Navient (NAVI) 10-K 25 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Registrant Name	Navient Corporation
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		152,132,902
Entity Public Float			$ 3.2
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 Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the proxy statement (the “2022 Proxy Statement”) relating to the Registrant’s 2022 Annual Meeting of Shareholders, to be filed no later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	McLean, VA
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

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Loans, net	$ 72,812	$ 79,363
Investments
Held-to-maturity	74	15
Other	193	270
Total investments	267	285
Cash and cash equivalents	905	1,183
Restricted cash and cash equivalents	2,673	2,354
Goodwill and acquired intangible assets, net	725	735
Other assets	3,223	3,492
Total assets	80,605	87,412
Liabilities
Short-term borrowings	2,490	6,613
Long-term borrowings	74,488	77,332
Other liabilities	1,019	1,020
Total liabilities	77,997	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	3,282	3,226
Accumulated other comprehensive loss (net of tax benefit of $45 and $90, respectively)	(133)	(274)
Retained earnings	3,939	3,331
Total Navient Corporation stockholders’ equity before treasury stock	7,092	6,287
Less: Common stock held in treasury at cost: 305 million and 267 million shares, respectively	(4,495)	(3,854)
Total Navient Corporation stockholders’ equity	2,597	2,433
Noncontrolling interest	11	14
Total equity	2,608	2,447
Total liabilities and equity	80,605	87,412
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	70,649	76,726
Investments
Total assets	74,820	80,468
Investments
Restricted cash	2,649	2,322
Other assets, net	1,522	1,420
Liabilities
Short-term borrowings	2,188	5,595
Long-term borrowings	67,107	68,900
Equity
Net assets of consolidated variable interest entities	5,525	5,973
Series A Junior Participating Preferred Stock [Member]
Equity
Series A Junior Participating Preferred Stock, par value $0.20 per share; 2 million shares authorized at December 31, 2021; no shares issued or outstanding
FFELP Loans [Member]
Assets
Loans, net	52,641	58,284
FFELP Loans [Member] | Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	52,502	58,068
Private Education Loans [Member]
Assets
Loans, net	20,171	21,079
Private Education Loans [Member] | Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	$ 18,147	$ 18,658

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Allowance for loans losses	$ 1,271	$ 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	$ 45	$ 90
Common stock held in treasury	305,000,000	267,000,000
Series A Junior Participating Preferred Stock [Member]
Preferred stock, par value	$ 0.20	$ 0.20
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
FFELP Loans [Member]
Allowance for loans losses	$ 262	$ 288
Private Education Loans [Member]
Allowance for loans losses	$ 1,009	$ 1,089

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income:
Cash and investments	$ 3	$ 16	$ 93
Total interest income	2,648	3,298	4,673
Total interest expense	1,316	2,046	3,488
Net interest income	1,332	1,252	1,185
Less: provisions for loan losses	(61)	155	258
Net interest income after provisions for loan losses	1,393	1,097	927
Other income (loss):
Servicing revenue	168	214	240
Asset recovery and business processing revenue	539	458	488
Other income	30	20	45
Gains on sales of loans	78		16
Gains (losses) on debt repurchases	(73)	(6)	45
Gains (losses) on derivative and hedging activities, net	64	(256)	22
Total other income	806	430	856
Expenses:
Salaries and benefits	569	497	488
Other operating expenses	638	467	496
Total operating expenses	1,207	964	984
Goodwill and acquired intangible asset impairment and amortization expense	30	22	30
Restructuring/other reorganization expenses	26	9	6
Total expenses	1,263	995	1,020
Income before income tax expense	936	532	763
Income tax expense	219	120	166
Net income	$ 717	$ 412	$ 597
Basic earnings per common share	$ 4.23	$ 2.14	$ 2.59
Average common shares outstanding	170	193	230
Diluted earnings per common share	$ 4.18	$ 2.12	$ 2.56
Average common and common equivalent shares outstanding	172	195	233
Dividends per common share	$ 0.64	$ 0.64	$ 0.64
FFELP Loans [Member]
Interest income:
Total interest income	$ 1,464	$ 1,837	$ 2,847
Less: provisions for loan losses		13	30
Private Education Loans [Member]
Interest income:
Total interest income	1,181	1,445	1,731
Less: provisions for loan losses	$ (61)	$ 142	226
Other Loans [Member]
Interest income:
Total interest income			$ 2

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income		$ 717	$ 412	$ 597
Net changes in cash flow hedges, net of taxes	[1]	141	(183)	(204)
Total comprehensive income		$ 858	$ 229	$ 393
[1]	See “Note 7 – Derivative Financial Instruments.

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Open Market Repurchases [Member]	Common Stock [Member]	Treasury Stock [Member]	Treasury Stock [Member]Open Market Repurchases [Member]	Common Stock Shares Outstanding [Member]	Common Stock Shares Outstanding [Member]Open Market Repurchases [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment	Total Stockholders' Equity [Member]Open Market Repurchases [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2018	$ 3,547			$ 4	$ (2,961)				$ 3,145	$ 113	$ 3,218		$ 3,519			$ 28
Beginning Balance, Shares at Dec. 31, 2018				445,377,826	(197,940,553)		247,437,273
Comprehensive income:
Net income	597										597		597
Other comprehensive income (loss), net of tax	(204)									(204)			(204)
Total comprehensive income (loss)	393												393
Cash dividends:
Common stock	(147)										(147)		(147)
Dividend equivalent units related to employee stock-based compensation plans	(4)										(4)		(4)
Issuance of common shares	$ 28								28				28
Issuance of common shares, Shares	5,700,000			5,717,053			5,717,053
Stock-based compensation expense	$ 25								25				25
Common stock repurchased			$ (440)			$ (440)	$ (440)								$ (440)
Common stock repurchased, Shares						(34,491,342)	(34,500,000)	(34,491,342)
Shares repurchased related to employee stock-based compensation plans	$ (38)				$ (38)								(38)
Shares repurchased related to employee stock-based compensation plans, Shares	(3,200,000)				(3,226,301)		(3,226,301)
Net activity in noncontrolling interest	$ (15)															(15)
Ending Balance, Value at Dec. 31, 2019	$ 3,349	$ (620)		$ 4	$ (3,439)				3,198	(91)	3,664	$ (620)	3,336	$ (620)		13
Ending Balance, Shares at Dec. 31, 2019				451,094,879	(235,658,196)		215,436,683
Accounting Standards Update Extensible List	ASU 2016-13 [Member]
Comprehensive income:
Net income	$ 412										412		412
Other comprehensive income (loss), net of tax	(183)									(183)			(183)
Total comprehensive income (loss)	229												229
Cash dividends:
Common stock	(123)										(123)		(123)
Dividend equivalent units related to employee stock-based compensation plans	(2)										(2)		(2)
Issuance of common shares	$ 10								10				10
Issuance of common shares, Shares	2,700,000			2,684,096			2,684,096
Stock-based compensation expense	$ 18								18				18
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	$ (15)				$ (15)								(15)
Shares repurchased related to employee stock-based compensation plans, Shares	(1,200,000)				(1,189,745)		(1,189,745)
Net activity in noncontrolling interest	$ 1															1
Ending Balance, Value at Dec. 31, 2020	2,447			$ 4	$ (3,854)				3,226	(274)	3,331		2,433			14
Ending Balance, Shares at Dec. 31, 2020				453,778,975	(267,476,521)		186,302,454
Comprehensive income:
Net income	717										717		717
Other comprehensive income (loss), net of tax	141									141			141
Total comprehensive income (loss)	858												858
Cash dividends:
Common stock	(107)										(107)		(107)
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	4,900,000			4,850,409			4,850,409
Stock-based compensation expense	$ 22								22				22
Common stock repurchased			$ (600)			$ (600)	$ (600)								$ (600)
Common stock repurchased, Shares						(34,371,073)	(34,400,000)	(34,371,073)
Shares repurchased related to employee stock-based compensation plans	$ (41)				$ (41)								(41)
Shares repurchased related to employee stock-based compensation plans, Shares	(3,000,000)				(3,039,019)		(3,039,019)
Net activity in noncontrolling interest	$ (3)															(3)
Ending Balance, Value at Dec. 31, 2021	$ 2,608			$ 4	$ (4,495)				$ 3,282	$ (133)	$ 3,939		$ 2,597			$ 11
Ending Balance, Shares at Dec. 31, 2021				458,629,384	(304,886,613)		153,742,771

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends per common share	$ 0.64	$ 0.64	$ 0.64
Retained Earnings [Member]
Dividends per common share	0.64	0.64	0.64
Total Stockholders' Equity [Member]
Dividends per common share	$ 0.64	$ 0.64	$ 0.64

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 717	$ 412	$ 597
Adjustments to reconcile net income to net cash provided by operating activities:
(Gains) on sale of education loans	(78)		(16)
(Gains) losses on debt repurchases	73	6	(45)
Goodwill and acquired intangible asset impairment and amortization expense	30	22	30
Stock-based compensation expense	22	18	25
Mark-to-market (gains)/losses on derivative and hedging activities, net	(433)	340	130
Provisions for loan losses	(61)	155	258
Decrease in accrued interest receivable	47	22	78
(Decrease) in accrued interest payable	(55)	(113)	(96)
Decrease in other assets	145	177	191
Increase (decrease) in other liabilities	295	(52)	(133)
Total adjustments	(15)	575	422
Total net cash provided by operating activities	702	987	1,019
Investing activities
Education loans acquired	(6,104)	(4,641)	(5,411)
Principal payments on education loans	11,137	11,179	12,472
Proceeds from sales of education loans	1,588		408
Other investing activities, net	68	(90)	16
Purchase of subsidiary, net of cash acquired	(16)
Total net cash provided by investing activities	6,673	6,448	7,485
Financing activities
Borrowings collateralized by loans in trust - issued	7,973	7,959	7,919
Borrowings collateralized by loans in trust - repaid	(11,163)	(11,858)	(14,271)
Long-term unsecured notes issued	1,237	682
Long-term unsecured notes repaid	(2,702)	(1,832)	(1,950)
Other financing activities, net	197	(192)	(189)
Common stock repurchased	(600)	(400)	(440)
Common dividends paid	(107)	(123)	(147)
Total net cash used in financing activities	(7,334)	(7,679)	(9,985)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	41	(244)	(1,481)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	3,537	3,781	5,262
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	3,578	3,537	3,781
Cash disbursements made (refunds received) for:
Interest	1,378	2,059	3,479
Income taxes paid	190	74	93
Income taxes received	(11)		(4)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	905	1,183	1,233
Restricted cash and restricted cash equivalents	2,673	2,354	2,548
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	3,578	3,537	3,781
Non-cash activities
Investing activity - Held-to-maturity asset backed securities retained related to sales of education loans	83		22
Operating activity - Servicing assets recognized upon sales of education loans	21		3
Asset-backed Securities, Securitized Loans and Receivables [Member]
Financing activities
Asset-backed commercial paper conduits, net	$ (2,169)	$ (1,915)	$ (907)

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business	1. Navient’s Business Navient is a leading provider of education loan management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels. We help our clients and millions of Americans achieve success through technology-enabled financing, services and support. With a focus on data-driven insights, service, compliance and innovative support, Navient’s business consists of: • Federal Education Loans We own a portfolio of $52.6 billion of federally guaranteed Federal Family Education Loan Program (FFELP) Loans. We service and provide asset recovery services on this portfolio and for third parties, deploying data-driven approaches to support the success of our customers. Our flexible and scalable infrastructure manages large volumes of complex transactions, simplifying the customer experience and continually improving efficiency. • Consumer Lending We own, service and originate Private Education Loans that enable students to pursue higher education and economic opportunities. Our $20.2 billion private loan portfolio demonstrates high customer success rates. We help people simplify their finances through student loan refinancing, and we help families finance their higher education through transparent, affordable private education loans. In 2021, we originated $6.0 billion in Private Education Loans. • Business Processing Through our business processing solutions, we support more than 600 public sector and healthcare organizations, and their tens of millions of clients, patients, and constituents. Our suite of solutions and customer experience expertise enable our clients to focus on their missions and optimize their cash flow, while helping those they serve successfully navigate complex programs, transactions and decisions. For each client, we customize a blend of technologies to deliver personalized, omnichannel communication experiences; machine learning automation; root-cause business analytics; secure cloud computing; and intelligent customer relationship platforms.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	2. Use of Estimates Our financial reporting and accounting policies conform to generally accepted accounting principles in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Uncertain and volatile market and economic conditions increase the risk and complexity of the judgments in these estimates and actual results could differ from estimates. Accounting policies that include the most significant judgments, estimates and assumptions include the allowance for loan losses, goodwill and intangible asset impairment assessment and the amortization of loan premiums and discounts using the effective interest rate method. Consolidation The consolidated financial statements include the accounts of Navient Corporation 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. 2. We consolidate any VIEs where we have determined we are the primary beneficiary. A VIE is a legal entity that does not have sufficient equity at risk to finance its own operations, or whose equity holders do not have the power to direct the activities that most significantly affect the economic performance of the entity, or whose equity holders do not share proportionately in the losses or benefits of the entity. The primary beneficiary of the VIE is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As it relates to our securitizations and other secured borrowing facilities that are VIEs as of December 31, 2021 that we consolidate, we are the primary beneficiary as we are the servicer of the related education loan assets and own the Residual Interest of the securitization trusts and secured borrowing facilities. Fair Value Measurement We use estimates of fair value in applying various accounting standards for our financial statements. Fair value measurements are used in one of four ways: • In the balance sheet with changes in fair value recorded in the statement of income; • In the balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the statement of changes in stockholders’ equity; • In the balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the statement of income; and • In the notes to the financial statements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, our policy in estimating fair value is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit spreads, relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity and credit spreads. Transaction costs are not included in the determination of fair value. When possible, we seek to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. 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. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The types of financial instruments included in level 1 are highly liquid instruments with quoted prices. • Level 2 — Inputs from active markets, other than quoted prices for identical instruments, are used to determine fair value. Significant inputs are directly observable from active markets for substantially the full term of the asset or liability being valued. • Level 3 — Pricing inputs significant to the valuation are unobservable. Inputs are developed based on the best information available. However, significant judgment is required by us in developing the inputs. Loans Loans, consisting of federally insured education loans and Private Education Loans, that we have the ability and intent to hold for the foreseeable future are classified as held-for-investment and are carried at amortized cost. Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as further discussed below. Loans which are held-for-investment also have an allowance for loan loss. Any loans we have not classified as held-for-investment are classified as held-for-sale and carried at the lower of cost or fair value. Loans are classified as held-for-sale when we have the intent and ability to sell such loans. Loans which are held-for-sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. In addition, once a loan is classified as held-for-sale, any allowance for loan losses that existed immediately prior to the reclassification to held-for-sale is reversed through provision. 2. Allowance for Loan Losses On January 1, 2020, we adopted ASU No. 2016-13, “Financial Instruments — Credit Losses,” which requires measurement and recognition of an allowance for loan loss that estimates the remaining current expected credit losses (CECL) for financial assets measured at amortized cost held at the reporting date. Our prior allowance for loan loss was an incurred loss model. As a result, the new guidance resulted in an increase to our allowance for loan losses. The new standard impacts the allowance for loan losses related to our Private Education Loans and FFELP Loans. The standard was applied through a cumulative-effect adjustment to retained earnings (net of tax) as of January 1, 2020, the effective date, for the education loans on our balance sheet as of that date (except for the $70 million Purchased Credit Deteriorated (PCD) portfolio where the related $43 million allowance is recorded as an increase to the basis of the loans). Subsequently, changes in the estimated remaining current expected credit losses, including estimated losses on newly originated education loans, are recorded through provision (net income). This standard represents a significant change from prior GAAP and has resulted in material changes to the Company’s accounting for the allowance for loan losses. Related to this new standard: • We have determined that, for modeling current expected credit losses, we can reasonably estimate expected losses that incorporate current and forecasted economic conditions over a “reasonable and supportable” period. For Private Education Loans, we incorporate a reasonable and supportable forecast of various macro-economic variables over the remaining life of the loans. The development of the reasonable and supportable forecast incorporates an assumption that each macro-economic variable will revert to a long-term expectation starting in years 2-4 of the forecast and largely completing within the first five years of the forecast. For FFELP Loans, after a three-year reasonable and supportable period, there is an immediate reversion to a long-term expectation. The models used to project losses utilize key credit quality indicators of the loan portfolio and predict how those attributes are expected to perform in connection with the forecasted economic conditions. These losses are calculated on an undiscounted basis. For Private Education Loans, we utilize a transition rate model that estimates the probability of prepayment and default and apply the loss given default. For FFELP Loans, we use historical transition rates to determine prepayments and defaults. The forecasted economic conditions used in our modeling of expected losses are provided by a third party. The primary economic metrics we use in the economic forecast are unemployment, GDP, interest rates, consumer loan delinquency rates and consumer income. Several forecast scenarios are provided which represent the baseline economic expectations as well as favorable and adverse scenarios. We analyze and evaluate the alternative scenarios for reasonableness and determine the appropriate weighting of these alternative scenarios based upon the current economic conditions and our view of the likelihood and risks of the alternative scenarios. We project losses at the loan level and make estimates regarding prepayments, recoveries on defaults and reasonably expected new Troubled Debt Restructurings (TDRs). • Separately, as it relates to interest rate concessions granted as part of our Private Education Loan modification program, a discounted cash flow model is used to calculate the amount of interest forgiven for loans currently in the program. The present value of this interest rate concession is included in our allowance for loan loss. • Charge-offs include the discount or premium related to such defaulted loan. • CECL requires our expected future recoveries on charged-off loans to be presented within the allowance for loan loss whereas previously, we accounted for our receivable for partially charged-off loans as part of our Private Education Loan portfolio. This change is only a change in classification on the balance sheet and did not impact retained earnings at adoption of CECL or provision and net income post-adoption. • Once our loss model calculations are performed, we determine if qualitative adjustments are needed for factors not reflected in the quantitative model. These adjustments may include, but are not limited to, changes in lending and servicing and collection policies and practices, as well as the effect of other external factors such as the economy and changes in legal or regulatory requirements that impact the amount of future credit losses. 2. At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this remaining loan balance 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 on 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. FFELP Loans are insured as to their principal and accrued interest in the event of default subject to a Risk Sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98% reimbursement on all qualifying default claims. For loans disbursed on or after July 1, 2006, we receive 97% reimbursement. For loans disbursed prior to October 1, 1993, we receive 100% reimbursement. Upon adoption of CECL on January 1, 2020, the total allowance for loan losses increased by $802 million (excluding the impact of the balance sheet reclassifications related to the expected future recoveries and PCD portfolio discussed above). This had a corresponding reduction to equity of $620 million. (Dollars in millions) FFELP Loans Private Education Loans Total Allowance as of December 31, 2019 (prior to CECL) $ 64 $ 1,048 $ 1,112 Transition adjustments made under CECL on January 1, 2020: Current expected credit losses on non-PCD portfolio (1) 260 542 802 Current expected credit losses on PCD portfolio (2) — 43 43 Reclassification of the expected future recoveries on charged-off loans (3) — (588 ) (588 ) Net increase to allowance for loan losses under CECL 260 (3 ) 257 Allowance as of January 1, 2020 after CECL $ 324 $ 1,045 $ 1,369 (1) Recorded net of tax through retained earnings. Resulted in a $620 million reduction to equity. (2) Recorded as an increase in basis of the loans. No impact to equity. (3) Reclassification of the expected future recoveries on charged-off loans (previously referred to as the receivable for partially charged-off loans) from the Private Education Loan balance to the allowance for loan losses. No impact to equity. Allowance for Loan Losses Prior to the Adoption of CECL Private Education Loans We consider a loan to be impaired when, based on current information, a loss has been incurred and it is probable that we will not receive all contractual amounts due. When making our assessment as to whether a loan is impaired, we also take into account more than insignificant delays in payment. We generally evaluate impaired loans on an aggregate basis by grouping similar loans. Impaired loans also include those loans which are individually assessed for impairment at a loan level, such as in a troubled debt restructuring (TDR). We maintain an allowance for loan losses at an amount sufficient to absorb losses incurred in our portfolios at the reporting date based on a projection of estimated probable credit losses incurred in the portfolio. 2. Significant Accounting Policies (Continued) Our Private Education Loan portfolio contains TDR and non-TDR loans. For customers experiencing financial difficulty, certain Private Education Loans for which we have granted a forbearance of greater than three months, an interest rate reduction or an extended repayment plan are classified as TDRs. The allowance requirements are different based on these designations. In determining the allowance for loan losses on our non-TDR portfolio, we estimate the principal amount of loans that will default over the next two years (two years being the expected period between a loss event and default) and how much we expect to recover over time related to the defaulted amount. Expected defaults less our expected recoveries equal the allowance related to this portfolio. Our historical experience indicates that, on average, the time between the date that a customer experiences a default causing event (i.e., the loss trigger event) and the date that we charge off the unrecoverable portion of that loan is two years. Separately, for our TDR portfolio, we estimate an allowance amount sufficient to cover life-of-loan expected losses through an impairment calculation based on the difference between the loan’s basis and the present value of expected future cash flows (which would include life-of-loan default and recovery assumptions) discounted at the loan’s original effective interest rate. Our TDR portfolio is comprised mostly of loans with forbearance usage greater than three months and interest rate reductions. The separate allowance estimates for our TDR and non-TDR portfolios are combined into our total allowance for Private Education Loan losses. In estimating both the non-TDR and TDR allowance amounts, we start with historical experience of customer default behavior. We make judgments about which historical period to start with and then make further judgments about whether that historical experience is representative of future expectations and whether additional adjustments may be needed to those historical default rates. We also take the economic environment into consideration when calculating the allowance for loan losses. We analyze key economic statistics and the effect we expect them to have on future defaults. Key economic statistics analyzed as part of the allowance for loan losses are primarily unemployment rates. Our allowance for loan losses is estimated using an analysis of delinquent and current accounts. Our model is used to estimate the likelihood that a loan may progress through the various delinquency stages and ultimately charge off. The evaluation of the allowance for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. The estimate for the allowance for loan losses is subject to a number of assumptions. If actual future performance in delinquency, charge-offs and recoveries are significantly different than estimated, this could materially affect our estimate of the allowance for loan losses and the related provision for loan losses on our income statement. We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider credit score (FICO), loan status, loan seasoning, existence of a cosigner and school type as the key credit quality indicators because they have the most significant effect on our determination of the adequacy of our allowance for loan losses. To estimate the probable credit losses incurred in the loan portfolio at the reporting date, we use historical experience of customer payment behavior in connection with the key credit quality indicators and incorporate management expectations regarding macroeconomic and collection performance factors. Our model is based upon the most recent 12 months of actual collection experience as the starting point for the non-TDR portfolio and the most recent approximate 15 years for the TDR portfolio and applies expected macroeconomic changes and collection procedure changes to estimate expected losses caused by loss events incurred as of the balance sheet date. Our model for the non-TDR portfolio places a greater emphasis on the more recent default experience rather than the default experience for older historical periods, as we believe the more recent default experience is more indicative of the probable losses incurred in the loan portfolio today that will default over the next two years. The TDR portfolio uses a longer historical default experience since we are projecting life of loan remaining losses. Similar to estimating defaults, we use historical customer payment behavior to estimate the timing and amount of future recoveries on charged-off loans. We use judgment in determining whether historical performance is representative of what we expect to collect in the future. We then apply the default and collection rate projections to each category of loans. Once the quantitative calculation is performed, we review the adequacy of the allowance for loan losses and determine if qualitative adjustments need to be considered. Additionally, we consider changes in laws and regulations that could potentially impact the allowance for loan losses. FFELP Loans Similar to the allowance for Private Education Loan losses, the allowance for FFELP Loan losses uses historical experience of customer default behavior and a two-year 2. Investments Other investments are primarily receivables for cash collateral posted to derivative counterparties. Cash and Cash Equivalents Cash and cash equivalents can include term federal funds, Eurodollar deposits, commercial paper, asset-backed commercial paper (ABCP), CDs, treasuries and money market funds with original terms to maturity of less than three months. Restricted Cash and Investments Restricted cash primarily includes amounts held in education loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities. Securities pledged as collateral related to our derivative portfolio, where the counterparty has rights to replace the securities, are classified as restricted. When the counterparty does not have these rights, the security is recorded in investments and disclosed as pledged collateral in the notes. Additionally, certain counterparties require cash collateral pledged to us to be segregated and held in restricted cash accounts. Goodwill and Acquired Intangible Assets Acquisitions are accounted for under the acquisition method of accounting which results in the Company allocating the purchase price to the fair value of the acquired assets, liabilities and non-controlling interests, if any, with the remaining purchase price allocated to goodwill. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually as of October 1 at the reporting unit level, which is the same as or one level below a business segment. Goodwill is also tested at interim periods if an event occurs or circumstances change that would indicate the carrying amount may be impaired. We complete a goodwill impairment analysis which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50%. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit not to exceed the goodwill amount attributed to the reporting unit. Acquired intangible assets include, but are not limited to, trade names, customer and other relationships, and non-compete agreements. Acquired intangible assets with finite lives are amortized over their estimated useful lives in proportion to their estimated economic benefit. Finite-lived acquired intangible assets are reviewed for impairment using an undiscounted cash flow analysis when an event occurs or circumstances change indicating the carrying amount of a finite-lived asset or asset group may not be recoverable. If the carrying amount of the asset or asset group exceeds the undiscounted cash flows, the fair value of the asset or asset group is determined using an acceptable valuation technique. An impairment loss would be recognized if the carrying amount of the asset 2. Securitization Accounting Our securitizations use a two-step structure with a special purpose entity that legally isolates the transferred assets from us, even in the event of bankruptcy. Transactions receiving sale treatment are also structured to ensure that the holders of the beneficial interests issued are not constrained from pledging or exchanging their interests, and that we do not maintain effective control over the transferred assets. If these criteria are not met, then the transaction is accounted for as an on-balance sheet secured borrowing. In all cases, irrespective of whether they qualify as accounting sales our securitizations are legally structured to be sales of assets that isolate the transferred assets from us. If a securitization qualifies as a sale, we then assess whether we are the primary beneficiary of the securitization trust (VIE) and are required to consolidate such trust. If we are the primary beneficiary, then no gain or loss is recognized. See “Consolidation” of this Note 2 for additional information regarding the accounting rules for consolidation when we are the primary beneficiary of these trusts. Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to: • Owning equity certificates or other certificates of certain trusts and, in certain cases, securities retained for the purpose of complying with risk retention requirements under securities laws. • Lending to certain trusts, under a revolving credit, amounts necessary to cover temporary cash flow needs of the trust. These amounts are repaid to us on subordinated basis with interest at a market rate. • The servicing of the education loan assets within the securitization trusts, on both a pre- and post-default basis. • Our acting as administrator for the securitization transactions we sponsored, which includes remarketing certain bonds at future dates. • Our responsibilities relative to representation and warranty violations. • Temporarily advancing to the trust certain borrower benefits afforded the borrowers of education loans that have been securitized. These advances subsequently are returned to us in the next quarter. • Certain back-to-back derivatives entered into by us contemporaneously with the execution of derivatives by certain Private Education Loan securitization trusts. • The option held by us to buy certain delinquent loans from certain Private Education Loan securitization trusts. • The option to exercise the clean-up call and purchase the education loans from the trust when the asset balance is 10% or less of the original loan balance. • The option, on some trusts, to purchase education loans aggregating up to 10% of the trust’s initial pool balance. • The option (in certain trusts) to call rate reset notes in instances where the remarketing process has failed. The investors of the securitization trusts have no recourse to our other assets should there be a failure of the trusts to pay when due. Generally, the only arrangements under which we have to provide financial support to the trusts are representation and warranty violations requiring the buyback of loans. Under the terms of the transaction documents of certain trusts, we have, from time to time, exercised our options to purchase delinquent loans from Private Education Loan trusts, to purchase the remaining loans from trusts once the loan balance falls below 10% of the original amount, to purchase education loans up to 10% of the trust’s initial balance, or to call rate reset notes. Certain trusts maintain financial arrangements with third parties also typical of securitization transactions, such as derivative contracts (swaps). We do not record servicing assets or servicing liabilities when our securitization trusts are consolidated. As of December 31, 2021, we had $21 million of servicing assets on our balance sheet, recorded in connection with asset sales where we retained the servicing. 2. Education Loan Interest Income For loans classified as held-for-investment, we recognize education loan interest income as earned, adjusted for the amortization of premiums (which includes premiums from loan purchases and capitalized direct origination costs), discounts and Repayment Borrower Benefits. These adjustments result in income being recognized based upon the expected yield of the loan over its life after giving effect to expected prepayments. We amortize premium and discount on education loans using a Constant Prepayment Rate (CPR) which measures the rate at which loans in the portfolio pay down principal compared to their stated terms. In determining the CPR, we only consider payments made in excess of contractually required payments. This would include loan refinancing and consolidations and other early payoff activity. For Repayment Borrower Benefits, the estimates of their effect on education loan yield are based on analyses of historical payment behavior of customers who are eligible for the incentives and its effect on the ultimate qualification rate for these incentives. We regularly evaluate the assumptions used to estimate the prepayment speeds and the qualification rates used for Repayment Borrower Benefits. In instances where there are changes to the assumptions, amortization is adjusted on a cumulative basis to reflect the change since the acquisition of the loan. We do not amortize any premiums, discounts or other adjustments to the basis of education loans when they are classified as held-for-sale. Interest Expense Interest expense is based upon contractual interest rates adjusted for the amortization of debt issuance costs, premiums and discounts. Our interest expense is also adjusted for net payments/receipts related to interest rate and foreign currency swap agreements that qualify and are designated as hedges, as well as the mark-to-market impact of derivatives and debt in fair value hedge relationships. Interest expense also includes the amortization of deferred gains and losses on closed hedge transactions that qualified as hedges. Amortization of debt issuance costs, premiums, discounts and terminated hedge-basis adjustments are recognized using the effective interest rate method. Servicing Revenue We perform loan servicing functions for third parties in return for a servicing fee. Our compensation is typically based on a per-unit fee arrangement or a percentage of the loans outstanding. We recognize servicing revenues associated with these activities based upon the contractual arrangements as the services are rendered. We recognize late fees on third-party serviced loans as well as on loans in our portfolio according to the contractual provisions of the promissory notes, as well as our expectation of collectability. Asset Recovery and Business Processing Revenue We account for certain asset recovery and business processing contract revenue (herein referred to as revenue from contracts with customers) in accordance with ASC 606, “Revenue from Contracts with Customers.” (All Business Processing segment and the majority of the Federal Education Loan segment asset recovery and business processing revenue is accounted for under ASC 606.) Revenue earned by our Federal Education Loans segment is derived from asset recovery activities related to the collection of delinquent education loans on behalf of ED, Guarantor agencies and other institutions, as well as certain other Guarantor activities. Revenue earned by our Business Processing segment is derived from government services, which includes receivables management services and account processing solutions, and healthcare services, which includes revenue cycle management services. 2. Most of our revenue from contracts with customers is derived from long-term contracts, the duration of which is expected to span more than one year. These contracts are billable monthly, as services are rendered, based on a percentage of the balance collected or the transaction processed, a flat fee per transaction or a stated rate per the service performed. In accordance with ASC 606, the unit of account is a contractual performance obligation, a promise to provide a distinct good or service to a customer. The transaction price is allocated to each distinct performance obligation when or as the good or service is transferred to the customer and the obligation is satisfied. Distinct performance obligations are identified based on the services specified in the contract that are capable of being distinct such that the customer can benefit from the service on its own or together with other resources that are available from the Company or a third party, and are also distinct in the context of the contract such that the transfer of the services is separately identifiable from other services promised in the contract. Most of our contracts include integrated service offerings that include obligations that are not separately identifiable and distinct in the context of our contracts. Accordingly, our contracts generally have a single performance obligation. A limited number of full

Education Loans

Education Loans	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Education Loans	3. Education loans consist of FFELP and Private Education Loans. There are two principal categories of FFELP Loans: Stafford and FFELP Consolidation Loans. Generally, Stafford loans have repayment periods of between 5 and 10 years. FFELP Consolidation Loans have repayment periods of 12 to 30 years. FFELP Loans do not require repayment, or have modified repayment plans, while the customer is in-school and during the grace period immediately upon leaving school. The customer may also be granted a deferment or forbearance for a period of time based on need, during which time the customer is not considered to be in repayment. Interest continues to accrue on loans in the in-school, deferment and forbearance period. FFELP Loans obligate the customer to pay interest at a stated fixed rate or a variable rate reset annually (subject to a cap) on July 1 of each year depending on when the loan was originated and the loan type. FFELP Loans disbursed before April 1, 2006 earn interest at the greater of the borrower’s rate or a floating rate based on the Special Allowance Payment (SAP) formula, with the interest earned on the floating rate that exceeds the interest earned from the customer being paid directly by ED. For loans disbursed after April 1, 2006, FFELP Loans effectively only earn at the SAP rate, as the excess interest earned when the borrower rate exceeds the SAP rate (Floor Income) is required to be rebated to ED. FFELP Loans are insured as to their principal and accrued interest in the event of default subject to a Risk Sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed after October 1, 1993 and before July 1, 2006, we receive 98% reimbursement on all qualifying default claims. For loans disbursed on or after July 1, 2006, we receive 97% reimbursement. 3. Private Education Loans bear the full credit risk of the customer. Private Education Refinance Loans generally have a fixed interest rate with the non-refinance Private Education Loans generally at a variable rate indexed to LIBOR or Prime indices. The majority of non-refinance loans in our portfolio are cosigned. Similar to FFELP loans, Private Education Loans are generally non-dischargeable in bankruptcy. Most loans have repayment terms of 10 to 15 years or more, and for loans made prior to 2009, payments are typically deferred until after graduation. However, since 2009 we began to encourage interest-only or fixed payment options while the customer is enrolled in school. The estimated weighted average life of education loans in our portfolio was approximately 6 years December 31, 2021 Year Ended December 31, 2021 (Dollars in millions) Ending Balance % of Balance Average Balance Average Effective Interest Rate FFELP Stafford Loans, net $ 18,219 25 % $ 19,270 2.19 % FFELP Consolidation Loans, net 34,422 47 36,748 2.84 Private Education Loans, net 20,171 28 21,225 5.57 Total education loans, net $ 72,812 100 % $ 77,243 3.42 % December 31, 2020 Year Ended December 31, 2020 (Dollars in millions) Ending Balance % of Balance Average Balance Average Effective Interest Rate FFELP Stafford Loans, net $ 19,607 25 % $ 20,844 2.80 % FFELP Consolidation Loans, net 38,677 49 40,678 3.08 Private Education Loans, net 21,079 26 22,720 6.36 Total education loans, net $ 79,363 100 % $ 84,242 3.90 % As of December 31, 2021 and 2020, 87% and 85%, respectively, of our education loan portfolio was in repayment.

Allowance for Loan Losses

Allowance for Loan Losses	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Allowance for Loan Losses	4. Allowance for Loan Losses Metrics Year Ended December 31, 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 — 46 46 Total provision — (61 ) (61 ) Charge-offs: Net adjustment resulting from the change in the charge-off rate (2) — (16 ) (16 ) Net charge-offs remaining (3) (26 ) (153 ) (179 ) Total charge-offs (3) (26 ) (169 ) (195 ) Decrease in expected future recoveries on charged-off loans (4) — 150 150 Allowance at end of period 262 1,009 1,271 Plus: expected future recoveries on charged-off loans (4) — 329 329 Allowance at end of period excluding expected future recoveries on charged-off loans (5) $ 262 $ 1,338 $ 1,600 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 % .76 % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (2) — % .08 % Allowance coverage of charge-offs (6) 10.0 7.9 Allowance as a percentage of the ending total loan balance (6) .5 % 6.3 % Allowance as a percentage of the ending loans in repayment (6) .6 % 6.6 % Ending total loans $ 52,903 $ 21,180 Average loans in repayment $ 45,781 $ 20,150 Ending loans in repayment $ 44,390 $ 20,284 (1) In connection with the sale of approximately $1.6 billion of Private Education Loans in 2021. (2) In 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 in 2021. (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: Year Ended December 31, (Dollars in millions) 2021 Beginning of period expected recoveries $ 479 Expected future recoveries of current period defaults 22 Recoveries (87 ) Charge-offs (35 ) Reduction in expected recoveries related to regulatory settlement (5) (50 ) End of period expected recoveries $ 329 Change in balance during period $ (150 ) (5) See “Note 12 – Commitments, Contingencies and Guarantees” for further discussion. (6) 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. 4. See “Note 2 – Significant Accounting Policies” for discussion of the adoption of CECL on January 1, 2020. Year Ended December 31, 2020 (Dollars in millions) FFELP Loans Private Education Loans Total Allowance at beginning of period $ 64 $ 1,048 $ 1,112 Transition adjustment made under CECL on January 1, 2020 (1) 260 (3 ) 257 Allowance at beginning of period after transition adjustment to CECL 324 1,045 1,369 Total provision 13 142 155 Charge-offs: Net adjustment resulting from the change in the charge-off rate (2) — (23 ) (23 ) Net charge-offs remaining (3) (49 ) (184 ) (233 ) Total charge-offs (3) (49 ) (207 ) (256 ) Decrease in expected future recoveries on charged-off loans (4) — 109 109 Allowance at end of period 288 1,089 1,377 Plus: expected future recoveries on charged-off loans (4) — 479 479 Allowance at end of period excluding expected future recoveries on charged-off loans (5) $ 288 $ 1,568 $ 1,856 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) .10 % .88 % 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) 5.9 7.6 Allowance as a percentage of the ending total loan balance (5) .5 % 7.1 % Allowance as a percentage of the ending loans in repayment (5) .6 % 7.5 % Ending total loans $ 58,572 $ 22,168 Average loans in repayment $ 48,130 $ 20,790 Ending loans in repayment $ 48,057 $ 20,841 (1) For a further discussion of our adoption of CECL, see “Note 2 – Significant Accounting Policies.” ( 2 ) In 2020, the portion of the loan amount charged off at default on Private Education Loans increased from 81% to 81.4%. This charge resulted in a $23 million reduction to the balance of the receivable for partially charged-off loan balance. ( 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. Year Ended December 31, (Dollars in millions) 2020 Beginning of period expected recoveries $ 588 Expected future recoveries of current period defaults 32 Recoveries (107 ) Charge-offs (34 ) End of period expected recoveries $ 479 Change in balance during period $ (109 ) ( 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. 4. Year Ended December 31, 2019 (Dollars in millions) FFELP Loans Private Education Loans Other Loans Total Beginning balance $ 76 $ 1,201 $ 9 $ 1,286 Total provision 30 226 1 258 Charge-offs: Net adjustment resulting from the change in the charge-off rate (1) — (21 ) — (21 ) Net charge-offs remaining (2) (42 ) (364 ) (2 ) (408 ) Total charge-offs (2) (42 ) (385 ) (2 ) (429 ) Reclassification of interest reserve (3) — 7 — 7 Loan sales — (1 ) (8 ) (9 ) Ending balance $ 64 $ 1,048 $ — $ 1,112 Allowance Ending Balance: Individually evaluated for impairment — TDR $ — $ 941 $ — $ 941 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 64 107 — 171 Purchased Non-Credit Impaired Loans acquired at a discount (4) — — — — Purchased Credit Impaired Loans (4) — — — — Ending total allowance $ 64 $ 1,048 $ — $ 1,112 Loans Ending Balance: Individually evaluated for impairment — TDR $ — $ 9,617 $ — $ 9,617 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 61,589 12,286 9 73,884 Purchased Non-Credit Impaired Loans acquired at a discount (4) 2,505 1,806 — 4,311 Purchased Credit Impaired Loans (4) — 201 — 201 Ending total loans (5) $ 64,094 $ 23,910 $ 9 $ 88,013 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 % 1.67 % — % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (1) — % .10 % — % Allowance coverage of charge-offs 1.5 2.7 — Allowance as a percentage of the ending total loan balance .10 % 4.38 % — % Allowance as a percentage of the ending loans in repayment .12 % 4.74 % — % Ending total loans (5) $ 64,094 $ 23,910 $ 9 Average loans in repayment $ 55,978 $ 21,859 $ 29 Ending loans in repayment $ 53,538 $ 22,089 $ 9 (1) In 2019, the portion of the loan amount charged off at default on Private Education Loans increased from 80.5% to 81%. This charge resulted in a $21 million reduction to the balance of the receivable for partially charged-off loan balance. (2) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. For FFELP Loans, the recovery is received at the time of charge-off. (3) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. (4) The Purchased Credit Impaired Loans’ losses are not provided for by the allowance for loan losses in the above table as these loans are separately reserved for, if needed. No allowance for loan losses has been established for these loans as of December 31, 2019. The losses of the Purchased Non-Credit Impaired Loans acquired at a discount are not provided for by the allowance for loan losses in the above table as the remaining purchased discount associated with the FFELP and Private Education Loans of $33 million and $268 million, respectively, as of December 31, 2019 is greater than the incurred losses and as a result no allowance for loan losses has been established for these loans as of December 31, 2019. (5) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans. 4. 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 75% and 72% of the loans granted forbearance have qualified as a TDR loan at December 31, 2021 and 2020, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction program as of December 31, 2021 and 2020 was $831 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. Years Ended December 31, (Dollars in millions) 2021 2020 2019 Modified loans (1) $ 149 $ 264 $ 475 Charge-offs (2) $ 124 $ 157 $ 324 Payment default $ 21 $ 47 $ 109 (1) Represents period ending balance of loans that have been modified during the period and resulted in a TDR. (2) Represents loans that charged off that were classified as TDRs 4. 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 December 31, 2021 December 31, 2020 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 2,220 $ 2,791 Loans in forbearance (2) 6,292 7,725 Loans in repayment and percentage of each status: Loans current 39,679 89.4 % 43,623 90.8 % Loans delinquent 31-60 days (3) 1,696 3.8 1,374 2.9 Loans delinquent 61-90 days (3) 904 2.0 836 1.7 Loans delinquent greater than 90 days (3) 2,112 4.8 2,223 4.6 Total FFELP Loans in repayment 44,391 100 % 48,056 100 % Total FFELP Loans 52,903 58,572 FFELP Loan allowance for losses (262 ) (288 ) FFELP Loans, net $ 52,641 $ 58,284 Percentage of FFELP Loans in repayment 83.9 % 82.0 % Delinquencies as a percentage of FFELP Loans in repayment 10.6 % 9.2 % FFELP Loans in forbearance as a percentage of loans in repayment and forbearance 12.4 % 13.8 % (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) December 31, 2021 December 31, 2020 Change Stafford Loans $ 16,329 $ 17,686 $ (1,357 ) Consolidation Loans 31,873 35,968 (4,095 ) Rehab Loans 4,701 4,918 (217 ) Total loans, gross $ 52,903 $ 58,572 $ (5,669 ) 4. 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 (Dollars in millions) 2021 2020 2019 2018 2017 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 5,185 $ 1,990 $ 1,862 $ 695 $ 209 $ 9,606 $ 19,547 92 % Below 640 42 15 37 21 8 1,510 1,633 8 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % Loan Status: In-school/grace/ deferment/forbearance $ 41 $ 30 $ 34 $ 17 $ 6 $ 768 $ 896 4 % Current/90 days or less delinquent 5,184 1,973 1,860 697 211 10,062 19,987 94 Greater than 90 days delinquent 2 2 5 2 — 286 297 2 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % Seasoning (1) 1-12 payments $ 5,208 $ 161 $ 27 $ 5 $ 1 $ 133 $ 5,535 26 % 13-24 payments — 1,824 568 14 3 150 2,559 12 25-36 payments — — 1,283 165 9 248 1,705 8 37-48 payments — — — 524 61 380 965 5 More than 48 payments — — — — 141 9,914 10,055 47 Loans in-school/ grace/deferment 19 20 21 8 2 291 361 2 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % TDR Status: TDR $ 2 $ 8 $ 31 $ 28 $ 29 $ 7,158 $ 7,256 34 % Non-TDR 5,225 1,997 1,868 688 188 3,958 13,924 66 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % Cosigners: With cosigner (2) $ 17 $ 33 $ 12 $ — $ 34 $ 7,266 $ 7,362 35 % Without cosigner 5,210 1,972 1,887 716 183 3,850 13,818 65 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % School Type: Not-for-profit $ 4,918 $ 1,916 $ 1,771 $ 659 $ 208 $ 9,241 $ 18,713 88 % For-profit 309 89 128 57 9 1,875 2,467 12 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % Allowance for loan losses (1,009 ) Total loans, net $ 20,171 ( 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 65% for total loans at December 31, 2021. 4. Private Education Loan Credit Quality Indicators by Origination Year (Dollars in millions) 2020 2019 2018 2017 2016 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 4,008 $ 2,964 $ 1,079 $ 340 $ 72 $ 11,746 $ 20,209 91 % Below 640 15 34 23 9 2 1,876 1,959 9 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % Loan Status: In-school/grace/ deferment/forbearance $ 23 $ 43 $ 25 $ 10 $ 2 $ 1,224 $ 1,327 6 % Current/90 days or less delinquent 3,999 2,953 1,075 338 72 12,187 20,624 93 Greater than 90 days delinquent 1 2 2 1 — 211 217 1 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % Seasoning (1) 1-12 payments $ 4,014 $ 879 $ 7 $ 2 $ — $ 180 $ 5,082 23 % 13-24 payments — 2,098 243 7 1 234 2,583 12 25-36 payments — — 839 101 3 380 1,323 6 37-48 payments — — — 236 38 584 858 4 More than 48 payments — — — — 31 11,808 11,839 53 Loans in-school/ grace/deferment 9 21 13 3 1 436 483 2 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % TDR Status: TDR $ 1 $ 14 $ 23 $ 31 $ 11 $ 8,351 $ 8,431 38 % Non-TDR 4,022 2,984 1,079 318 63 5,271 13,737 62 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % Cosigners: With cosigner (2) $ 5 $ 13 $ 1 $ 49 $ 21 $ 8,911 $ 9,000 41 % Without cosigner 4,018 2,985 1,101 300 53 4,711 13,168 59 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % School Type: Not-for-profit $ 3,844 $ 2,801 $ 1,019 $ 333 $ 74 $ 11,255 $ 19,326 87 % For-profit 179 197 83 16 — 2,367 2,842 13 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % Allowance for loan losses (1,089 ) Total loans, net $ 21,079 (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 65% for total loans at December 31, 2020. 4. Private Education Loan Delinquencies TDRs December 31, 2021 December 31, 2020 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 194 $ 280 Loans in forbearance (2) 446 703 Loans in repayment and percentage of each status: Loans current 6,023 91.0 % 6,952 93.4 % Loans delinquent 31-60 days (3) 199 3.0 185 2.5 Loans delinquent 61-90 days (3) 120 1.8 114 1.5 Loans delinquent greater than 90 days (3) 274 4.2 197 2.6 Total TDR loans in repayment 6,616 100 % 7,448 100 % Total TDR loans 7,256 8,431 TDR loans allowance for losses (829 ) (929 ) TDR loans, net $ 6,427 $ 7,502 Percentage of TDR loans in repayment 91.2 % 88.3 % Delinquencies as a percentage of TDR loans in repayment 9.0 % 6.6 % Loans in forbearance as a percentage of TDR loans in repayment and forbearance 6.3 % 8.6 % (1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. 4. Private Education Loan Delinquencies Non-TDRs December 31, 2021 December 31, 2020 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 167 $ 203 Loans in forbearance (2) 89 141 Loans in repayment and percentage of each status: Loans current 13,611 99.6 % 13,335 99.6 % Loans delinquent 31-60 days (3) 23 .2 26 .2 Loans delinquent 61-90 days (3) 11 .1 12 .1 Loans delinquent greater than 90 days (3) 23 .1 20 .1 Total non-TDR loans in repayment 13,668 100 % 13,393 100 % Total non-TDR loans 13,924 13,737 Non-TDR loans allowance for losses (180 ) (160 ) Non-TDR loans, net $ 13,744 $ 13,577 Percentage of non-TDR loans in repayment 98.2 % 97.5 % Delinquencies as a percentage of non-TDR loans in repayment .4 % .4 % Loans in forbearance as a percentage of non-TDR loans in repayment and forbearance .6 % 1.0 % (1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due.

Business Combinations, Goodwill

Business Combinations, Goodwill and Acquired Intangible	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Business Combinations, Goodwill and Acquired Intangible	5. Goodwill The following table summarizes our goodwill for our reporting units and reportable segments. As of December 31, (Dollars in millions) 2021 2020 Federal Education Loans reportable segment: FFELP Loans $ 227 $ 227 Federal Education Loan Servicing (1) 5 13 Total 232 240 Consumer Lending reportable segment: Private Education Loans 106 106 Private Education Refinance Loans 77 77 Private Education In-School Loans (2) 14 — Total 197 183 Business Processing reportable segment: Government Services 136 136 Healthcare Services 106 106 Total 242 242 Total goodwill $ 671 $ 665 (1) We wrote off $8 million of goodwill in connection with the transfer of our ED contract to a third party in October 2021. This goodwill was allocated to the ED Servicing component of the Federal Education Loan Servicing reporting unit based on relative fair value. The $8 million was recorded as part of goodwill and acquired intangible asset impairment and amortization expense. (2) In the third quarter of 2021, we completed an acquisition for a purchase price of approximately $20 million. The preliminary purchase price allocation resulted in goodwill of $14 million. The remainder of the purchase price was primarily allocated to developed technology. Annual Goodwill Impairment Testing – October 1, 2021 We perform our goodwill impairment testing annually in the fourth quarter as of October 1. As part of the 2021 annual impairment testing for each of our reporting units with goodwill, we assessed relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of an individual reporting unit is less than it’s carrying value. We considered the amount of excess fair value for our FFELP Loans, Federal Education Loan Servicing, Private Education Legacy Loans, and Private Education Refinance Loans over their carrying values as of October 1, 2019, the last time an independent appraiser estimated the value of these reporting units, since the fair value of these reporting units was substantially in excess of their carrying amounts. The outlook and cash flows for the FFELP Loans and Private Education Legacy Loans reporting units have not changed significantly since our 2019 assessment, despite COVID-19. Likewise, the outlook and cash flows for the Federal Education Loan Servicing components remaining after removing the cash flows attributed to the ED Servicing contract have not changed significantly since 2019. For the Private Education Refinance Loans reporting unit, we considered current and expected future origination volume both of which increased since 2019 and 2020 and the improved demand for the reporting unit’s refinance loan products. We also considered Navient’s strong liquidity position, its ability to issue Private Education Loan ABS comprised entirely of the reporting unit’s refinance loans and improved cost of funds in 2021 on these issuances. No goodwill was deemed impaired for these reporting units after assessing these relevant qualitative factors. As part of our annual impairment testing associated with our Government Services and Healthcare Services reporting units, we also considered the amount of excess fair value over the carrying values of these reporting units as of October 1, 2020 when we engaged an independent appraiser to estimate the fair value of these reporting units since the fair value of these reporting units was substantially in excess of their carrying values. We also considered the financial performance for both of these reporting units in 2021 during which the Government Services and Healthcare Services reporting units significantly outperformed expectations due largely to significant contracts acquired in 2020 and 2021 to implement and administer programs under the CARES Act and perform contact tracing and vaccine administration services. The outlook and long-term cash flow projections for both of these reporting units remain favorable and have not changed significantly since our 2020 quantitative impairment assessment despite the economic impact of COVID 19. No goodwill was deemed impaired for these reporting units after assessing these relevant qualitative factors. For each of our reporting units, we have also considered the current regulatory and legislative environment, the current economic environment which is still heavily impacted by COVID-19, our 2021 earnings, 2022 expected 5. Business Combinations, Goodwill and Acquired Intangible Assets (Continued) earnings, market expectations regarding our stock price which improved significantly in 2021, and our market capitalization, which was in excess of our book equity at October 1, 2021 and remained in excess of our book equity at December 31, 2021. If the regulatory environment changes such that it negatively impacts our reporting units and future economic conditions are significantly worse than what was assumed as a part of our annual impairment testing for each of our reporting units, specifically related to the impact of COVID-19 and the inflationary environment stemming from the recovery in certain sectors, goodwill attributed to our reporting units could be impaired in future periods. Acquired Intangible Assets Acquired intangible assets include the following: As of December 31, 2021 As of December 31, 2020 (Dollars in millions) Cost Basis (2) Accumulated Impairment and Amortization (2)(3) Net Cost Basis (2) Accumulated Impairment and Amortization (2)(3) Net Customer, services and lending relationships $ 246 $ (223 ) $ 23 $ 262 $ (230 ) $ 32 Software and technology (1) 120 (105 ) 15 114 (101 ) 13 Trade names and trademarks 40 (23 ) 17 52 (27 ) 25 Total acquired intangible assets $ 406 $ (351 ) $ 55 $ 428 $ (358 ) $ 70 (1) In conjunction with the preliminary purchase price allocation associated with a third-quarter 2021 acquisition in the Consumer Lending reportable segment, we recorded $7 million of acquired intangible assets which consisted primarily of developed technology. (2) Accumulated impairment and amortization include impairment amounts only if the acquired intangible asset has been deemed partially impaired. When an acquired intangible asset is considered fully impaired and no longer in use, the cost basis and any accumulated amortization related to the asset is written off. (3) We recorded amortization of acquired intangible assets of $19 million, $21 million and $25 million in 2021, 2020 and 2019, respectively. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be $14 million, $12 million, $10 million, $7 million and $12 million in 2022, 2023, 2024, 2025 and after 2025, respectively.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Borrowings	6. Borrowings consist of secured borrowings issued through our securitization program, borrowings through secured facilities, unsecured notes issued by us, and other interest-bearing liabilities related primarily to obligations to return cash collateral held. The following table summarizes our borrowings. December 31, 2021 December 31, 2020 (Dollars in millions) Short Term Weighted Average Interest Rate (8) Long Term Weighted Average Interest Rate (8) Total Short Term Weighted Average Interest Rate (8) Long Term Weighted Average Interest Rate (8) Total Unsecured borrowings: Senior unsecured debt (1) $ — — % $ 7,014 5.83 % $ 7,014 $ 677 6.61 % $ 7,714 6.19 % $ 8,391 Total unsecured borrowings — — 7,014 5.83 7,014 677 6.61 7,714 6.19 8,391 Secured borrowings: FFELP Loan securitizations (2)(3)(4) — — 51,841 .85 51,841 — — 54,697 .89 54,697 Private Education Loan securitizations (5) 543 2.42 14,074 1.82 14,617 960 2.68 13,891 2.04 14,851 FFELP Loan ABCP facilities 282 .97 150 .97 432 2,053 1.05 479 1.13 2,532 Private Education Loan ABCP facilities 1,363 1.05 1,152 1.37 2,515 2,582 1.46 — — 2,582 Other (6) 302 .19 — — 302 337 .09 — — 337 Total secured borrowings 2,490 1.24 67,217 1.07 69,707 5,932 1.44 69,067 1.12 74,999 Total before hedge accounting adjustments (7) 2,490 1.24 74,231 1.52 76,721 6,609 1.97 76,781 1.63 83,390 Hedge accounting adjustments — — 257 (.01 ) 257 4 — 551 (.01 ) 555 Total $ 2,490 1.24 % $ 74,488 1.51 % $ 76,978 $ 6,613 1.97 % $ 77,332 1.62 % $ 83,945 (1) Includes principal amount of $0 and $678 million of short-term debt as of December 31, 2021 and 2020, respectively. Includes principal amount of $7.0 billion and $7.8 billion of long-term debt as of December 31, 2021 and 2020, respectively. (2) Includes $49 million and $157 million of long-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of December 31, 2021 and 2020, respectively. (3) Includes $2.1 billion and $3.6 billion of non-U.S. dollar-denominated debt as of December 31, 2021 and 2020, respectively, which has been hedged with swaps converting to U.S. dollars. (4) During 2021, three FFELP secured debt tranches defaulted in the amount of $416 million as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2029 and 2035. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date. ( 5 ) Includes $543 million and $960 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of December 31, 2021 and 2020, respectively. Includes $0 and $260 million of long-term debt related to the Private Education Loan Repurchase Facilities as of December 31, 2021 and 2020, respectively. ( 6 ) “Other” primarily includes the obligation to return cash collateral held related to derivative exposure. ( 7 ) Includes $55.5 billion and $60.0 billion of long-term floating rate debt as of December 31, 2021 and 2020, respectively, and $18.7 billion and $16.8 billion of long-term fixed rate debt as of December 31, 2021 and 2020, respectively. ( 8 ) Weighted average interest rate is as of end of period. 6. As of December 31, 2021, the expected maturities of our long-term borrowings are shown in the following table. Expected Maturity (Dollars in millions) Senior Unsecured Debt Secured Borrowings (1) Total (2) Year of Maturity 2022 $ — $ 6,965 $ 6,965 2023 1,312 7,747 9,059 2024 1,350 5,868 7,218 2025 551 5,476 6,027 2026 522 5,194 5,716 2027-2043 3,279 35,967 39,246 Total before hedge accounting adjustments 7,014 67,217 74,231 Hedge accounting adjustments 367 (110 ) 257 Total $ 7,381 $ 67,107 $ 74,488 (1) We view our securitization trust debt as long-term based on the contractual maturity dates which range from 2022 to 2083. However, we have projected the expected principal paydowns based on our current estimates regarding the securitized loans’ prepayment speeds for purposes of this disclosure to better reflect how we expect this debt to be paid down over time. The projected principal paydowns in year 2022 include $7.0 billion related to the securitization trust debt. (2) The aggregate principal amount of debt that matures in each period is $7.0 billion in 2022, $9.1 billion in 2023, $7.2 billion in 2024, $6.1 billion in 2025, $5.8 billion in 2026 and $39.5 billion in 2027-2043. Variable Interest Entities We consolidated the following financing VIEs as of December 31, 2021 and 2020, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. December 31, 2021 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets, Net Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 51,841 $ 51,841 $ 52,066 $ 2,073 $ 1,520 $ 55,659 Private Education Loan securitizations 543 14,074 14,617 15,506 505 150 16,161 FFELP Loan ABCP facilities 282 150 432 436 8 15 459 Private Education Loan ABCP facilities 1,363 1,152 2,515 2,641 63 32 2,736 Total before hedge accounting adjustments 2,188 67,217 69,405 70,649 2,649 1,717 75,015 Hedge accounting adjustments — (110 ) (110 ) — — (195 ) (195 ) Total $ 2,188 $ 67,107 $ 69,295 $ 70,649 $ 2,649 $ 1,522 $ 74,820 December 31, 2020 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets, Net 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 6. Secured Facilities and Unsecured Debt FFELP Loan ABCP Facilities We have various ABCP borrowing facilities that we use to finance our FFELP Loans. Liquidity is available under these secured credit facilities to the extent we have eligible collateral and available capacity. The maximum borrowing capacity under these facilities will vary and is subject to each agreement’s borrowing conditions. These include but are not limited to the facility’s size, current usage and the availability and fair value of qualifying unencumbered FFELP Loan collateral. Our borrowings under these facilities are non-recourse. The maturity dates on these facilities range from November 2022 to April 2023. The interest rate on certain facilities can increase under certain circumstances. The facilities are subject to termination under certain circumstances. As of December 31, 2021, there was approximately $0.4 billion outstanding under these facilities, with approximately $0.5 billion of assets securing these facilities. As of December 31, 2021, the maximum unused capacity under these facilities was $0.5 billion and we had $0.1 billion of unencumbered FFELP Loans. FFELP Loan Repurchase Facilities In 2018, we closed a $0.9 billion FFELP Loan Repurchase Facility that provides liquidity for the acquisition of certain Navient-sponsored auction rate securities. Borrowings under the facility are secured by the auction rate securities. The lenders also have unsecured recourse to Navient Corporation as Guarantor for any shortfall in amounts payable. Because the facility is secured by Navient-sponsored instruments issued in previous securitizations, we show the debt as part of FFELP Loan securitizations in the various borrowing tables above. As of December 31, 2021, there was approximately $49 million outstanding under this facility. Private Education Loan ABCP Facilities We have various ABCP borrowing facilities that we use to finance our Private Education Loans. Liquidity is available under these secured credit facilities to the extent we have eligible collateral and available capacity. The maximum borrowing capacity under these facilities will vary and is subject to each agreement’s borrowing conditions. These include but are not limited to the facility’s size, current usage and the availability and fair value of qualifying unencumbered Private Education Loan collateral. Our borrowings under these facilities are non-recourse. The maturity dates on these facilities range from June 2022 to June 2023. The interest rate on certain facilities can increase under certain circumstances. The facilities are subject to termination under certain circumstances. As of December 31, 2021, there was approximately $2.5 billion outstanding under these facilities, with approximately $2.7 billion of assets securing these facilities. As of December 31, 2021, the maximum unused capacity under these facilities was $2.2 billion and we had $2.0 billion of unencumbered Private Education Loans. Private Education Loan Repurchase Facilities These repurchase facilities are collateralized by the net assets in previously issued Private Education Loan ABS trusts. The lenders also have unsecured recourse to Navient Corporation as Guarantor for any shortfall in amounts payable. Because these facilities are secured by the Residual Interests in previous securitizations, we show the debt as part of Private Education Loan securitizations in the various borrowing tables above. As of December 31, 2021, there was approximately $0.5 billion outstanding under these facilities. Senior Unsecured Debt We issued $1.3 billion, $700 million and $0 of unsecured debt in 2021, 2020 and 2019, respectively. Debt Repurchases The following table summarizes activity related to our senior unsecured debt repurchases. Years Ended December 31, (Dollars in millions) 2021 2020 2019 Debt principal repurchased $ 2,577 $ 768 $ 1,184 Gains (losses) on debt repurchases $ (73 ) $ (6 ) $ 45

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	7. Risk Management Strategy We maintain an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize the economic effect of interest rate changes. Our goal is to manage interest rate sensitivity by modifying the repricing frequency and underlying index characteristics of certain balance sheet assets and liabilities so the net interest margin is not, on a material basis, adversely affected by movements in interest rates. We do not use derivative instruments to hedge credit risk. As a result of interest rate fluctuations, hedged assets and liabilities will appreciate or depreciate in market value. Income or loss on the derivative instruments that are linked to the hedged assets and liabilities will generally offset the effect of this unrealized appreciation or depreciation for the period the item is being hedged. We view this strategy as a prudent management of interest rate sensitivity. In addition, we utilize derivative contracts to minimize the economic impact of changes in foreign currency exchange rates on certain debt obligations that are denominated in foreign currencies. As foreign currency exchange rates fluctuate, these liabilities will appreciate and depreciate in value. These fluctuations, to the extent the hedge relationship is effective, are offset by changes in the value of the cross-currency interest rate swaps executed to hedge these instruments. Management believes certain derivative transactions entered into as hedges, primarily Floor Income Contracts, basis swaps and, at times, certain other LIBOR swaps, are economically effective; however, those transactions do not qualify for hedge accounting under GAAP and thus may adversely impact earnings. Although we use derivatives to minimize the risk of interest rate and foreign currency changes, the use of derivatives does expose us to both market and credit risk. Market risk is the chance of financial loss resulting from changes in interest rates, foreign exchange rates and market liquidity. Credit risk is the risk that a counterparty will not perform its obligations under a contract and it is limited to the loss of the fair value gain in a derivative that the counterparty owes us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, have no credit risk exposure to the counterparty; however, the counterparty has exposure to us. We minimize the credit risk in derivative instruments by entering into transactions with highly rated counterparties that are reviewed regularly by our Credit Department. We also maintain a policy of requiring that all derivative contracts be governed by an International Swaps and Derivative Association Master Agreement. Depending on the nature of the derivative transaction, bilateral collateral arrangements related to Navient Corporation contracts generally are required as well. When we have more than one outstanding derivative transaction with the counterparty, and there exists legally enforceable netting provisions with the counterparty (i.e., a legal right to offset receivable and payable derivative contracts), the “net” mark-to-market exposure, less collateral the counterparty has posted to us, represents exposure with the counterparty. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At December 31, 2021 and 2020, we had a net positive exposure (derivative gain positions to us less collateral which has been posted by counterparties to us) related to Navient Corporation derivatives of $9 million and $13 million, respectively. 7. Our on-balance sheet securitization trusts have $2.1 billion of Euro denominated bonds outstanding as of December 31, 2021. To convert these non-US dollar denominated bonds into US dollar liabilities, the trusts have entered into foreign-currency swaps with highly-rated counterparties. In addition, the trusts have entered into $1.1 billion notional of interest rate swaps which are primarily used to convert Prime received on securitized education loans to LIBOR paid on the bonds. Our securitization trusts with swaps have ISDA documentation with protections against counterparty risk. The collateral calculations contemplated in the ISDA documentation of our securitization trusts require collateral based on the fair value of the derivative which may be adjusted for additional collateral based on rating agency criteria requirements considered within the collateral agreement. The trusts are not required to post collateral to the counterparties. At December 31, 2021 and 2020, the net positive exposure on swaps in securitization trusts was $0 and $28 million, respectively. The table below highlights credit exposure related to our derivative counterparties at December 31, 2021. (Dollars in millions) Corporate Contracts Securitization Trust Contracts Exposure, net of collateral $ 9 $ — 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 — % — % 7. Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments and their impact on net income and other comprehensive income. Impact of Derivatives on Balance Sheet Cash Flow Fair Value (3) Trading Total (Dollars in millions) Hedged Risk Exposure Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 222 $ 323 $ 2 $ 6 $ 224 $ 329 Cross-currency interest rate swaps Foreign currency and interest rate — — — 28 — — — 28 Total derivative assets (2) — — 222 351 2 6 224 357 Derivative Liabilities: Interest rate swaps Interest rate — — — — (5 ) (14 ) (5 ) (14 ) Floor Income Contracts Interest rate — — — — (65 ) (197 ) (65 ) (197 ) Cross-currency interest rate swaps Foreign currency and interest rate — — (190 ) (322 ) — — (190 ) (322 ) Total derivative liabilities (2) — — (190 ) (322 ) (70 ) (211 ) (260 ) (533 ) Net total derivatives $ — $ — $ 32 $ 29 $ (68 ) $ (205 ) $ (36 ) $ (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) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Gross position $ 224 $ 357 $ (260 ) $ (533 ) Impact of master netting agreements (6 ) (50 ) 6 50 Derivative values with impact of master netting agreements (as carried on balance sheet) 218 307 (254 ) (483 ) Cash collateral (held) pledged (244 ) (336 ) 147 234 Net position $ (26 ) $ (29 ) $ (107 ) $ (249 ) ( 3 ) As of December 31, 2021 As of December 31, 2020 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ — $ — $ 631 $ 4 Long-term borrowings $ 8,503 $ 252 $ 11,017 $ 541 7. 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 December 31, 2021 and December 31, 2020 by $8 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 December 31, 2021 and December 31, 2020 by $2 million and $5 million, respectively. Cash Flow Fair Value Trading Total (Dollars in billions) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Notional Values: Interest rate swaps $ 12.1 $ 16.7 $ 6.2 $ 7.5 $ 28.4 $ 26.8 $ 46.7 $ 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 $ 12.1 $ 16.7 $ 8.3 $ 11.2 $ 40.9 $ 43.8 $ 61.3 $ 71.7 Mark-to-Market Total Gains (Losses) Years Ended December 31, (Dollars in millions) 2021 2020 2019 Fair Value Hedges (2) Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ (310 ) $ 301 $ 281 Gains (losses) recognized in net income on hedged items 349 (327 ) (299 ) Net fair value hedge ineffectiveness gains (losses) 39 (26 ) (18 ) Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives 104 281 57 Gains (losses) recognized in net income on hedged items (55 ) (272 ) (18 ) Net fair value hedge ineffectiveness gains (losses) 49 9 39 Total fair value hedges (1)(2) 88 (17 ) 21 Cash Flow Hedges: Total cash flow hedges (2) — — — Trading Interest rate swaps 30 (47 ) 44 Floor Income Contracts 34 (209 ) (22 ) Cross currency interest rate swaps — — (2 ) Other — — 2 Total trading derivatives (3) 64 (256 ) 22 Mark-to-market gains (losses) recognized $ 152 $ (273 ) $ 43 (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. 7. Impact of Derivatives on Other Comprehensive Income (Equity) Years Ended December 31, (Dollars in millions) 2021 2020 2019 Total gains (losses) on cash flow hedges $ 55 $ (233 ) $ (165 ) Reclassification adjustments for derivative (gains) losses included in net income (interest expense) (1) 86 50 (39 ) Net changes in cash flow hedges, net of tax $ 141 $ (183 ) $ (204 ) (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) December 31, 2021 December 31, 2020 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 244 $ 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) 1 78 Total collateral held $ 245 $ 414 Derivative asset at fair value including accrued interest $ 242 $ 351 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 147 $ 234 Total collateral pledged $ 147 $ 234 Derivative liability at fair value including accrued interest and premium receivable $ 271 $ 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 $72 million with our counterparties. Downgrades in our unsecured credit rating would not result in any additional collateral requirements. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Assets	8. The following table provides the detail of our other assets. (Dollars in millions) December 31, 2021 December 31, 2020 Accrued interest receivable $ 1,881 $ 1,933 Benefit and insurance-related investments 462 469 Income tax asset, net 369 454 Derivatives at fair value 218 307 Accounts receivable 159 118 Fixed assets 95 116 Other 39 95 Total $ 3,223 $ 3,492

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	9. Common Stock Our shareholders have authorized the issuance of 1.125 billion shares of common stock. The par value of Navient common stock is $0.01 per share. At December 31, 2021, 154 million shares were issued and outstanding and 21 million shares were unissued but encumbered for outstanding stock options, restricted stock units, performance stock units and dividend equivalent units for employee compensation and remaining authority for stock-based compensation plans. 9. Dividend and Share Repurchase Program The following table summarizes our common share repurchases, issuances and dividends paid. Years Ended December 31, (Dollars and shares in millions, except per share amounts) 2021 2020 2019 Common stock repurchased (1) 34.4 30.6 34.5 Common stock repurchased (in dollars) (1) $ 600 $ 400 $ 440 Average purchase price per share (1) $ 17.46 $ 13.06 $ 12.76 Remaining common stock repurchase authority (1) $ 1,000 $ 600 $ 1,000 Shares repurchased related to employee stock-based compensation plans (2) 3.0 1.2 3.2 Average purchase price per share (2) $ 13.65 $ 12.86 $ 11.62 Common shares issued (3) 4.9 2.7 5.7 Dividends paid $ 107 $ 123 $ 147 Dividends per share $ .64 $ .64 $ .64 (1) Common shares purchased under our share repurchase program. Our board of directors authorized a $1 billion share repurchase program in October 2019 which was fully utilized in 2021, and in December 2021 an additional $1 billion multi-year program was approved . (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 December 31, 2021 was $21.22. Rights Offering On December 20, 2021, the Board of Directors declared a dividend of one preferred share purchase right (a Right) for each outstanding share of common stock of the Company, par value $0.01 per share, and adopted a shareholder rights plan dated as of December 20, 2021 (the Rights Agreement). The dividend was paid on December 30, 2021. Each Right allows its holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock (a Preferred Share) for $100 (the Exercise Price), once the Rights become exercisable. The Rights will be exercisable only if a person or group acquires beneficial ownership of 20% or more of Navient common stock (including certain derivative positions), subject to certain exceptions. The Rights will expire on December 19, 2022. In connection with the adoption of the Rights Agreement, the Board of Directors approved the Certificate of Designations establishing the Preferred Shares and the rights, preferences and privileges thereof. The Company has authorized 2,000,000 of the Preferred Shares, par value $0.20. Such number of shares may be increased or decreased by resolution of the Board of Directors subject to certain limitations set forth in the Certificate of Designations. For additional information on the Rights Agreement and Certificate of Delegations, please refer to Exhibits 3.3 and 4.16 of this Form 10-K incorporated herein by reference.

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) per Common Share	10. 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. Years Ended December 31, (In millions, except per share data) 2021 2020 2019 Numerator: Net income $ 717 $ 412 $ 597 Denominator: Weighted average shares used to compute basic EPS 170 193 230 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 2 3 Dilutive potential common shares (2) 2 2 3 Weighted average shares used to compute diluted EPS 172 195 233 Basic earnings per common share $ 4.23 $ 2.14 $ 2.59 Diluted earnings per common share $ 4.18 $ 2.12 $ 2.56 (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 years ended December 31, 2021, 2020 and 2019, stock options covering approximately 0 million, 2 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	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. We use estimates of fair value in applying various accounting standards in our financial statements. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. The fair value of the items discussed below are separately disclosed in this footnote. During 2021, there were no significant transfers of financial instruments between levels, or changes in our methodology used to value our financial instruments. Education Loans Our FFELP Loans and Private Education Loans are accounted for at cost or at the lower of cost or market if the loan is held-for-sale. Fair values are determined by modeling loan cash flows using stated terms of the assets using mostly internally developed assumptions that are validated against market transactions when available. FFELP Loans The significant assumptions used to determine fair value of our FFELP Loans are prepayment speeds, default rates, cost of funds, discount rate, capital levels and expected Repayment Borrower Benefits to be earned. In addition, the Floor Income component of our FFELP Loan portfolio is valued with option models using both observable market inputs and internally developed inputs. A number of significant inputs into the models are internally derived and not observable in active markets. While the resulting fair value can be validated against market transactions where we are a participant, these markets are not considered active. As such, these are level 3 valuations. Private Education Loans The significant assumptions used to determine fair value of our Private Education Loans are prepayment speeds, default rates, recovery rates, cost of funds, discount rate and capital levels. A number of significant inputs into the models are internally derived and not observable in active markets. While the resulting fair value can be validated against market transactions where we are a participant, these markets are not considered active. As such, these are level 3 valuations. Cash and Investments (Including “Restricted Cash”) Cash and cash equivalents are carried at cost. Carrying value approximates fair value. The fair value of investments in commercial paper, ABCP, or demand deposits that have a remaining term of less than 90 days when purchased are estimated to equal their cost and, when needed, adjustments for liquidity and credit spreads are made depending on market conditions and counterparty credit risks. No additional adjustments were deemed necessary. These investments are level 2 valuations. Borrowings Borrowings are accounted for at cost in the financial statements except when denominated in a foreign currency or when designated as the hedged item in a fair value hedge relationship. When the hedged risk is the benchmark interest rate (which for us is LIBOR) and not full fair value, the cost basis is adjusted for changes in value due to benchmark interest rates only. Foreign currency-denominated borrowings are re-measured at current spot rates in the financial statements. Fair value was determined through standard bond pricing models and option models (when applicable) using the stated terms of the borrowings, observable yield curves, foreign currency exchange rates, volatilities from active markets or from quotes from broker-dealers. Fair value adjustments for unsecured corporate debt are made based on indicative quotes from observable trades and spreads on credit default swaps specific to the Company. Fair value adjustments for secured borrowings are based on indicative quotes from broker-dealers. These adjustments for both secured and unsecured borrowings are material to the overall valuation of these items and, currently, are based on inputs from inactive markets. As such, these are level 3 valuations. 1 1 . Fair Value Measurements (Continued) Derivative Financial Instruments All derivatives are accounted for at fair value in the financial statements. The fair value of a majority of derivative financial instruments was determined by standard derivative pricing and option models using the stated terms of the contracts and observable market inputs and are therefore classified as level 2 fair values. In some cases, we utilized internally developed inputs that are not observable in the market, and as such, classified these instruments as level 3 fair values. Complex structured derivatives or derivatives that trade in less liquid markets require significant estimates and judgment in determining fair value that cannot be corroborated with market transactions. When determining the fair value of derivatives, we take into account counterparty credit risk for positions where there is exposure to the counterparty on a net basis by assessing exposure net of collateral held. See “Note 7 – Derivative Financial Instruments” for further discussion on methodology. The net credit risk adjustment (adjustments for our exposure to counterparties net of adjustments for the counterparties’ exposure to us) decreased the valuations at December 31, 2021 by $8 million. Inputs specific to each class of derivatives disclosed in the table below are as follows: • Interest rate swaps — Fair value is determined using standard derivative cash flow models. Derivatives that swap fixed interest payments for LIBOR interest payments (or vice versa) and derivatives swapping quarterly reset LIBOR for daily reset LIBOR or one-month LIBOR were valued using the LIBOR swap yield curve which is an observable input from an active market. These derivatives are level 2 fair value estimates in the hierarchy. Other derivatives swapping LIBOR interest payments for another variable interest payment (primarily Prime) are valued using the LIBOR swap yield curve and observable market spreads for the specified index. The markets for these swaps are generally illiquid as indicated by a wide bid/ask spread. The adjustment made for liquidity decreased the valuations by $2 million at December 31, 2021. These derivatives are level 3 fair value estimates. • Cross-currency interest rate swaps — Fair value is determined using standard derivative cash flow models. Derivatives hedging foreign-denominated bonds are valued using the LIBOR swap yield curve (for both USD and the foreign-denominated currency), cross-currency basis spreads and forward foreign currency exchange rates. These inputs are observable inputs from active markets. Therefore, the resulting valuation is a level 2 fair value estimate. Amortizing notional derivatives (derivatives whose notional amounts change based on changes in the balance of, or pool of, assets or debt) hedging trust debt use internally derived assumptions for the trust assets’ prepayment speeds and default rates to model the notional amortization. Management makes assumptions concerning the extension features of derivatives hedging rate-reset notes denominated in a foreign currency. These inputs are not market observable; therefore, these derivatives are level 3 fair value estimates. • Floor Income Contracts — Derivatives are valued using an option pricing model. Inputs to the model include the LIBOR swap yield curve and LIBOR interest rate volatilities. The inputs are observable inputs in active markets and these derivatives are level 2 fair value estimates. The carrying value of borrowings designated as the hedged item in a fair value hedge is adjusted for changes in fair value due to benchmark interest rates and foreign-currency exchange rates. These valuations are determined through standard bond pricing models and option models (when applicable) using the stated terms of the borrowings, and observable yield curves, foreign currency exchange rates and volatilities. 11. The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During 2021 and 2020, there were no significant transfers of financial instruments between levels. Fair Value Measurements on a Recurring Basis December 31, 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 — 223 1 224 — 323 6 329 Cross-currency interest rate swaps — — — — — — 28 28 Total derivative assets (2) — 223 1 224 — 323 34 357 Total $ — $ 223 $ 1 $ 224 $ — $ 323 $ 34 $ 357 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ (5 ) $ (5 ) $ — $ — $ (14 ) $ (14 ) Floor Income Contracts — (65 ) — (65 ) — (197 ) — (197 ) Cross-currency interest rate swaps — — (190 ) (190 ) — — (322 ) (322 ) Total derivative liabilities (2) — (65 ) (195 ) (260 ) — (197 ) (336 ) (533 ) Total $ — $ (65 ) $ (195 ) $ (260 ) $ — $ (197 ) $ (336 ) $ (533 ) (1) Fair value of derivative instruments excludes accrued interest and the value of collateral. (2) See “Note 7 — 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. 11. 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. Year Ended December 31, 2021 Derivative Instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (8 ) $ (294 ) $ — $ (302 ) Total gains/(losses): Included in earnings (1) 3 81 — 84 Included in other comprehensive income — — — — Settlements 1 23 — 24 Transfers in and/or out of level 3 — — — — Balance, end of period $ (4 ) $ (190 ) $ — $ (194 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 3 $ (157 ) $ — $ (154 ) Year Ended December 31, 2020 Derivative Instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (17 ) $ (575 ) $ (1 ) $ (593 ) Total gains/(losses): Included in earnings (1) 8 231 — 239 Included in other comprehensive income — — — — Settlements 1 50 1 52 Transfers in and/or out of level 3 — — — — Balance, end of period $ (8 ) $ (294 ) $ — $ (302 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 5 $ 273 $ 1 $ 279 Year Ended December 31, 2019 Derivative Instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (27 ) $ (633 ) $ (4 ) $ (664 ) Total gains/(losses): Included in earnings (1) 8 (60 ) 2 (50 ) Included in other comprehensive income — — — — Settlements 2 118 1 121 Transfers in and/or out of level 3 — — — — Balance, end of period $ (17 ) $ (575 ) $ (1 ) $ (593 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 9 $ 58 $ 3 $ 70 (1) “Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income: Years Ended December 31, (Dollars in millions) 2021 2020 2019 Gains (losses) on derivative and hedging activities, net $ 3 $ 8 $ 10 Interest expense 81 231 (60 ) Total $ 84 $ 239 $ (50 ) (2) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. 11. 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 December 31, 2021 Valuation Technique Input Range and Weighted Average Derivatives Prime/LIBOR basis swaps $ (4 ) Discounted cash flow Constant Prepayment Rate 9% Bid/ask adjustment to discount rate .08% Cross-currency interest rate swaps (190 ) Discounted cash flow Constant Prepayment Rate 5% Other — Total $ (194 ) The significant inputs that are unobservable or from inactive markets related to our level 3 derivatives detailed in the table above would be expected to have the following impacts to the valuations: • Prime/LIBOR basis swaps — These swaps do not actively trade in the markets as indicated by a wide bid/ask spread. A wider bid/ask spread will result in a decrease in the overall valuation. In addition, the unobservable inputs include Constant Prepayment Rates of the underlying securitization trust the swap references. A decrease in this input will result in a longer weighted average life of the swap which will increase the value for swaps in a gain position and decrease the value for swaps in a loss position, everything else equal. The opposite is true for an increase in the input. • Cross-currency interest rate swaps — The unobservable inputs used in these valuations are Constant Prepayment Rates of the underlying securitization trust the swap references. A decrease in this input will result in a longer weighted average life of the swap. All else equal in a typical currency market, this will result in a decrease to the valuation due to the delay in the cash flows of the currency exchanges as well as diminished liquidity in the forward exchange markets as you increase the term. The opposite is true for an increase in the input. The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. December 31, 2021 December 31, 2020 (Dollars in millions) Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets FFELP Loans $ 53,632 $ 52,641 $ 991 $ 59,117 $ 58,284 $ 833 Private Education Loans 21,140 20,171 969 22,462 21,079 1,383 Cash and investments 3,845 3,845 — 3,822 3,822 — Total earning assets 78,617 76,657 1,960 85,401 83,185 2,216 Interest-bearing liabilities Short-term borrowings 2,492 2,490 (2 ) 6,626 6,613 (13 ) Long-term borrowings 74,548 74,488 (60 ) 76,719 77,332 613 Total interest-bearing liabilities 77,040 76,978 (62 ) 83,345 83,945 600 Derivative financial instruments Floor Income Contracts (65 ) (65 ) — (197 ) (197 ) — Interest rate swaps 219 219 — 315 315 — Cross-currency interest rate swaps (190 ) (190 ) — (294 ) (294 ) — Other — — — — — — Excess of net asset fair value over carrying value $ 1,898 $ 2,816

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	12. 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), in adversarial proceedings under the U.S. Bankruptcy Code, and various state consumer protection laws. At this point in time, the Company is unable to anticipate the timing of a resolution or the impact that these legal proceedings may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with these matters and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company. 12. 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 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. In January 2022, we As the Company has previously stated, we believe the allegations in the CFPB suit are false and that they improperly seek to impose penalties on Navient based on new, previously unannounced servicing standards applied retroactively against only one servicer. We therefore have denied these allegations and are vigorously defending against the allegations in that case. At this point in time, it is reasonably possible that a loss contingency exists; however, the Company is unable to anticipate the timing of a resolution or the impact that an adverse ruling in the CFPB case may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with this matter and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company. 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 December 31, 2021. 12. 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	13. Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow: Years Ended December 31, 2021 2020 2019 Statutory rate 21.0 % 21.0 % 21.0 % Non-deductible regulatory-related expenses (1) 1.4 — — State tax, net of federal benefit 1.2 1.6 1.4 Other, net (.2 ) — (.5 ) Effective tax rate 23.4 % 22.6 % 21.9 % (1) Regulatory expenses for 2021 include $205 million related to the resolution of State Attorneys General litigation and investigations, of which approximately $50.7 million is non-deductible for income tax purposes. See “Note 12 – Commitments, Contingencies and Guarantees” for further discussion. Income tax expense consists of: December 31, (Dollars in millions) 2021 2020 2019 Current provision/(benefit): Federal $ 147 $ 98 $ 78 State 19 14 11 Foreign — (1 ) — Total current provision/(benefit) 166 111 89 Deferred provision/(benefit): Federal 56 12 73 State (3 ) (3 ) 3 Foreign — — 1 Total deferred provision/(benefit) 53 9 77 Provision for income tax expense/(benefit) $ 219 $ 120 $ 166 13. The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following: December 31, (Dollars in millions) 2021 2020 Deferred tax assets: Loan reserves $ 381 $ 414 Market value adjustments on education loans, investments and derivatives — 64 Education loan premiums and discounts, net 40 41 Operating loss and credit carryovers 12 14 Accrued expenses not currently deductible 49 22 Stock-based compensation plans 5 6 Other 23 22 Total deferred tax assets 510 583 Deferred tax liabilities: Acquired intangible assets 18 16 Market value adjustments on education loans, investments and derivatives 30 — Original issue discount on borrowings 12 11 Other 8 16 Total deferred tax liabilities 68 43 Net deferred tax assets $ 442 $ 540 Included in operating loss and credit carryovers is a valuation allowance of $69 million and $64 million as of December 31, 2021 and 2020, respectively, against a portion of the Company’s federal and state deferred tax assets. The valuation allowance is primarily attributable to deferred tax assets for federal and state net operating loss carryovers and state IRC § 163(j) disallowed interest expense carryovers that management believes it is more likely than not will expire prior to being realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income of the appropriate character (i.e. capital or ordinary) during the period in which the temporary differences become deductible. Factors generally considered by management include (but are not limited to): any changes in economic conditions, the scheduled reversals of deferred tax liabilities, and the history of positive taxable income available for net operating loss carrybacks in evaluating the realizability of the deferred tax assets. The operating loss and credit carryovers consist of: December 31, 2021 (Dollars in millions) Gross Tax-Effected Expiration Corresponding Valuation Allowance (1) Operating Loss and Credit Carryovers Federal operating loss carryovers $ 47 $ 10 Begins in 2032 $ 1 $ 9 State operating loss carryovers 511 35 Begins in 2021 32 3 State IRC § 163(j) disallowed interest expense carryovers 2,239 36 Indefinite 36 — $ 81 $ 69 $ 12 (1) The valuation allowance attributable to deferred tax assets for federal and state net operating loss carryovers, and state IRC § 163(j) disallowed interest expense carryovers, are amounts that management believes more likely than not will expire prior to being realized. 13. Accounting for Uncertainty in Income Taxes The following table summarizes changes in unrecognized tax benefits: December 31, (Dollars in millions) 2021 2020 2019 Unrecognized tax benefits at beginning of year $ 57.9 $ 53.6 $ 65.7 Increases resulting from tax positions taken during a prior period 6.4 7.6 4.0 Decreases resulting from tax positions taken during a prior period (4.2 ) — (3.8 ) Increases resulting from tax positions taken during the current period 6.4 3.5 1.9 Decreases related to settlements with taxing authorities (.3 ) (.2 ) (11.1 ) Increases related to settlements with taxing authorities — — — Reductions related to the lapse of statute of limitations (7.4 ) (6.6 ) (3.1 ) Unrecognized tax benefits at end of year (1) $ 58.8 $ 57.9 $ 53.6 (1) Included in the $58.8 million of gross unrecognized tax benefits at December 31, 2021 are $46.5 million of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate. The Company or one of its subsidiaries files income tax returns at the U.S. federal level, in most U.S. states, and various foreign jurisdictions. All periods prior to 2018 are closed for federal examinations purposes. Various combinations of subsidiaries, tax years, and jurisdictions remain open for review, subject to statute of limitations periods (typically 3 to 4 prior years). We do not expect the resolution of open audits to have a material impact on our unrecognized tax benefits.

Revenue from Contracts with Cus

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606	12 Months Ended
	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers Accounted for in Accordance with ASC 606	14. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 The following tables illustrate the disaggregation of revenue from contracts accounted for under ASC 606 with customers according to service type and client type by reportable operating segment. Revenue by Service Type Years Ended December 31, 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 $ 19 $ — $ 19 $ 84 $ — $ 84 Government services — 257 257 — 191 191 Healthcare services — 231 231 — 113 113 Total $ 19 $ 488 $ 507 $ 84 $ 304 $ 388 Revenue by Client Type Years Ended December 31, 2021 2020 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ 1 $ 20 $ 21 $ 44 $ 18 $ 62 Guarantor agencies 18 — 18 38 — 38 Other institutions — — — 2 — 2 State and local government — 183 183 — 122 122 Tolling authorities — 54 54 — 51 51 Hospitals and other healthcare providers — 231 231 — 113 113 Total $ 19 $ 488 $ 507 $ 84 $ 304 $ 388 As of December 31, 2021 and 2020, there was $82 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	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	15. 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 FFELP Loans owned by other institutions. Our servicing quality, data-driven strategies and omnichannel education about federal repayment options translate into positive results for the millions of borrowers we serve. We generate revenue primarily through net interest income on 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. December 31, (Dollars in millions) 2021 2020 FFELP Loans, net $ 52,641 $ 58,284 Cash and investments (1) 2,071 1,685 Other 2,183 2,241 Total assets $ 56,895 $ 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 growth 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. December 31, Dollars in millions) 2021 2020 Private Education Loans, net $ 20,171 $ 21,079 Cash and investments (1) 824 828 Other 815 964 Total assets $ 21,810 $ 22,871 (1) Includes restricted cash and investments. 15. Business Processing Segment In this segment, Navient performs business processing services for over 600 government and healthcare clients. • Government services : We provide state governments, agencies, court systems, municipalities, and parking and tolling authorities with leveraging our scale, integrated technology solutions, decades of differentiated customer experience expertise and evidence-based approach. Our support enables our clients to better serve their constituents, meet rapidly changing needs, improve technology, reduce operating expenses, manage risk and optimize 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 public health departments. At December 31, 2021 and 2020, the Business Processing segment had total assets of $397 million and $425 million, respectively. Other Segment This segment consists of our corporate liquidity portfolio, gains and losses incurred on the repurchase of debt, unallocated expenses of shared services (which includes regulatory expenses) and restructuring/other reorganization expenses. Unallocated shared services expenses are comprised of costs primarily related to information technology costs related to infrastructure and operations, stock-based compensation expense, accounting, finance, legal, compliance and risk management, regulatory-related expenses, human resources, certain executive management and the board of directors. Regulatory-related expenses include actual settlement amounts as well as third-party professional fees we incur in connection with such regulatory matters and are presented net of any insurance reimbursements for covered costs related to such matters. At December 31, 2021 and 2020, the Other segment had total assets of $1.5 billion and $1.9 billion, respectively. 15. 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. 15. Segment Results and Reconciliations to GAAP Year Ended December 31, 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 $ 1,405 $ 1,181 $ — $ — $ 2,586 $ 98 $ (39 ) $ 59 $ 2,645 Cash and investments — 2 — 1 3 — — — 3 Total interest income 1,405 1,183 — 1 2,589 98 (39 ) 59 2,648 Total interest expense 830 541 — 70 1,441 (8 ) (117 ) (125 ) 1,316 Net interest income (loss) 575 642 — (69 ) 1,148 106 78 184 1,332 Less: provisions for loan losses — (61 ) — — (61 ) — — — (61 ) Net interest income (loss) after provisions for loan losses 575 703 — (69 ) 1,209 106 78 184 1,393 Other income (loss): — Servicing revenue 162 6 — — 168 — — — 168 Asset recovery and business processing revenue 51 — 488 — 539 — — — 539 Other income (loss) 25 — — 5 30 (93 ) 157 64 94 Gains on sales of loans — 91 — — 91 (13 ) — (13 ) 78 Losses on debt repurchases — — — (73 ) (73 ) — — — (73 ) Total other income (loss) 238 97 488 (68 ) 755 (106 ) 157 51 806 Expenses: — Direct operating expenses 223 162 360 — 745 — — — 745 Unallocated shared services expenses — — — 462 462 — — — 462 Operating expenses 223 162 360 462 1,207 — — — 1,207 Goodwill and acquired intangible asset impairment and amortization — — — — — — 30 30 30 Restructuring/other reorganization expenses — — — 26 26 — — — 26 Total expenses 223 162 360 488 1,233 — 30 30 1,263 Income (loss) before income tax expense (benefit) 590 638 128 (625 ) 731 — 205 205 936 Income tax expense (benefit) (2) 136 146 29 (131 ) 180 — 39 39 219 Net income (loss) $ 454 $ 492 $ 99 $ (494 ) $ 551 $ — $ 166 $ 166 $ 717 (1) Core Earnings adjustments to GAAP: Year Ended December 31, 2021 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 184 $ — $ 184 Total other income (loss) 51 — 51 Goodwill and acquired intangible asset impairment and amortization — 30 30 Total Core Earnings adjustments to GAAP $ 235 $ (30 ) 205 Income tax expense (benefit) 39 Net income (loss) $ 166 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 15. Year Ended December 31, 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 $ 1,813 $ 1,445 $ — $ — $ 3,258 $ 79 $ (55 ) $ 24 $ 3,282 Cash and investments 7 3 — 6 16 — — — 16 Total interest income 1,820 1,448 — 6 3,274 79 (55 ) 24 3,298 Total interest expense 1,194 699 — 120 2,013 39 (6 ) 33 2,046 Net interest income (loss) 626 749 — (114 ) 1,261 40 (49 ) (9 ) 1,252 Less: provisions for loan losses 13 142 — — 155 — — — 155 Net interest income (loss) after provisions for loan losses 613 607 — (114 ) 1,106 40 (49 ) (9 ) 1,097 Other income (loss): Servicing revenue 208 6 — — 214 — — — 214 Asset recovery and business processing revenue 154 — 304 — 458 — — — 458 Other income (loss) 9 — — 11 20 (40 ) (216 ) (256 ) (236 ) Losses on debt repurchases — — — (6 ) (6 ) — — — (6 ) Total other income (loss) 371 6 304 5 686 (40 ) (216 ) (256 ) 430 Expenses: Direct operating expenses 287 146 254 — 687 — — — 687 Unallocated shared services expenses — — — 277 277 — — — 277 Operating expenses 287 146 254 277 964 — — — 964 Goodwill and acquired intangible asset impairment and amortization — — — — — — 22 22 22 Restructuring/other reorganization expenses — — — 9 9 — — — 9 Total expenses 287 146 254 286 973 — 22 22 995 Income (loss) before income tax expense (benefit) 697 467 50 (395 ) 819 — (287 ) (287 ) 532 Income tax expense (benefit) (2) 160 107 11 (90 ) 188 — (68 ) (68 ) 120 Net income (loss) $ 537 $ 360 $ 39 $ (305 ) $ 631 $ — $ (219 ) $ (219 ) $ 412 (1) Core Earnings adjustments to GAAP: Year Ended December 31, 2020 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Acquired Intangibles Total Net interest income after provisions for loan losses $ (9 ) $ — $ (9 ) Total other income (loss) (256 ) — (256 ) Goodwill and acquired intangible asset impairment and amortization — 22 22 Total Core Earnings adjustments to GAAP $ (265 ) $ (22 ) (287 ) Income tax expense (benefit) (68 ) Net income (loss) $ (219 ) (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 15. Year Ended December 31, 2019 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 2,907 $ 1,731 $ — $ — $ 4,638 $ 8 $ (68 ) $ (60 ) $ 4,578 Other loans 1 1 — — 2 — — — 2 Cash and investments 50 16 — 27 93 — — — 93 Total interest income 2,958 1,748 — 27 4,733 8 (68 ) (60 ) 4,673 Total interest expense 2,376 980 — 161 3,517 6 (35 ) (29 ) 3,488 Net interest income (loss) 582 768 — (134 ) 1,216 2 (33 ) (31 ) 1,185 Less: provisions for loan losses 30 228 — — 258 — — — 258 Net interest income (loss) after provisions for loan losses 552 540 — (134 ) 958 2 (33 ) (31 ) 927 Other income (loss): Servicing revenue 229 11 — — 240 — — — 240 Asset recovery and business processing revenue 230 — 258 — 488 — — — 488 Other income (loss) 28 1 — 14 43 (41 ) 65 24 67 Gains on sales of loans — 16 — — 16 — — — 16 Gains on debt repurchases — — — 33 33 39 (27 ) 12 45 Total other income (loss) 487 28 258 47 820 (2 ) 38 36 856 Expenses: Direct operating expenses 359 156 215 — 730 — — — 730 Unallocated shared services expenses — — — 254 254 — — — 254 Operating expenses 359 156 215 254 984 — — — 984 Goodwill and acquired intangible asset impairment and amortization — — — — — — 30 30 30 Restructuring/other reorganization expenses — — — 6 6 — — — 6 Total expenses 359 156 215 260 990 — 30 30 1,020 Income (loss) before income tax expense (benefit) 680 412 43 (347 ) 788 — (25 ) (25 ) 763 Income tax expense (benefit) (2) 155 96 10 (80 ) 181 — (15 ) (15 ) 166 Net income (loss) $ 525 $ 316 $ 33 $ (267 ) $ 607 $ — $ (10 ) $ (10 ) $ 597 (1) Core Earnings adjustments to GAAP: Year Ended December 31, 2019 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Acquired Intangibles Total Net interest income after provisions for loan losses $ (31 ) $ — $ (31 ) Total other income (loss) 36 — 36 Goodwill and acquired intangible asset impairment and amortization — 30 30 Total Core Earnings adjustments to GAAP $ 5 $ (30 ) (25 ) Income tax expense (benefit) (15 ) Net income (loss) $ (10 ) (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 15. Summary of Core Earnings Adjustments to GAAP Years Ended December 31, (Dollars in millions) 2021 2020 2019 Core Earnings net income $ 551 $ 631 $ 607 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) 235 (265 ) 5 Net impact of goodwill and acquired intangible assets (2) (30 ) (22 ) (30 ) Net income tax effect (3) (39 ) 68 15 Total Core Earnings adjustments to GAAP 166 (219 ) (10 ) GAAP net income $ 717 $ 412 $ 597 (1) Derivative accounting: (2) Goodwill and acquired intangible assets: (3) Net tax effect:

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates Our financial reporting and accounting policies conform to generally accepted accounting principles in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Uncertain and volatile market and economic conditions increase the risk and complexity of the judgments in these estimates and actual results could differ from estimates. Accounting policies that include the most significant judgments, estimates and assumptions include the allowance for loan losses, goodwill and intangible asset impairment assessment and the amortization of loan premiums and discounts using the effective interest rate method.
Consolidation	Consolidation The consolidated financial statements include the accounts of Navient Corporation 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. 2. We consolidate any VIEs where we have determined we are the primary beneficiary. A VIE is a legal entity that does not have sufficient equity at risk to finance its own operations, or whose equity holders do not have the power to direct the activities that most significantly affect the economic performance of the entity, or whose equity holders do not share proportionately in the losses or benefits of the entity. The primary beneficiary of the VIE is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As it relates to our securitizations and other secured borrowing facilities that are VIEs as of December 31, 2021 that we consolidate, we are the primary beneficiary as we are the servicer of the related education loan assets and own the Residual Interest of the securitization trusts and secured borrowing facilities.
Fair Value Measurement	Fair Value Measurement We use estimates of fair value in applying various accounting standards for our financial statements. Fair value measurements are used in one of four ways: • In the balance sheet with changes in fair value recorded in the statement of income; • In the balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the statement of changes in stockholders’ equity; • In the balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the statement of income; and • In the notes to the financial statements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, our policy in estimating fair value is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit spreads, relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity and credit spreads. Transaction costs are not included in the determination of fair value. When possible, we seek to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. 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. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The types of financial instruments included in level 1 are highly liquid instruments with quoted prices. • Level 2 — Inputs from active markets, other than quoted prices for identical instruments, are used to determine fair value. Significant inputs are directly observable from active markets for substantially the full term of the asset or liability being valued. • Level 3 — Pricing inputs significant to the valuation are unobservable. Inputs are developed based on the best information available. However, significant judgment is required by us in developing the inputs.
Loans	Loans Loans, consisting of federally insured education loans and Private Education Loans, that we have the ability and intent to hold for the foreseeable future are classified as held-for-investment and are carried at amortized cost. Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as further discussed below. Loans which are held-for-investment also have an allowance for loan loss. Any loans we have not classified as held-for-investment are classified as held-for-sale and carried at the lower of cost or fair value. Loans are classified as held-for-sale when we have the intent and ability to sell such loans. Loans which are held-for-sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. In addition, once a loan is classified as held-for-sale, any allowance for loan losses that existed immediately prior to the reclassification to held-for-sale is reversed through provision.
Allowance for Loan Losses	Allowance for Loan Losses On January 1, 2020, we adopted ASU No. 2016-13, “Financial Instruments — Credit Losses,” which requires measurement and recognition of an allowance for loan loss that estimates the remaining current expected credit losses (CECL) for financial assets measured at amortized cost held at the reporting date. Our prior allowance for loan loss was an incurred loss model. As a result, the new guidance resulted in an increase to our allowance for loan losses. The new standard impacts the allowance for loan losses related to our Private Education Loans and FFELP Loans. The standard was applied through a cumulative-effect adjustment to retained earnings (net of tax) as of January 1, 2020, the effective date, for the education loans on our balance sheet as of that date (except for the $70 million Purchased Credit Deteriorated (PCD) portfolio where the related $43 million allowance is recorded as an increase to the basis of the loans). Subsequently, changes in the estimated remaining current expected credit losses, including estimated losses on newly originated education loans, are recorded through provision (net income). This standard represents a significant change from prior GAAP and has resulted in material changes to the Company’s accounting for the allowance for loan losses. Related to this new standard: • We have determined that, for modeling current expected credit losses, we can reasonably estimate expected losses that incorporate current and forecasted economic conditions over a “reasonable and supportable” period. For Private Education Loans, we incorporate a reasonable and supportable forecast of various macro-economic variables over the remaining life of the loans. The development of the reasonable and supportable forecast incorporates an assumption that each macro-economic variable will revert to a long-term expectation starting in years 2-4 of the forecast and largely completing within the first five years of the forecast. For FFELP Loans, after a three-year reasonable and supportable period, there is an immediate reversion to a long-term expectation. The models used to project losses utilize key credit quality indicators of the loan portfolio and predict how those attributes are expected to perform in connection with the forecasted economic conditions. These losses are calculated on an undiscounted basis. For Private Education Loans, we utilize a transition rate model that estimates the probability of prepayment and default and apply the loss given default. For FFELP Loans, we use historical transition rates to determine prepayments and defaults. The forecasted economic conditions used in our modeling of expected losses are provided by a third party. The primary economic metrics we use in the economic forecast are unemployment, GDP, interest rates, consumer loan delinquency rates and consumer income. Several forecast scenarios are provided which represent the baseline economic expectations as well as favorable and adverse scenarios. We analyze and evaluate the alternative scenarios for reasonableness and determine the appropriate weighting of these alternative scenarios based upon the current economic conditions and our view of the likelihood and risks of the alternative scenarios. We project losses at the loan level and make estimates regarding prepayments, recoveries on defaults and reasonably expected new Troubled Debt Restructurings (TDRs). • Separately, as it relates to interest rate concessions granted as part of our Private Education Loan modification program, a discounted cash flow model is used to calculate the amount of interest forgiven for loans currently in the program. The present value of this interest rate concession is included in our allowance for loan loss. • Charge-offs include the discount or premium related to such defaulted loan. • CECL requires our expected future recoveries on charged-off loans to be presented within the allowance for loan loss whereas previously, we accounted for our receivable for partially charged-off loans as part of our Private Education Loan portfolio. This change is only a change in classification on the balance sheet and did not impact retained earnings at adoption of CECL or provision and net income post-adoption. • Once our loss model calculations are performed, we determine if qualitative adjustments are needed for factors not reflected in the quantitative model. These adjustments may include, but are not limited to, changes in lending and servicing and collection policies and practices, as well as the effect of other external factors such as the economy and changes in legal or regulatory requirements that impact the amount of future credit losses. 2. At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this remaining loan balance 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 on 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. FFELP Loans are insured as to their principal and accrued interest in the event of default subject to a Risk Sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98% reimbursement on all qualifying default claims. For loans disbursed on or after July 1, 2006, we receive 97% reimbursement. For loans disbursed prior to October 1, 1993, we receive 100% reimbursement. Upon adoption of CECL on January 1, 2020, the total allowance for loan losses increased by $802 million (excluding the impact of the balance sheet reclassifications related to the expected future recoveries and PCD portfolio discussed above). This had a corresponding reduction to equity of $620 million. (Dollars in millions) FFELP Loans Private Education Loans Total Allowance as of December 31, 2019 (prior to CECL) $ 64 $ 1,048 $ 1,112 Transition adjustments made under CECL on January 1, 2020: Current expected credit losses on non-PCD portfolio (1) 260 542 802 Current expected credit losses on PCD portfolio (2) — 43 43 Reclassification of the expected future recoveries on charged-off loans (3) — (588 ) (588 ) Net increase to allowance for loan losses under CECL 260 (3 ) 257 Allowance as of January 1, 2020 after CECL $ 324 $ 1,045 $ 1,369 (1) Recorded net of tax through retained earnings. Resulted in a $620 million reduction to equity. (2) Recorded as an increase in basis of the loans. No impact to equity. (3) Reclassification of the expected future recoveries on charged-off loans (previously referred to as the receivable for partially charged-off loans) from the Private Education Loan balance to the allowance for loan losses. No impact to equity. Allowance for Loan Losses Prior to the Adoption of CECL Private Education Loans We consider a loan to be impaired when, based on current information, a loss has been incurred and it is probable that we will not receive all contractual amounts due. When making our assessment as to whether a loan is impaired, we also take into account more than insignificant delays in payment. We generally evaluate impaired loans on an aggregate basis by grouping similar loans. Impaired loans also include those loans which are individually assessed for impairment at a loan level, such as in a troubled debt restructuring (TDR). We maintain an allowance for loan losses at an amount sufficient to absorb losses incurred in our portfolios at the reporting date based on a projection of estimated probable credit losses incurred in the portfolio. 2. Significant Accounting Policies (Continued) Our Private Education Loan portfolio contains TDR and non-TDR loans. For customers experiencing financial difficulty, certain Private Education Loans for which we have granted a forbearance of greater than three months, an interest rate reduction or an extended repayment plan are classified as TDRs. The allowance requirements are different based on these designations. In determining the allowance for loan losses on our non-TDR portfolio, we estimate the principal amount of loans that will default over the next two years (two years being the expected period between a loss event and default) and how much we expect to recover over time related to the defaulted amount. Expected defaults less our expected recoveries equal the allowance related to this portfolio. Our historical experience indicates that, on average, the time between the date that a customer experiences a default causing event (i.e., the loss trigger event) and the date that we charge off the unrecoverable portion of that loan is two years. Separately, for our TDR portfolio, we estimate an allowance amount sufficient to cover life-of-loan expected losses through an impairment calculation based on the difference between the loan’s basis and the present value of expected future cash flows (which would include life-of-loan default and recovery assumptions) discounted at the loan’s original effective interest rate. Our TDR portfolio is comprised mostly of loans with forbearance usage greater than three months and interest rate reductions. The separate allowance estimates for our TDR and non-TDR portfolios are combined into our total allowance for Private Education Loan losses. In estimating both the non-TDR and TDR allowance amounts, we start with historical experience of customer default behavior. We make judgments about which historical period to start with and then make further judgments about whether that historical experience is representative of future expectations and whether additional adjustments may be needed to those historical default rates. We also take the economic environment into consideration when calculating the allowance for loan losses. We analyze key economic statistics and the effect we expect them to have on future defaults. Key economic statistics analyzed as part of the allowance for loan losses are primarily unemployment rates. Our allowance for loan losses is estimated using an analysis of delinquent and current accounts. Our model is used to estimate the likelihood that a loan may progress through the various delinquency stages and ultimately charge off. The evaluation of the allowance for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. The estimate for the allowance for loan losses is subject to a number of assumptions. If actual future performance in delinquency, charge-offs and recoveries are significantly different than estimated, this could materially affect our estimate of the allowance for loan losses and the related provision for loan losses on our income statement. We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider credit score (FICO), loan status, loan seasoning, existence of a cosigner and school type as the key credit quality indicators because they have the most significant effect on our determination of the adequacy of our allowance for loan losses. To estimate the probable credit losses incurred in the loan portfolio at the reporting date, we use historical experience of customer payment behavior in connection with the key credit quality indicators and incorporate management expectations regarding macroeconomic and collection performance factors. Our model is based upon the most recent 12 months of actual collection experience as the starting point for the non-TDR portfolio and the most recent approximate 15 years for the TDR portfolio and applies expected macroeconomic changes and collection procedure changes to estimate expected losses caused by loss events incurred as of the balance sheet date. Our model for the non-TDR portfolio places a greater emphasis on the more recent default experience rather than the default experience for older historical periods, as we believe the more recent default experience is more indicative of the probable losses incurred in the loan portfolio today that will default over the next two years. The TDR portfolio uses a longer historical default experience since we are projecting life of loan remaining losses. Similar to estimating defaults, we use historical customer payment behavior to estimate the timing and amount of future recoveries on charged-off loans. We use judgment in determining whether historical performance is representative of what we expect to collect in the future. We then apply the default and collection rate projections to each category of loans. Once the quantitative calculation is performed, we review the adequacy of the allowance for loan losses and determine if qualitative adjustments need to be considered. Additionally, we consider changes in laws and regulations that could potentially impact the allowance for loan losses. FFELP Loans Similar to the allowance for Private Education Loan losses, the allowance for FFELP Loan losses uses historical experience of customer default behavior and a two-year
Investments	2. Investments Other investments are primarily receivables for cash collateral posted to derivative counterparties.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents can include term federal funds, Eurodollar deposits, commercial paper, asset-backed commercial paper (ABCP), CDs, treasuries and money market funds with original terms to maturity of less than three months.
Restricted Cash and Investments	Restricted Cash and Investments Restricted cash primarily includes amounts held in education loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities. Securities pledged as collateral related to our derivative portfolio, where the counterparty has rights to replace the securities, are classified as restricted. When the counterparty does not have these rights, the security is recorded in investments and disclosed as pledged collateral in the notes. Additionally, certain counterparties require cash collateral pledged to us to be segregated and held in restricted cash accounts.
Goodwill and Acquired Intangible Assets	Goodwill and Acquired Intangible Assets Acquisitions are accounted for under the acquisition method of accounting which results in the Company allocating the purchase price to the fair value of the acquired assets, liabilities and non-controlling interests, if any, with the remaining purchase price allocated to goodwill. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually as of October 1 at the reporting unit level, which is the same as or one level below a business segment. Goodwill is also tested at interim periods if an event occurs or circumstances change that would indicate the carrying amount may be impaired. We complete a goodwill impairment analysis which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50%. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit not to exceed the goodwill amount attributed to the reporting unit. Acquired intangible assets include, but are not limited to, trade names, customer and other relationships, and non-compete agreements. Acquired intangible assets with finite lives are amortized over their estimated useful lives in proportion to their estimated economic benefit. Finite-lived acquired intangible assets are reviewed for impairment using an undiscounted cash flow analysis when an event occurs or circumstances change indicating the carrying amount of a finite-lived asset or asset group may not be recoverable. If the carrying amount of the asset or asset group exceeds the undiscounted cash flows, the fair value of the asset or asset group is determined using an acceptable valuation technique. An impairment loss would be recognized if the carrying amount of the asset
Securitization Accounting	2. Securitization Accounting Our securitizations use a two-step structure with a special purpose entity that legally isolates the transferred assets from us, even in the event of bankruptcy. Transactions receiving sale treatment are also structured to ensure that the holders of the beneficial interests issued are not constrained from pledging or exchanging their interests, and that we do not maintain effective control over the transferred assets. If these criteria are not met, then the transaction is accounted for as an on-balance sheet secured borrowing. In all cases, irrespective of whether they qualify as accounting sales our securitizations are legally structured to be sales of assets that isolate the transferred assets from us. If a securitization qualifies as a sale, we then assess whether we are the primary beneficiary of the securitization trust (VIE) and are required to consolidate such trust. If we are the primary beneficiary, then no gain or loss is recognized. See “Consolidation” of this Note 2 for additional information regarding the accounting rules for consolidation when we are the primary beneficiary of these trusts. Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to: • Owning equity certificates or other certificates of certain trusts and, in certain cases, securities retained for the purpose of complying with risk retention requirements under securities laws. • Lending to certain trusts, under a revolving credit, amounts necessary to cover temporary cash flow needs of the trust. These amounts are repaid to us on subordinated basis with interest at a market rate. • The servicing of the education loan assets within the securitization trusts, on both a pre- and post-default basis. • Our acting as administrator for the securitization transactions we sponsored, which includes remarketing certain bonds at future dates. • Our responsibilities relative to representation and warranty violations. • Temporarily advancing to the trust certain borrower benefits afforded the borrowers of education loans that have been securitized. These advances subsequently are returned to us in the next quarter. • Certain back-to-back derivatives entered into by us contemporaneously with the execution of derivatives by certain Private Education Loan securitization trusts. • The option held by us to buy certain delinquent loans from certain Private Education Loan securitization trusts. • The option to exercise the clean-up call and purchase the education loans from the trust when the asset balance is 10% or less of the original loan balance. • The option, on some trusts, to purchase education loans aggregating up to 10% of the trust’s initial pool balance. • The option (in certain trusts) to call rate reset notes in instances where the remarketing process has failed. The investors of the securitization trusts have no recourse to our other assets should there be a failure of the trusts to pay when due. Generally, the only arrangements under which we have to provide financial support to the trusts are representation and warranty violations requiring the buyback of loans. Under the terms of the transaction documents of certain trusts, we have, from time to time, exercised our options to purchase delinquent loans from Private Education Loan trusts, to purchase the remaining loans from trusts once the loan balance falls below 10% of the original amount, to purchase education loans up to 10% of the trust’s initial balance, or to call rate reset notes. Certain trusts maintain financial arrangements with third parties also typical of securitization transactions, such as derivative contracts (swaps). We do not record servicing assets or servicing liabilities when our securitization trusts are consolidated. As of December 31, 2021, we had $21 million of servicing assets on our balance sheet, recorded in connection with asset sales where we retained the servicing.
Education Loan Interest Income	2. Education Loan Interest Income For loans classified as held-for-investment, we recognize education loan interest income as earned, adjusted for the amortization of premiums (which includes premiums from loan purchases and capitalized direct origination costs), discounts and Repayment Borrower Benefits. These adjustments result in income being recognized based upon the expected yield of the loan over its life after giving effect to expected prepayments. We amortize premium and discount on education loans using a Constant Prepayment Rate (CPR) which measures the rate at which loans in the portfolio pay down principal compared to their stated terms. In determining the CPR, we only consider payments made in excess of contractually required payments. This would include loan refinancing and consolidations and other early payoff activity. For Repayment Borrower Benefits, the estimates of their effect on education loan yield are based on analyses of historical payment behavior of customers who are eligible for the incentives and its effect on the ultimate qualification rate for these incentives. We regularly evaluate the assumptions used to estimate the prepayment speeds and the qualification rates used for Repayment Borrower Benefits. In instances where there are changes to the assumptions, amortization is adjusted on a cumulative basis to reflect the change since the acquisition of the loan. We do not amortize any premiums, discounts or other adjustments to the basis of education loans when they are classified as held-for-sale.
Interest Expense	Interest Expense Interest expense is based upon contractual interest rates adjusted for the amortization of debt issuance costs, premiums and discounts. Our interest expense is also adjusted for net payments/receipts related to interest rate and foreign currency swap agreements that qualify and are designated as hedges, as well as the mark-to-market impact of derivatives and debt in fair value hedge relationships. Interest expense also includes the amortization of deferred gains and losses on closed hedge transactions that qualified as hedges. Amortization of debt issuance costs, premiums, discounts and terminated hedge-basis adjustments are recognized using the effective interest rate method.
Servicing Revenue	Servicing Revenue We perform loan servicing functions for third parties in return for a servicing fee. Our compensation is typically based on a per-unit fee arrangement or a percentage of the loans outstanding. We recognize servicing revenues associated with these activities based upon the contractual arrangements as the services are rendered. We recognize late fees on third-party serviced loans as well as on loans in our portfolio according to the contractual provisions of the promissory notes, as well as our expectation of collectability.
Asset Recovery And Business Processing Revenue Policy Text Block	Asset Recovery and Business Processing Revenue We account for certain asset recovery and business processing contract revenue (herein referred to as revenue from contracts with customers) in accordance with ASC 606, “Revenue from Contracts with Customers.” (All Business Processing segment and the majority of the Federal Education Loan segment asset recovery and business processing revenue is accounted for under ASC 606.) Revenue earned by our Federal Education Loans segment is derived from asset recovery activities related to the collection of delinquent education loans on behalf of ED, Guarantor agencies and other institutions, as well as certain other Guarantor activities. Revenue earned by our Business Processing segment is derived from government services, which includes receivables management services and account processing solutions, and healthcare services, which includes revenue cycle management services. 2. Most of our revenue from contracts with customers is derived from long-term contracts, the duration of which is expected to span more than one year. These contracts are billable monthly, as services are rendered, based on a percentage of the balance collected or the transaction processed, a flat fee per transaction or a stated rate per the service performed. In accordance with ASC 606, the unit of account is a contractual performance obligation, a promise to provide a distinct good or service to a customer. The transaction price is allocated to each distinct performance obligation when or as the good or service is transferred to the customer and the obligation is satisfied. Distinct performance obligations are identified based on the services specified in the contract that are capable of being distinct such that the customer can benefit from the service on its own or together with other resources that are available from the Company or a third party, and are also distinct in the context of the contract such that the transfer of the services is separately identifiable from other services promised in the contract. Most of our contracts include integrated service offerings that include obligations that are not separately identifiable and distinct in the context of our contracts. Accordingly, our contracts generally have a single performance obligation. A limited number of full-service offerings include multiple performance obligations. Substantially all our revenue is variable revenue which is recognized over time as our customers receive and consume the benefit of our services in an amount consistent with monthly billings. Accordingly, we do not disclose variable consideration associated with the remaining performance obligation as we have recognized revenue in the amount we have the right to invoice for services performed. Our fees correspond to the value the customer has realized from our performance of each increment of the service (for example, an individual transaction processed or collection of a past due balance).
Transfer of Financial Assets and Extinguishments of Liabilities	Transfer of Financial Assets and Extinguishments of Liabilities Our securitizations and other secured borrowings are generally accounted for as on-balance sheet secured borrowings. See “Securitization Accounting” of this Note 2 for further discussion on the criteria assessed to determine whether a transfer of financial assets is a sale or a secured borrowing. If a transfer of loans qualifies as a sale, we derecognize the loan and recognize a gain or loss as the difference between the carrying basis of the loan sold and liabilities retained and the compensation received. We periodically repurchase our outstanding debt in the open market or through public tender offers. We record a gain or loss on the early extinguishment of debt based upon the difference between the carrying cost of the debt and the amount paid to the third party and net of hedging gains and losses when the debt is in a qualifying hedge relationship. We recognize the results of a transfer of loans and the extinguishment of debt based upon the settlement date of the transaction.
Derivative Accounting	Derivative Accounting Derivative instruments that are used as part of our interest rate and foreign currency risk management strategy include interest rate swaps, cross-currency interest rate swaps, and interest rate floor contracts. The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at its fair value. As more fully described below, if certain criteria are met, derivative instruments are classified and accounted for by us as either fair value or cash flow hedges. If these criteria are not met, the derivative financial instruments are accounted for as trading. Derivative positions are recorded as net positions by counterparty based on master netting arrangements exclusive of accrued interest and cash collateral held or pledged. Many of our derivatives, mainly fixed to variable or variable to fixed interest rate swaps and cross-currency interest rate swaps, qualify as effective hedges. For these derivatives, at the inception of the hedge relationship, the following is documented: the relationship between the hedging instrument and the hedged items (including the hedged risk, the method for assessing effectiveness, and the results of the upfront effectiveness testing), and the risk management objective and strategy for undertaking the hedge transaction. Each derivative is designated to either a specific (or pool of) asset(s) or liability(ies) on the balance sheet or expected future cash flows and designated as either a “fair value” or a “cash flow” hedge. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, generally using regression testing. For hedges of a pool of assets or liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in value of the derivative with no offsetting mark-to-market of the hedged item for the current period. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively, cease recording changes in the fair value of the hedged item, and begin amortization of any basis adjustments that exist related to the hedged item. 2. Fair Value Hedges Fair value hedges are generally used by us to hedge the exposure to changes in the fair value of a recognized fixed rate asset or liability. We enter into interest rate swaps to economically convert fixed rate assets into variable rate assets and fixed rate debt into variable rate debt. We also enter into cross-currency interest rate swaps to economically convert foreign currency denominated fixed and floating debt to U.S. dollar denominated variable debt. For fair value hedges, we generally consider all components of the derivative’s gain and/or loss when assessing hedge effectiveness and generally hedge changes in fair values due to interest rates or interest rates and foreign currency exchange rates. For fair value hedges, both the derivative and the hedged item (for the risk being hedged) are marked-to-market through net interest income with any difference reflecting ineffectiveness. Cash Flow Hedges We use cash flow hedges to hedge the exposure to variability in cash flows for a forecasted debt issuance and for exposure to variability in cash flows of floating rate debt or assets. This strategy is used primarily to minimize the exposure to volatility from future changes in interest rates. For cash flow hedges, the change in the fair value of the derivative is recorded in other comprehensive income, net of tax, and recognized in earnings in the same period as the earnings effects of the hedged item. In the case of a forecasted debt issuance, gains and losses are reclassified to earnings over the period which the stated hedged transaction affects earnings. If we determine it is not probable that the anticipated transaction will occur, gains and losses are reclassified immediately to earnings. In assessing hedge effectiveness, generally all components of each derivative’s gains or losses are included in the assessment. We generally hedge exposure to changes in cash flows due to changes in interest rates or total changes in cash flow. Trading Activities When derivative instruments do not qualify as hedges, they are accounted for as trading instruments where all changes in fair value are recorded through earnings with no consideration for the corresponding change in fair value of the economically hedged item. Some of our derivatives, primarily Floor Income Contracts, basis swaps and at times, certain other LIBOR swaps do not qualify for hedge accounting treatment. Regardless of the accounting treatment, we consider these derivatives to be economic hedges for risk management purposes. We use this strategy to minimize our exposure to changes in interest rates. The “gains (losses) on derivative and hedging activities, net” line item in the consolidated statements of income includes the mark-to-market gains and losses of our derivatives that do not qualify for hedge accounting, as well as the realized changes in fair value related to derivative net settlements and dispositions that do not qualify for hedge accounting.
Accounting for Stock-Based Compensation	Accounting for Stock-Based Compensation We recognize stock-based compensation cost in our statements of income using the fair value-based method. Under this method we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the grant’s vesting period. We record stock-based compensation expense net of estimated forfeitures and as such, only those stock-based awards that we expect to vest are recorded. We estimate the forfeiture rate based on historical forfeitures of equity awards and adjust the rate to reflect changes in facts and circumstances, if any. Ultimately, the total expense recognized over the vesting period will equal the fair value of awards that actually vest.
Restructuring and Other Reorganization Expenses	Restructuring and Other Reorganization Expenses From time to time we implement plans to restructure our business. In conjunction with these restructuring plans, involuntary benefit arrangements, disposal costs (including contract termination costs and other exit costs), as well as certain other costs that are incremental and incurred as a direct result of our restructuring plans, are classified as restructuring expenses in the consolidated statements of income. The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, the Severance Plan). The Severance Plan provides severance benefits in the event of termination of the Company’s full-time employees and part-time employees who work at least 24 hours per week. The Severance Plan establishes specified benefits based on base salary, job level immediately preceding termination and years of service upon involuntary termination of employment. The benefits payable under the Severance Plan relate to past service, and they accumulate and vest. Accordingly, we recognize severance expenses to be paid pursuant to the Severance Plan when payment of such benefits is probable and can be reasonably estimated. Such benefits include severance pay calculated based on the Severance Plan, medical and dental benefits, and outplacement services expenses. Contract termination costs are expensed at the earlier of (1) the contract termination date or (2) the cease use date under the contract. Other exit costs are expensed as incurred and classified as restructuring expenses if (1) the cost is incremental to and incurred as a direct result of planned restructuring activities and (2) the cost is not associated with or incurred to generate revenues subsequent to our consummation of the related restructuring activities. Other reorganization expenses include certain internal costs and third-party costs incurred in connection with our cost reduction initiatives. During 2021 and 2020, the Company incurred $26 million and $9 million, respectively, of restructuring/other reorganization expense in connection with an effort that will reduce costs and improve operating efficiency. These charges were primarily related to the impairment of a facility that is held for sale, facility lease terminations and severance-related costs.
Income Taxes	Income Taxes We account for income taxes under the asset and liability approach which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of our assets and liabilities. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. “Income tax expense/(benefit)” includes (i) deferred tax expense/(benefit), which represents the net change in the deferred tax asset or liability balance during the year plus any change in a valuation allowance and (ii) current tax expense/(benefit), which represents the amount of tax currently payable to or receivable from a tax authority plus amounts accrued for unrecognized tax benefits. Income tax expense/(benefit) excludes the tax effects related to adjustments recorded in equity. If we have an uncertain tax position, then that tax position is recognized only if it is more likely than not to be sustained upon examination based on the technical merits of the position. The amount of tax benefit recognized in the financial statements is the largest amount of benefit that is more than 50% likely of being sustained upon ultimate settlement of the uncertain tax position. We recognize interest related to unrecognized tax benefits in income tax expense/(benefit) and penalties, if any, in operating expenses.
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share We compute earnings (loss) per common share (EPS) by dividing net income allocated to common shareholders by the weighted average common shares outstanding. Diluted earnings per common share is computed by dividing income allocated to common shareholders by the weighted average common shares outstanding plus amounts representing the dilutive effect of stock options outstanding, restricted stock, restricted stock units, and the outstanding commitment to issue shares under the Employee Stock Purchase Plan. See “Note 10 — Earnings (Loss) per Common Share” for further discussion.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Effective in 2020 and Forward Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional temporary relief for companies who are preparing for the discontinuation of interest rates indexed to the London Interbank Offered Rate (LIBOR). The ASU provides companies with guidance in the form of expedients and exceptions related to contract modifications and hedge accounting to ease the burden of and simplify the accounting associated with transitioning away from LIBOR. Modifications of qualifying contracts are accounted for as the continuation of an existing contract rather than as a new contract. Modifications of qualifying hedging relationships will not require discontinuation of the existing hedge accounting relationships. This guidance, which will only be available through December 31, 2022, can be applied commencing in March 2020. We have approximately $172 billion of financial instruments indexed to one-month or three-month U.S. Dollar (USD) LIBOR as of December 31, 2021. One-month and three-month USD LIBOR will no longer be published after June 30, 2023. The Company continues to assess the implications of this and has not concluded whether it will apply the expedients and exceptions provided in this new standard. This decision will be made in 2022.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
ASU 2016-13 [Member]
Summary of Translation Adjustments in Connection with Adopting CECL	(Dollars in millions) FFELP Loans Private Education Loans Total Allowance as of December 31, 2019 (prior to CECL) $ 64 $ 1,048 $ 1,112 Transition adjustments made under CECL on January 1, 2020: Current expected credit losses on non-PCD portfolio (1) 260 542 802 Current expected credit losses on PCD portfolio (2) — 43 43 Reclassification of the expected future recoveries on charged-off loans (3) — (588 ) (588 ) Net increase to allowance for loan losses under CECL 260 (3 ) 257 Allowance as of January 1, 2020 after CECL $ 324 $ 1,045 $ 1,369 (1) Recorded net of tax through retained earnings. Resulted in a $620 million reduction to equity. (2) Recorded as an increase in basis of the loans. No impact to equity. (3) Reclassification of the expected future recoveries on charged-off loans (previously referred to as the receivable for partially charged-off loans) from the Private Education Loan balance to the allowance for loan losses. No impact to equity.

Education Loans (Tables)

Education Loans (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Education Loan Portfolio by Program	The estimated weighted average life of education loans in our portfolio was approximately 6 years December 31, 2021 Year Ended December 31, 2021 (Dollars in millions) Ending Balance % of Balance Average Balance Average Effective Interest Rate FFELP Stafford Loans, net $ 18,219 25 % $ 19,270 2.19 % FFELP Consolidation Loans, net 34,422 47 36,748 2.84 Private Education Loans, net 20,171 28 21,225 5.57 Total education loans, net $ 72,812 100 % $ 77,243 3.42 % December 31, 2020 Year Ended December 31, 2020 (Dollars in millions) Ending Balance % of Balance Average Balance Average Effective Interest Rate FFELP Stafford Loans, net $ 19,607 25 % $ 20,844 2.80 % FFELP Consolidation Loans, net 38,677 49 40,678 3.08 Private Education Loans, net 21,079 26 22,720 6.36 Total education loans, net $ 79,363 100 % $ 84,242 3.90 %

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	12 Months Ended
	Dec. 31, 2021
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for Credit Losses and Recorded Investments in Loans	Allowance for Loan Losses Metrics Year Ended December 31, 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 — 46 46 Total provision — (61 ) (61 ) Charge-offs: Net adjustment resulting from the change in the charge-off rate (2) — (16 ) (16 ) Net charge-offs remaining (3) (26 ) (153 ) (179 ) Total charge-offs (3) (26 ) (169 ) (195 ) Decrease in expected future recoveries on charged-off loans (4) — 150 150 Allowance at end of period 262 1,009 1,271 Plus: expected future recoveries on charged-off loans (4) — 329 329 Allowance at end of period excluding expected future recoveries on charged-off loans (5) $ 262 $ 1,338 $ 1,600 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 % .76 % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (2) — % .08 % Allowance coverage of charge-offs (6) 10.0 7.9 Allowance as a percentage of the ending total loan balance (6) .5 % 6.3 % Allowance as a percentage of the ending loans in repayment (6) .6 % 6.6 % Ending total loans $ 52,903 $ 21,180 Average loans in repayment $ 45,781 $ 20,150 Ending loans in repayment $ 44,390 $ 20,284 (1) In connection with the sale of approximately $1.6 billion of Private Education Loans in 2021. (2) In 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 in 2021. (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: Year Ended December 31, (Dollars in millions) 2021 Beginning of period expected recoveries $ 479 Expected future recoveries of current period defaults 22 Recoveries (87 ) Charge-offs (35 ) Reduction in expected recoveries related to regulatory settlement (5) (50 ) End of period expected recoveries $ 329 Change in balance during period $ (150 ) (5) See “Note 12 – Commitments, Contingencies and Guarantees” for further discussion. (6) 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. Year Ended December 31, 2020 (Dollars in millions) FFELP Loans Private Education Loans Total Allowance at beginning of period $ 64 $ 1,048 $ 1,112 Transition adjustment made under CECL on January 1, 2020 (1) 260 (3 ) 257 Allowance at beginning of period after transition adjustment to CECL 324 1,045 1,369 Total provision 13 142 155 Charge-offs: Net adjustment resulting from the change in the charge-off rate (2) — (23 ) (23 ) Net charge-offs remaining (3) (49 ) (184 ) (233 ) Total charge-offs (3) (49 ) (207 ) (256 ) Decrease in expected future recoveries on charged-off loans (4) — 109 109 Allowance at end of period 288 1,089 1,377 Plus: expected future recoveries on charged-off loans (4) — 479 479 Allowance at end of period excluding expected future recoveries on charged-off loans (5) $ 288 $ 1,568 $ 1,856 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) .10 % .88 % 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) 5.9 7.6 Allowance as a percentage of the ending total loan balance (5) .5 % 7.1 % Allowance as a percentage of the ending loans in repayment (5) .6 % 7.5 % Ending total loans $ 58,572 $ 22,168 Average loans in repayment $ 48,130 $ 20,790 Ending loans in repayment $ 48,057 $ 20,841 (1) For a further discussion of our adoption of CECL, see “Note 2 – Significant Accounting Policies.” ( 2 ) In 2020, the portion of the loan amount charged off at default on Private Education Loans increased from 81% to 81.4%. This charge resulted in a $23 million reduction to the balance of the receivable for partially charged-off loan balance. ( 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. Year Ended December 31, (Dollars in millions) 2020 Beginning of period expected recoveries $ 588 Expected future recoveries of current period defaults 32 Recoveries (107 ) Charge-offs (34 ) End of period expected recoveries $ 479 Change in balance during period $ (109 ) ( 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. Year Ended December 31, 2019 (Dollars in millions) FFELP Loans Private Education Loans Other Loans Total Beginning balance $ 76 $ 1,201 $ 9 $ 1,286 Total provision 30 226 1 258 Charge-offs: Net adjustment resulting from the change in the charge-off rate (1) — (21 ) — (21 ) Net charge-offs remaining (2) (42 ) (364 ) (2 ) (408 ) Total charge-offs (2) (42 ) (385 ) (2 ) (429 ) Reclassification of interest reserve (3) — 7 — 7 Loan sales — (1 ) (8 ) (9 ) Ending balance $ 64 $ 1,048 $ — $ 1,112 Allowance Ending Balance: Individually evaluated for impairment — TDR $ — $ 941 $ — $ 941 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 64 107 — 171 Purchased Non-Credit Impaired Loans acquired at a discount (4) — — — — Purchased Credit Impaired Loans (4) — — — — Ending total allowance $ 64 $ 1,048 $ — $ 1,112 Loans Ending Balance: Individually evaluated for impairment — TDR $ — $ 9,617 $ — $ 9,617 Collectively evaluated for impairment: Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans 61,589 12,286 9 73,884 Purchased Non-Credit Impaired Loans acquired at a discount (4) 2,505 1,806 — 4,311 Purchased Credit Impaired Loans (4) — 201 — 201 Ending total loans (5) $ 64,094 $ 23,910 $ 9 $ 88,013 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 % 1.67 % — % Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (1) — % .10 % — % Allowance coverage of charge-offs 1.5 2.7 — Allowance as a percentage of the ending total loan balance .10 % 4.38 % — % Allowance as a percentage of the ending loans in repayment .12 % 4.74 % — % Ending total loans (5) $ 64,094 $ 23,910 $ 9 Average loans in repayment $ 55,978 $ 21,859 $ 29 Ending loans in repayment $ 53,538 $ 22,089 $ 9 (1) In 2019, the portion of the loan amount charged off at default on Private Education Loans increased from 80.5% to 81%. This charge resulted in a $21 million reduction to the balance of the receivable for partially charged-off loan balance. (2) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. For FFELP Loans, the recovery is received at the time of charge-off. (3) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. (4) The Purchased Credit Impaired Loans’ losses are not provided for by the allowance for loan losses in the above table as these loans are separately reserved for, if needed. No allowance for loan losses has been established for these loans as of December 31, 2019. The losses of the Purchased Non-Credit Impaired Loans acquired at a discount are not provided for by the allowance for loan losses in the above table as the remaining purchased discount associated with the FFELP and Private Education Loans of $33 million and $268 million, respectively, as of December 31, 2019 is greater than the incurred losses and as a result no allowance for loan losses has been established for these loans as of December 31, 2019. (5) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.
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. Years Ended December 31, (Dollars in millions) 2021 2020 2019 Modified loans (1) $ 149 $ 264 $ 475 Charge-offs (2) $ 124 $ 157 $ 324 Payment default $ 21 $ 47 $ 109 (1) Represents period ending balance of loans that have been modified during the period and resulted in a TDR. (2) Represents loans that charged off that were classified as TDRs
Age Analysis of Past Due Loans Delinquencies	FFELP Loan Delinquencies December 31, 2021 December 31, 2020 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 2,220 $ 2,791 Loans in forbearance (2) 6,292 7,725 Loans in repayment and percentage of each status: Loans current 39,679 89.4 % 43,623 90.8 % Loans delinquent 31-60 days (3) 1,696 3.8 1,374 2.9 Loans delinquent 61-90 days (3) 904 2.0 836 1.7 Loans delinquent greater than 90 days (3) 2,112 4.8 2,223 4.6 Total FFELP Loans in repayment 44,391 100 % 48,056 100 % Total FFELP Loans 52,903 58,572 FFELP Loan allowance for losses (262 ) (288 ) FFELP Loans, net $ 52,641 $ 58,284 Percentage of FFELP Loans in repayment 83.9 % 82.0 % Delinquencies as a percentage of FFELP Loans in repayment 10.6 % 9.2 % FFELP Loans in forbearance as a percentage of loans in repayment and forbearance 12.4 % 13.8 % (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 December 31, 2021 December 31, 2020 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 194 $ 280 Loans in forbearance (2) 446 703 Loans in repayment and percentage of each status: Loans current 6,023 91.0 % 6,952 93.4 % Loans delinquent 31-60 days (3) 199 3.0 185 2.5 Loans delinquent 61-90 days (3) 120 1.8 114 1.5 Loans delinquent greater than 90 days (3) 274 4.2 197 2.6 Total TDR loans in repayment 6,616 100 % 7,448 100 % Total TDR loans 7,256 8,431 TDR loans allowance for losses (829 ) (929 ) TDR loans, net $ 6,427 $ 7,502 Percentage of TDR loans in repayment 91.2 % 88.3 % Delinquencies as a percentage of TDR loans in repayment 9.0 % 6.6 % Loans in forbearance as a percentage of TDR loans in repayment and forbearance 6.3 % 8.6 % (1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Loan Delinquencies Non-TDRs December 31, 2021 December 31, 2020 (Dollars in millions) Balance % Balance % Loans in-school/grace/deferment (1) $ 167 $ 203 Loans in forbearance (2) 89 141 Loans in repayment and percentage of each status: Loans current 13,611 99.6 % 13,335 99.6 % Loans delinquent 31-60 days (3) 23 .2 26 .2 Loans delinquent 61-90 days (3) 11 .1 12 .1 Loans delinquent greater than 90 days (3) 23 .1 20 .1 Total non-TDR loans in repayment 13,668 100 % 13,393 100 % Total non-TDR loans 13,924 13,737 Non-TDR loans allowance for losses (180 ) (160 ) Non-TDR loans, net $ 13,744 $ 13,577 Percentage of non-TDR loans in repayment 98.2 % 97.5 % Delinquencies as a percentage of non-TDR loans in repayment .4 % .4 % Loans in forbearance as a percentage of non-TDR loans in repayment and forbearance .6 % 1.0 % (1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
Loans Type	Loan type : (Dollars in millions) December 31, 2021 December 31, 2020 Change Stafford Loans $ 16,329 $ 17,686 $ (1,357 ) Consolidation Loans 31,873 35,968 (4,095 ) Rehab Loans 4,701 4,918 (217 ) Total loans, gross $ 52,903 $ 58,572 $ (5,669 )
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 (Dollars in millions) 2021 2020 2019 2018 2017 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 5,185 $ 1,990 $ 1,862 $ 695 $ 209 $ 9,606 $ 19,547 92 % Below 640 42 15 37 21 8 1,510 1,633 8 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % Loan Status: In-school/grace/ deferment/forbearance $ 41 $ 30 $ 34 $ 17 $ 6 $ 768 $ 896 4 % Current/90 days or less delinquent 5,184 1,973 1,860 697 211 10,062 19,987 94 Greater than 90 days delinquent 2 2 5 2 — 286 297 2 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % Seasoning (1) 1-12 payments $ 5,208 $ 161 $ 27 $ 5 $ 1 $ 133 $ 5,535 26 % 13-24 payments — 1,824 568 14 3 150 2,559 12 25-36 payments — — 1,283 165 9 248 1,705 8 37-48 payments — — — 524 61 380 965 5 More than 48 payments — — — — 141 9,914 10,055 47 Loans in-school/ grace/deferment 19 20 21 8 2 291 361 2 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % TDR Status: TDR $ 2 $ 8 $ 31 $ 28 $ 29 $ 7,158 $ 7,256 34 % Non-TDR 5,225 1,997 1,868 688 188 3,958 13,924 66 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % Cosigners: With cosigner (2) $ 17 $ 33 $ 12 $ — $ 34 $ 7,266 $ 7,362 35 % Without cosigner 5,210 1,972 1,887 716 183 3,850 13,818 65 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % School Type: Not-for-profit $ 4,918 $ 1,916 $ 1,771 $ 659 $ 208 $ 9,241 $ 18,713 88 % For-profit 309 89 128 57 9 1,875 2,467 12 Total $ 5,227 $ 2,005 $ 1,899 $ 716 $ 217 $ 11,116 $ 21,180 100 % Allowance for loan losses (1,009 ) Total loans, net $ 20,171 ( 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 65% for total loans at December 31, 2021. 4. Private Education Loan Credit Quality Indicators by Origination Year (Dollars in millions) 2020 2019 2018 2017 2016 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 4,008 $ 2,964 $ 1,079 $ 340 $ 72 $ 11,746 $ 20,209 91 % Below 640 15 34 23 9 2 1,876 1,959 9 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % Loan Status: In-school/grace/ deferment/forbearance $ 23 $ 43 $ 25 $ 10 $ 2 $ 1,224 $ 1,327 6 % Current/90 days or less delinquent 3,999 2,953 1,075 338 72 12,187 20,624 93 Greater than 90 days delinquent 1 2 2 1 — 211 217 1 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % Seasoning (1) 1-12 payments $ 4,014 $ 879 $ 7 $ 2 $ — $ 180 $ 5,082 23 % 13-24 payments — 2,098 243 7 1 234 2,583 12 25-36 payments — — 839 101 3 380 1,323 6 37-48 payments — — — 236 38 584 858 4 More than 48 payments — — — — 31 11,808 11,839 53 Loans in-school/ grace/deferment 9 21 13 3 1 436 483 2 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % TDR Status: TDR $ 1 $ 14 $ 23 $ 31 $ 11 $ 8,351 $ 8,431 38 % Non-TDR 4,022 2,984 1,079 318 63 5,271 13,737 62 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % Cosigners: With cosigner (2) $ 5 $ 13 $ 1 $ 49 $ 21 $ 8,911 $ 9,000 41 % Without cosigner 4,018 2,985 1,101 300 53 4,711 13,168 59 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % School Type: Not-for-profit $ 3,844 $ 2,801 $ 1,019 $ 333 $ 74 $ 11,255 $ 19,326 87 % For-profit 179 197 83 16 — 2,367 2,842 13 Total $ 4,023 $ 2,998 $ 1,102 $ 349 $ 74 $ 13,622 $ 22,168 100 % Allowance for loan losses (1,089 ) Total loans, net $ 21,079 (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 65% for total loans at December 31, 2020.

Business Combinations, Goodwi_2

Business Combinations, Goodwill and Acquired Intangible (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Summary of Goodwill for Each Reporting Units and Reportable Segments	The following table summarizes our goodwill for our reporting units and reportable segments. As of December 31, (Dollars in millions) 2021 2020 Federal Education Loans reportable segment: FFELP Loans $ 227 $ 227 Federal Education Loan Servicing (1) 5 13 Total 232 240 Consumer Lending reportable segment: Private Education Loans 106 106 Private Education Refinance Loans 77 77 Private Education In-School Loans (2) 14 — Total 197 183 Business Processing reportable segment: Government Services 136 136 Healthcare Services 106 106 Total 242 242 Total goodwill $ 671 $ 665 (1) We wrote off $8 million of goodwill in connection with the transfer of our ED contract to a third party in October 2021. This goodwill was allocated to the ED Servicing component of the Federal Education Loan Servicing reporting unit based on relative fair value. The $8 million was recorded as part of goodwill and acquired intangible asset impairment and amortization expense. (2) In the third quarter of 2021, we completed an acquisition for a purchase price of approximately $20 million. The preliminary purchase price allocation resulted in goodwill of $14 million. The remainder of the purchase price was primarily allocated to developed technology.
Acquired Intangible Assets	Acquired intangible assets include the following: As of December 31, 2021 As of December 31, 2020 (Dollars in millions) Cost Basis (2) Accumulated Impairment and Amortization (2)(3) Net Cost Basis (2) Accumulated Impairment and Amortization (2)(3) Net Customer, services and lending relationships $ 246 $ (223 ) $ 23 $ 262 $ (230 ) $ 32 Software and technology (1) 120 (105 ) 15 114 (101 ) 13 Trade names and trademarks 40 (23 ) 17 52 (27 ) 25 Total acquired intangible assets $ 406 $ (351 ) $ 55 $ 428 $ (358 ) $ 70 (1) In conjunction with the preliminary purchase price allocation associated with a third-quarter 2021 acquisition in the Consumer Lending reportable segment, we recorded $7 million of acquired intangible assets which consisted primarily of developed technology. (2) Accumulated impairment and amortization include impairment amounts only if the acquired intangible asset has been deemed partially impaired. When an acquired intangible asset is considered fully impaired and no longer in use, the cost basis and any accumulated amortization related to the asset is written off. (3) We recorded amortization of acquired intangible assets of $19 million, $21 million and $25 million in 2021, 2020 and 2019, respectively. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be $14 million, $12 million, $10 million, $7 million and $12 million in 2022, 2023, 2024, 2025 and after 2025, respectively.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Company's Borrowings	The following table summarizes our borrowings. December 31, 2021 December 31, 2020 (Dollars in millions) Short Term Weighted Average Interest Rate (8) Long Term Weighted Average Interest Rate (8) Total Short Term Weighted Average Interest Rate (8) Long Term Weighted Average Interest Rate (8) Total Unsecured borrowings: Senior unsecured debt (1) $ — — % $ 7,014 5.83 % $ 7,014 $ 677 6.61 % $ 7,714 6.19 % $ 8,391 Total unsecured borrowings — — 7,014 5.83 7,014 677 6.61 7,714 6.19 8,391 Secured borrowings: FFELP Loan securitizations (2)(3)(4) — — 51,841 .85 51,841 — — 54,697 .89 54,697 Private Education Loan securitizations (5) 543 2.42 14,074 1.82 14,617 960 2.68 13,891 2.04 14,851 FFELP Loan ABCP facilities 282 .97 150 .97 432 2,053 1.05 479 1.13 2,532 Private Education Loan ABCP facilities 1,363 1.05 1,152 1.37 2,515 2,582 1.46 — — 2,582 Other (6) 302 .19 — — 302 337 .09 — — 337 Total secured borrowings 2,490 1.24 67,217 1.07 69,707 5,932 1.44 69,067 1.12 74,999 Total before hedge accounting adjustments (7) 2,490 1.24 74,231 1.52 76,721 6,609 1.97 76,781 1.63 83,390 Hedge accounting adjustments — — 257 (.01 ) 257 4 — 551 (.01 ) 555 Total $ 2,490 1.24 % $ 74,488 1.51 % $ 76,978 $ 6,613 1.97 % $ 77,332 1.62 % $ 83,945 (1) Includes principal amount of $0 and $678 million of short-term debt as of December 31, 2021 and 2020, respectively. Includes principal amount of $7.0 billion and $7.8 billion of long-term debt as of December 31, 2021 and 2020, respectively. (2) Includes $49 million and $157 million of long-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of December 31, 2021 and 2020, respectively. (3) Includes $2.1 billion and $3.6 billion of non-U.S. dollar-denominated debt as of December 31, 2021 and 2020, respectively, which has been hedged with swaps converting to U.S. dollars. (4) During 2021, three FFELP secured debt tranches defaulted in the amount of $416 million as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2029 and 2035. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date. ( 5 ) Includes $543 million and $960 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of December 31, 2021 and 2020, respectively. Includes $0 and $260 million of long-term debt related to the Private Education Loan Repurchase Facilities as of December 31, 2021 and 2020, respectively. ( 6 ) “Other” primarily includes the obligation to return cash collateral held related to derivative exposure. ( 7 ) Includes $55.5 billion and $60.0 billion of long-term floating rate debt as of December 31, 2021 and 2020, respectively, and $18.7 billion and $16.8 billion of long-term fixed rate debt as of December 31, 2021 and 2020, respectively. ( 8 ) Weighted average interest rate is as of end of period.
Expected Maturities of Long-term Borrowings	As of December 31, 2021, the expected maturities of our long-term borrowings are shown in the following table. Expected Maturity (Dollars in millions) Senior Unsecured Debt Secured Borrowings (1) Total (2) Year of Maturity 2022 $ — $ 6,965 $ 6,965 2023 1,312 7,747 9,059 2024 1,350 5,868 7,218 2025 551 5,476 6,027 2026 522 5,194 5,716 2027-2043 3,279 35,967 39,246 Total before hedge accounting adjustments 7,014 67,217 74,231 Hedge accounting adjustments 367 (110 ) 257 Total $ 7,381 $ 67,107 $ 74,488 (1) We view our securitization trust debt as long-term based on the contractual maturity dates which range from 2022 to 2083. However, we have projected the expected principal paydowns based on our current estimates regarding the securitized loans’ prepayment speeds for purposes of this disclosure to better reflect how we expect this debt to be paid down over time. The projected principal paydowns in year 2022 include $7.0 billion related to the securitization trust debt. (2) The aggregate principal amount of debt that matures in each period is $7.0 billion in 2022, $9.1 billion in 2023, $7.2 billion in 2024, $6.1 billion in 2025, $5.8 billion in 2026 and $39.5 billion in 2027-2043.
Financing VIEs	We consolidated the following financing VIEs as of December 31, 2021 and 2020, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. December 31, 2021 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets, Net Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 51,841 $ 51,841 $ 52,066 $ 2,073 $ 1,520 $ 55,659 Private Education Loan securitizations 543 14,074 14,617 15,506 505 150 16,161 FFELP Loan ABCP facilities 282 150 432 436 8 15 459 Private Education Loan ABCP facilities 1,363 1,152 2,515 2,641 63 32 2,736 Total before hedge accounting adjustments 2,188 67,217 69,405 70,649 2,649 1,717 75,015 Hedge accounting adjustments — (110 ) (110 ) — — (195 ) (195 ) Total $ 2,188 $ 67,107 $ 69,295 $ 70,649 $ 2,649 $ 1,522 $ 74,820 December 31, 2020 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets, Net 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
Summary of Activity Related to Senior Unsecured Debt Repurchases	The following table summarizes activity related to our senior unsecured debt repurchases. Years Ended December 31, (Dollars in millions) 2021 2020 2019 Debt principal repurchased $ 2,577 $ 768 $ 1,184 Gains (losses) on debt repurchases $ (73 ) $ (6 ) $ 45

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Credit Exposure Related to Our Derivative Counterparties	The table below highlights credit exposure related to our derivative counterparties at December 31, 2021. (Dollars in millions) Corporate Contracts Securitization Trust Contracts Exposure, net of collateral $ 9 $ — 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 — % — %
Impact of Derivatives on Balance Sheet	The following tables summarize the fair values and notional amounts of all derivative instruments and their impact on net income and other comprehensive income. Impact of Derivatives on Balance Sheet Cash Flow Fair Value (3) Trading Total (Dollars in millions) Hedged Risk Exposure Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 222 $ 323 $ 2 $ 6 $ 224 $ 329 Cross-currency interest rate swaps Foreign currency and interest rate — — — 28 — — — 28 Total derivative assets (2) — — 222 351 2 6 224 357 Derivative Liabilities: Interest rate swaps Interest rate — — — — (5 ) (14 ) (5 ) (14 ) Floor Income Contracts Interest rate — — — — (65 ) (197 ) (65 ) (197 ) Cross-currency interest rate swaps Foreign currency and interest rate — — (190 ) (322 ) — — (190 ) (322 ) Total derivative liabilities (2) — — (190 ) (322 ) (70 ) (211 ) (260 ) (533 ) Net total derivatives $ — $ — $ 32 $ 29 $ (68 ) $ (205 ) $ (36 ) $ (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) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Gross position $ 224 $ 357 $ (260 ) $ (533 ) Impact of master netting agreements (6 ) (50 ) 6 50 Derivative values with impact of master netting agreements (as carried on balance sheet) 218 307 (254 ) (483 ) Cash collateral (held) pledged (244 ) (336 ) 147 234 Net position $ (26 ) $ (29 ) $ (107 ) $ (249 ) ( 3 ) As of December 31, 2021 As of December 31, 2020 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ — $ — $ 631 $ 4 Long-term borrowings $ 8,503 $ 252 $ 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) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Gross position $ 224 $ 357 $ (260 ) $ (533 ) Impact of master netting agreements (6 ) (50 ) 6 50 Derivative values with impact of master netting agreements (as carried on balance sheet) 218 307 (254 ) (483 ) Cash collateral (held) pledged (244 ) (336 ) 147 234 Net position $ (26 ) $ (29 ) $ (107 ) $ (249 ) ( 3 )
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 December 31, 2021 As of December 31, 2020 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ — $ — $ 631 $ 4 Long-term borrowings $ 8,503 $ 252 $ 11,017 $ 541
Derivative Notional Values	Cash Flow Fair Value Trading Total (Dollars in billions) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Notional Values: Interest rate swaps $ 12.1 $ 16.7 $ 6.2 $ 7.5 $ 28.4 $ 26.8 $ 46.7 $ 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 $ 12.1 $ 16.7 $ 8.3 $ 11.2 $ 40.9 $ 43.8 $ 61.3 $ 71.7
Mark-to-Market Impact of Derivatives on Statements of Income	Mark-to-Market Total Gains (Losses) Years Ended December 31, (Dollars in millions) 2021 2020 2019 Fair Value Hedges (2) Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ (310 ) $ 301 $ 281 Gains (losses) recognized in net income on hedged items 349 (327 ) (299 ) Net fair value hedge ineffectiveness gains (losses) 39 (26 ) (18 ) Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives 104 281 57 Gains (losses) recognized in net income on hedged items (55 ) (272 ) (18 ) Net fair value hedge ineffectiveness gains (losses) 49 9 39 Total fair value hedges (1)(2) 88 (17 ) 21 Cash Flow Hedges: Total cash flow hedges (2) — — — Trading Interest rate swaps 30 (47 ) 44 Floor Income Contracts 34 (209 ) (22 ) Cross currency interest rate swaps — — (2 ) Other — — 2 Total trading derivatives (3) 64 (256 ) 22 Mark-to-market gains (losses) recognized $ 152 $ (273 ) $ 43 (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) Years Ended December 31, (Dollars in millions) 2021 2020 2019 Total gains (losses) on cash flow hedges $ 55 $ (233 ) $ (165 ) Reclassification adjustments for derivative (gains) losses included in net income (interest expense) (1) 86 50 (39 ) Net changes in cash flow hedges, net of tax $ 141 $ (183 ) $ (204 ) (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) December 31, 2021 December 31, 2020 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 244 $ 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) 1 78 Total collateral held $ 245 $ 414 Derivative asset at fair value including accrued interest $ 242 $ 351 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 147 $ 234 Total collateral pledged $ 147 $ 234 Derivative liability at fair value including accrued interest and premium receivable $ 271 $ 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.

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 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) December 31, 2021 December 31, 2020 Accrued interest receivable $ 1,881 $ 1,933 Benefit and insurance-related investments 462 469 Income tax asset, net 369 454 Derivatives at fair value 218 307 Accounts receivable 159 118 Fixed assets 95 116 Other 39 95 Total $ 3,223 $ 3,492

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Common Share Repurchases, Issuances and Dividends Paid	The following table summarizes our common share repurchases, issuances and dividends paid. Years Ended December 31, (Dollars and shares in millions, except per share amounts) 2021 2020 2019 Common stock repurchased (1) 34.4 30.6 34.5 Common stock repurchased (in dollars) (1) $ 600 $ 400 $ 440 Average purchase price per share (1) $ 17.46 $ 13.06 $ 12.76 Remaining common stock repurchase authority (1) $ 1,000 $ 600 $ 1,000 Shares repurchased related to employee stock-based compensation plans (2) 3.0 1.2 3.2 Average purchase price per share (2) $ 13.65 $ 12.86 $ 11.62 Common shares issued (3) 4.9 2.7 5.7 Dividends paid $ 107 $ 123 $ 147 Dividends per share $ .64 $ .64 $ .64 (1) Common shares purchased under our share repurchase program. Our board of directors authorized a $1 billion share repurchase program in October 2019 which was fully utilized in 2021, and in December 2021 an additional $1 billion multi-year program was approved . (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)	12 Months Ended
	Dec. 31, 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. Years Ended December 31, (In millions, except per share data) 2021 2020 2019 Numerator: Net income $ 717 $ 412 $ 597 Denominator: Weighted average shares used to compute basic EPS 170 193 230 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 2 3 Dilutive potential common shares (2) 2 2 3 Weighted average shares used to compute diluted EPS 172 195 233 Basic earnings per common share $ 4.23 $ 2.14 $ 2.59 Diluted earnings per common share $ 4.18 $ 2.12 $ 2.56 (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 years ended December 31, 2021, 2020 and 2019, stock options covering approximately 0 million, 2 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)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis	11. The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During 2021 and 2020, there were no significant transfers of financial instruments between levels. Fair Value Measurements on a Recurring Basis December 31, 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 — 223 1 224 — 323 6 329 Cross-currency interest rate swaps — — — — — — 28 28 Total derivative assets (2) — 223 1 224 — 323 34 357 Total $ — $ 223 $ 1 $ 224 $ — $ 323 $ 34 $ 357 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ (5 ) $ (5 ) $ — $ — $ (14 ) $ (14 ) Floor Income Contracts — (65 ) — (65 ) — (197 ) — (197 ) Cross-currency interest rate swaps — — (190 ) (190 ) — — (322 ) (322 ) Total derivative liabilities (2) — (65 ) (195 ) (260 ) — (197 ) (336 ) (533 ) Total $ — $ (65 ) $ (195 ) $ (260 ) $ — $ (197 ) $ (336 ) $ (533 ) (1) Fair value of derivative instruments excludes accrued interest and the value of collateral. (2) See “Note 7 — 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	11. 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. Year Ended December 31, 2021 Derivative Instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (8 ) $ (294 ) $ — $ (302 ) Total gains/(losses): Included in earnings (1) 3 81 — 84 Included in other comprehensive income — — — — Settlements 1 23 — 24 Transfers in and/or out of level 3 — — — — Balance, end of period $ (4 ) $ (190 ) $ — $ (194 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 3 $ (157 ) $ — $ (154 ) Year Ended December 31, 2020 Derivative Instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (17 ) $ (575 ) $ (1 ) $ (593 ) Total gains/(losses): Included in earnings (1) 8 231 — 239 Included in other comprehensive income — — — — Settlements 1 50 1 52 Transfers in and/or out of level 3 — — — — Balance, end of period $ (8 ) $ (294 ) $ — $ (302 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 5 $ 273 $ 1 $ 279 Year Ended December 31, 2019 Derivative Instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (27 ) $ (633 ) $ (4 ) $ (664 ) Total gains/(losses): Included in earnings (1) 8 (60 ) 2 (50 ) Included in other comprehensive income — — — — Settlements 2 118 1 121 Transfers in and/or out of level 3 — — — — Balance, end of period $ (17 ) $ (575 ) $ (1 ) $ (593 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 9 $ 58 $ 3 $ 70 (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	Years Ended December 31, (Dollars in millions) 2021 2020 2019 Gains (losses) on derivative and hedging activities, net $ 3 $ 8 $ 10 Interest expense 81 231 (60 ) Total $ 84 $ 239 $ (50 ) (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	11. 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 December 31, 2021 Valuation Technique Input Range and Weighted Average Derivatives Prime/LIBOR basis swaps $ (4 ) Discounted cash flow Constant Prepayment Rate 9% Bid/ask adjustment to discount rate .08% Cross-currency interest rate swaps (190 ) Discounted cash flow Constant Prepayment Rate 5% Other — Total $ (194 )
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. December 31, 2021 December 31, 2020 (Dollars in millions) Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets FFELP Loans $ 53,632 $ 52,641 $ 991 $ 59,117 $ 58,284 $ 833 Private Education Loans 21,140 20,171 969 22,462 21,079 1,383 Cash and investments 3,845 3,845 — 3,822 3,822 — Total earning assets 78,617 76,657 1,960 85,401 83,185 2,216 Interest-bearing liabilities Short-term borrowings 2,492 2,490 (2 ) 6,626 6,613 (13 ) Long-term borrowings 74,548 74,488 (60 ) 76,719 77,332 613 Total interest-bearing liabilities 77,040 76,978 (62 ) 83,345 83,945 600 Derivative financial instruments Floor Income Contracts (65 ) (65 ) — (197 ) (197 ) — Interest rate swaps 219 219 — 315 315 — Cross-currency interest rate swaps (190 ) (190 ) — (294 ) (294 ) — Other — — — — — — Excess of net asset fair value over carrying value $ 1,898 $ 2,816

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations	Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow: Years Ended December 31, 2021 2020 2019 Statutory rate 21.0 % 21.0 % 21.0 % Non-deductible regulatory-related expenses (1) 1.4 — — State tax, net of federal benefit 1.2 1.6 1.4 Other, net (.2 ) — (.5 ) Effective tax rate 23.4 % 22.6 % 21.9 % (1) Regulatory expenses for 2021 include $205 million related to the resolution of State Attorneys General litigation and investigations, of which approximately $50.7 million is non-deductible for income tax purposes. See “Note 12 – Commitments, Contingencies and Guarantees” for further discussion.
Components of Provision for Income Tax Expense (Benefit)	Income tax expense consists of: December 31, (Dollars in millions) 2021 2020 2019 Current provision/(benefit): Federal $ 147 $ 98 $ 78 State 19 14 11 Foreign — (1 ) — Total current provision/(benefit) 166 111 89 Deferred provision/(benefit): Federal 56 12 73 State (3 ) (3 ) 3 Foreign — — 1 Total deferred provision/(benefit) 53 9 77 Provision for income tax expense/(benefit) $ 219 $ 120 $ 166
Schedule of Deferred Tax Assets and Liabilities	The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following: December 31, (Dollars in millions) 2021 2020 Deferred tax assets: Loan reserves $ 381 $ 414 Market value adjustments on education loans, investments and derivatives — 64 Education loan premiums and discounts, net 40 41 Operating loss and credit carryovers 12 14 Accrued expenses not currently deductible 49 22 Stock-based compensation plans 5 6 Other 23 22 Total deferred tax assets 510 583 Deferred tax liabilities: Acquired intangible assets 18 16 Market value adjustments on education loans, investments and derivatives 30 — Original issue discount on borrowings 12 11 Other 8 16 Total deferred tax liabilities 68 43 Net deferred tax assets $ 442 $ 540
Summary of Operating Loss and Credit Carryovers	The operating loss and credit carryovers consist of: December 31, 2021 (Dollars in millions) Gross Tax-Effected Expiration Corresponding Valuation Allowance (1) Operating Loss and Credit Carryovers Federal operating loss carryovers $ 47 $ 10 Begins in 2032 $ 1 $ 9 State operating loss carryovers 511 35 Begins in 2021 32 3 State IRC § 163(j) disallowed interest expense carryovers 2,239 36 Indefinite 36 — $ 81 $ 69 $ 12 (1) The valuation allowance attributable to deferred tax assets for federal and state net operating loss carryovers, and state IRC § 163(j) disallowed interest expense carryovers, are amounts that management believes more likely than not will expire prior to being realized.
Summary of Changes in Unrecognized Tax Benefits	The following table summarizes changes in unrecognized tax benefits: December 31, (Dollars in millions) 2021 2020 2019 Unrecognized tax benefits at beginning of year $ 57.9 $ 53.6 $ 65.7 Increases resulting from tax positions taken during a prior period 6.4 7.6 4.0 Decreases resulting from tax positions taken during a prior period (4.2 ) — (3.8 ) Increases resulting from tax positions taken during the current period 6.4 3.5 1.9 Decreases related to settlements with taxing authorities (.3 ) (.2 ) (11.1 ) Increases related to settlements with taxing authorities — — — Reductions related to the lapse of statute of limitations (7.4 ) (6.6 ) (3.1 ) Unrecognized tax benefits at end of year (1) $ 58.8 $ 57.9 $ 53.6 (1) Included in the $58.8 million of gross unrecognized tax benefits at December 31, 2021 are $46.5 million of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate.

Revenue from Contracts with C_2

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Tables)	12 Months Ended
	Dec. 31, 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 accounted for under ASC 606 with customers according to service type and client type by reportable operating segment. Revenue by Service Type Years Ended December 31, 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 $ 19 $ — $ 19 $ 84 $ — $ 84 Government services — 257 257 — 191 191 Healthcare services — 231 231 — 113 113 Total $ 19 $ 488 $ 507 $ 84 $ 304 $ 388 Revenue by Client Type Years Ended December 31, 2021 2020 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ 1 $ 20 $ 21 $ 44 $ 18 $ 62 Guarantor agencies 18 — 18 38 — 38 Other institutions — — — 2 — 2 State and local government — 183 183 — 122 122 Tolling authorities — 54 54 — 51 51 Hospitals and other healthcare providers — 231 231 — 113 113 Total $ 19 $ 488 $ 507 $ 84 $ 304 $ 388

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Results and Reconciliations to GAAP	Segment Results and Reconciliations to GAAP Year Ended December 31, 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 $ 1,405 $ 1,181 $ — $ — $ 2,586 $ 98 $ (39 ) $ 59 $ 2,645 Cash and investments — 2 — 1 3 — — — 3 Total interest income 1,405 1,183 — 1 2,589 98 (39 ) 59 2,648 Total interest expense 830 541 — 70 1,441 (8 ) (117 ) (125 ) 1,316 Net interest income (loss) 575 642 — (69 ) 1,148 106 78 184 1,332 Less: provisions for loan losses — (61 ) — — (61 ) — — — (61 ) Net interest income (loss) after provisions for loan losses 575 703 — (69 ) 1,209 106 78 184 1,393 Other income (loss): — Servicing revenue 162 6 — — 168 — — — 168 Asset recovery and business processing revenue 51 — 488 — 539 — — — 539 Other income (loss) 25 — — 5 30 (93 ) 157 64 94 Gains on sales of loans — 91 — — 91 (13 ) — (13 ) 78 Losses on debt repurchases — — — (73 ) (73 ) — — — (73 ) Total other income (loss) 238 97 488 (68 ) 755 (106 ) 157 51 806 Expenses: — Direct operating expenses 223 162 360 — 745 — — — 745 Unallocated shared services expenses — — — 462 462 — — — 462 Operating expenses 223 162 360 462 1,207 — — — 1,207 Goodwill and acquired intangible asset impairment and amortization — — — — — — 30 30 30 Restructuring/other reorganization expenses — — — 26 26 — — — 26 Total expenses 223 162 360 488 1,233 — 30 30 1,263 Income (loss) before income tax expense (benefit) 590 638 128 (625 ) 731 — 205 205 936 Income tax expense (benefit) (2) 136 146 29 (131 ) 180 — 39 39 219 Net income (loss) $ 454 $ 492 $ 99 $ (494 ) $ 551 $ — $ 166 $ 166 $ 717 (1) Core Earnings adjustments to GAAP: Year Ended December 31, 2021 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 184 $ — $ 184 Total other income (loss) 51 — 51 Goodwill and acquired intangible asset impairment and amortization — 30 30 Total Core Earnings adjustments to GAAP $ 235 $ (30 ) 205 Income tax expense (benefit) 39 Net income (loss) $ 166 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Year Ended December 31, 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 $ 1,813 $ 1,445 $ — $ — $ 3,258 $ 79 $ (55 ) $ 24 $ 3,282 Cash and investments 7 3 — 6 16 — — — 16 Total interest income 1,820 1,448 — 6 3,274 79 (55 ) 24 3,298 Total interest expense 1,194 699 — 120 2,013 39 (6 ) 33 2,046 Net interest income (loss) 626 749 — (114 ) 1,261 40 (49 ) (9 ) 1,252 Less: provisions for loan losses 13 142 — — 155 — — — 155 Net interest income (loss) after provisions for loan losses 613 607 — (114 ) 1,106 40 (49 ) (9 ) 1,097 Other income (loss): Servicing revenue 208 6 — — 214 — — — 214 Asset recovery and business processing revenue 154 — 304 — 458 — — — 458 Other income (loss) 9 — — 11 20 (40 ) (216 ) (256 ) (236 ) Losses on debt repurchases — — — (6 ) (6 ) — — — (6 ) Total other income (loss) 371 6 304 5 686 (40 ) (216 ) (256 ) 430 Expenses: Direct operating expenses 287 146 254 — 687 — — — 687 Unallocated shared services expenses — — — 277 277 — — — 277 Operating expenses 287 146 254 277 964 — — — 964 Goodwill and acquired intangible asset impairment and amortization — — — — — — 22 22 22 Restructuring/other reorganization expenses — — — 9 9 — — — 9 Total expenses 287 146 254 286 973 — 22 22 995 Income (loss) before income tax expense (benefit) 697 467 50 (395 ) 819 — (287 ) (287 ) 532 Income tax expense (benefit) (2) 160 107 11 (90 ) 188 — (68 ) (68 ) 120 Net income (loss) $ 537 $ 360 $ 39 $ (305 ) $ 631 $ — $ (219 ) $ (219 ) $ 412 (1) Core Earnings adjustments to GAAP: Year Ended December 31, 2020 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Acquired Intangibles Total Net interest income after provisions for loan losses $ (9 ) $ — $ (9 ) Total other income (loss) (256 ) — (256 ) Goodwill and acquired intangible asset impairment and amortization — 22 22 Total Core Earnings adjustments to GAAP $ (265 ) $ (22 ) (287 ) Income tax expense (benefit) (68 ) Net income (loss) $ (219 ) (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Year Ended December 31, 2019 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 2,907 $ 1,731 $ — $ — $ 4,638 $ 8 $ (68 ) $ (60 ) $ 4,578 Other loans 1 1 — — 2 — — — 2 Cash and investments 50 16 — 27 93 — — — 93 Total interest income 2,958 1,748 — 27 4,733 8 (68 ) (60 ) 4,673 Total interest expense 2,376 980 — 161 3,517 6 (35 ) (29 ) 3,488 Net interest income (loss) 582 768 — (134 ) 1,216 2 (33 ) (31 ) 1,185 Less: provisions for loan losses 30 228 — — 258 — — — 258 Net interest income (loss) after provisions for loan losses 552 540 — (134 ) 958 2 (33 ) (31 ) 927 Other income (loss): Servicing revenue 229 11 — — 240 — — — 240 Asset recovery and business processing revenue 230 — 258 — 488 — — — 488 Other income (loss) 28 1 — 14 43 (41 ) 65 24 67 Gains on sales of loans — 16 — — 16 — — — 16 Gains on debt repurchases — — — 33 33 39 (27 ) 12 45 Total other income (loss) 487 28 258 47 820 (2 ) 38 36 856 Expenses: Direct operating expenses 359 156 215 — 730 — — — 730 Unallocated shared services expenses — — — 254 254 — — — 254 Operating expenses 359 156 215 254 984 — — — 984 Goodwill and acquired intangible asset impairment and amortization — — — — — — 30 30 30 Restructuring/other reorganization expenses — — — 6 6 — — — 6 Total expenses 359 156 215 260 990 — 30 30 1,020 Income (loss) before income tax expense (benefit) 680 412 43 (347 ) 788 — (25 ) (25 ) 763 Income tax expense (benefit) (2) 155 96 10 (80 ) 181 — (15 ) (15 ) 166 Net income (loss) $ 525 $ 316 $ 33 $ (267 ) $ 607 $ — $ (10 ) $ (10 ) $ 597 (1) Core Earnings adjustments to GAAP: Year Ended December 31, 2019 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Acquired Intangibles Total Net interest income after provisions for loan losses $ (31 ) $ — $ (31 ) Total other income (loss) 36 — 36 Goodwill and acquired intangible asset impairment and amortization — 30 30 Total Core Earnings adjustments to GAAP $ 5 $ (30 ) (25 ) Income tax expense (benefit) (15 ) Net income (loss) $ (10 ) (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 Years Ended December 31, (Dollars in millions) 2021 2020 2019 Core Earnings net income $ 551 $ 631 $ 607 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) 235 (265 ) 5 Net impact of goodwill and acquired intangible assets (2) (30 ) (22 ) (30 ) Net income tax effect (3) (39 ) 68 15 Total Core Earnings adjustments to GAAP 166 (219 ) (10 ) GAAP net income $ 717 $ 412 $ 597 (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. December 31, (Dollars in millions) 2021 2020 FFELP Loans, net $ 52,641 $ 58,284 Cash and investments (1) 2,071 1,685 Other 2,183 2,241 Total assets $ 56,895 $ 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. December 31, Dollars in millions) 2021 2020 Private Education Loans, net $ 20,171 $ 21,079 Cash and investments (1) 824 828 Other 815 964 Total assets $ 21,810 $ 22,871 (1) Includes restricted cash and investments.

Organization and Business - Add

Organization and Business - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)Client	Dec. 31, 2020USD ($)
Organization And Business [Line Items]
Loans, net	$ 72,812	$ 79,363
Private Education Loans [Member]
Organization And Business [Line Items]
Loans, net	20,171	21,079
FFELP Loans [Member]
Organization And Business [Line Items]
Loans, net	52,641	58,284
Federal Education Loans [Member]
Organization And Business [Line Items]
Loans, net	52,641	58,284
Federal Education Loans [Member] | FFELP Loans [Member]
Organization And Business [Line Items]
Loans, net	52,600
Consumer Lending [Member]
Organization And Business [Line Items]
Loans, net	20,171	$ 21,079
Consumer Lending [Member] | Private Education Loans [Member]
Organization And Business [Line Items]
Loans, net	20,200
Loans originated	$ 6,000
Business Processing [Member] | Minimum [Member]
Organization And Business [Line Items]
Number of clients for business processing services | Client	600

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020	Dec. 31, 2018
Summary Of Significant Accounting Policies [Line Items]
Loans receivable, carrying amount			$ 88,013,000,000
Allowance for loans losses	$ 1,271,000,000	$ 1,377,000,000	1,112,000,000		$ 1,286,000,000
Reduction in equity (retained earnings), net of tax resulted from current expected credit losses	$ (3,939,000,000)	(3,331,000,000)
Percentage of threshold	50.00%
Goodwill impaired method for fair value determination	We complete a goodwill impairment analysis which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit.  In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50%. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit not to exceed the goodwill amount attributed to the reporting unit.
Option to exercise clean-up call and purchase education loans from trust of original loan balance	10% or less of the original loan balance
Percentage of trust's asset balance needed to trigger clean-up call	10.00%
Option to purchase education loan of the trust's initial pool balance	up to 10% of the trust’s initial pool balance
Assets	$ 80,605,000,000	87,412,000,000
Description of post employment benefits	The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, the Severance Plan). The Severance Plan provides severance benefits in the event of termination of the Company’s full-time employees and part-time employees who work at least 24 hours per week.
Restructuring/other reorganization expenses	$ 26,000,000	9,000,000	6,000,000
Derivative financial instruments	61,300,000,000	71,700,000,000
Securitization Trust [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets	21,000,000
FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans receivable, carrying amount	52,903,000,000	58,572,000,000	64,094,000,000
Allowance for loans losses	$ 262,000,000	288,000,000	64,000,000		76,000,000
Default period of principal amount of loans	2 years
Loans Disbursed after October 1, 1993, and before July 1, 2006 [Member] | FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage reimbursement on all qualifying default claims period	98.00%
Loans Disbursed on or after July 1, 2006 [Member] | FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage reimbursement on all qualifying default claims period	97.00%
Loans Disbursed prior to October 1, 1993 [Member] | FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage reimbursement on all qualifying default claims period	100.00%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of aggregate education loan to purchase	10.00%
Private Education Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans receivable, carrying amount	$ 21,180,000,000	22,168,000,000	23,910,000,000
Allowance for loans losses	$ 1,009,000,000	$ 1,089,000,000	1,048,000,000		$ 1,201,000,000
Private Education Loans [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Delinquency period (in days)	212 days
Credit Deteriorated Portfolio [Member] | Private Education Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans receivable, carrying amount				$ 70,000,000
Allowance for loans losses				43,000,000
ASU 2016-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 1, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		false
Allowance for loans losses				1,369,000,000
ASU 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses			257,000,000
ASU 2016-13 [Member] | FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses				324,000,000
ASU 2016-13 [Member] | FFELP Loans [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses			260,000,000
ASU 2016-13 [Member] | Private Education Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses				1,045,000,000
ASU 2016-13 [Member] | Private Education Loans [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses			$ (3,000,000)
ASU 2016-13 [Member] | Non-PCD Portfolio [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Reduction in equity (retained earnings), net of tax resulted from current expected credit losses				620,000,000
ASU 2016-13 [Member] | Non-PCD Portfolio [Member] | Private Education Loans [Member] | FFELP Loans [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses				802,000,000
ASU 2016-13 [Member] | Non-PCD Portfolio [Member] | Private Education Loans [Member] | FFELP Loans [Member] | Equity [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Reduction in equity (retained earnings), net of tax resulted from current expected credit losses				$ 620,000,000
ASU 2020-04 [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative financial instruments	$ 172,000,000,000

Significant Accounting Polici_5

Significant Accounting Policies - Summary of Translation Adjustments in Connection with Adopting CECL (Detail) - USD ($) $ in Millions	Jan. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance at beginning of period	$ 1,112	$ 1,377	$ 1,112	$ 1,286
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses		(61)	155	258
Allowance at end of period		1,271	1,377	1,112
ASU 2016-13 [Member]
Transition adjustments made under CECL on January 1, 2020:
Reclassification of the expected future recoveries on charged-off loans	(588)
Net increase to allowance for loan losses under CECL	257
Allowance at end of period	1,369
ASU 2016-13 [Member] | Non-PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses	802
ASU 2016-13 [Member] | PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses	43
FFELP Loans [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance at beginning of period	64	288	64	76
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses			13	30
Allowance at end of period		262	288	64
FFELP Loans [Member] | ASU 2016-13 [Member]
Transition adjustments made under CECL on January 1, 2020:
Net increase to allowance for loan losses under CECL	260
Allowance at end of period	324
FFELP Loans [Member] | ASU 2016-13 [Member] | Non-PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses	260
Private Education Loans [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance at beginning of period	1,048	1,089	1,048	1,201
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses		(61)	142	226
Reclassification of the expected future recoveries on charged-off loans		(87)	(107)
Allowance at end of period		$ 1,009	$ 1,089	$ 1,048
Private Education Loans [Member] | PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Allowance at end of period	43
Private Education Loans [Member] | ASU 2016-13 [Member]
Transition adjustments made under CECL on January 1, 2020:
Reclassification of the expected future recoveries on charged-off loans	(588)
Net increase to allowance for loan losses under CECL	(3)
Allowance at end of period	1,045
Private Education Loans [Member] | ASU 2016-13 [Member] | Non-PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses	542
Private Education Loans [Member] | ASU 2016-13 [Member] | PCD Portfolio [Member]
Transition adjustments made under CECL on January 1, 2020:
Current expected credit losses	$ 43

Significant Accounting Polici_6

Significant Accounting Policies - Summary of Translation Adjustments in Connection with Adopting CECL (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Reduction in equity (retained earnings), net of tax resulted from current expected credit losses	$ (3,939)	$ (3,331)
ASU 2016-13 [Member] | Non-PCD Portfolio [Member] | Cumulative Effect Period of Adoption Adjustment [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Reduction in equity (retained earnings), net of tax resulted from current expected credit losses			$ 620

Education Loans - Additional In

Education Loans - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Percentage of education loan portfolio in repayment	87.00%	85.00%
After October 1 1993 and before July 1 2006 [Member] | FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period	98.00%
On or After July 1 2006 [Member] | FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period	97.00%
Weighted Average [Member]
Accounts Notes And Loans Receivable [Line Items]
Estimated weighted average life of education loans	6 years	6 years
Stafford Loans [Member] | Minimum [Member] | FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	5 years
Stafford Loans [Member] | Maximum [Member] | FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	10 years
Consolidation Loans [Member] | Minimum [Member] | FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	12 years
Consolidation Loans [Member] | Maximum [Member] | FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	30 years
Private Education Loans [Member] | Minimum [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	10 years
Private Education Loans [Member] | Maximum [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	15 years

Education Loans - Education Loa

Education Loans - Education Loan Portfolio by Program (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Ending Balance of education loans	$ 72,812	$ 79,363
Percentage to total education loans	100.00%	100.00%
Average Balance education loans	$ 77,243	$ 84,242
Average Effective Interest Rate of education loans	3.42%	3.90%
FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Ending Balance of education loans	$ 52,641	$ 58,284
Stafford Loans [Member] | FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Ending Balance of education loans	$ 18,219	$ 19,607
Percentage to total education loans	25.00%	25.00%
Average Balance education loans	$ 19,270	$ 20,844
Average Effective Interest Rate of education loans	2.19%	2.80%
Consolidation Loans [Member] | FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Ending Balance of education loans	$ 34,422	$ 38,677
Percentage to total education loans	47.00%	49.00%
Average Balance education loans	$ 36,748	$ 40,678
Average Effective Interest Rate of education loans	2.84%	3.08%
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Ending Balance of education loans	$ 20,171	$ 21,079
Percentage to total education loans	28.00%	26.00%
Average Balance education loans	$ 21,225	$ 22,720
Average Effective Interest Rate of education loans	5.57%	6.36%

Allowance for Loan Losses - All

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Millions	Jan. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Loan Losses
Allowance at beginning of period	$ 1,112	$ 1,377	$ 1,112	$ 1,286
Provision:
Reversal of allowance related to loan sales		(107)
Remaining provision		46
Total provision		(61)	155	258
Charge-offs:
Net adjustment resulting from the change in the charge-off rate		(16)	(23)	(21)
Net charge-offs remaining		(179)	(233)	(408)
Total charge-offs		(195)	(256)	(429)
Decrease in expected future recoveries on charged-off loans		150	109
Reclassification of interest reserve				7
Loan sales and other transactions				(9)
Allowance at end of period		1,271	1,377	1,112
Plus: expected future recoveries on charged-off loans		329	479
Allowance at end of period excluding expected future recoveries on charged-off loans		1,600	1,856
Allowance Ending Balance:
Individually evaluated for impairment - TDR				941
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans				171
Loans Ending Balance:
Individually evaluated for impairment - TDR				9,617
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans				73,884
Purchased Non-Credit Impaired Loans acquired at a discount				4,311
Purchased Credit Impaired Loans				201
Ending total loans				88,013
Allowance at beginning of period	1,112	1,377	1,112	1,286
ASU 2016-13 [Member]
Charge-offs:
Allowance at end of period	1,369
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan Losses
Allowance at beginning of period	257		257
Charge-offs:
Allowance at end of period				257
Collectively evaluated for impairment:
Allowance at beginning of period	257		257
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Allowance for Loan Losses
Allowance at beginning of period	1,369		1,369
Charge-offs:
Allowance at end of period				1,369
Collectively evaluated for impairment:
Allowance at beginning of period	1,369		1,369
FFELP Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period	64	288	64	76
Provision:
Total provision			13	30
Charge-offs:
Net charge-offs remaining		(26)	(49)	(42)
Total charge-offs		(26)	(49)	(42)
Allowance at end of period		262	288	64
Allowance at end of period excluding expected future recoveries on charged-off loans		262	288
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans				64
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans				61,589
Purchased Non-Credit Impaired Loans acquired at a discount				2,505
Ending total loans		$ 52,903	$ 58,572	$ 64,094
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate		0.06%	0.10%	0.07%
Allowance coverage of charge-offs		10	5.9	1.5
Allowance as a percentage of the ending total loan balance		0.50%	0.50%	0.10%
Allowance as a percentage of the ending loans in repayment		0.60%	0.60%	0.12%
Average loans in repayment		$ 45,781	$ 48,130	$ 55,978
Ending loans in repayment		44,390	48,057	53,538
Allowance at beginning of period	64	288	64	76
FFELP Loans [Member] | ASU 2016-13 [Member]
Charge-offs:
Allowance at end of period	324
FFELP Loans [Member] | ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan Losses
Allowance at beginning of period	260		260
Charge-offs:
Allowance at end of period				260
Collectively evaluated for impairment:
Allowance at beginning of period	260		260
FFELP Loans [Member] | ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Allowance for Loan Losses
Allowance at beginning of period	324		324
Charge-offs:
Allowance at end of period				324
Collectively evaluated for impairment:
Allowance at beginning of period	324		324
Private Education Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period	1,048	1,089	1,048	1,201
Provision:
Reversal of allowance related to loan sales		(107)
Remaining provision		46
Total provision		(61)	142	226
Charge-offs:
Net adjustment resulting from the change in the charge-off rate		(16)	(23)	(21)
Net charge-offs remaining		(153)	(184)	(364)
Total charge-offs		(169)	(207)	(385)
Decrease in expected future recoveries on charged-off loans		150	109
Reclassification of interest reserve				7
Loan sales and other transactions				(1)
Allowance at end of period		1,009	1,089	1,048
Plus: expected future recoveries on charged-off loans		329	479	588
Allowance at end of period excluding expected future recoveries on charged-off loans		1,338	1,568
Allowance Ending Balance:
Individually evaluated for impairment - TDR				941
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans				107
Loans Ending Balance:
Individually evaluated for impairment - TDR				9,617
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans				12,286
Purchased Non-Credit Impaired Loans acquired at a discount				1,806
Purchased Credit Impaired Loans				201
Ending total loans		$ 21,180	$ 22,168	$ 23,910
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate		0.76%	0.88%	1.67%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment		0.08%	0.11%	0.10%
Allowance coverage of charge-offs		7.9	7.6	2.7
Allowance as a percentage of the ending total loan balance		6.30%	7.10%	4.38%
Allowance as a percentage of the ending loans in repayment		6.60%	7.50%	4.74%
Average loans in repayment		$ 20,150	$ 20,790	$ 21,859
Ending loans in repayment		20,284	20,841	22,089
Allowance at beginning of period	1,048	$ 1,089	1,048	1,201
Private Education Loans [Member] | ASU 2016-13 [Member]
Charge-offs:
Allowance at end of period	1,045
Private Education Loans [Member] | ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan Losses
Allowance at beginning of period	(3)		(3)
Charge-offs:
Allowance at end of period				(3)
Collectively evaluated for impairment:
Allowance at beginning of period	(3)		(3)
Private Education Loans [Member] | ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Allowance for Loan Losses
Allowance at beginning of period	1,045		1,045
Charge-offs:
Allowance at end of period				1,045
Collectively evaluated for impairment:
Allowance at beginning of period	$ 1,045		$ 1,045
Other Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period				9
Provision:
Total provision				1
Charge-offs:
Net charge-offs remaining				(2)
Total charge-offs				(2)
Loan sales and other transactions				(8)
Collectively evaluated for impairment:
Excluding Purchased Non-Credit Impaired Loans acquired at a discount and Purchased Credit Impaired Loans				9
Ending total loans				9
Average loans in repayment				29
Ending loans in repayment				9
Allowance at beginning of period				$ 9

Allowance for Loan Losses - A_2

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate	$ (16,000,000)	$ (23,000,000)	$ (21,000,000)
Sale of private education loan	1,600,000,000
Beginning of period expected recoveries	479,000,000
Reduction in expected recoveries related to regulatory settlement	(50,000,000)
End of period expected recoveries	329,000,000	479,000,000
Change in balance during period	(150,000,000)	(109,000,000)
FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Allowance for loans acquired			0
Loans receivable, discount			33,000,000
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate	(16,000,000)	(23,000,000)	(21,000,000)
Beginning of period expected recoveries	479,000,000	588,000,000
Expected future recoveries of current period defaults	22,000,000	32,000,000
Recoveries	(87,000,000)	(107,000,000)
Charge-offs	(35,000,000)	(34,000,000)
End of period expected recoveries	329,000,000	479,000,000	588,000,000
Change in balance during period	(150,000,000)	(109,000,000)
Allowance for loans acquired			0
Loans receivable, discount			268,000,000
Private Education Loans [Member] | Loans Receivable For Partially Charged Off Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate	$ 16,000,000	$ 23,000,000	$ 21,000,000
Private Education Loans [Member] | Minimum [Member]
Accounts Notes And Loans Receivable [Line Items]
Portion of loan amount charged off at default	81.40%	81.00%	80.50%
Private Education Loans [Member] | Maximum [Member]
Accounts Notes And Loans Receivable [Line Items]
Portion of loan amount charged off at default	81.70%	81.40%	81.00%

Allowance for Loan Losses - Add

Allowance for Loan Losses - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Line Items]
Percentage of loans granted forbearance that migrated to TDR classification	75.00%	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	$ 831	$ 948

Allowance for Loan Losses - Loa

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Modified loans	$ 149	$ 264	$ 475
Charge-offs	124	157	324
Payment default	$ 21	$ 47	$ 109

Allowance for Loan Losses - Age

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans in repayment and percentage of each status:
Total Loans, gross			$ 88,013
Loan allowance for losses	$ (1,271)	$ (1,377)	(1,112)	$ (1,286)
Loans, net	72,812	79,363
FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	52,903	58,572	64,094
Loan allowance for losses	(262)	(288)	$ (64)	$ (76)
Loans, net	52,641	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	7,256	8,431
Loan allowance for losses	(829)	(929)
Loans, net	$ 6,427	$ 7,502
Dimensions of concentration risk	100.00%	100.00%
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 13,924	$ 13,737
Loan allowance for losses	(180)	(160)
Loans, net	$ 13,744	$ 13,577
Dimensions of concentration risk	100.00%	100.00%
Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 52,903	$ 58,572
Loan allowance for losses	(262)	(288)
Loans, net	$ 52,641	$ 58,284
Dimensions of concentration risk	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	91.00%	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%
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	89.40%	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	3.00%	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%
Credit Concentration Risk [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	3.80%	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	1.80%	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%
Credit Concentration Risk [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	2.00%	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	4.20%	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%
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	4.80%	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	91.20%	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	98.20%	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	83.90%	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	9.00%	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%
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	10.60%	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	6.30%	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	0.60%	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	12.40%	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	$ 194	$ 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	167	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	2,220	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	446	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	89	141
Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	6,292	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	6,616	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	13,668	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	44,391	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	6,023	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	13,611	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	39,679	43,623
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	1,696	1,374
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	904	836
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	2,112	2,223
Repayment [Member] | 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:
Total Loans, gross	199	185
Repayment [Member] | 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:
Total Loans, gross	23	26
Repayment [Member] | 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:
Total Loans, gross	120	114
Repayment [Member] | 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:
Total Loans, gross	11	12
Repayment [Member] | 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:
Total Loans, gross	274	197
Repayment [Member] | 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:
Total Loans, gross	$ 23	$ 20

Allowance for Loan Losses - L_2

Allowance for Loan Losses - Loan Type (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross			$ 88,013
FFELP Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	$ 52,903	$ 58,572	$ 64,094
Change	(5,669)
FFELP Loans [Member] | Stafford Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	16,329	17,686
Change	(1,357)
FFELP Loans [Member] | Consolidation Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	31,873	35,968
Change	(4,095)
FFELP Loans [Member] | Rehab Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	4,701	$ 4,918
Change	$ (217)

Allowance for Loan Losses - Pri

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Total Loans, gross			$ 88,013
Loan allowance for losses	$ (1,271)	$ (1,377)	(1,112)	$ (1,286)
Loans, net	72,812	79,363
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Loans, gross	21,180	22,168	23,910
Loan allowance for losses	(1,009)	(1,089)	$ (1,048)	$ (1,201)
Loans, net	20,171	21,079
FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	5,227	4,023
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,005	2,998
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,899	1,102
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	716	349
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	217	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,116	13,622
Total Loans, gross	$ 21,180	$ 22,168
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	$ 5,185	$ 4,008
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,990	2,964
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,862	1,079
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	695	340
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	209	72
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,606	11,746
Total Loans, gross	$ 19,547	$ 20,209
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	92.00%	91.00%
FICO Scores [Member] | Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 42	$ 15
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	15	34
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	37	23
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	21	9
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	8	2
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,510	1,876
Total Loans, gross	$ 1,633	$ 1,959
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	8.00%	9.00%
Loan Status [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 5,227	$ 4,023
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,005	2,998
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,899	1,102
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	716	349
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	217	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,116	13,622
Total Loans, gross	$ 21,180	$ 22,168
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	$ 41	$ 23
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	30	43
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	34	25
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	17	10
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	6	2
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	768	1,224
Total Loans, gross	$ 896	$ 1,327
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	4.00%	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	$ 5,184	$ 3,999
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,973	2,953
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,860	1,075
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	697	338
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	211	72
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	10,062	12,187
Total Loans, gross	$ 19,987	$ 20,624
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	94.00%	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	$ 2	$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2	2
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	5	2
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	2	1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	286	211
Total Loans, gross	$ 297	$ 217
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2.00%	1.00%
School Type [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 5,227	$ 4,023
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,005	2,998
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,899	1,102
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	716	349
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	217	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,116	13,622
Total Loans, gross	$ 21,180	$ 22,168
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	$ 4,918	$ 3,844
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,916	2,801
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,771	1,019
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	659	333
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	208	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,241	11,255
Total Loans, gross	$ 18,713	$ 19,326
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	$ 309	$ 179
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	89	197
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	128	83
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	57	16
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	9
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,875	2,367
Total Loans, gross	$ 2,467	$ 2,842
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	12.00%	13.00%
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	$ 5,227	$ 4,023
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,005	2,998
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,899	1,102
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	716	349
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	217	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,116	13,622
Total Loans, gross	$ 21,180	$ 22,168
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%	100.00%
Private Education Loans Troubled Debt Restructuring Status | TDR [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 2	$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	8	14
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	31	23
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	28	31
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	29	11
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,158	8,351
Total Loans, gross	$ 7,256	$ 8,431
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	34.00%	38.00%
Private Education Loans Troubled Debt Restructuring Status | Non-TDR [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 5,225	$ 4,022
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,997	2,984
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,868	1,079
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	688	318
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	188	63
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,958	5,271
Total Loans, gross	$ 13,924	$ 13,737
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	66.00%	62.00%
Cosigners [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 5,227	$ 4,023
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,005	2,998
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,899	1,102
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	716	349
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	217	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,116	13,622
Total Loans, gross	$ 21,180	$ 22,168
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	$ 17	$ 5
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	33	13
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	12	1
Total Private Education Loan Credit Quality Indicators by Origination Year 2018		49
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	34	21
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,266	8,911
Total Loans, gross	$ 7,362	$ 9,000
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	35.00%	41.00%
Cosigners [Member] | Without Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 5,210	$ 4,018
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,972	2,985
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,887	1,101
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	716	300
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	183	53
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,850	4,711
Total Loans, gross	$ 13,818	$ 13,168
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	65.00%	59.00%
Seasoning [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 5,227	$ 4,023
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2,005	2,998
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,899	1,102
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	716	349
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	217	74
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	11,116	13,622
Total Loans, gross	$ 21,180	$ 22,168
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	$ 5,208	$ 4,014
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	161	879
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	27	7
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	133	180
Total Loans, gross	$ 5,535	$ 5,082
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	26.00%	23.00%
Seasoning [Member] | 13-24 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 1,824	$ 2,098
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	568	243
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	14	7
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	3	1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	150	234
Total Loans, gross	$ 2,559	$ 2,583
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	12.00%	12.00%
Seasoning [Member] | 25-36 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 1,283	$ 839
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	165	101
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	9	3
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	248	380
Total Loans, gross	$ 1,705	$ 1,323
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	8.00%	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	$ 524	$ 236
Total Private Education Loan Credit Quality Indicators by Origination Year 2017	61	38
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	380	584
Total Loans, gross	$ 965	$ 858
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	5.00%	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	$ 141	$ 31
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,914	11,808
Total Loans, gross	$ 10,055	$ 11,839
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	47.00%	53.00%
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	$ 9
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	20	21
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	21	13
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	291	436
Total Loans, gross	$ 361	$ 483
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)	Dec. 31, 2021	Dec. 31, 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%

Business Combinations, Goodwi_3

Business Combinations, Goodwill and Acquired Intangible - Summary of Goodwill for Each Reporting Units and Reportable Segments (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 671	$ 665
Federal Education Loans [Member]
Goodwill [Line Items]
Goodwill	232	240
Federal Education Loans [Member] | FFELP Loans [Member]
Goodwill [Line Items]
Goodwill	227	227
Federal Education Loans [Member] | Federal Education Loan Servicing [Member]
Goodwill [Line Items]
Goodwill	5	13
Consumer Lending Segment [Member]
Goodwill [Line Items]
Goodwill	197	183
Consumer Lending Segment [Member] | Private Education Loans [Member]
Goodwill [Line Items]
Goodwill	106	106
Consumer Lending Segment [Member] | Private Education Refinance Loans [Member]
Goodwill [Line Items]
Goodwill	77	77
Consumer Lending Segment [Member] | Private Education In-School Loans [Member]
Goodwill [Line Items]
Goodwill	14
Business Processing [Member]
Goodwill [Line Items]
Goodwill	242	242
Business Processing [Member] | Government Services [Member]
Goodwill [Line Items]
Goodwill	136	136
Business Processing [Member] | Healthcare Services [Member]
Goodwill [Line Items]
Goodwill	$ 106	$ 106

Business Combinations, Goodwi_4

Business Combinations, Goodwill and Acquired Intangible - Summary of Goodwill for Each Reporting Units and Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2021
Goodwill [Line Items]
Goodwill		$ 671	$ 665
Goodwill and acquired intangible asset impairment and amortization expense		30	22	$ 30
Series of Individually Immaterial Business Acquisitions [Member]
Goodwill [Line Items]
Goodwill	$ 14
Purchase price	$ 20
Federal Education Loans [Member]
Goodwill [Line Items]
Goodwill		232	240
Federal Education Loan Servicing [Member] | Federal Education Loans [Member]
Goodwill [Line Items]
Goodwill		5	$ 13
Goodwill and acquired intangible asset impairment and amortization expense		$ 8
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Goodwill [Line Items]
Goodwill					$ (8)

Business Combinations, Goodwi_5

Business Combinations, Goodwill and Acquired Intangible - Acquired Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	$ 406	$ 428
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(351)	(358)
Intangible assets subject to amortization, Net	55	70
Customer, Services and Lending Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	246	262
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(223)	(230)
Intangible assets subject to amortization, Net	23	32
Software and Technology [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	120	114
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(105)	(101)
Intangible assets subject to amortization, Net	15	13
Trade Names and Trademarks [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	40	52
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(23)	(27)
Intangible assets subject to amortization, Net	$ 17	$ 25

Business Combinations, Goodwi_6

Business Combinations, Goodwill and Acquired Intangible - Acquired Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets	$ 55	$ 70
Amortization of acquired intangible assets	19	$ 21	$ 25
2022	14
2023	12
2024	10
2025	7
After 2025	$ 12
Series of Individually Immaterial Business Acquisitions [Member] | Consumer Lending Segment [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets				$ 7

Borrowings - Company's Borrowin

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Short-term borrowings	$ 2,490	$ 6,613
Short-term Weighted Average Interest Rate	1.24%	1.97%
Long-term borrowings	$ 74,488	$ 77,332
Long-term Weighted Average Interest Rate	1.51%	1.62%
Total	$ 76,978	$ 83,945
FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Total	400
Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Total	2,500
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	$ 2,490	$ 6,609
Short-term Weighted Average Interest Rate	1.24%	1.97%
Long-term borrowings	$ 74,231	$ 76,781
Long-term Weighted Average Interest Rate	1.52%	1.63%
Total	$ 76,721	$ 83,390
Total Before Hedge Accounting Adjustments [Member] | Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings		$ 677
Short-term Weighted Average Interest Rate		6.61%
Long-term borrowings	$ 7,014	$ 7,714
Long-term Weighted Average Interest Rate	5.83%	6.19%
Total	$ 7,014	$ 8,391
Total Before Hedge Accounting Adjustments [Member] | Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings		$ 677
Short-term Weighted Average Interest Rate		6.61%
Long-term borrowings	$ 7,014	$ 7,714
Long-term Weighted Average Interest Rate	5.83%	6.19%
Total	$ 7,014	$ 8,391
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 51,841	$ 54,697
Long-term Weighted Average Interest Rate	0.85%	0.89%
Total	$ 51,841	$ 54,697
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	$ 543	$ 960
Short-term Weighted Average Interest Rate	2.42%	2.68%
Long-term borrowings	$ 14,074	$ 13,891
Long-term Weighted Average Interest Rate	1.82%	2.04%
Total	$ 14,617	$ 14,851
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	$ 282	$ 2,053
Short-term Weighted Average Interest Rate	0.97%	1.05%
Long-term borrowings	$ 150	$ 479
Long-term Weighted Average Interest Rate	0.97%	1.13%
Total	$ 432	$ 2,532
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	$ 1,363	$ 2,582
Short-term Weighted Average Interest Rate	1.05%	1.46%
Long-term borrowings	$ 1,152
Long-term Weighted Average Interest Rate	1.37%
Total	$ 2,515	$ 2,582
Total Before Hedge Accounting Adjustments [Member] | Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	$ 302	$ 337
Short-term Weighted Average Interest Rate	0.19%	0.09%
Total	$ 302	$ 337
Total Before Hedge Accounting Adjustments [Member] | Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	$ 2,490	$ 5,932
Short-term Weighted Average Interest Rate	1.24%	1.44%
Long-term borrowings	$ 67,217	$ 69,067
Long-term Weighted Average Interest Rate	1.07%	1.12%
Total	$ 69,707	$ 74,999
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings		4
Long-term borrowings	$ 257	$ 551
Long-term Weighted Average Interest Rate	(0.01%)	(0.01%)
Total	$ 257	$ 555

Borrowings - Company's Borrow_2

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 74,488	$ 77,332
Short-term Debt	2,490	6,613
FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Debt tranches default amount	416
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	74,231	76,781
Short-term Debt	2,490	6,609
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	49	157
Total Before Hedge Accounting Adjustments [Member] | Non-U.S. Doller Denominated Debt [Member]
Debt Instrument [Line Items]
Long-term debt	2,100	3,600
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	543	960
Total Before Hedge Accounting Adjustments [Member] | Long-Term Floating Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt	55,500	60,000
Total Before Hedge Accounting Adjustments [Member] | Long-Term Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt	18,700	16,800
Total Before Hedge Accounting Adjustments [Member] | Short Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	0	678
Total Before Hedge Accounting Adjustments [Member] | Long Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	$ 7,000	$ 7,800

Borrowings - Expected Maturitie

Borrowings - Expected Maturities of Long-term Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
2022	$ 7,000
2023	9,100
2024	7,200
2025	6,100
2026	5,800
2027-2043	39,500
Total	74,488	$ 77,332
Fixed Maturities [Member]
Debt Instrument [Line Items]
2022	6,965
2023	9,059
2024	7,218
2025	6,027
2026	5,716
2027-2043	39,246
Total before hedge accounting adjustments	74,231
Hedge accounting adjustments	257
Total	74,488
Fixed Maturities [Member] | Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
2023	1,312
2024	1,350
2025	551
2026	522
2027-2043	3,279
Total before hedge accounting adjustments	7,014
Hedge accounting adjustments	367
Total	7,381
Fixed Maturities [Member] | Secured Borrowings [Member]
Debt Instrument [Line Items]
2022	6,965
2023	7,747
2024	5,868
2025	5,476
2026	5,194
2027-2043	35,967
Total before hedge accounting adjustments	67,217
Hedge accounting adjustments	(110)
Total	$ 67,107

Borrowings - Expected Maturit_2

Borrowings - Expected Maturities of Long-term Borrowings (Parenthetical) (Detail) $ in Billions	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
On-balance sheet securitization trust debt included in projected principal paydowns in 2022	$ 7
Aggregate principal amount of debt maturing in 2022	7
Aggregate principal amount of debt maturing in 2023	9.1
Aggregate principal amount of debt maturing in 2024	7.2
Aggregate principal amount of debt maturing in 2025	6.1
Aggregate principal amount of debt maturing in 2026	5.8
Aggregate principal amount of debt maturing in 2027-2043	$ 39.5

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 2,490	$ 6,613
Long-term borrowings	74,488	77,332
Total	76,978	83,945
Loans	72,812	79,363
Total assets	80,605	87,412
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,490	6,609
Long-term borrowings	74,231	76,781
Total	76,721	83,390
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings		4
Long-term borrowings	257	551
Total	257	555
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,188	5,595
Long-term borrowings	67,107	68,900
Total	69,295	74,495
Loans	70,649	76,726
Cash	2,649	2,322
Other assets, Net	1,522	1,420
Total assets	74,820	80,468
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	51,841	54,697
Total	51,841	54,697
Loans	52,066	55,535
Cash	2,073	1,606
Other assets, Net	1,520	1,438
Total assets	55,659	58,579
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	543	960
Long-term borrowings	14,074	13,891
Total	14,617	14,851
Loans	15,506	15,823
Cash	505	606
Other assets, Net	150	187
Total assets	16,161	16,616
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	282	2,053
Long-term borrowings	150	479
Total	432	2,532
Loans	436	2,533
Cash	8	36
Other assets, Net	15	76
Total assets	459	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	1,363	2,582
Long-term borrowings	1,152
Total	2,515	2,582
Loans	2,641	2,835
Cash	63	74
Other assets, Net	32	27
Total assets	2,736	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	2,188	5,595
Long-term borrowings	67,217	69,067
Total	69,405	74,662
Loans	70,649	76,726
Cash	2,649	2,322
Other assets, Net	1,717	1,728
Total assets	75,015	80,776
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	(110)	(167)
Total	(110)	(167)
Other assets, Net	(195)	(308)
Total assets	$ (195)	$ (308)

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Outstanding borrowings under facility	$ 76,978,000,000	$ 83,945,000,000
Issuance of unsecured debt	1,300,000,000	$ 700,000,000	$ 0
FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	400,000,000
Assets securing facility	500,000,000
Maximum unused capacity	500,000,000
Unencumbered Loans	$ 100,000,000
FFELP Loan ABCP Facilities [Member] | Minimum [Member]
Debt Instrument [Line Items]
Facility maturity date	2022-11
FFELP Loan ABCP Facilities [Member] | Maximum [Member]
Debt Instrument [Line Items]
Facility maturity date	2023-04
FFELP Loan | Asset-backed Securities, Securitized Loans and Receivables [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	$ 49,000,000
Amount of asset-backed securitization repurchase facility				$ 900,000,000
Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	2,500,000,000
Assets securing facility	2,700,000,000
Maximum unused capacity	2,200,000,000
Unencumbered Loans	$ 2,000,000,000
Private Education Loan ABCP Facilities [Member] | Minimum [Member]
Debt Instrument [Line Items]
Facility maturity date	2022-06
Private Education Loan ABCP Facilities [Member] | Maximum [Member]
Debt Instrument [Line Items]
Facility maturity date	2023-06
Private Education Loan Repurchase Facilities | Asset-backed Securities, Securitized Loans and Receivables [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	$ 500,000,000

Borrowings - Summary of Activit

Borrowings - Summary of Activity Related to Senior Unsecured Debt Repurchases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt principal repurchased	$ 2,577	$ 768	$ 1,184
Gains (losses) on debt repurchases	$ (73)	$ (6)	$ 45

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Net positive exposure related to corporate derivatives	$ 9,000,000	$ 13,000,000
Euro and British Pound Sterling denominated bonds outstanding in securitization trusts	2,100,000,000
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	61,300,000,000	71,700,000,000
Net positive exposure on foreign currency swaps	0	28,000,000
Decrease in valuation due to net credit risk adjustments	8,000,000	8,000,000
Decrease in valuation due to liquidity adjustments	2,000,000	5,000,000
Derivative liability at fair value including accrued interest and premium receivable	271,000,000	504,000,000
Counterparty [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	72,000,000
Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	46,700,000,000	$ 51,000,000,000
Interest Rate Swaps [Member] | Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	$ 1,100,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Credit Exposure Related Counterparties (Detail) - Corporate Contracts [Member] $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Exposure, net of collateral	$ 9
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3	100.00%

Derivative Financial Instrume_5

Derivative Financial Instruments - Impact of Derivatives on Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivative Assets:
Derivative assets	$ 224	$ 357
Derivative Liabilities:
Derivative liabilities	(260)	(533)
Net total derivatives	(36)	(176)
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	222	351
Derivative Liabilities:
Derivative liabilities	(190)	(322)
Net total derivatives	32	29
Trading [Member]
Derivative Assets:
Derivative assets	2	6
Derivative Liabilities:
Derivative liabilities	(70)	(211)
Net total derivatives	(68)	(205)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	224	329
Derivative Liabilities:
Derivative liabilities	(5)	(14)
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets	222	323
Interest Rate Swaps [Member] | Trading [Member]
Derivative Assets:
Derivative assets	2	6
Derivative Liabilities:
Derivative liabilities	(5)	(14)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets		28
Derivative Liabilities:
Derivative liabilities	(190)	(322)
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Assets:
Derivative assets		28
Derivative Liabilities:
Derivative liabilities	(190)	(322)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(65)	(197)
Floor Income Contracts [Member] | Trading [Member]
Derivative Liabilities:
Derivative liabilities	$ (65)	$ (197)

Derivative Financial Instrume_6

Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Derivative assets	$ 224	$ 357
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	218	307
Cash collateral (held) pledged, Assets	(244)	(336)
Derivative liabilities	(260)	(533)
Cash collateral (held) pledged, Liabilities	147	234
Other Assets [Member]
Derivatives Fair Value [Line Items]
Derivative assets	224	357
Impact of master netting agreements, Assets	(6)	(50)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	218	307
Cash collateral (held) pledged, Assets	(244)	(336)
Net position, Assets	(26)	(29)
Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Derivative liabilities	(260)	(533)
Impact of master netting agreements, Liabilities	6	50
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(254)	(483)
Cash collateral (held) pledged, Liabilities	147	234
Net position, Liabilities	$ (107)	$ (249)

Derivative Financial Instrume_7

Derivative Financial Instruments - Carrying Value and Related Fair Value Hedging Adjustments of Liabilities (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Short-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value		$ 631
Hedge Basis Adjustments		4
Long-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	$ 8,503	11,017
Hedge Basis Adjustments	$ 252	$ 541

Derivative Financial Instrume_8

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Total Derivative Notional Values	$ 61,300,000,000	$ 71,700,000,000
Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	12,100,000,000	16,700,000,000
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	8,300,000,000	11,200,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	40,900,000,000	43,800,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	46,700,000,000	51,000,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	12,100,000,000	16,700,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,200,000,000	7,500,000,000
Interest Rate Swaps [Member] | Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	28,400,000,000	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_9

Derivative Financial Instruments - Mark-to-Market Impact of Derivatives on Statements of Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ 64	$ (256)	$ 22
Interest Expense and Derivative Instruments Hedging Activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	152	(273)	43
Designated as Hedging Instrument [Member] | Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	88	(17)	21
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	(310)	301	281
Gains (losses) recognized in net income on hedged items	349	(327)	(299)
Net fair value hedge ineffectiveness gains (losses)	39	(26)	(18)
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	104	281	57
Gains (losses) recognized in net income on hedged items	(55)	(272)	(18)
Net fair value hedge ineffectiveness gains (losses)	49	9	39
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	64	(256)	22
Trading [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	30	(47)	44
Trading [Member] | Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized			(2)
Trading [Member] | Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ 34	$ (209)	(22)
Trading [Member] | Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized			$ 2

Derivative Financial Instrum_10

Derivative Financial Instruments - Impact of Derivatives on Other Comprehensive Income (Equity) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) on cash flow hedges		$ 55	$ (233)	$ (165)
Net changes in cash flow hedges, net of tax	[1]	141	(183)	(204)
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)		$ 86	$ 50	$ (39)
[1]	See “Note 7 – Derivative Financial Instruments.

Derivative Financial Instrum_11

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 244	$ 336
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	1	78
Total collateral held	245	414
Derivative asset at fair value including accrued interest	242	351
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	147	234
Total collateral pledged	147	234
Derivative liability at fair value including accrued interest and premium receivable	$ 271	$ 504

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 1,881	$ 1,933
Benefit and insurance-related investments	462	469
Income tax asset, net	369	454
Derivatives at fair value	218	307
Accounts receivable	159	118
Fixed assets	95	116
Other	39	95
Total	$ 3,223	$ 3,492

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Dec. 20, 2021	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, shares authorized		1,125,000,000	1,125,000,000
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares issued		459,000,000	454,000,000
Common shares unissued but encumbered		21,000,000
Rights Offering [Member]
Class of Stock [Line Items]
Common stock, par value	$ 0.01
Common stock, terms of conversion	one
Common stock, dividend paid date	Dec. 30, 2021
Participating preferred stock purchase price	$ 100
Common stock, beneficial ownership percentage	20.00%
Common stock rights expiration date	Dec. 19, 2022
Preferred stock, shares authorized	2,000,000
Preferred stock, par value	$ 0.20
Common Stock Shares Outstanding [Member]
Class of Stock [Line Items]
Common stock, shares issued		154,000,000
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock		$ 21.22

Stockholders' Equity - Common S

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 17.46	$ 13.06	$ 12.76
Remaining common stock repurchase authority	$ 1,000	$ 600	$ 1,000
Shares repurchased related to employee stock-based compensation plans	3,000,000	1,200,000	3,200,000
Average purchase price per share	$ 13.65	$ 12.86	$ 11.62
Common shares issued	4,900,000	2,700,000	5,700,000
Dividends paid	$ 107	$ 123	$ 147
Dividends per common share	$ 0.64	$ 0.64	$ 0.64
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, shares	34,400,000	30,600,000	34,500,000
Common stock repurchased, value	$ 600	$ 400	$ 440
Shares repurchased related to employee stock-based compensation plans	3,039,019	1,189,745	3,226,301
Common shares issued	4,850,409	2,684,096	5,717,053

Stockholders' Equity - Common_2

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Parenthetical) (Detail) - USD ($) $ in Billions	Dec. 31, 2021	Oct. 31, 2019
Equity [Abstract]
Authorized share repurchased program amount	$ 1	$ 1

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income	$ 717	$ 412	$ 597
Denominator:
Weighted average shares used to compute basic EPS	170	193	230
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan ("ESPP")	2	2	3
Dilutive potential common shares	2	2	3
Weighted average shares used to compute diluted EPS	172	195	233
Basic earnings per common share	$ 4.23	$ 2.14	$ 2.59
Diluted earnings per common share	$ 4.18	$ 2.12	$ 2.56

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Parenthetical) (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the computation of diluted earnings per share	0	2	4

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Maximum remaining term for investment purchased for estimating at cost	90 days
Decrease in valuation due to net credit risk adjustments	$ 8	$ 8
Decrease in valuation due to liquidity adjustments	$ 2	$ 5

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 224	$ 357
Derivative liabilities	(260)	(533)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	224	329
Derivative liabilities	(5)	(14)
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		28
Derivative liabilities	(190)	(322)
Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(65)	(197)
Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	224	357
Total	224	357
Derivative liabilities	(260)	(533)
Total	(260)	(533)
Fair Value Measurements Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	223	323
Total	223	323
Derivative liabilities	(65)	(197)
Total	(65)	(197)
Fair Value Measurements Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1	34
Total	1	34
Derivative liabilities	(195)	(336)
Total	(195)	(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	224	329
Derivative liabilities	(5)	(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	223	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	1	6
Derivative liabilities	(5)	(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		28
Derivative liabilities	(190)	(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		28
Derivative liabilities	(190)	(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	(65)	(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	$ (65)	$ (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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (302)	$ (593)	$ (664)
Total gains/(losses):
Included in earnings	84	239	(50)
Included in other comprehensive income	0	0	0
Settlements	24	52	121
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(194)	(302)	(593)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	(154)	279	70
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(8)	(17)	(27)
Total gains/(losses):
Included in earnings	3	8	8
Included in other comprehensive income	0	0	0
Settlements	1	1	2
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(4)	(8)	(17)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	3	5	9
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	(294)	(575)	(633)
Total gains/(losses):
Included in earnings	81	231	(60)
Included in other comprehensive income	0	0	0
Settlements	23	50	118
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(190)	(294)	(575)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	(157)	273	58
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period		(1)	(4)
Total gains/(losses):
Included in earnings	0	0	2
Included in other comprehensive income	0	0	0
Settlements	0	1	1
Transfers in and/or out of level 3	0	0	0
Balance, end of period	0		(1)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	$ 0	$ 1	$ 3

Fair Value Measurements - Inclu

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 84	$ 239	$ (50)
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	3	8	10
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	$ 81	$ 231	$ (60)

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions	Dec. 31, 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	$ 219	$ 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	(190)	$ (294)
Level 3 [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(194)
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	$ (190)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivatives	0.05
Derivative Asset (Liability) Net, Measurement Input [Extensible Enumeration]	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	$ (4)
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	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	$ 72,812	$ 79,363
Total earning assets, Carrying Value	76,657	83,185
Short-term borrowings, Carrying Value	2,490	6,613
Long-term borrowings, Carrying Value	74,488	77,332
Total	76,978	83,945
Total earning assets, Fair Value	78,617	85,401
Short-term borrowings, Fair Value	2,492	6,626
Long-term borrowings, Fair Value	74,548	76,719
Total interest-bearing liabilities, Fair Value	77,040	83,345
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	52,641	58,284
Loans receivable, Fair Value	53,632	59,117
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(65)	(197)
Derivative financial instruments, Fair Value	(65)	(197)
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	219	315
Derivative financial instruments, Fair Value	219	315
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(190)	(294)
Derivative financial instruments, Fair Value	(190)	(294)
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	20,171	21,079
Loans receivable, Fair Value	21,140	22,462
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Fair Value	1,960	2,216
Short-term borrowings, Fair Value	(2)	(13)
Long-term borrowings, Fair Value	(60)	613
Total interest-bearing liabilities, Fair Value	(62)	600
Excess of net asset fair value over carrying value	1,898	2,816
Difference [Member] | FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	991	833
Difference [Member] | Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	969	1,383
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	3,845	3,822
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 3,845	$ 3,822

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Jan. 31, 2022USD ($)StateAttorneysGeneralBorrower	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2016Case
Loss Contingencies [Line Items]
Number of cases filed | Case				3
Regulatory expenses		$ 205,000,000
SLM BankCo [Member] | Indemnification Matters [Member]
Loss Contingencies [Line Items]
Reserve for estimated amounts and costs incurred		$ 0
Subsequent Event [Member]
Loss Contingencies [Line Items]
Number of State Attorneys General under Agreement | StateAttorneysGeneral	40
Number of borrowers involved in cancellation of loan balance | Borrower	66,000
Aggregate outstanding balance of loans cancelled	$ 1,700,000,000
Expense on cancellation of loans	50,000,000
One-time payment	$ 145,000,000
Tentative Agreements
Loss Contingencies [Line Items]
Litigation settlement			$ 42,500,000
Net impact to operating expense due to accrual of offsetting insurance reimbursements			$ 0

Income Taxes - Reconciliations

Income Taxes - Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%	21.00%
Non-deductible regulatory-related expenses	1.40%
State tax, net of federal benefit	1.20%	1.60%	1.40%
Other, net	(0.20%)		(0.50%)
Effective tax rate	23.40%	22.60%	21.90%

Income Taxes - Reconciliation_2

Income Taxes - Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Regulatory expenses related to resolution of state attorneys general litigation and investigations	$ 205
Regulatory expenses non deductible for income tax purposes	$ 50.7

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current provision/(benefit):
Federal	$ 147	$ 98	$ 78
State	19	14	11
Foreign		(1)
Total current provision/(benefit)	166	111	89
Deferred provision/(benefit):
Federal	56	12	73
State	(3)	(3)	3
Foreign			1
Total deferred provision/(benefit)	53	9	77
Provision for income tax expense/(benefit)	$ 219	$ 120	$ 166

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Loan reserves	$ 381	$ 414
Market value adjustments on education loans, investments and derivatives		64
Education loan premiums and discounts, net	40	41
Operating loss and credit carryovers	12	14
Accrued expenses not currently deductible	49	22
Stock-based compensation plans	5	6
Other	23	22
Total deferred tax assets	510	583
Deferred tax liabilities:
Acquired intangible assets	18	16
Market value adjustments on education loans, investments and derivatives	30
Original issue discount on borrowings	12	11
Other	8	16
Total deferred tax liabilities	68	43
Net deferred tax assets	$ 442	$ 540

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Valuation allowance, Operating loss and credit carryovers	$ 69	$ 64
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statute of limitation period for open tax reviews	3 years
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statute of limitation period for open tax reviews	4 years

Income Taxes - Summary of Opera

Income Taxes - Summary of Operating Loss and Credit Carryovers (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers, Tax-Effected	$ 81
Valuation allowance, Operating loss and credit carryovers	69	$ 64
Operating Loss and Credit Carryovers	12
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers, Gross	47
Net operating loss carryovers, Tax-Effected	$ 10
Net operating loss, Expiration	2032
Valuation allowance, Operating loss and credit carryovers	$ 1
Operating Loss and Credit Carryovers	9
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers, Gross	511
Net operating loss carryovers, Tax-Effected	$ 35
Net operating loss, Expiration	2021
Valuation allowance, Operating loss and credit carryovers	$ 32
Operating Loss and Credit Carryovers	3
State IRC ? 163(j) disallowed interest expense carryovers, Gross	2,239
State IRC ? 163(j) disallowed interest expense carryovers, Tax-Effected	$ 36
State IRC ? 163(j) disallowed interest expense carryovers, Expiration	Indefinite
State IRC ? 163(j) disallowed interest expense carryovers, Corresponding Valuation Allowance	$ 36

Income Taxes - Summary of Chang

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at beginning of year	$ 57.9	$ 53.6	$ 65.7
Increases resulting from tax positions taken during a prior period	6.4	7.6	4
Decreases resulting from tax positions taken during a prior period	(4.2)		(3.8)
Increases resulting from tax positions taken during the current period	6.4	3.5	1.9
Decreases related to settlements with taxing authorities	(0.3)	(0.2)	(11.1)
Reductions related to the lapse of statute of limitations	(7.4)	(6.6)	(3.1)
Unrecognized tax benefits at end of year	$ 58.8	$ 57.9	$ 53.6

Income Taxes - Summary of Cha_2

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 58.8	$ 57.9	$ 53.6	$ 65.7
Unrecognized tax benefits recognition impact on effective tax rate	$ 46.5

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 507	$ 388
Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	21	62
Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	18	38
Other Institutions [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue		2
State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	183	122
Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	54	51
Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	231	113
Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	19	84
Federal Education Loans [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	1	44
Federal Education Loans [Member] | Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	18	38
Federal Education Loans [Member] | Other Institutions [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue		2
Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	488	304
Business Processing [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	20	18
Business Processing [Member] | State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	183	122
Business Processing [Member] | Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	54	51
Business Processing [Member] | Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	231	113
Federal Education Loan Asset Recovery Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	19	84
Federal Education Loan Asset Recovery Services [Member] | Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	19	84
Government Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	257	191
Government Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	257	191
Healthcare Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	231	113
Healthcare Services [Member] | Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 231	$ 113

Revenue from Contracts with C_4

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Additional Information (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 159,000,000	$ 118,000,000
ASU 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable	82,000,000	$ 90,000,000
Contract assets	0
Contract liability	$ 0

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)ClientSegment	Dec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments | Segment	4
Total assets	$ 80,605	$ 87,412
Business Processing [Member]
Segment Reporting Information [Line Items]
Total assets	$ 397	425
Business Processing [Member] | Minimum [Member]
Segment Reporting Information [Line Items]
Number of clients for business processing services | Client	600
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,500	$ 1,900

Segment Reporting - Asset Infor

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Loans, net	$ 72,812	$ 79,363
Other	3,223	3,492
Total assets	80,605	87,412
Federal Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	52,641	58,284
Cash and investments	2,071	1,685
Other	2,183	2,241
Total assets	56,895	62,210
Consumer Lending [Member]
Segment Reporting Information [Line Items]
Loans, net	20,171	21,079
Cash and investments	824	828
Other	815	964
Total assets	$ 21,810	$ 22,871

Segment Reporting - Segment Res

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income:
Cash and investments	$ 3	$ 16	$ 93
Total interest income	2,648	3,298	4,673
Total interest expense	1,316	2,046	3,488
Net interest income	1,332	1,252	1,185
Less: provisions for loan losses	(61)	155	258
Net interest income after provisions for loan losses	1,393	1,097	927
Other income (loss):
Servicing revenue	168	214	240
Asset recovery and business processing revenue	539	458	488
Other income (loss)	94	(236)	67
Gains on sales of loans	78		16
Gains (losses) on debt repurchases	(73)	(6)	45
Total other income	806	430	856
Expenses:
Direct operating expenses	745	687	730
Unallocated shared services expenses	462	277	254
Total operating expenses	1,207	964	984
Goodwill and acquired intangible asset impairment and amortization	30	22	30
Restructuring/other reorganization expenses	26	9	6
Total expenses	1,263	995	1,020
Income before income tax expense	936	532	763
Income tax expense (benefit)	219	120	166
Net income	717	412	597
Operating Segments [Member]
Interest income:
Cash and investments	3	16	93
Total interest income	2,589	3,274	4,733
Total interest expense	1,441	2,013	3,517
Net interest income	1,148	1,261	1,216
Less: provisions for loan losses	(61)	155	258
Net interest income after provisions for loan losses	1,209	1,106	958
Other income (loss):
Servicing revenue	168	214	240
Asset recovery and business processing revenue	539	458	488
Other income (loss)	30	20	43
Gains on sales of loans	91		16
Gains (losses) on debt repurchases	(73)	(6)	33
Total other income	755	686	820
Expenses:
Direct operating expenses	745	687	730
Unallocated shared services expenses	462	277	254
Total operating expenses	1,207	964	984
Restructuring/other reorganization expenses	26	9	6
Total expenses	1,233	973	990
Income before income tax expense	731	819	788
Income tax expense (benefit)	180	188	181
Net income	551	631	607
Operating Segments [Member] | Federal Education Loans [Member]
Interest income:
Cash and investments		7	50
Total interest income	1,405	1,820	2,958
Total interest expense	830	1,194	2,376
Net interest income	575	626	582
Less: provisions for loan losses		13	30
Net interest income after provisions for loan losses	575	613	552
Other income (loss):
Servicing revenue	162	208	229
Asset recovery and business processing revenue	51	154	230
Other income (loss)	25	9	28
Total other income	238	371	487
Expenses:
Direct operating expenses	223	287	359
Total operating expenses	223	287	359
Total expenses	223	287	359
Income before income tax expense	590	697	680
Income tax expense (benefit)	136	160	155
Net income	454	537	525
Operating Segments [Member] | Consumer Lending [Member]
Interest income:
Cash and investments	2	3	16
Total interest income	1,183	1,448	1,748
Total interest expense	541	699	980
Net interest income	642	749	768
Less: provisions for loan losses	(61)	142	228
Net interest income after provisions for loan losses	703	607	540
Other income (loss):
Servicing revenue	6	6	11
Other income (loss)			1
Gains on sales of loans	91		16
Total other income	97	6	28
Expenses:
Direct operating expenses	162	146	156
Total operating expenses	162	146	156
Total expenses	162	146	156
Income before income tax expense	638	467	412
Income tax expense (benefit)	146	107	96
Net income	492	360	316
Operating Segments [Member] | Business Processing [Member]
Other income (loss):
Asset recovery and business processing revenue	488	304	258
Total other income	488	304	258
Expenses:
Direct operating expenses	360	254	215
Total operating expenses	360	254	215
Total expenses	360	254	215
Income before income tax expense	128	50	43
Income tax expense (benefit)	29	11	10
Net income	99	39	33
Operating Segments [Member] | Other Segment [Member]
Interest income:
Cash and investments	1	6	27
Total interest income	1	6	27
Total interest expense	70	120	161
Net interest income	(69)	(114)	(134)
Net interest income after provisions for loan losses	(69)	(114)	(134)
Other income (loss):
Other income (loss)	5	11	14
Gains (losses) on debt repurchases	(73)	(6)	33
Total other income	(68)	5	47
Expenses:
Unallocated shared services expenses	462	277	254
Total operating expenses	462	277	254
Restructuring/other reorganization expenses	26	9	6
Total expenses	488	286	260
Income before income tax expense	(625)	(395)	(347)
Income tax expense (benefit)	(131)	(90)	(80)
Net income	(494)	(305)	(267)
Adjustments [Member] | Reclassifications [Member]
Interest income:
Total interest income	98	79	8
Total interest expense	(8)	39	6
Net interest income	106	40	2
Net interest income after provisions for loan losses	106	40	2
Other income (loss):
Other income (loss)	(93)	(40)	(41)
Gains on sales of loans	(13)
Gains (losses) on debt repurchases			39
Total other income	(106)	(40)	(2)
Adjustments [Member] | Additions (Subtractions) [Member]
Interest income:
Total interest income	(39)	(55)	(68)
Total interest expense	(117)	(6)	(35)
Net interest income	78	(49)	(33)
Net interest income after provisions for loan losses	78	(49)	(33)
Other income (loss):
Other income (loss)	157	(216)	65
Gains (losses) on debt repurchases			(27)
Total other income	157	(216)	38
Expenses:
Goodwill and acquired intangible asset impairment and amortization	30	22	30
Total expenses	30	22	30
Income before income tax expense	205	(287)	(25)
Income tax expense (benefit)	39	(68)	(15)
Net income	166	(219)	(10)
Adjustments [Member] | Total Adjustments [Member]
Interest income:
Total interest income	59	24	(60)
Total interest expense	(125)	33	(29)
Net interest income	184	(9)	(31)
Net interest income after provisions for loan losses	184	(9)	(31)
Other income (loss):
Other income (loss)	64	(256)	24
Gains on sales of loans	(13)
Gains (losses) on debt repurchases			12
Total other income	51	(256)	36
Expenses:
Goodwill and acquired intangible asset impairment and amortization	30	22	30
Total expenses	30	22	30
Income before income tax expense	205	(287)	(25)
Income tax expense (benefit)	39	(68)	(15)
Net income	166	(219)	(10)
Education Loan Portfolio [Member]
Interest income:
Total interest income	2,645	3,282	4,578
Education Loan Portfolio [Member] | Operating Segments [Member]
Interest income:
Total interest income	2,586	3,258	4,638
Education Loan Portfolio [Member] | Operating Segments [Member] | Federal Education Loans [Member]
Interest income:
Total interest income	1,405	1,813	2,907
Education Loan Portfolio [Member] | Operating Segments [Member] | Consumer Lending [Member]
Interest income:
Total interest income	1,181	1,445	1,731
Education Loan Portfolio [Member] | Adjustments [Member] | Reclassifications [Member]
Interest income:
Total interest income	98	79	8
Education Loan Portfolio [Member] | Adjustments [Member] | Additions (Subtractions) [Member]
Interest income:
Total interest income	(39)	(55)	(68)
Education Loan Portfolio [Member] | Adjustments [Member] | Total Adjustments [Member]
Interest income:
Total interest income	$ 59	$ 24	(60)
Other Loans [Member]
Interest income:
Total interest income			2
Other Loans [Member] | Operating Segments [Member]
Interest income:
Total interest income			2
Other Loans [Member] | Operating Segments [Member] | Federal Education Loans [Member]
Interest income:
Total interest income			1
Other Loans [Member] | Operating Segments [Member] | Consumer Lending [Member]
Interest income:
Total interest income			$ 1

Segment Reporting - Segment R_2

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 1,393	$ 1,097	$ 927
Total other income (loss)	806	430	856
Goodwill and acquired intangible asset impairment and amortization	30	22	30
Income tax expense (benefit)	219	120	166
Net income	717	412	597
Total Adjustments [Member] | Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	184	(9)	(31)
Total other income (loss)	51	(256)	36
Goodwill and acquired intangible asset impairment and amortization	30	22	30
Total Core Earnings adjustments to GAAP	205	(287)	(25)
Income tax expense (benefit)	39	(68)	(15)
Net income	166	(219)	(10)
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	30	22	30
Total Core Earnings adjustments to GAAP	(30)	(22)	(30)
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	184	(9)	(31)
Total other income (loss)	51	(256)	36
Total Core Earnings adjustments to GAAP	$ 235	$ (265)	$ 5

Segment Reporting - Core Earnin

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income (loss)	$ 717	$ 412	$ 597
Net income tax effect	(219)	(120)	(166)
Operating Segments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income (loss)	551	631	607
Net income tax effect	(180)	(188)	(181)
Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income (loss)	166	(219)	(10)
Core Earnings adjustments to GAAP	205	(287)	(25)
Net income tax effect	(39)	68	15
Net Impact of Derivative Accounting [Member] | Total Adjustments [Member] | Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	235	(265)	5
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	$ (30)	$ (22)	$ (30)

Segment Reporting - Core Earn_2

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2021USD ($)
Segment Reporting [Abstract]
Amount that will be equal to mark-to-market gain or loss over the life of the contract	$ 0