Navient (NAVI) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2020shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	Navient Corporation
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	186,280,079
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36228
Entity Tax Identification Number	46-4054283
Entity Address, Address Line One	123 Justison Street
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19801
City Area Code	(302)
Local Phone Number	283-8000
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Common Stock Par Value. 01 Per Share [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $.01 per share
Trading Symbol	NAVI
Security Exchange Name	NASDAQ
Senior Notes Due December 15, 2043 [Member]
Document Information [Line Items]
Title of 12(b) Security	6% Senior Notes due December 15, 2043
Trading Symbol	JSM
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Investments
Held-to-maturity	$ 16	$ 19
Other	295	192
Total investments	311	211
Cash and cash equivalents	1,775	1,233
Restricted cash and cash equivalents	2,439	2,548
Goodwill and acquired intangible assets, net	741	757
Other assets	3,550	3,334
Total assets	89,664	94,903
Liabilities
Short-term borrowings	7,078	8,483
Long-term borrowings	79,137	81,715
Other liabilities	1,184	1,356
Total liabilities	87,399	91,554
Commitments and contingencies
Equity
Common stock, par value $0.01 per share, 1.125 billion shares authorized: 453 million and 451 million shares issued, respectively	4	4
Additional paid-in capital	3,220	3,198
Accumulated other comprehensive loss (net of tax benefit of $96 and $30, respectively)	(294)	(91)
Retained earnings	3,175	3,664
Total Navient Corporation stockholders’ equity before treasury stock	6,105	6,775
Less: Common stock held in treasury at cost: 267 million and 236 million shares, respectively	(3,851)	(3,439)
Total Navient Corporation stockholders’ equity	2,254	3,336
Noncontrolling interest	11	13
Total equity	2,265	3,349
Total liabilities and equity	89,664	94,903
FFELP Loans [Member]
Assets
Loans, net	59,559	64,575
Private Education Loans [Member]
Assets
Loans, net	21,289	22,245
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	77,919	83,864
Investments
Total assets	81,632	87,459
Investments
Restricted cash	2,405	2,506
Other assets, net	1,308	1,089
Liabilities
Short-term borrowings	4,959	7,089
Long-term borrowings	70,641	72,856
Net assets of consolidated variable interest entities	6,032	7,514
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loans [Member]
Assets
Loans, net	59,222	64,255
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loans [Member]
Assets
Loans, net	$ 18,697	$ 19,609

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Allowance for loans losses	$ 1,388
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	453,000,000	451,000,000
Tax benefit for accumulated other comprehensive loss	$ 96	$ 30
Common stock held in treasury	267,000,000	236,000,000
FFELP Loans [Member]
Allowance for loans losses	$ 297	$ 64
Private Education Loans [Member]
Allowance for loans losses	$ 1,091	$ 1,048

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income:
Cash and investments	$ 1	$ 23	$ 15	$ 75
Total interest income	761	1,166	2,567	3,605
Total interest expense	425	854	1,658	2,714
Net interest income	336	312	909	891
Less: provisions for loan losses	14	64	153	208
Net interest income after provisions for loan losses	322	248	756	683
Other income (loss):
Servicing revenue	54	60	163	182
Asset recovery and business processing revenue	125	123	337	364
Other income (loss)		9	17	37
Gains on sales of loans				16
Gains on debt repurchases				59
Gains (losses) on derivative and hedging activities, net	(2)	4	(255)	(21)
Total other income (loss)	177	196	262	637
Expenses:
Salaries and benefits	121	120	362	372
Other operating expenses	111	131	333	377
Total operating expenses	232	251	695	749
Goodwill and acquired intangible asset impairment and amortization expense	5	6	16	23
Restructuring/other reorganization expenses	3	2	9	4
Total expenses	240	259	720	776
Income before income tax expense	259	185	298	544
Income tax expense	52	40	71	119
Net income	$ 207	$ 145	$ 227	$ 425
Basic earnings per common share	$ 1.08	$ 0.64	$ 1.16	$ 1.81
Average common shares outstanding	193	225	195	235
Diluted earnings per common share	$ 1.07	$ 0.63	$ 1.15	$ 1.79
Average common and common equivalent shares outstanding	194	228	197	238
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
FFELP Loans [Member]
Interest income:
Total interest income	$ 410	$ 706	$ 1,435	$ 2,211
Less: provisions for loan losses	4	8	13	23
Private Education Loans [Member]
Interest income:
Total interest income	350	437	1,117	1,317
Less: provisions for loan losses	$ 10	$ 56	$ 140	185
Other Loans [Member]
Interest income:
Total interest income				$ 2

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 207	$ 145	$ 227	$ 425
Net changes in cash flow hedges, net of taxes	23	(44)	(203)	(237)
Total comprehensive income (loss)	$ 230	$ 101	$ 24	$ 188

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Open Market Repurchases [Member]	Common Stock [Member]	Treasury Stock [Member]	Treasury Stock [Member]Open Market Repurchases [Member]	Common Stock Shares Outstanding [Member]	Common Stock Shares Outstanding [Member]Open Market Repurchases [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment	Total Stockholders' Equity [Member]Open Market Repurchases [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2018	$ 3,547			$ 4	$ (2,961)				$ 3,145	$ 113	$ 3,218		$ 3,519			$ 28
Beginning Balance, Shares at Dec. 31, 2018				445,377,826	(197,940,553)		247,437,273
Comprehensive income (loss):
Net income (loss)	425										425		425
Other comprehensive income (loss), net of tax	(237)									(237)			(237)
Total comprehensive income (loss)	188												188
Cash dividends:
Common stock	(112)										(112)		(112)
Dividend equivalent units related to employee stock-based compensation plans	(4)										(4)		(4)
Issuance of common shares	$ 23								23				23
Issuance of common shares, Shares	5,091,044			5,091,044			5,091,044
Stock-based compensation expense	$ 20								20				20
Common stock repurchased			$ (363)			$ (363)	$ (363)								$ (363)
Common stock repurchased, Shares						(28,738,164)	(28,738,164)	(28,738,164)
Shares repurchased related to employee stock-based compensation plans	$ (31)				$ (31)								(31)
Shares repurchased related to employee stock-based compensation plans, Shares	(2,753,418)				(2,753,418)		(2,753,418)
Net activity in noncontrolling interest	$ (16)															(16)
Ending Balance, Value at Sep. 30, 2019	3,252			$ 4	$ (3,355)				3,188	(124)	3,527		3,240			12
Ending Balance, Shares at Sep. 30, 2019				450,468,870	(229,432,135)		221,036,735
Beginning Balance, Value at Jun. 30, 2019	3,312			$ 4	$ (3,222)				3,181	(80)	3,418		3,301			11
Beginning Balance, Shares at Jun. 30, 2019				450,003,173	(219,508,895)		230,494,278
Comprehensive income (loss):
Net income (loss)	145										145		145
Other comprehensive income (loss), net of tax	(44)									(44)			(44)
Total comprehensive income (loss)	101												101
Cash dividends:
Common stock	(36)										(36)		(36)
Issuance of common shares	$ 4								4				4
Issuance of common shares, Shares	465,697			465,697			465,697
Stock-based compensation expense	$ 3								3				3
Common stock repurchased			(130)			$ (130)	$ (130)								(130)
Common stock repurchased, Shares						(9,703,912)	(9,703,912)	(9,703,912)
Shares repurchased related to employee stock-based compensation plans	$ (3)				$ (3)								(3)
Shares repurchased related to employee stock-based compensation plans, Shares	(219,328)				(219,328)		(219,328)
Net activity in noncontrolling interest	$ 1															1
Ending Balance, Value at Sep. 30, 2019	3,252			$ 4	$ (3,355)				3,188	(124)	3,527		3,240			12
Ending Balance, Shares at Sep. 30, 2019				450,468,870	(229,432,135)		221,036,735
Beginning Balance, Value at Dec. 31, 2019	3,349	$ (620)		$ 4	$ (3,439)				3,198	(91)	3,664	$ (620)	3,336	$ (620)		13
Beginning Balance, Shares at Dec. 31, 2019				451,094,879	(235,658,196)		215,436,683
Accounting Standards Update Extensible List		us-gaap:AccountingStandardsUpdate201613Member										us-gaap:AccountingStandardsUpdate201613Member		us-gaap:AccountingStandardsUpdate201613Member
Comprehensive income (loss):
Net income (loss)	227										227		227
Other comprehensive income (loss), net of tax	(203)									(203)			(203)
Total comprehensive income (loss)	24												24
Cash dividends:
Common stock	(93)										(93)		(93)
Dividend equivalent units related to employee stock-based compensation plans	(3)										(3)		(3)
Issuance of common shares	$ 7								7				7
Issuance of common shares, Shares	2,393,211			2,393,211			2,393,211
Stock-based compensation expense	$ 15								15				15
Common stock repurchased			(400)			$ (400)	$ (400)								(400)
Common stock repurchased, Shares						(30,628,580)	(30,628,580)	(30,628,580)
Shares repurchased related to employee stock-based compensation plans	$ (12)				$ (12)								(12)
Shares repurchased related to employee stock-based compensation plans, Shares	(921,235)				(921,235)		(921,235)
Net activity in noncontrolling interest	$ (2)															(2)
Ending Balance, Value at Sep. 30, 2020	2,265			$ 4	$ (3,851)				3,220	(294)	3,175		2,254			11
Ending Balance, Shares at Sep. 30, 2020				453,488,090	(267,208,011)		186,280,079
Beginning Balance, Value at Jun. 30, 2020	2,126			$ 4	$ (3,786)				3,215	(317)	2,999		2,115			11
Beginning Balance, Shares at Jun. 30, 2020				453,457,122	(259,538,478)		193,918,644
Comprehensive income (loss):
Net income (loss)	207										207		207
Other comprehensive income (loss), net of tax	23									23			23
Total comprehensive income (loss)	230												230
Cash dividends:
Common stock	$ (31)										(31)		(31)
Issuance of common shares, Shares	30,968			30,968			30,968
Stock-based compensation expense	$ 5								5				5
Common stock repurchased			$ (65)			$ (65)	$ (65)								$ (65)
Common stock repurchased, Shares						(7,652,700)	(7,652,700)	(7,652,700)
Shares repurchased related to employee stock-based compensation plans, Shares	(16,833)				(16,833)		(16,833)
Ending Balance, Value at Sep. 30, 2020	$ 2,265			$ 4	$ (3,851)				$ 3,220	$ (294)	$ 3,175		$ 2,254			$ 11
Ending Balance, Shares at Sep. 30, 2020				453,488,090	(267,208,011)		186,280,079

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Retained Earnings [Member]
Dividends per common share	0.16	0.16	0.48	0.48
Total Stockholders' Equity [Member]
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income (loss)	$ 227	$ 425
Adjustments to reconcile net income to net cash provided by operating activities:
(Gains) on sales of loans		(16)
(Gains) on debt repurchases		(59)
Goodwill and acquired intangible asset impairment and amortization expense	16	23
Stock-based compensation expense	15	20
Mark-to-market losses on derivative and hedging activities, net	412	211
Provisions for loan losses	153	208
Decrease in accrued interest receivable	16	123
Decrease in accrued interest payable	(135)	(117)
Decrease in other assets	152	133
Decrease in other liabilities	(40)	(120)
Total adjustments	589	406
Total net cash provided by operating activities	816	831
Investing activities
Education loans acquired and originated	(3,473)	(3,447)
Proceeds from payments on education loans	8,519	9,438
Proceeds from sales of education loans		408
Other investing activities, net	(128)	7
Total net cash provided by investing activities	4,918	6,406
Financing activities
Borrowings collateralized by loans in trust - issued	5,606	6,149
Borrowings collateralized by loans in trust - repaid	(8,885)	(10,785)
Long-term notes issued	682
Long-term notes repaid	(722)	(937)
Other financing activities, net	(241)	(250)
Common stock repurchased	(400)	(363)
Common dividends paid	(93)	(112)
Total net cash used in financing activities	(5,301)	(8,239)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	433	(1,002)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	3,781	5,262
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	4,214	4,260
Cash disbursements made (refunds received) for:
Interest	1,664	2,711
Income taxes paid	25	61
Income taxes received		(2)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	1,775	1,583
Restricted cash and restricted cash equivalents	2,439	2,677
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	4,214	4,260
Noncash activity:
Investing activity - Held-to-maturity asset backed securities retained related to sales of education loans		22
Operating activity - Servicing assets recognized upon sales of education loans		3
Asset-backed Securities, Securitized Loans and Receivables [Member]
Financing activities
Asset-backed commercial paper conduits, net	$ (1,248)	$ (1,941)

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	1. 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 months ended September 30, 2020 are not necessarily indicative of the results for the year ending December 31, 2020 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, 2019 (the “2019 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 2019 Form 10-K. Recently Issued Accounting Pronouncements Effective in 2020 Allowance for Loan Losses On January 1, 2020, we adopted ASU No. 2016-13, “Financial Instruments — Credit Losses,” which requires measurement and recognition of an allowance for loan loss that estimates the remaining current expected credit losses (“CECL”) for financial assets measured at amortized cost held at the reporting date. Our prior allowance for loan loss was an incurred loss model. As a result, the new guidance results in an increase to our allowance for loan losses. The new standard impacts the allowance for loan losses related to our Private Education Loans and FFELP Loans. The standard was applied through a cumulative-effect adjustment to retained earnings (net of tax) as of January 1, 2020, the effective date, for the education loans on our balance sheet as of that date (except for the $70 million Purchased Credit Deteriorated (“PCD”) portfolio where the related $43 million allowance is recorded as an increase to the basis of the loans). Subsequently, changes in the estimated remaining current expected credit losses, including estimated losses on newly originated education loans, will be recorded through provision (net income). This standard represents a significant change from prior GAAP and has resulted in material changes to the Company’s accounting for the allowance for loan losses. 1. Significant Accounting Policies (Continued) Related to the new CECL standard: • We have determined that, for modeling current expected credit losses, in general, we can reasonably estimate expected losses that incorporate current and forecasted economic conditions over a three-year period. After this “reasonable and supportable” period, there is a two-year reversion period to Navient’s actual long-term historical loss experience over a full economic life cycle. The model used to project losses utilizes key credit quality indicators of the loan portfolio and predicts how those attributes are expected to perform in connection with the forecasted economic conditions. These losses are calculated on an undiscounted basis. We project losses at the loan level and make estimates regarding prepayments, recoveries on defaults and reasonably expected new Troubled Debt Restructurings (“TDRs”). • Separately, as it relates to interest rate concessions granted as part of our private education loan modification program, a discounted cash flow model is used to calculate the amount of interest forgiven for loans currently in the program. The present value of this interest rate concession is included in our CECL allowance for loan loss. • Charge-offs include the discount or premium related to such defaulted loan. • CECL requires our expected future recoveries on charged-off loans to be presented within the allowance for loan loss whereas previously, we accounted for our receivable for partially charged-off loans ($588 million as of December 31, 2019) as part of our Private Education Loan portfolio. This change is only a change in classification on the balance sheet and does not impact retained earnings at adoption of CECL or provision and net income post-adoption. The total allowance for loan losses increased by $802 million upon adoption on January 1, 2020 (excluding the impact of the balance sheet reclassifications related to the expected future recoveries and PCD portfolio discussed above). This had a corresponding reduction to equity of $620 million. The following table summarizes the transition adjustments made as of January 1, 2020 in connection with adopting CECL: (Dollars in millions) FFELP Loans Private Education Loans Total Allowance as of December 31, 2019 (prior to CECL) $ 64 $ 1,048 $ 1,112 Transition adjustments made under CECL on January 1, 2020: Current expected credit losses on non-PCD portfolio (1) 260 542 802 Current expected credit losses on PCD portfolio (2) — 43 43 Reclassification of the expected future recoveries on charged-off loans (3) — (588 ) (588 ) Net increase to allowance for loan losses under CECL 260 (3 ) 257 Allowance as of January 1, 2020 after CECL $ 324 $ 1,045 $ 1,369 (1) Recorded net of tax through retained earnings. Resulted in a $620 million reduction to equity. (2) Recorded as an increase in basis of the loans. No impact to equity. (3) Reclassification of the expected future recoveries on charged-off loans (previously referred to as the receivable for partially charged-off loans) from the Private Education Loan balance to the allowance for loan losses. No impact to equity. 1. Significant Accounting Policies (Continued) Goodwill On January 1, 2020, we adopted ASU No. 2017-04, "Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to perform step two of the goodwill impairment test. The new standard simplifies the goodwill impairment test by requiring comparison of the fair value of a reporting unit to its carrying value. Impairment will be recognized for the amount by which the carrying value exceeds the reporting unit fair value, not to exceed the total allocated reporting unit goodwill. Previously, step two required a hypothetical purchase price allocation when step one indicated potential impairment. The standard will be applied prospectively when the Company performs a step 1 impairment test. Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides relief for companies who are preparing for the discontinuation of interest rates such as the London Interbank Offered Rate (LIBOR). The ASU provides companies with optional guidance in the form of expedients and exceptions related to contract modifications, hedge accounting and held to maturity debt securities to ease the burden of and simplify the accounting associated with transitioning away from LIBOR. This guidance, which will only be available through December 31, 2022, can be applied commencing in March 2020. The Company continues to assess the implications of the discontinuation of LIBOR. Accordingly, the Company has not yet concluded whether it will apply the expedients and exceptions provided in ASU 2020-04.

Allowance for Loan Losses

Allowance for Loan Losses	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Allowance for Loan Losses	2. Allowance for Loan Losses See “Note 1 – Significant Accounting Policies” for discussion of the adoption of CECL on January 1, 2020, and the related transition adjustment. Allowance for Loan Losses Metrics Three Months Ended September 30, 2020 (Dollars in millions) FFELP Loans Private Education Loans Total Beginning balance $ 302 $ 1,098 $ 1,400 Total provision 4 10 14 Charge-offs: Net adjustment resulting from the change in the charge-off rate (1) — (23 ) (23 ) Net charge-offs remaining (2) (9 ) (40 ) (49 ) Total charge-offs (2) (9 ) (63 ) (72 ) Decrease in expected future recoveries on charged-off loans (3) — 46 46 Allowance at end of period 297 1,091 1,388 Plus: expected future recoveries on charged-off loans (3) — 503 503 Allowance at end of period excluding expected future recoveries on charged-off loans (4) $ 297 $ 1,594 $ 1,891 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (1) .07 % .75 % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (1) — % .44 % Allowance coverage of charge-offs (4) 8.8 6.4 Allowance as a percentage of the ending total loan balance (4) .5 % 7.1 % Allowance as a percentage of the ending loans in repayment (4) .6 % 7.6 % Ending total loans $ 59,856 $ 22,380 Average loans in repayment $ 47,597 $ 20,884 Ending loans in repayment $ 48,716 $ 21,006 (1) In third-quarter 2020, the portion of the loan amount charged off at default on Private Education Loans increased from 81% to 81.4%. This charge resulted in a $23 million reduction to the balance of the expected future recoveries on charged-off loans. (2) Charge-offs are reported net of expected recoveries. For Private Education Loans, at the time of charge-off, the expected recovery amount is transferred from the education loan balance to the allowance for loan loss and is referred to as the expected future recoveries on charged-off loans. For FFELP Loans, the recovery is received at the time of charge-off. (3) At the end of each month, for Private Education Loans that are 212 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 as the “expected future recoveries on 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 expected future recoveries for charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on charged-off loans: Three Months Ended September 30, (Dollars in millions) 2020 2019 Beginning of period expected recoveries $ 549 $ 640 Expected future recoveries of current period defaults 7 18 Recoveries (28 ) (31 ) Charge-offs (25 ) (24 ) End of period expected recoveries $ 503 $ 603 Change in balance during period $ (46 ) $ (37 ) (4) The allowance used for these metrics excludes the expected future recoveries on charged-off loans to better reflect the current expected credit losses remaining in the portfolio. 2. Allowance for Loan Losses (Continued) Three Months Ended September 30, 2019 (Dollars in millions) FFELP Loans Private Education Loans Other Loans Total Allowance for Loan Losses Beginning balance $ 67 $ 1,151 $ — $ 1,218 Total provision 8 56 — 64 Charge-offs: Net adjustment resulting from the change in the charge-off rate (1) — (21 ) — (21 ) Net charge-offs remaining (2) (9 ) (87 ) — (96 ) Total charge-offs (2) (9 ) (108 ) — (117 ) Reclassification of interest reserve (3) — 2 — 2 Ending balance $ 65 $ 1,101 $ — $ 1,166 Allowance Ending Balance: Individually evaluated for impairment — TDR $ — $ 998 $ — $ 998 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 65 103 — 168 Purchased Non-Credit Impaired Loans acquired at a discount (4) — — — — Purchased Credit Impaired Loans (3) — — — — Ending total allowance $ 65 $ 1,101 $ — $ 1,166 Loans Ending Balance: Individually evaluated for impairment — TDR $ — $ 9,810 $ — $ 9,810 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 63,003 11,683 6 74,692 Purchased Non-Credit Impaired Loans acquired at a discount (4) 2,585 1,892 — 4,477 Purchased Credit Impaired Loans (3) — 208 — 208 Ending total loans (5) $ 65,588 $ 23,593 $ 6 $ 89,187 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (1) .06 % 1.60 % — % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (1) — % .39 % — % Allowance coverage of charge-offs 1.9 2.6 — Allowance as a percentage of the ending total loan balance .10 % 4.67 % — % Allowance as a percentage of the ending loans in repayment .12 % 5.08 % — % Ending total loans (5) $ 65,588 $ 23,593 $ 6 Average loans in repayment $ 54,973 $ 21,549 $ 5 Ending loans in repayment $ 54,395 $ 21,655 $ 6 (1) In third-quarter 2019, the portion of the loan amount charged off at default on Private Education Loans increased from 80.5% to 81%. This charge resulted in a $21 million reduction to the balance of the receivable for partially charged-off loan balance. (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) The Purchased Credit Impaired Loans’ losses are not provided for by the allowance for loan losses in the above table as these loans are separately reserved for, if needed. No allowance for loan losses has been established for these loans as of September 30, 2019. The losses of the Purchased Non-Credit Impaired Loans acquired at a discount are not provided for by the allowance for loan losses in the above table as the remaining purchased discount associated with the FFELP and Private Education Loans of $34 million and $281 million, respectively, as of September 30, 2019 is greater than the incurred losses and, as a result, no allowance for loan losses has been established for these loans as of September 30, 2019. (5) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. 2. Allowance for Loan Losses (Continued) Nine Months Ended September 30, 2020 (Dollars in millions) FFELP Loans Private Education Loans Total Beginning balance (after transition adjustment to CECL) $ 324 $ 1,045 $ 1,369 Total provision 13 140 153 Charge-offs: Net adjustment resulting from the change in the charge-off rate (1) — (23 ) (23 ) Net charge-offs remaining (2) (40 ) (156 ) (196 ) Total charge-offs (2) (40 ) (179 ) (219 ) Decrease in expected future recoveries on charged-off loans (3) — 85 85 Ending balance 297 1,091 1,388 Plus: expected future recoveries on charged-off loans (3) — 503 503 Allowance at end of period excluding expected future recoveries on charged-off loans (4) $ 297 $ 1,594 $ 1,891 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (1) .11 % 1.00 % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (1) — % .15 % Allowance coverage of charge-offs (4) 5.6 6.7 Allowance as a percentage of the ending total loan balance (4) .5 % 7.1 % Allowance as a percentage of the ending loans in repayment (4) .6 % 7.6 % Ending total loans $ 59,856 $ 22,380 Average loans in repayment $ 48,065 $ 20,739 Ending loans in repayment $ 48,716 $ 21,006 (1) In third-quarter 2020, the portion of the loan amount charged off at default on Private Education Loans increased from 81% to 81.4%. This charge resulted in a $23 million reduction to the balance of the expected future recoveries on charged-off loans. (2) Charge-offs are reported net of expected recoveries. For Private Education Loans, at the time of charge-off, the expected recovery amount is transferred from the education loan balance to the allowance for loan loss and is referred to as the expected future recoveries on charged-off loans. For FFELP Loans, the recovery is received at the time of charge-off. (3) At the end of each month, for Private Education Loans that are 212 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 as the “expected future recoveries on 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 expected future recoveries for charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on charged-off loans: Nine Months Ended September 30, (Dollars in millions) 2020 2019 Beginning of period expected recoveries $ 588 $ 674 Expected future recoveries of current period defaults 28 56 Recoveries (84 ) (98 ) Charge-offs (29 ) (29 ) End of period expected recoveries $ 503 $ 603 Change in balance during period $ (85 ) $ (71 ) (4) The allowance used for these metrics excludes the expected future recoveries on charged-off loans to better reflect the current expected credit losses remaining in the portfolio. 2. Allowance for Loan Losses (Continued) Nine Months Ended September 30, 2019 (Dollars in millions) FFELP Loans Private Education Loans Other Loans Total Allowance for Loan Losses Beginning balance $ 76 $ 1,201 $ 9 $ 1,286 Total provision 23 185 1 208 Charge-offs: Net adjustment resulting from the change in the charge-off rate (1) — (21 ) — (21 ) Net charge-offs remaining (2) (33 ) (267 ) (2 ) (302 ) Total charge-offs (2) (33 ) (288 ) (2 ) (323 ) Reclassification of interest reserve (3) — 5 — 5 Loan sales and other transactions — (1 ) (8 ) (9 ) Ending balance $ 65 $ 1,101 $ — $ 1,166 Allowance Ending Balance: Individually evaluated for impairment - TDR $ — $ 998 $ — $ 998 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 65 103 — 168 Purchased Non-Credit Impaired Loans acquired at a discount (4) — — — — Purchased Credit Impaired Loans (4) — — — — Ending total allowance $ 65 $ 1,101 $ — $ 1,166 Loans Ending Balance: Individually evaluated for impairment - TDR $ — $ 9,810 $ — $ 9,810 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 63,003 11,683 6 74,692 Purchased Non-Credit Impaired Loans acquired at a discount (4) 2,585 1,892 — 4,477 Purchased Credit Impaired Loans (4) — 208 — 208 Ending total loans (5) $ 65,588 $ 23,593 $ 6 $ 89,187 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (1) .08 % 1.64 % — % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (1) — % .13 % — % Allowance coverage of charge-offs 1.5 2.9 — Allowance as a percentage of the ending total loan balance .10 % 4.67 % — % Allowance as a percentage of the ending loans in repayment .12 % 5.08 % — % Ending total loans (5) $ 65,588 $ 23,593 $ 6 Average loans in repayment $ 56,605 $ 21,819 $ 36 Ending loans in repayment $ 54,395 $ 21,655 $ 6 (1) In third-quarter 2019, the portion of the loan amount charged off at default on Private Education Loans increased from 80.5% to 81%. This charge resulted in a $21 million reduction to the balance of the receivable for partially charged-off loan balance. (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) The Purchased Credit Impaired Loans’ losses are not provided for by the allowance for loan losses in the above table as these loans are separately reserved for, if needed. No allowance for loan losses has been established for these loans as of September 30, 2019. The losses of the Purchased Non-Credit Impaired Loans acquired at a discount are not provided for by the allowance for loan losses in the above table as the remaining purchased discount associated with the FFELP and Private Education Loans of $34 million and $281 million, respectively, as of September 30, 2019 is greater than the incurred losses and, as a result, no allowance for loan losses has been established for these loans as of September 30, 2019. (5) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. 2. Allowance for Loan Losses (Continued) Key Credit Quality Indicators FFELP Loans FFELP Loans are substantially insured and guaranteed as to their principal and accrued interest in the event of default. The key credit quality indicators for this portfolio are loan status and loan type. The impact of changes in loan status and loan type is incorporated into the allowance for loan losses calculation. Loan status: FFELP Loan Delinquencies September 30, 2020 December 31, 2019 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 3,038 $ 3,114 Loans in forbearance (2) 8,102 7,442 Loans in repayment and percentage of each status: Loans current 44,175 90.7 % 47,255 88.3 % Loans delinquent 31-60 days (3) 1,876 3.9 2,094 3.9 Loans delinquent 61-90 days (3) 930 1.9 1,082 2.0 Loans delinquent greater than 90 days (3) 1,735 3.5 3,107 5.8 Total FFELP Loans in repayment 48,716 100 % 53,538 100 % Total FFELP Loans, gross 59,856 64,094 FFELP Loan unamortized premium (4) — 545 Total FFELP Loans 59,856 64,639 FFELP Loan allowance for losses (297 ) (64 ) FFELP Loans, net $ 59,559 $ 64,575 Percentage of FFELP Loans in repayment 81.4 % 83.5 % Delinquencies as a percentage of FFELP Loans in repayment 9.3 % 11.7 % FFELP Loans in forbearance as a percentage of loans in repayment and forbearance 14.3 % 12.2 % (1) Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships. (2) Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. (4) In connection with the adoption of CECL on January 1, 2020, the $506 million premium as of September 30, 2020, associated with the loans is now included as part of the respective loan balance for this disclosure. This change is prospective in nature as prior balances are not restated under CECL. Loan type : (Dollars in millions) September 30, 2020 September 30, 2019 Change Stafford Loans $ 18,011 $ 19,491 $ (1,480 ) Consolidation Loans 36,876 40,660 (3,784 ) Rehab Loans 4,969 5,437 (468 ) Total $ 59,856 $ 65,588 $ (5,732 ) 2. Allowance for Loan Losses (Continued) Private Education Loans We segregate our Private Education Loan portfolio into two classes of loans in monitoring and assessing credit risk — Troubled Debt Restructurings (“TDRs”) and Non-TDRs. The key credit quality indicators are FICO scores, school type, the existence of a cosigner, the loan status and loan seasoning. The FICO score is the higher of the borrower or co-borrower score and is updated at least every six months while school type is assessed at origination. The other Private Education Loan key quality indicators are updated quarterly. These key credit quality indicators are incorporated into the allowance for loan losses calculation. The following tables highlight the principal balance of our Private Education Loan portfolio stratified by the key credit quality indicators. Private Education Loan Credit Quality Indicators by Origination Year TDRs (Dollars in millions) September 30, 2020 2019 2018 2017 2016 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ — $ 5 $ 15 $ 24 $ 9 $ 6,524 $ 6,577 77 % Below 640 — 3 7 6 2 1,985 2,003 23 Total $ — $ 8 $ 22 $ 30 $ 11 $ 8,509 $ 8,580 100 % School Type: Not-for-profit $ — $ 7 $ 21 $ 29 $ 11 $ 6,798 $ 6,866 80 % For-profit — 1 1 1 — 1,711 1,714 20 Total $ — $ 8 $ 22 $ 30 $ 11 $ 8,509 $ 8,580 100 % Cosigners: With cosigner (1) $ — $ — $ — $ 9 $ 5 $ 5,366 $ 5,380 63 % Without cosigner — 8 22 21 6 3,143 3,200 37 Total $ — $ 8 $ 22 $ 30 $ 11 $ 8,509 $ 8,580 100 % Seasoning (2) 1-12 payments $ — $ 7 $ 7 $ 1 $ — $ 157 $ 172 2 % 13-24 payments — 1 15 8 1 217 242 3 25-36 payments — — — 15 5 347 367 4 37-48 payments — — — 5 5 514 524 6 More than 48 payments — — — — — 6,981 6,981 81 Loans in-school/ grace/deferment — — — 1 — 293 294 4 Total $ — $ 8 $ 22 $ 30 $ 11 $ 8,509 $ 8,580 100 % Allowance for loan losses (930 ) Total loans, net $ 7,650 (1) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was (2) Number of months in active repayment for which a scheduled payment was received. 2. Allowance for Loan Losses (Continued) Private Education Loan Credit Quality Indicators by Origination Year Non-TDRs (Dollars in millions) September 30, 2020 2019 2018 2017 2016 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 3,135 $ 3,336 $ 1,197 $ 364 $ 73 $ 5,426 $ 13,531 98 % Below 640 14 36 18 4 1 196 269 2 Total $ 3,149 $ 3,372 $ 1,215 $ 368 $ 74 $ 5,622 $ 13,800 100 % School Type: Not-for-profit $ 2,995 $ 3,153 $ 1,123 $ 351 $ 74 $ 4,877 $ 12,573 91 % For-profit 154 219 92 17 — 745 1,227 9 Total $ 3,149 $ 3,372 $ 1,215 $ 368 $ 74 $ 5,622 $ 13,800 100 % Cosigners: With cosigner (1) $ 2 $ 14 $ 1 $ 44 $ 18 $ 3,893 $ 3,972 29 % Without cosigner 3,147 3,358 1,214 324 56 1,729 9,828 71 Total $ 3,149 $ 3,372 $ 1,215 $ 368 $ 74 $ 5,622 $ 13,800 100 % Seasoning (2) 1-12 payments $ 3,141 $ 2,184 $ 3 $ 1 $ — $ 36 $ 5,365 39 % 13-24 payments 1 1,168 587 2 — 35 1,793 13 25-36 payments — — 613 210 — 70 893 6 37-48 payments — — — 153 59 128 340 2 More than 48 payments — — — — 14 5,182 5,196 38 Loans in-school/ grace/deferment 7 20 12 2 1 171 213 2 Total $ 3,149 $ 3,372 $ 1,215 $ 368 $ 74 $ 5,622 $ 13,800 100 % Allowance for loan losses (161 ) Total loans, net $ 13,639 (1) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 68% for total loans at September 30, 2020. (2) Number of months in active repayment for which a scheduled payment was received. 2. Allowance for Loan Losses (Continued) Private Education Loan Credit Quality Indicators December 31, 2019 TDRs Non-TDRs (Dollars in millions) Balance (3) % of Balance Balance (3) % of Balance Credit Quality Indicators Original Winning FICO Scores: FICO 640 and above $ 8,493 92 % $ 13,687 97 % FICO below 640 777 8 365 3 Total $ 9,270 100 % $ 14,052 100 % School Type: Not-for-profit $ 7,387 80 % $ 12,614 90 % For-profit 1,883 20 1,438 10 Total $ 9,270 100 % $ 14,052 100 % Cosigners: With cosigner (1) $ 5,792 62 % $ 5,184 37 % Without cosigner 3,478 38 8,868 63 Total $ 9,270 100 % $ 14,052 100 % Seasoning (2) 1-12 payments $ 224 3 % $ 4,673 33 % 13-24 payments 301 3 1,570 11 25-36 payments 472 5 603 4 37-48 payments 662 7 251 2 More than 48 payments 7,262 78 6,675 48 Loans in-school/grace/deferment 349 4 280 2 Total $ 9,270 100 % $ 14,052 100 % (1) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 63% and 67% for TDRs and non-TDRs, respectively, at December 31, 2019. (2) Number of months in active repayment for which a scheduled payment was received. (3) Balance equals the gross Private Education Loans. 2. Allowance for Loan Losses (Continued) Private Education Loan Delinquencies TDRs September 30, 2020 December 31, 2019 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 294 $ 349 Loans in forbearance (2) 691 479 Loans in repayment and percentage of each status: Loans current 7,152 94.1 % 7,557 89.5 % Loans delinquent 31-60 days (3) 196 2.6 296 3.5 Loans delinquent 61-90 days (3) 127 1.7 191 2.3 Loans delinquent greater than 90 days (3) 120 1.6 398 4.7 Total TDR loans in repayment 7,595 100 % 8,442 100 % Total TDR loans, gross 8,580 9,270 TDR loans unamortized discount (4) — (203 ) Total TDR loans 8,580 9,067 TDR loans receivable for partially charged-off loans (4) — 347 TDR loans allowance for losses (930 ) (941 ) TDR loans, net $ 7,650 $ 8,473 Percentage of TDR loans in repayment 88.5 % 91.1 % Delinquencies as a percentage of TDR loans in repayment 5.9 % 10.5 % Loans in forbearance as a percentage of TDR loans in repayment and forbearance 8.3 % 5.4 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on 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 such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. (4) In connection with the adoption of CECL on January 1, 2020, (1) the $203 million discount as of September 30, 2020, associated with the loans is now included as part of the respective loan balance for this disclosure and (2) the receivable for partially charged-off loans balance has been reclassified from the Private Education Loan balance to the allowance for loan loss. Both of these changes are prospective in nature as prior balances are not restated under CECL. 2. Allowance for Loan Losses (Continued) Private Education Loan Delinquencies Non-TDRs September 30, 2020 December 31, 2019 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 213 $ 280 Loans in forbearance (2) 176 125 Loans in repayment and percentage of each status: Loans current 13,355 99.6 % 13,526 99.1 % Loans delinquent 31-60 days (3) 28 .2 53 .4 Loans delinquent 61-90 days (3) 13 .1 27 .2 Loans delinquent greater than 90 days (3) 15 .1 41 .3 Total non-TDR loans in repayment 13,411 100 % 13,647 100 % Total non-TDR loans, gross 13,800 14,052 Non-TDR loans unamortized discount (4) — (414 ) Total non-TDR loans 13,800 13,638 Non-TDR loans receivable for partially charged-off loans (4) — 241 Non-TDR loans allowance for losses (161 ) (107 ) Non-TDR loans, net $ 13,639 $ 13,772 Percentage of non-TDR loans in repayment 97.2 % 97.1 % Delinquencies as a percentage of non-TDR loans in repayment .4 % .9 % Loans in forbearance as a percentage of non- TDR loans in repayment and forbearance 1.3 % .9 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on 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 such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. (4) In connection with the adoption of CECL on January 1, 2020, (1) the $295 million discount as of September 30, 2020, associated with the loans is now included as part of the respective loan balance for this disclosure and (2) the receivable for partially charged-off loans balance has been reclassified from the Private Education Loan balance to the allowance for loan loss. Both of these changes are prospective in nature as prior balances are not restated under CECL. 2. Allowance for Loan Losses (Continued) Troubled Debt Restructurings (“TDRs”) We sometimes modify the terms of loans 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 71% and 69% of the loans granted forbearance have qualified as a TDR loan at September 30, 2020 and December 31, 2019, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction program as of September 30, 2020 and December 31, 2019 was $1.0 billion and $1.7 billion, respectively. The following table provides the amount of loans modified in the periods presented that resulted in a TDR. Additionally, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2020 2019 2020 2019 Modified loans (1) $ 51 $ 113 $ 216 $ 369 Charge-offs (2) $ 43 $ 88 $ 136 $ 242 Payment default $ 7 $ 25 $ 39 $ 83 (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.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Borrowings	3. Borrowings The following table summarizes our borrowings. September 30, 2020 December 31, 2019 (Dollars in millions) Short Term Long Term Total Short Term Long Term Total Unsecured borrowings: Senior unsecured debt (1) $ 1,780 $ 7,709 $ 9,489 $ 1,052 $ 8,461 $ 9,513 Total unsecured borrowings 1,780 7,709 9,489 1,052 8,461 9,513 Secured borrowings: FFELP Loan securitizations (2) — 55,354 55,354 72 59,735 59,807 Private Education Loan securitizations (3) 1,297 13,499 14,796 2,120 11,430 13,550 FFELP Loan ABCP facilities 2,304 843 3,147 2,783 617 3,400 Private Education Loan ABCP facilities 1,358 1,276 2,634 2,114 1,513 3,627 Other (4) 328 — 328 338 — 338 Total secured borrowings 5,287 70,972 76,259 7,427 73,295 80,722 Total before hedge accounting adjustments 7,067 78,681 85,748 8,479 81,756 90,235 Hedge accounting adjustments 11 456 467 4 (41 ) (37 ) Total $ 7,078 $ 79,137 $ 86,215 $ 8,483 $ 81,715 $ 90,198 (1) Includes principal amount of $1.8 billion and $1.1 billion of short-term debt as of September 30, 2020 and December 31, 2019, respectively. Includes principal amount of $7.8 billion and $8.5 billion of long-term debt as of September 30, 2020 and December 31, 2019, respectively. (2) Includes $0 million and $72 million of short-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (“FFELP Loan Repurchase Facilities”) as of September 30, 2020 and December 31, 2019, respectively. Includes $133 million and $231 million of long-term debt related to the FFELP Loan Repurchase Facilities as of September 30, 2020 and December 31, 2019, respectively. (3) Includes $1.3 billion and $2.1 billion of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (“Private Education Loan Repurchase Facilities”) as of September 30, 2020 and December 31, 2019, respectively. Includes $260 million and $194 million of long-term debt related to the Private Education Loan Repurchase Facilities as of September 30, 2020 and December 31, 2019, respectively. (4) “Other” primarily includes the obligation to return cash collateral held related to derivative exposures. 3. Borrowings (Continued) Variable Interest Entities We consolidated the following financing VIEs as of September 30, 2020 and December 31, 2019, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. September 30, 2020 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 55,354 $ 55,354 $ 56,044 $ 1,637 $ 1,448 $ 59,129 Private Education Loan securitizations 1,297 13,499 14,796 15,814 638 196 16,648 FFELP Loan ABCP facilities 2,304 843 3,147 3,178 50 110 3,338 Private Education Loan ABCP facilities 1,358 1,276 2,634 2,883 80 29 2,992 Total before hedge accounting adjustments 4,959 70,972 75,931 77,919 2,405 1,783 82,107 Hedge accounting adjustments — (331 ) (331 ) — — (475 ) (475 ) Total $ 4,959 $ 70,641 $ 75,600 $ 77,919 $ 2,405 $ 1,308 $ 81,632 December 31, 2019 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ 72 $ 59,735 $ 59,807 $ 60,834 $ 1,833 $ 1,400 $ 64,067 Private Education Loan securitizations 2,120 11,430 13,550 15,412 509 152 16,073 FFELP Loan ABCP facilities 2,783 617 3,400 3,421 63 102 3,586 Private Education Loan ABCP facilities 2,114 1,513 3,627 4,197 101 28 4,326 Total before hedge accounting adjustments 7,089 73,295 80,384 83,864 2,506 1,682 88,052 Hedge accounting adjustments — (439 ) (439 ) — — (593 ) (593 ) Total $ 7,089 $ 72,856 $ 79,945 $ 83,864 $ 2,506 $ 1,089 $ 87,459

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	4. Derivative Financial Instruments Our risk management strategy and use of and accounting for derivatives have not materially changed from that discussed in our 2019 Form 10-K. Please refer to “Note 7 — Derivative Financial Instruments” in our 2019 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, 2020 and December 31, 2019, and their impact on other comprehensive income and earnings for the three and nine months ended September 30, 2020 and 2019. 4. Derivative Financial Instruments (Continued) Impact of Derivatives on Consolidated Balance Sheet Cash Flow Fair Value (4) Trading Total (Dollars in millions) Hedged Risk Exposure Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 357 $ 226 $ 6 $ 4 $ 363 $ 230 Cross-currency interest rate swaps Foreign currency and interest rate — — 12 — — — 12 — Total derivative assets (2) — — 369 226 6 4 375 230 Derivative Liabilities: Interest rate swaps Interest rate — — — — (15 ) (20 ) (15 ) (20 ) Floor Income Contracts Interest rate — — — — (225 ) (68 ) (225 ) (68 ) Cross-currency interest rate swaps Foreign currency and interest rate — — (473 ) (575 ) — — (473 ) (575 ) Other (3) Interest rate — — — — — (1 ) — (1 ) Total derivative liabilities (2) — — (473 ) (575 ) (240 ) (89 ) (713 ) (664 ) Net total derivatives $ — $ — $ (104 ) $ (349 ) $ (234 ) $ (85 ) $ (338 ) $ (434 ) (1) Fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements, and classified in other assets or other liabilities depending on whether in a net positive or negative position. (2) The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities (Dollar in millions) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Gross position $ 375 $ 230 $ (713 ) $ (664 ) Impact of master netting agreements (58 ) (18 ) 58 18 Derivative values with impact of master netting agreements (as carried on balance sheet) 317 212 (655 ) (646 ) Cash collateral (held) pledged (328 ) (337 ) 259 155 Net position $ (11 ) $ (125 ) $ (396 ) $ (491 ) (3) (4) As of September 30, 2020 As of December 31, 2019 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ 1,714 $ 11 $ 1,001 $ 4 Long-term borrowings $ 11,001 $ 444 $ 11,488 $ (58 ) 4. Derivative Financial Instruments (Continued) The above fair values include adjustments when necessary for counterparty credit risk for both when we are exposed to the counterparty, net of collateral postings, and when the counterparty is exposed to us, net of collateral postings. The net adjustments decreased the asset position at September 30, 2020 and December 31, 2019 by $7 million and $11 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, 2020 and December 31, 2019 by $6 million and $12 million, respectively. Cash Flow Fair Value Trading Total (Dollars in billions) Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Notional Values: Interest rate swaps $ 17.0 $ 19.1 $ 8.6 $ 8.6 $ 29.9 $ 51.5 $ 55.5 $ 79.2 Floor Income Contracts — — — — 17.0 21.2 17.0 21.2 Cross-currency interest rate swaps — — 3.7 4.0 — — 3.7 4.0 Other (1) — — — — — — — — Total derivatives $ 17.0 $ 19.1 $ 12.3 $ 12.6 $ 46.9 $ 72.7 $ 76.2 $ 104.4 (1) “Other” includes derivatives related to our Total Return Swap Facility. Mark-to-Market Total Gains (Losses) Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2020 2019 2020 2019 Fair Value Hedges: Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ (49 ) $ 84 $ 375 $ 374 Gains (losses) recognized in net income on hedged items 54 (81 ) (401 ) (398 ) Net fair value hedge ineffectiveness gains (losses) 5 3 (26 ) (24 ) Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives 146 (130 ) 115 (101 ) Gains (losses) recognized in net income on hedged items (154 ) 138 (107 ) 145 Net fair value hedge ineffectiveness gains (losses) (8 ) 8 8 44 Total fair value hedges (1)(2) (3 ) 11 (18 ) 20 Cash Flow Hedges: Total cash flow hedges (2) — — — — Trading: Interest rate swaps (3 ) 12 (50 ) 35 Floor income contracts 1 (8 ) (205 ) (56 ) Cross currency interest rate swaps — — — (2 ) Other — — — 2 Total trading derivatives (3) (2 ) 4 (255 ) (21 ) Mark-to-market gains (losses) recognized $ (5 ) $ 15 $ (273 ) $ (1 ) (1) Recorded in interest expense in the consolidated statements of income. (2) The accrued interest income (expense) on fair value hedges and cash flow hedges is recorded in interest expense and is excluded from this table. (3) Recorded in “gains (losses) on derivatives and hedging activities, net” in the consolidated statements of income. 4. Derivative Financial Instruments (Continued) Impact of Derivatives on Consolidated Statements of Changes in Stockholders’ Equity (net of tax) Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2020 2019 2020 2019 Total gains (losses) on cash flow hedges $ 4 $ (35 ) $ (233 ) $ (202 ) Reclassification adjustments for derivative (gains) losses included in net income (interest expense) (1)(2) 19 (9 ) 30 (35 ) Total change in stockholders’ equity for unrealized gains (losses) on derivatives $ 23 $ (44 ) $ (203 ) $ (237 ) (1) Includes net settlement income/expense. (2) We expect to reclassify $2 million of after-tax net losses from accumulated other comprehensive income to earnings during the next 12 months related to amortization of terminated hedge relationships. 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, 2020 December 31, 2019 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 328 $ 337 Securities at fair value — corporate derivatives (not recorded in financial statements) (1) — — Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements) (2) 65 69 Total collateral held $ 393 $ 406 Derivative asset at fair value including accrued interest $ 322 $ 282 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 259 $ 155 Total collateral pledged $ 259 $ 155 Derivative liability at fair value including accrued interest and premium receivable $ 671 $ 658 (1) The Company has the ability to sell or re-pledge securities it holds as collateral. (2) The trusts do not have the ability to sell or re-pledge securities they hold as collateral. Our corporate derivatives contain credit contingent features. At our current unsecured credit rating, we have fully collateralized our corporate derivative liability position (including accrued interest and net of premiums receivable) of $179 million with our counterparties. Downgrades in our unsecured credit rating would not result in any additional collateral requirements. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Assets	5. Other Assets The following table provides the detail of our other assets. (Dollars in millions) September 30, 2020 December 31, 2019 Accrued interest receivable $ 1,938 $ 1,952 Benefit and insurance-related investments 466 459 Income tax asset, net (current and deferred) 461 258 Derivatives at fair value 317 212 Fixed assets, net 127 135 Accounts receivable 121 119 Other 120 199 Total $ 3,550 $ 3,334

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	6. Stockholders’ Equity The following table summarizes common share repurchases and issuances. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Common stock repurchased (1) 7,652,700 9,703,912 30,628,580 28,738,164 Average purchase price per share $ 8.42 $ 13.40 $ 13.06 $ 12.63 Shares repurchased related to employee stock- based compensation plans (2) 16,833 219,328 921,235 2,753,418 Average purchase price per share $ 7.76 $ 14.28 $ 13.55 $ 11.21 Common shares issued (3) 30,968 465,697 2,393,211 5,091,044 (1) Common shares purchased under our share repurchase program. (2) Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (3) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on September 30, 2020 was $8.45. Dividend and Share Repurchase Program In the three months ended September 30, 2020 and 2019, we paid $31 million ($0.16 per share) and $36 million ($0.16 per share), respectively, of common stock dividends. In the nine months ended September 30, 2020 and 2019, we paid $93 million ($0.48 per share) and $112 million ($0.48 per share), respectively, of common stock dividends. In the three months ended September 30, 2020 and 2019, we repurchased 7.7 million and 9.7 million shares of common stock, respectively, for $65 million and $130 million, respectively. In the nine months ended September 30, 2020 and 2019, we repurchased 30.6 million and 28.7 million shares of common stock, respectively, for $400 million and $363 million, respectively. As of September 30, 2020, the remaining common share repurchase authority under this program was $600 million.

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) per Common Share	7. Earnings (Loss) per Common Share Basic earnings (loss) per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows. Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2020 2019 2020 2019 Numerator: Net income (loss) $ 207 $ 145 $ 227 $ 425 Denominator: Weighted average shares used to compute basic EPS 193 225 195 235 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (1) 1 3 2 3 Dilutive potential common shares (2) 1 3 2 3 Weighted average shares used to compute diluted EPS 194 228 197 238 Basic earnings (loss) per common share $ 1.08 $ .64 $ 1.16 $ 1.81 Diluted earnings (loss) per common share $ 1.07 $ .63 $ 1.15 $ 1.79 (1) (2)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. Fair Value Measurements We use estimates of fair value in applying various accounting standards in our financial statements. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Please refer to “Note 12 — Fair Value Measurements” in our 2019 Form 10-K for a full discussion. During the three and nine months ended September 30, 2020, there were no significant transfers of financial instruments between levels, or changes in our methodology used to value our financial instruments. The fair values take into account the impact COVID-19 had on the valuations as of September 30, 2020, most significantly in the form of higher credit spreads used to determine the respective fair values of our education loans and borrowings. 8 . Fair Value Measurements (Continued) 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, 2020 December 31, 2019 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivative instruments: (1) Interest rate swaps $ — $ 357 $ 6 $ 363 $ — $ 227 $ 3 $ 230 Cross-currency interest rate swaps — — 12 12 — — — — Total derivative assets (2) — 357 18 375 — 227 3 230 Total $ — $ 357 $ 18 $ 375 $ — $ 227 $ 3 $ 230 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ (15 ) $ (15 ) $ — $ — $ (20 ) $ (20 ) Floor Income Contracts — (225 ) — (225 ) — (68 ) — (68 ) Cross-currency interest rate swaps — — (473 ) (473 ) — — (575 ) (575 ) Other — — — — — — (1 ) (1 ) Total derivative liabilities (2) — (225 ) (488 ) (713 ) — (68 ) (596 ) (664 ) Total $ — $ (225 ) $ (488 ) $ (713 ) $ — $ (68 ) $ (596 ) $ (664 ) (1) Fair value of derivative instruments excludes accrued interest and the value of collateral. (2) See "Note 4 – Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification. (3) Borrowings which are the hedged item in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and not reflected in this table. 8. Fair Value Measurements (Continued) The following tables summarize the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis. Three Months Ended September 30, 2020 2019 Derivative instruments Derivative instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (11 ) $ (606 ) $ — $ (617 ) $ (21 ) $ (603 ) $ (2 ) $ (626 ) Total gains/(losses): Included in earnings (1) 1 137 — 138 2 (160 ) 1 (157 ) Included in other comprehensive income — — — — — — — — Settlements 1 8 — 9 — 29 — 29 Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (9 ) $ (461 ) $ — $ (470 ) $ (19 ) $ (734 ) $ (1 ) $ (754 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 1 $ 144 $ — $ 145 $ 2 $ (131 ) $ 1 $ (128 ) Nine Months Ended September 30, 2020 2019 Derivative instruments Derivative instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (17 ) $ (575 ) $ (1 ) $ (593 ) $ (27 ) $ (633 ) $ (4 ) $ (664 ) Total gains/(losses): Included in earnings (1) 7 72 — 79 6 (194 ) 2 (186 ) Included in other comprehensive income — — — — — — — — Settlements 1 42 1 44 2 93 1 96 Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (9 ) $ (461 ) $ — $ (470 ) $ (19 ) $ (734 ) $ (1 ) $ (754 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 5 $ 107 $ — $ 112 $ 7 $ (101 ) $ 3 $ (91 ) (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 September 30, Nine Months Ended September 30, (Dollars in millions) 2020 2019 2020 2019 Gains (losses) on derivative and hedging activities, net $ 1 $ 3 $ 7 $ 8 Interest expense 137 (160 ) 72 (194 ) Total $ 138 $ (157 ) $ 79 $ (186 ) (2) Recorded in "gains (losses) on derivative and hedging activities, net" in the consolidated statement of income for interest rate swaps and other. Recorded in interest expense for cross currency interest rate swaps in fair value hedges. 8. Fair Value Measurements (Continued) The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above. (Dollars in millions) Fair Value at September 30, 2020 Valuation Technique Input Range and Weighted Average Derivatives Prime/LIBOR basis swaps $ (9 ) Discounted cash flow Constant Prepayment Rate 9% Bid/ask adjustment to discount rate .08% Cross-currency interest rate swaps (461 ) Discounted cash flow Constant Prepayment Rate 5% Other — Total $ (470 ) 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: • 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 you increase the term. 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, 2020 December 31, 2019 (Dollars in millions) Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets FFELP Loans $ 59,954 $ 59,559 $ 395 $ 64,478 $ 64,575 $ (97 ) Private Education Loans 22,806 21,289 1,517 22,984 22,245 739 Cash and investments 4,525 4,525 — 3,992 3,992 — Total earning assets 87,285 85,373 1,912 91,454 90,812 642 Interest-bearing liabilities Short-term borrowings 7,078 7,078 — 8,498 8,483 (15 ) Long-term borrowings 77,343 79,137 1,794 81,317 81,715 398 Total interest-bearing liabilities 84,421 86,215 1,794 89,815 90,198 383 Derivative financial instruments Floor Income Contracts (225 ) (225 ) — (68 ) (68 ) — Interest rate swaps 348 348 — 210 210 — Cross-currency interest rate swaps (461 ) (461 ) — (575 ) (575 ) — Other — — — (1 ) (1 ) — Excess of net asset fair value over carrying value (1) $ 3,706 $ 1,025 (1) $975 million of this excess as of September 30, 2020 is a result of adjusting the Company’s $9.5 billion senior unsecured debt down to fair value compared to such adjustment being a $56 million increase as of December 31, 2019. This significant change in fair value is directly a result of wider credit spreads as of September 30, 2020 as a result of COVID-19.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Legal Proceedings The Company has been named as defendant in a number of putative class action cases alleging violations of various state and federal consumer protection laws including the Telephone Consumer Protection Act (“TCPA”), the Consumer Financial Protection Act of 2010 (“CFPA”), the Fair Credit Reporting Act (“FCRA”), the Fair Debt Collection Practices Act (“FDCPA”) and various other state consumer protection laws. At this point in time, the Company is unable to anticipate the timing of a resolution or the impact that these legal proceedings may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with these matters and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company. In January 2017, the Consumer Financial Protection Bureau (the “CFPB”) and Attorneys General for the State of Illinois and the State of Washington initiated civil actions naming Navient Corporation and several of its subsidiaries as defendants alleging violations of certain Federal and State consumer protection statutes, including the CFPA, FCRA, FDCPA and various state consumer protection laws. In October 2017, the Attorney General for the Commonwealth of Pennsylvania initiated a civil action against Navient Corporation and Navient Solutions, LLC (“Solutions”), containing similar alleged violations of the CFPA and the Pennsylvania Unfair Trade Practices and Consumer Protection Law. The Attorneys General for the States of California, Mississippi and, in October 2020, New Jersey have also initiated actions against the Company and certain subsidiaries alleging violations of various state and federal consumer protection laws based upon similar alleged acts or failures to act. We refer to the Illinois, Pennsylvania, Washington, California, Mississippi and New Jersey Attorneys General collectively as the “State Attorneys General.” In addition to these matters, a number of lawsuits have been filed by nongovernmental parties or, in the future, may be filed by additional governmental or nongovernmental parties seeking damages or other remedies related to similar issues raised by the CFPB and the State Attorneys General. As the Company has previously stated, we believe the suits improperly seek to impose penalties on Navient based on new, unannounced servicing standards applied retroactively only against one servicer, and that the allegations are false. We therefore have denied these allegations and are vigorously defending against the allegations in each of these cases. For additional information on these civil actions, please refer to section entitled “Regulatory Matters” below. At this point in time, it is reasonably possible that a loss contingency exists; however, the Company is unable to anticipate the timing of a resolution or the impact that these legal proceedings may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with these matters and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company. Regulatory Matters In addition, Navient and its subsidiaries are subject to examination or regulation by the SEC, CFPB, FFIEC, ED and various state licensing or other regulatory 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. We also routinely receive inquiries or requests from various regulatory entities or bodies or government agencies concerning our business or our assets. Generally, the Company endeavors to cooperate with each such inquiry or request. 9. Commitments and Contingencies (Continued) As previously disclosed, the Company and various of its subsidiaries have been subject to the following investigations and inquiries: • In December 2013, Navient received Civil Investigative Demands (“CIDs”) issued by the Illinois Attorney General, the Washington 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. The Company subsequently received separate but similar CIDs or subpoenas from the Attorneys General for the District of Columbia, Kansas, Oregon, Colorado, New Jersey and New York. We have and in the future may receive additional CIDs or subpoenas and other inquiries from these or other Attorneys General with respect to similar or different matters. • In April 2014, Solutions received a CID from 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. In August 2015, Solutions received a letter from the CFPB notifying Solutions that, in accordance with the CFPB’s discretionary Notice and Opportunity to Respond and Advise (“NORA”) process, the CFPB’s Office of Enforcement was considering recommending that the CFPB take legal action against Solutions. The NORA letter related to a previously disclosed investigation into Solutions’ 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 Solutions. The Company responded to the NORA letter in September 2015. • In November 2014, Navient’s subsidiary, Pioneer Credit Recovery, Inc. (“Pioneer”), received a CID from the CFPB as part of an investigation regarding Pioneer’s activities relating to rehabilitation loans and collection of defaulted student debt. In May 2019, Pioneer received a similar CID from the New York Department of Financial Services (the “NY DFS”). • In December 2014, Solutions received a subpoena from the NY DFS as part of its 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. Under the terms of the Separation and Distribution Agreement between the Company and SLM BankCo, Navient agreed to indemnify SLM BankCo for claims, actions, damages, losses or expenses that may arise from the conduct of activities of pre-Spin-Off SLM BankCo occurring prior to the Spin-Off other than those specifically excluded in that agreement. Also as part of the Separation and Distribution Agreement, SLM BankCo agreed to indemnify Navient for certain claims, actions, damages, losses or expenses subject to the terms, conditions and limitations set forth in that agreement. As a result, subject to the terms, conditions and limitations set forth in that agreement, Navient agreed to indemnify and hold harmless Sallie Mae and its subsidiaries, including Sallie Mae Bank from liabilities arising out of the regulatory matters and CFPB and State Attorneys General lawsuits mentioned above. In addition, we asserted various claims for indemnification against Sallie Mae and Sallie Mae Bank for such specifically excluded items arising out of the CFPB and the State Attorneys General lawsuits if and to the extent any indemnified liabilities exist now or in the future. We expect these various indemnification claims to be resolved at a future date as the cases move toward conclusion. Navient has no reserves related to indemnification matters with SLM BankCo as of September 30, 2020. OIG Audit The Office of the Inspector General (the “OIG”) of ED commenced an audit regarding Special Allowance Payments (“SAP”) on September 10, 2007. In September 2013, we received the final audit determination of Federal Student Aid (the “Final Audit Determination”) on the final audit report issued by the OIG in August 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. In August 2016, we filed our notice of appeal to the Administrative Actions and Appeals Service Group of ED, and a hearing was held in April 2017. In March 2019, the administrative law judge hearing the appeal affirmed the audit’s findings, holding the then-existing Dear Colleague letter relied upon by the Company and other industry participants was inconsistent with the statutory framework creating the SAP rules applicable to loans funded by certain types of debt obligations at issue. We have appealed the administrative law judge’s decision to the Secretary of Education given Navient’s adherence to ED-issued guidance and the potential impact on participants in any ED program student loan servicers if such guidance is deemed unreliable and may not be relied upon. 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 and does not believe, at this time, that an adverse ruling would have a material effect on the Company as a whole. 9. Commitments and Contingencies (Continued) Contingencies In the ordinary course of business, we and our subsidiaries are defendants in or parties to pending and threatened legal actions and proceedings including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment and other laws. In certain of these actions and proceedings, claims for substantial monetary damage are asserted against us and our subsidiaries. We and our subsidiaries are also subject to potential unasserted claims by third parties. In the ordinary course of business, we and our subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. In connection with formal and informal inquiries in these cases, we and our subsidiaries receive requests, subpoenas and orders for documents, testimony and information in connection with various aspects of our regulated activities. We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. In view of the inherent difficulty of predicting the outcome of such litigation and regulatory matters, we may not be able to predict what the eventual outcome of the pending matters will be, what the timing or the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties, if any, related to each pending matter may be. Based on current knowledge, reserves have been established for certain litigation, regulatory matters, and unasserted contract claims where the loss is both probable and estimable. Based on current knowledge, management does not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our consolidated financial position, liquidity, results of operations or cash flows, except as otherwise disclosed.

Revenue from Contracts with Cus

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers Accounted for in Accordance with ASC 606	10. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 The following tables illustrate the disaggregation of revenue from contracts with customers accounted for under ASC 606, “Revenue from Contracts with Customers,” according to service type and client type by reportable operating segment. Revenue by Service Type Three Months Ended September 30, 2020 2019 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan asset recovery services $ 18 $ — $ 18 $ 33 $ — $ 33 Government services — 56 56 — 39 39 Healthcare services — 34 34 — 27 27 Total $ 18 $ 90 $ 108 $ 33 $ 66 $ 99 Nine Months Ended September 30, 2020 2019 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan asset recovery services $ 70 $ — $ 70 $ 98 $ — $ 98 Government services — 133 133 — 120 120 Healthcare services — 78 78 — 79 79 Total $ 70 $ 211 $ 281 $ 98 $ 199 $ 297 10. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Continued) Revenue by Client Type Three Months Ended September 30, 2020 2019 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ 9 $ 4 $ 13 $ 20 $ 5 $ 25 Guarantor agencies 9 — 9 12 — 12 Other institutions — — — 1 — 1 State and local government — 39 39 — 19 19 Tolling authorities — 13 13 — 15 15 Hospitals and other healthcare providers — 34 34 — 27 27 Total $ 18 $ 90 $ 108 $ 33 $ 66 $ 99 Nine Months Ended September 30, 2020 2019 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ 39 $ 12 $ 51 $ 51 $ 11 $ 62 Guarantor agencies 30 — 30 40 — 40 Other institutions 1 — 1 7 — 7 State and local government — 84 84 — 67 67 Tolling authorities — 37 37 — 42 42 Hospitals and other healthcare providers — 78 78 — 79 79 Total $ 70 $ 211 $ 281 $ 98 $ 199 $ 297 As of September 30, 2020 and September 30, 2019, there was $90 million and $67 million, respectively, of net accounts receivable related to these contracts. Navient had no material contract assets or contract liabilities.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	11. Segment Reporting We monitor and assess our ongoing operations and results based on the following Federal Education Loans Segment In this segment, Navient holds and acquires FFELP Loans and performs servicing and asset recovery services on its own loan portfolio, federal education loans owned by ED and other institutions. These acquisitions leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we generate revenue primarily through net interest income on the FFELP Loan portfolio (after provision for loan losses) as well as servicing and asset recovery services revenue. This segment is expected to generate significant amounts of earnings and cash flow over the remaining life of the portfolio. The following table includes GAAP basis asset information for our Federal Education Loans segment. (Dollars in millions) September 30, 2020 December 31, 2019 FFELP Loans, net $ 59,559 $ 64,575 Cash and investments (1) 1,730 2,043 Other 2,308 2,202 Total assets $ 63,597 $ 68,820 (1) Includes restricted cash and investments. Consumer Lending Segment In this segment, Navient holds, originates and acquires consumer loans and performs servicing activities on its own education loan portfolio. Originations and acquisitions leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we generate revenue primarily through net interest income on the Private Education Loan portfolio (after provision for loan losses). This segment is expected to generate significant amounts of earnings and cash flow over the remaining life of the portfolio. The following table includes GAAP basis asset information for our Consumer Lending segment. (Dollars in millions) September 30, 2020 December 31, 2019 Private Education Loans, net $ 21,289 $ 22,245 Cash and investments (1) 870 927 Other 938 931 Total assets $ 23,097 $ 24,103 (1) Includes restricted cash and investments. Business Processing Segment In this segment, Navient performs revenue cycle management and business processing services for over 500 non-education related government and healthcare clients. Government services provide state governments, agencies, court systems, municipalities and toll authorities our integrated solutions technology and superior data-driven approach, allowing them to reduce their operating expenses while maximizing revenue opportunities. Healthcare services include revenue cycle outsourcing, accounts receivable management, extended business office support and consulting engagements. We offer customizable solutions for our clients that include hospitals, hospital systems, medical centers, large physician groups and other healthcare providers. At September 30, 2020 and December 31, 2019, the Business Processing segment had total assets of $431 million and $423 million, respectively, on a GAAP basis. 11. Segment Reporting (Continued) Other Segment Our Other segment primarily consists of our corporate liquidity portfolio and the repurchase of debt, unallocated expenses of shared services, and restructuring/other reorganization expenses. Unallocated expenses of shared services are comprised of costs primarily related to certain executive management, the board of directors, accounting, finance, legal, human resources, compliance and risk management, regulatory-related costs, stock-based compensation expense, and information technology costs related to infrastructure and operations. Regulatory-related expenses include actual settlement amounts as well as third-party professional fees we incur in connection with regulatory matters and are presented net of any insurance reimbursements for covered costs related to such matters. At September 30, 2020 and December 31, 2019, the Other segment had total assets of $2.5 Measure of Profitability We prepare financial statements and present financial results in accordance with GAAP. However, we also evaluate our business segments and present financial results on a basis that differs from GAAP. We refer to this different basis of presentation as Core Earnings. We provide this Core Earnings basis of presentation on a consolidated basis and for each business segment because this is what we review internally when making management decisions regarding our performance and how we allocate resources. We also refer to this information in our presentations with credit rating agencies, lenders and investors. Because our Core Earnings basis of presentation corresponds to our segment financial presentations, we are required by GAAP to provide Core Earnings disclosure in the notes to our consolidated financial statements for our business segments. Core Earnings are not a substitute for reported results under GAAP. We use Core Earnings to manage our business segments because Core Earnings reflect adjustments to GAAP financial results for two items, discussed below, that are mostly due to timing factors generally beyond the control of management. Accordingly, we believe that Core Earnings provide management with a useful basis from which to better evaluate results from ongoing operations against the business plan or against results from prior periods. Consequently, we disclose this information because we believe it provides investors with additional information regarding the operational and performance indicators that are most closely assessed by management. When compared to GAAP results, the two items we remove to result in our Core Earnings presentations are: 1. Mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks that do not qualify for hedge accounting treatment or do qualify for hedge accounting treatment but result in ineffectiveness; and 2. The accounting for goodwill and acquired intangible assets. While GAAP provides a uniform, comprehensive basis of accounting, for the reasons described above, our Core Earnings basis of presentation does not. Core Earnings are subject to certain general and specific limitations that investors should carefully consider. For example, there is no comprehensive, authoritative guidance for management reporting. Our Core Earnings are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Accordingly, our Core Earnings presentation does not represent a comprehensive basis of accounting. Investors, therefore, may not be able to compare our performance with that of other financial services companies based upon Core Earnings. Core Earnings results are only meant to supplement GAAP results by providing additional information regarding the operational and performance indicators that are most closely used by management, our board of directors, credit rating agencies, lenders and investors to assess performance. 11. Segment Reporting (Continued) Segment Results and Reconciliations to GAAP Three Months Ended September 30, 2020 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 393 $ 350 $ — $ — $ 743 $ 31 $ (14 ) $ 17 $ 760 Other loans — — — — — — — — — Cash and investments — — — 1 1 — — — 1 Total interest income 393 350 — 1 744 31 (14 ) 17 761 Total interest expense 232 161 — 30 423 7 (5 ) 2 425 Net interest income (loss) 161 189 — (29 ) 321 24 (9 ) 15 336 Less: provisions for loan losses 4 10 — — 14 — — — 14 Net interest income (loss) after provisions for loan losses 157 179 — (29 ) 307 24 (9 ) 15 322 Other income (loss): Servicing revenue 53 1 — — 54 — — — 54 Asset recovery and business processing revenue 35 — 90 — 125 — — — 125 Other income (loss) (1 ) — — 1 — (24 ) 22 (2 ) (2 ) Total other income (loss) 87 1 90 1 179 (24 ) 22 (2 ) 177 Expenses: Direct operating expenses 64 37 69 — 170 — — — 170 Unallocated shared services expenses — — — 62 62 — — — 62 Operating expenses 64 37 69 62 232 — — — 232 Goodwill and acquired intangible asset impairment and amortization — — — — — — 5 5 5 Restructuring/other reorganization expenses — — — 3 3 — — — 3 Total expenses 64 37 69 65 235 — 5 5 240 Income (loss) before income tax expense (benefit) 180 143 21 (93 ) 251 — 8 8 259 Income tax expense (benefit) (2) 43 33 5 (22 ) 59 — (7 ) (7 ) 52 Net income (loss) $ 137 $ 110 $ 16 $ (71 ) $ 192 $ — $ 15 $ 15 $ 207 (1) Core Earnings adjustments to GAAP: Three Months Ended September 30, 2020 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 15 $ — $ 15 Total other income (loss) (2 ) — (2 ) Goodwill and acquired intangible asset impairment and amortization — 5 5 Total Core Earnings adjustments to GAAP $ 13 $ (5 ) 8 Income tax expense (benefit) (7 ) Net income (loss) $ 15 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 11. Segment Reporting (Continued) Three Months Ended September 30, 2019 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 721 $ 437 $ — $ — $ 1,158 $ 2 $ (17 ) $ (15 ) $ 1,143 Other loans — — — — — — — — — Cash and investments 11 4 — 8 23 — — — 23 Total interest income 732 441 — 8 1,181 2 (17 ) (15 ) 1,166 Total interest expense 588 242 — 42 872 (4 ) (14 ) (18 ) 854 Net interest income (loss) 144 199 — (34 ) 309 6 (3 ) 3 312 Less: provisions for loan losses 8 56 — — 64 — — — 64 Net interest income (loss) after provisions for loan losses 136 143 — (34 ) 245 6 (3 ) 3 248 Other income (loss): Servicing revenue 57 3 — — 60 — — — 60 Asset recovery and business processing revenue 57 — 66 — 123 — — — 123 Other income (loss) 6 — — 3 9 (6 ) 10 4 13 Total other income (loss) 120 3 66 3 192 (6 ) 10 4 196 Expenses: Direct operating expenses 89 44 54 — 187 — — — 187 Unallocated shared services expenses — — — 64 64 — — — 64 Operating expenses 89 44 54 64 251 — — — 251 Goodwill and acquired intangible asset impairment and amortization — — — — — — 6 6 6 Restructuring/other reorganization expenses — — — 2 2 — — — 2 Total expenses 89 44 54 66 253 — 6 6 259 Income (loss) before income tax expense (benefit) 167 102 12 (97 ) 184 — 1 1 185 Income tax expense (benefit) (2) 39 23 3 (23 ) 42 — (2 ) (2 ) 40 Net income (loss) $ 128 $ 79 $ 9 $ (74 ) $ 142 $ — $ 3 $ 3 $ 145 (1) Core Earnings adjustments to GAAP: Three Months Ended September 30, 2019 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 3 $ — $ 3 Total other income (loss) 4 — 4 Goodwill and acquired intangible asset impairment and amortization — 6 6 Total Core Earnings adjustments to GAAP $ 7 $ (6 ) 1 Income tax expense (benefit) (2 ) Net income (loss) $ 3 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 11. Segment Reporting (Continued) Nine Months Ended September 30, 2020 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 1,430 $ 1,117 $ — $ — $ 2,547 $ 47 $ (42 ) $ 5 $ 2,552 Other loans — — — — — — — — — Cash and investments 7 3 — 5 15 — — — 15 Total interest income 1,437 1,120 — 5 2,562 47 (42 ) 5 2,567 Total interest expense 974 545 — 96 1,615 39 4 43 1,658 Net interest income (loss) 463 575 — (91 ) 947 8 (46 ) (38 ) 909 Less: provisions for loan losses 13 140 — — 153 — — — 153 Net interest income (loss) after provisions for loan losses 450 435 — (91 ) 794 8 (46 ) (38 ) 756 Other income (loss): Servicing revenue 158 5 — — 163 — — — 163 Asset recovery and business processing revenue 126 — 211 — 337 — — — 337 Other income (loss) 8 — — 9 17 (8 ) (247 ) (255 ) (238 ) Total other income (loss) 292 5 211 9 517 (8 ) (247 ) (255 ) 262 Expenses: Direct operating expenses 217 109 180 — 506 — — — 506 Unallocated shared services expenses — — — 189 189 — — — 189 Operating expenses 217 109 180 189 695 — — — 695 Goodwill and acquired intangible asset impairment and amortization — — — — — — 16 16 16 Restructuring/other reorganization expenses — — — 9 9 — — — 9 Total expenses 217 109 180 198 704 — 16 16 720 Income (loss) before income tax expense (benefit) 525 331 31 (280 ) 607 — (309 ) (309 ) 298 Income tax expense (benefit) (2) 124 78 7 (66 ) 143 — (72 ) (72 ) 71 Net income (loss) $ 401 $ 253 $ 24 $ (214 ) $ 464 $ — $ (237 ) $ (237 ) $ 227 (1) Core Earnings adjustments to GAAP: Nine Months Ended September 30, 2020 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangible Assets Total Net interest income (loss) after provisions for loan losses $ (38 ) $ — $ (38 ) Total other income (loss) (255 ) — (255 ) Goodwill and acquired intangible asset impairment and amortization — 16 16 Total Core Earnings adjustments to GAAP $ (293 ) $ (16 ) (309 ) Income tax expense (benefit) (72 ) Net income (loss) $ (237 ) (2) 11. Segment Reporting (Continued) Nine Months Ended September 30, 2019 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 2,258 $ 1,317 $ — $ — $ 3,575 $ 4 $ (51 ) $ (47 ) $ 3,528 Other loans 1 1 — — 2 — — — 2 Cash and investments 41 13 — 21 75 — — — 75 Total interest income 2,300 1,331 — 21 3,652 4 (51 ) (47 ) 3,605 Total interest expense 1,866 758 — 122 2,746 (2 ) (30 ) (32 ) 2,714 Net interest income (loss) 434 573 — (101 ) 906 6 (21 ) (15 ) 891 Less: provisions for loan losses 23 185 — — 208 — — — 208 Net interest income (loss) after provisions for loan losses 411 388 — (101 ) 698 6 (21 ) (15 ) 683 Other income (loss): Servicing revenue 174 8 — — 182 — — — 182 Asset recovery and business processing revenue 165 — 199 — 364 — — — 364 Other income (loss) 22 1 — 12 35 (45 ) 26 (19 ) 16 Gains on sales of loans — 16 — — 16 — — — 16 Gaines on debt repurchases — — — 47 47 39 (27 ) 12 59 Total other income (loss) 361 25 199 59 644 (6 ) (1 ) (7 ) 637 Expenses: Direct operating expenses 270 117 165 — 552 — — — 552 Unallocated shared services expenses — — — 197 197 — — — 197 Operating expenses 270 117 165 197 749 — — — 749 Goodwill and acquired intangible asset impairment and amortization — — — — — — 23 23 23 Restructuring/other reorganization expenses — — — 4 4 — — — 4 Total expenses 270 117 165 201 753 — 23 23 776 Income (loss) before income tax expense (benefit) 502 296 34 (243 ) 589 — (45 ) (45 ) 544 Income tax expense (benefit) (2) 115 68 8 (56 ) 135 — (16 ) (16 ) 119 Net income (loss) $ 387 $ 228 $ 26 $ (187 ) $ 454 $ — $ (29 ) $ (29 ) $ 425 (1) Core Earnings adjustments to GAAP: Nine Months Ended September 30, 2019 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangible Assets Total Net interest income (loss) after provisions for loan losses $ (15 ) $ — $ (15 ) Total other income (loss) (7 ) — (7 ) Goodwill and acquired intangible asset impairment and amortization — 23 23 Total Core Earnings adjustments to GAAP $ (22 ) $ (23 ) (45 ) Income tax expense (benefit) (16 ) Net income (loss) $ (29 ) (2) 11. Segment Reporting (Continued) Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2020 2019 2020 2019 Core Earnings net income $ 192 $ 142 $ 464 $ 454 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) 13 7 (293 ) (22 ) Net impact of goodwill and acquired intangible assets (2) (5 ) (6 ) (16 ) (23 ) Net tax effect (3) 7 2 72 16 Total Core Earnings adjustments to GAAP 15 3 (237 ) (29 ) GAAP net income (loss) $ 207 $ 145 $ 227 $ 425 (1) Derivative accounting: (2) Goodwill and acquired intangible assets: (3) Net tax effect:

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
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 months ended September 30, 2020 are not necessarily indicative of the results for the year ending December 31, 2020 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, 2019 (the “2019 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 2019 Form 10-K.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Effective in 2020 Allowance for Loan Losses On January 1, 2020, we adopted ASU No. 2016-13, “Financial Instruments — Credit Losses,” which requires measurement and recognition of an allowance for loan loss that estimates the remaining current expected credit losses (“CECL”) for financial assets measured at amortized cost held at the reporting date. Our prior allowance for loan loss was an incurred loss model. As a result, the new guidance results in an increase to our allowance for loan losses. The new standard impacts the allowance for loan losses related to our Private Education Loans and FFELP Loans. The standard was applied through a cumulative-effect adjustment to retained earnings (net of tax) as of January 1, 2020, the effective date, for the education loans on our balance sheet as of that date (except for the $70 million Purchased Credit Deteriorated (“PCD”) portfolio where the related $43 million allowance is recorded as an increase to the basis of the loans). Subsequently, changes in the estimated remaining current expected credit losses, including estimated losses on newly originated education loans, will be recorded through provision (net income). This standard represents a significant change from prior GAAP and has resulted in material changes to the Company’s accounting for the allowance for loan losses. 1. Significant Accounting Policies (Continued) Related to the new CECL standard: • We have determined that, for modeling current expected credit losses, in general, we can reasonably estimate expected losses that incorporate current and forecasted economic conditions over a three-year period. After this “reasonable and supportable” period, there is a two-year reversion period to Navient’s actual long-term historical loss experience over a full economic life cycle. The model used to project losses utilizes key credit quality indicators of the loan portfolio and predicts how those attributes are expected to perform in connection with the forecasted economic conditions. These losses are calculated on an undiscounted basis. We project losses at the loan level and make estimates regarding prepayments, recoveries on defaults and reasonably expected new Troubled Debt Restructurings (“TDRs”). • Separately, as it relates to interest rate concessions granted as part of our private education loan modification program, a discounted cash flow model is used to calculate the amount of interest forgiven for loans currently in the program. The present value of this interest rate concession is included in our CECL allowance for loan loss. • Charge-offs include the discount or premium related to such defaulted loan. • CECL requires our expected future recoveries on charged-off loans to be presented within the allowance for loan loss whereas previously, we accounted for our receivable for partially charged-off loans ($588 million as of December 31, 2019) as part of our Private Education Loan portfolio. This change is only a change in classification on the balance sheet and does not impact retained earnings at adoption of CECL or provision and net income post-adoption. The total allowance for loan losses increased by $802 million upon adoption on January 1, 2020 (excluding the impact of the balance sheet reclassifications related to the expected future recoveries and PCD portfolio discussed above). This had a corresponding reduction to equity of $620 million. The following table summarizes the transition adjustments made as of January 1, 2020 in connection with adopting CECL: (Dollars in millions) FFELP Loans Private Education Loans Total Allowance as of December 31, 2019 (prior to CECL) $ 64 $ 1,048 $ 1,112 Transition adjustments made under CECL on January 1, 2020: Current expected credit losses on non-PCD portfolio (1) 260 542 802 Current expected credit losses on PCD portfolio (2) — 43 43 Reclassification of the expected future recoveries on charged-off loans (3) — (588 ) (588 ) Net increase to allowance for loan losses under CECL 260 (3 ) 257 Allowance as of January 1, 2020 after CECL $ 324 $ 1,045 $ 1,369 (1) Recorded net of tax through retained earnings. Resulted in a $620 million reduction to equity. (2) Recorded as an increase in basis of the loans. No impact to equity. (3) Reclassification of the expected future recoveries on charged-off loans (previously referred to as the receivable for partially charged-off loans) from the Private Education Loan balance to the allowance for loan losses. No impact to equity. 1. Significant Accounting Policies (Continued) Goodwill On January 1, 2020, we adopted ASU No. 2017-04, "Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to perform step two of the goodwill impairment test. The new standard simplifies the goodwill impairment test by requiring comparison of the fair value of a reporting unit to its carrying value. Impairment will be recognized for the amount by which the carrying value exceeds the reporting unit fair value, not to exceed the total allocated reporting unit goodwill. Previously, step two required a hypothetical purchase price allocation when step one indicated potential impairment. The standard will be applied prospectively when the Company performs a step 1 impairment test. Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides relief for companies who are preparing for the discontinuation of interest rates such as the London Interbank Offered Rate (LIBOR). The ASU provides companies with optional guidance in the form of expedients and exceptions related to contract modifications, hedge accounting and held to maturity debt securities to ease the burden of and simplify the accounting associated with transitioning away from LIBOR. This guidance, which will only be available through December 31, 2022, can be applied commencing in March 2020. The Company continues to assess the implications of the discontinuation of LIBOR. Accordingly, the Company has not yet concluded whether it will apply the expedients and exceptions provided in ASU 2020-04.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
ASU 2016-13 [Member]
Summary of Translation Adjustments in Connection with Adopting CECL	The following table summarizes the transition adjustments made as of January 1, 2020 in connection with adopting CECL: (Dollars in millions) FFELP Loans Private Education Loans Total Allowance as of December 31, 2019 (prior to CECL) $ 64 $ 1,048 $ 1,112 Transition adjustments made under CECL on January 1, 2020: Current expected credit losses on non-PCD portfolio (1) 260 542 802 Current expected credit losses on PCD portfolio (2) — 43 43 Reclassification of the expected future recoveries on charged-off loans (3) — (588 ) (588 ) Net increase to allowance for loan losses under CECL 260 (3 ) 257 Allowance as of January 1, 2020 after CECL $ 324 $ 1,045 $ 1,369 (1) Recorded net of tax through retained earnings. Resulted in a $620 million reduction to equity. (2) Recorded as an increase in basis of the loans. No impact to equity. (3) Reclassification of the expected future recoveries on charged-off loans (previously referred to as the receivable for partially charged-off loans) from the Private Education Loan balance to the allowance for loan losses. No impact to equity.

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2020
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for Credit Losses and Recorded Investments in Loans	Allowance for Loan Losses Metrics Three Months Ended September 30, 2020 (Dollars in millions) FFELP Loans Private Education Loans Total Beginning balance $ 302 $ 1,098 $ 1,400 Total provision 4 10 14 Charge-offs: Net adjustment resulting from the change in the charge-off rate (1) — (23 ) (23 ) Net charge-offs remaining (2) (9 ) (40 ) (49 ) Total charge-offs (2) (9 ) (63 ) (72 ) Decrease in expected future recoveries on charged-off loans (3) — 46 46 Allowance at end of period 297 1,091 1,388 Plus: expected future recoveries on charged-off loans (3) — 503 503 Allowance at end of period excluding expected future recoveries on charged-off loans (4) $ 297 $ 1,594 $ 1,891 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (1) .07 % .75 % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (1) — % .44 % Allowance coverage of charge-offs (4) 8.8 6.4 Allowance as a percentage of the ending total loan balance (4) .5 % 7.1 % Allowance as a percentage of the ending loans in repayment (4) .6 % 7.6 % Ending total loans $ 59,856 $ 22,380 Average loans in repayment $ 47,597 $ 20,884 Ending loans in repayment $ 48,716 $ 21,006 (1) In third-quarter 2020, the portion of the loan amount charged off at default on Private Education Loans increased from 81% to 81.4%. This charge resulted in a $23 million reduction to the balance of the expected future recoveries on charged-off loans. (2) Charge-offs are reported net of expected recoveries. For Private Education Loans, at the time of charge-off, the expected recovery amount is transferred from the education loan balance to the allowance for loan loss and is referred to as the expected future recoveries on charged-off loans. For FFELP Loans, the recovery is received at the time of charge-off. (3) At the end of each month, for Private Education Loans that are 212 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 as the “expected future recoveries on 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 expected future recoveries for charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on charged-off loans: Three Months Ended September 30, (Dollars in millions) 2020 2019 Beginning of period expected recoveries $ 549 $ 640 Expected future recoveries of current period defaults 7 18 Recoveries (28 ) (31 ) Charge-offs (25 ) (24 ) End of period expected recoveries $ 503 $ 603 Change in balance during period $ (46 ) $ (37 ) (4) The allowance used for these metrics excludes the expected future recoveries on charged-off loans to better reflect the current expected credit losses remaining in the portfolio. 2. Allowance for Loan Losses (Continued) Three Months Ended September 30, 2019 (Dollars in millions) FFELP Loans Private Education Loans Other Loans Total Allowance for Loan Losses Beginning balance $ 67 $ 1,151 $ — $ 1,218 Total provision 8 56 — 64 Charge-offs: Net adjustment resulting from the change in the charge-off rate (1) — (21 ) — (21 ) Net charge-offs remaining (2) (9 ) (87 ) — (96 ) Total charge-offs (2) (9 ) (108 ) — (117 ) Reclassification of interest reserve (3) — 2 — 2 Ending balance $ 65 $ 1,101 $ — $ 1,166 Allowance Ending Balance: Individually evaluated for impairment — TDR $ — $ 998 $ — $ 998 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 65 103 — 168 Purchased Non-Credit Impaired Loans acquired at a discount (4) — — — — Purchased Credit Impaired Loans (3) — — — — Ending total allowance $ 65 $ 1,101 $ — $ 1,166 Loans Ending Balance: Individually evaluated for impairment — TDR $ — $ 9,810 $ — $ 9,810 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 63,003 11,683 6 74,692 Purchased Non-Credit Impaired Loans acquired at a discount (4) 2,585 1,892 — 4,477 Purchased Credit Impaired Loans (3) — 208 — 208 Ending total loans (5) $ 65,588 $ 23,593 $ 6 $ 89,187 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (1) .06 % 1.60 % — % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (1) — % .39 % — % Allowance coverage of charge-offs 1.9 2.6 — Allowance as a percentage of the ending total loan balance .10 % 4.67 % — % Allowance as a percentage of the ending loans in repayment .12 % 5.08 % — % Ending total loans (5) $ 65,588 $ 23,593 $ 6 Average loans in repayment $ 54,973 $ 21,549 $ 5 Ending loans in repayment $ 54,395 $ 21,655 $ 6 (1) In third-quarter 2019, the portion of the loan amount charged off at default on Private Education Loans increased from 80.5% to 81%. This charge resulted in a $21 million reduction to the balance of the receivable for partially charged-off loan balance. (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) The Purchased Credit Impaired Loans’ losses are not provided for by the allowance for loan losses in the above table as these loans are separately reserved for, if needed. No allowance for loan losses has been established for these loans as of September 30, 2019. The losses of the Purchased Non-Credit Impaired Loans acquired at a discount are not provided for by the allowance for loan losses in the above table as the remaining purchased discount associated with the FFELP and Private Education Loans of $34 million and $281 million, respectively, as of September 30, 2019 is greater than the incurred losses and, as a result, no allowance for loan losses has been established for these loans as of September 30, 2019. (5) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. 2. Allowance for Loan Losses (Continued) Nine Months Ended September 30, 2020 (Dollars in millions) FFELP Loans Private Education Loans Total Beginning balance (after transition adjustment to CECL) $ 324 $ 1,045 $ 1,369 Total provision 13 140 153 Charge-offs: Net adjustment resulting from the change in the charge-off rate (1) — (23 ) (23 ) Net charge-offs remaining (2) (40 ) (156 ) (196 ) Total charge-offs (2) (40 ) (179 ) (219 ) Decrease in expected future recoveries on charged-off loans (3) — 85 85 Ending balance 297 1,091 1,388 Plus: expected future recoveries on charged-off loans (3) — 503 503 Allowance at end of period excluding expected future recoveries on charged-off loans (4) $ 297 $ 1,594 $ 1,891 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (1) .11 % 1.00 % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (1) — % .15 % Allowance coverage of charge-offs (4) 5.6 6.7 Allowance as a percentage of the ending total loan balance (4) .5 % 7.1 % Allowance as a percentage of the ending loans in repayment (4) .6 % 7.6 % Ending total loans $ 59,856 $ 22,380 Average loans in repayment $ 48,065 $ 20,739 Ending loans in repayment $ 48,716 $ 21,006 (1) In third-quarter 2020, the portion of the loan amount charged off at default on Private Education Loans increased from 81% to 81.4%. This charge resulted in a $23 million reduction to the balance of the expected future recoveries on charged-off loans. (2) Charge-offs are reported net of expected recoveries. For Private Education Loans, at the time of charge-off, the expected recovery amount is transferred from the education loan balance to the allowance for loan loss and is referred to as the expected future recoveries on charged-off loans. For FFELP Loans, the recovery is received at the time of charge-off. (3) At the end of each month, for Private Education Loans that are 212 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 as the “expected future recoveries on 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 expected future recoveries for charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on charged-off loans: Nine Months Ended September 30, (Dollars in millions) 2020 2019 Beginning of period expected recoveries $ 588 $ 674 Expected future recoveries of current period defaults 28 56 Recoveries (84 ) (98 ) Charge-offs (29 ) (29 ) End of period expected recoveries $ 503 $ 603 Change in balance during period $ (85 ) $ (71 ) (4) The allowance used for these metrics excludes the expected future recoveries on charged-off loans to better reflect the current expected credit losses remaining in the portfolio. 2. Allowance for Loan Losses (Continued) Nine Months Ended September 30, 2019 (Dollars in millions) FFELP Loans Private Education Loans Other Loans Total Allowance for Loan Losses Beginning balance $ 76 $ 1,201 $ 9 $ 1,286 Total provision 23 185 1 208 Charge-offs: Net adjustment resulting from the change in the charge-off rate (1) — (21 ) — (21 ) Net charge-offs remaining (2) (33 ) (267 ) (2 ) (302 ) Total charge-offs (2) (33 ) (288 ) (2 ) (323 ) Reclassification of interest reserve (3) — 5 — 5 Loan sales and other transactions — (1 ) (8 ) (9 ) Ending balance $ 65 $ 1,101 $ — $ 1,166 Allowance Ending Balance: Individually evaluated for impairment - TDR $ — $ 998 $ — $ 998 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 65 103 — 168 Purchased Non-Credit Impaired Loans acquired at a discount (4) — — — — Purchased Credit Impaired Loans (4) — — — — Ending total allowance $ 65 $ 1,101 $ — $ 1,166 Loans Ending Balance: Individually evaluated for impairment - TDR $ — $ 9,810 $ — $ 9,810 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 63,003 11,683 6 74,692 Purchased Non-Credit Impaired Loans acquired at a discount (4) 2,585 1,892 — 4,477 Purchased Credit Impaired Loans (4) — 208 — 208 Ending total loans (5) $ 65,588 $ 23,593 $ 6 $ 89,187 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (1) .08 % 1.64 % — % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (1) — % .13 % — % Allowance coverage of charge-offs 1.5 2.9 — Allowance as a percentage of the ending total loan balance .10 % 4.67 % — % Allowance as a percentage of the ending loans in repayment .12 % 5.08 % — % Ending total loans (5) $ 65,588 $ 23,593 $ 6 Average loans in repayment $ 56,605 $ 21,819 $ 36 Ending loans in repayment $ 54,395 $ 21,655 $ 6 (1) In third-quarter 2019, the portion of the loan amount charged off at default on Private Education Loans increased from 80.5% to 81%. This charge resulted in a $21 million reduction to the balance of the receivable for partially charged-off loan balance. (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) The Purchased Credit Impaired Loans’ losses are not provided for by the allowance for loan losses in the above table as these loans are separately reserved for, if needed. No allowance for loan losses has been established for these loans as of September 30, 2019. The losses of the Purchased Non-Credit Impaired Loans acquired at a discount are not provided for by the allowance for loan losses in the above table as the remaining purchased discount associated with the FFELP and Private Education Loans of $34 million and $281 million, respectively, as of September 30, 2019 is greater than the incurred losses and, as a result, no allowance for loan losses has been established for these loans as of September 30, 2019. (5) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.
Age Analysis of Past Due Loans Delinquencies	Loan status: FFELP Loan Delinquencies September 30, 2020 December 31, 2019 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 3,038 $ 3,114 Loans in forbearance (2) 8,102 7,442 Loans in repayment and percentage of each status: Loans current 44,175 90.7 % 47,255 88.3 % Loans delinquent 31-60 days (3) 1,876 3.9 2,094 3.9 Loans delinquent 61-90 days (3) 930 1.9 1,082 2.0 Loans delinquent greater than 90 days (3) 1,735 3.5 3,107 5.8 Total FFELP Loans in repayment 48,716 100 % 53,538 100 % Total FFELP Loans, gross 59,856 64,094 FFELP Loan unamortized premium (4) — 545 Total FFELP Loans 59,856 64,639 FFELP Loan allowance for losses (297 ) (64 ) FFELP Loans, net $ 59,559 $ 64,575 Percentage of FFELP Loans in repayment 81.4 % 83.5 % Delinquencies as a percentage of FFELP Loans in repayment 9.3 % 11.7 % FFELP Loans in forbearance as a percentage of loans in repayment and forbearance 14.3 % 12.2 % (1) Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships. (2) Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. (4) In connection with the adoption of CECL on January 1, 2020, the $506 million premium as of September 30, 2020, associated with the loans is now included as part of the respective loan balance for this disclosure. This change is prospective in nature as prior balances are not restated under CECL. Private Education Loan Delinquencies TDRs September 30, 2020 December 31, 2019 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 294 $ 349 Loans in forbearance (2) 691 479 Loans in repayment and percentage of each status: Loans current 7,152 94.1 % 7,557 89.5 % Loans delinquent 31-60 days (3) 196 2.6 296 3.5 Loans delinquent 61-90 days (3) 127 1.7 191 2.3 Loans delinquent greater than 90 days (3) 120 1.6 398 4.7 Total TDR loans in repayment 7,595 100 % 8,442 100 % Total TDR loans, gross 8,580 9,270 TDR loans unamortized discount (4) — (203 ) Total TDR loans 8,580 9,067 TDR loans receivable for partially charged-off loans (4) — 347 TDR loans allowance for losses (930 ) (941 ) TDR loans, net $ 7,650 $ 8,473 Percentage of TDR loans in repayment 88.5 % 91.1 % Delinquencies as a percentage of TDR loans in repayment 5.9 % 10.5 % Loans in forbearance as a percentage of TDR loans in repayment and forbearance 8.3 % 5.4 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on 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 such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. (4) In connection with the adoption of CECL on January 1, 2020, (1) the $203 million discount as of September 30, 2020, associated with the loans is now included as part of the respective loan balance for this disclosure and (2) the receivable for partially charged-off loans balance has been reclassified from the Private Education Loan balance to the allowance for loan loss. Both of these changes are prospective in nature as prior balances are not restated under CECL. Private Education Loan Delinquencies Non-TDRs September 30, 2020 December 31, 2019 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 213 $ 280 Loans in forbearance (2) 176 125 Loans in repayment and percentage of each status: Loans current 13,355 99.6 % 13,526 99.1 % Loans delinquent 31-60 days (3) 28 .2 53 .4 Loans delinquent 61-90 days (3) 13 .1 27 .2 Loans delinquent greater than 90 days (3) 15 .1 41 .3 Total non-TDR loans in repayment 13,411 100 % 13,647 100 % Total non-TDR loans, gross 13,800 14,052 Non-TDR loans unamortized discount (4) — (414 ) Total non-TDR loans 13,800 13,638 Non-TDR loans receivable for partially charged-off loans (4) — 241 Non-TDR loans allowance for losses (161 ) (107 ) Non-TDR loans, net $ 13,639 $ 13,772 Percentage of non-TDR loans in repayment 97.2 % 97.1 % Delinquencies as a percentage of non-TDR loans in repayment .4 % .9 % Loans in forbearance as a percentage of non- TDR loans in repayment and forbearance 1.3 % .9 % (1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on 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 such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. (4) In connection with the adoption of CECL on January 1, 2020, (1) the $295 million discount as of September 30, 2020, associated with the loans is now included as part of the respective loan balance for this disclosure and (2) the receivable for partially charged-off loans balance has been reclassified from the Private Education Loan balance to the allowance for loan loss. Both of these changes are prospective in nature as prior balances are not restated under CECL.
Loans Type	Loan type : (Dollars in millions) September 30, 2020 September 30, 2019 Change Stafford Loans $ 18,011 $ 19,491 $ (1,480 ) Consolidation Loans 36,876 40,660 (3,784 ) Rehab Loans 4,969 5,437 (468 ) Total $ 59,856 $ 65,588 $ (5,732 )
Entity Loan Modification Program [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Loans Modified Accounts for TDR	The following table provides the amount of loans modified in the periods presented that resulted in a TDR. Additionally, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2020 2019 2020 2019 Modified loans (1) $ 51 $ 113 $ 216 $ 369 Charge-offs (2) $ 43 $ 88 $ 136 $ 242 Payment default $ 7 $ 25 $ 39 $ 83 (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]
Financing Receivable Allowance For Credit Losses [Line Items]
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators	The following tables highlight the principal balance of our Private Education Loan portfolio stratified by the key credit quality indicators. Private Education Loan Credit Quality Indicators by Origination Year TDRs (Dollars in millions) September 30, 2020 2019 2018 2017 2016 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ — $ 5 $ 15 $ 24 $ 9 $ 6,524 $ 6,577 77 % Below 640 — 3 7 6 2 1,985 2,003 23 Total $ — $ 8 $ 22 $ 30 $ 11 $ 8,509 $ 8,580 100 % School Type: Not-for-profit $ — $ 7 $ 21 $ 29 $ 11 $ 6,798 $ 6,866 80 % For-profit — 1 1 1 — 1,711 1,714 20 Total $ — $ 8 $ 22 $ 30 $ 11 $ 8,509 $ 8,580 100 % Cosigners: With cosigner (1) $ — $ — $ — $ 9 $ 5 $ 5,366 $ 5,380 63 % Without cosigner — 8 22 21 6 3,143 3,200 37 Total $ — $ 8 $ 22 $ 30 $ 11 $ 8,509 $ 8,580 100 % Seasoning (2) 1-12 payments $ — $ 7 $ 7 $ 1 $ — $ 157 $ 172 2 % 13-24 payments — 1 15 8 1 217 242 3 25-36 payments — — — 15 5 347 367 4 37-48 payments — — — 5 5 514 524 6 More than 48 payments — — — — — 6,981 6,981 81 Loans in-school/ grace/deferment — — — 1 — 293 294 4 Total $ — $ 8 $ 22 $ 30 $ 11 $ 8,509 $ 8,580 100 % Allowance for loan losses (930 ) Total loans, net $ 7,650 (1) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was (2) Number of months in active repayment for which a scheduled payment was received. Private Education Loan Credit Quality Indicators by Origination Year Non-TDRs (Dollars in millions) September 30, 2020 2019 2018 2017 2016 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 3,135 $ 3,336 $ 1,197 $ 364 $ 73 $ 5,426 $ 13,531 98 % Below 640 14 36 18 4 1 196 269 2 Total $ 3,149 $ 3,372 $ 1,215 $ 368 $ 74 $ 5,622 $ 13,800 100 % School Type: Not-for-profit $ 2,995 $ 3,153 $ 1,123 $ 351 $ 74 $ 4,877 $ 12,573 91 % For-profit 154 219 92 17 — 745 1,227 9 Total $ 3,149 $ 3,372 $ 1,215 $ 368 $ 74 $ 5,622 $ 13,800 100 % Cosigners: With cosigner (1) $ 2 $ 14 $ 1 $ 44 $ 18 $ 3,893 $ 3,972 29 % Without cosigner 3,147 3,358 1,214 324 56 1,729 9,828 71 Total $ 3,149 $ 3,372 $ 1,215 $ 368 $ 74 $ 5,622 $ 13,800 100 % Seasoning (2) 1-12 payments $ 3,141 $ 2,184 $ 3 $ 1 $ — $ 36 $ 5,365 39 % 13-24 payments 1 1,168 587 2 — 35 1,793 13 25-36 payments — — 613 210 — 70 893 6 37-48 payments — — — 153 59 128 340 2 More than 48 payments — — — — 14 5,182 5,196 38 Loans in-school/ grace/deferment 7 20 12 2 1 171 213 2 Total $ 3,149 $ 3,372 $ 1,215 $ 368 $ 74 $ 5,622 $ 13,800 100 % Allowance for loan losses (161 ) Total loans, net $ 13,639 (1) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 68% for total loans at September 30, 2020. (2) Number of months in active repayment for which a scheduled payment was received. Private Education Loan Credit Quality Indicators December 31, 2019 TDRs Non-TDRs (Dollars in millions) Balance (3) % of Balance Balance (3) % of Balance Credit Quality Indicators Original Winning FICO Scores: FICO 640 and above $ 8,493 92 % $ 13,687 97 % FICO below 640 777 8 365 3 Total $ 9,270 100 % $ 14,052 100 % School Type: Not-for-profit $ 7,387 80 % $ 12,614 90 % For-profit 1,883 20 1,438 10 Total $ 9,270 100 % $ 14,052 100 % Cosigners: With cosigner (1) $ 5,792 62 % $ 5,184 37 % Without cosigner 3,478 38 8,868 63 Total $ 9,270 100 % $ 14,052 100 % Seasoning (2) 1-12 payments $ 224 3 % $ 4,673 33 % 13-24 payments 301 3 1,570 11 25-36 payments 472 5 603 4 37-48 payments 662 7 251 2 More than 48 payments 7,262 78 6,675 48 Loans in-school/grace/deferment 349 4 280 2 Total $ 9,270 100 % $ 14,052 100 % (1) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 63% and 67% for TDRs and non-TDRs, respectively, at December 31, 2019. (2) Number of months in active repayment for which a scheduled payment was received. (3) Balance equals the gross Private Education Loans.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Company's Borrowings	The following table summarizes our borrowings. September 30, 2020 December 31, 2019 (Dollars in millions) Short Term Long Term Total Short Term Long Term Total Unsecured borrowings: Senior unsecured debt (1) $ 1,780 $ 7,709 $ 9,489 $ 1,052 $ 8,461 $ 9,513 Total unsecured borrowings 1,780 7,709 9,489 1,052 8,461 9,513 Secured borrowings: FFELP Loan securitizations (2) — 55,354 55,354 72 59,735 59,807 Private Education Loan securitizations (3) 1,297 13,499 14,796 2,120 11,430 13,550 FFELP Loan ABCP facilities 2,304 843 3,147 2,783 617 3,400 Private Education Loan ABCP facilities 1,358 1,276 2,634 2,114 1,513 3,627 Other (4) 328 — 328 338 — 338 Total secured borrowings 5,287 70,972 76,259 7,427 73,295 80,722 Total before hedge accounting adjustments 7,067 78,681 85,748 8,479 81,756 90,235 Hedge accounting adjustments 11 456 467 4 (41 ) (37 ) Total $ 7,078 $ 79,137 $ 86,215 $ 8,483 $ 81,715 $ 90,198 (1) Includes principal amount of $1.8 billion and $1.1 billion of short-term debt as of September 30, 2020 and December 31, 2019, respectively. Includes principal amount of $7.8 billion and $8.5 billion of long-term debt as of September 30, 2020 and December 31, 2019, respectively. (2) Includes $0 million and $72 million of short-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (“FFELP Loan Repurchase Facilities”) as of September 30, 2020 and December 31, 2019, respectively. Includes $133 million and $231 million of long-term debt related to the FFELP Loan Repurchase Facilities as of September 30, 2020 and December 31, 2019, respectively. (3) Includes $1.3 billion and $2.1 billion of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (“Private Education Loan Repurchase Facilities”) as of September 30, 2020 and December 31, 2019, respectively. Includes $260 million and $194 million of long-term debt related to the Private Education Loan Repurchase Facilities as of September 30, 2020 and December 31, 2019, respectively. (4) “Other” primarily includes the obligation to return cash collateral held related to derivative exposures.
Financing VIEs	We consolidated the following financing VIEs as of September 30, 2020 and December 31, 2019, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. September 30, 2020 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 55,354 $ 55,354 $ 56,044 $ 1,637 $ 1,448 $ 59,129 Private Education Loan securitizations 1,297 13,499 14,796 15,814 638 196 16,648 FFELP Loan ABCP facilities 2,304 843 3,147 3,178 50 110 3,338 Private Education Loan ABCP facilities 1,358 1,276 2,634 2,883 80 29 2,992 Total before hedge accounting adjustments 4,959 70,972 75,931 77,919 2,405 1,783 82,107 Hedge accounting adjustments — (331 ) (331 ) — — (475 ) (475 ) Total $ 4,959 $ 70,641 $ 75,600 $ 77,919 $ 2,405 $ 1,308 $ 81,632 December 31, 2019 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ 72 $ 59,735 $ 59,807 $ 60,834 $ 1,833 $ 1,400 $ 64,067 Private Education Loan securitizations 2,120 11,430 13,550 15,412 509 152 16,073 FFELP Loan ABCP facilities 2,783 617 3,400 3,421 63 102 3,586 Private Education Loan ABCP facilities 2,114 1,513 3,627 4,197 101 28 4,326 Total before hedge accounting adjustments 7,089 73,295 80,384 83,864 2,506 1,682 88,052 Hedge accounting adjustments — (439 ) (439 ) — — (593 ) (593 ) Total $ 7,089 $ 72,856 $ 79,945 $ 83,864 $ 2,506 $ 1,089 $ 87,459

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Impact of Derivatives on Consolidated Balance Sheet	The following tables summarize the fair values and notional amounts of all derivative instruments at September 30, 2020 and December 31, 2019, and their impact on other comprehensive income and earnings for the three and nine months ended September 30, 2020 and 2019. Impact of Derivatives on Consolidated Balance Sheet Cash Flow Fair Value (4) Trading Total (Dollars in millions) Hedged Risk Exposure Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 357 $ 226 $ 6 $ 4 $ 363 $ 230 Cross-currency interest rate swaps Foreign currency and interest rate — — 12 — — — 12 — Total derivative assets (2) — — 369 226 6 4 375 230 Derivative Liabilities: Interest rate swaps Interest rate — — — — (15 ) (20 ) (15 ) (20 ) Floor Income Contracts Interest rate — — — — (225 ) (68 ) (225 ) (68 ) Cross-currency interest rate swaps Foreign currency and interest rate — — (473 ) (575 ) — — (473 ) (575 ) Other (3) Interest rate — — — — — (1 ) — (1 ) Total derivative liabilities (2) — — (473 ) (575 ) (240 ) (89 ) (713 ) (664 ) Net total derivatives $ — $ — $ (104 ) $ (349 ) $ (234 ) $ (85 ) $ (338 ) $ (434 ) (1) Fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements, and classified in other assets or other liabilities depending on whether in a net positive or negative position. (2) The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities (Dollar in millions) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Gross position $ 375 $ 230 $ (713 ) $ (664 ) Impact of master netting agreements (58 ) (18 ) 58 18 Derivative values with impact of master netting agreements (as carried on balance sheet) 317 212 (655 ) (646 ) Cash collateral (held) pledged (328 ) (337 ) 259 155 Net position $ (11 ) $ (125 ) $ (396 ) $ (491 ) (3) (4) As of September 30, 2020 As of December 31, 2019 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ 1,714 $ 11 $ 1,001 $ 4 Long-term borrowings $ 11,001 $ 444 $ 11,488 $ (58 )
Gross Positions with Impact of Master Netting Agreements	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, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Gross position $ 375 $ 230 $ (713 ) $ (664 ) Impact of master netting agreements (58 ) (18 ) 58 18 Derivative values with impact of master netting agreements (as carried on balance sheet) 317 212 (655 ) (646 ) Cash collateral (held) pledged (328 ) (337 ) 259 155 Net position $ (11 ) $ (125 ) $ (396 ) $ (491 ) (3) (4)
Carrying Value and Related Fair Value Hedging Adjustments of Liabilities	The following table shows the carrying value of liabilities in fair value hedges and the related fair value hedging adjustments to these liabilities: As of September 30, 2020 As of December 31, 2019 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ 1,714 $ 11 $ 1,001 $ 4 Long-term borrowings $ 11,001 $ 444 $ 11,488 $ (58 )
Derivative Notional Values	Cash Flow Fair Value Trading Total (Dollars in billions) Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Notional Values: Interest rate swaps $ 17.0 $ 19.1 $ 8.6 $ 8.6 $ 29.9 $ 51.5 $ 55.5 $ 79.2 Floor Income Contracts — — — — 17.0 21.2 17.0 21.2 Cross-currency interest rate swaps — — 3.7 4.0 — — 3.7 4.0 Other (1) — — — — — — — — Total derivatives $ 17.0 $ 19.1 $ 12.3 $ 12.6 $ 46.9 $ 72.7 $ 76.2 $ 104.4 (1) “Other” includes derivatives related to our Total Return Swap Facility.
Mark-to-Market Impact of Derivatives on Consolidated Statements of Income	Mark-to-Market Total Gains (Losses) Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2020 2019 2020 2019 Fair Value Hedges: Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ (49 ) $ 84 $ 375 $ 374 Gains (losses) recognized in net income on hedged items 54 (81 ) (401 ) (398 ) Net fair value hedge ineffectiveness gains (losses) 5 3 (26 ) (24 ) Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives 146 (130 ) 115 (101 ) Gains (losses) recognized in net income on hedged items (154 ) 138 (107 ) 145 Net fair value hedge ineffectiveness gains (losses) (8 ) 8 8 44 Total fair value hedges (1)(2) (3 ) 11 (18 ) 20 Cash Flow Hedges: Total cash flow hedges (2) — — — — Trading: Interest rate swaps (3 ) 12 (50 ) 35 Floor income contracts 1 (8 ) (205 ) (56 ) Cross currency interest rate swaps — — — (2 ) Other — — — 2 Total trading derivatives (3) (2 ) 4 (255 ) (21 ) Mark-to-market gains (losses) recognized $ (5 ) $ 15 $ (273 ) $ (1 ) (1) Recorded in interest expense in the consolidated statements of income. (2) The accrued interest income (expense) on fair value hedges and cash flow hedges is recorded in interest expense and is excluded from this table. (3) Recorded in “gains (losses) on derivatives and hedging activities, net” in the consolidated statements of income.
Impact of Derivatives on Consolidated Statements of Changes in Stockholders' Equity	Impact of Derivatives on Consolidated Statements of Changes in Stockholders’ Equity (net of tax) Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2020 2019 2020 2019 Total gains (losses) on cash flow hedges $ 4 $ (35 ) $ (233 ) $ (202 ) Reclassification adjustments for derivative (gains) losses included in net income (interest expense) (1)(2) 19 (9 ) 30 (35 ) Total change in stockholders’ equity for unrealized gains (losses) on derivatives $ 23 $ (44 ) $ (203 ) $ (237 ) (1) Includes net settlement income/expense. (2) We expect to reclassify $2 million of after-tax net losses from accumulated other comprehensive income to earnings during the next 12 months related to amortization of terminated hedge relationships.
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, 2020 December 31, 2019 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 328 $ 337 Securities at fair value — corporate derivatives (not recorded in financial statements) (1) — — Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements) (2) 65 69 Total collateral held $ 393 $ 406 Derivative asset at fair value including accrued interest $ 322 $ 282 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 259 $ 155 Total collateral pledged $ 259 $ 155 Derivative liability at fair value including accrued interest and premium receivable $ 671 $ 658 (1) The Company has the ability to sell or re-pledge securities it holds as collateral. (2) The trusts do not have the ability to sell or re-pledge securities they hold as collateral.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table provides the detail of our other assets. (Dollars in millions) September 30, 2020 December 31, 2019 Accrued interest receivable $ 1,938 $ 1,952 Benefit and insurance-related investments 466 459 Income tax asset, net (current and deferred) 461 258 Derivatives at fair value 317 212 Fixed assets, net 127 135 Accounts receivable 121 119 Other 120 199 Total $ 3,550 $ 3,334

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Common Share Repurchases and Issuances	The following table summarizes common share repurchases and issuances. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Common stock repurchased (1) 7,652,700 9,703,912 30,628,580 28,738,164 Average purchase price per share $ 8.42 $ 13.40 $ 13.06 $ 12.63 Shares repurchased related to employee stock- based compensation plans (2) 16,833 219,328 921,235 2,753,418 Average purchase price per share $ 7.76 $ 14.28 $ 13.55 $ 11.21 Common shares issued (3) 30,968 465,697 2,393,211 5,091,044 (1) Common shares purchased under our share repurchase program. (2) Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (3) Common shares issued under our various compensation and benefit plans.

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) per Common Share	Basic earnings (loss) per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows. Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2020 2019 2020 2019 Numerator: Net income (loss) $ 207 $ 145 $ 227 $ 425 Denominator: Weighted average shares used to compute basic EPS 193 225 195 235 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (1) 1 3 2 3 Dilutive potential common shares (2) 1 3 2 3 Weighted average shares used to compute diluted EPS 194 228 197 238 Basic earnings (loss) per common share $ 1.08 $ .64 $ 1.16 $ 1.81 Diluted earnings (loss) per common share $ 1.07 $ .63 $ 1.15 $ 1.79 (1) (2)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis	8 . Fair Value Measurements (Continued) 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, 2020 December 31, 2019 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivative instruments: (1) Interest rate swaps $ — $ 357 $ 6 $ 363 $ — $ 227 $ 3 $ 230 Cross-currency interest rate swaps — — 12 12 — — — — Total derivative assets (2) — 357 18 375 — 227 3 230 Total $ — $ 357 $ 18 $ 375 $ — $ 227 $ 3 $ 230 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ (15 ) $ (15 ) $ — $ — $ (20 ) $ (20 ) Floor Income Contracts — (225 ) — (225 ) — (68 ) — (68 ) Cross-currency interest rate swaps — — (473 ) (473 ) — — (575 ) (575 ) Other — — — — — — (1 ) (1 ) Total derivative liabilities (2) — (225 ) (488 ) (713 ) — (68 ) (596 ) (664 ) Total $ — $ (225 ) $ (488 ) $ (713 ) $ — $ (68 ) $ (596 ) $ (664 ) (1) Fair value of derivative instruments excludes accrued interest and the value of collateral. (2) See "Note 4 – Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification. (3) Borrowings which are the hedged item in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and not reflected in this table.
Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis	8. Fair Value Measurements (Continued) The following tables summarize the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis. Three Months Ended September 30, 2020 2019 Derivative instruments Derivative instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (11 ) $ (606 ) $ — $ (617 ) $ (21 ) $ (603 ) $ (2 ) $ (626 ) Total gains/(losses): Included in earnings (1) 1 137 — 138 2 (160 ) 1 (157 ) Included in other comprehensive income — — — — — — — — Settlements 1 8 — 9 — 29 — 29 Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (9 ) $ (461 ) $ — $ (470 ) $ (19 ) $ (734 ) $ (1 ) $ (754 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 1 $ 144 $ — $ 145 $ 2 $ (131 ) $ 1 $ (128 ) Nine Months Ended September 30, 2020 2019 Derivative instruments Derivative instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (17 ) $ (575 ) $ (1 ) $ (593 ) $ (27 ) $ (633 ) $ (4 ) $ (664 ) Total gains/(losses): Included in earnings (1) 7 72 — 79 6 (194 ) 2 (186 ) Included in other comprehensive income — — — — — — — — Settlements 1 42 1 44 2 93 1 96 Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (9 ) $ (461 ) $ — $ (470 ) $ (19 ) $ (734 ) $ (1 ) $ (754 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 5 $ 107 $ — $ 112 $ 7 $ (101 ) $ 3 $ (91 ) (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 September 30, Nine Months Ended September 30, (Dollars in millions) 2020 2019 2020 2019 Gains (losses) on derivative and hedging activities, net $ 1 $ 3 $ 7 $ 8 Interest expense 137 (160 ) 72 (194 ) Total $ 138 $ (157 ) $ 79 $ (186 ) (2) Recorded in "gains (losses) on derivative and hedging activities, net" in the consolidated statement of income for interest rate swaps and other. Recorded in interest expense for cross currency interest rate swaps in fair value hedges.
Unobservable Data Used in Recurring Valuations of Level 3	8. Fair Value Measurements (Continued) The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above. (Dollars in millions) Fair Value at September 30, 2020 Valuation Technique Input Range and Weighted Average Derivatives Prime/LIBOR basis swaps $ (9 ) Discounted cash flow Constant Prepayment Rate 9% Bid/ask adjustment to discount rate .08% Cross-currency interest rate swaps (461 ) Discounted cash flow Constant Prepayment Rate 5% Other — Total $ (470 )
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, 2020 December 31, 2019 (Dollars in millions) Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets FFELP Loans $ 59,954 $ 59,559 $ 395 $ 64,478 $ 64,575 $ (97 ) Private Education Loans 22,806 21,289 1,517 22,984 22,245 739 Cash and investments 4,525 4,525 — 3,992 3,992 — Total earning assets 87,285 85,373 1,912 91,454 90,812 642 Interest-bearing liabilities Short-term borrowings 7,078 7,078 — 8,498 8,483 (15 ) Long-term borrowings 77,343 79,137 1,794 81,317 81,715 398 Total interest-bearing liabilities 84,421 86,215 1,794 89,815 90,198 383 Derivative financial instruments Floor Income Contracts (225 ) (225 ) — (68 ) (68 ) — Interest rate swaps 348 348 — 210 210 — Cross-currency interest rate swaps (461 ) (461 ) — (575 ) (575 ) — Other — — — (1 ) (1 ) — Excess of net asset fair value over carrying value (1) $ 3,706 $ 1,025 (1) $975 million of this excess as of September 30, 2020 is a result of adjusting the Company’s $9.5 billion senior unsecured debt down to fair value compared to such adjustment being a $56 million increase as of December 31, 2019. This significant change in fair value is directly a result of wider credit spreads as of September 30, 2020 as a result of COVID-19.

Revenue from Contracts with C_2

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Revenue from Contracts with Customers Accounted Under ASC 606	The following tables illustrate the disaggregation of revenue from contracts with customers accounted for under ASC 606, “Revenue from Contracts with Customers,” according to service type and client type by reportable operating segment. Revenue by Service Type Three Months Ended September 30, 2020 2019 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan asset recovery services $ 18 $ — $ 18 $ 33 $ — $ 33 Government services — 56 56 — 39 39 Healthcare services — 34 34 — 27 27 Total $ 18 $ 90 $ 108 $ 33 $ 66 $ 99 Nine Months Ended September 30, 2020 2019 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan asset recovery services $ 70 $ — $ 70 $ 98 $ — $ 98 Government services — 133 133 — 120 120 Healthcare services — 78 78 — 79 79 Total $ 70 $ 211 $ 281 $ 98 $ 199 $ 297 10. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Continued) Revenue by Client Type Three Months Ended September 30, 2020 2019 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ 9 $ 4 $ 13 $ 20 $ 5 $ 25 Guarantor agencies 9 — 9 12 — 12 Other institutions — — — 1 — 1 State and local government — 39 39 — 19 19 Tolling authorities — 13 13 — 15 15 Hospitals and other healthcare providers — 34 34 — 27 27 Total $ 18 $ 90 $ 108 $ 33 $ 66 $ 99 Nine Months Ended September 30, 2020 2019 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ 39 $ 12 $ 51 $ 51 $ 11 $ 62 Guarantor agencies 30 — 30 40 — 40 Other institutions 1 — 1 7 — 7 State and local government — 84 84 — 67 67 Tolling authorities — 37 37 — 42 42 Hospitals and other healthcare providers — 78 78 — 79 79 Total $ 70 $ 211 $ 281 $ 98 $ 199 $ 297

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Results and Reconciliations to GAAP	Three Months Ended September 30, 2020 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 393 $ 350 $ — $ — $ 743 $ 31 $ (14 ) $ 17 $ 760 Other loans — — — — — — — — — Cash and investments — — — 1 1 — — — 1 Total interest income 393 350 — 1 744 31 (14 ) 17 761 Total interest expense 232 161 — 30 423 7 (5 ) 2 425 Net interest income (loss) 161 189 — (29 ) 321 24 (9 ) 15 336 Less: provisions for loan losses 4 10 — — 14 — — — 14 Net interest income (loss) after provisions for loan losses 157 179 — (29 ) 307 24 (9 ) 15 322 Other income (loss): Servicing revenue 53 1 — — 54 — — — 54 Asset recovery and business processing revenue 35 — 90 — 125 — — — 125 Other income (loss) (1 ) — — 1 — (24 ) 22 (2 ) (2 ) Total other income (loss) 87 1 90 1 179 (24 ) 22 (2 ) 177 Expenses: Direct operating expenses 64 37 69 — 170 — — — 170 Unallocated shared services expenses — — — 62 62 — — — 62 Operating expenses 64 37 69 62 232 — — — 232 Goodwill and acquired intangible asset impairment and amortization — — — — — — 5 5 5 Restructuring/other reorganization expenses — — — 3 3 — — — 3 Total expenses 64 37 69 65 235 — 5 5 240 Income (loss) before income tax expense (benefit) 180 143 21 (93 ) 251 — 8 8 259 Income tax expense (benefit) (2) 43 33 5 (22 ) 59 — (7 ) (7 ) 52 Net income (loss) $ 137 $ 110 $ 16 $ (71 ) $ 192 $ — $ 15 $ 15 $ 207 (1) Core Earnings adjustments to GAAP: Three Months Ended September 30, 2020 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 15 $ — $ 15 Total other income (loss) (2 ) — (2 ) Goodwill and acquired intangible asset impairment and amortization — 5 5 Total Core Earnings adjustments to GAAP $ 13 $ (5 ) 8 Income tax expense (benefit) (7 ) Net income (loss) $ 15 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Three Months Ended September 30, 2019 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 721 $ 437 $ — $ — $ 1,158 $ 2 $ (17 ) $ (15 ) $ 1,143 Other loans — — — — — — — — — Cash and investments 11 4 — 8 23 — — — 23 Total interest income 732 441 — 8 1,181 2 (17 ) (15 ) 1,166 Total interest expense 588 242 — 42 872 (4 ) (14 ) (18 ) 854 Net interest income (loss) 144 199 — (34 ) 309 6 (3 ) 3 312 Less: provisions for loan losses 8 56 — — 64 — — — 64 Net interest income (loss) after provisions for loan losses 136 143 — (34 ) 245 6 (3 ) 3 248 Other income (loss): Servicing revenue 57 3 — — 60 — — — 60 Asset recovery and business processing revenue 57 — 66 — 123 — — — 123 Other income (loss) 6 — — 3 9 (6 ) 10 4 13 Total other income (loss) 120 3 66 3 192 (6 ) 10 4 196 Expenses: Direct operating expenses 89 44 54 — 187 — — — 187 Unallocated shared services expenses — — — 64 64 — — — 64 Operating expenses 89 44 54 64 251 — — — 251 Goodwill and acquired intangible asset impairment and amortization — — — — — — 6 6 6 Restructuring/other reorganization expenses — — — 2 2 — — — 2 Total expenses 89 44 54 66 253 — 6 6 259 Income (loss) before income tax expense (benefit) 167 102 12 (97 ) 184 — 1 1 185 Income tax expense (benefit) (2) 39 23 3 (23 ) 42 — (2 ) (2 ) 40 Net income (loss) $ 128 $ 79 $ 9 $ (74 ) $ 142 $ — $ 3 $ 3 $ 145 (1) Core Earnings adjustments to GAAP: Three Months Ended September 30, 2019 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 3 $ — $ 3 Total other income (loss) 4 — 4 Goodwill and acquired intangible asset impairment and amortization — 6 6 Total Core Earnings adjustments to GAAP $ 7 $ (6 ) 1 Income tax expense (benefit) (2 ) Net income (loss) $ 3 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Nine Months Ended September 30, 2020 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 1,430 $ 1,117 $ — $ — $ 2,547 $ 47 $ (42 ) $ 5 $ 2,552 Other loans — — — — — — — — — Cash and investments 7 3 — 5 15 — — — 15 Total interest income 1,437 1,120 — 5 2,562 47 (42 ) 5 2,567 Total interest expense 974 545 — 96 1,615 39 4 43 1,658 Net interest income (loss) 463 575 — (91 ) 947 8 (46 ) (38 ) 909 Less: provisions for loan losses 13 140 — — 153 — — — 153 Net interest income (loss) after provisions for loan losses 450 435 — (91 ) 794 8 (46 ) (38 ) 756 Other income (loss): Servicing revenue 158 5 — — 163 — — — 163 Asset recovery and business processing revenue 126 — 211 — 337 — — — 337 Other income (loss) 8 — — 9 17 (8 ) (247 ) (255 ) (238 ) Total other income (loss) 292 5 211 9 517 (8 ) (247 ) (255 ) 262 Expenses: Direct operating expenses 217 109 180 — 506 — — — 506 Unallocated shared services expenses — — — 189 189 — — — 189 Operating expenses 217 109 180 189 695 — — — 695 Goodwill and acquired intangible asset impairment and amortization — — — — — — 16 16 16 Restructuring/other reorganization expenses — — — 9 9 — — — 9 Total expenses 217 109 180 198 704 — 16 16 720 Income (loss) before income tax expense (benefit) 525 331 31 (280 ) 607 — (309 ) (309 ) 298 Income tax expense (benefit) (2) 124 78 7 (66 ) 143 — (72 ) (72 ) 71 Net income (loss) $ 401 $ 253 $ 24 $ (214 ) $ 464 $ — $ (237 ) $ (237 ) $ 227 (1) Core Earnings adjustments to GAAP: Nine Months Ended September 30, 2020 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangible Assets Total Net interest income (loss) after provisions for loan losses $ (38 ) $ — $ (38 ) Total other income (loss) (255 ) — (255 ) Goodwill and acquired intangible asset impairment and amortization — 16 16 Total Core Earnings adjustments to GAAP $ (293 ) $ (16 ) (309 ) Income tax expense (benefit) (72 ) Net income (loss) $ (237 ) (2) 11. Segment Reporting (Continued) Nine Months Ended September 30, 2019 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 2,258 $ 1,317 $ — $ — $ 3,575 $ 4 $ (51 ) $ (47 ) $ 3,528 Other loans 1 1 — — 2 — — — 2 Cash and investments 41 13 — 21 75 — — — 75 Total interest income 2,300 1,331 — 21 3,652 4 (51 ) (47 ) 3,605 Total interest expense 1,866 758 — 122 2,746 (2 ) (30 ) (32 ) 2,714 Net interest income (loss) 434 573 — (101 ) 906 6 (21 ) (15 ) 891 Less: provisions for loan losses 23 185 — — 208 — — — 208 Net interest income (loss) after provisions for loan losses 411 388 — (101 ) 698 6 (21 ) (15 ) 683 Other income (loss): Servicing revenue 174 8 — — 182 — — — 182 Asset recovery and business processing revenue 165 — 199 — 364 — — — 364 Other income (loss) 22 1 — 12 35 (45 ) 26 (19 ) 16 Gains on sales of loans — 16 — — 16 — — — 16 Gaines on debt repurchases — — — 47 47 39 (27 ) 12 59 Total other income (loss) 361 25 199 59 644 (6 ) (1 ) (7 ) 637 Expenses: Direct operating expenses 270 117 165 — 552 — — — 552 Unallocated shared services expenses — — — 197 197 — — — 197 Operating expenses 270 117 165 197 749 — — — 749 Goodwill and acquired intangible asset impairment and amortization — — — — — — 23 23 23 Restructuring/other reorganization expenses — — — 4 4 — — — 4 Total expenses 270 117 165 201 753 — 23 23 776 Income (loss) before income tax expense (benefit) 502 296 34 (243 ) 589 — (45 ) (45 ) 544 Income tax expense (benefit) (2) 115 68 8 (56 ) 135 — (16 ) (16 ) 119 Net income (loss) $ 387 $ 228 $ 26 $ (187 ) $ 454 $ — $ (29 ) $ (29 ) $ 425 (1) Core Earnings adjustments to GAAP: Nine Months Ended September 30, 2019 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangible Assets Total Net interest income (loss) after provisions for loan losses $ (15 ) $ — $ (15 ) Total other income (loss) (7 ) — (7 ) Goodwill and acquired intangible asset impairment and amortization — 23 23 Total Core Earnings adjustments to GAAP $ (22 ) $ (23 ) (45 ) Income tax expense (benefit) (16 ) Net income (loss) $ (29 ) (2)
Core Earnings Adjustments to GAAP	Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2020 2019 2020 2019 Core Earnings net income $ 192 $ 142 $ 464 $ 454 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) 13 7 (293 ) (22 ) Net impact of goodwill and acquired intangible assets (2) (5 ) (6 ) (16 ) (23 ) Net tax effect (3) 7 2 72 16 Total Core Earnings adjustments to GAAP 15 3 (237 ) (29 ) GAAP net income (loss) $ 207 $ 145 $ 227 $ 425 (1) Derivative accounting: (2) Goodwill and acquired intangible assets: (3) Net tax effect:
Federal Education Loans [Member]
Asset Information for Loans Segment	The following table includes GAAP basis asset information for our Federal Education Loans segment. (Dollars in millions) September 30, 2020 December 31, 2019 FFELP Loans, net $ 59,559 $ 64,575 Cash and investments (1) 1,730 2,043 Other 2,308 2,202 Total assets $ 63,597 $ 68,820 (1) Includes restricted cash and investments.
Consumer Lending [Member]
Asset Information for Loans Segment	The following table includes GAAP basis asset information for our Consumer Lending segment. (Dollars in millions) September 30, 2020 December 31, 2019 Private Education Loans, net $ 21,289 $ 22,245 Cash and investments (1) 870 927 Other 938 931 Total assets $ 23,097 $ 24,103 (1) Includes restricted cash and investments.

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Jan. 02, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Summary Of Significant Accounting Policies [Line Items]
Loans receivable, carrying amount						$ 89,187
Allowance for loans losses	$ 1,388	$ 1,400				1,166	$ 1,218	$ 1,286
Reduction in equity (retained earnings), net of tax resulted from current expected credit losses	(3,175)				$ (3,664)
FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans receivable, carrying amount	59,856					65,588
Allowance for loans losses	297	302			64	65	67	76
Private Education Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans receivable, carrying amount	22,380					23,593
Allowance for loans losses	$ 1,091	$ 1,098			1,048	$ 1,101	$ 1,151	$ 1,201
Private Education Loans [Member] | Loans Receivable For Partially Charged Off Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Receivable for partially charged-off loans					588
Credit Deteriorated Portfolio [Member] | Private Education Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans receivable, carrying amount				$ 70
Allowance for loans losses				43
ASU 2016-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	false
Allowance for loans losses			$ 1,369	1,369	1,112
ASU 2016-13 [Member] | FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses			324	324	64
ASU 2016-13 [Member] | Private Education Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses			1,045	1,045	$ 1,048
ASU 2016-13 [Member] | Non-PCD Portfolio [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Reduction in equity (retained earnings), net of tax resulted from current expected credit losses			$ 620
ASU 2016-13 [Member] | Non-PCD Portfolio [Member] | Private Education Loans [Member] | FFELP Loans [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses				802
ASU 2016-13 [Member] | Non-PCD Portfolio [Member] | Private Education Loans [Member] | Equity [Member] | FFELP Loans [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Reduction in equity (retained earnings), net of tax resulted from current expected credit losses				$ 620
ASU 2017-04 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2020

Significant Accounting Polici_5

Significant Accounting Policies - Summary of Translation Adjustments in Connection with Adopting CECL (Detail) - USD ($) $ in Millions	Jan. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance as of December 31, 2019 (prior to CECL)		$ 1,400	$ 1,218		$ 1,286
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses		14	64	$ 153	208
Allowance as of January 1, 2020 after CECL		1,388	1,166	1,388	1,166
FFELP Loans [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance as of December 31, 2019 (prior to CECL)	$ 64	302	67	64	76
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses		4	8	13	23
Allowance as of January 1, 2020 after CECL		297	65	297	65
Private Education Loans [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance as of December 31, 2019 (prior to CECL)	1,048	1,098	1,151	1,048	1,201
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses		10	56	140	185
Reclassification of the expected future recoveries on charged-off loans		(28)	(31)	(84)	(98)
Allowance as of January 1, 2020 after CECL		$ 1,091	$ 1,101	1,091	$ 1,101
Private Education Loans [Member] | PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Allowance as of January 1, 2020 after CECL	43
ASU 2016-13 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance as of December 31, 2019 (prior to CECL)	1,112			1,112
Transition adjustments made under CECL on January 1, 2020:
Reclassification of the expected future recoveries on charged-off loans	(588)
Net increase to allowance for loan losses under CECL	257
Allowance as of January 1, 2020 after CECL	1,369
ASU 2016-13 [Member] | Non-PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses	802
ASU 2016-13 [Member] | PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses	43
ASU 2016-13 [Member] | FFELP Loans [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance as of December 31, 2019 (prior to CECL)	64			64
Transition adjustments made under CECL on January 1, 2020:
Net increase to allowance for loan losses under CECL	260
Allowance as of January 1, 2020 after CECL	324
ASU 2016-13 [Member] | FFELP Loans [Member] | Non-PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses	260
ASU 2016-13 [Member] | Private Education Loans [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance as of December 31, 2019 (prior to CECL)	1,048			$ 1,048
Transition adjustments made under CECL on January 1, 2020:
Reclassification of the expected future recoveries on charged-off loans	(588)
Net increase to allowance for loan losses under CECL	(3)
Allowance as of January 1, 2020 after CECL	1,045
ASU 2016-13 [Member] | Private Education Loans [Member] | Non-PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses	542
ASU 2016-13 [Member] | Private Education Loans [Member] | PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses	$ 43

Significant Accounting Polici_6

Significant Accounting Policies - Summary of Translation Adjustments in Connection with Adopting CECL (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Jan. 02, 2020	Dec. 31, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Reduction in equity (retained earnings), net of tax resulted from current expected credit losses	$ (3,175)		$ (3,664)
ASU 2016-13 [Member] | Non-PCD Portfolio [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Reduction in equity (retained earnings), net of tax resulted from current expected credit losses		$ 620

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) $ in Millions	Jan. 01, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)SecurityLoan	Sep. 30, 2020USD ($)SecurityLoan	Sep. 30, 2019USD ($)SecurityLoan	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Allowance for Loan Losses
Allowance as of December 31, 2019 (prior to CECL)		$ 1,400	$ 1,218		$ 1,286
Total provision		14	64	$ 153	208
Charge-offs:
Net adjustment resulting from the change in the charge-off rate		(23)	(21)	(23)	(21)
Net charge-offs remaining		(49)	(96)	(196)	(302)
Total charge-offs		(72)	(117)	(219)	(323)
Decrease in expected future recoveries on charged-off loans		46		85
Reclassification of interest reserve			2		5
Loan sales and other transactions					(9)
Allowance as of January 1, 2020 after CECL		1,388	1,166	1,388	1,166
Plus: expected future recoveries on charged-off loans		503		503
Allowance at end of period excluding expected future recoveries on charged-off loans		1,891		1,891
Allowance Ending Balance:
Ending balance: individually evaluated for impairment - TDR			998		998
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans			168		168
Allowance as of January 1, 2020 after CECL		1,388	1,166	1,388	1,166
Loans Ending Balance:
Ending balance: individually evaluated for impairment - TDR			9,810		9,810
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans			74,692		74,692
Purchased Non-Credit Impaired Loans acquired at a discount			4,477		4,477
Purchased Credit Impaired Loans			208		208
Ending total loans			89,187		89,187
ASU 2016-13 [Member]
Allowance for Loan Losses
Allowance as of December 31, 2019 (prior to CECL)	$ 1,112			1,112
Charge-offs:
Allowance as of January 1, 2020 after CECL	1,369
Collectively evaluated for impairment:
Allowance as of January 1, 2020 after CECL	1,369
FFELP Loans [Member]
Allowance for Loan Losses
Allowance as of December 31, 2019 (prior to CECL)	64	302	67	64	76
Total provision		4	8	13	23
Charge-offs:
Net charge-offs remaining		(9)	(9)	(40)	(33)
Total charge-offs		(9)	(9)	(40)	(33)
Allowance as of January 1, 2020 after CECL		297	65	297	65
Allowance at end of period excluding expected future recoveries on charged-off loans		297		297
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans			65		65
Allowance as of January 1, 2020 after CECL		297	65	297	65
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans			63,003		63,003
Purchased Non-Credit Impaired Loans acquired at a discount			2,585		2,585
Ending total loans		$ 59,856	$ 65,588	$ 59,856	$ 65,588
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate		0.07%	0.06%	0.11%	0.08%
Allowance coverage of charge-offs		8.8	1.9	5.6	1.5
Allowance as a percentage of the ending total loan balance		0.50%	0.10%	0.50%	0.10%
Allowance as a percentage of the ending loans in repayment		0.60%	0.12%	0.60%	0.12%
Average loans in repayment		$ 47,597	$ 54,973	$ 48,065	$ 56,605
Ending loans in repayment		48,716	54,395	48,716	54,395
FFELP Loans [Member] | ASU 2016-13 [Member]
Allowance for Loan Losses
Allowance as of December 31, 2019 (prior to CECL)	64			64
Charge-offs:
Allowance as of January 1, 2020 after CECL	324
Collectively evaluated for impairment:
Allowance as of January 1, 2020 after CECL	324
Private Education Loans [Member]
Allowance for Loan Losses
Allowance as of December 31, 2019 (prior to CECL)	1,048	1,098	1,151	1,048	1,201
Total provision		10	56	140	185
Charge-offs:
Net adjustment resulting from the change in the charge-off rate		(23)	(21)	(23)	(21)
Net charge-offs remaining		(40)	(87)	(156)	(267)
Total charge-offs		(63)	(108)	(179)	(288)
Decrease in expected future recoveries on charged-off loans		46	37	85	71
Reclassification of interest reserve			2		5
Loan sales and other transactions					(1)
Allowance as of January 1, 2020 after CECL		1,091	1,101	1,091	1,101
Plus: expected future recoveries on charged-off loans		503	603	503	603	$ 549	$ 588	$ 640	$ 674
Allowance at end of period excluding expected future recoveries on charged-off loans		1,594		1,594
Allowance Ending Balance:
Ending balance: individually evaluated for impairment - TDR			998		998
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans			103		103
Allowance as of January 1, 2020 after CECL		1,091	1,101	1,091	1,101
Loans Ending Balance:
Ending balance: individually evaluated for impairment - TDR			9,810		9,810
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans			11,683		11,683
Purchased Non-Credit Impaired Loans acquired at a discount			1,892		1,892
Purchased Credit Impaired Loans			208		208
Ending total loans		$ 22,380	$ 23,593	$ 22,380	$ 23,593
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate		0.75%	1.60%	1.00%	1.64%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment		0.44%	0.39%	0.15%	0.13%
Allowance coverage of charge-offs		6.4	2.6	6.7	2.9
Allowance as a percentage of the ending total loan balance		7.10%	4.67%	7.10%	4.67%
Allowance as a percentage of the ending loans in repayment		7.60%	5.08%	7.60%	5.08%
Average loans in repayment		$ 20,884	$ 21,549	$ 20,739	$ 21,819
Ending loans in repayment		$ 21,006	21,655	21,006	21,655
Private Education Loans [Member] | ASU 2016-13 [Member]
Allowance for Loan Losses
Allowance as of December 31, 2019 (prior to CECL)	1,048			$ 1,048
Charge-offs:
Allowance as of January 1, 2020 after CECL	1,045
Collectively evaluated for impairment:
Allowance as of January 1, 2020 after CECL	$ 1,045
Other Loans [Member]
Allowance for Loan Losses
Allowance as of December 31, 2019 (prior to CECL)					9
Total provision					1
Charge-offs:
Net charge-offs remaining					(2)
Total charge-offs					(2)
Loan sales and other transactions					(8)
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans			6		6
Ending total loans			6		6
Average loans in repayment			5		36
Ending loans in repayment			$ 6		$ 6

Allowance for Loan Losses - A_2

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounts Notes And Loans Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate	$ (23,000,000)	$ (21,000,000)	$ (23,000,000)	$ (21,000,000)
End of period expected recoveries	503,000,000		503,000,000
Change in balance during period	(46,000,000)		(85,000,000)
FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Allowance for loans acquired		0		0
Loans receivable, discount		34,000,000		34,000,000
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate	(23,000,000)	(21,000,000)	(23,000,000)	(21,000,000)
Beginning of period expected recoveries	549,000,000	640,000,000	588,000,000	674,000,000
Expected future recoveries of current period defaults	7,000,000	18,000,000	28,000,000	56,000,000
Recoveries	(28,000,000)	(31,000,000)	(84,000,000)	(98,000,000)
Charge-offs	(25,000,000)	(24,000,000)	(29,000,000)	(29,000,000)
End of period expected recoveries	503,000,000	603,000,000	503,000,000	603,000,000
Change in balance during period	(46,000,000)	(37,000,000)	$ (85,000,000)	(71,000,000)
Allowance for loans acquired		0		0
Loans receivable, discount		281,000,000		$ 281,000,000
Private Education Loans [Member] | Loans Receivable For Partially Charged Off Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate	$ 23,000,000	$ 21,000,000
Private Education Loans [Member] | Minimum [Member]
Accounts Notes And Loans Receivable [Line Items]
Portion of loan amount charged off at default	81.00%	80.50%
Private Education Loans [Member] | Maximum [Member]
Accounts Notes And Loans Receivable [Line Items]
Portion of loan amount charged off at default	81.40%	81.00%

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, 2020	Dec. 31, 2019	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Loans in repayment and percentage of each status:
Loans unamortized premium (discount)	$ 506
Total Loans				$ 89,187
Loan allowance for losses	(1,388)		$ (1,400)	(1,166)	$ (1,218)	$ (1,286)
FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans	59,856			65,588
Loan allowance for losses	(297)	$ (64)	$ (302)	$ (65)	$ (67)	$ (76)
Loans, net	59,559	64,575
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	8,580	9,270
Loans unamortized premium (discount)		(203)
Total Loans	8,580	9,067
Loans receivable for partially charged-off loans		347
Loan allowance for losses	(930)	(941)
Loans, net	$ 7,650	$ 8,473
Dimensions of concentration risk	100.00%	100.00%
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 13,800	$ 14,052
Loans unamortized premium (discount)		(414)
Total Loans	13,800	13,638
Loans receivable for partially charged-off loans		241
Loan allowance for losses	(161)	(107)
Loans, net	$ 13,639	$ 13,772
Dimensions of concentration risk	100.00%	100.00%
Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 59,856	$ 64,094
Loans unamortized premium (discount)		545
Total Loans	59,856	64,639
Loan allowance for losses	(297)	(64)
Loans, net	$ 59,559	$ 64,575
Dimensions of concentration risk	100.00%	100.00%
Credit Concentration Risk [Member] | School/Grace/Deferment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 294	$ 349
Credit Concentration Risk [Member] | School/Grace/Deferment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	213	280
Credit Concentration Risk [Member] | School/Grace/Deferment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	3,038	3,114
Credit Concentration Risk [Member] | Forbearance [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	691	479
Credit Concentration Risk [Member] | Forbearance [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	176	125
Credit Concentration Risk [Member] | Forbearance [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	8,102	7,442
Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans current	7,152	7,557
Total Loans, gross	7,595	8,442
Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans current	13,355	13,526
Total Loans, gross	13,411	13,647
Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans current	44,175	47,255
Total Loans, gross	$ 48,716	$ 53,538
Financing Receivables, 31 to 60 Days Past Due [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	2.60%	3.50%
Financing Receivables, 31 to 60 Days Past Due [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	0.20%	0.40%
Financing Receivables, 31 to 60 Days Past Due [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	3.90%	3.90%
Financing Receivables, 31 to 60 Days Past Due [Member] | Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent	$ 196	$ 296
Financing Receivables, 31 to 60 Days Past Due [Member] | Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent	28	53
Financing Receivables, 31 to 60 Days Past Due [Member] | Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent	$ 1,876	$ 2,094
Financing Receivables, 61 to 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.70%	2.30%
Financing Receivables, 61 to 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	0.10%	0.20%
Financing Receivables, 61 to 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.90%	2.00%
Financing Receivables, 61 to 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent	$ 127	$ 191
Financing Receivables, 61 to 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent	13	27
Financing Receivables, 61 to 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent	$ 930	$ 1,082
Financing Receivables, 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.60%	4.70%
Financing Receivables, 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	0.10%	0.30%
Financing Receivables, 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	3.50%	5.80%
Financing Receivables, 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent	$ 120	$ 398
Financing Receivables, 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent	15	41
Financing Receivables, 90 Days Past Due [Member] | Credit Concentration Risk [Member] | Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent	$ 1,735	$ 3,107
Financing Receivables, Current [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	94.10%	89.50%
Financing Receivables, Current [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	99.60%	99.10%
Financing Receivables, Current [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	90.70%	88.30%
Financing Receivables, Loans In Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	88.50%	91.10%
Financing Receivables, Loans In Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	97.20%	97.10%
Financing Receivables, Loans In Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	81.40%	83.50%
Financing Receivables, Delinquent Loans in Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	5.90%	10.50%
Financing Receivables, Delinquent Loans in Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	0.40%	0.90%
Financing Receivables, Delinquent Loans in Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	9.30%	11.70%
Financing Receivables, Forbearance, Loans In Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	8.30%	5.40%
Financing Receivables, Forbearance, Loans In Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	1.30%	0.90%
Financing Receivables, Forbearance, Loans In Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	14.30%	12.20%

Allowance for Loan Losses - A_3

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Parenthetical) (Detail) $ in Millions	Sep. 30, 2020USD ($)
Financing Receivable Recorded Investment Past Due [Line Items]
Loans premium (discount)	$ 506
Private Education Loans - TDRs [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Loans premium (discount)	(203)
Private Education Loans - Non-TDRs [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Loans premium (discount)	$ (295)

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loan Type (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable Recorded Investment Past Due [Line Items]
Total FFELP Loans, gross		$ 89,187
FFELP Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total FFELP Loans, gross	$ 59,856	65,588
Change	(5,732)
FFELP Loans [Member] | Stafford Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total FFELP Loans, gross	18,011	19,491
Change	(1,480)
FFELP Loans [Member] | Consolidation Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total FFELP Loans, gross	36,876	40,660
Change	(3,784)
FFELP Loans [Member] | Rehab Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total FFELP Loans, gross	4,969	$ 5,437
Change	$ (468)

Allowance for Loan Losses - Add

Allowance for Loan Losses - Additional Information (Detail) $ in Billions	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)Loan	Dec. 31, 2019USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Percentage of loans granted forbearance that migrated to TDR classification	71.00%	69.00%
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 | $	$ 1	$ 1.7
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of classes of loans | Loan	2

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, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year				$ 89,187
Loan allowance for losses	$ (1,388)	$ (1,400)		$ (1,166)	$ (1,218)	$ (1,286)
Private Education Loans - TDRs [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan allowance for losses	(930)
Loans, net	7,650
Private Education Loans - TDRs [Member] | FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	8
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	22
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	30
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	11
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,509
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 8,580
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%
Private Education Loans - TDRs [Member] | FICO Scores [Member] | 640 and Above [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 5
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	15
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	24
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	9
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	6,524
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 6,577
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	77.00%
Private Education Loans - TDRs [Member] | FICO Scores [Member] | Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 3
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	7
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	6
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	2
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,985
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 2,003
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	23.00%
Private Education Loans - TDRs [Member] | School Type [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 8
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	22
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	30
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	11
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,509
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 8,580		$ 9,270
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%		100.00%
Private Education Loans - TDRs [Member] | School Type [Member] | Not For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 7
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	21
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	29
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	11
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	6,798
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 6,866		$ 7,387
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	80.00%		80.00%
Private Education Loans - TDRs [Member] | School Type [Member] | For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	1
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,711
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 1,714		$ 1,883
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	20.00%		20.00%
Private Education Loans - TDRs [Member] | Cosigners [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 8
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	22
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	30
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	11
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,509
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 8,580		$ 9,270
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%		100.00%
Private Education Loans - TDRs [Member] | Cosigners [Member] | With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	$ 9
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	5
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,366
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 5,380		$ 5,792
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	63.00%		62.00%
Private Education Loans - TDRs [Member] | Cosigners [Member] | Without Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 8
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	22
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	21
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	6
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,143
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 3,200		$ 3,478
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	37.00%		38.00%
Private Education Loans - TDRs [Member] | Seasoning [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 8
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	22
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	30
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	11
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,509
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 8,580		$ 9,270
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%		100.00%
Private Education Loans - TDRs [Member] | Seasoning [Member] | 1-12 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 7
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	7
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	157
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 172		$ 224
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2.00%		3.00%
Private Education Loans - TDRs [Member] | Seasoning [Member] | 13-24 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	15
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	8
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	217
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 242		$ 301
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	3.00%		3.00%
Private Education Loans - TDRs [Member] | Seasoning [Member] | 25-36 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	$ 15
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	5
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	347
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 367		$ 472
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	4.00%		5.00%
Private Education Loans - TDRs [Member] | Seasoning [Member] | 37-48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	$ 5
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	5
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	514
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 524		$ 662
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	6.00%		7.00%
Private Education Loans - TDRs [Member] | Seasoning [Member] | More than 48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	$ 6,981
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 6,981		$ 7,262
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	81.00%		78.00%
Private Education Loans - TDRs [Member] | Seasoning [Member] | School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	293
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 294		$ 349
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	4.00%		4.00%
Private Education Loans - TDRs [Member] | Original Winning FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year			$ 9,270
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent			100.00%
Private Education Loans - TDRs [Member] | Original Winning FICO Scores [Member] | FICO 640 and Above [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year			$ 8,493
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent			92.00%
Private Education Loans - TDRs [Member] | Original Winning FICO Scores [Member] | FICO Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year			$ 777
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent			8.00%
Private Education Loans - Non-TDRs [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan allowance for losses	$ (161)
Loans, net	13,639
Private Education Loans - Non-TDRs [Member] | FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	3,149
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	3,372
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	1,215
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	368
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,622
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 13,800
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%
Private Education Loans - Non-TDRs [Member] | FICO Scores [Member] | 640 and Above [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 3,135
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	3,336
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	1,197
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	364
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	73
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,426
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 13,531
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	98.00%
Private Education Loans - Non-TDRs [Member] | FICO Scores [Member] | Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 14
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	36
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	18
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	4
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	196
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 269
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2.00%
Private Education Loans - Non-TDRs [Member] | School Type [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 3,149
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	3,372
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	1,215
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	368
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,622
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 13,800		$ 14,052
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%		100.00%
Private Education Loans - Non-TDRs [Member] | School Type [Member] | Not For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 2,995
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	3,153
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	1,123
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	351
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	4,877
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 12,573		$ 12,614
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	91.00%		90.00%
Private Education Loans - Non-TDRs [Member] | School Type [Member] | For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 154
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	219
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	92
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	17
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	745
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 1,227		$ 1,438
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	9.00%		10.00%
Private Education Loans - Non-TDRs [Member] | Cosigners [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 3,149
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	3,372
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	1,215
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	368
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,622
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 13,800		$ 14,052
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%		100.00%
Private Education Loans - Non-TDRs [Member] | Cosigners [Member] | With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 2
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	14
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	1
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	44
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	18
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,893
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 3,972		$ 5,184
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	29.00%		37.00%
Private Education Loans - Non-TDRs [Member] | Cosigners [Member] | Without Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 3,147
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	3,358
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	1,214
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	324
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	56
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,729
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 9,828		$ 8,868
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	71.00%		63.00%
Private Education Loans - Non-TDRs [Member] | Seasoning [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 3,149
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	3,372
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	1,215
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	368
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,622
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 13,800		$ 14,052
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%		100.00%
Private Education Loans - Non-TDRs [Member] | Seasoning [Member] | 1-12 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 3,141
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,184
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	3
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	36
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 5,365		$ 4,673
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	39.00%		33.00%
Private Education Loans - Non-TDRs [Member] | Seasoning [Member] | 13-24 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,168
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	587
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	2
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	35
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 1,793		$ 1,570
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	13.00%		11.00%
Private Education Loans - Non-TDRs [Member] | Seasoning [Member] | 25-36 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	$ 613
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	210
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	70
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 893		$ 603
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	6.00%		4.00%
Private Education Loans - Non-TDRs [Member] | Seasoning [Member] | 37-48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	$ 153
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	59
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	128
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 340		$ 251
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2.00%		2.00%
Private Education Loans - Non-TDRs [Member] | Seasoning [Member] | More than 48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	$ 14
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,182
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 5,196		$ 6,675
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	38.00%		48.00%
Private Education Loans - Non-TDRs [Member] | Seasoning [Member] | School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 7
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	20
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	12
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	2
Total Private Education Loan Credit Quality Indicators by Origination Year 2016	1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	171
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 213		$ 280
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2.00%		2.00%
Private Education Loans - Non-TDRs [Member] | Original Winning FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year			$ 14,052
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent			100.00%
Private Education Loans - Non-TDRs [Member] | Original Winning FICO Scores [Member] | FICO 640 and Above [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year			$ 13,687
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent			97.00%
Private Education Loans - Non-TDRs [Member] | Original Winning FICO Scores [Member] | FICO Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year			$ 365
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent			3.00%

Allowance for Loan Losses - P_2

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Parenthetical) (Detail) - With Cosigner [Member]	Sep. 30, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators, Excluding Refinance Loans, Percent	63.00%	67.00%
Private Education Loans - TDRs [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators, Excluding Refinance Loans, Percent	68.00%	63.00%

Allowance for Loan Losses - L_2

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Receivables [Abstract]
Modified loans	$ 51	$ 113	$ 216	$ 369
Charge-offs	43	88	136	242
Payment-default	$ 7	$ 25	$ 39	$ 83

Borrowings - Company's Borrowin

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Short-term borrowings	$ 7,078	$ 8,483
Long-term borrowings	79,137	81,715
Total	86,215	90,198
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	7,067	8,479
Long-term borrowings	78,681	81,756
Total	85,748	90,235
Total Before Hedge Accounting Adjustments [Member] | Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,780	1,052
Long-term borrowings	7,709	8,461
Total	9,489	9,513
Total Before Hedge Accounting Adjustments [Member] | Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,780	1,052
Long-term borrowings	7,709	8,461
Total	9,489	9,513
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings		72
Long-term borrowings	55,354	59,735
Total	55,354	59,807
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,297	2,120
Long-term borrowings	13,499	11,430
Total	14,796	13,550
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,304	2,783
Long-term borrowings	843	617
Total	3,147	3,400
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,358	2,114
Long-term borrowings	1,276	1,513
Total	2,634	3,627
Total Before Hedge Accounting Adjustments [Member] | Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	328	338
Total	328	338
Total Before Hedge Accounting Adjustments [Member] | Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	5,287	7,427
Long-term borrowings	70,972	73,295
Total	76,259	80,722
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	11	4
Long-term borrowings	456	(41)
Total	$ 467	$ (37)

Borrowings - Company's Borrow_2

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Short-term Debt	$ 7,078	$ 8,483
Long-term debt	79,137	81,715
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term Debt	7,067	8,479
Long-term debt	78,681	81,756
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term Debt	0	72
Long-term debt	133	231
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term Debt	1,300	2,100
Long-term debt	260	194
Total Before Hedge Accounting Adjustments [Member] | Short Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	1,800	1,100
Total Before Hedge Accounting Adjustments [Member] | Long Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	$ 7,800	$ 8,500

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 7,078	$ 8,483
Long-term borrowings	79,137	81,715
Total	86,215	90,198
Total assets	89,664	94,903
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	7,067	8,479
Long-term borrowings	78,681	81,756
Total	85,748	90,235
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	11	4
Long-term borrowings	456	(41)
Total	467	(37)
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,959	7,089
Long-term borrowings	70,641	72,856
Total	75,600	79,945
Loans	77,919	83,864
Cash	2,405	2,506
Other assets, Net	1,308	1,089
Total assets	81,632	87,459
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings		72
Long-term borrowings	55,354	59,735
Total	55,354	59,807
Loans	56,044	60,834
Cash	1,637	1,833
Other assets, Net	1,448	1,400
Total assets	59,129	64,067
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,297	2,120
Long-term borrowings	13,499	11,430
Total	14,796	13,550
Loans	15,814	15,412
Cash	638	509
Other assets, Net	196	152
Total assets	16,648	16,073
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,304	2,783
Long-term borrowings	843	617
Total	3,147	3,400
Loans	3,178	3,421
Cash	50	63
Other assets, Net	110	102
Total assets	3,338	3,586
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,358	2,114
Long-term borrowings	1,276	1,513
Total	2,634	3,627
Loans	2,883	4,197
Cash	80	101
Other assets, Net	29	28
Total assets	2,992	4,326
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,959	7,089
Long-term borrowings	70,972	73,295
Total	75,931	80,384
Loans	77,919	83,864
Cash	2,405	2,506
Other assets, Net	1,783	1,682
Total assets	82,107	88,052
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	(331)	(439)
Total	(331)	(439)
Other assets, Net	(475)	(593)
Total assets	$ (475)	$ (593)

Derivative Financial Instrume_3

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivative Assets:
Derivative assets	$ 375	$ 230
Derivative Liabilities:
Derivative liabilities	(713)	(664)
Net total derivatives	(338)	(434)
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	369	226
Derivative Liabilities:
Derivative liabilities	(473)	(575)
Net total derivatives	(104)	(349)
Trading [Member]
Derivative Assets:
Derivative assets	6	4
Derivative Liabilities:
Derivative liabilities	(240)	(89)
Net total derivatives	(234)	(85)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	363	230
Derivative Liabilities:
Derivative liabilities	(15)	(20)
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	357	226
Interest Rate Swaps [Member] | Trading [Member]
Derivative Assets:
Derivative assets	6	4
Derivative Liabilities:
Derivative liabilities	(15)	(20)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	12
Derivative Liabilities:
Derivative liabilities	(473)	(575)
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	12
Derivative Liabilities:
Derivative liabilities	(473)	(575)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(225)	(68)
Floor Income Contracts [Member] | Trading [Member]
Derivative Liabilities:
Derivative liabilities	$ (225)	(68)
Other [Member]
Derivative Liabilities:
Derivative liabilities		(1)
Other [Member] | Trading [Member]
Derivative Liabilities:
Derivative liabilities		$ (1)

Derivative Financial Instrume_4

Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Derivative assets	$ 375	$ 230
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	317	212
Cash collateral (held) pledged, Assets	(328)	(337)
Derivative liabilities	(713)	(664)
Cash collateral (held) pledged, Liabilities	259	155
Other Assets [Member]
Derivatives Fair Value [Line Items]
Derivative assets	375	230
Impact of master netting agreements, Assets	(58)	(18)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	317	212
Cash collateral (held) pledged, Assets	(328)	(337)
Net position, Assets	(11)	(125)
Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Derivative liabilities	(713)	(664)
Impact of master netting agreements, Liabilities	58	18
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(655)	(646)
Cash collateral (held) pledged, Liabilities	259	155
Net position, Liabilities	$ (396)	$ (491)

Derivative Financial Instrume_5

Derivative Financial Instruments - Carrying Value and Related Fair Value Hedging Adjustments of Liabilities (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Short-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	$ 1,714	$ 1,001
Hedge Basis Adjustments	11	4
Long-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	11,001	11,488
Hedge Basis Adjustments	$ 444	$ (58)

Derivative Financial Instrume_6

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Decrease in valuation due to net credit risk adjustments	$ 7	$ 11
Decrease in valuation due to liquidity adjustments	6	12
Derivative liability at fair value including accrued interest and premium receivable	671	$ 658
Counterparty [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	$ 179

Derivative Financial Instrume_7

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Total Derivative Notional Values	$ 76,200,000,000	$ 104,400,000,000
Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	17,000,000,000	19,100,000,000
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	12,300,000,000	12,600,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	46,900,000,000	72,700,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	55,500,000,000	79,200,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	17,000,000,000	19,100,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	8,600,000,000	8,600,000,000
Interest Rate Swaps [Member] | Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	29,900,000,000	51,500,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	17,000,000,000	21,200,000,000
Floor Income Contracts [Member] | Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	17,000,000,000	21,200,000,000
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	3,700,000,000	4,000,000,000
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 3,700,000,000	$ 4,000,000,000

Derivative Financial Instrume_8

Derivative Financial Instruments - Mark-to-Market Impact of Derivatives on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ (2)	$ 4	$ (255)	$ (21)
Interest Expense and Derivative Instruments Hedging Activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	(5)	15	(273)	(1)
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	(3)	11	(18)	20
Designated as Hedging Instrument [Member] | Fair Value [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in net income on derivatives	(49)	84	375	374
Gains (losses) recognized in net income on hedged items	54	(81)	(401)	(398)
Net fair value hedge ineffectiveness gains (losses)	5	3	(26)	(24)
Designated as Hedging Instrument [Member] | Fair Value [Member] | Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in net income on derivatives	146	(130)	115	(101)
Gains (losses) recognized in net income on hedged items	(154)	138	(107)	145
Net fair value hedge ineffectiveness gains (losses)	(8)	8	8	44
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	(2)	4	(255)	(21)
Trading [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	(3)	12	(50)	35
Trading [Member] | Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized				(2)
Trading [Member] | Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ 1	$ (8)	$ (205)	(56)
Trading [Member] | Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized				$ 2

Derivative Financial Instrume_9

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Changes in Stockholders' Equity (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments Gain Loss [Line Items]
Total gains (losses) on cash flow hedges	$ 4	$ (35)	$ (233)	$ (202)
Total change in stockholders’ equity for unrealized gains (losses) on derivatives	23	(44)	(203)	(237)
Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)	$ 19	$ (9)	$ 30	$ (35)

Derivative Financial Instrum_10

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Derivative Gain Loss On Derivative Net [Abstract]
Amount of after-tax net losses to be reclassified from accumulated other comprehensive income to earnings in the next 12 months	$ 2

Derivative Financial Instrum_11

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 328	$ 337
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	65	69
Total collateral held	393	406
Derivative asset at fair value including accrued interest	322	282
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	259	155
Total collateral pledged	259	155
Derivative liability at fair value including accrued interest and premium receivable	$ 671	$ 658

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 1,938	$ 1,952
Benefit and insurance-related investments	466	459
Income tax asset, net (current and deferred)	461	258
Derivatives at fair value	317	212
Fixed assets, net	127	135
Accounts receivable	121	119
Other	120	199
Total	$ 3,550	$ 3,334

Stockholders' Equity - Common S

Stockholders' Equity - Common Share Repurchases and Issuances (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 8.42	$ 13.40	$ 13.06	$ 12.63
Shares repurchased related to employee stock-based compensation plans	16,833	219,328	921,235	2,753,418
Average purchase price per share	$ 7.76	$ 14.28	$ 13.55	$ 11.21
Common shares issued	30,968	465,697	2,393,211	5,091,044
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased	7,652,700	9,703,912	30,628,580	28,738,164
Shares repurchased related to employee stock-based compensation plans	16,833	219,328	921,235	2,753,418
Common shares issued	30,968	465,697	2,393,211	5,091,044

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Common stock dividends paid	$ 31,000,000	$ 36,000,000	$ 93,000,000	$ 112,000,000
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock	$ 8.45		$ 8.45
Authorized common share repurchased program remaining available amount	$ 600,000,000		$ 600,000,000
Common Stock Shares Outstanding [Member]
Class of Stock [Line Items]
Common shares repurchased	7,652,700	9,703,912	30,628,580	28,738,164
Purchase price of common stock repurchased on open market	$ 65,000,000	$ 130,000,000	$ 400,000,000	$ 363,000,000

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income (loss)	$ 207	$ 145	$ 227	$ 425
Denominator:
Weighted average shares used to compute basic EPS	193	225	195	235
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan ("ESPP")	1	3	2	3
Dilutive potential common shares	1	3	2	3
Weighted average shares used to compute diluted EPS	194	228	197	238
Basic earnings (loss) per common share	$ 1.08	$ 0.64	$ 1.16	$ 1.81
Diluted earnings (loss) per common share	$ 1.07	$ 0.63	$ 1.15	$ 1.79

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Securities not included in the computation of diluted earnings per share	4	4	4	4

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, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 375	$ 230
Derivative liabilities	(713)	(664)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	363	230
Derivative liabilities	(15)	(20)
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	12
Derivative liabilities	(473)	(575)
Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(225)	(68)
Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		(1)
Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	375	230
Total	375	230
Derivative liabilities	(713)	(664)
Total	(713)	(664)
Fair Value Measurements Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	357	227
Total	357	227
Derivative liabilities	(225)	(68)
Total	(225)	(68)
Fair Value Measurements Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	18	3
Total	18	3
Derivative liabilities	(488)	(596)
Total	(488)	(596)
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	363	230
Derivative liabilities	(15)	(20)
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	357	227
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	6	3
Derivative liabilities	(15)	(20)
Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	12
Derivative liabilities	(473)	(575)
Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	12
Derivative liabilities	(473)	(575)
Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(225)	(68)
Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ (225)	(68)
Fair Value Measurements Recurring [Member] | Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		(1)
Fair Value Measurements Recurring [Member] | Other [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		$ (1)

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (617)	$ (626)	$ (593)	$ (664)
Total gains/(losses):
Included in earnings	138	(157)	79	(186)
Included in other comprehensive income	0	0	0	0
Settlements	9	29	44	96
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(470)	(754)	(470)	(754)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	145	(128)	112	(91)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(11)	(21)	(17)	(27)
Total gains/(losses):
Included in earnings	1	2	7	6
Included in other comprehensive income	0	0	0	0
Settlements	1		1	2
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(9)	(19)	(9)	(19)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	1	2	5	7
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	(606)	(603)	(575)	(633)
Total gains/(losses):
Included in earnings	137	(160)	72	(194)
Included in other comprehensive income	0	0	0	0
Settlements	8	29	42	93
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(461)	(734)	(461)	(734)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	144	(131)	107	(101)
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period		(2)	(1)	(4)
Total gains/(losses):
Included in earnings	0	1	0	2
Included in other comprehensive income	0	0	0	0
Settlements	0		1	1
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	0	(1)	0	(1)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	$ 0	$ 1	$ 0	$ 3

Fair Value Measurements - Inclu

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 138	$ (157)	$ 79	$ (186)
Gain (Losses) on Derivative Instruments [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	1	3	7	8
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	$ 137	$ (160)	$ 72	$ (194)

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 348	$ 210
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	(461)	(575)
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value		$ (1)
Level 3 [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(470)
Level 3 [Member] | Cross-Currency Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (461)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivatives	0.05
Derivative Asset (Liability) Net, Measurement Input [Extensible List]	us-gaap:MeasurementInputConstantPrepaymentRateMember
Level 3 [Member] | Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (9)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Level 3 [Member] | Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Constant Prepayment Rate [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivatives	0.09
Level 3 [Member] | Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Bid/ask adjustment to discount rate [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivatives	0.0008

Fair Value Measurements - Fair

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Carrying Value	$ 85,373	$ 90,812
Short-term borrowings, Carrying Value	7,078	8,483
Long-term borrowings, Carrying Value	79,137	81,715
Total	86,215	90,198
Total earning assets, Fair Value	87,285	91,454
Short-term borrowings, Fair Value	7,078	8,498
Long-term borrowings, Fair Value	77,343	81,317
Total interest-bearing liabilities, Fair Value	84,421	89,815
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	59,559	64,575
Loans receivable, Fair Value	59,954	64,478
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(225)	(68)
Derivative financial instruments, Fair Value	(225)	(68)
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	348	210
Derivative financial instruments, Fair Value	348	210
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(461)	(575)
Derivative financial instruments, Fair Value	(461)	(575)
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value		(1)
Derivative financial instruments, Fair Value		(1)
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	21,289	22,245
Loans receivable, Fair Value	22,806	22,984
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Fair Value	1,912	642
Short-term borrowings, Fair Value		(15)
Long-term borrowings, Fair Value	1,794	398
Total interest-bearing liabilities, Fair Value	1,794	383
Excess of net asset fair value over carrying value	3,706	1,025
Difference [Member] | FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	395	(97)
Difference [Member] | Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	1,517	739
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	4,525	3,992
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 4,525	$ 3,992

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total interest-bearing liabilities, fair value	$ 84,421	$ 89,815
Difference [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total interest-bearing liabilities, fair value	1,794	383
Senior Unsecured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt principal amount	9,500
Senior Unsecured Debt [Member] | Difference [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total interest-bearing liabilities, fair value	$ 975	$ 56

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Sep. 30, 2020USD ($)
SLM BankCo [Member] | Indemnification Matters [Member]
Loss Contingencies [Line Items]
Reserve for estimated amounts and costs incurred	$ 0

Revenue from Contracts with C_3

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Summary of Disaggregation of Revenue from Contracts with Customers Accounted Under ASC 606 (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 108	$ 99	$ 281	$ 297
Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	13	25	51	62
Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	9	12	30	40
Other Institutions [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue		1	1	7
State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	39	19	84	67
Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	13	15	37	42
Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	34	27	78	79
Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	18	33	70	98
Federal Education Loans [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	9	20	39	51
Federal Education Loans [Member] | Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	9	12	30	40
Federal Education Loans [Member] | Other Institutions [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue		1	1	7
Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	90	66	211	199
Business Processing [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	4	5	12	11
Business Processing [Member] | State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	39	19	84	67
Business Processing [Member] | Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	13	15	37	42
Business Processing [Member] | Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	34	27	78	79
Federal Education Loan Asset Recovery Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	18	33	70	98
Federal Education Loan Asset Recovery Services [Member] | Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	18	33	70	98
Government Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	56	39	133	120
Government Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	56	39	133	120
Healthcare Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	34	27	78	79
Healthcare Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 34	$ 27	$ 78	$ 79

Revenue from Contracts with C_4

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 121,000,000	$ 119,000,000
ASU 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable	90,000,000		$ 67,000,000
Contract assets	0
Contract liability	$ 0

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)SegmentClient	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments | Segment	4
Total assets	$ 89,664	$ 94,903
Business Processing [Member]
Segment Reporting Information [Line Items]
Total assets	$ 431	423
Business Processing [Member] | Minimum [Member]
Segment Reporting Information [Line Items]
Number of clients for business processing services | Client	500
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 2,500	$ 1,600

Segment Reporting - Asset Infor

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Other	$ 3,550	$ 3,334
Total assets	89,664	94,903
Federal Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	59,559	64,575
Cash and investments	1,730	2,043
Other	2,308	2,202
Total assets	63,597	68,820
Consumer Lending [Member]
Segment Reporting Information [Line Items]
Loans, net	21,289	22,245
Cash and investments	870	927
Other	938	931
Total assets	$ 23,097	$ 24,103

Segment Reporting - Segment Res

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income:
Cash and investments	$ 1	$ 23	$ 15	$ 75
Total interest income	761	1,166	2,567	3,605
Total interest expense	425	854	1,658	2,714
Net interest income	336	312	909	891
Less: provisions for loan losses	14	64	153	208
Net interest income after provisions for loan losses	322	248	756	683
Other income (loss):
Servicing revenue	54	60	163	182
Asset recovery and business processing revenue	125	123	337	364
Other income (loss)	(2)	13	(238)	16
Gains on sales of loans				16
Gains on debt repurchases				59
Total other income (loss)	177	196	262	637
Expenses:
Direct operating expenses	170	187	506	552
Unallocated shared services expenses	62	64	189	197
Total operating expenses	232	251	695	749
Goodwill and acquired intangible asset impairment and amortization	5	6	16	23
Restructuring/other reorganization expenses	3	2	9	4
Total expenses	240	259	720	776
Income before income tax expense	259	185	298	544
Income tax expense (benefit)	52	40	71	119
Net income	207	145	227	425
Education Loan Portfolio [Member]
Interest income:
Total interest income	760	1,143	2,552	3,528
Other Loans [Member]
Interest income:
Total interest income				2
Operating Segments [Member]
Interest income:
Cash and investments	1	23	15	75
Total interest income	744	1,181	2,562	3,652
Total interest expense	423	872	1,615	2,746
Net interest income	321	309	947	906
Less: provisions for loan losses	14	64	153	208
Net interest income after provisions for loan losses	307	245	794	698
Other income (loss):
Servicing revenue	54	60	163	182
Asset recovery and business processing revenue	125	123	337	364
Other income (loss)		9	17	35
Gains on sales of loans				16
Gains on debt repurchases				47
Total other income (loss)	179	192	517	644
Expenses:
Direct operating expenses	170	187	506	552
Unallocated shared services expenses	62	64	189	197
Total operating expenses	232	251	695	749
Restructuring/other reorganization expenses	3	2	9	4
Total expenses	235	253	704	753
Income before income tax expense	251	184	607	589
Income tax expense (benefit)	59	42	143	135
Net income	192	142	464	454
Operating Segments [Member] | Federal Education Loans [Member]
Interest income:
Cash and investments		11	7	41
Total interest income	393	732	1,437	2,300
Total interest expense	232	588	974	1,866
Net interest income	161	144	463	434
Less: provisions for loan losses	4	8	13	23
Net interest income after provisions for loan losses	157	136	450	411
Other income (loss):
Servicing revenue	53	57	158	174
Asset recovery and business processing revenue	35	57	126	165
Other income (loss)	(1)	6	8	22
Total other income (loss)	87	120	292	361
Expenses:
Direct operating expenses	64	89	217	270
Total operating expenses	64	89	217	270
Total expenses	64	89	217	270
Income before income tax expense	180	167	525	502
Income tax expense (benefit)	43	39	124	115
Net income	137	128	401	387
Operating Segments [Member] | Consumer Lending [Member]
Interest income:
Cash and investments		4	3	13
Total interest income	350	441	1,120	1,331
Total interest expense	161	242	545	758
Net interest income	189	199	575	573
Less: provisions for loan losses	10	56	140	185
Net interest income after provisions for loan losses	179	143	435	388
Other income (loss):
Servicing revenue	1	3	5	8
Other income (loss)				1
Gains on sales of loans				16
Total other income (loss)	1	3	5	25
Expenses:
Direct operating expenses	37	44	109	117
Total operating expenses	37	44	109	117
Total expenses	37	44	109	117
Income before income tax expense	143	102	331	296
Income tax expense (benefit)	33	23	78	68
Net income	110	79	253	228
Operating Segments [Member] | Business Processing [Member]
Other income (loss):
Asset recovery and business processing revenue	90	66	211	199
Total other income (loss)	90	66	211	199
Expenses:
Direct operating expenses	69	54	180	165
Total operating expenses	69	54	180	165
Total expenses	69	54	180	165
Income before income tax expense	21	12	31	34
Income tax expense (benefit)	5	3	7	8
Net income	16	9	24	26
Operating Segments [Member] | Other Segment [Member]
Interest income:
Cash and investments	1	8	5	21
Total interest income	1	8	5	21
Total interest expense	30	42	96	122
Net interest income	(29)	(34)	(91)	(101)
Net interest income after provisions for loan losses	(29)	(34)	(91)	(101)
Other income (loss):
Other income (loss)	1	3	9	12
Gains on debt repurchases				47
Total other income (loss)	1	3	9	59
Expenses:
Unallocated shared services expenses	62	64	189	197
Total operating expenses	62	64	189	197
Restructuring/other reorganization expenses	3	2	9	4
Total expenses	65	66	198	201
Income before income tax expense	(93)	(97)	(280)	(243)
Income tax expense (benefit)	(22)	(23)	(66)	(56)
Net income	(71)	(74)	(214)	(187)
Operating Segments [Member] | Education Loan Portfolio [Member]
Interest income:
Total interest income	743	1,158	2,547	3,575
Operating Segments [Member] | Education Loan Portfolio [Member] | Federal Education Loans [Member]
Interest income:
Total interest income	393	721	1,430	2,258
Operating Segments [Member] | Education Loan Portfolio [Member] | Consumer Lending [Member]
Interest income:
Total interest income	350	437	1,117	1,317
Operating Segments [Member] | Other Loans [Member]
Interest income:
Total interest income				2
Operating Segments [Member] | Other Loans [Member] | Federal Education Loans [Member]
Interest income:
Total interest income				1
Operating Segments [Member] | Other Loans [Member] | Consumer Lending [Member]
Interest income:
Total interest income				1
Adjustments [Member] | Reclassifications [Member]
Interest income:
Total interest income	31	2	47	4
Total interest expense	7	(4)	39	(2)
Net interest income	24	6	8	6
Net interest income after provisions for loan losses	24	6	8	6
Other income (loss):
Other income (loss)	(24)	(6)	(8)	(45)
Gains on debt repurchases				39
Total other income (loss)	(24)	(6)	(8)	(6)
Adjustments [Member] | Additions (Subtractions) [Member]
Interest income:
Total interest income	(14)	(17)	(42)	(51)
Total interest expense	(5)	(14)	4	(30)
Net interest income	(9)	(3)	(46)	(21)
Net interest income after provisions for loan losses	(9)	(3)	(46)	(21)
Other income (loss):
Other income (loss)	22	10	(247)	26
Gains on debt repurchases				(27)
Total other income (loss)	22	10	(247)	(1)
Expenses:
Goodwill and acquired intangible asset impairment and amortization	5	6	16	23
Total expenses	5	6	16	23
Income before income tax expense	8	1	(309)	(45)
Income tax expense (benefit)	(7)	(2)	(72)	(16)
Net income	15	3	(237)	(29)
Adjustments [Member] | Total Adjustments [Member]
Interest income:
Total interest income	17	(15)	5	(47)
Total interest expense	2	(18)	43	(32)
Net interest income	15	3	(38)	(15)
Net interest income after provisions for loan losses	15	3	(38)	(15)
Other income (loss):
Other income (loss)	(2)	4	(255)	(19)
Gains on debt repurchases				12
Total other income (loss)	(2)	4	(255)	(7)
Expenses:
Goodwill and acquired intangible asset impairment and amortization	5	6	16	23
Total expenses	5	6	16	23
Income before income tax expense	8	1	(309)	(45)
Income tax expense (benefit)	(7)	(2)	(72)	(16)
Net income	15	3	(237)	(29)
Adjustments [Member] | Education Loan Portfolio [Member] | Reclassifications [Member]
Interest income:
Total interest income	31	2	47	4
Adjustments [Member] | Education Loan Portfolio [Member] | Additions (Subtractions) [Member]
Interest income:
Total interest income	(14)	(17)	(42)	(51)
Adjustments [Member] | Education Loan Portfolio [Member] | Total Adjustments [Member]
Interest income:
Total interest income	$ 17	$ (15)	$ 5	$ (47)

Segment Reporting - Segment R_2

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 322	$ 248	$ 756	$ 683
Total other income (loss)	177	196	262	637
Goodwill and acquired intangible asset impairment and amortization	5	6	16	23
Income tax expense (benefit)	52	40	71	119
Net income	207	145	227	425
Total Adjustments [Member] | Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	15	3	(38)	(15)
Total other income (loss)	(2)	4	(255)	(7)
Goodwill and acquired intangible asset impairment and amortization	5	6	16	23
Total Core Earnings adjustments to GAAP	8	1	(309)	(45)
Income tax expense (benefit)	(7)	(2)	(72)	(16)
Net income	15	3	(237)	(29)
Net Impact of Goodwill and Acquired Intangible Assets [Member] | Total Adjustments [Member] | Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill and acquired intangible asset impairment and amortization	5	6	16	23
Total Core Earnings adjustments to GAAP	(5)	(6)	(16)	(23)
Net Impact of Derivative Accounting [Member] | Total Adjustments [Member] | Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	15	3	(38)	(15)
Total other income (loss)	(2)	4	(255)	(7)
Total Core Earnings adjustments to GAAP	$ 13	$ 7	$ (293)	$ (22)

Segment Reporting - Core Earnin

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income (loss)	$ 207	$ 145	$ 227	$ 425
Net tax effect	(52)	(40)	(71)	(119)
Operating Segments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income (loss)	192	142	464	454
Net tax effect	(59)	(42)	(143)	(135)
Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income (loss)	15	3	(237)	(29)
Core Earnings adjustments to GAAP	8	1	(309)	(45)
Net tax effect	7	2	72	16
Net Impact of Derivative Accounting [Member] | Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	13	7	(293)	(22)
Net Impact of Goodwill and Acquired Intangible Assets [Member] | Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	$ (5)	$ (6)	$ (16)	$ (23)

Segment Reporting - Core Earn_2

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2020USD ($)
Segment Reporting [Abstract]
Amount that will be equal to mark-to-market gain or loss over the life of the contract	$ 0