Navient (NAVI) 10-Q 27 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2021shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
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	161,172,372
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, 2021	Dec. 31, 2020
Investments
Held-to-maturity	$ 80	$ 15
Other	215	270
Total investments	295	285
Cash and cash equivalents	1,050	1,183
Restricted cash and cash equivalents	2,261	2,354
Goodwill and acquired intangible assets, net	721	735
Other assets	3,244	3,492
Total assets	81,939	87,412
Liabilities
Short-term borrowings	2,781	6,613
Long-term borrowings	75,629	77,332
Other liabilities	795	1,020
Total liabilities	79,205	84,965
Commitments and contingencies
Equity
Common stock, par value $0.01 per share, 1.125 billion shares authorized: 459 million and 454 million shares issued, respectively	4	4
Additional paid-in capital	3,277	3,226
Accumulated other comprehensive loss (net of tax benefit of $63 and $90, respectively)	(189)	(274)
Retained earnings	3,975	3,331
Total Navient Corporation stockholders’ equity before treasury stock	7,067	6,287
Less: Common stock held in treasury at cost: 297 million and 267 million shares, respectively	(4,344)	(3,854)
Total Navient Corporation stockholders’ equity	2,723	2,433
Noncontrolling interest	11	14
Total equity	2,734	2,447
Total liabilities and equity	81,939	87,412
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	71,999	76,726
Investments
Total assets	75,771	80,468
Investments
Restricted cash	2,223	2,322
Other assets, net	1,549	1,420
Liabilities
Short-term borrowings	1,575	5,595
Long-term borrowings	68,707	68,900
Net assets of consolidated variable interest entities	5,489	5,973
FFELP Loans [Member]
Assets
Loans, net	54,350	58,284
FFELP Loans [Member] | Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	54,232	58,068
Private Education Loans [Member]
Assets
Loans, net	20,018	21,079
Private Education Loans [Member] | Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	$ 17,767	$ 18,658

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Allowance for loans losses	$ 1,249	$ 1,377
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	459,000,000	454,000,000
Tax benefit for accumulated other comprehensive loss	$ 63	$ 90
Common stock held in treasury	297,000,000	267,000,000
FFELP Loans [Member]
Allowance for loans losses	$ 269	$ 288
Private Education Loans [Member]
Allowance for loans losses	$ 980	$ 1,089

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Cash and investments	$ 1	$ 1	$ 2	$ 15
Total interest income	660	761	2,013	2,567
Total interest expense	326	425	995	1,658
Net interest income	334	336	1,018	909
Less: provisions for loan losses	22	14	(66)	153
Net interest income after provisions for loan losses	312	322	1,084	756
Other income (loss):
Servicing revenue	47	54	149	163
Asset recovery and business processing revenue	135	125	416	337
Other income (loss)	3		9	17
Gains on sales of loans			78
Losses on debt repurchases	(20)		(32)
Gains (losses) on derivative and hedging activities, net	(5)	(2)	21	(255)
Total other income (loss)	160	177	641	262
Expenses:
Salaries and benefits	141	121	433	362
Other operating expenses	107	111	325	333
Total operating expenses	248	232	758	695
Goodwill and acquired intangible asset impairment and amortization expense	4	5	14	16
Restructuring/other reorganization expenses		3	8	9
Total expenses	252	240	780	720
Income before income tax expense	220	259	945	298
Income tax expense	47	52	217	71
Net income	$ 173	$ 207	$ 728	$ 227
Basic earnings per common share	$ 1.05	$ 1.08	$ 4.20	$ 1.16
Average common shares outstanding	165	193	174	195
Diluted earnings per common share	$ 1.04	$ 1.07	$ 4.15	$ 1.15
Average common and common equivalent shares outstanding	167	194	176	197
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
FFELP Loans [Member]
Interest income:
Total interest income	$ 368	$ 410	$ 1,106	$ 1,435
Less: provisions for loan losses		4		13
Private Education Loans [Member]
Interest income:
Total interest income	291	350	905	1,117
Less: provisions for loan losses	$ 22	$ 10	$ (66)	$ 140

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 173	$ 207	$ 728	$ 227
Net changes in cash flow hedges, net of taxes	20	23	85	(203)
Total comprehensive income (loss)	$ 193	$ 230	$ 813	$ 24

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, 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		Accounting Standards Update 2016-13										Accounting Standards Update 2016-13		Accounting Standards Update 2016-13
Comprehensive income (loss):
Net income	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	2,400,000			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)	(30,600,000)	(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	(900,000)				(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	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
Stock-based compensation expense	5								5				5
Common stock repurchased			(65)			$ (65)	$ (65)								(65)
Common stock repurchased, Shares						(7,652,700)	(7,700,000)	(7,652,700)
Shares repurchased related to employee stock-based compensation plans, Shares					(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
Beginning Balance, Value at Dec. 31, 2020	2,447			$ 4	$ (3,854)				3,226	(274)	3,331		2,433			14
Beginning Balance, Shares at Dec. 31, 2020				453,778,975	(267,476,521)		186,302,454
Comprehensive income (loss):
Net income	728										728		728
Other comprehensive income (loss), net of tax	85									85			85
Total comprehensive income (loss)	813												813
Cash dividends:
Common stock	(82)										(82)		(82)
Dividend equivalent units related to employee stock-based compensation plans	(2)										(2)		(2)
Issuance of common shares	$ 34								34				34
Issuance of common shares, Shares	4,800,000			4,817,906			4,817,906
Stock-based compensation expense	$ 17								17				17
Common stock repurchased			(450)			$ (450)	$ (450)								(450)
Common stock repurchased, Shares						(26,935,592)	(26,900,000)	(26,935,592)
Shares repurchased related to employee stock-based compensation plans	$ (40)				$ (40)								(40)
Shares repurchased related to employee stock-based compensation plans, Shares	(3,000,000)				(3,012,396)		(3,012,396)
Net activity in noncontrolling interest	$ (3)															(3)
Ending Balance, Value at Sep. 30, 2021	2,734			$ 4	$ (4,344)				3,277	(189)	3,975		2,723			11
Ending Balance, Shares at Sep. 30, 2021				458,596,881	(297,424,509)		161,172,372
Beginning Balance, Value at Jun. 30, 2021	2,712			$ 4	$ (4,190)				3,268	(209)	3,828		2,701			11
Beginning Balance, Shares at Jun. 30, 2021				458,044,687	(290,204,499)		167,840,188
Comprehensive income (loss):
Net income	173										173		173
Other comprehensive income (loss), net of tax	20									20			20
Total comprehensive income (loss)	193												193
Cash dividends:
Common stock	(26)										(26)		(26)
Issuance of common shares	$ 5								5				5
Issuance of common shares, Shares	600,000			552,194			552,194
Stock-based compensation expense	$ 4								4				4
Common stock repurchased			$ (150)			$ (150)	$ (150)								$ (150)
Common stock repurchased, Shares						(7,002,852)	(7,000,000)	(7,002,852)
Shares repurchased related to employee stock-based compensation plans	$ (4)				$ (4)								(4)
Shares repurchased related to employee stock-based compensation plans, Shares	(200,000)				(217,158)		(217,158)
Ending Balance, Value at Sep. 30, 2021	$ 2,734			$ 4	$ (4,344)				$ 3,277	$ (189)	$ 3,975		$ 2,723			$ 11
Ending Balance, Shares at Sep. 30, 2021				458,596,881	(297,424,509)		161,172,372

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Operating activities
Net income	$ 173	$ 728	$ 227
Adjustments to reconcile net income to net cash provided by operating activities:
(Gains) on sales of education loans		(78)
Losses on debt repurchases	20	32
Goodwill and acquired intangible asset impairment and amortization expense	4	14	16
Stock-based compensation expense		18	15
Mark-to-market (gains) losses on derivative and hedging activities, net		(295)	412
Provisions for loan losses	22	(66)	153
Decrease in accrued interest receivable		88	16
(Decrease) in accrued interest payable		(78)	(135)
Decrease in other assets		92	152
Increase (decrease) in other liabilities		79	(40)
Total adjustments		(194)	589
Total net cash provided by operating activities		534	816
Investing activities
Education loans acquired and originated		(4,708)	(3,473)
Proceeds from payments on education loans		8,190	8,519
Proceeds from sales of education loans		1,588
Other investing activities, net		43	(128)
Total net cash provided by investing activities		5,113	4,918
Financing activities
Borrowings collateralized by loans in trust - issued		5,992	5,606
Borrowings collateralized by loans in trust - repaid		(8,644)	(8,885)
Long-term unsecured notes issued		495	682
Long-term unsecured notes repaid		(1,558)	(722)
Other financing activities, net		97	(241)
Common stock repurchased		(450)	(400)
Common dividends paid		(82)	(93)
Total net cash used in financing activities		(5,873)	(5,301)
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents		(226)	433
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period		3,537	3,781
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	3,311	3,311	4,214
Cash disbursements made (refunds received) for:
Interest		1,050	1,664
Income taxes paid		144	25
Income taxes received		(9)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	1,050	1,050	1,775
Restricted cash and restricted cash equivalents	2,261	2,261	2,439
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 3,311	3,311	4,214
Noncash activity:
Investing activity - Held-to-maturity asset backed securities retained related to sales of education loans		83
Operating activity - Servicing assets recognized upon sales of education loans		21
Asset-backed Securities, Securitized Loans and Receivables [Member]
Financing activities
Asset-backed commercial paper conduits, net		$ (1,723)	$ (1,248)

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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, 2021 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, 2020 (the 2020 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 2020 Form 10-K.

Allowance for Loan Losses

Allowance for Loan Losses	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Allowance for Loan Losses	2. Allowance for Loan Losses Allowance for Loan Losses Metrics Three Months Ended September 30, 2021 (Dollars in millions) FFELP Loans Private Education Loans Total Beginning balance $ 277 $ 976 $ 1,253 Total provision — 22 22 Charge-offs: Net adjustment resulting from the change in the charge-off rate ( 1) — (16 ) (16 ) Net charge-offs remaining ( 2) (8 ) (39 ) (47 ) Total charge-offs ( 2) (8 ) (55 ) (63 ) Decrease in expected future recoveries on charged-off loans ( 3) — 37 37 Allowance at end of period 269 980 1,249 Plus: expected future recoveries on charged-off loans ( 3) — 397 397 Allowance at end of period excluding expected future recoveries on charged-off loans ( 4) $ 269 $ 1,377 $ 1,646 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 % .77 % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment ( 1) — % .33 % Allowance coverage of charge-offs ( 4) 8.4 6.3 Allowance as a percentage of the ending total loan balance ( 4) .5 % 6.6 % Allowance as a percentage of the ending loans in repayment ( 4) .6 % 7.0 % Ending total loans $ 54,619 $ 20,998 Average loans in repayment $ 45,201 $ 19,894 Ending loans in repayment $ 44,160 $ 19,795 (1) In third-quarter 2021, the portion of the loan amount charged off at default on Private Education Loans increased from 81.4% to 81.7%. This change resulted in a $16 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) 2021 Beginning of period expected recoveries $ 434 Expected future recoveries of current period defaults 6 Recoveries (22 ) Charge-offs (21 ) End of period expected recoveries $ 397 Change in balance during period $ (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, 2020 (Dollars in millions) FFELP Loans Private Education Loans Other Loans 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 change 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 Beginning of period expected recoveries $ 549 Expected future recoveries of current period defaults 7 Recoveries (28 ) Charge-offs (25 ) End of period expected recoveries $ 503 Change in balance during period $ (46 ) ( 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, 2021 (Dollars in millions) FFELP Loans Private Education Loans Total Beginning balance $ 288 $ 1,089 $ 1,377 Provision: Reversal of allowance related to loan sales (1) — (107 ) (107 ) Remaining provision — 41 41 Total provision — (66 ) (66 ) Charge-offs: Net adjustment resulting from the change in the charge-off rate (2) — (16 ) (16 ) Net charge-offs remaining (3) (19 ) (109 ) (128 ) Total charge-offs (3) (19 ) (125 ) (144 ) Decrease in expected future recoveries on charged-off loans (4) — 82 82 Allowance at end of period 269 980 1,249 Plus: expected future recoveries on charged-off loans (4) — 397 397 Allowance at end of period excluding expected future recoveries on charged-off loans (5) $ 269 $ 1,377 $ 1,646 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (2) .06 % .72 % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (2) — % .11 % Allowance coverage of charge-offs (5) 10.5 8.3 Allowance as a percentage of the ending total loan balance (5) .5 % 6.6 % Allowance as a percentage of the ending loans in repayment (5) .6 % 7.0 % Ending total loans $ 54,619 $ 20,998 Average loans in repayment $ 46,191 $ 20,145 Ending loans in repayment $ 44,160 $ 19,795 (1) In connection with the sale of approximately $1.6 billion of Private Education Loans. ( 2 ) In third-quarter 2021, the portion of the loan amount charged off at default on Private Education Loans increased from 81.4% to 81.7%. This change resulted in a $16 million reduction to the balance of the expected future recoveries on charged-off loans. ( 3 ) 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. ( 4 ) 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) 2021 Beginning of period expected recoveries $ 479 Expected future recoveries of current period defaults 16 Recoveries (69 ) Charge-offs (29 ) End of period expected recoveries $ 397 Change in balance during period $ (82 ) ( 5 ) 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, 2020 (Dollars in millions) FFELP Loans Private Education Loans Other Loans 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 change 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 Beginning of period expected recoveries $ 588 Expected future recoveries of current period defaults 28 Recoveries (84 ) Charge-offs (29 ) End of period expected recoveries $ 503 Change in balance during period $ (85 ) ( 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) 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 74% and 72% of the loans granted forbearance have qualified as a TDR loan at September 30, 2021 and December 31, 2020, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction program as of September 30, 2021 and December 31, 2020 was $785 million and $948 million, 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) 2021 2020 2021 2020 Modified loans $ 40 $ 51 $ 109 $ 216 Charge-offs $ 37 $ 43 $ 90 $ 136 Payment default $ 6 $ 7 $ 15 $ 39 2. Allowance for Loan Losses (Continued) Key Credit Quality Indicators We assess and determine the collectability of our education loan portfolios by evaluating certain risk characteristics we refer to as key credit quality indicators. Key credit quality indicators are incorporated into the allowance for loan losses calculation. FFELP Loans FFELP Loans are substantially insured and guaranteed as to their principal and accrued interest in the event of default. The key credit quality indicators are loan status and loan type. FFELP Loan Delinquencies September 30, 2021 December 31, 2020 September 30, 2020 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment ( 1) $ 2,430 $ 2,791 $ 3,038 Loans in forbearance ( 2) 8,029 7,725 8,102 Loans in repayment and percentage of each status: Loans current 40,404 91.5 % 43,623 90.8 % 44,175 90.7 % Loans delinquent 31-60 days ( 3) 1,181 2.7 1,374 2.9 1,876 3.9 Loans delinquent 61-90 days ( 3) 665 1.5 836 1.7 930 1.9 Loans delinquent greater than 90 days ( 3) 1,910 4.3 2,223 4.6 1,735 3.5 Total FFELP Loans in repayment 44,160 100 % 48,056 100 % 48,716 100 % Total FFELP Loans 54,619 58,572 59,856 FFELP Loan allowance for losses (269 ) (288 ) (297 ) FFELP Loans, net $ 54,350 $ 58,284 $ 59,559 Percentage of FFELP Loans in repayment 80.9 % 82.0 % 81.4 % Delinquencies as a percentage of FFELP Loans in repayment 8.5 % 9.2 % 9.3 % FFELP Loans in forbearance as a percentage of loans in repayment and forbearance 15.4 % 13.8 % 14.3 % (1) Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships. (2) Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Loan type : (Dollars in millions) September 30, 2021 September 30, 2020 Change Stafford Loans $ 16,719 $ 18,011 $ (1,292 ) Consolidation Loans 33,143 36,876 (3,733 ) Rehab Loans 4,757 4,969 (212 ) Total $ 54,619 $ 59,856 $ (5,237 ) 2. Allowance for Loan Losses (Continued) Private Education Loans The key credit quality indicators are credit scores (FICO scores), loan status, loan seasoning, whether a loan is a TDR, the existence of a cosigner and school type. The FICO score is the higher of the borrower or co-borrower score and is updated at least every six months while school type is assessed at origination. The other Private Education Loan key quality indicators are updated quarterly. Private Education Loan Credit Quality Indicators by Origination Year September 30, 2021 (Dollars in millions) September 30, 2021 2020 2019 2018 2017 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 4,049 $ 2,228 $ 2,064 $ 762 $ 233 $ 10,021 $ 19,357 92 % Below 640 28 10 33 20 8 1,542 $ 1,641 8 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % Loan Status: In-school/grace/ deferment/forbearance $ 32 $ 34 $ 45 $ 19 $ 8 $ 1,065 $ 1,203 6 % Current/90 days or less delinquent 4,044 2,203 2,049 762 232 10,289 $ 19,579 93 Greater than 90 days delinquent 1 1 3 1 1 209 216 1 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % Seasoning ( 1) 1-12 payments $ 4,058 $ 1,017 $ 37 $ 5 $ 1 $ 142 $ 5,260 25 % 13-24 payments — 1,201 1,330 20 4 167 $ 2,722 13 25-36 payments — — 709 385 12 273 $ 1,379 7 37-48 payments — — — 364 133 417 $ 914 4 More than 48 payments — — — — 89 10,245 $ 10,334 49 Loans in-school/ grace/deferment 19 20 21 8 2 319 389 2 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % TDR Status: TDR $ 1 $ 5 $ 26 $ 27 $ 30 $ 7,323 $ 7,412 35 % Non-TDR 4,076 2,233 2,071 755 211 4,240 13,586 65 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % Cosigners: With cosigner ( 2) $ 12 $ 34 $ 13 $ — $ 37 $ 7,560 $ 7,656 36 % Without cosigner 4,065 2,204 2,084 782 204 4,003 13,342 64 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % School Type: Not-for-profit $ 3,850 $ 2,137 $ 1,957 $ 721 $ 231 $ 9,607 $ 18,503 88 % For-profit 227 101 140 61 10 1,956 2,495 12 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % Allowance for loan losses (980 ) Total loans, net $ 20,018 (1) Number of months in active repayment for which a scheduled payment was received. (2) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 2. Allowance for Loan Losses (Continued) Private Education Loan Credit Quality Indicators by Origination Year September 30, 2020 (Dollars in millions) September 30, 2020 2019 2018 2017 2016 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 3,135 $ 3,341 $ 1,212 $ 388 $ 82 $ 11,950 $ 20,108 90 % Below 640 14 39 25 10 3 2,181 2,272 10 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % Loan Status: In-school/grace/ deferment/forbearance $ 19 $ 53 $ 26 $ 12 $ 3 $ 1,261 $ 1,374 6 % Current/90 days or less delinquent 3,130 3,325 1,210 386 82 12,738 20,871 93 Greater than 90 days delinquent — 2 1 — — 132 135 1 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % Seasoning ( 1) 1-12 payments $ 3,141 $ 2,191 $ 10 $ 2 $ — $ 193 $ 5,537 25 % 13-24 payments 1 1,169 602 10 1 252 2,035 9 25-36 payments — — 613 225 5 417 1,260 6 37-48 payments — — — 158 64 642 864 4 More than 48 payments — — — — 14 12,163 12,177 54 Loans in-school/ grace/deferment 7 20 12 3 1 464 507 2 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % TDR Status: TDR $ 1 $ 8 $ 22 $ 30 $ 11 $ 8,508 $ 8,580 38 % Non-TDR 3,148 3,372 1,215 368 74 5,623 13,800 62 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % Cosigners: With cosigner ( 2) $ 2 $ 14 $ 1 $ 53 $ 23 $ 9,259 $ 9,352 42 % Without cosigner 3,147 3,366 1,236 345 62 4,872 13,028 58 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % School Type: Not-for-profit $ 2,995 $ 3,160 $ 1,144 $ 380 $ 85 $ 11,675 $ 19,439 87 % For-profit 154 220 93 18 — 2,456 2,941 13 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % Allowance for loan losses (1,091 ) Total loans, net $ 21,289 (1) Number of months in active repayment for which a scheduled payment was received. (2) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 2. Allowance for Loan Losses (Continued) Private Education Loan Delinquencies TDRs September 30, 2021 December 31, 2020 September 30, 2020 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment ( 1) $ 210 $ 280 $ 294 Loans in forbearance ( 2) 667 703 691 Loans in repayment and percentage of each status: Loans current 5,988 91.6 % 6,952 93.4 % 7,152 94.1 % Loans delinquent 31-60 days ( 3) 224 3.5 185 2.5 196 2.6 Loans delinquent 61-90 days ( 3) 124 1.9 114 1.5 127 1.7 Loans delinquent greater than 90 days ( 3) 198 3.0 197 2.6 120 1.6 Total TDR loans in repayment 6,534 100 % 7,448 100 % 7,595 100 % Total TDR loans 7,411 8,431 8,580 TDR loans allowance for losses (814 ) (929 ) (930 ) TDR loans, net $ 6,597 $ 7,502 $ 7,650 Percentage of TDR loans in repayment 88.2 % 88.3 % 88.5 % Delinquencies as a percentage of TDR loans in repayment 8.4 % 6.6 % 5.9 % Loans in forbearance as a percentage of TDR loans in repayment and forbearance 9.3 % 8.6 % 8.3 % (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. 2. Allowance for Loan Losses (Continued) Private Education Loan Delinquencies Non-TDRs September 30, 2021 December 31, 2020 September 30, 2020 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment ( 1) $ 179 $ 203 $ 213 Loans in forbearance ( 2) 147 141 176 Loans in repayment and percentage of each status: Loans current 13,208 99.6 % 13,335 99.6 % 13,355 99.6 % Loans delinquent 31-60 days ( 3) 23 .2 26 .2 28 .2 Loans delinquent 61-90 days ( 3) 12 .1 12 .1 13 .1 Loans delinquent greater than 90 days ( 3) 18 .1 20 .1 15 .1 Total non-TDR loans in repayment 13,261 100 % 13,393 100 % 13,411 100 % Total non-TDR loans 13,587 13,737 13,800 Non-TDR loans allowance for losses (166 ) (160 ) (161 ) Non-TDR loans, net $ 13,421 $ 13,577 $ 13,639 Percentage of non-TDR loans in repayment 97.6 % 97.5 % 97.2 % Delinquencies as a percentage of non-TDR loans in repayment .4 % .4 % .4 % Loans in forbearance as a percentage of non- TDR loans in repayment and forbearance 1.1 % 1.0 % 1.3 % (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.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Borrowings	3. Borrowings The following table summarizes our borrowings. September 30, 2021 December 31, 2020 (Dollars in millions) Short Term Long Term Total Short Term Long Term Total Unsecured borrowings: Senior unsecured debt (1) $ 903 $ 6,469 $ 7,372 $ 677 $ 7,714 $ 8,391 Total unsecured borrowings 903 6,469 7,372 677 7,714 8,391 Secured borrowings: FFELP Loan securitizations (2) — 52,299 52,299 — 54,697 54,697 Private Education Loan securitizations (3) 573 14,094 14,667 960 13,891 14,851 FFELP Loan ABCP facilities — 1,182 1,182 2,053 479 2,532 Private Education Loan ABCP facilities 1,002 1,208 2,210 2,582 — 2,582 Other (4) 288 — 288 337 — 337 Total secured borrowings 1,863 68,783 70,646 5,932 69,067 74,999 Total before hedge accounting adjustments 2,766 75,252 78,018 6,609 76,781 83,390 Hedge accounting adjustments 15 377 392 4 551 555 Total $ 2,781 $ 75,629 $ 78,410 $ 6,613 $ 77,332 $ 83,945 (1) Includes principal amount of $906 million and $678 million of short-term debt as of September 30, 2021 and December 31, 2020, respectively. Includes principal amount of $6.5 billion and $7.8 billion of long-term debt as of September 30, 2021 and December 31, 2020, respectively. (2) Includes $51 million and $157 million of long-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (“FFELP Loan Repurchase Facilities”) as of September 30, 2021 and December 31, 2020, respectively. (3) Includes $573 million and $960 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (“Private Education Loan Repurchase Facilities”) as of September 30, 2021 and December 31, 2020, respectively. Includes $0 and $260 million of long-term debt related to the Private Education Loan Repurchase Facilities as of September 30, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. September 30, 2021 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 $ — $ 52,299 $ 52,299 $ 53,049 $ 1,589 $ 1,469 $ 56,107 Private Education Loan securitizations 573 14,094 14,667 15,481 528 163 16,172 FFELP Loan ABCP facilities — 1,182 1,182 1,183 20 47 1,250 Private Education Loan ABCP facilities 1,002 1,208 2,210 2,286 86 33 2,405 Total before hedge accounting adjustments 1,575 68,783 70,358 71,999 2,223 1,712 75,934 Hedge accounting adjustments — (76 ) (76 ) — — (163 ) (163 ) Total $ 1,575 $ 68,707 $ 70,282 $ 71,999 $ 2,223 $ 1,549 $ 75,771 December 31, 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 $ — $ 54,697 $ 54,697 $ 55,535 $ 1,606 $ 1,438 $ 58,579 Private Education Loan securitizations 960 13,891 14,851 15,823 606 187 16,616 FFELP Loan ABCP facilities 2,053 479 2,532 2,533 36 76 2,645 Private Education Loan ABCP facilities 2,582 — 2,582 2,835 74 27 2,936 Total before hedge accounting adjustments 5,595 69,067 74,662 76,726 2,322 1,728 80,776 Hedge accounting adjustments — (167 ) (167 ) — — (308 ) (308 ) Total $ 5,595 $ 68,900 $ 74,495 $ 76,726 $ 2,322 $ 1,420 $ 80,468

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	4. Derivative Financial Instruments Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments and their impact on net income and other comprehensive income Impact of Derivatives on Balance Sheet Cash Flow Fair Value (4) Trading Total (Dollars in millions) Hedged Risk Exposure Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 235 $ 323 $ 2 $ 6 $ 237 $ 329 Cross-currency interest rate swaps Foreign currency and interest rate — — 5 28 — — 5 28 Total derivative assets (2) — — 240 351 2 6 242 357 Derivative Liabilities: Interest rate swaps Interest rate — — — — (7 ) (14 ) (7 ) (14 ) Floor Income Contracts Interest rate — — — — (117 ) (197 ) (117 ) (197 ) Cross-currency interest rate swaps Foreign currency and interest rate — — (161 ) (322 ) — — (161 ) (322 ) Other (3) Interest rate — — — — — — — — Total derivative liabilities (2) — — (161 ) (322 ) (124 ) (211 ) (285 ) (533 ) Net total derivatives $ — $ — $ 79 $ 29 $ (122 ) $ (205 ) $ (43 ) $ (176 ) (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, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Gross position $ 242 $ 357 $ (285 ) $ (533 ) Impact of master netting agreements (19 ) (50 ) 19 50 Derivative values with impact of master netting agreements (as carried on balance sheet) 223 307 (266 ) (483 ) Cash collateral (held) pledged (226 ) (336 ) 173 234 Net position $ (3 ) $ (29 ) $ (93 ) $ (249 ) (3) (4) As of September 30, 2021 As of December 31, 2020 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ 918 $ 15 $ 631 $ 4 Long-term borrowings $ 8,124 $ 370 $ 11,017 $ 541 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, 2021 and December 31, 2020 by $4 million and $8 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, 2021 and December 31, 2020 by $3 million and $5 million, respectively. Cash Flow Fair Value Trading Total (Dollars in billions) Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Notional Values: Interest rate swaps $ 15.8 $ 16.7 $ 6.6 $ 7.5 $ 31.5 $ 26.8 $ 53.9 $ 51.0 Floor Income Contracts — — — — 12.5 17.0 12.5 17.0 Cross-currency interest rate swaps — — 2.1 3.7 — — 2.1 3.7 Total derivatives $ 15.8 $ 16.7 $ 8.7 $ 11.2 $ 44.0 $ 43.8 $ 68.5 $ 71.7 Mark-to-Market Total Gains (Losses) Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2021 2020 2021 2020 Fair Value Hedges: Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ (53 ) $ (49 ) $ (228 ) $ 375 Gains (losses) recognized in net income on hedged items 60 54 251 (401 ) Net fair value hedge ineffectiveness gains (losses) 7 5 23 (26 ) Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives (48 ) 146 138 115 Gains (losses) recognized in net income on hedged items 51 (154 ) (90 ) (107 ) Net fair value hedge ineffectiveness gains (losses) 3 (8 ) 48 8 Total fair value hedges (1)(2) 10 (3 ) 71 (18 ) Cash Flow Hedges: Total cash flow hedges (2) — — — — Trading: Interest rate swaps (2 ) (3 ) 13 (50 ) Floor income contracts (3 ) 1 8 (205 ) Cross currency interest rate swaps — — — — Other — — — — Total trading derivatives (3) (5 ) (2 ) 21 (255 ) Mark-to-market gains (losses) recognized $ 5 $ (5 ) $ 92 $ (273 ) (1) Recorded in interest expense in the consolidated statements of income. (2) The accrued interest income (expense) on fair value hedges and cash flow hedges is recorded in interest expense and is excluded from this table. (3) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. 4. Derivative Financial Instruments (Continued) Impact of Derivatives on Other Comprehensive Income (Equity) Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2021 2020 2021 2020 Total gains (losses) on cash flow hedges $ (1 ) $ 4 $ 21 $ (233 ) Reclassification adjustments for derivative (gains) losses included in net income (interest expense) (1) 21 19 64 30 Net changes in cash flow hedges, net of tax $ 20 $ 23 $ 85 $ (203 ) (1) Includes net settlement income/expense. Collateral The following table details collateral held and pledged related to derivative exposure between us and our derivative counterparties: (Dollars in millions) September 30, 2021 December 31, 2020 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 226 $ 336 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) 17 78 Total collateral held $ 243 $ 414 Derivative asset at fair value including accrued interest $ 225 $ 351 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 173 $ 234 Total collateral pledged $ 173 $ 234 Derivative liability at fair value including accrued interest and premium receivable $ 282 $ 504 (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 $111 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. The table below highlights credit exposure related to our derivative counterparties at September 30, 2021. (Dollars in millions) Corporate Contracts Securitization Trust Contracts Exposure, net of collateral $ 10 $ 5 Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3 100 % — % Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3 — % — %

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 Accrued interest receivable $ 1,839 $ 1,933 Benefit and insurance-related investments 460 469 Income tax asset, net 346 454 Derivatives at fair value 223 307 Accounts receivable 190 118 Fixed assets, net 114 116 Other 72 95 Total $ 3,244 $ 3,492

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	6. Stockholders’ Equity The following table summarizes common share repurchases, issuances and dividends paid. Three Months Ended September 30, Nine Months Ended September 30, (Dollars and shares in millions, except per share amounts) 2021 2020 2021 2020 Common stock repurchased (1) 7.0 7.7 26.9 30.6 Common stock repurchased (in dollars) (1) $ 150 $ 65 $ 450 $ 400 Average purchase price per share (1) $ 21.42 $ 8.42 $ 16.71 $ 13.06 Remaining common stock repurchase authority (1) $ 150 $ 600 $ 150 $ 600 Shares repurchased related to employee stock- based compensation plans (2) .2 — 3.0 .9 Average purchase price per share (2) $ 21.36 $ 7.76 $ 13.59 $ 13.55 Common shares issued (3) .6 — 4.8 2.4 Dividends paid $ 26 $ 31 $ 82 $ 93 Dividends per share $ .16 $ .16 $ .48 $ .48 (1) Common shares purchased under our share repurchase program. Our board of directors authorized a $1 billion multi-year share repurchase program in October 2019. (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, 2021 was $19.73.

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	9 Months Ended
	Sep. 30, 2021
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) 2021 2020 2021 2020 Numerator: Net income $ 173 $ 207 $ 728 $ 227 Denominator: Weighted average shares used to compute basic EPS 165 193 174 195 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP) (1) 2 1 2 2 Dilutive potential common shares (2) 2 1 2 2 Weighted average shares used to compute diluted EPS 167 194 176 197 Basic earnings per common share $ 1.05 $ 1.08 $ 4.20 $ 1.16 Diluted earnings per common share $ 1.04 $ 1.07 $ 4.15 $ 1.15 (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method. (2) For the three months ended September 30, 2021 and 2020, securities covering approximately 0 million and 4 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the nine months ended September 30, 2021 and 2020, securities covering approximately 0 million and 4 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
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. See “Note 11 – Fair Value Measurements” in our 2020 Form 10-K for a full discussion. During the three and nine months ended September 30, 2021, there were no significant transfers of financial instruments between levels, or changes in our methodology used to value our financial instruments. 8. The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During the third quarters of 2021 and 2020, there were no significant transfers of financial instruments between levels. Fair Value Measurements on a Recurring Basis September 30, 2021 December 31, 2020 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivative instruments: (1) Interest rate swaps $ — $ 235 $ 2 $ 237 $ — $ 323 $ 6 $ 329 Cross-currency interest rate swaps — — 5 5 — — 28 28 Total derivative assets (2) — 235 7 242 — 323 34 357 Total $ — $ 235 $ 7 $ 242 $ — $ 323 $ 34 $ 357 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ (7 ) $ (7 ) $ — $ — $ (14 ) $ (14 ) Floor Income Contracts — (117 ) — (117 ) — (197 ) — (197 ) Cross-currency interest rate swaps — — (161 ) (161 ) — — (322 ) (322 ) Other — — — — — — — — Total derivative liabilities (2) — (117 ) (168 ) (285 ) — (197 ) (336 ) (533 ) Total $ — $ (117 ) $ (168 ) $ (285 ) $ — $ (197 ) $ (336 ) $ (533 ) (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, 2021 2020 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 $ (6 ) $ (108 ) $ — $ (114 ) $ (11 ) $ (606 ) $ — $ (617 ) Total gains/(losses): Included in earnings (1) 1 (53 ) — (52 ) 1 137 — 138 Included in other comprehensive income — — — — — — — — Settlements — 5 — 5 1 8 — 9 Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (5 ) $ (156 ) $ — $ (161 ) $ (9 ) $ (461 ) $ — $ (470 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 1 $ (48 ) $ — $ (47 ) $ 1 $ 144 $ — $ 145 Nine Months Ended September 30, 2021 2020 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 $ (8 ) $ (294 ) $ — $ (302 ) $ (17 ) $ (575 ) $ (1 ) $ (593 ) Total gains/(losses): Included in earnings (1) 2 120 — 122 7 72 — 79 Included in other comprehensive income — — — — — — — — Settlements 1 18 — 19 1 42 1 44 Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (5 ) $ (156 ) $ — $ (161 ) $ (9 ) $ (461 ) $ — $ (470 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 2 $ (122 ) $ — $ (120 ) $ 5 $ 107 $ — $ 112 (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) 2021 2020 2021 2020 Gains (losses) on derivative and hedging activities, net $ 1 $ 1 $ 2 $ 7 Interest expense (53 ) 137 120 72 Total $ (52 ) $ 138 $ 122 $ 79 (2) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. 8. Fair Value Measurements (Continued) The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above. (Dollars in millions) Fair Value at September 30, 2021 Valuation Technique Input Range and Weighted Average Derivatives Prime/LIBOR basis swaps $ (5 ) Discounted cash flow Constant Prepayment Rate 9% Bid/ask adjustment to discount rate .08% Cross-currency interest rate swaps (156 ) Discounted cash flow Constant Prepayment Rate 5% Other — Total $ (161 ) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. September 30, 2021 December 31, 2020 (Dollars in millions) Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets FFELP Loans $ 55,869 $ 54,350 $ 1,519 $ 59,117 $ 58,284 $ 833 Private Education Loans 21,114 20,018 1,096 22,462 21,079 1,383 Cash and investments 3,606 3,606 — 3,822 3,822 — Total earning assets 80,589 77,974 2,615 85,401 83,185 2,216 Interest-bearing liabilities Short-term borrowings 2,797 2,781 (16 ) 6,626 6,613 (13 ) Long-term borrowings 76,058 75,629 (429 ) 76,719 77,332 613 Total interest-bearing liabilities 78,855 78,410 (445 ) 83,345 83,945 600 Derivative financial instruments Floor Income Contracts (117 ) (117 ) — (197 ) (197 ) — Interest rate swaps 230 230 — 315 315 — Cross-currency interest rate swaps (156 ) (156 ) — (294 ) (294 ) — Other — — — — — — Excess of net asset fair value over carrying value $ 2,170 $ 2,816

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Legal Proceedings We and our subsidiaries and affiliates are subject to various claims, lawsuits and other actions that arise in the normal course of business. We believe that these claims, lawsuits and other actions will not, individually or in the aggregate, have a material adverse effect on our business, financial condition or results of operations, except as otherwise disclosed. Most of these matters are claims including individual and class action lawsuits against our servicing or business processing subsidiaries alleging the violation of state or federal laws in connection with servicing or collection activities on their education loans and other debts. In the ordinary course of our business, the Company and our subsidiaries and affiliates receive information and document requests and investigative demands from various entities including State Attorneys General, U.S. Attorneys, legislative committees, individual members of Congress and administrative agencies. These requests may be informational, regulatory or enforcement in nature and may relate to our business practices, the industries in which we operate, or companies with whom we conduct business. Generally, our practice has been and continues to be to cooperate with these bodies and to be responsive to any such requests. The number of these inquiries and the volume of related information demands continue to increase and therefore continue to increase the time, costs and resources we must dedicate to timely respond to these requests and may, depending on their outcome, result in payments of restitution, fines and penalties. Certain Cases During the first quarter of 2016, Navient Corporation, certain Navient officers and directors, and the underwriters of certain Navient securities offerings were sued in three putative securities class action lawsuits filed on behalf of certain investors in Navient stock or Navient unsecured debt. These three cases, which were filed in the U.S. District Court for the District of Delaware, were consolidated by the District Court, with Lord Abbett Funds appointed as Lead Plaintiff. The caption of the consolidated case is Lord Abbett Affiliated Fund, Inc., et al. v. Navient Corporation, et al. Eli Pope v. Navient Corporation, John F. Remondi, Somsak Chivavibul and Christian Lown, Melvin Gross v. Navient Corporation, John F. Remondi, Somsak Chivavibul and Christian M. Lown, In Re Navient Corporation Securities Litigation 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. 9. Commitments and Cont ingencies (Continued) 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, previously unannounced servicing standards applied retroactively against only 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. 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 various federal regulatory, state licensing or other regulatory agencies as part of its ordinary course of business including the SEC, CFPB, FFIEC and ED. Items or matters similar to or different from those described above may arise during the course of those examinations. We also routinely receive inquiries or requests from various regulatory entities or bodies or government agencies concerning our business or our assets. Generally, the Company endeavors to cooperate with each such inquiry or request. The Company subsequently received separate CIDs or subpoenas from the Attorneys General for the District of Columbia, Kansas, Oregon, Colorado, New Jersey, New York and Indiana that are similar to the CIDs or subpoenas that preceded the lawsuits referenced above. We have and, in the future, may receive additional CIDs or subpoenas and other inquiries from these or other Attorneys General with respect to similar or different matters. Under the terms of the Separation and Distribution Agreement between the Company and SLM BankCo, Navient agreed to indemnify SLM BankCo for claims, actions, damages, losses or expenses that may arise from the conduct of activities of pre-Spin-Off SLM BankCo occurring prior to the Spin-Off other than those specifically excluded in that agreement. Also, as part of the Separation and Distribution Agreement, SLM BankCo agreed to indemnify Navient for certain claims, actions, damages, losses or expenses subject to the terms, conditions and limitations set forth in that agreement. As a result, subject to the terms, conditions and limitations set forth in that agreement, Navient agreed to indemnify and hold harmless Sallie Mae and its subsidiaries, including Sallie Mae Bank from liabilities arising out of the regulatory matters and CFPB and State Attorneys General lawsuits mentioned above. In addition, we asserted various claims for indemnification against Sallie Mae and Sallie Mae Bank for such specifically excluded items arising out of the CFPB and the State Attorneys General lawsuits if and to the extent any indemnified liabilities exist now or in the future. 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, 2021. 9. 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 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. In January 2021, the Acting Secretary of Education upheld the decision of the administrative law judge. In March 2021, we filed a complaint for declaratory judgment in federal court seeking to set aside the Acting Secretary’s decision. We continue to believe that our SAP billing practices were proper, considering then-existing ED guidance and lack of applicable regulations. We filed a lawsuit in federal court challenging the Acting Secretary’s decision. That case is pending. The Company first established a reserve for this matter in 2014 and increased the reserve in 2020 in response to the decision by the Acting Secretary. We do not believe, at this time, that an adverse ruling will have a material effect on the Company as a whole. Contingencies In the ordinary course of business, we and our subsidiaries are defendants in or parties to pending and threatened legal actions and proceedings including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment and other laws. In certain of these actions and proceedings, claims for substantial monetary damage are asserted against us and our subsidiaries. We and our subsidiaries are also subject to potential unasserted claims by third parties. In the ordinary course of business, we and our subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. In connection with formal and informal inquiries in these cases, we and our subsidiaries receive requests, subpoenas and orders for documents, testimony and information in connection with various aspects of our regulated activities. We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. In view of the inherent difficulty of predicting the outcome of litigation and regulatory matters, we may not be able to predict what the eventual outcome of the pending matters will be, what the timing or the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties, if any, related to each pending matter may be. Based on current knowledge, reserves have been established for certain litigation, regulatory matters, and unasserted contract claims where the loss is both probable and estimable. Based on current knowledge, management does not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our consolidated financial position, liquidity, results of operations or cash flows, except as otherwise disclosed.

Revenue from Contracts with Cus

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606	9 Months Ended
	Sep. 30, 2021
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 according to service type and client type by reportable operating segment. Revenue by Service Type Three Months Ended September 30, 2021 2020 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan asset recovery services $ 5 $ — $ 5 $ 18 $ — $ 18 Government services — 75 75 — 56 56 Healthcare services — 47 47 — 34 34 Total $ 5 $ 122 $ 127 $ 18 $ 90 $ 108 Nine Months Ended September 30, 2021 2020 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan asset recovery services $ 14 $ — $ 14 $ 70 $ — $ 70 Government services — 204 204 — 133 133 Healthcare services — 173 173 — 78 78 Total $ 14 $ 377 $ 391 $ 70 $ 211 $ 281 10. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Continued) Revenue by Client Type Three Months Ended September 30, 2021 2020 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ — $ 4 $ 4 $ 9 $ 4 $ 13 Guarantor agencies 5 — 5 9 — 9 Other institutions — — — — — — State and local government — 56 56 — 39 39 Tolling authorities — 15 15 — 13 13 Hospitals and other healthcare providers — 47 47 — 34 34 Total $ 5 $ 122 $ 127 $ 18 $ 90 $ 108 Nine Months Ended September 30, 2021 2020 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ 1 $ — $ 1 $ 39 $ 12 $ 51 Guarantor agencies 13 18 31 30 — 30 Other institutions — — — 1 — 1 State and local government — 144 144 — 84 84 Tolling authorities — 42 42 — 37 37 Hospitals and other healthcare providers — 173 173 — 78 78 Total $ 14 $ 377 $ 391 $ 70 $ 211 $ 281 As of September 30, 2021 and September 30, 2020, there was $124 million and $90 million, respectively, of net accounts receivable related to these contracts. Navient had no material contract assets or contract liabilities.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	11. Segment Reporting We monitor and assess our ongoing operations and results based on the following four reportable operating segments: Federal Education Loans, Consumer Lending, Business Processing and Other. These segments meet the quantitative thresholds for reportable operating segments. Accordingly, the results of operations of these reportable operating segments are presented separately. The underlying operating segments are used by the Company’s chief operating decision maker to manage the business, review operating performance and allocate resources, and qualify to be aggregated as part of the primary reportable operating segments. As discussed further below, we measure the profitability of our operating segments based on Core Earnings net income. Accordingly, information regarding our reportable operating segments net income is provided on a Core Earnings basis. Federal Education Loans Segment In this segment, Navient owns FFELP Loans and performs servicing and asset recovery services on this portfolio. We also service and perform asset recovery services on federal education loans owned by other institutions. Our servicing quality, data-driven strategies, and multichannel education about federal repayment options translates into positive results for the millions of borrowers we serve. We generate revenue primarily through net interest income on the FFELP Loan portfolio as well as servicing and asset recovery services revenue. This segment is expected to generate significant earnings and cash flow over the remaining life of the portfolio. The following table includes asset information for our Federal Education Loans segment. (Dollars in millions) September 30, 2021 December 31, 2020 FFELP Loans, net $ 54,350 $ 58,284 Cash and investments (1) 1,654 1,685 Other 2,134 2,241 Total assets $ 58,138 $ 62,210 (1) Includes restricted cash and investments. Consumer Lending Segment In this segment, Navient owns, originates, acquires and services high-quality Refinance and In-School private education loans. We believe our more than 45 years of experience, product design, digital marketing strategies, and origination and servicing platform provide a unique competitive advantage. We see meaningful opportunities in originating Private Education Loans to financially responsible consumers, generating attractive long-term risk adjusted returns. We generate revenue primarily through net interest income on our Private Education Loan portfolio. The following table includes asset information for our Consumer Lending segment. (Dollars in millions) September 30, 2021 December 31, 2020 Private Education Loans, net $ 20,018 $ 21,079 Cash and investments (1) 848 828 Other 844 964 Total assets $ 21,710 $ 22,871 (1) Includes restricted cash and investments. 11. Segment Reporting (Continued) Business Processing Segment In this segment, Navient performs business processing services for over 500 government and healthcare clients. • Government services : We provide state governments, agencies, court systems, municipalities, and parking and tolling authorities with expert service, leveraging our scale, integrated technology solutions and data-driven approach. Our support enables our clients to better serve their constituents, meet rapidly changing needs, reduce their operating expenses, manage risk and maximize revenue opportunities. • Healthcare services : We perform revenue cycle outsourcing, accounts receivable management, extended business office support, consulting engagements and public health programs. We offer customizable solutions for our clients that include hospitals, hospital systems, medical centers, large physician groups, other healthcare providers and departments of public health. At September 30, 2021 and December 31, 2020, the Business Processing segment had total assets of $439 million and $425 million, respectively. Other Segment This segment primarily consists of our corporate liquidity portfolio, gains and losses incurred on the repurchase of debt, unallocated expenses of shared services and restructuring/other reorganization expenses. Unallocated shared services expenses are comprised of costs primarily related to information technology costs related to infrastructure and operations, stock-based compensation expense, accounting, finance, legal, compliance and risk management, regulatory-related expenses, human resources, certain executive management and the board of directors. Regulatory-related expenses include actual settlement amounts as well as third-party professional fees we incur in connection with such regulatory matters and are presented net of any insurance reimbursements for covered costs related to such matters. At September 30, 2021 and December 31, 2020, the Other segment had total assets of $1.7 11. Segment Reporting (Continued) Measure of Profitability We prepare financial statements and present financial results in accordance with GAAP. However, we also evaluate our business segments and present financial results on a basis that differs from GAAP. We refer to this different basis of presentation as Core Earnings. We provide this Core Earnings basis of presentation on a consolidated basis and for each business segment because this is what we review internally when making management decisions regarding our performance and how we allocate resources. We also refer to this information in our presentations with credit rating agencies, lenders and investors. Because our Core Earnings basis of presentation corresponds to our segment financial presentations, we are required by GAAP to provide Core Earnings disclosure in the notes to our consolidated financial statements for our business segments. Core Earnings are not a substitute for reported results under GAAP. We use Core Earnings to manage our business segments because Core Earnings reflect adjustments to GAAP financial results for two items, discussed below, that can create significant volatility mostly due to timing factors generally beyond the control of management. Accordingly, we believe that Core Earnings provide management with a useful basis from which to better evaluate results from ongoing operations against the business plan or against results from prior periods. Consequently, we disclose this information because we believe it provides investors with additional information regarding the operational and performance indicators that are most closely assessed by management. When compared to GAAP results, the two items we remove to result in our Core Earnings presentations are: 1. Mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks that do not qualify for hedge accounting treatment or do qualify for hedge accounting treatment but result in ineffectiveness; and 2. The accounting for goodwill and acquired intangible assets. While GAAP provides a uniform, comprehensive basis of accounting, for the reasons described above, our Core Earnings basis of presentation does not. Core Earnings are subject to certain general and specific limitations that investors should carefully consider. For example, there is no comprehensive, authoritative guidance for management reporting. Our Core Earnings are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Accordingly, our Core Earnings presentation does not represent a comprehensive basis of accounting. Investors, therefore, may not be able to compare our performance with that of other financial services companies based upon Core Earnings. Core Earnings results are only meant to supplement GAAP results by providing additional information regarding the operational and performance indicators that are most closely used by management, our board of directors, credit rating agencies, lenders and investors to assess performance. 11. Segment Reporting (Continued) Segment Results and Reconciliations to GAAP Three Months Ended September 30, 2021 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 $ 353 $ 291 $ — $ — $ 644 $ 25 $ (10 ) $ 15 $ 659 Cash and investments — 1 — — 1 — — — 1 Total interest income 353 292 — — 645 25 (10 ) 15 660 Total interest expense 202 129 — 15 346 (3 ) (17 ) (20 ) 326 Net interest income (loss) 151 163 — (15 ) 299 28 7 35 334 Less: provisions for loan losses — 22 — — 22 — — — 22 Net interest income (loss) after provisions for loan losses 151 141 — (15 ) 277 28 7 35 312 Other income (loss): Servicing revenue 47 — — — 47 — — — 47 Asset recovery and business processing revenue 13 — 122 — 135 — — — 135 Other income (loss) 1 — — 2 3 (28 ) 23 (5 ) (2 ) Losses on debt repurchases — — — (20 ) (20 ) — — — (20 ) Total other income (loss) 61 — 122 (18 ) 165 (28 ) 23 (5 ) 160 Expenses: Direct operating expenses 53 45 87 — 185 — — — 185 Unallocated shared services expenses — — — 63 63 — — — 63 Operating expenses 53 45 87 63 248 — — — 248 Goodwill and acquired intangible asset impairment and amortization — — — — — — 4 4 4 Restructuring/other reorganization expenses — — — — — — — — — Total expenses 53 45 87 63 248 — 4 4 252 Income (loss) before income tax expense (benefit) 159 96 35 (96 ) 194 — 26 26 220 Income tax expense (benefit) (2) 37 23 8 (23 ) 45 — 2 2 47 Net income (loss) $ 122 $ 73 $ 27 $ (73 ) $ 149 $ — $ 24 $ 24 $ 173 (1) Core Earnings adjustments to GAAP: Three Months Ended September 30, 2021 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 35 $ — $ 35 Total other income (loss) (5 ) — (5 ) Goodwill and acquired intangible asset impairment and amortization — 4 4 Total Core Earnings adjustments to GAAP $ 30 $ (4 ) 26 Income tax expense (benefit) 2 Net income (loss) $ 24 (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, 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 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 Goodwill and 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) Nine Months Ended September 30, 2021 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 $ 1,062 $ 905 $ — $ — $ 1,967 $ 73 $ (29 ) $ 44 $ 2,011 Cash and investments — 1 — 1 2 — — — 2 Total interest income 1,062 906 — 1 1,969 73 (29 ) 44 2,013 Total interest expense 627 416 — 51 1,094 (6 ) (93 ) (99 ) 995 Net interest income (loss) 435 490 — (50 ) 875 79 64 143 1,018 Less: provisions for loan losses — (66 ) — — (66 ) — — — (66 ) Net interest income (loss) after provisions for loan losses 435 556 — (50 ) 941 79 64 143 1,084 Other income (loss): Servicing revenue 146 3 — — 149 — — — 149 Asset recovery and business processing revenue 39 — 377 — 416 — — — 416 Other income (loss) 3 1 — 5 9 (66 ) 87 21 30 Gains on sales of loans — 91 — — 91 (13 ) — (13 ) 78 Losses on debt repurchases — — — (32 ) (32 ) — — — (32 ) Total other income (loss) 188 95 377 (27 ) 633 (79 ) 87 8 641 Expenses: Direct operating expenses 170 124 270 — 564 — — — 564 Unallocated shared services expenses — — — 194 194 — — — 194 Operating expenses 170 124 270 194 758 — — — 758 Goodwill and acquired intangible asset impairment and amortization — — — — — — 14 14 14 Restructuring/other reorganization expenses — — — 8 8 — — — 8 Total expenses 170 124 270 202 766 — 14 14 780 Income (loss) before income tax expense (benefit) 453 527 107 (279 ) 808 — 137 137 945 Income tax expense (benefit) (2) 107 123 25 (65 ) 190 — 27 27 217 Net income (loss) $ 346 $ 404 $ 82 $ (214 ) $ 618 $ — $ 110 $ 110 $ 728 (1) Core Earnings adjustments to GAAP: Nine Months Ended September 30, 2021 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 143 $ — $ 143 Total other income (loss) 8 — 8 Goodwill and acquired intangible asset impairment and amortization — 14 14 Total Core Earnings adjustments to GAAP $ 151 $ (14 ) 137 Income tax expense (benefit) 27 Net income (loss) $ 110 (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 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 Intangibles 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) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 11. Segment Reporting (Continued) Summary of Core Earnings Adjustments to GAAP Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2021 2020 2021 2020 Core Earnings net income $ 149 $ 192 $ 618 $ 464 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) 30 13 151 (293 ) Net impact of goodwill and acquired intangible assets (2) (4 ) (5 ) (14 ) (16 ) Net tax effect (3) (2 ) 7 (27 ) 72 Total Core Earnings adjustments to GAAP 24 15 110 (237 ) GAAP net income $ 173 $ 207 $ 728 $ 227 (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, 2021
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, 2021 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, 2020 (the 2020 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 2020 Form 10-K.

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 (Dollars in millions) FFELP Loans Private Education Loans Total Beginning balance $ 277 $ 976 $ 1,253 Total provision — 22 22 Charge-offs: Net adjustment resulting from the change in the charge-off rate ( 1) — (16 ) (16 ) Net charge-offs remaining ( 2) (8 ) (39 ) (47 ) Total charge-offs ( 2) (8 ) (55 ) (63 ) Decrease in expected future recoveries on charged-off loans ( 3) — 37 37 Allowance at end of period 269 980 1,249 Plus: expected future recoveries on charged-off loans ( 3) — 397 397 Allowance at end of period excluding expected future recoveries on charged-off loans ( 4) $ 269 $ 1,377 $ 1,646 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 % .77 % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment ( 1) — % .33 % Allowance coverage of charge-offs ( 4) 8.4 6.3 Allowance as a percentage of the ending total loan balance ( 4) .5 % 6.6 % Allowance as a percentage of the ending loans in repayment ( 4) .6 % 7.0 % Ending total loans $ 54,619 $ 20,998 Average loans in repayment $ 45,201 $ 19,894 Ending loans in repayment $ 44,160 $ 19,795 (1) In third-quarter 2021, the portion of the loan amount charged off at default on Private Education Loans increased from 81.4% to 81.7%. This change resulted in a $16 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) 2021 Beginning of period expected recoveries $ 434 Expected future recoveries of current period defaults 6 Recoveries (22 ) Charge-offs (21 ) End of period expected recoveries $ 397 Change in balance during period $ (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, 2020 (Dollars in millions) FFELP Loans Private Education Loans Other Loans 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 change 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 Beginning of period expected recoveries $ 549 Expected future recoveries of current period defaults 7 Recoveries (28 ) Charge-offs (25 ) End of period expected recoveries $ 503 Change in balance during period $ (46 ) ( 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, 2021 (Dollars in millions) FFELP Loans Private Education Loans Total Beginning balance $ 288 $ 1,089 $ 1,377 Provision: Reversal of allowance related to loan sales (1) — (107 ) (107 ) Remaining provision — 41 41 Total provision — (66 ) (66 ) Charge-offs: Net adjustment resulting from the change in the charge-off rate (2) — (16 ) (16 ) Net charge-offs remaining (3) (19 ) (109 ) (128 ) Total charge-offs (3) (19 ) (125 ) (144 ) Decrease in expected future recoveries on charged-off loans (4) — 82 82 Allowance at end of period 269 980 1,249 Plus: expected future recoveries on charged-off loans (4) — 397 397 Allowance at end of period excluding expected future recoveries on charged-off loans (5) $ 269 $ 1,377 $ 1,646 Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (2) .06 % .72 % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (2) — % .11 % Allowance coverage of charge-offs (5) 10.5 8.3 Allowance as a percentage of the ending total loan balance (5) .5 % 6.6 % Allowance as a percentage of the ending loans in repayment (5) .6 % 7.0 % Ending total loans $ 54,619 $ 20,998 Average loans in repayment $ 46,191 $ 20,145 Ending loans in repayment $ 44,160 $ 19,795 (1) In connection with the sale of approximately $1.6 billion of Private Education Loans. ( 2 ) In third-quarter 2021, the portion of the loan amount charged off at default on Private Education Loans increased from 81.4% to 81.7%. This change resulted in a $16 million reduction to the balance of the expected future recoveries on charged-off loans. ( 3 ) 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. ( 4 ) 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) 2021 Beginning of period expected recoveries $ 479 Expected future recoveries of current period defaults 16 Recoveries (69 ) Charge-offs (29 ) End of period expected recoveries $ 397 Change in balance during period $ (82 ) ( 5 ) 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, 2020 (Dollars in millions) FFELP Loans Private Education Loans Other Loans 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 change 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 Beginning of period expected recoveries $ 588 Expected future recoveries of current period defaults 28 Recoveries (84 ) Charge-offs (29 ) End of period expected recoveries $ 503 Change in balance during period $ (85 ) ( 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.
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) 2021 2020 2021 2020 Modified loans $ 40 $ 51 $ 109 $ 216 Charge-offs $ 37 $ 43 $ 90 $ 136 Payment default $ 6 $ 7 $ 15 $ 39
Age Analysis of Past Due Loans Delinquencies	FFELP Loan Delinquencies September 30, 2021 December 31, 2020 September 30, 2020 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment ( 1) $ 2,430 $ 2,791 $ 3,038 Loans in forbearance ( 2) 8,029 7,725 8,102 Loans in repayment and percentage of each status: Loans current 40,404 91.5 % 43,623 90.8 % 44,175 90.7 % Loans delinquent 31-60 days ( 3) 1,181 2.7 1,374 2.9 1,876 3.9 Loans delinquent 61-90 days ( 3) 665 1.5 836 1.7 930 1.9 Loans delinquent greater than 90 days ( 3) 1,910 4.3 2,223 4.6 1,735 3.5 Total FFELP Loans in repayment 44,160 100 % 48,056 100 % 48,716 100 % Total FFELP Loans 54,619 58,572 59,856 FFELP Loan allowance for losses (269 ) (288 ) (297 ) FFELP Loans, net $ 54,350 $ 58,284 $ 59,559 Percentage of FFELP Loans in repayment 80.9 % 82.0 % 81.4 % Delinquencies as a percentage of FFELP Loans in repayment 8.5 % 9.2 % 9.3 % FFELP Loans in forbearance as a percentage of loans in repayment and forbearance 15.4 % 13.8 % 14.3 % (1) Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships. (2) Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Loan Delinquencies TDRs September 30, 2021 December 31, 2020 September 30, 2020 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment ( 1) $ 210 $ 280 $ 294 Loans in forbearance ( 2) 667 703 691 Loans in repayment and percentage of each status: Loans current 5,988 91.6 % 6,952 93.4 % 7,152 94.1 % Loans delinquent 31-60 days ( 3) 224 3.5 185 2.5 196 2.6 Loans delinquent 61-90 days ( 3) 124 1.9 114 1.5 127 1.7 Loans delinquent greater than 90 days ( 3) 198 3.0 197 2.6 120 1.6 Total TDR loans in repayment 6,534 100 % 7,448 100 % 7,595 100 % Total TDR loans 7,411 8,431 8,580 TDR loans allowance for losses (814 ) (929 ) (930 ) TDR loans, net $ 6,597 $ 7,502 $ 7,650 Percentage of TDR loans in repayment 88.2 % 88.3 % 88.5 % Delinquencies as a percentage of TDR loans in repayment 8.4 % 6.6 % 5.9 % Loans in forbearance as a percentage of TDR loans in repayment and forbearance 9.3 % 8.6 % 8.3 % (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. 2. Allowance for Loan Losses (Continued) Private Education Loan Delinquencies Non-TDRs September 30, 2021 December 31, 2020 September 30, 2020 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment ( 1) $ 179 $ 203 $ 213 Loans in forbearance ( 2) 147 141 176 Loans in repayment and percentage of each status: Loans current 13,208 99.6 % 13,335 99.6 % 13,355 99.6 % Loans delinquent 31-60 days ( 3) 23 .2 26 .2 28 .2 Loans delinquent 61-90 days ( 3) 12 .1 12 .1 13 .1 Loans delinquent greater than 90 days ( 3) 18 .1 20 .1 15 .1 Total non-TDR loans in repayment 13,261 100 % 13,393 100 % 13,411 100 % Total non-TDR loans 13,587 13,737 13,800 Non-TDR loans allowance for losses (166 ) (160 ) (161 ) Non-TDR loans, net $ 13,421 $ 13,577 $ 13,639 Percentage of non-TDR loans in repayment 97.6 % 97.5 % 97.2 % Delinquencies as a percentage of non-TDR loans in repayment .4 % .4 % .4 % Loans in forbearance as a percentage of non- TDR loans in repayment and forbearance 1.1 % 1.0 % 1.3 % (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.
Loans Type	Loan type : (Dollars in millions) September 30, 2021 September 30, 2020 Change Stafford Loans $ 16,719 $ 18,011 $ (1,292 ) Consolidation Loans 33,143 36,876 (3,733 ) Rehab Loans 4,757 4,969 (212 ) Total $ 54,619 $ 59,856 $ (5,237 )
Private Education Loans [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators	Private Education Loan Credit Quality Indicators by Origination Year September 30, 2021 (Dollars in millions) September 30, 2021 2020 2019 2018 2017 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 4,049 $ 2,228 $ 2,064 $ 762 $ 233 $ 10,021 $ 19,357 92 % Below 640 28 10 33 20 8 1,542 $ 1,641 8 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % Loan Status: In-school/grace/ deferment/forbearance $ 32 $ 34 $ 45 $ 19 $ 8 $ 1,065 $ 1,203 6 % Current/90 days or less delinquent 4,044 2,203 2,049 762 232 10,289 $ 19,579 93 Greater than 90 days delinquent 1 1 3 1 1 209 216 1 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % Seasoning ( 1) 1-12 payments $ 4,058 $ 1,017 $ 37 $ 5 $ 1 $ 142 $ 5,260 25 % 13-24 payments — 1,201 1,330 20 4 167 $ 2,722 13 25-36 payments — — 709 385 12 273 $ 1,379 7 37-48 payments — — — 364 133 417 $ 914 4 More than 48 payments — — — — 89 10,245 $ 10,334 49 Loans in-school/ grace/deferment 19 20 21 8 2 319 389 2 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % TDR Status: TDR $ 1 $ 5 $ 26 $ 27 $ 30 $ 7,323 $ 7,412 35 % Non-TDR 4,076 2,233 2,071 755 211 4,240 13,586 65 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % Cosigners: With cosigner ( 2) $ 12 $ 34 $ 13 $ — $ 37 $ 7,560 $ 7,656 36 % Without cosigner 4,065 2,204 2,084 782 204 4,003 13,342 64 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % School Type: Not-for-profit $ 3,850 $ 2,137 $ 1,957 $ 721 $ 231 $ 9,607 $ 18,503 88 % For-profit 227 101 140 61 10 1,956 2,495 12 Total $ 4,077 $ 2,238 $ 2,097 $ 782 $ 241 $ 11,563 $ 20,998 100 % Allowance for loan losses (980 ) Total loans, net $ 20,018 (1) Number of months in active repayment for which a scheduled payment was received. (2) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 2. Allowance for Loan Losses (Continued) Private Education Loan Credit Quality Indicators by Origination Year September 30, 2020 (Dollars in millions) September 30, 2020 2019 2018 2017 2016 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 3,135 $ 3,341 $ 1,212 $ 388 $ 82 $ 11,950 $ 20,108 90 % Below 640 14 39 25 10 3 2,181 2,272 10 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % Loan Status: In-school/grace/ deferment/forbearance $ 19 $ 53 $ 26 $ 12 $ 3 $ 1,261 $ 1,374 6 % Current/90 days or less delinquent 3,130 3,325 1,210 386 82 12,738 20,871 93 Greater than 90 days delinquent — 2 1 — — 132 135 1 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % Seasoning ( 1) 1-12 payments $ 3,141 $ 2,191 $ 10 $ 2 $ — $ 193 $ 5,537 25 % 13-24 payments 1 1,169 602 10 1 252 2,035 9 25-36 payments — — 613 225 5 417 1,260 6 37-48 payments — — — 158 64 642 864 4 More than 48 payments — — — — 14 12,163 12,177 54 Loans in-school/ grace/deferment 7 20 12 3 1 464 507 2 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % TDR Status: TDR $ 1 $ 8 $ 22 $ 30 $ 11 $ 8,508 $ 8,580 38 % Non-TDR 3,148 3,372 1,215 368 74 5,623 13,800 62 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % Cosigners: With cosigner ( 2) $ 2 $ 14 $ 1 $ 53 $ 23 $ 9,259 $ 9,352 42 % Without cosigner 3,147 3,366 1,236 345 62 4,872 13,028 58 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % School Type: Not-for-profit $ 2,995 $ 3,160 $ 1,144 $ 380 $ 85 $ 11,675 $ 19,439 87 % For-profit 154 220 93 18 — 2,456 2,941 13 Total $ 3,149 $ 3,380 $ 1,237 $ 398 $ 85 $ 14,131 $ 22,380 100 % Allowance for loan losses (1,091 ) Total loans, net $ 21,289 (1) Number of months in active repayment for which a scheduled payment was received. (2) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Company's Borrowings	The following table summarizes our borrowings. September 30, 2021 December 31, 2020 (Dollars in millions) Short Term Long Term Total Short Term Long Term Total Unsecured borrowings: Senior unsecured debt (1) $ 903 $ 6,469 $ 7,372 $ 677 $ 7,714 $ 8,391 Total unsecured borrowings 903 6,469 7,372 677 7,714 8,391 Secured borrowings: FFELP Loan securitizations (2) — 52,299 52,299 — 54,697 54,697 Private Education Loan securitizations (3) 573 14,094 14,667 960 13,891 14,851 FFELP Loan ABCP facilities — 1,182 1,182 2,053 479 2,532 Private Education Loan ABCP facilities 1,002 1,208 2,210 2,582 — 2,582 Other (4) 288 — 288 337 — 337 Total secured borrowings 1,863 68,783 70,646 5,932 69,067 74,999 Total before hedge accounting adjustments 2,766 75,252 78,018 6,609 76,781 83,390 Hedge accounting adjustments 15 377 392 4 551 555 Total $ 2,781 $ 75,629 $ 78,410 $ 6,613 $ 77,332 $ 83,945 (1) Includes principal amount of $906 million and $678 million of short-term debt as of September 30, 2021 and December 31, 2020, respectively. Includes principal amount of $6.5 billion and $7.8 billion of long-term debt as of September 30, 2021 and December 31, 2020, respectively. (2) Includes $51 million and $157 million of long-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (“FFELP Loan Repurchase Facilities”) as of September 30, 2021 and December 31, 2020, respectively. (3) Includes $573 million and $960 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (“Private Education Loan Repurchase Facilities”) as of September 30, 2021 and December 31, 2020, respectively. Includes $0 and $260 million of long-term debt related to the Private Education Loan Repurchase Facilities as of September 30, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. September 30, 2021 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 $ — $ 52,299 $ 52,299 $ 53,049 $ 1,589 $ 1,469 $ 56,107 Private Education Loan securitizations 573 14,094 14,667 15,481 528 163 16,172 FFELP Loan ABCP facilities — 1,182 1,182 1,183 20 47 1,250 Private Education Loan ABCP facilities 1,002 1,208 2,210 2,286 86 33 2,405 Total before hedge accounting adjustments 1,575 68,783 70,358 71,999 2,223 1,712 75,934 Hedge accounting adjustments — (76 ) (76 ) — — (163 ) (163 ) Total $ 1,575 $ 68,707 $ 70,282 $ 71,999 $ 2,223 $ 1,549 $ 75,771 December 31, 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 $ — $ 54,697 $ 54,697 $ 55,535 $ 1,606 $ 1,438 $ 58,579 Private Education Loan securitizations 960 13,891 14,851 15,823 606 187 16,616 FFELP Loan ABCP facilities 2,053 479 2,532 2,533 36 76 2,645 Private Education Loan ABCP facilities 2,582 — 2,582 2,835 74 27 2,936 Total before hedge accounting adjustments 5,595 69,067 74,662 76,726 2,322 1,728 80,776 Hedge accounting adjustments — (167 ) (167 ) — — (308 ) (308 ) Total $ 5,595 $ 68,900 $ 74,495 $ 76,726 $ 2,322 $ 1,420 $ 80,468

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Impact of Derivatives on Balance Sheet	Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments and their impact on net income and other comprehensive income Impact of Derivatives on Balance Sheet Cash Flow Fair Value (4) Trading Total (Dollars in millions) Hedged Risk Exposure Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 235 $ 323 $ 2 $ 6 $ 237 $ 329 Cross-currency interest rate swaps Foreign currency and interest rate — — 5 28 — — 5 28 Total derivative assets (2) — — 240 351 2 6 242 357 Derivative Liabilities: Interest rate swaps Interest rate — — — — (7 ) (14 ) (7 ) (14 ) Floor Income Contracts Interest rate — — — — (117 ) (197 ) (117 ) (197 ) Cross-currency interest rate swaps Foreign currency and interest rate — — (161 ) (322 ) — — (161 ) (322 ) Other (3) Interest rate — — — — — — — — Total derivative liabilities (2) — — (161 ) (322 ) (124 ) (211 ) (285 ) (533 ) Net total derivatives $ — $ — $ 79 $ 29 $ (122 ) $ (205 ) $ (43 ) $ (176 ) (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, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Gross position $ 242 $ 357 $ (285 ) $ (533 ) Impact of master netting agreements (19 ) (50 ) 19 50 Derivative values with impact of master netting agreements (as carried on balance sheet) 223 307 (266 ) (483 ) Cash collateral (held) pledged (226 ) (336 ) 173 234 Net position $ (3 ) $ (29 ) $ (93 ) $ (249 ) (3) (4) As of September 30, 2021 As of December 31, 2020 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ 918 $ 15 $ 631 $ 4 Long-term borrowings $ 8,124 $ 370 $ 11,017 $ 541
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, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Gross position $ 242 $ 357 $ (285 ) $ (533 ) Impact of master netting agreements (19 ) (50 ) 19 50 Derivative values with impact of master netting agreements (as carried on balance sheet) 223 307 (266 ) (483 ) Cash collateral (held) pledged (226 ) (336 ) 173 234 Net position $ (3 ) $ (29 ) $ (93 ) $ (249 ) (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, 2021 As of December 31, 2020 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ 918 $ 15 $ 631 $ 4 Long-term borrowings $ 8,124 $ 370 $ 11,017 $ 541
Derivative Notional Values	Cash Flow Fair Value Trading Total (Dollars in billions) Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Sep 30, 2021 Dec 31, 2020 Notional Values: Interest rate swaps $ 15.8 $ 16.7 $ 6.6 $ 7.5 $ 31.5 $ 26.8 $ 53.9 $ 51.0 Floor Income Contracts — — — — 12.5 17.0 12.5 17.0 Cross-currency interest rate swaps — — 2.1 3.7 — — 2.1 3.7 Total derivatives $ 15.8 $ 16.7 $ 8.7 $ 11.2 $ 44.0 $ 43.8 $ 68.5 $ 71.7
Mark-to-Market Impact of Derivatives on Statements of Income	Mark-to-Market Total Gains (Losses) Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2021 2020 2021 2020 Fair Value Hedges: Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ (53 ) $ (49 ) $ (228 ) $ 375 Gains (losses) recognized in net income on hedged items 60 54 251 (401 ) Net fair value hedge ineffectiveness gains (losses) 7 5 23 (26 ) Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives (48 ) 146 138 115 Gains (losses) recognized in net income on hedged items 51 (154 ) (90 ) (107 ) Net fair value hedge ineffectiveness gains (losses) 3 (8 ) 48 8 Total fair value hedges (1)(2) 10 (3 ) 71 (18 ) Cash Flow Hedges: Total cash flow hedges (2) — — — — Trading: Interest rate swaps (2 ) (3 ) 13 (50 ) Floor income contracts (3 ) 1 8 (205 ) Cross currency interest rate swaps — — — — Other — — — — Total trading derivatives (3) (5 ) (2 ) 21 (255 ) Mark-to-market gains (losses) recognized $ 5 $ (5 ) $ 92 $ (273 ) (1) Recorded in interest expense in the consolidated statements of income. (2) The accrued interest income (expense) on fair value hedges and cash flow hedges is recorded in interest expense and is excluded from this table. (3) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.
Impact of Derivatives on Other Comprehensive Income (Equity)	Impact of Derivatives on Other Comprehensive Income (Equity) Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2021 2020 2021 2020 Total gains (losses) on cash flow hedges $ (1 ) $ 4 $ 21 $ (233 ) Reclassification adjustments for derivative (gains) losses included in net income (interest expense) (1) 21 19 64 30 Net changes in cash flow hedges, net of tax $ 20 $ 23 $ 85 $ (203 ) (1) Includes net settlement income/expense.
Collateral Held and Pledged	The following table details collateral held and pledged related to derivative exposure between us and our derivative counterparties: (Dollars in millions) September 30, 2021 December 31, 2020 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 226 $ 336 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) 17 78 Total collateral held $ 243 $ 414 Derivative asset at fair value including accrued interest $ 225 $ 351 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 173 $ 234 Total collateral pledged $ 173 $ 234 Derivative liability at fair value including accrued interest and premium receivable $ 282 $ 504 (1) The Company has the ability to sell or re-pledge securities it holds as collateral. (2) The trusts do not have the ability to sell or re-pledge securities they hold as collateral.
Schedule of Credit Exposure Related to Our Derivative Counterparties	The table below highlights credit exposure related to our derivative counterparties at September 30, 2021. (Dollars in millions) Corporate Contracts Securitization Trust Contracts Exposure, net of collateral $ 10 $ 5 Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3 100 % — % Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3 — % — %

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 Accrued interest receivable $ 1,839 $ 1,933 Benefit and insurance-related investments 460 469 Income tax asset, net 346 454 Derivatives at fair value 223 307 Accounts receivable 190 118 Fixed assets, net 114 116 Other 72 95 Total $ 3,244 $ 3,492

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Common Share Repurchases, Issuances and Dividends Paid	The following table summarizes common share repurchases, issuances and dividends paid. Three Months Ended September 30, Nine Months Ended September 30, (Dollars and shares in millions, except per share amounts) 2021 2020 2021 2020 Common stock repurchased (1) 7.0 7.7 26.9 30.6 Common stock repurchased (in dollars) (1) $ 150 $ 65 $ 450 $ 400 Average purchase price per share (1) $ 21.42 $ 8.42 $ 16.71 $ 13.06 Remaining common stock repurchase authority (1) $ 150 $ 600 $ 150 $ 600 Shares repurchased related to employee stock- based compensation plans (2) .2 — 3.0 .9 Average purchase price per share (2) $ 21.36 $ 7.76 $ 13.59 $ 13.55 Common shares issued (3) .6 — 4.8 2.4 Dividends paid $ 26 $ 31 $ 82 $ 93 Dividends per share $ .16 $ .16 $ .48 $ .48 (1) Common shares purchased under our share repurchase program. Our board of directors authorized a $1 billion multi-year share repurchase program in October 2019. (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, 2021
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) 2021 2020 2021 2020 Numerator: Net income $ 173 $ 207 $ 728 $ 227 Denominator: Weighted average shares used to compute basic EPS 165 193 174 195 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP) (1) 2 1 2 2 Dilutive potential common shares (2) 2 1 2 2 Weighted average shares used to compute diluted EPS 167 194 176 197 Basic earnings per common share $ 1.05 $ 1.08 $ 4.20 $ 1.16 Diluted earnings per common share $ 1.04 $ 1.07 $ 4.15 $ 1.15 (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method. (2) For the three months ended September 30, 2021 and 2020, securities covering approximately 0 million and 4 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the nine months ended September 30, 2021 and 2020, securities covering approximately 0 million and 4 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis	8. The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During the third quarters of 2021 and 2020, there were no significant transfers of financial instruments between levels. Fair Value Measurements on a Recurring Basis September 30, 2021 December 31, 2020 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivative instruments: (1) Interest rate swaps $ — $ 235 $ 2 $ 237 $ — $ 323 $ 6 $ 329 Cross-currency interest rate swaps — — 5 5 — — 28 28 Total derivative assets (2) — 235 7 242 — 323 34 357 Total $ — $ 235 $ 7 $ 242 $ — $ 323 $ 34 $ 357 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ (7 ) $ (7 ) $ — $ — $ (14 ) $ (14 ) Floor Income Contracts — (117 ) — (117 ) — (197 ) — (197 ) Cross-currency interest rate swaps — — (161 ) (161 ) — — (322 ) (322 ) Other — — — — — — — — Total derivative liabilities (2) — (117 ) (168 ) (285 ) — (197 ) (336 ) (533 ) Total $ — $ (117 ) $ (168 ) $ (285 ) $ — $ (197 ) $ (336 ) $ (533 ) (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, 2021 2020 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 $ (6 ) $ (108 ) $ — $ (114 ) $ (11 ) $ (606 ) $ — $ (617 ) Total gains/(losses): Included in earnings (1) 1 (53 ) — (52 ) 1 137 — 138 Included in other comprehensive income — — — — — — — — Settlements — 5 — 5 1 8 — 9 Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (5 ) $ (156 ) $ — $ (161 ) $ (9 ) $ (461 ) $ — $ (470 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 1 $ (48 ) $ — $ (47 ) $ 1 $ 144 $ — $ 145 Nine Months Ended September 30, 2021 2020 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 $ (8 ) $ (294 ) $ — $ (302 ) $ (17 ) $ (575 ) $ (1 ) $ (593 ) Total gains/(losses): Included in earnings (1) 2 120 — 122 7 72 — 79 Included in other comprehensive income — — — — — — — — Settlements 1 18 — 19 1 42 1 44 Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (5 ) $ (156 ) $ — $ (161 ) $ (9 ) $ (461 ) $ — $ (470 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 2 $ (122 ) $ — $ (120 ) $ 5 $ 107 $ — $ 112 (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) 2021 2020 2021 2020 Gains (losses) on derivative and hedging activities, net $ 1 $ 1 $ 2 $ 7 Interest expense (53 ) 137 120 72 Total $ (52 ) $ 138 $ 122 $ 79 (2) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.
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, 2021 Valuation Technique Input Range and Weighted Average Derivatives Prime/LIBOR basis swaps $ (5 ) Discounted cash flow Constant Prepayment Rate 9% Bid/ask adjustment to discount rate .08% Cross-currency interest rate swaps (156 ) Discounted cash flow Constant Prepayment Rate 5% Other — Total $ (161 )
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, 2021 December 31, 2020 (Dollars in millions) Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets FFELP Loans $ 55,869 $ 54,350 $ 1,519 $ 59,117 $ 58,284 $ 833 Private Education Loans 21,114 20,018 1,096 22,462 21,079 1,383 Cash and investments 3,606 3,606 — 3,822 3,822 — Total earning assets 80,589 77,974 2,615 85,401 83,185 2,216 Interest-bearing liabilities Short-term borrowings 2,797 2,781 (16 ) 6,626 6,613 (13 ) Long-term borrowings 76,058 75,629 (429 ) 76,719 77,332 613 Total interest-bearing liabilities 78,855 78,410 (445 ) 83,345 83,945 600 Derivative financial instruments Floor Income Contracts (117 ) (117 ) — (197 ) (197 ) — Interest rate swaps 230 230 — 315 315 — Cross-currency interest rate swaps (156 ) (156 ) — (294 ) (294 ) — Other — — — — — — Excess of net asset fair value over carrying value $ 2,170 $ 2,816

Revenue from Contracts with C_2

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Tables)	9 Months Ended
	Sep. 30, 2021
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 according to service type and client type by reportable operating segment. Revenue by Service Type Three Months Ended September 30, 2021 2020 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan asset recovery services $ 5 $ — $ 5 $ 18 $ — $ 18 Government services — 75 75 — 56 56 Healthcare services — 47 47 — 34 34 Total $ 5 $ 122 $ 127 $ 18 $ 90 $ 108 Nine Months Ended September 30, 2021 2020 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan asset recovery services $ 14 $ — $ 14 $ 70 $ — $ 70 Government services — 204 204 — 133 133 Healthcare services — 173 173 — 78 78 Total $ 14 $ 377 $ 391 $ 70 $ 211 $ 281 10. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Continued) Revenue by Client Type Three Months Ended September 30, 2021 2020 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ — $ 4 $ 4 $ 9 $ 4 $ 13 Guarantor agencies 5 — 5 9 — 9 Other institutions — — — — — — State and local government — 56 56 — 39 39 Tolling authorities — 15 15 — 13 13 Hospitals and other healthcare providers — 47 47 — 34 34 Total $ 5 $ 122 $ 127 $ 18 $ 90 $ 108 Nine Months Ended September 30, 2021 2020 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ 1 $ — $ 1 $ 39 $ 12 $ 51 Guarantor agencies 13 18 31 30 — 30 Other institutions — — — 1 — 1 State and local government — 144 144 — 84 84 Tolling authorities — 42 42 — 37 37 Hospitals and other healthcare providers — 173 173 — 78 78 Total $ 14 $ 377 $ 391 $ 70 $ 211 $ 281

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Results and Reconciliations to GAAP	Three Months Ended September 30, 2021 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 $ 353 $ 291 $ — $ — $ 644 $ 25 $ (10 ) $ 15 $ 659 Cash and investments — 1 — — 1 — — — 1 Total interest income 353 292 — — 645 25 (10 ) 15 660 Total interest expense 202 129 — 15 346 (3 ) (17 ) (20 ) 326 Net interest income (loss) 151 163 — (15 ) 299 28 7 35 334 Less: provisions for loan losses — 22 — — 22 — — — 22 Net interest income (loss) after provisions for loan losses 151 141 — (15 ) 277 28 7 35 312 Other income (loss): Servicing revenue 47 — — — 47 — — — 47 Asset recovery and business processing revenue 13 — 122 — 135 — — — 135 Other income (loss) 1 — — 2 3 (28 ) 23 (5 ) (2 ) Losses on debt repurchases — — — (20 ) (20 ) — — — (20 ) Total other income (loss) 61 — 122 (18 ) 165 (28 ) 23 (5 ) 160 Expenses: Direct operating expenses 53 45 87 — 185 — — — 185 Unallocated shared services expenses — — — 63 63 — — — 63 Operating expenses 53 45 87 63 248 — — — 248 Goodwill and acquired intangible asset impairment and amortization — — — — — — 4 4 4 Restructuring/other reorganization expenses — — — — — — — — — Total expenses 53 45 87 63 248 — 4 4 252 Income (loss) before income tax expense (benefit) 159 96 35 (96 ) 194 — 26 26 220 Income tax expense (benefit) (2) 37 23 8 (23 ) 45 — 2 2 47 Net income (loss) $ 122 $ 73 $ 27 $ (73 ) $ 149 $ — $ 24 $ 24 $ 173 (1) Core Earnings adjustments to GAAP: Three Months Ended September 30, 2021 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 35 $ — $ 35 Total other income (loss) (5 ) — (5 ) Goodwill and acquired intangible asset impairment and amortization — 4 4 Total Core Earnings adjustments to GAAP $ 30 $ (4 ) 26 Income tax expense (benefit) 2 Net income (loss) $ 24 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 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 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 Goodwill and 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. Nine Months Ended September 30, 2021 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 $ 1,062 $ 905 $ — $ — $ 1,967 $ 73 $ (29 ) $ 44 $ 2,011 Cash and investments — 1 — 1 2 — — — 2 Total interest income 1,062 906 — 1 1,969 73 (29 ) 44 2,013 Total interest expense 627 416 — 51 1,094 (6 ) (93 ) (99 ) 995 Net interest income (loss) 435 490 — (50 ) 875 79 64 143 1,018 Less: provisions for loan losses — (66 ) — — (66 ) — — — (66 ) Net interest income (loss) after provisions for loan losses 435 556 — (50 ) 941 79 64 143 1,084 Other income (loss): Servicing revenue 146 3 — — 149 — — — 149 Asset recovery and business processing revenue 39 — 377 — 416 — — — 416 Other income (loss) 3 1 — 5 9 (66 ) 87 21 30 Gains on sales of loans — 91 — — 91 (13 ) — (13 ) 78 Losses on debt repurchases — — — (32 ) (32 ) — — — (32 ) Total other income (loss) 188 95 377 (27 ) 633 (79 ) 87 8 641 Expenses: Direct operating expenses 170 124 270 — 564 — — — 564 Unallocated shared services expenses — — — 194 194 — — — 194 Operating expenses 170 124 270 194 758 — — — 758 Goodwill and acquired intangible asset impairment and amortization — — — — — — 14 14 14 Restructuring/other reorganization expenses — — — 8 8 — — — 8 Total expenses 170 124 270 202 766 — 14 14 780 Income (loss) before income tax expense (benefit) 453 527 107 (279 ) 808 — 137 137 945 Income tax expense (benefit) (2) 107 123 25 (65 ) 190 — 27 27 217 Net income (loss) $ 346 $ 404 $ 82 $ (214 ) $ 618 $ — $ 110 $ 110 $ 728 (1) Core Earnings adjustments to GAAP: Nine Months Ended September 30, 2021 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 143 $ — $ 143 Total other income (loss) 8 — 8 Goodwill and acquired intangible asset impairment and amortization — 14 14 Total Core Earnings adjustments to GAAP $ 151 $ (14 ) 137 Income tax expense (benefit) 27 Net income (loss) $ 110 (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 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 Intangibles 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) Income taxes are based on a percentage of net income before tax for the individual reportable segment.
Core Earnings Adjustments to GAAP	Summary of Core Earnings Adjustments to GAAP Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2021 2020 2021 2020 Core Earnings net income $ 149 $ 192 $ 618 $ 464 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) 30 13 151 (293 ) Net impact of goodwill and acquired intangible assets (2) (4 ) (5 ) (14 ) (16 ) Net tax effect (3) (2 ) 7 (27 ) 72 Total Core Earnings adjustments to GAAP 24 15 110 (237 ) GAAP net income $ 173 $ 207 $ 728 $ 227 (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 asset information for our Federal Education Loans segment. (Dollars in millions) September 30, 2021 December 31, 2020 FFELP Loans, net $ 54,350 $ 58,284 Cash and investments (1) 1,654 1,685 Other 2,134 2,241 Total assets $ 58,138 $ 62,210 (1) Includes restricted cash and investments.
Consumer Lending [Member]
Asset Information for Loans Segment	The following table includes asset information for our Consumer Lending segment. (Dollars in millions) September 30, 2021 December 31, 2020 Private Education Loans, net $ 20,018 $ 21,079 Cash and investments (1) 848 828 Other 844 964 Total assets $ 21,710 $ 22,871 (1) Includes restricted cash and investments.

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Allowance for Loan Losses
Beginning balance	$ 1,253		$ 1,377
Provision:
Reversal of allowance related to loan sales			(107)
Remaining provision			41
Total provision	22	$ 14	(66)	$ 153
Charge-offs:
Net adjustment resulting from the change in the charge-off rate	(16)		(16)
Net charge-offs remaining	(47)		(128)
Total charge-offs	(63)		(144)
Decrease in expected future recoveries on charged-off loans	37		82
Allowance at end of period	1,249		1,249
Plus: expected future recoveries on charged-off loans	397		397
Allowance at end of period excluding expected future recoveries on charged-off loans	1,646		1,646
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance	277	302	288
Provision:
Total provision		4		13
Charge-offs:
Net charge-offs remaining	(8)	(9)	(19)	(40)
Total charge-offs	(8)	(9)	(19)	(40)
Allowance at end of period	269	297	269	297
Allowance at end of period excluding expected future recoveries on charged-off loans	$ 269	$ 297	$ 269	$ 297
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%	0.07%	0.06%	0.11%
Allowance coverage of charge-offs	8.4	8.8	10.5	5.6
Allowance as a percentage of the ending total loan balance	0.50%	0.50%	0.50%	0.50%
Allowance as a percentage of the ending loans in repayment	0.60%	0.60%	0.60%	0.60%
Ending total loans	$ 54,619	$ 59,856	$ 54,619	$ 59,856
Average loans in repayment	45,201	47,597	46,191	48,065
Ending loans in repayment	44,160	48,716	44,160	48,716
FFELP Loans [Member] | Accounting Standards Update 2016-13
Allowance for Loan Losses
Beginning balance				324
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance	976	1,098	1,089
Provision:
Reversal of allowance related to loan sales			(107)
Remaining provision			41
Total provision	22	10	(66)	140
Charge-offs:
Net adjustment resulting from the change in the charge-off rate	(16)	(23)	(16)	(23)
Net charge-offs remaining	(39)	(40)	(109)	(156)
Total charge-offs	(55)	(63)	(125)	(179)
Decrease in expected future recoveries on charged-off loans	37	46	82	85
Allowance at end of period	980	1,091	980	1,091
Plus: expected future recoveries on charged-off loans	397	503	397	503	$ 434	$ 479	$ 549	$ 588
Allowance at end of period excluding expected future recoveries on charged-off loans	$ 1,377	$ 1,594	$ 1,377	$ 1,594
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate	0.77%	0.75%	0.72%	1.00%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment	0.33%	0.44%	0.11%	0.15%
Allowance coverage of charge-offs	6.3	6.4	8.3	6.7
Allowance as a percentage of the ending total loan balance	6.60%	7.10%	6.60%	7.10%
Allowance as a percentage of the ending loans in repayment	7.00%	7.60%	7.00%	7.60%
Ending total loans	$ 20,998	$ 22,380	$ 20,998	$ 22,380
Average loans in repayment	19,894	20,884	20,145	20,739
Ending loans in repayment	$ 19,795	21,006	$ 19,795	21,006
Private Education Loans [Member] | Accounting Standards Update 2016-13
Allowance for Loan Losses
Beginning balance				1,045
Other Loans [Member]
Allowance for Loan Losses
Beginning balance		1,400
Provision:
Total provision		14		153
Charge-offs:
Net adjustment resulting from the change in the charge-off rate		(23)		(23)
Net charge-offs remaining		(49)		(196)
Total charge-offs		(72)		(219)
Decrease in expected future recoveries on charged-off loans		46		85
Allowance at end of period		1,388		1,388
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
Other Loans [Member] | Accounting Standards Update 2016-13
Allowance for Loan Losses
Beginning balance				$ 1,369

Allowance for Loan Losses - A_2

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounts Notes And Loans Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate	$ (16)		$ (16)
End of period expected recoveries	397		397
Change in balance during period	(37)		(82)
Sale of private education loan			1,600
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate	(16)	$ (23)	(16)	$ (23)
Beginning of period expected recoveries	434	549	479	588
Expected future recoveries of current period defaults	6	7	16	28
Recoveries	(22)	(28)	(69)	(84)
Charge-offs	(21)	(25)	(29)	(29)
End of period expected recoveries	397	503	397	503
Change in balance during period	(37)	(46)	$ (82)	$ (85)
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	$ 16	$ 23
Private Education Loans [Member] | Minimum
Accounts Notes And Loans Receivable [Line Items]
Portion of loan amount charged off at default	81.40%	81.00%
Private Education Loans [Member] | Maximum
Accounts Notes And Loans Receivable [Line Items]
Portion of loan amount charged off at default	81.70%	81.40%

Allowance for Loan Losses - Add

Allowance for Loan Losses - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Line Items]
Percentage of loans granted forbearance that migrated to TDR classification	74.00%	72.00%
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	$ 785	$ 948

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Receivables [Abstract]
Modified loans	$ 40	$ 51	$ 109	$ 216
Charge-offs	37	43	90	136
Payment-default	$ 6	$ 7	$ 15	$ 39

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, 2021	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Loans in repayment and percentage of each status:
Loan allowance for losses	$ (1,249)		$ (1,377)	$ (1,253)
FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	54,619	$ 59,856
Loan allowance for losses	(269)	(297)	(288)	$ (277)	$ (302)
Loans, net	54,350		58,284
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	7,411	8,580	8,431
Loan allowance for losses	(814)	(930)	(929)
Loans, net	$ 6,597	$ 7,650	$ 7,502
Dimensions of concentration risk	100.00%	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	$ 13,587	$ 13,800	$ 13,737
Loan allowance for losses	(166)	(161)	(160)
Loans, net	$ 13,421	$ 13,639	$ 13,577
Dimensions of concentration risk	100.00%	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	$ 54,619	$ 59,856	$ 58,572
Loan allowance for losses	(269)	(297)	(288)
Loans, net	$ 54,350	$ 59,559	$ 58,284
Dimensions of concentration risk	100.00%	100.00%	100.00%
Credit Concentration Risk [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	91.60%	94.10%	93.40%
Credit Concentration Risk [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	99.60%	99.60%	99.60%
Credit Concentration Risk [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	91.50%	90.70%	90.80%
Credit Concentration Risk [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	3.50%	2.60%	2.50%
Credit Concentration Risk [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	0.20%	0.20%	0.20%
Credit Concentration Risk [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	2.70%	3.90%	2.90%
Credit Concentration Risk [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.90%	1.70%	1.50%
Credit Concentration Risk [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	0.10%	0.10%	0.10%
Credit Concentration Risk [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.50%	1.90%	1.70%
Credit Concentration Risk [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	3.00%	1.60%	2.60%
Credit Concentration Risk [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	0.10%	0.10%	0.10%
Credit Concentration Risk [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	4.30%	3.50%	4.60%
Credit Concentration Risk [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	88.20%	88.50%	88.30%
Credit Concentration Risk [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	97.60%	97.20%	97.50%
Credit Concentration Risk [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	80.90%	81.40%	82.00%
Credit Concentration Risk [Member] | Financing Receivables, Delinquent Loans in Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	8.40%	5.90%	6.60%
Credit Concentration Risk [Member] | Financing Receivables, Delinquent Loans in Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	0.40%	0.40%	0.40%
Credit Concentration Risk [Member] | Financing Receivables, Delinquent Loans in Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	8.50%	9.30%	9.20%
Credit Concentration Risk [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	9.30%	8.30%	8.60%
Credit Concentration Risk [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	1.10%	1.30%	1.00%
Credit Concentration Risk [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	15.40%	14.30%	13.80%
School/Grace/Deferment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 210	$ 294	$ 280
School/Grace/Deferment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	179	213	203
School/Grace/Deferment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	2,430	3,038	2,791
Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	667	691	703
Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	147	176	141
Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	8,029	8,102	7,725
Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	6,534	7,595	7,448
Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	13,261	13,411	13,393
Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	44,160	48,716	48,056
Repayment [Member] | Credit Concentration Risk [Member] | Financing Asset, Not Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	5,988	7,152	6,952
Repayment [Member] | Credit Concentration Risk [Member] | Financing Asset, Not Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	13,208	13,355	13,335
Repayment [Member] | Credit Concentration Risk [Member] | Financing Asset, Not Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	40,404	44,175	43,623
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	224	196	185
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	23	28	26
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	1,181	1,876	1,374
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	124	127	114
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	12	13	12
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	665	930	836
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	198	120	197
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	18	15	20
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 1,910	$ 1,735	$ 2,223

Allowance for Loan Losses - L_2

Allowance for Loan Losses - Loan Type (Detail) - FFELP Loans [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	$ 54,619	$ 59,856
Change	(5,237)
Stafford Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	16,719	18,011
Change	(1,292)
Consolidation Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	33,143	36,876
Change	(3,733)
Rehab Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	4,757	$ 4,969
Change	$ (212)

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, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020
Accounts Notes And Loans Receivable [Line Items]
Loan allowance for losses	$ (1,249)	$ (1,253)	$ (1,377)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year	20,998			$ 22,380
Loan allowance for losses	(980)	$ (976)	(1,089)	(1,091)	$ (1,098)
Loans, net	20,018		$ 21,079	21,289
FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,077			3,149
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,238			3,380
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,097			1,237
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	782			398
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	241			85
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,563			14,131
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,998			$ 22,380
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
FICO Scores [Member] | 640 and Above [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 4,049			$ 3,135
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,228			3,341
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,064			1,212
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	762			388
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	233			82
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	10,021			11,950
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 19,357			$ 20,108
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	92.00%			90.00%
FICO Scores [Member] | Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 28			$ 14
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	10			39
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	33			25
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	20			10
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	8			3
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,542			2,181
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 1,641			$ 2,272
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	8.00%			10.00%
Loan Status [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 4,077			$ 3,149
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,238			3,380
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,097			1,237
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	782			398
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	241			85
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,563			14,131
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,998			$ 22,380
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
Loan Status [Member] | School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 32			$ 19
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	34			53
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	45			26
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	19			12
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	8			3
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,065			1,261
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 1,203			$ 1,374
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	6.00%			6.00%
Loan Status [Member] | Current/90 Days or Less Delinquent [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 4,044			$ 3,130
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,203			3,325
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,049			1,210
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	762			386
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	232			82
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	10,289			12,738
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 19,579			$ 20,871
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	93.00%			93.00%
Loan Status [Member] | Greater than 90 days Delinquent [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1			$ 2
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	3			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	209			132
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 216			$ 135
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	1.00%			1.00%
School Type [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 4,077			$ 3,149
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,238			3,380
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,097			1,237
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	782			398
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	241			85
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,563			14,131
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,998			$ 22,380
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
School Type [Member] | Not For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 3,850			$ 2,995
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,137			3,160
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,957			1,144
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	721			380
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	231			85
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,607			11,675
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 18,503			$ 19,439
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	88.00%			87.00%
School Type [Member] | For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 227			$ 154
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	101			220
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	140			93
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	61			18
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	10
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,956			2,456
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 2,495			$ 2,941
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	12.00%			13.00%
Cosigners [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 4,077			$ 3,149
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,238			3,380
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,097			1,237
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	782			398
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	241			85
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,563			14,131
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,998			$ 22,380
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
Cosigners [Member] | With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 12			$ 2
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	34			14
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	13			1
Total Private Education Loan Credit Quality Indicators by Origination Year 2018				53
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	37			23
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,560			9,259
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 7,656			$ 9,352
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	36.00%			42.00%
Cosigners [Member] | Without Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 4,065			$ 3,147
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,204			3,366
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,084			1,236
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	782			345
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	204			62
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	4,003			4,872
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 13,342			$ 13,028
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	64.00%			58.00%
Private Education Loans Troubled Debt Restructuring Status
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 4,077			$ 3,149
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,238			3,380
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,097			1,237
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	782			398
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	241			85
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,563			14,131
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,998			$ 22,380
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
Private Education Loans Troubled Debt Restructuring Status | Private Education Loans - TDRs [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 1			$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	5			8
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	26			22
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	27			30
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	30			11
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,323			8,508
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 7,412			$ 8,580
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	35.00%			38.00%
Private Education Loans Troubled Debt Restructuring Status | Private Education Loans - Non-TDRs [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 4,076			$ 3,148
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,233			3,372
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,071			1,215
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	755			368
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	211			74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	4,240			5,623
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 13,586			$ 13,800
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	65.00%			62.00%
Seasoning [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 4,077			$ 3,149
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,238			3,380
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	2,097			1,237
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	782			398
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	241			85
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,563			14,131
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,998			$ 22,380
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
Seasoning [Member] | 1-12 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 4,058			$ 3,141
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,017			2,191
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	37			10
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	5			2
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	142			193
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 5,260			$ 5,537
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	25.00%			25.00%
Seasoning [Member] | 13-24 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021				$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 1,201			1,169
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,330			602
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	20			10
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	4			1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	167			252
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 2,722			$ 2,035
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	13.00%			9.00%
Seasoning [Member] | 25-36 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 709			$ 613
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	385			225
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	12			5
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	273			417
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 1,379			$ 1,260
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	7.00%			6.00%
Seasoning [Member] | 37-48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	$ 364			$ 158
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	133			64
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	417			642
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 914			$ 864
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	4.00%			4.00%
Seasoning [Member] | More than 48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	$ 89			$ 14
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	10,245			12,163
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 10,334			$ 12,177
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	49.00%			54.00%
Seasoning [Member] | School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 19			$ 7
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	20			20
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	21			12
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	8			3
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	2			1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	319			464
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 389			$ 507
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2.00%			2.00%

Allowance for Loan Losses - P_2

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Parenthetical) (Detail)	Sep. 30, 2021	Sep. 30, 2020
With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators, Excluding Refinance Loans, Percent	65.00%	65.00%

Borrowings - Company's Borrowin

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Short-term borrowings	$ 2,781	$ 6,613
Long-term borrowings	75,629	77,332
Total	78,410	83,945
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,766	6,609
Long-term borrowings	75,252	76,781
Total	78,018	83,390
Total Before Hedge Accounting Adjustments [Member] | Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	903	677
Long-term borrowings	6,469	7,714
Total	7,372	8,391
Total Before Hedge Accounting Adjustments [Member] | Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	903	677
Long-term borrowings	6,469	7,714
Total	7,372	8,391
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	52,299	54,697
Total	52,299	54,697
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	573	960
Long-term borrowings	14,094	13,891
Total	14,667	14,851
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings		2,053
Long-term borrowings	1,182	479
Total	1,182	2,532
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,002	2,582
Long-term borrowings	1,208
Total	2,210	2,582
Total Before Hedge Accounting Adjustments [Member] | Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	288	337
Total	288	337
Total Before Hedge Accounting Adjustments [Member] | Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,863	5,932
Long-term borrowings	68,783	69,067
Total	70,646	74,999
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	15	4
Long-term borrowings	377	551
Total	$ 392	$ 555

Borrowings - Company's Borrow_2

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 75,629	$ 77,332
Short-term Debt	2,781	6,613
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	75,252	76,781
Short-term Debt	2,766	6,609
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	51	157
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	0	260
Short-term Debt	573	960
Total Before Hedge Accounting Adjustments [Member] | Short Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	906	678
Total Before Hedge Accounting Adjustments [Member] | Long Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	$ 6,500	$ 7,800

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 2,781	$ 6,613
Long-term borrowings	75,629	77,332
Total	78,410	83,945
Total assets	81,939	87,412
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,766	6,609
Long-term borrowings	75,252	76,781
Total	78,018	83,390
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	15	4
Long-term borrowings	377	551
Total	392	555
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,575	5,595
Long-term borrowings	68,707	68,900
Total	70,282	74,495
Loans	71,999	76,726
Cash	2,223	2,322
Other assets, Net	1,549	1,420
Total assets	75,771	80,468
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	52,299	54,697
Total	52,299	54,697
Loans	53,049	55,535
Cash	1,589	1,606
Other assets, Net	1,469	1,438
Total assets	56,107	58,579
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	573	960
Long-term borrowings	14,094	13,891
Total	14,667	14,851
Loans	15,481	15,823
Cash	528	606
Other assets, Net	163	187
Total assets	16,172	16,616
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings		2,053
Long-term borrowings	1,182	479
Total	1,182	2,532
Loans	1,183	2,533
Cash	20	36
Other assets, Net	47	76
Total assets	1,250	2,645
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,002	2,582
Long-term borrowings	1,208
Total	2,210	2,582
Loans	2,286	2,835
Cash	86	74
Other assets, Net	33	27
Total assets	2,405	2,936
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,575	5,595
Long-term borrowings	68,783	69,067
Total	70,358	74,662
Loans	71,999	76,726
Cash	2,223	2,322
Other assets, Net	1,712	1,728
Total assets	75,934	80,776
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	(76)	(167)
Total	(76)	(167)
Other assets, Net	(163)	(308)
Total assets	$ (163)	$ (308)

Derivative Financial Instrume_3

Derivative Financial Instruments - Impact of Derivatives on Balance Sheet (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative Assets:
Derivative assets	$ 242	$ 357
Derivative Liabilities:
Derivative liabilities	(285)	(533)
Net total derivatives	(43)	(176)
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	240	351
Derivative Liabilities:
Derivative liabilities	(161)	(322)
Net total derivatives	79	29
Trading [Member]
Derivative Assets:
Derivative assets	2	6
Derivative Liabilities:
Derivative liabilities	(124)	(211)
Net total derivatives	(122)	(205)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	237	329
Derivative Liabilities:
Derivative liabilities	(7)	(14)
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	235	323
Interest Rate Swaps [Member] | Trading [Member]
Derivative Assets:
Derivative assets	2	6
Derivative Liabilities:
Derivative liabilities	(7)	(14)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	5	28
Derivative Liabilities:
Derivative liabilities	(161)	(322)
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	5	28
Derivative Liabilities:
Derivative liabilities	(161)	(322)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(117)	(197)
Floor Income Contracts [Member] | Trading [Member]
Derivative Liabilities:
Derivative liabilities	$ (117)	$ (197)

Derivative Financial Instrume_4

Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Derivative assets	$ 242	$ 357
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	223	307
Cash collateral (held) pledged, Assets	(226)	(336)
Derivative liabilities	(285)	(533)
Cash collateral (held) pledged, Liabilities	173	234
Other Assets [Member]
Derivatives Fair Value [Line Items]
Derivative assets	242	357
Impact of master netting agreements, Assets	(19)	(50)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	223	307
Cash collateral (held) pledged, Assets	(226)	(336)
Net position, Assets	(3)	(29)
Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Derivative liabilities	(285)	(533)
Impact of master netting agreements, Liabilities	19	50
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(266)	(483)
Cash collateral (held) pledged, Liabilities	173	234
Net position, Liabilities	$ (93)	$ (249)

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, 2021	Dec. 31, 2020
Short-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	$ 918	$ 631
Hedge Basis Adjustments	15	4
Long-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	8,124	11,017
Hedge Basis Adjustments	$ 370	$ 541

Derivative Financial Instrume_6

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Decrease in valuation due to net credit risk adjustments	$ 4	$ 8
Decrease in valuation due to liquidity adjustments	3	5
Derivative liability at fair value including accrued interest and premium receivable	282	504
Net positive exposure related to corporate derivatives	10	13
Net positive exposure on foreign currency swaps	5	$ 28
Counterparty [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	$ 111

Derivative Financial Instrume_7

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Total Derivative Notional Values	$ 68,500,000,000	$ 71,700,000,000
Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	15,800,000,000	16,700,000,000
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	8,700,000,000	11,200,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	44,000,000,000	43,800,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	53,900,000,000	51,000,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	15,800,000,000	16,700,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,600,000,000	7,500,000,000
Interest Rate Swaps [Member] | Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	31,500,000,000	26,800,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	12,500,000,000	17,000,000,000
Floor Income Contracts [Member] | Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	12,500,000,000	17,000,000,000
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	2,100,000,000	3,700,000,000
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 2,100,000,000	$ 3,700,000,000

Derivative Financial Instrume_8

Derivative Financial Instruments - Mark-to-Market Impact of Derivatives on Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ (5)	$ (2)	$ 21	$ (255)
Interest Expense and Derivative Instruments Hedging Activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	5	(5)	92	(273)
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	10	(3)	71	(18)
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	(53)	(49)	(228)	375
Gains (losses) recognized in net income on hedged items	60	54	251	(401)
Net fair value hedge ineffectiveness gains (losses)	7	5	23	(26)
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	(48)	146	138	115
Gains (losses) recognized in net income on hedged items	51	(154)	(90)	(107)
Net fair value hedge ineffectiveness gains (losses)	3	(8)	48	8
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	(5)	(2)	21	(255)
Trading [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	(2)	(3)	13	(50)
Trading [Member] | Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ (3)	$ 1	$ 8	$ (205)

Derivative Financial Instrume_9

Derivative Financial Instruments - Impact of Derivatives on Other Comprehensive Income (Equity) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments Gain Loss [Line Items]
Total gains (losses) on cash flow hedges	$ (1)	$ 4	$ 21	$ (233)
Net changes in cash flow hedges, net of taxes	20	23	85	(203)
Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)	$ 21	$ 19	$ 64	$ 30

Derivative Financial Instrum_10

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 226	$ 336
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	17	78
Total collateral held	243	414
Derivative asset at fair value including accrued interest	225	351
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	173	234
Total collateral pledged	173	234
Derivative liability at fair value including accrued interest and premium receivable	$ 282	$ 504

Derivative Financial Instrum_11

Derivative Financial Instruments - Credit Exposure Related Counterparties (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments Gain Loss [Line Items]
Exposure, net of collateral	$ 10	$ 13
Exposure, net of collateral	5	$ 28
Corporate Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Exposure, net of collateral	$ 10
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3	100.00%
Securitization Trust Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Exposure, net of collateral	$ 5

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 1,839	$ 1,933
Benefit and insurance-related investments	460	469
Income tax asset, net	346	454
Derivatives at fair value	223	307
Accounts receivable	190	118
Fixed assets, net	114	116
Other	72	95
Total	$ 3,244	$ 3,492

Stockholders' Equity - Common S

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 21.42	$ 8.42	$ 16.71	$ 13.06
Remaining common stock repurchase authority	$ 150	$ 600	$ 150	$ 600
Shares repurchased related to employee stock-based compensation plans	200,000		3,000,000	900,000
Average purchase price per share	$ 21.36	$ 7.76	$ 13.59	$ 13.55
Common shares issued	600,000		4,800,000	2,400,000
Dividends paid	$ 26	$ 31	$ 82	$ 93
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, shares	7,000,000	7,700,000	26,900,000	30,600,000
Common stock repurchased, value	$ 150	$ 65	$ 450	$ 400
Shares repurchased related to employee stock-based compensation plans	217,158	16,833	3,012,396	921,235
Common shares issued	552,194	30,968	4,817,906	2,393,211

Stockholders' Equity - Common_2

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Parenthetical) (Detail) $ in Billions	Oct. 31, 2019USD ($)
Equity [Abstract]
Authorized share repurchased program amount	$ 1

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)	Sep. 30, 2021$ / shares
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock	$ 19.73

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income	$ 173	$ 207	$ 728	$ 227
Denominator:
Weighted average shares used to compute basic EPS	165	193	174	195
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan ("ESPP")	2	1	2	2
Dilutive potential common shares	2	1	2	2
Weighted average shares used to compute diluted EPS	167	194	176	197
Basic earnings per common share	$ 1.05	$ 1.08	$ 4.20	$ 1.16
Diluted earnings per common share	$ 1.04	$ 1.07	$ 4.15	$ 1.15

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Securities not included in the computation of diluted earnings per share	0	4	0	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, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 242	$ 357
Derivative liabilities	(285)	(533)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	237	329
Derivative liabilities	(7)	(14)
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	5	28
Derivative liabilities	(161)	(322)
Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(117)	(197)
Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	242	357
Total	242	357
Derivative liabilities	(285)	(533)
Total	(285)	(533)
Fair Value Measurements Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	235	323
Total	235	323
Derivative liabilities	(117)	(197)
Total	(117)	(197)
Fair Value Measurements Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	7	34
Total	7	34
Derivative liabilities	(168)	(336)
Total	(168)	(336)
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	237	329
Derivative liabilities	(7)	(14)
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	235	323
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	2	6
Derivative liabilities	(7)	(14)
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	5	28
Derivative liabilities	(161)	(322)
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	5	28
Derivative liabilities	(161)	(322)
Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(117)	(197)
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	$ (117)	$ (197)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (114)	$ (617)	$ (302)	$ (593)
Total gains/(losses):
Included in earnings	(52)	138	122	79
Included in other comprehensive income	0	0	0	0
Settlements	5	9	19	44
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(161)	(470)	(161)	(470)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	(47)	145	(120)	112
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(6)	(11)	(8)	(17)
Total gains/(losses):
Included in earnings	1	1	2	7
Included in other comprehensive income	0	0	0	0
Settlements	0	1	1	1
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(5)	(9)	(5)	(9)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	1	1	2	5
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	(108)	(606)	(294)	(575)
Total gains/(losses):
Included in earnings	(53)	137	120	72
Included in other comprehensive income	0	0	0	0
Settlements	5	8	18	42
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(156)	(461)	(156)	(461)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	(48)	144	(122)	107
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period				(1)
Total gains/(losses):
Included in earnings	0		0
Included in other comprehensive income	0	0	0	0
Settlements	0		0	1
Transfers in and/or out of level 3	0	$ 0	0	$ 0
Balance, end of period	0		0
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	$ 0		$ 0

Fair Value Measurements - Inclu

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ (52)	$ 138	$ 122	$ 79
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	1	2	7
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	$ (53)	$ 137	$ 120	$ 72

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 230	$ 315
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	(156)	$ (294)
Level 3 [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(161)
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	$ (156)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivatives	0.05
Derivative Asset (Liability) Net, Measurement Input [Extensible List]	Constant Prepayment Rate [Member]
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	$ (5)
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, 2021	Dec. 31, 2020	Sep. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Carrying Value	$ 77,974	$ 83,185
Short-term borrowings, Carrying Value	2,781	6,613
Long-term borrowings, Carrying Value	75,629	77,332
Total	78,410	83,945
Total earning assets, Fair Value	80,589	85,401
Short-term borrowings, Fair Value	2,797	6,626
Long-term borrowings, Fair Value	76,058	76,719
Total interest-bearing liabilities, Fair Value	78,855	83,345
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	54,350	58,284
Loans receivable, Fair Value	55,869	59,117
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(117)	(197)
Derivative financial instruments, Fair Value	(117)	(197)
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	230	315
Derivative financial instruments, Fair Value	230	315
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(156)	(294)
Derivative financial instruments, Fair Value	(156)	(294)
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	20,018	21,079	$ 21,289
Loans receivable, Fair Value	21,114	22,462
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Fair Value	2,615	2,216
Short-term borrowings, Fair Value	(16)	(13)
Long-term borrowings, Fair Value	(429)	613
Total interest-bearing liabilities, Fair Value	(445)	600
Excess of net asset fair value over carrying value	2,170	2,816
Difference [Member] | FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	1,519	833
Difference [Member] | Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	1,096	1,383
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	3,606	3,822
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 3,606	$ 3,822

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2016Case
Loss Contingencies [Line Items]
Number of cases filed | Case			3
SLM BankCo [Member] | Indemnification Matters [Member]
Loss Contingencies [Line Items]
Reserve for estimated amounts and costs incurred	$ 0	$ 0
Tentative Agreements
Loss Contingencies [Line Items]
Litigation settlement	42,500,000
Loss accrual	$ 42,500,000	42,500,000
Net impact to operating expense due to accrual of offsetting insurance reimbursements		$ 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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 127	$ 108	$ 391	$ 281
Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	4	13	1	51
Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	5	9	31	30
Other Institutions [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue				1
State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	56	39	144	84
Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	15	13	42	37
Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	47	34	173	78
Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	5	18	14	70
Federal Education Loans [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue		9	1	39
Federal Education Loans [Member] | Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	5	9	13	30
Federal Education Loans [Member] | Other Institutions [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue				1
Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	122	90	377	211
Business Processing [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	4	4		12
Business Processing [Member] | Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue			18
Business Processing [Member] | State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	56	39	144	84
Business Processing [Member] | Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	15	13	42	37
Business Processing [Member] | Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	47	34	173	78
Federal Education Loan Asset Recovery Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	5	18	14	70
Federal Education Loan Asset Recovery Services [Member] | Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	5	18	14	70
Government Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	75	56	204	133
Government Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	75	56	204	133
Healthcare Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	47	34	173	78
Healthcare Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 47	$ 34	$ 173	$ 78

Revenue from Contracts with C_4

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Additional Information (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 190,000,000	$ 118,000,000
ASU 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable	124,000,000		$ 90,000,000
Contract assets	0
Contract liability	$ 0

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)SegmentClient	Dec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments | Segment	4
Total assets	$ 81,939	$ 87,412
Business Processing [Member]
Segment Reporting Information [Line Items]
Total assets	$ 439	425
Business Processing [Member] | Minimum
Segment Reporting Information [Line Items]
Number of clients for business processing services | Client	500
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,700	$ 1,900

Segment Reporting - Asset Infor

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Other	$ 3,244	$ 3,492
Total assets	81,939	87,412
Federal Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	54,350	58,284
Cash and investments	1,654	1,685
Other	2,134	2,241
Total assets	58,138	62,210
Consumer Lending [Member]
Segment Reporting Information [Line Items]
Loans, net	20,018	21,079
Cash and investments	848	828
Other	844	964
Total assets	$ 21,710	$ 22,871

Segment Reporting - Segment Res

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Cash and investments	$ 1	$ 1	$ 2	$ 15
Total interest income	660	761	2,013	2,567
Total interest expense	326	425	995	1,658
Net interest income	334	336	1,018	909
Less: provisions for loan losses	22	14	(66)	153
Net interest income after provisions for loan losses	312	322	1,084	756
Other income (loss):
Servicing revenue	47	54	149	163
Asset recovery and business processing revenue	135	125	416	337
Other income (loss)	(2)	(2)	30	(238)
Gains on sales of loans			78
Losses on debt repurchases	(20)		(32)
Total other income (loss)	160	177	641	262
Expenses:
Direct operating expenses	185	170	564	506
Unallocated shared services expenses	63	62	194	189
Total operating expenses	248	232	758	695
Goodwill and acquired intangible asset impairment and amortization	4	5	14	16
Restructuring/other reorganization expenses		3	8	9
Total expenses	252	240	780	720
Income before income tax expense	220	259	945	298
Income tax expense (benefit)	47	52	217	71
Net income	173	207	728	227
Operating Segments [Member]
Interest income:
Cash and investments	1	1	2	15
Total interest income	645	744	1,969	2,562
Total interest expense	346	423	1,094	1,615
Net interest income	299	321	875	947
Less: provisions for loan losses	22	14	(66)	153
Net interest income after provisions for loan losses	277	307	941	794
Other income (loss):
Servicing revenue	47	54	149	163
Asset recovery and business processing revenue	135	125	416	337
Other income (loss)	3		9	17
Gains on sales of loans			91
Losses on debt repurchases	(20)		(32)
Total other income (loss)	165	179	633	517
Expenses:
Direct operating expenses	185	170	564	506
Unallocated shared services expenses	63	62	194	189
Total operating expenses	248	232	758	695
Restructuring/other reorganization expenses		3	8	9
Total expenses	248	235	766	704
Income before income tax expense	194	251	808	607
Income tax expense (benefit)	45	59	190	143
Net income	149	192	618	464
Operating Segments [Member] | Federal Education Loans [Member]
Interest income:
Cash and investments				7
Total interest income	353	393	1,062	1,437
Total interest expense	202	232	627	974
Net interest income	151	161	435	463
Less: provisions for loan losses		4		13
Net interest income after provisions for loan losses	151	157	435	450
Other income (loss):
Servicing revenue	47	53	146	158
Asset recovery and business processing revenue	13	35	39	126
Other income (loss)	1	(1)	3	8
Total other income (loss)	61	87	188	292
Expenses:
Direct operating expenses	53	64	170	217
Total operating expenses	53	64	170	217
Total expenses	53	64	170	217
Income before income tax expense	159	180	453	525
Income tax expense (benefit)	37	43	107	124
Net income	122	137	346	401
Operating Segments [Member] | Consumer Lending [Member]
Interest income:
Cash and investments	1		1	3
Total interest income	292	350	906	1,120
Total interest expense	129	161	416	545
Net interest income	163	189	490	575
Less: provisions for loan losses	22	10	(66)	140
Net interest income after provisions for loan losses	141	179	556	435
Other income (loss):
Servicing revenue		1	3	5
Other income (loss)			1
Gains on sales of loans			91
Total other income (loss)		1	95	5
Expenses:
Direct operating expenses	45	37	124	109
Total operating expenses	45	37	124	109
Total expenses	45	37	124	109
Income before income tax expense	96	143	527	331
Income tax expense (benefit)	23	33	123	78
Net income	73	110	404	253
Operating Segments [Member] | Business Processing [Member]
Other income (loss):
Asset recovery and business processing revenue	122	90	377	211
Total other income (loss)	122	90	377	211
Expenses:
Direct operating expenses	87	69	270	180
Total operating expenses	87	69	270	180
Total expenses	87	69	270	180
Income before income tax expense	35	21	107	31
Income tax expense (benefit)	8	5	25	7
Net income	27	16	82	24
Operating Segments [Member] | Other Segment [Member]
Interest income:
Cash and investments		1	1	5
Total interest income		1	1	5
Total interest expense	15	30	51	96
Net interest income	(15)	(29)	(50)	(91)
Net interest income after provisions for loan losses	(15)	(29)	(50)	(91)
Other income (loss):
Other income (loss)	2	1	5	9
Losses on debt repurchases	(20)		(32)
Total other income (loss)	(18)	1	(27)	9
Expenses:
Unallocated shared services expenses	63	62	194	189
Total operating expenses	63	62	194	189
Restructuring/other reorganization expenses		3	8	9
Total expenses	63	65	202	198
Income before income tax expense	(96)	(93)	(279)	(280)
Income tax expense (benefit)	(23)	(22)	(65)	(66)
Net income	(73)	(71)	(214)	(214)
Adjustments [Member] | Reclassifications [Member]
Interest income:
Total interest income	25	31	73	47
Total interest expense	(3)	7	(6)	39
Net interest income	28	24	79	8
Net interest income after provisions for loan losses	28	24	79	8
Other income (loss):
Other income (loss)	(28)	(24)	(66)	(8)
Gains on sales of loans			(13)
Total other income (loss)	(28)	(24)	(79)	(8)
Adjustments [Member] | Additions (Subtractions) [Member]
Interest income:
Total interest income	(10)	(14)	(29)	(42)
Total interest expense	(17)	(5)	(93)	4
Net interest income	7	(9)	64	(46)
Net interest income after provisions for loan losses	7	(9)	64	(46)
Other income (loss):
Other income (loss)	23	22	87	(247)
Total other income (loss)	23	22	87	(247)
Expenses:
Goodwill and acquired intangible asset impairment and amortization	4	5	14	16
Total expenses	4	5	14	16
Income before income tax expense	26	8	137	(309)
Income tax expense (benefit)	2	(7)	27	(72)
Net income	24	15	110	(237)
Adjustments [Member] | Total Adjustments [Member]
Interest income:
Total interest income	15	17	44	5
Total interest expense	(20)	2	(99)	43
Net interest income	35	15	143	(38)
Net interest income after provisions for loan losses	35	15	143	(38)
Other income (loss):
Other income (loss)	(5)	(2)	21	(255)
Gains on sales of loans			(13)
Total other income (loss)	(5)	(2)	8	(255)
Expenses:
Goodwill and acquired intangible asset impairment and amortization	4	5	14	16
Total expenses	4	5	14	16
Income before income tax expense	26	8	137	(309)
Income tax expense (benefit)	2	(7)	27	(72)
Net income	24	15	110	(237)
Education Loan Portfolio [Member]
Interest income:
Total interest income	659	760	2,011	2,552
Education Loan Portfolio [Member] | Operating Segments [Member]
Interest income:
Total interest income	644	743	1,967	2,547
Education Loan Portfolio [Member] | Operating Segments [Member] | Federal Education Loans [Member]
Interest income:
Total interest income	353	393	1,062	1,430
Education Loan Portfolio [Member] | Operating Segments [Member] | Consumer Lending [Member]
Interest income:
Total interest income	291	350	905	1,117
Education Loan Portfolio [Member] | Adjustments [Member] | Reclassifications [Member]
Interest income:
Total interest income	25	31	73	47
Education Loan Portfolio [Member] | Adjustments [Member] | Additions (Subtractions) [Member]
Interest income:
Total interest income	(10)	(14)	(29)	(42)
Education Loan Portfolio [Member] | Adjustments [Member] | Total Adjustments [Member]
Interest income:
Total interest income	$ 15	$ 17	$ 44	$ 5

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 312	$ 322	$ 1,084	$ 756
Total other income (loss)	160	177	641	262
Goodwill and acquired intangible asset impairment and amortization	4	5	14	16
Income tax expense (benefit)	47	52	217	71
Net income	173	207	728	227
Total Adjustments [Member] | Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	35	15	143	(38)
Total other income (loss)	(5)	(2)	8	(255)
Goodwill and acquired intangible asset impairment and amortization	4	5	14	16
Total Core Earnings adjustments to GAAP	26	8	137	(309)
Income tax expense (benefit)	2	(7)	27	(72)
Net income	24	15	110	(237)
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	4	5	14	16
Total Core Earnings adjustments to GAAP	(4)	(5)	(14)	(16)
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	35	15	143	(38)
Total other income (loss)	(5)	(2)	8	(255)
Total Core Earnings adjustments to GAAP	$ 30	$ 13	$ 151	$ (293)

Segment Reporting - Core Earnin

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income	$ 173	$ 207	$ 728	$ 227
Net tax effect	(47)	(52)	(217)	(71)
Operating Segments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income	149	192	618	464
Net tax effect	(45)	(59)	(190)	(143)
Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income	24	15	110	(237)
Core Earnings adjustments to GAAP	26	8	137	(309)
Net tax effect	(2)	7	(27)	72
Net Impact of Derivative Accounting [Member] | Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	30	13	151	(293)
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	$ (4)	$ (5)	$ (14)	$ (16)

Segment Reporting - Core Earn_2

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2021USD ($)
Segment Reporting [Abstract]
Amount that will be equal to mark-to-market gain or loss over the life of the contract	$ 0