08%
Allowance as a percentage of the ending loans in repayment	20.31%		22.08%	20.31%	22.08%
Ending total loans	$ 91		$ 112	$ 91	$ 112
Average loans in repayment	93		114	99	120
Ending loans in repayment	$ 91		$ 112	$ 91	$ 112

Allowance for Loan Losses - A34

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate			$ 330
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portion of loan amount charged off at default	79.00%	73.00%
Net adjustment resulting from the change in the charge-off rate	$ 330		$ 330

Allowance for Loan Losses - Pri

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 28,485	$ 31,061
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans with cosigner	18,380	20,001
Private Education Loans without cosigner	$ 10,105	$ 11,060
Private Education Loans with cosigner in percent	65.00%	64.00%
Private Education Loans without cosigner in percent	35.00%	36.00%
Total in percent	100.00%	100.00%
School Type/FICO Scores [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 28,485	$ 31,061
School Type/FICO Scores [Member] | Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
School type FICO scores traditional recorded investment	26,182	28,527
School type FICO scores non-traditional recorded investment	$ 2,303	$ 2,534
School type FICO scores traditional recorded investment, in percent	92.00%	92.00%
School type FICO scores non-traditional recorded investment, in percent	8.00%	8.00%
Total in percent	100.00%	100.00%
Seasoning [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 28,485	$ 31,061
Seasoning [Member] | Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seasoning - based on monthly scheduled payments due from 1-12 payments	1,926	2,734
Seasoning - based on monthly scheduled payments due from 13-24 payments	2,336	3,161
Seasoning - based on monthly scheduled payments due from 25-36 payments	3,545	4,259
Seasoning - based on monthly scheduled payments due from 37-48 payments	3,972	4,404
Seasoning - based on monthly scheduled payments due from more than 48 payments	14,371	13,450
Seasoning - based on monthly scheduled payments due from not yet in repayment	$ 2,335	$ 3,053
Seasoning based on monthly scheduled payments due from 1-12 payments, in percent	7.00%	9.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments, in percent	8.00%	10.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments, in percent	12.00%	14.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments, in percent	14.00%	14.00%
Seasoning based on monthly scheduled payments due from more than 48 payments, in percent	51.00%	43.00%
Seasoning - based on monthly scheduled payments due from not yet in repayment, in percent	8.00%	10.00%
Total in percent	100.00%	100.00%

Allowance for Loan Losses - Age

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Loans in repayment and percentage of each status:
Loans receivable for partially charged-off loans	$ 892	$ 1,245	$ 902	$ 1,253	$ 1,269	$ 1,313
Loans allowance for losses	(1,608)	(2,033)	(1,643)	(2,076)	(2,105)	(2,244)
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	2,128	2,777
Loans in forbearance	924	935
Loans in repayment and percentage of each status:
Loans current	21,596	23,012
Total loans in repayment	23,130	24,815
Total loans, gross	26,182	28,527
Loans unamortized premium (discount)	(487)	(526)
Total loans	25,695	28,001
Loans receivable for partially charged-off loans	564	775
Loans allowance for losses	(1,251)	(1,515)
Loans, net	25,008	27,261
Private Education Loans - Traditional [Member] | Financing Receivables, 31 To 60 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	504	624
Private Education Loans - Traditional [Member] | Financing Receivables, 61 To 90 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	338	363
Private Education Loans - Traditional [Member] | Financing Receivables, 90 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	692	816
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	207	276
Loans in forbearance	122	124
Loans in repayment and percentage of each status:
Loans current	1,662	1,749
Total loans in repayment	1,974	2,134
Total loans, gross	2,303	2,534
Loans unamortized premium (discount)	(62)	(68)
Total loans	2,241	2,466
Loans receivable for partially charged-off loans	328	470
Loans allowance for losses	(254)	(401)
Loans, net	2,315	2,535
Private Education Loans - Non-Traditional [Member] | Financing Receivables, 31 To 60 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	85	110
Private Education Loans - Non-Traditional [Member] | Financing Receivables, 61 To 90 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	65	73
Private Education Loans - Non-Traditional [Member] | Financing Receivables, 90 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	162	202
Troubled Debt Restructuring Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	767	825
Loans in forbearance	746	745
Loans in repayment and percentage of each status:
Loans current	7,657	7,186
Total loans in repayment	9,046	8,696
Total loans, gross	10,559	10,266
Troubled Debt Restructuring Loans [Member] | Financing Receivables, 31 To 60 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	410	464
Troubled Debt Restructuring Loans [Member] | Financing Receivables, 61 To 90 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	301	299
Troubled Debt Restructuring Loans [Member] | Financing Receivables, 90 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	678	747
FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	9,184	10,861
Loans in forbearance	12,947	14,366
Loans in repayment and percentage of each status:
Loans current	63,320	65,221
Total loans in repayment	75,294	78,211		71,508
Total loans, gross	97,425	103,438
Loans unamortized premium (discount)	1,127	1,176
Total loans	98,552	104,614
Loans allowance for losses	(84)	(93)	$ (89)	$ (92)	$ (96)	$ (119)
Loans, net	98,468	104,521
FFELP Loans [Member] | Financing Receivables, 31 To 60 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	3,654	3,942
FFELP Loans [Member] | Financing Receivables, 61 To 90 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	1,886	2,451
FFELP Loans [Member] | Financing Receivables, 90 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	$ 6,434	$ 6,597
Credit Concentration Risk [Member] | Private Education Loans - Traditional [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%
Credit Concentration Risk [Member] | Private Education Loans - Traditional [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	93.40%	92.70%
Credit Concentration Risk [Member] | Private Education Loans - Traditional [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	88.30%	87.00%
Credit Concentration Risk [Member] | Private Education Loans - Traditional [Member] | Financing Receivables, Delinquent Loans In Repayment [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	6.60%	7.30%
Credit Concentration Risk [Member] | Private Education Loans - Traditional [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.80%	3.60%
Credit Concentration Risk [Member] | Private Education Loans - Traditional [Member] | Financing Receivables, 31 To 60 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	2.20%	2.50%
Credit Concentration Risk [Member] | Private Education Loans - Traditional [Member] | Financing Receivables, 61 To 90 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	1.40%	1.50%
Credit Concentration Risk [Member] | Private Education Loans - Traditional [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.00%	3.30%
Credit Concentration Risk [Member] | Private Education Loans - Non-Traditional [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%
Credit Concentration Risk [Member] | Private Education Loans - Non-Traditional [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	84.20%	81.90%
Credit Concentration Risk [Member] | Private Education Loans - Non-Traditional [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	85.70%	84.20%
Credit Concentration Risk [Member] | Private Education Loans - Non-Traditional [Member] | Financing Receivables, Delinquent Loans In Repayment [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	15.80%	18.10%
Credit Concentration Risk [Member] | Private Education Loans - Non-Traditional [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	5.80%	5.50%
Credit Concentration Risk [Member] | Private Education Loans - Non-Traditional [Member] | Financing Receivables, 31 To 60 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	4.30%	5.20%
Credit Concentration Risk [Member] | Private Education Loans - Non-Traditional [Member] | Financing Receivables, 61 To 90 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.30%	3.40%
Credit Concentration Risk [Member] | Private Education Loans - Non-Traditional [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	8.20%	9.50%
Credit Concentration Risk [Member] | Troubled Debt Restructuring Loans [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%
Credit Concentration Risk [Member] | Troubled Debt Restructuring Loans [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	84.70%	82.70%
Credit Concentration Risk [Member] | Troubled Debt Restructuring Loans [Member] | Financing Receivables, 31 To 60 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	4.50%	5.30%
Credit Concentration Risk [Member] | Troubled Debt Restructuring Loans [Member] | Financing Receivables, 61 To 90 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.30%	3.40%
Credit Concentration Risk [Member] | Troubled Debt Restructuring Loans [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	7.50%	8.60%
Credit Concentration Risk [Member] | FFELP Loans [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%
Credit Concentration Risk [Member] | FFELP Loans [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	84.10%	83.40%
Credit Concentration Risk [Member] | FFELP Loans [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	77.30%	75.60%
Credit Concentration Risk [Member] | FFELP Loans [Member] | Financing Receivables, Delinquent Loans In Repayment [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	15.90%	16.60%
Credit Concentration Risk [Member] | FFELP Loans [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	14.70%	15.50%
Credit Concentration Risk [Member] | FFELP Loans [Member] | Financing Receivables, 31 To 60 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	4.90%	5.00%
Credit Concentration Risk [Member] | FFELP Loans [Member] | Financing Receivables, 61 To 90 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	2.50%	3.10%
Credit Concentration Risk [Member] | FFELP Loans [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	8.50%	8.50%

Allowance for Loan Losses - Rec

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Receivables [Abstract]
Receivable at beginning of period	$ 902	$ 1,269	$ 1,245	$ 1,313
Expected future recoveries of current period defaults	38	51	147	175
Recoveries	(48)	(48)	(151)	(167)
Net adjustment resulting from the change in the charge-off rate			(330)
Net charge-offs remaining		(19)	(19)	(68)
Total net charge-offs		(19)	(349)	(68)
Receivable at end of period	892	1,253	892	1,253
Allowance for estimated recovery shortfalls		(392)		(392)
Net receivable at end of period	$ 892	$ 861	$ 892	$ 861

Allowance for Loan Losses - R38

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]
Net adjustment resulting from the change in the charge-off rate			$ 330
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Portion of loan amount charged off at default	79.00%	73.00%
Net adjustment resulting from the change in the charge-off rate	$ 330		$ 330

Allowance for Loan Losses - R39

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	$ 10,493	$ 10,205
TDR loans, Unpaid Principal Balance	10,559	10,266
TDR Loans, Related Allowance	1,247	1,132
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	9,041	8,728
TDR loans, Unpaid Principal Balance	9,107	8,790
TDR Loans, Related Allowance	1,014	917
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	1,452	1,477
TDR loans, Unpaid Principal Balance	1,452	1,476
TDR Loans, Related Allowance	$ 233	$ 215

Allowance for Loan Losses - Ave

Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized for TDR (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	$ 10,444	$ 9,772	$ 10,396	$ 9,433
Impaired financing receivable, Interest Income Recognized	163	155	488	453
Private Education Loans - Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	8,988	8,306	8,930	7,983
Impaired financing receivable, Interest Income Recognized	134	126	402	366
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	1,456	1,466	1,466	1,450
Impaired financing receivable, Interest Income Recognized	$ 29	$ 29	$ 86	$ 87

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Financing Receivable, Modifications [Line Items]
Modified Loans	$ 371	$ 458	$ 1,218	$ 1,573
Charge-Offs	107	95	357	325
Payment-Default	98	134	313	407
Private Education Loans - Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	339	415	1,107	1,414
Charge-Offs	81	72	273	245
Payment-Default	83	110	266	331
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	32	43	111	159
Charge-Offs	26	23	84	80
Payment-Default	$ 15	$ 24	$ 47	$ 76

Allowance for Loan Losses - Acc

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	$ 486	$ 542
Allowance for Uncollectible Interest	26	29
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	60	70
Allowance for Uncollectible Interest	8	11
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	546	612
Allowance for Uncollectible Interest	$ 34	$ 40

Borrowings - Company's Borrowin

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Short-term borrowings	$ 2,816	$ 2,663
Long-term borrowings	128,293	136,866
Total	131,109	139,529
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,831	2,656
Long-term borrowings	127,888	135,907
Total	130,719	138,563
Total Before Hedge Accounting Adjustments [Member] | Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,222	1,066
Long-term borrowings	14,597	16,311
Total	15,819	17,377
Total Before Hedge Accounting Adjustments [Member] | Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,222	1,066
Long-term borrowings	14,597	16,311
Total	15,819	17,377
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	80,751	86,241
Total	80,751	86,241
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	16,744	17,997
Total	16,744	17,997
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Long-term borrowings	15,796	15,358
Total	15,796	15,358
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	758	653
Total	758	653
Total Before Hedge Accounting Adjustments [Member] | Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	851	937
Total	851	937
Total Before Hedge Accounting Adjustments [Member] | Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,609	1,590
Long-term borrowings	113,291	119,596
Total	114,900	121,186
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	(15)	7
Long-term borrowings	405	959
Total	$ 390	$ 966

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 2,816	$ 2,663
Long-term borrowings	128,293	136,866
Total	131,109	139,529
Cash	4,296	3,926
Other assets	5,045	5,664
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,831	2,656
Long-term borrowings	127,888	135,907
Total	130,719	138,563
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	(15)	7
Long-term borrowings	405	959
Total	390	966
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	758	653
Long-term borrowings	109,899	117,678
Total	110,657	118,331
Loans	117,491	124,785
Cash	4,129	3,733
Other assets	581	1,230
Total Carrying Amount of Assets Securing Debt Outstanding	122,201	129,748
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	80,751	86,241
Total	80,751	86,241
Loans	80,748	86,715
Cash	3,462	3,069
Other assets	679	722
Total Carrying Amount of Assets Securing Debt Outstanding	84,889	90,506
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	16,744	17,997
Total	16,744	17,997
Loans	22,130	23,184
Cash	378	378
Other assets	356	389
Total Carrying Amount of Assets Securing Debt Outstanding	22,864	23,951
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	12,996	13,358
Total	12,996	13,358
Loans	13,465	13,653
Cash	272	269
Other assets	184	260
Total Carrying Amount of Assets Securing Debt Outstanding	13,921	14,182
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	758	653
Total	758	653
Loans	1,148	1,233
Cash	17	17
Other assets	37	36
Total Carrying Amount of Assets Securing Debt Outstanding	1,202	1,286
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	758	653
Long-term borrowings	110,491	117,596
Total	111,249	118,249
Loans	117,491	124,785
Cash	4,129	3,733
Other assets	1,256	1,407
Total Carrying Amount of Assets Securing Debt Outstanding	122,876	129,925
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	(592)	82
Total	(592)	82
Other assets	(675)	(177)
Total Carrying Amount of Assets Securing Debt Outstanding	$ (675)	$ (177)

Derivative Financial Instrume45

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Derivative Assets:
Derivative assets	$ 974	$ 1,022
Derivative Liabilities:
Derivative liabilities	(1,564)	(1,430)
Net total derivatives	(590)	(408)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	962	857
Derivative Liabilities:
Derivative liabilities	(203)	(145)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	11	164
Derivative Liabilities:
Derivative liabilities	(749)	(358)
Other [Member]
Derivative Assets:
Derivative assets	1	1
Derivative Liabilities:
Derivative liabilities	(3)	(12)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(609)	(915)
Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative Assets:
Derivative assets		6
Derivative Liabilities:
Derivative liabilities	(139)	(3)
Net total derivatives	(139)	3
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	912	992
Derivative Liabilities:
Derivative liabilities	(687)	(315)
Net total derivatives	225	677
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Cash Flow [Member]
Derivative Assets:
Derivative assets		6
Derivative Liabilities:
Derivative liabilities	(139)	(3)
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	901	828
Derivative Liabilities:
Derivative liabilities		(22)
Designated as Hedging Instrument [Member] | Cross-Currency Interest Rate Swaps [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	11	164
Derivative Liabilities:
Derivative liabilities	(687)	(293)
Trading [Member]
Derivative Assets:
Derivative assets	62	24
Derivative Liabilities:
Derivative liabilities	(738)	(1,112)
Net total derivatives	(676)	(1,088)
Trading [Member] | Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	61	23
Derivative Liabilities:
Derivative liabilities	(64)	(120)
Trading [Member] | Cross-Currency Interest Rate Swaps [Member]
Derivative Liabilities:
Derivative liabilities	(62)	(65)
Trading [Member] | Other [Member]
Derivative Assets:
Derivative assets	1	1
Derivative Liabilities:
Derivative liabilities	(3)	(12)
Trading [Member] | Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	$ (609)	$ (915)

Derivative Financial Instrume46

Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Gross position, Assets	$ 974	$ 1,022
Gross position, Liabilities	(1,564)	(1,430)
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Gross position, Liabilities	(1,564)	(1,430)
Impact of master netting agreements, Liabilities	91	241
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(1,473)	(1,189)
Cash collateral (held) pledged, Liabilities	651	624
Net position, Liabilities	(822)	(565)
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Gross position, Assets	974	1,022
Impact of master netting agreements, Assets	(91)	(241)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	883	781
Cash collateral (held) pledged, Assets	(851)	(935)
Net position, Assets	$ 32	$ (154)

Derivative Financial Instrume47

Derivative Financial Instruments - Additional Information (Detail)	Sep. 30, 2015USD ($)Counterparty	Dec. 31, 2014USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Decrease in valuation due to net credit risk adjustments	$ 1,000,000	$ 18,000,000
Decrease in valuation due to liquidity adjustments	26,000,000	$ 73,000,000
Derivative liability position including accrued interest, net of premium receivable with counterparty	714,000,000
Liability position with derivative counterparties	55,000,000
Collateral posted to counterparties	$ 55,000,000
Number of counterparties with right to terminate | Counterparty	2
Contingent material additional assets due to counterparties	$ 0

Derivative Financial Instrume48

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Total Derivative Notional Values	$ 100,600,000,000	$ 97,600,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	52,700,000,000	49,000,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	35,100,000,000	35,200,000,000
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	9,500,000,000	9,800,000,000
Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	3,300,000,000	3,600,000,000
Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	9,500,000,000	6,000,000,000
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	22,300,000,000	23,700,000,000
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	9,500,000,000	6,000,000,000
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	13,200,000,000	14,300,000,000
Designated as Hedging Instrument [Member] | Cross-Currency Interest Rate Swaps [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	9,100,000,000	9,400,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	68,800,000,000	67,900,000,000
Trading [Member] | Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	30,000,000,000	28,700,000,000
Trading [Member] | Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	35,100,000,000	35,200,000,000
Trading [Member] | Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	400,000,000	400,000,000
Trading [Member] | Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 3,300,000,000	$ 3,600,000,000

Derivative Financial Instrume49

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	$ 374	$ (690)	$ (34)	$ (120)
Realized Gain (Loss) on Derivatives	(73)	(54)	(196)	(164)
Unrealized Gain (Loss) on Hedged Item	(199)	955	571	781
Unrealized Gain (Loss) on Derivatives, Net	374	(690)	(34)	(120)
Total Gain (Loss) on Derivatives, Gross	102	211	341	497
Realized Gain (Loss) on Derivatives, Net	(155)	(157)	(464)	(500)
Unrealized Gain (Loss) on Hedged Item, Net	(199)	955	571	781
Total Gain (Loss) On Derivatives, Net	20	108	73	161
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	203	(847)	(452)	(672)
Realized Gain (Loss) on Derivatives	82	103	268	339
Unrealized Gain (Loss) on Hedged Item	(199)	955	571	781
Total Gain (Loss) on Derivatives, Gross	86	211	387	448
Designated as Hedging Instrument [Member] | Fair Value [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	209	(99)	95	67
Realized Gain (Loss) on Derivatives	83	95	265	294
Unrealized Gain (Loss) on Hedged Item	(234)	125	(111)	(40)
Total Gain (Loss) on Derivatives, Gross	58	121	249	321
Designated as Hedging Instrument [Member] | Fair Value [Member] | Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	(6)	(748)	(547)	(739)
Realized Gain (Loss) on Derivatives	(1)	8	3	45
Unrealized Gain (Loss) on Hedged Item	35	830	682	821
Total Gain (Loss) on Derivatives, Gross	28	90	138	127
Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives				(3)
Total Gain (Loss) on Derivatives, Gross				(3)
Designated as Hedging Instrument [Member] | Cash Flow [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives				(3)
Total Gain (Loss) on Derivatives, Gross				(3)
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	171	157	418	552
Realized Gain (Loss) on Derivatives	(155)	(157)	(464)	(500)
Total Gain (Loss) on Derivatives, Gross	16		(46)	52
Trading [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	82	(12)	94	41
Realized Gain (Loss) on Derivatives	10	12	30	35
Total Gain (Loss) on Derivatives, Gross	92		124	76
Trading [Member] | Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	7	(24)	3	(10)
Realized Gain (Loss) on Derivatives	(1)	(1)	(3)	(2)
Total Gain (Loss) on Derivatives, Gross	6	(25)		(12)
Trading [Member] | Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	69	195	312	508
Realized Gain (Loss) on Derivatives	(164)	(167)	(489)	(532)
Total Gain (Loss) on Derivatives, Gross	(95)	28	(177)	(24)
Trading [Member] | Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	13	(2)	9	13
Realized Gain (Loss) on Derivatives		(1)	(2)	(1)
Total Gain (Loss) on Derivatives, Gross	13	(3)	7	12
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Less: realized gains (losses) recorded in interest expense	82	103	268	336
Realized Gain (Loss) on Derivatives	$ 82	$ 103	$ 268	$ 336

Derivative Financial Instrume50

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 851	$ 935
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	309	344
Total collateral held	1,160	1,279
Derivative asset at fair value including accrued interest	1,054	1,091
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	651	624
Total collateral pledged	651	624
Derivative liability at fair value including accrued interest and premium receivable	$ 1,411	$ 926

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Other Assets [Line Items]
Other	$ 421	$ 395
Total	$ 5,045	$ 5,664
Accrued interest receivable, net as a percentage of total other assets	32.00%	32.00%
Income tax asset, net current and deferred as a percentage of total other assets	21.00%	25.00%
Derivatives at fair value as a percentage of total other assets	18.00%	14.00%
Accounts receivable as a percentage of total other assets	6.00%	10.00%
Benefit and insurance-related investments as a percentage of total other assets	10.00%	9.00%
Fixed assets, net as a percentage of total other assets	3.00%	3.00%
Other loans, net as a percentage of total other assets	1.00%	1.00%
Other, as a percentage of total other assets	9.00%	6.00%
Total as a percentage of total other assets	100.00%	100.00%
Other Assets [Member]
Other Assets [Line Items]
Accrued interest receivable, net	$ 1,625	$ 1,821
Income tax asset, net current and deferred	1,083	1,389
Derivatives at fair value	883	781
Accounts receivable	316	558
Benefit and insurance-related investments	490	485
Fixed assets, net	155	152
Other loans, net	$ 72	$ 83

Business Combination - Acquis52

Business Combination - Acquisition of Gila LLC - Additional Information (Detail)	Feb. 20, 2015USD ($)StatesClients	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Business Acquisition [Line Items]
Other changes or adjustments to goodwill and intangible assets		$ 0
Gila LLC [Member]
Business Acquisition [Line Items]
Business acquisition, effective date of acquisition			Feb. 20, 2015
Controlling interest percentage	97.90%
Business acquisition, purchase price	$ 185,000,000
Number of states in which entity operates | States	39
Goodwill		97,000,000	$ 97,000,000
Business acquisition, indefinite life intangible asset		13,000,000	13,000,000
Business acquisition, definite life intangible assets		$ 71,000,000	$ 71,000,000
Minimum [Member] | Gila LLC [Member]
Business Acquisition [Line Items]
Number of clients being served | Clients	600
Definite life intangible assets, amortization period			2 years
Maximum [Member] | Gila LLC [Member]
Business Acquisition [Line Items]
Definite life intangible assets, amortization period			16 years

Stockholders' Equity - Common S

Stockholders' Equity - Common Share Repurchases and Issuances (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 14.51	$ 17.62	$ 18.50	$ 19.89
Shares repurchased related to employee stock-based compensation plans	211,829	418,431	2,287,761	3,804,359
Average purchase price per share	$ 15.46	$ 17.75	$ 20.17	$ 20.98
Common shares issued	563,109	712,711	4,781,517	6,818,737
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common shares repurchased	12,075,388	9,513,514	41,919,908	21,744,028
Shares repurchased related to employee stock-based compensation plans	211,829	418,431	2,287,761	3,804,359
Common shares issued	563,109	712,711	4,781,517	6,818,737

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Common stock dividend paid	$ 0.16	$ 0.16	$ 0.16
Purchase price of common stock repurchased on open market				$ 175,000,000	$ 167,000,000	$ 775,000,000	$ 432,000,000
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock	$ 11.24			$ 11.24		$ 11.24
Common Stock Shares Outstanding [Member]
Class of Stock [Line Items]
Common shares repurchased				12,075,388	9,513,514	41,919,908	21,744,028
Common Stock Shares Outstanding [Member] | Post-Spin-Off [Member]
Class of Stock [Line Items]
Common shares repurchased						64,000,000
January 2015 Share Repurchase Program [Member]
Class of Stock [Line Items]
Authorized share repurchased program amount	$ 1,000,000,000			$ 1,000,000,000		$ 1,000,000,000
Authorized share repurchased program remaining available amount	$ 225,000,000			$ 225,000,000		$ 225,000,000

Earnings per Common Share - Sch

Earnings per Common Share - Schedule of Earnings per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income attributable to Navient Corporation	$ 237	$ 359	$ 711	$ 885
Preferred stock dividends				6
Net income attributable to Navient Corporation common stock	$ 237	$ 359	$ 711	$ 879
Denominator:
Weighted average shares used to compute basic EPS	369	415	382	421
Effect of dilutive securities:
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plans ("ESPPs")	6	8	7	8
Dilutive potential common shares	6	8	7	8
Weighted average shares used to compute diluted EPS	375	423	389	429
Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$ 0.64	$ 0.87	$ 1.86	$ 2.09
Discontinued operations	0	0	0	0
Total	0.64	0.87	1.86	2.09
Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	0.63	0.85	1.83	2.05
Discontinued operations	0	0	0	0
Total	$ 0.63	$ 0.85	$ 1.83	$ 2.05

Earnings per Common Share - S56

Earnings per Common Share - Schedule of Earnings per Common Share (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock awards not included in the computation of diluted earnings per share	6	3	4	3

Restructuring and Other Reorg57

Restructuring and Other Reorganization Activities - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Reorganizations [Abstract]
Restructuring and other reorganization expenses	$ 29	$ 14	$ 32	$ 102

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale investments:
Available-for-sale investments	$ 6	$ 6
Derivative assets	974	1,022
Total	128,858	139,854
Derivative liabilities	(1,564)	(1,430)
Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	962	857
Derivative liabilities	(203)	(145)
Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	11	164
Derivative liabilities	(749)	(358)
Other [Member]
Available-for-sale investments:
Derivative assets	1	1
Derivative liabilities	(3)	(12)
Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(609)	(915)
Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	6	6
Derivative assets	974	1,022
Total	980	1,028
Derivative liabilities	(1,564)	(1,430)
Total	(1,564)	(1,430)
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	962	857
Derivative liabilities	(203)	(145)
Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	11	164
Derivative liabilities	(749)	(358)
Fair Value Measurements Recurring [Member] | Other [Member]
Available-for-sale investments:
Derivative assets	1	1
Derivative liabilities	(3)	(12)
Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(609)	(915)
Fair Value Measurements Recurring [Member] | Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments	1	1
Fair Value Measurements Recurring [Member] | Other [Member]
Available-for-sale investments:
Available-for-sale investments	5	5
Level 2 [Member] | Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	6	6
Derivative assets	941	841
Total	947	847
Derivative liabilities	(834)	(1,033)
Total	(834)	(1,033)
Level 2 [Member] | Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	941	841
Derivative liabilities	(143)	(41)
Level 2 [Member] | Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative liabilities	(82)	(77)
Level 2 [Member] | Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(609)	(915)
Level 2 [Member] | Fair Value Measurements Recurring [Member] | Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments	1	1
Level 2 [Member] | Fair Value Measurements Recurring [Member] | Other [Member]
Available-for-sale investments:
Available-for-sale investments	5	5
Level 3 [Member] | Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Derivative assets	33	181
Total	33	181
Derivative liabilities	(730)	(397)
Total	(730)	(397)
Level 3 [Member] | Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	21	16
Derivative liabilities	(60)	(104)
Level 3 [Member] | Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	11	164
Derivative liabilities	(667)	(281)
Level 3 [Member] | Fair Value Measurements Recurring [Member] | Other [Member]
Available-for-sale investments:
Derivative assets	1	1
Derivative liabilities	$ (3)	$ (12)

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (751)	$ 962	$ (216)	$ 899
Total gains/(losses) (realized and unrealized):
Included in earnings	48	(748)	(487)	(653)
Included in other comprehensive income	0	0	0	0
Settlements	6	(7)	6	(39)
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(697)	207	(697)	207
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	48	(756)	(485)	(792)
Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(82)	(74)	(88)	(87)
Total gains/(losses) (realized and unrealized):
Included in earnings	40	(7)	45	7
Included in other comprehensive income	0	0	0	0
Settlements	3	(1)	4	(2)
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(39)	(82)	(39)	(82)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	37	(8)	42	6
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	(654)	1,042	(117)	1,007
Total gains/(losses) (realized and unrealized):
Included in earnings	(5)	(738)	(538)	(671)
Included in other comprehensive income	0	0	0	0
Settlements	3	(7)	(1)	(39)
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(656)	297	(656)	297
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	(2)	(745)	(536)	(811)
Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(15)	(6)	(11)	(21)
Total gains/(losses) (realized and unrealized):
Included in earnings	13	(3)	6	11
Included in other comprehensive income	0	0	0	0
Settlements		1	3	2
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(2)	(8)	(2)	(8)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	$ 13	$ (3)	$ 9	$ 13

Fair Value Measurements - Inclu

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 48	$ (748)	$ (487)	$ (653)
Gain (Loss) 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	50	(755)	(488)	(692)
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	$ (2)	$ 7	$ 1	$ 39

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (697)
Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	759	$ 712
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	(738)	(194)
Cross-Currency Interest Rate Swaps [Member] | Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (656)
Discounted cash flow	Discounted cash flow
Cross-Currency Interest Rate Swaps [Member] | Fair Value Measurements Recurring [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Constant prepayment rate	Constant prepayment rate
Cross-Currency Interest Rate Swaps [Member] | Constant Prepayment Rate [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, Basis Spread on Variable Rate	2.80%
Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (2)	$ (11)
Other [Member] | Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(2)
Consumer Price Index/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 9
Discounted cash flow	Discounted cash flow
Consumer Price Index/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Fair Value Measurements Recurring [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Bid/ask adjustment to discount rate	Bid/ask adjustment to discount rate
Consumer Price Index/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Bid/Ask Adjustment to Discount Rate [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, Lower Range of Basis Spread on Variable Rate	0.02%
Derivative, Higher Range of Basis Spread on Variable Rate	0.05%
Derivative, Basis Spread on Variable Rate	(0.04%)
Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (48)
Discounted cash flow	Discounted cash flow
Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Fair Value Measurements Recurring [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Constant prepayment rate	Constant prepayment rate
Bid/ask adjustment to discount rate	Bid/ask adjustment to discount rate
Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Bid/Ask Adjustment to Discount Rate [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, Lower Range of Basis Spread on Variable Rate	0.03%
Derivative, Higher Range of Basis Spread on Variable Rate	0.05%
Derivative, Basis Spread on Variable Rate	(0.03%)
Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Constant Prepayment Rate [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, Basis Spread on Variable Rate	4.70%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Carrying Value	$ 132,077	$ 140,319
Short-term borrowings, Carrying Value	2,816	2,663
Long-term borrowings, Carrying Value	128,293	136,866
Total interest-bearing liabilities, Carrying Value	131,109	139,529
Total earning assets, Fair Value	128,858	139,854
Short-term borrowings, Fair Value	2,814	2,661
Long-term borrowings, Fair Value	122,022	134,201
Total interest-bearing liabilities, Fair Value	124,836	136,862
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(609)	(915)
Derivative financial instruments, Fair Value	(609)	(915)
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	759	712
Derivative financial instruments, Fair Value	759	712
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(738)	(194)
Derivative financial instruments, Fair Value	(738)	(194)
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(2)	(11)
Derivative financial instruments, Fair Value	(2)	(11)
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	98,468	104,521
Loans receivable, Fair Value	96,028	104,419
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	27,323	29,796
Loans receivable, Fair Value	26,544	29,433
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Fair Value	(3,219)	(465)
Short-term borrowings, Fair Value	2	2
Long-term borrowings, Fair Value	6,271	2,665
Total interest-bearing liabilities, Fair Value	6,273	2,667
Excess of net asset fair value over carrying value	3,054	2,202
Difference [Member] | FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(2,440)	(102)
Difference [Member] | Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(779)	(363)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	6,286	6,002
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 6,286	$ 6,002

Fair Value Measurements - Fai63

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Available-for-sale investments, cost basis	$ 5	$ 5
Available-for-sale investments, fair value	$ 6	$ 6

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	May. 13, 2014	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Civil monetary penalties	$ 3,300,000
Establishment of a restitution reserve		$ 30,000,000
Separation and distribution agreement date		Apr. 28, 2014
Estimated amount of credits for similar assessed late fees		$ 42,000,000
Total reserves established during year			$ 177,000,000	$ 177,000,000
Indemnification Matters [Member] | SLM BankCo [Member] | Predecessor [Member]
Loss Contingencies [Line Items]
Reserve for estimated amounts and costs incurred		$ 0
DOJ Order [Member]
Loss Contingencies [Line Items]
Civil monetary penalties			55,000
Settlement fund under DOJ			$ 60,000,000

Segment Reporting - Asset Infor

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Other	$ 5,045	$ 5,664
Total assets	137,666	146,352
Private Education Loans Segment [Member]
Segment Reporting Information [Line Items]
Loans, net	27,323	29,796
Cash and investments	396	402
Other	2,391	2,453
Total assets	30,110	32,651
FFELP Loans Segment [Member]
Segment Reporting Information [Line Items]
Loans, net	98,468	104,521
Cash and investments	4,500	4,050
Other	2,043	2,566
Total assets	$ 105,011	$ 111,137

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total assets	$ 137,666	$ 146,352
Business Services Segment [Member]
Segment Reporting Information [Line Items]
Total assets	557	416
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 2,000	$ 2,100

Segment Reporting - Segment Res

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income:
Other loans	$ 1		$ 2	$ 5	$ 7
Cash and investments	2		2	6	7
Total interest income	1,077		1,132	3,238	3,603
Total interest expense	524		508	1,553	1,550
Net interest income (loss)	553		624	1,685	2,053
Less: provisions for loan losses	123		140	446	490
Net interest income (loss) after provisions for loan losses	430		484	1,239	1,563
Other income (loss):
Gains on sales of loans and investments				12
Servicing revenue	76		81	258	217
Asset recovery revenue	85		65	273	308
Gains on debt repurchases	0		0	0	0
Other income (loss)	20		142	88	210
Total other income	181		288	631	735
Expenses:
Direct operating expenses	174		147	514	595
Overhead expenses	54		48	169	178
Total operating expenses	228		195	683	773
Goodwill and acquired intangible asset impairment and amortization	3		2	7	7
Restructuring and other reorganization expenses		$ 29	14	32	102
Total expenses	231		211	722	882
Income (loss) from continuing operations, before income tax expense (benefit)	380		561	1,148	1,416
Income tax expense (benefit)	144		200	438	530
Net income (loss) from continuing operations	236		361	710	886
Income (loss) from discontinued operations, net of tax expense (benefit)	1		(2)	1	(1)
Net income (loss)	237		359	711	885
Total Core Earnings [Member]
Interest income:
Other loans	1		2	5	7
Cash and investments	2		2	6	6
Total interest income	973		1,025	2,927	3,052
Total interest expense	513		496	1,526	1,487
Net interest income (loss)	460		529	1,401	1,565
Less: provisions for loan losses	123		140	446	441
Net interest income (loss) after provisions for loan losses	337		389	955	1,124
Other income (loss):
Gains on sales of loans and investments				12
Servicing revenue	76		81	258	217
Asset recovery revenue	85		65	273	308
Gains on debt repurchases	0		0	0	0
Other income (loss)	5		11	15	23
Total other income	166		157	558	548
Expenses:
Direct operating expenses	174		147	514	560
Overhead expenses	54		48	169	149
Total operating expenses	228		195	683	709
Total expenses	228		195	683	709
Income (loss) from continuing operations, before income tax expense (benefit)	275		351	830	963
Income tax expense (benefit)	102		131	308	361
Net income (loss) from continuing operations	173		220	522	602
Income (loss) from discontinued operations, net of tax expense (benefit)	1		(2)	1	(1)
Net income (loss)	174		218	523	601
Student Loans [Member]
Interest income:
Student loans	1,074		1,128	3,227	3,589
Student Loans [Member] | Total Core Earnings [Member]
Interest income:
Student loans	970		1,021	2,916	3,039
Reclassifications [Member]
Interest income:
Total interest income	164		167	489	532
Total interest expense	11		10	27	32
Net interest income (loss)	153		157	462	500
Net interest income (loss) after provisions for loan losses	153		157	462	500
Other income (loss):
Gains on debt repurchases	0		0	0	0
Other income (loss)	(153)		(157)	(462)	(500)
Total other income	(153)		(157)	(462)	(500)
Reclassifications [Member] | Student Loans [Member]
Interest income:
Student loans	164		167	489	532
Additions/ (Subtractions) [Member]
Interest income:
Cash and investments					1
Total interest income	(60)		(60)	(178)	19
Total interest expense			2		31
Net interest income (loss)	(60)		(62)	(178)	(12)
Less: provisions for loan losses					49
Net interest income (loss) after provisions for loan losses	(60)		(62)	(178)	(61)
Other income (loss):
Gains on debt repurchases	0		0	0	0
Other income (loss)	168		288	535	687
Total other income	168		288	535	687
Expenses:
Direct operating expenses					35
Overhead expenses					29
Total operating expenses					64
Goodwill and acquired intangible asset impairment and amortization	3		2	7	7
Restructuring and other reorganization expenses			14	32	102
Total expenses	3		16	39	173
Income (loss) from continuing operations, before income tax expense (benefit)	105		210	318	453
Income tax expense (benefit)	42		69	130	169
Net income (loss) from continuing operations	63		141	188	284
Net income (loss)	63		141	188	284
Additions/ (Subtractions) [Member] | Student Loans [Member]
Interest income:
Student loans	(60)		(60)	(178)	18
Total Adjustments [Member]
Interest income:
Cash and investments					1
Total interest income	104		107	311	551
Total interest expense	11		12	27	63
Net interest income (loss)	93		95	284	488
Less: provisions for loan losses					49
Net interest income (loss) after provisions for loan losses	93		95	284	439
Other income (loss):
Gains on debt repurchases	0		0	0	0
Other income (loss)	15		131	73	187
Total other income	15		131	73	187
Expenses:
Direct operating expenses					35
Overhead expenses					29
Total operating expenses					64
Goodwill and acquired intangible asset impairment and amortization	3		2	7	7
Restructuring and other reorganization expenses			14	32	102
Total expenses	3		16	39	173
Income (loss) from continuing operations, before income tax expense (benefit)	105		210	318	453
Income tax expense (benefit)	42		69	130	169
Net income (loss) from continuing operations	63		141	188	284
Net income (loss)	63		141	188	284
Total Adjustments [Member] | Student Loans [Member]
Interest income:
Student loans	104		107	311	550
Operating Segments [Member] | FFELP Loans Segment [Member]
Interest income:
Cash and investments	2		1	5	3
Total interest income	528		532	1,586	1,567
Total interest expense	317		293	928	871
Net interest income (loss)	211		239	658	696
Less: provisions for loan losses	7		10	19	30
Net interest income (loss) after provisions for loan losses	204		229	639	666
Other income (loss):
Gains on sales of loans and investments				12
Servicing revenue	16		16	78	42
Gains on debt repurchases	0		0	0	0
Total other income	16		16	90	42
Expenses:
Direct operating expenses	109		118	336	363
Total operating expenses	109		118	336	363
Total expenses	109		118	336	363
Income (loss) from continuing operations, before income tax expense (benefit)	111		127	393	345
Income tax expense (benefit)	41		48	146	131
Net income (loss) from continuing operations	70		79	247	214
Net income (loss)	70		79	247	214
Operating Segments [Member] | Private Education Loans Segment [Member]
Interest income:
Total interest income	444		490	1,335	1,475
Total interest expense	170		174	514	532
Net interest income (loss)	274		316	821	943
Less: provisions for loan losses	117		130	428	411
Net interest income (loss) after provisions for loan losses	157		186	393	532
Other income (loss):
Servicing revenue	5		10	17	18
Gains on debt repurchases	0		0	0	0
Total other income	5		10	17	18
Expenses:
Direct operating expenses	39		40	127	138
Total operating expenses	39		40	127	138
Total expenses	39		40	127	138
Income (loss) from continuing operations, before income tax expense (benefit)	123		156	283	412
Income tax expense (benefit)	46		58	105	153
Net income (loss) from continuing operations	77		98	178	259
Net income (loss)	77		98	178	259
Operating Segments [Member] | Business Services Segment [Member]
Other income (loss):
Servicing revenue	161		167	487	502
Asset recovery revenue	85		65	273	308
Gains on debt repurchases	0		0	0	0
Other income (loss)	2		3	4	4
Total other income	248		235	764	814
Expenses:
Direct operating expenses	123		98	355	286
Total operating expenses	123		98	355	286
Total expenses	123		98	355	286
Income (loss) from continuing operations, before income tax expense (benefit)	125		137	409	528
Income tax expense (benefit)	46		50	152	197
Net income (loss) from continuing operations	79		87	257	331
Income (loss) from discontinued operations, net of tax expense (benefit)			(2)		(1)
Net income (loss)	79		85	257	330
Operating Segments [Member] | Other Segment [Member]
Interest income:
Other loans	1		2	5	7
Cash and investments			1	1	3
Total interest income	1		3	6	10
Total interest expense	26		29	84	84
Net interest income (loss)	(25)		(26)	(78)	(74)
Less: provisions for loan losses	(1)			(1)
Net interest income (loss) after provisions for loan losses	(24)		(26)	(77)	(74)
Other income (loss):
Gains on debt repurchases	0		0	0	0
Other income (loss)	3		8	11	19
Total other income	3		8	11	19
Expenses:
Direct operating expenses	9		3	20	118
Overhead expenses	54		48	169	149
Total operating expenses	63		51	189	267
Total expenses	63		51	189	267
Income (loss) from continuing operations, before income tax expense (benefit)	(84)		(69)	(255)	(322)
Income tax expense (benefit)	(31)		(25)	(95)	(120)
Net income (loss) from continuing operations	(53)		(44)	(160)	(202)
Income (loss) from discontinued operations, net of tax expense (benefit)	1			1
Net income (loss)	(52)		(44)	(159)	(202)
Operating Segments [Member] | Student Loans [Member] | FFELP Loans Segment [Member]
Interest income:
Student loans	526		531	1,581	1,564
Operating Segments [Member] | Student Loans [Member] | Private Education Loans Segment [Member]
Interest income:
Student loans	444		490	1,335	1,475
Eliminations [Member]
Other income (loss):
Servicing revenue	(106)		(112)	(324)	(345)
Gains on debt repurchases	0		0	0	0
Total other income	(106)		(112)	(324)	(345)
Expenses:
Direct operating expenses	(106)		(112)	(324)	(345)
Total operating expenses	(106)		(112)	(324)	(345)
Total expenses	$ (106)		$ (112)	$ (324)	$ (345)

Segment Reporting - Segment R68

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses	$ 430		$ 484	$ 1,239	$ 1,563
Total other income	181		288	631	735
Operating expenses	228		195	683	773
Goodwill and acquired intangible asset impairment and amortization	3		2	7	7
Restructuring and other reorganization expenses		$ 29	14	32	102
Income tax expense	144		200	438	530
Net income attributable to Navient Corporation	237		359	711	885
Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses	93		95	284	439
Total other income	15		131	73	187
Operating expenses					64
Goodwill and acquired intangible asset impairment and amortization	3		2	7	7
Restructuring and other reorganization expenses			14	32	102
Total "Core Earnings" adjustments to GAAP	105		210	318	453
Income tax expense	42		69	130	169
Net income attributable to Navient Corporation	63		141	188	284
Net Impact from Spin-Off of SLM BankCo [Member] | Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses					137
Total other income					14
Operating expenses					64
Restructuring and other reorganization expenses			14	32	102
Total "Core Earnings" adjustments to GAAP			(14)	(32)	(15)
Net Impact of Derivative Accounting [Member] | Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses	93		95	284	302
Total other income	15		131	73	173
Total "Core Earnings" adjustments to GAAP	108		226	357	475
Net Impact of Acquired Intangibles [Member] | Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill and acquired intangible asset impairment and amortization	3		2	7	7
Total "Core Earnings" adjustments to GAAP	$ (3)		$ (2)	$ (7)	$ (7)

Segment Reporting - Core Earnin

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
"Core Earnings" adjustments to GAAP:
Net tax effect	$ (144)	$ (200)	$ (438)	$ (530)
Net income attributable to Navient Corporation	237	359	711	885
Total Adjustments [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP	105	210	318	453
Net tax effect	(42)	(69)	(130)	(169)
Net income attributable to Navient Corporation	63	141	188	284
Total Adjustments [Member] | Net Impact from Spin-Off of SLM BankCo [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP		(14)	(32)	(15)
Total Adjustments [Member] | Net Impact of Derivative Accounting [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP	108	226	357	475
Total Adjustments [Member] | Net Impact of Acquired Intangibles [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP	$ (3)	$ (2)	$ (7)	$ (7)

Segment Reporting - Core Earn70

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Segment Reporting [Abstract]
Amount that will be equal to cumulative net unrealized gain or loss over the life of the contract	$ 0