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Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2019

Allowance for credit losses and recorded investments in loans

Allowance for Loan Losses Metrics



	Allowance for Loan Losses
	Year Ended December 31, 2019
	FFELP Loans			Private Education Loans			Personal Loans			Credit Cards			Total
Allowance for Loan Losses
Beginning balance	$	977		$	277,943		$	62,201		$	—		$	341,121
Total provision	1,478			279,570			72,783			103			353,934
Net charge-offs:
Charge-offs	(822		)	(208,978		)	(74,313		)	(1		)	(284,114		)
Recoveries	—			25,765			5,206			—			30,971
Net charge-offs	(822		)	(183,213		)	(69,107		)	(1		)	(253,143		)
Ending Balance	$	1,633		$	374,300		$	65,877		$	102		$	441,912
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	186,697		$	—		$	—		$	186,697
Ending balance: collectively evaluated for impairment	$	1,633		$	187,603		$	65,877		$	102		$	255,215
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,581,966		$	—		$	—		$	1,581,966
Ending balance: collectively evaluated for impairment	$	783,306		$	21,607,625		$	1,049,007		$	3,884		$	23,443,822
Net charge-offs as a percentage of average loans in repayment⁽¹⁾	0.13		%	1.17		%	6.07		%	0.13		%
Allowance as a percentage of the ending total loan balance	0.21		%	1.61		%	6.28		%	2.63		%
Allowance as a percentage of the ending loans in repayment⁽¹⁾	0.26		%	2.23		%	6.28		%	2.63		%
Allowance coverage of net charge-offs	1.99			2.04			0.95			102.00
Ending total loans, gross	$	783,306		$	23,189,591		$	1,049,007		$	3,884
Average loans in repayment⁽¹⁾	$	631,029		$	15,605,927		$	1,138,887		$	786
Ending loans in repayment⁽¹⁾	$	617,646		$	16,787,670		$	1,049,007		$	3,884

____________


⁽¹⁾	Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.



	Allowance for Loan Losses
	Year Ended December 31, 2018
	FFELP Loans			Private Education Loans			Personal Loans			Total
Allowance for Loan Losses
Beginning balance	$	1,132		$	243,715		$	6,628		$	251,475
Total provision	980			169,287			74,317			244,584
Net charge-offs:
Charge-offs	(1,135		)	(154,701		)	(19,690		)	(175,526		)
Recoveries	—			20,858			946			21,804
Net charge-offs	(1,135		)	(133,843		)	(18,744		)	(153,722		)
Loan sales⁽¹⁾	—			(1,216		)	—			(1,216		)
Ending Balance	$	977		$	277,943		$	62,201		$	341,121
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	120,110		$	—		$	120,110
Ending balance: collectively evaluated for impairment	$	977		$	157,833		$	62,201		$	221,011
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,257,856		$	—		$	1,257,856
Ending balance: collectively evaluated for impairment	$	846,487		$	19,246,609		$	1,190,091		$	21,283,187
Net charge-offs as a percentage of average loans in repayment⁽²⁾	0.16		%	1.01		%	2.11		%
Allowance as a percentage of the ending total loan balance	0.12		%	1.36		%	5.23		%
Allowance as a percentage of the ending loans in repayment⁽²⁾	0.15		%	1.90		%	5.23		%
Allowance coverage of net charge-offs	0.86			2.08			3.32
Ending total loans, gross	$	846,487		$	20,504,465		$	1,190,091
Average loans in repayment⁽²⁾	$	691,406		$	13,303,801		$	889,348
Ending loans in repayment⁽²⁾	$	665,807		$	14,666,856		$	1,190,091

____________


⁽¹⁾	Represents fair value adjustments on loans sold.


⁽²⁾	Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.



	Allowance for Loan Losses
	Year Ended December 31, 2017
	FFELP Loans			Private Education Loans			Personal Loans			Total
Allowance for Loan Losses
Beginning balance	$	2,171		$	182,472		$	58		$	184,701
Total provision	(85		)	178,542			7,138			185,595
Net charge-offs:
Charge-offs	(954		)	(130,063		)	(579		)	(131,596		)
Recoveries	—			17,635			11			17,646
Net charge-offs	(954		)	(112,428		)	(568		)	(113,950		)
Loan sales⁽¹⁾	—			(4,871		)	—			(4,871		)
Ending Balance	$	1,132		$	243,715		$	6,628		$	251,475
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	94,682		$	—		$	94,682
Ending balance: collectively evaluated for impairment	$	1,132		$	149,033		$	6,628		$	156,793
Loans:
Ending balance: individually evaluated for impairment	$	—		$	990,351		$	—		$	990,351
Ending balance: collectively evaluated for impairment	$	927,660		$	16,441,816		$	400,280		$	17,769,756
Net charge-offs as a percentage of average loans in repayment⁽²⁾	0.13		%	1.03		%	0.47		%
Allowance as a percentage of the ending total loan balance	0.12		%	1.40		%	1.66		%
Allowance as a percentage of the ending loans in repayment⁽²⁾	0.15		%	2.00		%	1.66		%
Allowance coverage of net charge-offs	1.19			2.17			11.67
Ending total loans, gross	$	927,660		$	17,432,167		$	400,280
Average loans in repayment⁽²⁾	$	745,039		$	10,881,058		$	119,606
Ending loans in repayment⁽²⁾	$	746,456		$	12,206,033		$	400,280

____________


⁽¹⁾	Represents fair value adjustments on loans sold.

⁽²⁾

Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.

Unpaid principal balance and related allowance for TDR loans

At December 31, 2019 and 2018, all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.



	Recorded Investment		Unpaid Principal Balance		Allowance

December 31, 2019
TDR Loans	$	1,612,896	$	1,581,966	$	186,697

December 31, 2018
TDR Loans	$	1,280,713	$	1,257,856	$	120,110

Average recorded investment and interest income recognized

The following table provides the average recorded investment and interest income recognized for our TDR loans.



	Years Ended December 31,
	2019				2018				2017
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,434,137	$	95,507	$	1,141,993	$	77,670	$	822,145	$	61,119

Age analysis of past due loans delinquencies

The following table provides information regarding the loan status and aging of TDR loans.



	December 31,				December 31,
	2019				2018
	Balance		%		Balance		%
TDR loans in in-school/grace/deferment⁽¹⁾	$	87,749			$	69,212
TDR loans in forbearance⁽²⁾	99,054				69,796
TDR loans in repayment⁽³⁾ and percentage of each status:
Loans current	1,230,954		88.2	%	994,411		88.9	%
Loans delinquent 31-60 days⁽⁴⁾	85,555		6.1		63,074		5.6
Loans delinquent 61-90 days⁽⁴⁾	49,626		3.6		36,804		3.3
Loans delinquent greater than 90 days⁽⁴⁾	29,028		2.1		24,559		2.2
Total TDR loans in repayment	1,395,163		100.0	%	1,118,848		100.0	%
Total TDR loans, gross	$	1,581,966			$	1,257,856

_____


⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).


⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.


⁽³⁾	Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.

⁽⁴⁾

The period of delinquency is based on the number of days scheduled payments are contractually past due.

The following table provides information regarding the loan status of our Personal Loans.



	Personal Loans
	December 31,
	2019					2018
	Balance			%		Balance			%
Loans in repayment and percentage of each status:
Loans current	$	1,023,517		97.6	%	$	1,172,776		98.5	%
Loans delinquent 31-60 days⁽¹⁾	9,435			0.9		6,722			0.6
Loans delinquent 61-90 days⁽¹⁾	7,172			0.7		5,416			0.5
Loans delinquent greater than 90 days⁽¹⁾	8,883			0.8		5,177			0.4
Total Personal Loans in repayment	1,049,007			100.0	%	1,190,091			100.0	%
Total Personal Loans, gross	1,049,007					1,190,091
Personal Loans deferred origination costs and unamortized premium/(discount)	513					297
Total Personal Loans	1,049,520					1,190,388
Personal Loans allowance for losses	(65,877		)			(62,201		)
Personal Loans, net	$	983,643				$	1,128,187
Delinquencies as a percentage of Personal Loans in repayment				2.4	%				1.5	%

_______

⁽¹⁾

The period of delinquency is based on the number of days scheduled payments are contractually past due.

^___________


⁽¹⁾	Balance represents gross Personal Loans.


⁽²⁾	Number of months in active repayment for which a scheduled payment was due.

Private Education Loan Delinquencies

The following table provides information regarding the loan status of our Private Education Loans. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.



	Private Education Loans
	December 31,
	2019					2018					2017
	Balance			%		Balance			%		Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	5,687,405				$	5,260,445				$	4,757,732
Loans in forbearance⁽²⁾	714,516					577,164					468,402
Loans in repayment and percentage of each status:
Loans current	16,315,651			97.2	%	14,289,705			97.4	%	11,911,128			97.6	%
Loans delinquent 31-60 days⁽³⁾	288,051			1.7		231,216			1.6		179,002			1.5
Loans delinquent 61-90 days⁽³⁾	121,302			0.7		95,105			0.7		78,292			0.6
Loans delinquent greater than 90 days⁽³⁾	62,666			0.4		50,830			0.3		37,611			0.3
Total Private Education Loans in repayment	16,787,670			100.0	%	14,666,856			100.0	%	12,206,033			100.0	%
Total Private Education Loans, gross	23,189,591					20,504,465					17,432,167
Private Education Loans deferred origination costs and unamortized premium/(discount)	81,224					68,321					56,378
Total Private Education Loans	23,270,815					20,572,786					17,488,545
Private Education Loans allowance for losses	(374,300		)			(277,943		)			(243,715		)
Private Education Loans, net	$	22,896,515				$	20,294,843				$	17,244,830
Percentage of Private Education Loans in repayment				72.4	%				71.5	%				70.0	%
Delinquencies as a percentage of Private Education Loans in repayment				2.8	%				2.6	%				2.4	%
Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance				4.1	%				3.8	%				3.7	%

^___________


⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).


⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

⁽³⁾

The period of delinquency is based on the number of days scheduled payments are contractually past due.

Modified loans accounts for troubled debt restructuring

The following table provides the amount of modified loans (which includes forbearance and reductions in interest rates) that became TDRs in the periods presented. Additionally, for the periods presented, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the relevant period presented and 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,
	2019						2018						2017
	Modified Loans⁽¹⁾		Charge-offs		Payment-Default		Modified Loans⁽¹⁾		Charge-offs		Payment-Default		Modified Loans⁽¹⁾		Charge-offs		Payment-Default

TDR Loans	$	515,398	$	74,137	$	111,810	$	394,639	$	52,823	$	90,231	$	498,812	$	48,469	$	92,532

_______

(1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR.

Private education loan portfolio stratified by key credit quality indicators

The following table highlights the gross principal balance of our Personal Loan portfolio stratified by key credit quality indicators.



	Personal Loans
	Credit Quality Indicators
	December 31, 2019				December 31, 2018
Credit Quality Indicators:	Balance⁽¹⁾		% of Balance		Balance⁽¹⁾		% of Balance

FICO at Original Approval:
Less than 670	$	47,367	4	%	$	77,702	7	%
670-699	259,098		25		339,053		28
700-749	521,856		50		554,700		47
Greater than or equal to 750	220,686		21		218,636		18
Total	$	1,049,007	100	%	$	1,190,091	100	%

Seasoning⁽²⁾:
0-12 payments	$	469,940	45	%	$	1,008,758	85	%
13-24 payments	505,318		48		181,333		15
25-36 payments	73,749		7		—		—
37-48 payments	—		—		—		—
More than 48 payments	—		—		—		—
Total	$	1,049,007	100	%	$	1,190,091	100	%

^___________


⁽¹⁾	Balance represents gross Personal Loans.


⁽²⁾	Number of months in active repayment for which a scheduled payment was due.

The following table highlights the gross principal balance of our Private Education Loan portfolio stratified by key credit quality indicators.



	December 31, 2019				December 31, 2018
Credit Quality Indicators:	Balance⁽¹⁾		% of Balance		Balance⁽¹⁾		% of Balance

Cosigners:
With cosigner	$	20,709,636	89	%	$	18,378,398	90	%
Without cosigner	2,479,955		11		2,126,067		10
Total	$	23,189,591	100	%	$	20,504,465	100	%

FICO at Original Approval⁽²⁾:
Less than 670	$	1,665,589	7	%	$	1,409,789	7	%
670-699	3,570,025		16		3,106,983		15
700-749	7,670,748		33		6,759,721		33
Greater than or equal to 750	10,283,229		44		9,227,972		45
Total	$	23,189,591	100	%	$	20,504,465	100	%

FICO-Refreshed⁽²⁾⁽³⁾:
Less than 670	$	2,979,437	13	%	$	2,416,979	12	%
670-699	2,883,122		13		2,504,467		12
700-749	6,806,602		29		6,144,489		30
Greater than or equal to 750	10,520,430		45		9,438,530		46
Total	$	23,189,591	100	%	$	20,504,465	100	%

Seasoning⁽⁴⁾:
1-12 payments	$	5,351,702	23	%	$	4,969,334	24	%
13-24 payments	4,004,151		17		3,481,235		17
25-36 payments	2,902,365		12		2,741,954		13
37-48 payments	2,213,944		10		1,990,049		10
More than 48 payments	3,030,024		13		2,061,448		10
Not yet in repayment	5,687,405		25		5,260,445		26
Total	$	23,189,591	100	%	$	20,504,465	100	%

_____


⁽¹⁾	Balance represents gross Private Education Loans.


⁽²⁾	Represents the higher credit score of the cosigner or the borrower.


⁽³⁾	Represents the FICO score updated as of the fourth-quarter 2019.


⁽⁴⁾	Number of months in active repayment (whether interest-only payment, fixed payment, or full principal and interest repayment status) for which a scheduled payment was due.

Accrued interest receivable

The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans greater than 90 days past due as compared to our allowance for uncollectible interest. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period upon separation from school. The allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due portfolio for all periods presented.



	Private Education Loans
	Accrued Interest Receivable
	Total Interest Receivable		Greater Than 90 Days Past Due		Allowance for Uncollectible Interest

December 31, 2019	$	1,366,158	$	2,390	$	5,309
December 31, 2018	$	1,168,823	$	1,920	$	6,322

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 5,563,877	$ 2,559,106
Investments
Available-for-sale investments at fair value (cost of $485,756 and $182,325, respectively)	487,669	176,245
Other investments	84,420	55,554
Total investments	572,089	231,799
Loans held for investment (net of allowance for losses of $441,912 and $341,121, respectively)	24,667,792	22,270,919
Restricted cash	156,883	122,789
Other interest-earning assets	52,564	27,157
Accrued interest receivable	1,392,725	1,191,981
Premises and equipment, net	134,749	105,504
Income taxes receivable, net	88,844	41,570
Tax indemnification receivable	27,558	39,207
Other assets	29,398	48,141
Total assets	32,686,479	26,638,173
Liabilities
Deposits	24,283,983	18,943,158
Short-term borrowings	289,230	0
Long-term borrowings	4,354,037	4,284,304
Income taxes payable, net	0	0
Upromise member accounts	192,662	213,104
Other liabilities	254,731	224,951
Total liabilities	29,374,643	23,665,517
Commitments and contingencies
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 453.6 million and 449.9 million shares issued, respectively	90,720	89,972
Additional paid-in capital	1,307,630	1,274,635
Accumulated other comprehensive income (loss) (net of tax expense (benefit) of ($3,995) and $3,436, respectively)	(12,367)	10,623
Retained earnings	1,850,512	1,340,017
Total SLM Corporation stockholders’ equity before treasury stock	3,636,495	3,115,247
Less: Common stock held in treasury at cost: 32.5 million and 14.2 million shares, respectively	(324,659)	(142,591)
Total equity	3,311,836	2,972,656
Total liabilities and equity	32,686,479	26,638,173
Series B Preferred Stock
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 4 million and 4 million shares issued, respectively, at stated value of $100 per share	$ 400,000	$ 400,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 578,276	$ 487,476	$ 288,934
Other comprehensive income (loss):
Unrealized gains (losses) on investments	7,993	(2,561)	(716)
Unrealized gains (losses) on cash flow hedges	(38,414)	11,907	19,195
Total unrealized gains (losses)	(30,421)	9,346	18,479
Income tax (expense) benefit	7,431	(2,333)	(7,060)
Other comprehensive income (loss), net of tax (expense) benefit	(22,990)	7,013	11,419
Total comprehensive income	$ 555,286	$ 494,489	$ 300,353

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Less than 12 months
Gross Unrealized Losses	$ (239)	$ (228)
Estimated Fair Value	40,601	16,948
12 months or more
Gross Unrealized Losses	(523)	(6,030)
Estimated Fair Value	53,545	142,184
Gross Unrealized Losses	(762)	(6,258)
Estimated Fair Value	94,146	159,132
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(218)	(228)
Estimated Fair Value	25,624	16,948
12 months or more
Gross Unrealized Losses	(440)	(5,289)
Estimated Fair Value	42,448	125,537
Gross Unrealized Losses	(658)	(5,517)
Estimated Fair Value	68,072	142,485
Utah Housing Corporation bonds
Less than 12 months
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
12 months or more
Gross Unrealized Losses	(83)	(741)
Estimated Fair Value	11,097	16,647
Gross Unrealized Losses	(83)	(741)
Estimated Fair Value	11,097	$ 16,647
U.S. government-sponsored enterprises
Less than 12 months
Gross Unrealized Losses	(21)
Estimated Fair Value	14,977
12 months or more
Gross Unrealized Losses	0
Estimated Fair Value	0
Gross Unrealized Losses	(21)
Estimated Fair Value	$ 14,977

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Interest-bearing Deposit Liabilities, Domestic, by Component [Abstract]
Money market	$ 9,616,547	$ 8,687,766
Savings	718,616	702,342
Certificates of deposit	13,947,743	9,551,974
Deposits - interest bearing	$ 24,282,906	$ 18,942,082
Year-End Weighted Average Stated Rate
Money market	2.04%	2.46%
Savings	1.71%	2.00%
Certificates of deposit	2.44%	2.74%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 578,276	$ 487,476	$ 288,934
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provisions for credit losses	354,249	244,864	185,765
Deferred tax benefit	(9,714)	(63,301)	(58,752)
Amortization of brokered deposit placement fee	17,788	13,055	9,372
Amortization of Secured Borrowing Facility upfront fee	1,117	1,128	1,316
Amortization of deferred loan origination costs and loan premium/(discounts), net	13,049	10,905	8,258
Net amortization of discount on investments	2,069	1,712	2,082
Reduction of tax indemnification receivable	11,649	92,815	31,888
Depreciation of premises and equipment	14,669	13,829	11,171
Stock-based compensation expense	30,600	31,524	27,899
Unrealized (gains) losses on derivative and hedging activities, net	(19,046)	(1,353)	7,248
Gains on sale of loans, net	0	(2,060)	0
Losses on sales of securities, net	0	1,549	0
Other adjustments to net income, net	3,724	7,446	6,305
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(963,885)	(864,461)	(703,081)
Increase in non-marketable securities	(10,700)	(5,000)	0
(Increase) decrease in other interest-earning assets	(25,407)	(5,571)	27,528
Decrease in tax indemnification receivable	0	35,989	59,633
Increase in other assets	(3,091)	(64,777)	(72,646)
Decrease in income tax payable, net	(30,191)	(79,693)	(19,687)
Increase in accrued interest payable	13,817	25,979	14,304
Increase in other liabilities	5,386	15,204	1,304
Total adjustments	(593,917)	(590,217)	(460,093)
Total net cash used in operating activities	(15,641)	(102,741)	(171,159)
Investing activities
Loans acquired and originated	(6,138,105)	(6,493,367)	(5,243,732)
Net proceeds from sales of loans held for investment	0	44,832	6,992
Proceeds from claim payments	42,869	54,659	49,146
Net decrease in loans held for investment	4,094,021	3,076,992	2,065,727
Purchases of available-for-sale securities	(356,414)	(15,876)	(78,327)
Proceeds from sales and maturities of available-for-sale securities	50,915	77,897	40,044
Total net cash used in investing activities	(2,306,714)	(3,254,863)	(3,160,150)
Financing activities
Brokered deposit placement fee	(27,978)	(25,785)	(12,200)
Net increase in certificates of deposit	4,349,741	2,525,040	1,579,615
Net increase in other deposits	923,793	918,420	508,389
Borrowings collateralized by loans in securitization trusts - issued	1,105,594	1,891,027	1,440,127
Borrowings collateralized by loans in securitization trusts - repaid	(1,042,892)	(888,640)	(534,905)
Borrowings under Secured Borrowing Facility	297,800	300,000	300,000
Repayment of borrowings under Secured Borrowing Facility	(8,570)	(300,000)	(300,000)
Fees paid - Secured Borrowing Facility	(1,116)	(1,098)	(1,281)
Issuance costs for unsecured debt offering	0	0	(1,057)
Unsecured debt issued	0	0	197,000
Redemption of Series A Preferred Stock	0	0	(165,000)
Common stock dividends paid	(51,114)	0	0
Preferred stock dividends paid	(16,837)	(15,640)	(15,714)
Common stock repurchased	(167,201)	0	0
Net cash provided by financing activities	5,361,220	4,403,324	2,994,974
Net increase (decrease) in cash, cash equivalents and restricted cash	3,038,865	1,045,720	(336,335)
Cash, cash equivalents and restricted cash at beginning of year	2,681,895	1,636,175	1,972,510
Cash, cash equivalents and restricted cash at end of year	5,720,760	2,681,895	1,636,175
Cash disbursements made for:
Interest	666,018	472,459	269,017
Income taxes paid	201,792	228,074	282,278
Income taxes refunded	(853)	(13,449)	(1,401)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Total cash, cash equivalents and restricted cash	$ 2,681,895	$ 2,681,895	$ 1,636,175

Allowance for Loan Losses - Loan Status of Personal Education Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ (441,912)	$ (341,121)	$ (251,475)	$ (184,701)
Loans held for investment (net of allowance for losses of $441,912 and $341,121, respectively)	24,667,792	22,270,919
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	1,049,007	1,190,091
Deferred origination costs and unamortized premium/ (discount)	513	297
Allowance for loan losses	(65,877)	(62,201)
Loans held for investment (net of allowance for losses of $441,912 and $341,121, respectively)	983,643	1,128,187
Consumer Portfolio Segment \| Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans current	$ 1,023,517	$ 1,172,776
Loans current, in percentage	97.60%	98.50%
Total TDR loans in repayment	$ 1,049,007	$ 1,190,091
Loans in repayment, in percentage	100.00%	100.00%
Private Education Loans	$ 1,049,007	$ 1,190,091
Deferred origination costs and unamortized premium/ (discount)	513	297
Total Personal Loans	1,049,520	1,190,388
Allowance for loan losses	(65,877)	(62,201)
Loans held for investment (net of allowance for losses of $441,912 and $341,121, respectively)	$ 983,643	$ 1,128,187
Delinquencies as a percentage of Private Education Loans in repayment	2.40%	1.50%
Consumer Portfolio Segment \| Personal Loans \| Loans delinquent 31-60 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans delinquent	$ 9,435	$ 6,722
Loans delinquent (in percentage)	0.90%	0.60%
Consumer Portfolio Segment \| Personal Loans \| Loans delinquent 61-90 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans delinquent	$ 7,172	$ 5,416
Loans delinquent (in percentage)	0.70%	0.50%
Consumer Portfolio Segment \| Personal Loans \| Loans delinquent greater than 90 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans delinquent	$ 8,883	$ 5,177
Loans delinquent (in percentage)	0.80%	0.40%

Borrowings - Long Term Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Long-term borrowings	$ 4,354,037	$ 4,284,304
Weighted Average Interest Rate	3.07%	3.27%
Average Balance	$ 4,483,858	$ 3,893,533
Floating-rate borrowings
Line of Credit Facility [Line Items]
Long-term borrowings	$ 1,525,976	$ 1,802,609
Weighted Average Interest Rate	2.61%	3.26%
Average Balance	$ 1,731,675	$ 1,720,540
Fixed-rate borrowings
Line of Credit Facility [Line Items]
Long-term borrowings	$ 2,828,061	$ 2,481,695
Weighted Average Interest Rate	3.31%	3.28%
Average Balance	$ 2,752,183	$ 2,172,993

Significant Accounting Policies (Details) - USD ($) $ in Thousands			3 Months Ended									12 Months Ended
	Jul. 01, 2018	Jan. 01, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2020	Jan. 01, 2019	Jan. 01, 2017	Dec. 31, 2016	Apr. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loan loss confirmation period												1 year
FFELP loan loss confirmation period												2 years
Percentage of Private Education Loans related to borrowers inschool, grace or deferment			25.00%				26.00%					25.00%	26.00%
Interest rate reduction and forbearance usage (greater than)												3 months
Interest rate offered to borrowers facing financial difficulty			4.00%									4.00%
Period of forbearance period to be classified as TDR												3 months
Period of forbearance												24 months
Period after grace period for forbearance allowance for loans												9 months
Forbearance period after grace period for loans												6 months
Percentage of loans granted forbearance (as a percentage)			50.00%				57.00%					50.00%	57.00%
Percentage reimbursement on all qualifying default claims period two (as a percentage)			97.00%									97.00%
Percentage reimbursement on all qualifying default claims period one (as a percentage)			98.00%									98.00%
Percentage reimbursement on all qualifying default claims period three (as a percentage)			100.00%									100.00%
Period of loss emergence to estimate credit losses incurred												2 years
Period of notification for withdrawal of deposits (less than or equal to)												7 days
Constant prepayment rate for Private Education Loans (in percentage)												6.92%	6.83%
Variable rate			1.05									1.05
Gains on sales of loans, net												$ 0	$ 2,060	$ 0
Asset balance related to securitization trust (as a percentage)												10.00%
Notional derivative contracts			$ 9,900,000									$ 9,900,000
Basis increase to our hedged deposit balances			52,000				$ 27,000					52,000	27,000
Reclassification resulting from the adoption of ASU No. 2017-12																	$ 165
Gains (losses) on derivatives and hedging activities, net												17,825	(87)	(8,266)
Income tax expense			34,666	$ 40,701	$ 33,801	$ 56,296	44,449	$ (53,667)	$ 40,074	$ 40,997		165,464	71,853	202,531
Discrete tax expense														15,000
Reclassification resulting from the adoption of ASU No. 2018-02		$ 600
Income taxes receivable, net			88,844				41,570					88,844	41,570
Increase in allowance for loan losses			441,912				341,121					441,912	341,121	$ 251,475				$ 184,701
Increase in exposure for unfunded commitments			254,731				224,951					254,731	224,951
Increase in deferred tax asset			113,900				95,804					113,900	95,804
Navient
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred tax asset discount																			$ 27,000
Deferred tax liability			15,000									15,000							310,000
Deferred taxes																			283,000
Income taxes receivable, net							$ 15,000						15,000						291,000
Deferred tax assets																			310,000
Deferred tax asset discount																			$ 19,000
Retained Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification resulting from the adoption of ASU No. 2017-12																	$ (264)
Reclassification resulting from the adoption of ASU No. 2018-02													(592)
Accumulated Other Comprehensive Income (Loss)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification resulting from the adoption of ASU No. 2018-02													$ 592
Accounting Standards Update 2017-12
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification resulting from the adoption of ASU No. 2017-12		861
Accounting Standards Update 2017-12 \| Retained Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification resulting from the adoption of ASU No. 2017-12		591
Accounting Standards Update 2017-12 \| Accumulated Other Comprehensive Income (Loss)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification resulting from the adoption of ASU No. 2017-12		$ 270
Accounting Standards Update 2017-12 \| Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Basis increase to our hedged deposit balances	$ 2,000
Accounting Standards Update 2017-12 \| Fair Value \| Retained Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification resulting from the adoption of ASU No. 2017-12	800
Accounting Standards Update 2017-12 \| Fair Value \| Accumulated Other Comprehensive Income (Loss)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gains (losses) on derivatives and hedging activities, net	3,000
Accounting Standards Update 2017-12 \| Cash Flow \| Retained Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification resulting from the adoption of ASU No. 2017-12	200
Accounting Standards Update 2017-12 \| Cash Flow \| Accumulated Other Comprehensive Income (Loss)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification resulting from the adoption of ASU No. 2017-12	$ 300
Adjustments for New Accounting Pronouncement \| Accounting Standards Update 2016-09
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification resulting from the adoption of ASU No. 2017-12											$ 200
Income tax expense											$ 8,500
Accounting Standards Update 2016-02
Accounts, Notes, Loans and Financing Receivable [Line Items]
Operating lease, right-of-use asset																$ 34,000
Finance lease, liability																$ 34,000
Accounting Standards Update 2016-13 \| Forecast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in allowance for loan losses															$ 1,100,000
Increase in deferred tax asset															300,000
Cumulative effect adjustment estimated reduction to retained earnings															950,000
Accounting Standards Update 2016-13 \| Forecast \| Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in exposure for unfunded commitments															$ 115,000
CME
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notional derivative contracts			9,400,000									$ 9,400,000
Percent of total notional derivative contracts												95.00%
Amount of variation margin included as settlement												$ (107,000)
LCH
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notional derivative contracts			500,000									$ 500,000
Percent of total notional derivative contracts												5.00%
Amount of variation margin included as settlement												$ 8,000
Discontinued Operations, Disposed of by Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Split Loans portfolio sales price									43,000
Gains on sales of loans, net									$ 2,000
Split Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private education loans			$ 43,000									43,000
Net gain												$ 2,000
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan delinquent period												120 days
Interest rate offered to borrowers facing financial difficulty				4.00%

Premises and Equipment, Net

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Premises and Equipment, net

The following is a summary of our premises and equipment.



	December 31,
	2019			2018
Land and land improvements	$	12,356		$	12,356
Buildings and leasehold improvements	105,986			71,919
Furniture, fixtures and equipment	25,694			20,794
Software	70,191			65,023
Premises and equipment, gross	214,227			170,092
Accumulated depreciation	(79,478		)	(64,588		)
Premises and equipment, net	$	134,749		$	105,504

Depreciation expense for premises and equipment was $15 million, $14 million and $11 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - Consumer Portfolio Segment - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
With cosigner \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 20,709,636	$ 18,378,398
Private Education Loans with cosigner in percent	89.00%	90.00%
Without cosigner \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 2,479,955	$ 2,126,067
Private Education Loans without cosigner in percent	11.00%	10.00%
Cosigners \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 23,189,591	$ 20,504,465
Total in percent	100.00%	100.00%
School Type/FICO Scores \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 23,189,591	$ 20,504,465
Total in percent	100.00%	100.00%
School Type/FICO Scores \| Student Loan \| FICO score less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 1,665,589	$ 1,409,789
Private Education Loans at origination	7.00%	7.00%
School Type/FICO Scores \| Student Loan \| FICO score 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 3,570,025	$ 3,106,983
Private Education Loans at origination	16.00%	15.00%
School Type/FICO Scores \| Student Loan \| FICO score 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 7,670,748	$ 6,759,721
Private Education Loans at origination	33.00%	33.00%
School Type/FICO Scores \| Student Loan \| FICO score greater than 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 10,283,229	$ 9,227,972
Private Education Loans at origination	44.00%	45.00%
School Type/FICO Scores \| Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 1,049,007	$ 1,190,091
Total in percent	100.00%	100.00%
School Type/FICO Scores \| Personal Loans \| FICO score less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 47,367	$ 77,702
Private Education Loans at origination	4.00%	7.00%
School Type/FICO Scores \| Personal Loans \| FICO score 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 259,098	$ 339,053
Private Education Loans at origination	25.00%	28.00%
School Type/FICO Scores \| Personal Loans \| FICO score 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 521,856	$ 554,700
Private Education Loans at origination	50.00%	47.00%
School Type/FICO Scores \| Personal Loans \| FICO score greater than 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 220,686	$ 218,636
Private Education Loans at origination	21.00%	18.00%
School FICO, Refreshed Amounts \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 23,189,591	$ 20,504,465
Total in percent	100.00%	100.00%
School FICO, Refreshed Amounts \| Student Loan \| FICO score less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 2,979,437	$ 2,416,979
Private Education Loans at origination	13.00%	12.00%
School FICO, Refreshed Amounts \| Student Loan \| FICO score 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 2,883,122	$ 2,504,467
Private Education Loans at origination	13.00%	12.00%
School FICO, Refreshed Amounts \| Student Loan \| FICO score 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 6,806,602	$ 6,144,489
Private Education Loans at origination	29.00%	30.00%
School FICO, Refreshed Amounts \| Student Loan \| FICO score greater than 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 10,520,430	$ 9,438,530
Private Education Loans at origination	45.00%	46.00%
Seasoning \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 23,189,591	$ 20,504,465
Total in percent	100.00%	100.00%
Seasoning based on monthly scheduled payments due from 1-12 payments, in percent	23.00%	24.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments, in percent	17.00%	17.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments, in percent	12.00%	13.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments, in percent	10.00%	10.00%
Seasoning based on monthly scheduled payments due from more than 48 payments, in percent	13.00%	10.00%
Seasoning - based on monthly scheduled payments due from not yet in repayment, in percent	25.00%	26.00%
Seasoning \| Student Loan \| 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 5,351,702	$ 4,969,334
Seasoning \| Student Loan \| 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	4,004,151	3,481,235
Seasoning \| Student Loan \| 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	2,902,365	2,741,954
Seasoning \| Student Loan \| 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	2,213,944	1,990,049
Seasoning \| Student Loan \| More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	3,030,024	2,061,448
Seasoning \| Student Loan \| Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	5,687,405	5,260,445
Seasoning \| Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 1,049,007	$ 1,190,091
Total in percent	100.00%	100.00%
Seasoning based on monthly scheduled payments due from 1-12 payments, in percent	45.00%	85.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments, in percent	48.00%	15.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments, in percent	7.00%	0.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments, in percent	0.00%	0.00%
Seasoning based on monthly scheduled payments due from more than 48 payments, in percent	0.00%	0.00%
Seasoning \| Personal Loans \| 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 469,940	$ 1,008,758
Seasoning \| Personal Loans \| 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	505,318	181,333
Seasoning \| Personal Loans \| 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	73,749	0
Seasoning \| Personal Loans \| 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	0	0
Seasoning \| Personal Loans \| More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 0	$ 0

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities
Cash collateral (held) pledged	$ 53,000	$ 27,000
Other Assets
Other Assets
Gross position	715	2,090
Impact of master netting agreement	(519)	(1,389)
Derivative values with impact of master netting agreements (as carried on balance sheet)	196	701
Cash collateral (held) pledged	52,564	27,151
Net position	52,760	27,852
Other Liabilities
Other Liabilities
Gross position	(1,164)	(2,032)
Impact of master netting agreement	519	1,389
Derivative values with impact of master netting agreements (as carried on balance sheet)	(645)	(643)
Cash collateral (held) pledged	0	0
Net position	$ (645)	$ (643)

Stockholders' Equity - Additional Information (Details) - USD ($)			12 Months Ended
	Jan. 23, 2019	May 05, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 22, 2020
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			1,125,000,000	1,125,000,000
Common stock, par value (in dollars per share)			$ 0.2	$ 0.2
Common stock shares outstanding (in shares)			421,000,000
Common shares unissued but encumbered (in shares)			37,000,000
Common stock dividend per common share			$ 0.12
Common stock dividends				$ 0	$ 0
Aggregate purchase price (not to exceed)	$ 200,000,000
Common stock repurchased (in shares)	17,000,000		16,962,199	0	0
Repurchase amount	$ 167,000,000		$ 33,000,000
Subsequent Event
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)						$ 600,000,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock shares outstanding (in shares)		3,300,000	0	0
Preferred stock dividend rate (as a percentage)		6.97%
Preferred stock dividend rate (in dollars per share)		$ 50
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock shares outstanding (in shares)			4,000,000.0	4,000,000
Preferred stock liquidation preference (in dollars per share)			$ 100
Series B Preferred Stock \| Three Month LIBOR
Class of Stock [Line Items]
Preferred stock dividend rate (as a percentage)			1.70%
Common Stock
Class of Stock [Line Items]
Share price (in dollars per share)			$ 8.91

Borrowings - Variable Interest Entity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Outstanding
Short-Term	$ 289,230	$ 0
Long-Term	4,354,037	4,284,304
Total	4,643,267	4,284,304
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	156,883	122,789	$ 101,836
Other assets	29,398	48,141
Secured Borrowing Facility
Debt Outstanding
Short-Term	289,230	0
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	289,230	0
Long-Term	4,155,878	4,086,956
Total	4,445,108	4,086,956
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,586,652	5,030,837
Restricted Cash	154,563	113,431
Other assets	357,005	326,727
Total	6,098,220	5,470,995
Variable Interest Entity, Primary Beneficiary \| Private Education Loan term securitizations:
Debt Outstanding
Short-Term	0	0
Long-Term	4,155,878	4,086,956
Total	4,155,878	4,086,956
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,246,986	5,030,837
Restricted Cash	145,760	113,431
Other assets	333,173	326,570
Total	5,725,919	5,470,838
Variable Interest Entity, Primary Beneficiary \| Secured Borrowing Facility
Debt Outstanding
Short-Term	289,230	0
Long-Term	0	0
Total	289,230	0
Carrying Amount of Assets Securing Debt Outstanding
Loans	339,666	0
Restricted Cash	8,803	0
Other assets	23,832	157
Total	$ 372,301	$ 157

Selected Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Net interest income	$ 419,101	$ 405,065	$ 396,868	$ 402,281	$ 382,867	$ 356,633	$ 340,950	$ 332,614	$ 1,623,315	$ 1,413,064	$ 1,129,221
Less: provisions for credit losses	97,558	99,526	93,375	63,790	57,619	70,047	63,267	53,931	354,249	244,864	185,765
Net interest income after provisions for credit losses	321,543	305,539	303,493	338,491	325,248	286,586	277,683	278,683	1,269,066	1,168,200	943,456
Gains on sales of loans, net					0	0	2,060	0
Losses on sales of securities, net					0	0	(1,549)	0	0	(1,549)	0
Gains (losses) on derivative and hedging activities, net	(3,635)	1,961	16,736	2,763	6,238	(4,949)	(5,268)	3,892
Other income (loss)	(211)	15,280	2,655	13,378	6,446	(80,702)	12,295	9,642	31,102	(52,319)	5,364
Total non-interest expenses	141,679	153,621	138,806	140,147	145,971	150,724	135,315	124,966
Income tax benefit	34,666	40,701	33,801	56,296	44,449	(53,667)	40,074	40,997	165,464	71,853	202,531
Net income	141,352	128,458	150,277	158,189	147,512	103,878	109,832	126,254	578,276	487,476	288,934
Preferred stock dividends	3,885	4,153	4,331	4,468	4,199	4,124	3,920	3,397	16,837	15,640	15,714
Net income attributable to SLM Corporation common stock	$ 137,467	$ 124,305	$ 145,946	$ 153,721	$ 143,313	$ 99,754	$ 105,912	$ 122,857	$ 561,439	$ 471,836	$ 273,220
Basic earnings per common share attributable to SLM Corporation (in usd per share)	$ 0.33	$ 0.29	$ 0.34	$ 0.35	$ 0.33	$ 0.23	$ 0.24	$ 0.28	$ 1.31	$ 1.08	$ 0.63
Diluted earnings per common share attributable to SLM Corporation (in usd per share)	0.32	0.29	0.34	0.35	$ 0.33	$ 0.23	$ 0.24	$ 0.28	1.30	1.07	0.62
Declared dividends per common share attributable to SLM Corporation (in usd per share)	$ 0.03	$ 0	$ 0.06	$ 0.03					$ 0.12	$ 0	$ 0

Investments - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2019 USD ($)	Jun. 30, 2018 USD ($) security	Dec. 31, 2019 USD ($) security	Dec. 31, 2018 USD ($) security	Dec. 31, 2017 USD ($)
Investment Holdings [Line Items]
Amortized Cost			$ 485,756	$ 182,325
Par value of mortgage-backed securities pledged to FRB			252,000	147,000
Gain on equity securities investment	$ 8,000
Non-marketable securities investment			26,000	8,000
Low income housing tax credit investments			6,000	4,000	$ 1,000
Amount of amortization reported in income tax expense			4,000	4,000	$ 1,000
Total carrying value of LIHTC investments			58,000	48,000
Liability for unfunded commitments			29,000	37,000
Mortgage-backed securities
Investment Holdings [Line Items]
Amortized Cost			$ 215,888	$ 159,937
Number of mortgage-backed securities sold \| security		9
Proceeds from sale of securities		$ 41,000
Recognized loss from sale of securities		$ 2,000
Number of mortgage-backed securities with unrealized losses \| security			33	74
Number of mortgage-backed securities \| security			107	86
Utah Housing Corporation bonds
Investment Holdings [Line Items]
Amortized Cost			$ 19,474	$ 22,388
Utah Housing Corporation bonds \| Aa3 Rating
Investment Holdings [Line Items]
Amortized Cost			19,000	$ 22,000
U.S. government-sponsored enterprises
Investment Holdings [Line Items]
Amortized Cost			$ 250,394
Number of government sponsored securities \| security			14
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions \| security			1
Government National Mortgage Association Certificates and Obligations (GNMA) \| Mortgage-backed securities
Investment Holdings [Line Items]
Amortized Cost			$ 54,000
Number of mortgage-backed securities with unrealized losses \| security			18	34
Federal National Mortgage Association Certificates and Obligations (FNMA) \| Mortgage-backed securities
Investment Holdings [Line Items]
Amortized Cost			$ 106,000
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) \| Mortgage-backed securities
Investment Holdings [Line Items]
Amortized Cost			$ 56,000

Premises and Equipment, Net - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 214,227	$ 170,092
Accumulated depreciation	(79,478)	(64,588)
Premises and equipment, net	134,749	105,504
Land and land improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	12,356	12,356
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	105,986	71,919
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	25,694	20,794
Software
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 70,191	$ 65,023

Regulatory Capital

12 Months Ended

Dec. 31, 2019

Banking and Thrift [Abstract]

Regulatory Capital

The Bank is subject to various regulatory capital requirements administered by the FDIC and UDFI. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on our business, results of operations and financial condition. Under the FDIC’s regulations implementing the Basel III capital framework (“U.S. Basel III”) and the regulatory framework for prompt corrective action, the Bank must meet specific capital standards that involve quantitative measures of its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and its classification under the prompt corrective action framework are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors.

U.S. Basel III is aimed at increasing both the quantity and quality of regulatory capital. Certain aspects of U.S. Basel III, including new deductions from and adjustments to regulatory capital and a capital conservation buffer, have been phased in over several years.

The Bank is subject to the following minimum capital ratios under U.S. Basel III: a Common Equity Tier 1 risk-based capital ratio of 4.5 percent, a Tier 1 risk-based capital ratio of 6.0 percent, a Total risk-based capital ratio of 8.0 percent, and a Tier 1 leverage ratio of 4.0 percent. In addition, as of January 1, 2019, the Bank is subject to a fully phased-in Common Equity Tier 1 capital conservation buffer of greater than 2.5 percent. (As of December 31, 2018, the Bank was subject to a Common Equity Tier 1 capital conservation buffer of greater than 1.875 percent.) Failure to maintain the buffer will result in restrictions on the Bank’s ability to make capital distributions, including the payment of dividends, and to pay discretionary bonuses to executive officers. Including the buffer, as of January 1, 2019, the Bank is required to maintain the following capital ratios under U.S. Basel III in order to avoid such restrictions: a Common Equity Tier 1 risk-based capital ratio of greater than 7.0 percent, a Tier 1 risk-based capital ratio of greater than 8.5 percent and a Total risk-based capital ratio of greater than 10.5 percent.

To qualify as “well capitalized” under the prompt corrective action framework for insured depository institutions, the Bank must maintain a Common Equity Tier 1 risk-based capital ratio of at least 6.5 percent, a Tier 1 risk-based capital ratio of at least 8.0 percent, a Total risk-based capital ratio of at least 10.0 percent, and a Tier 1 leverage ratio of at least 5.0 percent.

The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated.



	Actual				U.S. Basel III Minimum Requirements Plus Buffer⁽¹⁾⁽²⁾
	Amount		Ratio		Amount			Ratio
As of December 31, 2019:
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,264,309	12.2	%	$	1,876,050	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,264,309	12.2	%	$	2,278,060	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,600,668	13.4	%	$	2,814,074	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,264,309	10.2	%	$	1,282,642	>	4.0	%

As of December 31, 2018:
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	2,896,091	12.1	%	$	1,528,209	>	6.375	%
Tier 1 Capital (to Risk-Weighted Assets)	$	2,896,091	12.1	%	$	1,887,787	>	7.875	%
Total Capital (to Risk-Weighted Assets)	$	3,196,279	13.3	%	$	2,367,226	>	9.875	%
Tier 1 Capital (to Average Assets)	$	2,896,091	11.1	%	$	1,039,226	>	4.0	%

________________


⁽¹⁾	Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer.


⁽²⁾	The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework.

Bank Dividends

The Bank is chartered under the laws of the State of Utah and its deposits are insured by the FDIC. The Bank’s ability to pay dividends is subject to the laws of Utah and the regulations of the FDIC. Generally, under Utah’s industrial bank laws and regulations as well as FDIC regulations, the Bank may pay dividends from its net profits without regulatory approval if, following the payment of the dividend, the Bank’s capital and surplus would not be impaired. The Bank declared $254 million in dividends to the Company for the year ended December 31, 2019, with the proceeds primarily used to fund the 2019 Share Repurchase Program and stock dividends. The Bank paid no dividends on its common stock for the years ended December 31, 2018 and 2017, respectively. In the future, we expect that the Bank will pay dividends to the Company as may be necessary to pay any declared dividends on its Series B Preferred Stock and common stock and to consummate any common share repurchases by the Company under its repurchase programs.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References

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+ Details

Regulatory Capital (Tables)

12 Months Ended

Dec. 31, 2019

Banking and Thrift [Abstract]

Schedule of compliance with regulatory capital requirements

The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated.



	Actual				U.S. Basel III Minimum Requirements Plus Buffer⁽¹⁾⁽²⁾
	Amount		Ratio		Amount			Ratio
As of December 31, 2019:
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,264,309	12.2	%	$	1,876,050	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,264,309	12.2	%	$	2,278,060	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,600,668	13.4	%	$	2,814,074	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,264,309	10.2	%	$	1,282,642	>	4.0	%

As of December 31, 2018:
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	2,896,091	12.1	%	$	1,528,209	>	6.375	%
Tier 1 Capital (to Risk-Weighted Assets)	$	2,896,091	12.1	%	$	1,887,787	>	7.875	%
Total Capital (to Risk-Weighted Assets)	$	3,196,279	13.3	%	$	2,367,226	>	9.875	%
Tier 1 Capital (to Average Assets)	$	2,896,091	11.1	%	$	1,039,226	>	4.0	%

Allowance for Loan Losses - Loan Status of Private Education Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ (441,912)	$ (341,121)	$ (251,475)	$ (184,701)
Consumer Portfolio Segment \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in in-school/grace/deferment	5,687,405	5,260,445	4,757,732
Loans in forbearance	714,516	577,164	468,402
Loans current	$ 16,315,651	$ 14,289,705	$ 11,911,128
Loans current, in percentage	97.20%	97.40%	97.60%
Total TDR loans in repayment	$ 16,787,670	$ 14,666,856	$ 12,206,033
Loans in repayment, in percentage	100.00%	100.00%	100.00%
Total Private Education Loans, gross	$ 23,189,591	$ 20,504,465	$ 17,432,167
Private Education Loans deferred origination costs and unamortized premium/(discount)	81,224	68,321	56,378
Total Private Education Loans	23,270,815	20,572,786	17,488,545
Allowance for loan losses	(374,300)	(277,943)	(243,715)
Private Education Loans, net	$ 22,896,515	$ 20,294,843	$ 17,244,830
Percentage of Private Education Loans in repayment	72.40%	71.50%	70.00%
Delinquencies as a percentage of Private Education Loans in repayment	2.80%	2.60%	2.40%
Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance	4.10%	3.80%	3.70%
Consumer Portfolio Segment \| Student Loan \| Loans delinquent 31-60 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans delinquent	$ 288,051	$ 231,216	$ 179,002
Loans delinquent (in percentage)	1.70%	1.60%	1.50%
Consumer Portfolio Segment \| Student Loan \| Loans delinquent 61-90 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans delinquent	$ 121,302	$ 95,105	$ 78,292
Loans delinquent (in percentage)	0.70%	0.70%	0.60%
Consumer Portfolio Segment \| Student Loan \| Loans delinquent greater than 90 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans delinquent	$ 62,666	$ 50,830	$ 37,611
Loans delinquent (in percentage)	0.40%	0.30%	0.30%

Arrangements with Navient Corporation

12 Months Ended

Dec. 31, 2019

Arrangements with Navient Corporation

In connection with the Spin-Off, we entered into a Separation and Distribution Agreement with Navient (the “Separation and Distribution Agreement”). We also entered into various other ancillary agreements with Navient to effect the Spin-Off and provide a framework for our relationship with Navient thereafter, such as a transition services agreement, a tax sharing agreement, an employee matters agreement, a loan servicing and administration agreement, a joint marketing agreement, a key services agreement, a data sharing agreement and a master sublease agreement. The majority of these agreements are transitional in nature with most having terms that have expired or will expire within the next one to two years.

We continue to have exposure to risks related to Navient’s creditworthiness. If we are unable to obtain indemnification payments from Navient, our results of operations and financial condition could be materially and adversely affected.

Pursuant to the terms of the Spin-Off and applicable law, Navient is responsible for all liabilities (whether accrued, contingent or otherwise and whether known or unknown) arising out of or resulting from the conduct of pre-Spin-Off SLM and its subsidiaries’ businesses prior to the Spin-Off, other than certain specifically identified liabilities relating to the conduct of our consumer banking business for which the Bank is responsible. Nonetheless, given the prior usage of the Sallie Mae and SLM names by entities now owned by Navient, we and our subsidiaries may from time to time be improperly named as defendants in legal proceedings where the allegations at issue are the legal responsibility of Navient. Most of these legal proceedings involve matters that arose in whole or in part in the ordinary course of business of pre-Spin-Off SLM. Likewise, as the period of time since the Spin-Off increases, so does the likelihood any allegations that may be made may be in part for our own actions in a post-Spin-Off time period and in part for Navient’s conduct in a pre-Spin-Off time period. We will not be providing information on these proceedings unless there are material issues of fact or disagreement with Navient as to the bases of the proceedings or responsibility therefor that we believe could have a material, adverse impact on our business, assets, financial condition, liquidity or outlook if not resolved in our favor.

We briefly summarize below some of the most significant agreements and relationships we continue to have with Navient. For additional information regarding the Separation and Distribution Agreement and the other ancillary agreements, see our Current Report on Form 8-K filed on May 2, 2014.

Separation and Distribution Agreement

The Separation and Distribution Agreement addresses, among other things, the following activities:


•	the obligation of each party to indemnify the other against liabilities retained or assumed by that party pursuant to the Separation and Distribution Agreement and in connection with claims of third-parties;


•	the allocation among the parties of rights and obligations under insurance policies; and


•	the creation of a governance structure, including a separation oversight committee of representatives from us and Navient, by which matters related to the separation and other transactions contemplated by the Separation and Distribution Agreement will be monitored and managed.

The Separation and Distribution Agreement provides specific processes and procedures pursuant to which we may submit claims for indemnification to Navient. If for any reason Navient is unable or unwilling to pay claims made against it, our costs, operating expenses, cash flows and financial condition could be materially and adversely affected over time.

Indemnification Obligations

Pursuant to the terms of the Separation and Distribution Agreement, and as contemplated by the structure of the Spin-Off, Navient is legally obligated to indemnify the Bank against all claims, actions, damages, losses or expenses that may arise from the conduct of all activities of pre-Spin-Off SLM occurring prior to the Spin-Off, except for certain liabilities related to the conduct of the pre-Spin-Off consumer banking business that were specifically assumed by the Bank (and as to which the Bank is obligated to indemnify Navient). Some significant examples of the types of indemnification obligations Navient has under the Separation and Distribution Agreement and related ancillary agreements include:

•

Navient is required to indemnify the Company and the Bank for any liabilities, costs or expenses they may incur arising from any action or threatened action related to the servicing, operations and collections activities of pre-Spin-Off SLM and its subsidiaries with respect to Private Education Loans and FFELP Loans that were assets of the Bank or Navient at the time of the Spin-Off; provided that written notice was provided to Navient on or prior to April 30, 2017, the third anniversary date of the Spin-Off. Navient is not required to indemnify for changes in law or changes in prior existing interpretations of law that occur on or after April 30, 2014.


•	In connection with the Spin-Off, we recorded a liability related to uncertain tax positions of $27 million for which we are indemnified by Navient. As of December 31, 2019, the remaining balance of the indemnification receivable related to those uncertain tax positions was $15 million.

Long-Term Arrangements

The loan servicing and administration agreement governs the terms by which Navient provides servicing, administration and collection services for the Bank’s portfolio of FFELP Loans, as well as servicing history information with respect to Private Education Loans previously serviced by Navient and access to certain promissory notes in Navient’s possession. The term of the loan servicing and administration agreement has been extended to April 30, 2022.

The data sharing agreement provided us the right to obtain from Navient certain post-Spin-Off performance data relating to Private Education Loans owned or serviced by Navient to support and facilitate ongoing underwriting, originations, forecasting, performance and reserve analyses. The term of the data sharing agreement expired on April 29, 2019, however.

The tax sharing agreement governs the respective rights, responsibilities and obligations of us and Navient after the Spin-Off relating to taxes, including with respect to the payment of taxes, the preparation and filing of tax returns and the conduct of tax contests. Under this agreement, each party is generally liable for taxes attributable to its business. The agreement also addresses the allocation of tax liabilities that are incurred as a result of the Spin-Off and related transactions. Additionally, the agreement restricts the parties from taking certain actions that could prevent the Spin-Off from qualifying for the anticipated tax treatment.

Amended Loan Participation and Purchase Agreement

Prior to the Spin-Off, the Bank sold substantially all of its Private Education Loans to several former affiliates, now subsidiaries of Navient (collectively, the “Purchasers”), pursuant to this agreement. This agreement predates the Spin-Off, but was significantly amended and reduced in scope in connection with the Spin-Off. Post-Spin-Off, the Bank retained only the right to require the Purchasers to purchase Split Loans (at fair value) when the Split Loans either (1) were more than 90 days past due; (2) had been restructured; (3) had been granted a hardship forbearance or more than six months of administrative forbearance; or (4) had a borrower or cosigner who had filed for bankruptcy. In the second quarter of 2018, we sold our remaining $43 million portfolio of Split Loans (both current and non-current loans) to Navient and recognized a net gain of $2 million.

During the year ended December 31, 2017, the Bank sold loans to the Purchasers in the amount of $12 million in principal and less than $1 million in accrued interest income. There was no gain or loss resulting from loans sold to the Purchasers in the year ended December 31, 2017. Total write-downs to fair value for loans sold to the Purchasers with a fair value lower than par totaled $5 million in the year ended December 31, 2017. Navient is the servicer for all of these loans.

Cash and Cash Equivalents (Details) - USD ($)	12 Months Ended
Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash due from Federal Reserve Bank	$ 5,500,000,000	$ 2,500,000,000
Cash due from depository institutions	93,000,000	62,000,000
Outstanding cash equivalents	0	0
Interest income from term deposit facility	300,000	200,000
Funds on deposit under the Term Deposit Facility program	$ 0	$ 0

Loans Held for Investment - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Finance Receivable Transferred To Held For Sale [Line Items]
Private loans indexed to LIBOR		58.00%	67.00%
Gains on sales of loans, net		$ 0	$ 2,060,000	$ 0
Tier 1 of government guarantee					97.00%
Tier 2 of government guarantee						98.00%
Tier 3 of government guarantee							100.00%
Estimated weighted average life of student loans		5 years 4 months 24 days	5 years 5 months
Loans currently in repayment status that were subject to interest rate reductions		7.20%	6.40%
Period of loans past due that have accrued interest		90 days
Loans in nonaccrual status		$ 0	$ 0
Percentage of loans concentrated in major states		39.40%	39.90%
Percentage of aggregate outstanding loans held for investment		5.00%
FFELP Loans
Finance Receivable Transferred To Held For Sale [Line Items]
Ninety or more days delinquent		$ 48,000,000	$ 43,000,000
Private Education Loans
Finance Receivable Transferred To Held For Sale [Line Items]
Ninety or more days delinquent		63,000,000	51,000,000
Private Education Loans
Finance Receivable Transferred To Held For Sale [Line Items]
Loans pledged to borrower in custody		$ 3,400,000,000	$ 3,400,000,000
Maximum
Finance Receivable Transferred To Held For Sale [Line Items]
Interest rate reduction		4.00%
Increase to life of loan defaults		14.00%
Minimum
Finance Receivable Transferred To Held For Sale [Line Items]
Interest rate reduction		2.00%
Increase to life of loan defaults		4.00%
Discontinued Operations, Disposed of by Sale
Finance Receivable Transferred To Held For Sale [Line Items]
Split Loans portfolio sales price	$ 43,000,000
Gains on sales of loans, net	$ 2,000,000

Stock-Based Compensation Plans and Arrangements - Restricted Stock and Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted Average Grant Date Fair Value
Unrecognized compensation cost	$ 13
Weighted average period for total unrecognized compensation cost	1 year 4 months 24 days
Restricted Stock
Number of Shares
Beginning balance (in shares)	84,392
Granted (in shares)	118,789
Vested and converted to common stock (in shares)	(84,392)
Canceled (in shares)	0
Ending balance (in shares)	118,789	84,392
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 11.73
Granted (in dollars per share)	9.26
Vested (in dollars per share)	11.73
Canceled (in dollars per share)	0
Ending balance (in dollars per share)	$ 9.26	$ 11.73
Fair value of shares vested	$ 1	$ 1	$ 1
Unrecognized compensation cost	$ 1
Weighted average period for total unrecognized compensation cost	6 months
Restricted Stock Units And Performance Stock Units
Number of Shares
Beginning balance (in shares)	5,338,034
Granted (in shares)	3,008,102
Vested and converted to common stock (in shares)	(3,030,536)
Canceled (in shares)	(136,383)
Ending balance (in shares)	5,179,217	5,338,034
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 10.11
Granted (in dollars per share)	10.84
Vested (in dollars per share)	8.78
Canceled (in dollars per share)	11.09
Ending balance (in dollars per share)	$ 11.28	$ 10.11
Fair value of restricted stock units that vested and converted to common stock	$ 27	$ 25	$ 29
Unrecognized compensation cost	$ 12
Weighted average period for total unrecognized compensation cost	1 year 4 months 24 days

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ (441,912)	$ (341,121)	$ (251,475)	$ (184,701)
Loans held for investment, net	24,667,792	22,270,919
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	23,189,591	20,504,465
Deferred origination costs and unamortized premium/ (discount)	81,224	68,321
Allowance for loan losses	(374,300)	(277,943)
Loans held for investment, net	22,896,515	20,294,843
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	783,306	846,487
Deferred origination costs and unamortized premium/ (discount)	2,143	2,379
Allowance for loan losses	(1,633)	(977)
Loans held for investment, net	783,816	847,889
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	1,049,007	1,190,091
Deferred origination costs and unamortized premium/ (discount)	513	297
Allowance for loan losses	(65,877)	(62,201)
Loans held for investment, net	983,643	1,128,187
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	3,884	0
Deferred origination costs and unamortized premium/ (discount)	36	0
Allowance for loan losses	(102)	0
Loans held for investment, net	3,818	0
Fixed Income Interest Rate \| Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	9,830,301	6,759,019
Variable Income Interest Rate \| Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans	$ 13,359,290	$ 13,745,446

Parent Only Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent only Condensed Balance Sheets

Parent Only Condensed Balance Sheets



	December 31,
	2019			2018
Assets
Cash and cash equivalents	$	153,508		$	191,776
Total investments in subsidiaries (primarily Sallie Mae Bank)	3,326,578			2,963,949
Tax indemnification receivable	27,558			39,207
Due from subsidiaries, net	42,544			48,798
Other assets	2,579			2,246
Total assets	$	3,552,767		$	3,245,976

Liabilities and Equity
Liabilities
Long-term borrowings	$	198,159		$	197,348
Income taxes payable, net	11,457			37,271
Payable due to Navient	9,064			9,480
Other liabilities	22,251			29,221
Total liabilities	240,931			273,320

Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 4 million and 4 million shares issued, respectively, at stated value of $100 per share	400,000			400,000
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 453.6 million and 449.9 million shares issued, respectively	90,720			89,972
Additional paid-in capital	1,307,630			1,274,635
Accumulated other comprehensive income (loss) (net of tax expense (benefit) of ($3,995) and $3,436, respectively)	(12,367		)	10,623
Retained earnings	1,850,512			1,340,017
Total SLM Corporation stockholders’ equity before treasury stock	3,636,495			3,115,247
Less: Common stock held in treasury at cost: 32.5 million and 14.2 million shares, respectively	(324,659		)	(142,591		)
Total equity	3,311,836			2,972,656
Total liabilities and equity	$	3,552,767		$	3,245,976

Parent only Condensed Statements of Income

Parent Only Condensed Statements of Income



	Years Ended December 31,
	2019			2018			2017

Interest income	$	2,663		$	4,693		$	5,497
Interest expense	11,060			11,059			8,170
Net interest loss	(8,397		)	(6,366		)	(2,673		)

Non-interest loss	(10,856		)	(93,176		)	(33,956		)
Non-interest expenses	39,423			41,893			35,810

Loss before income tax benefit and equity in net income from subsidiaries	(58,676		)	(141,435		)	(72,439		)
Income tax benefit	(25,260		)	(96,170		)	(40,598		)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	611,692			532,741			320,775
Net income	578,276			487,476			288,934
Preferred stock dividends	16,837			15,640			15,714
Net income attributable to SLM Corporation common stock	$	561,439		$	471,836		$	273,220

Parent only Condensed Statements of Cash Flows

Parent Only Condensed Statements of Cash Flows



	Years Ended December 31,
	2019			2018			2017

Cash flows from operating activities:
Net income	$	578,276		$	487,476		$	288,934
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(611,692		)	(532,741		)	(320,775		)
Dividends received from Sallie Mae Bank	254,000			—			—
Reduction of tax indemnification receivable	11,649			92,815			31,888
Amortization of unsecured debt upfront fees	811			809			596
Decrease in investment in subsidiaries, net	2,611			9,495			1,158
Decrease in tax indemnification receivable	—			35,989			59,633
Decrease (increase) in due from subsidiaries, net	6,254			(11,277		)	(5,687		)
Increase in other assets	(12,999		)	(18,040		)	(24,627		)
Decrease in income taxes payable, net	(25,814		)	(123,083		)	(87,983		)
Decrease in payable due to entity that is a subsidiary of Navient	(416		)	(1,089		)	(593		)
(Decrease) increase in other liabilities	(5,796		)	6,807			10,205
Total adjustments	(381,392		)	(540,315		)	(336,185		)
Net cash used in operating activities	196,884			(52,839		)	(47,251		)

Cash flows from investing activities:
Net cash provided by investing activities	—			—			—

Cash flows from financing activities:
Unsecured debt issued	—			—			197,000
Issuance costs for unsecured debt offering	—			—			(1,057		)
Redemption of Series A Preferred Stock	—			—			(165,000		)
Common stock dividends paid	(51,114		)	—			—
Preferred stock dividends paid	(16,837		)	(15,640		)	(15,714		)
Common stock repurchased	(167,201		)	—			—
Net cash used in financing activities	(235,152		)	(15,640		)	15,229
Net decrease in cash and cash equivalents	(38,268		)	(68,479		)	(32,022		)
Cash and cash equivalents at beginning of year	191,776			260,255			292,277
Cash and cash equivalents at end of year	$	153,508		$	191,776		$	260,255

Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized for TDR (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
TDR Loans, Average Recorded Investment	$ 1,434,137	$ 1,141,993	$ 822,145
TDR Loans, Interest Income Recognized	$ 95,507	$ 77,670	$ 61,119

Deposits - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deposits [Abstract]
Deposits	$ 24,283,983	$ 18,943,158
Brokered deposits	13,800,000	10,300,000
Retail and other deposits	10,500,000	8,600,000
Aggregate of deposits of individual depositors	6,800,000	5,900,000
Brokered deposit placement fee	18,000	13,000	$ 9,000
Third party broker fees paid	28,000	26,000	$ 12,000
Deposits exceeding FDIC insurance limits	963,000	523,000
Accrued interest on deposits	$ 68,000	$ 53,000

Commitments, Contingencies and Guarantees (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) attorney_general
Loss Contingencies [Line Items]
Contractual obligation	$ 1,900
Other liabilities reserve	$ 2
Loss emergence period	1 year
California, Washington And Pennsylvania
Loss Contingencies [Line Items]
Number of state attorneys general \| attorney_general	3

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Risk Management Strategy

We maintain an overall interest rate risk management strategy that incorporates the use of derivative instruments to reduce 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 or liabilities so any adverse impacts related to movements in interest rates are managed within low to moderate limits. As a result of interest rate fluctuations, hedged balance sheet positions will appreciate or depreciate in market value or create variability in cash flows. Income or loss on the derivative instruments linked to the hedged item will generally offset the effect of this unrealized appreciation or depreciation or volatility in cash flows for the period the item is being hedged. We view this strategy as a prudent management of interest rate risk.

Although we use derivatives to reduce the risk of interest rate 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 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 less collateral held and plus collateral posted. When the fair value of a derivative contract less collateral held and plus collateral posted is negative, we owe the counterparty and, therefore, we 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 reputable 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 Derivatives Association, Inc. Master Agreement. Depending on the nature of the derivative transaction, bilateral collateral arrangements 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 held and plus collateral posted, represents exposure with the counterparty. We refer to this as the “net position.” When there is a net negative exposure, we consider our exposure to the counterparty and the net position to be zero.

Title VII of the Dodd-Frank Act requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the CME and the LCH. All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of December 31, 2019, $9.4 billion notional of our derivative contracts were cleared on the CME and $0.5 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 95.0 percent and 5.0 percent, respectively, of our total notional derivative contracts of $9.9 billion at December 31, 2019.

For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The amount of variation margin included as settlement as of December 31, 2019 was $(107) million and $8 million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments will be presented as realized gains (losses).

Our exposure is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At December 31, 2019 and 2018, we had a net positive exposure (derivative gain positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $52 million and $27 million, respectively.

Accounting for Derivative Instruments

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 fair value. Our derivative instruments are classified and accounted for by us as fair value hedges, cash flow hedges, and trading hedges.

We elected to early adopt ASU No. 2017-12 effective July 1, 2018. Under the standard, we are no longer required to separately measure and report hedge ineffectiveness, which was previously recorded in “gains (losses) on derivatives and hedging activities, net” in our consolidated statements of income. In accordance with the standard, certain provisions were required to be applied on a modified retrospective basis, which requires a cumulative effect adjustment to accumulated other comprehensive income with a corresponding adjustment to retained earnings as of the beginning of the fiscal year of adoption, or January 1, 2018 in our case.

Fair Value Hedges

We generally use fair value hedges to offset the exposure to changes in fair value of a recognized fixed-rate liability. We enter into interest rate swaps to economically convert fixed-rate liabilities into variable-rate liabilities. 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. Under the new standard, for fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the consolidated statements of income that is used to present the earnings effect of the hedged component of the hedged item. The timing of recognition of the change in fair value of a hedging instrument included in the assessment of hedge effectiveness is the same as prior to the adoption of ASU No. 2017-12.

Cash Flow Hedges

We use cash flow hedges to hedge the exposure to variability in cash flows of floating-rate liabilities. This strategy is used primarily to minimize the exposure to volatility in cash flows from future changes in interest rates. In assessing hedge effectiveness, generally all components of each derivative’s gains or losses are included in the assessment. We hedge exposure to changes in cash flows due to changes in interest rates or total changes in cash flow. Under the new standard, for cash flow hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in other comprehensive income (loss). Those amounts are subsequently reclassified to earnings, in the same line item in the consolidated statements of income as impacted by the hedged item, when the hedged item affects earnings.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate deposits. During the next twelve months, we estimate that $5 million will be reclassified as an increase to interest expense.

Trading Activities

When derivative instruments do not qualify for hedge accounting treatment, they are accounted for at fair value with all changes in fair value recorded through earnings. All of our derivative instruments entered into with maturities of less than 3 years are economically hedging risk, but do not receive hedge accounting treatment. Trading derivatives also include any hedges that originally received hedge accounting treatment, but lost hedge accounting treatment due to failed effectiveness testing, as well as the activity of certain derivatives prior to those derivatives receiving hedge accounting treatment.

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts of all derivative instruments at December 31, 2019 and 2018, and their impact on earnings and other comprehensive income for the years ended December 31, 2019, 2018 and 2017.

Impact of Derivatives on the Consolidated Balance Sheets



		Cash Flow Hedges					Fair Value Hedges					Trading					Total
		December 31,		December 31,			December 31,			December 31,		December 31,			December 31,		December 31,			December 31,
		2019		2018			2019			2018		2019			2018		2019			2018
Fair Values⁽¹⁾	Hedged Risk Exposure

Derivative Assets:⁽²⁾
Interest rate swaps	Interest rate	$	715	$	—		$	—		$	2,000	$	—		$	90	$	715		$	2,090
Derivative Liabilities:⁽²⁾
Interest rate swaps	Interest rate	—		(2,032		)	(896		)	—		(268		)	—		(1,164		)	(2,032		)
Total net derivatives		$	715	$	(2,032	)	$	(896	)	$	2,000	$	(268	)	$	90	$	(449	)	$	58

__________

(1)

Fair values reported include variation margin as legal settlement of the derivative contract. 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 with the impact of master netting agreements to the balance sheet classification:



	Other Assets						Other Liabilities
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Gross position⁽¹⁾	$	715		$	2,090		$	(1,164	)	$	(2,032	)
Impact of master netting agreement	(519		)	(1,389		)	519			1,389
Derivative values with impact of master netting agreements (as carried on balance sheet)	196			701			(645		)	(643		)
Cash collateral pledged⁽²⁾	52,564			27,151			—			—
Net position	$	52,760		$	27,852		$	(645	)	$	(643	)

__________


(1)	Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.


(2)	Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.



	Cash Flow				Fair Value				Trading				Total
	December 31,		December 31,		December 31,		December 31,		December 31,		December 31,		December 31,		December 31,
	2019		2018		2019		2018		2019		2018		2019		2018
Notional Values

Interest rate swaps	$	1,150,518	$	1,280,367	$	5,031,429	$	3,137,965	$	3,744,917	$	1,577,978	$	9,926,864	$	5,996,310

As of December 31, 2019 and 2018, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:



Line Item in the Balance Sheet in Which the Hedged Item is Included:	Carrying Amount of the Hedged Assets/(Liabilities)						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018

Deposits	$	(5,085,426	)	$	(3,114,304	)	$	(63,148	)	$	14,202

Impact of Derivatives on the Consolidated Statements of Income



	Years Ended December 31,
	2019			2018			2017

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(8,806	)	$	(11,642	)	$	8,286
Hedged items recorded in interest expense	(77,350		)	(7,966		)	16,155
Derivatives recorded in interest expense	77,177			8,123			(20,115		)
Total	$	(8,979	)	$	(11,485	)	$	4,326

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	2,299		$	(1,455	)	$	(11,187	)
Total	$	2,299		$	(1,455	)	$	(11,187	)

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	19,469		$	(1,400	)	$	(3,693	)
Total	19,469			(1,400		)	(3,693		)
Total	$	12,789		$	(14,340	)	$	(10,554	)

Impact of Derivatives on the Statements of Changes in Stockholders’ Equity



	Years Ended December 31,
	2019			2018			2017
Amount of gain (loss) recognized in other comprehensive income (loss)	$	(36,115	)	$	10,452		$	8,008
Amount of gain (loss) reclassified in interest expense	2,299			(1,455		)	(11,187		)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	(38,414	)	$	11,907		$	19,195

Cash Collateral

As of December 31, 2019, cash collateral held and pledged excludes amounts that represent legal settlement of the derivative contracts held with the CME and LCH. There was no cash collateral held related to derivative exposure between us and our derivatives counterparties at December 31, 2019 and 2018, respectively. Collateral held is recorded in “Other Liabilities” on the consolidated balance sheets. Cash collateral pledged related to derivative exposure between us and our derivatives counterparties was $53 million and $27 million at December 31, 2019 and 2018, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional derivative contracts	$ 9,900
Net positive exposure	52	$ 27
Estimated reclassification of AOCI to interest expense	5
Cash collateral pledged	53	$ 27
CME
Derivative [Line Items]
Notional derivative contracts	$ 9,400
Notional derivative contracts, percent	95.00%
Amount of variation margin included as settlement	$ (107)
LCH
Derivative [Line Items]
Notional derivative contracts	$ 500
Notional derivative contracts, percent	5.00%
Amount of variation margin included as settlement	$ 8

Subsequent Events (Details) - USD ($)							12 Months Ended
Subsequent Events (Details) - USD ($)	Feb. 12, 2020	Jun. 12, 2019	Mar. 13, 2019	Sep. 19, 2018	Jun. 20, 2018	Mar. 21, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 20, 2020	Feb. 19, 2020	Feb. 20, 2019
Subsequent Event [Line Items]
Unsecured debt issued							$ 0	$ 0	$ 197,000,000
Estimated weighted average life of student loans							5 years 4 months 24 days	5 years 5 months
Class A and B Notes
Subsequent Event [Line Items]
Estimated weighted average life of student loans		4 years 4 months 28 days	4 years 3 months 3 days	4 years 3 months 25 days	4 years 4 months 24 days	4 years 5 months 4 days
Class A and B Notes \| London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Basis spread on variable rate		1.01%	92.00%	0.77%	0.76%	0.78%
Commercial Paper \| ABCP borrowings
Subsequent Event [Line Items]
Private education loan funding												$ 750,000,000
Subsequent Event \| Private Education Loans 2020 Term A
Subsequent Event [Line Items]
Private education loan term accounted for as a secured financing	$ 636,000,000
Loans sold to third parties	$ 636,000,000
Ownership interest percentage on asset-backed financing	100.00%
Unsecured debt issued	$ 634,000,000
Subsequent Event \| Class A and B Notes
Subsequent Event [Line Items]
Estimated weighted average life of student loans	4 years 2 months 4 days
Subsequent Event \| Class A and B Notes \| London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Basis spread on variable rate	0.88%
Subsequent Event \| Private Education Loans Sold To Third-Party
Subsequent Event [Line Items]
Loans sold to third parties										$ 954,000,000
Accrued interest included in loans sold										$ 68,000,000
Subsequent Event \| Commercial Paper \| ABCP borrowings
Subsequent Event [Line Items]
Private education loan funding											$ 2,000,000,000

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Loan reserves	$ 109,369	$ 85,100
Stock-based compensation plans	10,022	9,312
Deferred revenue	1,017	1,081
Operating loss carryovers	0	0
Accrued expenses not currently deductible	12,599	12,896
Net unrealized losses	2,124	0
Unrecorded tax benefits	6,049	5,106
Market value adjustments on student loans, investments and derivatives	0	1,460
Other	874	953
Total deferred tax assets	142,054	115,908
Deferred tax liabilities:
Fixed assets	10,475	7,150
Acquired intangible assets	5,453	5,179
Market value adjustments on student loans, investments and derivatives	3,175	0
Net unrealized gains	0	3,436
Federal deferred for state receivable	5,368	2,083
Student loan premiums and discounts, net	3,398	1,971
Other	285	285
Total deferred tax liabilities	28,154	20,104
Net deferred tax assets	$ 113,900	$ 95,804

Label	Element	Value
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 429,000

Selected Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	2019
	First		Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter
Net interest income	$	402,281	$	396,868	$	405,065	$	419,101
Less: provisions for credit losses	63,790		93,375		99,526		97,558
Net interest income after provisions for credit losses	338,491		303,493		305,539		321,543
Gains (losses) on derivative and hedging activities, net	2,763		16,736		1,961		(3,635		)
Other income (loss)	13,378		2,655		15,280		(211		)
Total non-interest expenses	140,147		138,806		153,621		141,679
Income tax expense	56,296		33,801		40,701		34,666
Net income	158,189		150,277		128,458		141,352
Preferred stock dividends	4,468		4,331		4,153		3,885
Net income attributable to SLM Corporation common stock	$	153,721	$	145,946	$	124,305	$	137,467
Basic earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.35	$	0.34	$	0.29	$	0.33
Diluted earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.35	$	0.34	$	0.29	$	0.32
Declared dividends per common share attributable to SLM Corporation	$	0.03	$	0.06	$	—	$	0.03

______

⁽¹⁾Basic and diluted earnings per common share attributable to SLM Corporation are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted earnings per common share information may not equal annual basic and diluted earnings per common share.



	2018
	First		Second			Third			Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter			Quarter			Quarter
Net interest income	$	332,614	$	340,950		$	356,633		$	382,867
Less: provisions for credit losses	53,931		63,267			70,047			57,619
Net interest income after provisions for credit losses	278,683		277,683			286,586			325,248
Gains on sales of loans, net	—		2,060			—			—
Losses on sales of securities, net	—		(1,549		)	—			—
Gains (losses) on derivative and hedging activities, net	3,892		(5,268		)	(4,949		)	6,238
Other income (loss)	9,642		12,295			(80,702		)	6,446
Total non-interest expenses	124,966		135,315			150,724			145,971
Income tax expense (benefit)	40,997		40,074			(53,667		)	44,449
Net income	126,254		109,832			103,878			147,512
Preferred stock dividends	3,397		3,920			4,124			4,199
Net income attributable to SLM Corporation common stock	$	122,857	$	105,912		$	99,754		$	143,313
Basic earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.28	$	0.24		$	0.23		$	0.33
Diluted earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.28	$	0.24		$	0.23		$	0.33

_____

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (5,085,426)	$ (3,114,304)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ (63,148)	$ 14,202

Stock-Based Compensation Plans and Arrangements - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Options
Beginning balance (in shares)	1,391,819
Granted (in shares)	0
Exercised (in shares)	(593,806)
Canceled (in shares)	(8,167)
Ending balance (in shares)	789,846	1,391,819
Exercisable (in shares)	789,846
Weighted Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 10.44
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.63
Canceled (in dollars per share)	3.94
Ending balance (in dollars per share)	4.75	$ 10.44
Exercisable (in dollars per share)	$ 4.75
Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term, Outstanding, ending balance	8 months 12 days
Weighted Average Remaining Contractual Term, Exercisable, ending balance	8 months 12 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding, ending balance	$ 3,284
Aggregate Intrinsic Value, Exercisable, ending balance	3,284
Total intrinsic value of options exercised	4,000	$ 17,000	$ 16,000
Cash received from option exercises	0
Tax benefit from exercise of stock options	$ 1,000

Loans Held for Investment

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Loans Held for Investment

Loans Held for Investment consist of Private Education Loans, FFELP Loans, Personal Loans and Credit Cards.

Our Private Education Loans are made largely to bridge the gap between the cost of higher education and the amount funded through financial aid, government loans and customers’ resources. Private Education Loans bear the full credit risk of the customer. We manage this risk through risk-performance underwriting strategies and qualified cosigners. Private Education Loans may be fixed-rate or may carry a variable interest rate indexed to LIBOR, the London interbank offered rate. As of December 31, 2019 and 2018, 58 percent and 67 percent, respectively, of our Private Education Loans were indexed to LIBOR. We provide incentives for customers to include a cosigner on the loan, and the vast majority of loans in our portfolio are cosigned. We also encourage customers to make payments while in school.

In connection with the Spin-Off, we retained the right to require Navient to purchase delinquent loans (at fair value) when the borrower has a lending relationship with both us and Navient. In the second quarter of 2018, we sold our remaining $43 million portfolio of Split Loans (both current and non-current loans) to Navient and recognized a net gain of $2 million. See Note 15, “Arrangements with Navient Corporation,” for further discussion regarding loan purchase agreements.

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 on or after July 1, 2006, we receive 97 percent reimbursement on all qualifying claims. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98 percent reimbursement on all qualifying claims. For loans disbursed prior to October 1, 1993, we receive 100 percent reimbursement on all qualifying claims.

In 2016, we began to acquire Personal Loans from a marketplace lender, but discontinued those purchases in July 2018. In 2018, we began to originate and service Personal Loans. However, in the fourth quarter of 2019, we elected to discontinue new originations as part of our 2020 planning process.

In the second quarter of 2019, we launched our suite of cash-back Credit Cards with unique bonus rewards designed to help cardholders develop financially responsible habits.

Loans held for investment are summarized as follows:



	December 31,
	2019			2018
Private Education Loans:
Fixed-rate	$	9,830,301		$	6,759,019
Variable-rate	13,359,290			13,745,446
Total Private Education Loans, gross	23,189,591			20,504,465
Deferred origination costs and unamortized premium/ (discount)	81,224			68,321
Allowance for loan losses	(374,300		)	(277,943		)
Total Private Education Loans, net	22,896,515			20,294,843

FFELP Loans	783,306			846,487
Deferred origination costs and unamortized premium/ (discount)	2,143			2,379
Allowance for loan losses	(1,633		)	(977		)
Total FFELP Loans, net	783,816			847,889

Personal Loans (fixed-rate)	1,049,007			1,190,091
Deferred origination costs and unamortized premium/ (discount)	513			297
Allowance for loan losses	(65,877		)	(62,201		)
Total Personal Loans, net	983,643			1,128,187

Credit Cards (fixed-rate)	3,884			—
Deferred origination costs and unamortized premium/ (discount)	36			—
Allowance for loan losses	(102		)	—
Total Credit Cards, net	3,818			—

Loans held for investment, net	$	24,667,792		$	22,270,919

The estimated weighted average life of education loans in our portfolio was approximately 5.4 years at both December 31, 2019 and 2018, respectively.

The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:



	Years Ended December 31,
	2019				2018				2017
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	22,225,473	9.32	%	$	19,282,500	9.10	%	$	16,176,351	8.43	%
FFELP Loans	814,198		4.79		888,301		4.57		970,738		3.91
Personal Loans	1,141,503		12.09		900,152		11.08		112,644		9.90
Total portfolio	$	24,181,174			$	21,070,953			$	17,259,733

Certain Collection Tools — Private Education Loans

We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations, achieve better student outcomes, and increase the collectability of the loan. These changes generally take the form of a temporary forbearance of payments, a temporary interest rate reduction, a temporary interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. Forbearance is granted prospectively for borrowers who are current in their payments and may be granted retroactively for certain delinquent borrowers.

Forbearance allows a borrower to temporarily not make scheduled payments or to make smaller than scheduled payments, in each case for a specified period of time. Using forbearance extends the original term of the loan by the term of forbearance taken. Forbearance does not grant any reduction in the total principal or interest repayment obligation. While a loan is in forbearance status, interest continues to accrue and is capitalized to principal when the loan re-enters repayment status.

We grant forbearance through our servicing centers to borrowers who are current in their payments and through our collections centers to certain borrowers who are delinquent. Our forbearance policies and practices vary depending upon whether a borrower is current or delinquent at the time forbearance is requested, generally with stricter payment requirements for delinquent borrowers. We view the population of borrowers that use forbearance positively because the borrowers are either proactively reaching out to the Company to obtain assistance in managing their obligations or are working with our collections center to bring their loans current.

Forbearance may be granted through our servicing centers to customers who are exiting their grace period, which generally is the six-month period after the borrower separates from school and during which the borrower is not required to make full principal and interest payments, and to other customers who are current in their payments, to provide temporary payment relief. In these circumstances, a customer’s loan is placed into a forbearance status in limited monthly increments and is reflected in the forbearance status at month-end during this time. At the end of the forbearance period, the customer will enter repayment status as current and is expected to begin making scheduled monthly payments. Currently, we generally grant forbearance in our servicing centers if a borrower who is current requests it for increments of up to three months at a time, for up to 12 months.

Forbearance may also be granted through our collections centers to customers who are delinquent in their payments. If specific payment requirements are met, the forbearance can cure the delinquency and the customer is returned to a current repayment status. Forbearance as a collection tool is used most effectively when applying historical experience and our judgment to a customer’s unique situation. We leverage updated customer information and other decision support tools to best determine who will be granted forbearance based on our expectations as to a customer’s ability and willingness to repay their obligation. This strategy is aimed at assisting customers while mitigating the risks of delinquency and default as well as

encouraging resolution of delinquent loans. In all instances, we require one or more payments before granting forbearance to delinquent borrowers.

Management continually monitors our credit administration practices and may periodically modify these practices based upon performance, industry conventions, and/or regulatory feedback. In light of these considerations, we plan to implement certain changes to our credit administration practices.

Specifically, we plan to revise our credit administration practices limiting the number of forbearance months granted consecutively and the number of times certain extended or reduced repayment alternatives may be granted. For example, we currently grant forbearance to borrowers without requiring any period of prior principal and interest payments, meaning that, if a borrower satisfies all eligibility requirements, forbearance increments may be granted consecutively. Beginning in the second quarter of 2020, we plan to phase in a required six-month period between successive grants of forbearance and between forbearance grants and certain other repayment alternatives. This required period will not apply, however, to forbearances granted during the first six months following a borrower’s grace period and will not be required for a borrower to receive a contractual interest rate reduction. In addition, we plan to limit the participation of delinquent borrowers in certain short-term extended or interest-only repayment alternatives to once in 12 months and twice in five years.

We also offer rate and term modifications to customers experiencing more severe hardship. Currently, we temporarily reduce the contractual interest rate on a loan to 4.0 percent (previously, to 2.0 percent) for a two-year period and, in the vast majority of cases, permanently extend the final maturity date of the loan. As part of demonstrating the ability and willingness to pay, the customer must make three consecutive monthly payments at the reduced payment to qualify for the program. The combination of the rate reduction and maturity extension helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate. At December 31, 2019 and December 31, 2018, 7.2 percent and 6.4 percent, respectively, of our loans then currently in full principal and interest repayment status were subject to interest rate reductions made under our rate modification program. We currently have no plans to change the basic elements of the rate and term modifications we offer to our customers experiencing more severe hardship.

Prior to full implementation of the credit administration practice changes described above, management will conduct a controlled testing program on randomly selected borrowers to measure the impact of the changes on our customers, our credit operations, and key credit metrics. The testing commenced in October 2019 for some of the planned changes on a very small percentage of our total portfolio and will expand over subsequent quarters as the impacts are better understood. Management expects to have completed implementation of the new policies and practices by year-end 2020. However, we may modify or delay the contemplated practice changes, the proposed timeline, or the method of implementation as we learn more about the impacts during the progression of the testing program.

While there are limitations to our estimate of the future impact of the credit administration practice changes described above, absent the effect of any mitigating measures, and based on an analysis of borrower behavior under our current credit administration practices, which may not be indicative of how borrowers will behave under revised credit administration practices, we expect that the credit administration practice changes described above will accelerate defaults and could increase life of loan defaults in our Private Education Loan portfolio by approximately 4 percent to 14 percent. Among the measures that we are planning to implement and expect may partly offset or moderate any acceleration of or increase in defaults will be greater focus on the risk assessment process to ensure borrowers are mapped to the appropriate program, better utilization of existing programs (e.g., Graduated Repayment Program and rate modifications), and the introduction of a new program offering short-term payment reductions (permitting interest-only payments for up to six months) for certain early stage delinquencies.

As a result of the changes described above, we recorded a minimal increase in our current allowance for loan losses at December 31, 2019, as a result of higher expected losses on our TDR loans where we maintain a life of loan allowance. The full impact of these revisions may only be realized over the longer term, however. In particular, when calculated under CECL, which became effective on January 1, 2020, our loan loss reserves are expected to increase materially because we expect the

life of loan defaults on our overall Private Education Loan portfolio to increase as a result of the planned changes to our credit administrative practices. As we progress with the controlled testing program of the planned changes to our credit administration practices, we expect to learn more about how our borrowers are reacting to these changes and, as we analyze such reactions, will continue to refine our estimates of the impact of those changes on our allowance for loan losses.

The period of delinquency for loans is based on the number of days scheduled payments are contractually past due. As of December 31, 2019 and 2018, we had $48 million and $43 million, respectively, of FFELP Loans and $63 million and $51 million, respectively, of Private Education Loans held for investment which were more than 90 days delinquent that continue to accrue interest. At December 31, 2019 and 2018, we had no loans in nonaccrual status.

Borrower-in-Custody Arrangements

We maintain Borrower-in-Custody arrangements with the FRB. Under these arrangements, we can pledge FFELP Loans or Private Education Loans to the FRB to secure any advances and accrued interest generated under the Primary Credit program at the FRB. As of December 31, 2019 and 2018, we had $3.4 billion and $3.4 billion, respectively, of Private Education Loans pledged to this borrowing facility, as discussed further in Note 9, “Borrowings.” We did not have any FFELP consolidation loans pledged at December 31, 2019 or 2018.

Loans Held for Investment by Region

At December 31, 2019, 39.4 percent of total education loans were concentrated in the following states:



	2019
New York	10.1	%
California	9.4
Pennsylvania	8.4
New Jersey	6.6
Texas	4.9
	39.4	%

At December 31, 2018, 39.9 percent of total education loans were concentrated in the following states:



	2018
New York	10.3	%
California	9.3
Pennsylvania	8.5
New Jersey	6.8
Illinois	5.0
	39.9	%

No other state had a concentration of total education loans in excess of 5 percent of the aggregate outstanding education loans held for investment.

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Trading
Total	$ (3,635)	$ 1,961	$ 16,736	$ 2,763	$ 6,238	$ (4,949)	$ (5,268)	$ 3,892
Interest Rate Swaps
Trading
Total									$ 12,789	$ (14,340)	$ (10,554)
Interest Rate Swaps \| Designated as Hedging Instrument \| Fair Value
Fair Value Hedges
Interest recognized on derivatives									(8,806)	(11,642)	8,286
Hedged items recorded in interest expense									(77,350)	(7,966)	16,155
Derivatives recorded in interest expense									77,177	8,123	(20,115)
Trading
Total									(8,979)	(11,485)	4,326
Interest Rate Swaps \| Designated as Hedging Instrument \| Cash Flow
Cash Flow Hedges
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense									2,299	(1,455)	(11,187)
Trading
Total									2,299	(1,455)	(11,187)
Interest Rate Swaps \| Trading
Trading
Change in fair value of future interest payments recorded in earnings									19,469	(1,400)	(3,693)
Total									$ 19,469	$ (1,400)	$ (3,693)

Borrowings - Secured Financing (Details) - USD ($)	1 Months Ended
Borrowings - Secured Financing (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total Issued						$ 1,110,000,000	$ 1,900,500,000
Total loans and accrued interest amount securitized at inception						$ 1,208,963,000	$ 2,101,644,000
Issuance 2018-A
Debt Instrument [Line Items]
Total Issued					$ 670,000,000
Weighted Average Life (in years)					4 years 5 months 4 days
Basis spread on variable rate					0.78%
Issuance 2018-B
Debt Instrument [Line Items]
Total Issued				$ 686,500,000
Weighted Average Life (in years)				4 years 4 months 24 days
Basis spread on variable rate				0.76%
Issuance 2018-C
Debt Instrument [Line Items]
Total Issued			$ 544,000,000
Weighted Average Life (in years)			4 years 3 months 25 days
Basis spread on variable rate			0.77%
Issuance 2019-A
Debt Instrument [Line Items]
Total Issued		$ 453,000,000
Weighted Average Life (in years)		4 years 3 months 3 days
Basis spread on variable rate		0.92%
Issuance 2019-B
Debt Instrument [Line Items]
Total Issued	$ 657,000,000
Weighted Average Life (in years)	4 years 4 months 28 days
Basis spread on variable rate	1.01%

Stock-Based Compensation Plans and Arrangements

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans and Arrangements

Plan Summaries

As of December 31, 2019, we had one active stock-based compensation plan that provides for grants of equity awards to our employees and non-employee directors. We also maintained an Employee Stock Purchase Plan (the “ESPP”). Shares issued under these stock-based compensation plans may be either shares reacquired by us or shares that are authorized but unissued.

The SLM Corporation 2012 Omnibus Incentive Plan was approved by shareholders on May 24, 2012. An amendment to the plan was approved and other material terms of the plan were re-approved by shareholders on June 22, 2017. At December 31, 2019, 17 million shares, as adjusted to reflect the effects of the Spin-Off, were authorized to be issued from this plan.

An amendment to the ESPP was approved by shareholders on May 24, 2012 that authorized the issuance of 6 million shares under the plan and kept the terms of the plan substantially the same. The number of shares authorized under the plan was subsequently adjusted to 15 million shares on June 25, 2014, to reflect the effects of the Spin-Off.

Stock-Based Compensation

The total stock-based compensation cost recognized in the consolidated statements of income for the years ended December 31, 2019, 2018 and 2017 was $31 million, $32 million and $28 million, respectively. As of December 31, 2019, there was $13 million of total unrecognized compensation expense related to unvested stock awards, which is expected to be recognized over a weighted average period of 1.4 years. We amortize compensation expense on a straight-line basis over the related vesting periods of each tranche of each award.

Stock Options

Stock options granted prior to 2012 expire 10 years after the grant date, and those granted since 2012 expire in 5 years. The exercise price must be equal to or greater than the market price of our common stock on the grant date. We have granted time-vested, price-vested and performance-vested options to our employees and non-employee directors. Time-vested options granted to management and non-management employees generally vest over three years. Price-vested options granted to management employees vest upon our common stock reaching a targeted closing price for a set number of days. Performance-vested options granted to management employees vest one-third per year for three years based on corporate earnings-related performance targets. Options granted to non-employee directors vest upon the director’s election to the Board of Directors.

There were no options granted in the years ended December 31, 2019, 2018 and 2017.

The following table summarizes stock option activity for the year ended December 31, 2019.



(Dollars in thousands, except per share data)	Number of Options		Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2018	1,391,819		$	10.44
Granted	—		—
Exercised⁽²⁾⁽³⁾	(593,806	)	3.63
Canceled	(8,167	)	3.94
Outstanding at December 31, 2019⁽⁴⁾	789,846		$	4.75	0.7 years	$	3,284
Exercisable at December 31, 2019	789,846		$	4.75	0.7 years	$	3,284

^____________


⁽¹⁾	The aggregate intrinsic value represents the total intrinsic value (the aggregate difference between our closing stock price on December 31, 2019 and the exercise price of in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2019.


⁽²⁾	The total intrinsic value of options exercised was $4 million, $17 million, and $16 million for the years ended December 31, 2019, 2018 and 2017, respectively.


⁽³⁾	No cash was received from option exercises for the year ended December 31, 2019. The actual tax benefit realized for the tax deductions from option exercises totaled $1 million for the year ended December 31, 2019.


⁽⁴⁾	For net-settled options, gross number is reflected.

Restricted Stock

Restricted stock awards generally vest over one year. Outstanding restricted stock is entitled to dividend equivalent units that vest subject to the same vesting requirements or lapse of transfer restrictions, as applicable, as the underlying restricted stock award. The fair value of restricted stock awards is based on our stock price at the grant date.

The following table summarizes restricted stock activity for the year ended December 31, 2019.



(Shares and per share amounts in actuals)	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2018	84,392		$	11.73
Granted	118,789		9.26
Vested⁽¹⁾	(84,392	)	11.73
Canceled	—		—
Non-vested at December 31, 2019⁽²⁾	118,789		$	9.26

^_________


⁽¹⁾	The total fair value of shares that vested during the years ended December 31, 2019, 2018 and 2017 was $1 million, $1 million and $1 million, respectively.


⁽²⁾	As of December 31, 2019, there was $1 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 0.5 years.

Restricted Stock Units and Performance Stock Units

Restricted stock units (“RSUs”) and performance stock units (“PSUs”) are equity awards granted to employees that entitle the holder to shares of our common stock when the award vests. RSUs may be time-vested over three years or vested at grant but subject to transfer restrictions, while PSUs vest based on corporate performance targets over a three-year period.

Outstanding RSUs and PSUs are entitled to dividend equivalent units that vest subject to the same vesting requirements or lapse of transfer restrictions, as applicable, as the underlying award. The fair value of RSUs is based on our stock price at the grant date.

The following table summarizes RSU and PSU activity for the year ended December 31, 2019.



(Shares and per share amounts in actuals)	Number of RSUs/ PSUs		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2018	5,338,034		$	10.11
Granted	3,008,102		10.84
Vested and converted to common stock⁽¹⁾	(3,030,536	)	8.78
Canceled	(136,383	)	11.09
Outstanding at December 31, 2019⁽²⁾	5,179,217		$	11.28

^__________


⁽¹⁾	The total fair value of RSUs/PSUs that vested and converted to common stock during the years ended December 31, 2019, 2018 and 2017 was $27 million, $25 million and $29 million, respectively.


⁽²⁾	As of December 31, 2019, there was $12 million of unrecognized compensation cost related to RSUs/PSUs, which is expected to be recognized over a weighted average period of 1.4 years.

Employee Stock Purchase Plan

Employees may purchase shares of our common stock at the end of a 12-month offering period at a price equal to the share price at the beginning of the 12-month period, less 15 percent, up to a maximum purchase price of $7,500 (whole dollars). The purchase price for each offering is determined at the beginning of the offering period on August 1.

The fair values of the stock purchase rights of the ESPP offerings were calculated using a Black-Scholes option pricing model with the following weighted average assumptions:



	Years Ended December 31,
(Dollars per share)	2019			2018			2017
Risk-free interest rate	1.87		%	2.44		%	1.22		%
Expected volatility	29		%	27		%	32		%
Expected dividend rate	1.34		%	—		%	—		%
Expected life of the option	1 year			1 year			1 year
Weighted average fair value of stock purchase rights	$	1.77		$	2.32		$	2.36

The expected volatility is based on implied volatility from publicly-traded options on our stock at the grant date and historical volatility of our stock consistent with the expected life. The risk-free interest rate is based on the U.S. Treasury bill

rate at the grant date consistent with the expected life. The dividend yield was zero for the years ended December 31, 2018 and 2017, respectively, as we did not pay dividends on our common stock in 2018 and 2017.

The fair values were amortized to compensation cost on a straight-line basis over a one-year vesting period. As of December 31, 2019, there was less than $1 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized by July 2020.

No shares were purchased for the year ended December 31, 2019, as our stock price on July 31, 2019 was less than the offering price for the ESPP plan. During the years ended December 31, 2018 and 2017, plan participants purchased 233,232 shares and 283,952 shares, respectively, of our common stock.

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 23, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Common stock repurchased (in shares)	17,000,000	16,962,199	0	0
Average purchase price per share (in dollars per share)		$ 9.86	$ 0	$ 0
Shares repurchased related to employee stock-based compensation plans (in shares)		1,369,630	3,087,396	3,358,417
Average purchase price per share (in dollars per share)		$ 10.85	$ 11.32	$ 11.96
Common shares issued (in shares)		3,743,705	6,392,634	6,831,108
Repurchase amount	$ 167	$ 33

Allowance for Loan Losses

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Allowance for Loan Losses

Our provision for credit losses represents the periodic expense of maintaining an allowance sufficient to absorb incurred probable losses in the held-for-investment loan portfolios. The evaluation of the allowance for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe the allowance for loan losses is appropriate to cover probable losses incurred in the loan portfolios. See Note 2, “Significant Accounting Policies — Allowance for Loan Losses — Allowance for Private Education Loan Losses, — Allowance for Personal Loans, — Allowance for FFELP Loan Losses, and — Allowance for Credit Cards” for a more detailed discussion.

Allowance for Loan Losses Metrics



	Allowance for Loan Losses
	Year Ended December 31, 2019
	FFELP Loans			Private Education Loans			Personal Loans			Credit Cards			Total
Allowance for Loan Losses
Beginning balance	$	977		$	277,943		$	62,201		$	—		$	341,121
Total provision	1,478			279,570			72,783			103			353,934
Net charge-offs:
Charge-offs	(822		)	(208,978		)	(74,313		)	(1		)	(284,114		)
Recoveries	—			25,765			5,206			—			30,971
Net charge-offs	(822		)	(183,213		)	(69,107		)	(1		)	(253,143		)
Ending Balance	$	1,633		$	374,300		$	65,877		$	102		$	441,912
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	186,697		$	—		$	—		$	186,697
Ending balance: collectively evaluated for impairment	$	1,633		$	187,603		$	65,877		$	102		$	255,215
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,581,966		$	—		$	—		$	1,581,966
Ending balance: collectively evaluated for impairment	$	783,306		$	21,607,625		$	1,049,007		$	3,884		$	23,443,822
Net charge-offs as a percentage of average loans in repayment⁽¹⁾	0.13		%	1.17		%	6.07		%	0.13		%
Allowance as a percentage of the ending total loan balance	0.21		%	1.61		%	6.28		%	2.63		%
Allowance as a percentage of the ending loans in repayment⁽¹⁾	0.26		%	2.23		%	6.28		%	2.63		%
Allowance coverage of net charge-offs	1.99			2.04			0.95			102.00
Ending total loans, gross	$	783,306		$	23,189,591		$	1,049,007		$	3,884
Average loans in repayment⁽¹⁾	$	631,029		$	15,605,927		$	1,138,887		$	786
Ending loans in repayment⁽¹⁾	$	617,646		$	16,787,670		$	1,049,007		$	3,884

____________


⁽¹⁾	Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.



	Allowance for Loan Losses
	Year Ended December 31, 2018
	FFELP Loans			Private Education Loans			Personal Loans			Total
Allowance for Loan Losses
Beginning balance	$	1,132		$	243,715		$	6,628		$	251,475
Total provision	980			169,287			74,317			244,584
Net charge-offs:
Charge-offs	(1,135		)	(154,701		)	(19,690		)	(175,526		)
Recoveries	—			20,858			946			21,804
Net charge-offs	(1,135		)	(133,843		)	(18,744		)	(153,722		)
Loan sales⁽¹⁾	—			(1,216		)	—			(1,216		)
Ending Balance	$	977		$	277,943		$	62,201		$	341,121
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	120,110		$	—		$	120,110
Ending balance: collectively evaluated for impairment	$	977		$	157,833		$	62,201		$	221,011
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,257,856		$	—		$	1,257,856
Ending balance: collectively evaluated for impairment	$	846,487		$	19,246,609		$	1,190,091		$	21,283,187
Net charge-offs as a percentage of average loans in repayment⁽²⁾	0.16		%	1.01		%	2.11		%
Allowance as a percentage of the ending total loan balance	0.12		%	1.36		%	5.23		%
Allowance as a percentage of the ending loans in repayment⁽²⁾	0.15		%	1.90		%	5.23		%
Allowance coverage of net charge-offs	0.86			2.08			3.32
Ending total loans, gross	$	846,487		$	20,504,465		$	1,190,091
Average loans in repayment⁽²⁾	$	691,406		$	13,303,801		$	889,348
Ending loans in repayment⁽²⁾	$	665,807		$	14,666,856		$	1,190,091

____________


⁽¹⁾	Represents fair value adjustments on loans sold.


⁽²⁾	Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.



	Allowance for Loan Losses
	Year Ended December 31, 2017
	FFELP Loans			Private Education Loans			Personal Loans			Total
Allowance for Loan Losses
Beginning balance	$	2,171		$	182,472		$	58		$	184,701
Total provision	(85		)	178,542			7,138			185,595
Net charge-offs:
Charge-offs	(954		)	(130,063		)	(579		)	(131,596		)
Recoveries	—			17,635			11			17,646
Net charge-offs	(954		)	(112,428		)	(568		)	(113,950		)
Loan sales⁽¹⁾	—			(4,871		)	—			(4,871		)
Ending Balance	$	1,132		$	243,715		$	6,628		$	251,475
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	94,682		$	—		$	94,682
Ending balance: collectively evaluated for impairment	$	1,132		$	149,033		$	6,628		$	156,793
Loans:
Ending balance: individually evaluated for impairment	$	—		$	990,351		$	—		$	990,351
Ending balance: collectively evaluated for impairment	$	927,660		$	16,441,816		$	400,280		$	17,769,756
Net charge-offs as a percentage of average loans in repayment⁽²⁾	0.13		%	1.03		%	0.47		%
Allowance as a percentage of the ending total loan balance	0.12		%	1.40		%	1.66		%
Allowance as a percentage of the ending loans in repayment⁽²⁾	0.15		%	2.00		%	1.66		%
Allowance coverage of net charge-offs	1.19			2.17			11.67
Ending total loans, gross	$	927,660		$	17,432,167		$	400,280
Average loans in repayment⁽²⁾	$	745,039		$	10,881,058		$	119,606
Ending loans in repayment⁽²⁾	$	746,456		$	12,206,033		$	400,280

____________


⁽¹⁾	Represents fair value adjustments on loans sold.


⁽²⁾	Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.

Troubled Debt Restructurings

All of our loans are collectively assessed for impairment, except for loans classified as TDRs (where we conduct individual assessments of impairment). We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations, achieve better student outcomes, and increase the collectability of the loan. These changes generally take the form of a temporary forbearance of payments, a temporary interest rate reduction, a temporary interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative.

When we give a borrower facing financial difficulty an interest rate reduction, we temporarily reduce the contractual interest rate on a loan to 4.0 percent (previously, to 2.0 percent) for a two-year period and, in the vast majority of cases, permanently extend the final maturity date of the loan. The combination of these two loan term changes helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate. At December 31, 2019 and 2018, 7.2 percent and 6.4 percent, respectively, of our loans then currently in full principal and interest repayment status were subject to interest rate reductions made under our rate modification program.

Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life. As of December 31, 2019 and 2018, approximately 50 percent and 57 percent, respectively, of TDRs were classified as such due to their forbearance status. See Note 2, “Significant Accounting Policies — Allowance for Loan Losses” for a more detailed discussion.

Within the Private Education Loan portfolio, loans greater than 90 days past due are nonperforming. FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default and, therefore, we do not deem FFELP Loans as nonperforming from a credit risk standpoint at any point in their life cycle prior to claim payment and continue to accrue interest on those loans through the date of claim.



	Recorded Investment		Unpaid Principal Balance		Allowance

December 31, 2019
TDR Loans	$	1,612,896	$	1,581,966	$	186,697

December 31, 2018
TDR Loans	$	1,280,713	$	1,257,856	$	120,110

The following table provides the average recorded investment and interest income recognized for our TDR loans.



	Years Ended December 31,
	2019				2018				2017
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,434,137	$	95,507	$	1,141,993	$	77,670	$	822,145	$	61,119

The following table provides information regarding the loan status and aging of TDR loans.



	December 31,				December 31,
	2019				2018
	Balance		%		Balance		%
TDR loans in in-school/grace/deferment⁽¹⁾	$	87,749			$	69,212
TDR loans in forbearance⁽²⁾	99,054				69,796
TDR loans in repayment⁽³⁾ and percentage of each status:
Loans current	1,230,954		88.2	%	994,411		88.9	%
Loans delinquent 31-60 days⁽⁴⁾	85,555		6.1		63,074		5.6
Loans delinquent 61-90 days⁽⁴⁾	49,626		3.6		36,804		3.3
Loans delinquent greater than 90 days⁽⁴⁾	29,028		2.1		24,559		2.2
Total TDR loans in repayment	1,395,163		100.0	%	1,118,848		100.0	%
Total TDR loans, gross	$	1,581,966			$	1,257,856

_____


⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).


⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.


⁽³⁾	Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.


⁽⁴⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.



	Years Ended December 31,
	2019						2018						2017
	Modified Loans⁽¹⁾		Charge-offs		Payment-Default		Modified Loans⁽¹⁾		Charge-offs		Payment-Default		Modified Loans⁽¹⁾		Charge-offs		Payment-Default

TDR Loans	$	515,398	$	74,137	$	111,810	$	394,639	$	52,823	$	90,231	$	498,812	$	48,469	$	92,532

_______

(1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR.

Private Education Loan Key Credit Quality Indicators

FFELP Loans are at least 97 percent insured and guaranteed as to their principal and accrued interest in the event of default; therefore, there are no key credit quality indicators associated with FFELP Loans.

For Private Education Loans, the key credit quality indicators are FICO scores, the existence of a cosigner, the loan status and loan seasoning. The FICO scores are assessed at original approval and periodically refreshed/updated through the loan’s term. The following table highlights the gross principal balance of our Private Education Loan portfolio stratified by key credit quality indicators.



	December 31, 2019				December 31, 2018
Credit Quality Indicators:	Balance⁽¹⁾		% of Balance		Balance⁽¹⁾		% of Balance

Cosigners:
With cosigner	$	20,709,636	89	%	$	18,378,398	90	%
Without cosigner	2,479,955		11		2,126,067		10
Total	$	23,189,591	100	%	$	20,504,465	100	%

FICO at Original Approval⁽²⁾:
Less than 670	$	1,665,589	7	%	$	1,409,789	7	%
670-699	3,570,025		16		3,106,983		15
700-749	7,670,748		33		6,759,721		33
Greater than or equal to 750	10,283,229		44		9,227,972		45
Total	$	23,189,591	100	%	$	20,504,465	100	%

FICO-Refreshed⁽²⁾⁽³⁾:
Less than 670	$	2,979,437	13	%	$	2,416,979	12	%
670-699	2,883,122		13		2,504,467		12
700-749	6,806,602		29		6,144,489		30
Greater than or equal to 750	10,520,430		45		9,438,530		46
Total	$	23,189,591	100	%	$	20,504,465	100	%

Seasoning⁽⁴⁾:
1-12 payments	$	5,351,702	23	%	$	4,969,334	24	%
13-24 payments	4,004,151		17		3,481,235		17
25-36 payments	2,902,365		12		2,741,954		13
37-48 payments	2,213,944		10		1,990,049		10
More than 48 payments	3,030,024		13		2,061,448		10
Not yet in repayment	5,687,405		25		5,260,445		26
Total	$	23,189,591	100	%	$	20,504,465	100	%

_____


⁽¹⁾	Balance represents gross Private Education Loans.


⁽²⁾	Represents the higher credit score of the cosigner or the borrower.


⁽³⁾	Represents the FICO score updated as of the fourth-quarter 2019.


⁽⁴⁾	Number of months in active repayment (whether interest-only payment, fixed payment, or full principal and interest repayment status) for which a scheduled payment was due.

Personal Loan Key Credit Quality Indicators

For Personal Loans, the key credit quality indicators are FICO scores, loan seasoning, and loan delinquency status. The FICO scores are assessed at original approval and periodically refreshed/updated through the loan’s term. The following table highlights the gross principal balance of our Personal Loan portfolio stratified by key credit quality indicators.



	Personal Loans
	Credit Quality Indicators
	December 31, 2019				December 31, 2018
Credit Quality Indicators:	Balance⁽¹⁾		% of Balance		Balance⁽¹⁾		% of Balance

FICO at Original Approval:
Less than 670	$	47,367	4	%	$	77,702	7	%
670-699	259,098		25		339,053		28
700-749	521,856		50		554,700		47
Greater than or equal to 750	220,686		21		218,636		18
Total	$	1,049,007	100	%	$	1,190,091	100	%

Seasoning⁽²⁾:
0-12 payments	$	469,940	45	%	$	1,008,758	85	%
13-24 payments	505,318		48		181,333		15
25-36 payments	73,749		7		—		—
37-48 payments	—		—		—		—
More than 48 payments	—		—		—		—
Total	$	1,049,007	100	%	$	1,190,091	100	%

^___________


⁽¹⁾	Balance represents gross Personal Loans.


⁽²⁾	Number of months in active repayment for which a scheduled payment was due.

Private Education Loan Delinquencies



	Private Education Loans
	December 31,
	2019					2018					2017
	Balance			%		Balance			%		Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	5,687,405				$	5,260,445				$	4,757,732
Loans in forbearance⁽²⁾	714,516					577,164					468,402
Loans in repayment and percentage of each status:
Loans current	16,315,651			97.2	%	14,289,705			97.4	%	11,911,128			97.6	%
Loans delinquent 31-60 days⁽³⁾	288,051			1.7		231,216			1.6		179,002			1.5
Loans delinquent 61-90 days⁽³⁾	121,302			0.7		95,105			0.7		78,292			0.6
Loans delinquent greater than 90 days⁽³⁾	62,666			0.4		50,830			0.3		37,611			0.3
Total Private Education Loans in repayment	16,787,670			100.0	%	14,666,856			100.0	%	12,206,033			100.0	%
Total Private Education Loans, gross	23,189,591					20,504,465					17,432,167
Private Education Loans deferred origination costs and unamortized premium/(discount)	81,224					68,321					56,378
Total Private Education Loans	23,270,815					20,572,786					17,488,545
Private Education Loans allowance for losses	(374,300		)			(277,943		)			(243,715		)
Private Education Loans, net	$	22,896,515				$	20,294,843				$	17,244,830
Percentage of Private Education Loans in repayment				72.4	%				71.5	%				70.0	%
Delinquencies as a percentage of Private Education Loans in repayment				2.8	%				2.6	%				2.4	%
Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance				4.1	%				3.8	%				3.7	%

^___________


⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).


⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.


⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

Personal Loan Delinquencies

The following table provides information regarding the loan status of our Personal Loans.



	Personal Loans
	December 31,
	2019					2018
	Balance			%		Balance			%
Loans in repayment and percentage of each status:
Loans current	$	1,023,517		97.6	%	$	1,172,776		98.5	%
Loans delinquent 31-60 days⁽¹⁾	9,435			0.9		6,722			0.6
Loans delinquent 61-90 days⁽¹⁾	7,172			0.7		5,416			0.5
Loans delinquent greater than 90 days⁽¹⁾	8,883			0.8		5,177			0.4
Total Personal Loans in repayment	1,049,007			100.0	%	1,190,091			100.0	%
Total Personal Loans, gross	1,049,007					1,190,091
Personal Loans deferred origination costs and unamortized premium/(discount)	513					297
Total Personal Loans	1,049,520					1,190,388
Personal Loans allowance for losses	(65,877		)			(62,201		)
Personal Loans, net	$	983,643				$	1,128,187
Delinquencies as a percentage of Personal Loans in repayment				2.4	%				1.5	%

_______


⁽¹⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

Accrued Interest Receivable



	Private Education Loans
	Accrued Interest Receivable
	Total Interest Receivable		Greater Than 90 Days Past Due		Allowance for Uncollectible Interest

December 31, 2019	$	1,366,158	$	2,390	$	5,309
December 31, 2018	$	1,168,823	$	1,920	$	6,322

Borrowings - Additional Information (Details) - USD ($)								12 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Feb. 12, 2020	Jun. 12, 2019	Mar. 13, 2019	Feb. 20, 2019	Sep. 19, 2018	Jun. 20, 2018	Mar. 21, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 19, 2020	Apr. 05, 2017
Debt Instrument [Line Items]
Amount drawn and outstanding under ABCP facility								$ 289,230,000	$ 0
Total Issued								1,110,000,000	1,900,500,000
Unsecured debt issued								$ 0	$ 0	$ 197,000,000
Estimated weighted average life of student loans								5 years 4 months 24 days	5 years 5 months
Discretionary uncommitted federal funds line of credit								$ 125,000,000
Lendable value of collateral								3,200,000,000	$ 3,100,000,000
Unsecured Debt
Debt Instrument [Line Items]
Amount drawn and outstanding under ABCP facility								0	0
ABCP borrowings
Debt Instrument [Line Items]
Amount drawn and outstanding under ABCP facility								$ 289,230,000	0
Contractual maturity related to ABCP facility								2 years
Revolving period of contractual maturity								1 year
Amortization period of contractual maturity								1 year
Senior Unsecured Notes Due April 5, 2022 \| Unsecured Debt
Debt Instrument [Line Items]
Total Issued								$ 198,000,000				$ 200,000,000
Interest rate												5.125%
Private Education Loans 2019 Term A
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing			$ 453,000,000
Loans sold to third parties			$ 453,000,000
Ownership interest percentage on asset-backed financing			100.00%
Unsecured debt issued			$ 451,000,000
Loans pledged as collateral								445,000,000
Principal amount of collateral								417,000,000
Capitalized interest								28,000,000
Class A and B Notes
Debt Instrument [Line Items]
Estimated weighted average life of student loans		4 years 4 months 28 days	4 years 3 months 3 days		4 years 3 months 25 days	4 years 4 months 24 days	4 years 5 months 4 days
Class A and B Notes \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.01%	92.00%		0.77%	0.76%	0.78%
Private Education Loans 2019 Term B
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing		$ 657,000,000
Loans sold to third parties		$ 657,000,000
Ownership interest percentage on asset-backed financing		100.00%
Unsecured debt issued		$ 655,000,000
Loans pledged as collateral								666,000,000
Principal amount of collateral								625,000,000
Capitalized interest								41,000,000
Private Education Loans 2018 Term A
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing							$ 670,000,000
Loans sold to third parties							$ 670,000,000
Ownership interest percentage on asset-backed financing							100.00%
Unsecured debt issued							$ 668,000,000
Loans pledged as collateral								588,000,000
Principal amount of collateral								553,000,000
Capitalized interest								35,000,000
Private Education Loans 2018 Term B
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing						$ 687,000,000
Loans sold to third parties						$ 687,000,000
Ownership interest percentage on asset-backed financing						100.00%
Unsecured debt issued						$ 683,000,000
Loans pledged as collateral								623,000,000
Principal amount of collateral								585,000,000
Capitalized interest								38,000,000
Private Education Loans 2018 Term C
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing					$ 544,000,000
Loans sold to third parties					$ 544,000,000
Ownership interest percentage on asset-backed financing					100.00%
Unsecured debt issued					$ 541,000,000
Loans pledged as collateral								502,000,000
Principal amount of collateral								471,000,000
Capitalized interest								31,000,000
ABS Transactions
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing										$ 3,900,000,000
Private Education Loans
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing								2,700,000,000
Principal amount of collateral								2,600,000,000
Capitalized interest								115,000,000
Subsequent Event \| Class A and B Notes
Debt Instrument [Line Items]
Estimated weighted average life of student loans	4 years 2 months 4 days
Subsequent Event \| Class A and B Notes \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.88%
Commercial Paper \| ABCP borrowings
Debt Instrument [Line Items]
Private education loan funding				$ 750,000,000
Ownership interest percentage				100.00%
Amount drawn and outstanding under ABCP facility								$ 289,000,000	$ 0
Commercial Paper \| Subsequent Event \| ABCP borrowings
Debt Instrument [Line Items]
Private education loan funding											$ 2,000,000,000

Parent Only Statements - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 5,563,877	$ 2,559,106	$ 1,534,339
Tax indemnification receivable	27,558	39,207
Other assets	29,398	48,141
Total assets	32,686,479	26,638,173
Liabilities
Long-Term	4,354,037	4,284,304
Income taxes payable, net	0	0
Other liabilities	254,731	224,951
Total liabilities	29,374,643	23,665,517
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 453.6 million and 449.9 million shares issued, respectively	90,720	89,972
Additional paid-in capital	1,307,630	1,274,635
Accumulated other comprehensive income (loss) (net of tax expense (benefit) of ($3,995) and $3,436, respectively)	(12,367)	10,623
Retained earnings	1,850,512	1,340,017
Total SLM Corporation stockholders’ equity before treasury stock	3,636,495	3,115,247
Less: Common stock held in treasury at cost: 32.5 million and 14.2 million shares, respectively	(324,659)	(142,591)
Total equity	3,311,836	2,972,656
Total liabilities and equity	32,686,479	26,638,173
Parent Company
Assets
Cash and cash equivalents	153,508	191,776	$ 260,255	$ 292,277
Total investments in subsidiaries (primarily Sallie Mae Bank)	3,326,578	2,963,949
Tax indemnification receivable	27,558	39,207
Due from subsidiaries, net	42,544	48,798
Other assets	2,579	2,246
Total assets	3,552,767	3,245,976
Liabilities
Long-Term	198,159	197,348
Income taxes payable, net	11,457	37,271
Payable due to Navient	9,064	9,480
Other liabilities	22,251	29,221
Total liabilities	240,931	273,320
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 453.6 million and 449.9 million shares issued, respectively	90,720	89,972
Additional paid-in capital	1,307,630	1,274,635
Accumulated other comprehensive income (loss) (net of tax expense (benefit) of ($3,995) and $3,436, respectively)	(12,367)	10,623
Retained earnings	1,850,512	1,340,017
Total SLM Corporation stockholders’ equity before treasury stock	3,636,495	3,115,247
Less: Common stock held in treasury at cost: 32.5 million and 14.2 million shares, respectively	(324,659)	(142,591)
Total equity	3,311,836	2,972,656
Total liabilities and equity	3,552,767	3,245,976
Parent Company \| Series B Preferred Stock
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Preferred stock issued	$ 400,000	$ 400,000

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 485,756	$ 182,325
Estimated Fair Value	487,669	$ 176,245
Maturity 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	77,240
Estimated Fair Value	77,385
Maturity 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	138,157
Estimated Fair Value	138,640
Maturity 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	34,997
Estimated Fair Value	34,983
Maturity 2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	176
Estimated Fair Value	191
Maturity 2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,597
Estimated Fair Value	2,778
Maturity 2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,196
Estimated Fair Value	7,050
Maturity 2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,661
Estimated Fair Value	11,813
Maturity 2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,300
Estimated Fair Value	17,487
Maturity 2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,280
Estimated Fair Value	18,332
Maturity 2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	28,892
Estimated Fair Value	28,822
Maturity 2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	45,411
Estimated Fair Value	45,353
Maturity 2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,154
Estimated Fair Value	12,478
Maturity 2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	91,695
Estimated Fair Value	$ 92,357

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Impact of derivatives on the consolidated balance sheet

Impact of Derivatives on the Consolidated Balance Sheets



		Cash Flow Hedges					Fair Value Hedges					Trading					Total
		December 31,		December 31,			December 31,			December 31,		December 31,			December 31,		December 31,			December 31,
		2019		2018			2019			2018		2019			2018		2019			2018
Fair Values⁽¹⁾	Hedged Risk Exposure

Derivative Assets:⁽²⁾
Interest rate swaps	Interest rate	$	715	$	—		$	—		$	2,000	$	—		$	90	$	715		$	2,090
Derivative Liabilities:⁽²⁾
Interest rate swaps	Interest rate	—		(2,032		)	(896		)	—		(268		)	—		(1,164		)	(2,032		)
Total net derivatives		$	715	$	(2,032	)	$	(896	)	$	2,000	$	(268	)	$	90	$	(449	)	$	58

__________

(1)

(2)

The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:

Offsetting assets

The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:



	Other Assets						Other Liabilities
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Gross position⁽¹⁾	$	715		$	2,090		$	(1,164	)	$	(2,032	)
Impact of master netting agreement	(519		)	(1,389		)	519			1,389
Derivative values with impact of master netting agreements (as carried on balance sheet)	196			701			(645		)	(643		)
Cash collateral pledged⁽²⁾	52,564			27,151			—			—
Net position	$	52,760		$	27,852		$	(645	)	$	(643	)

__________


(1)	Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2)

Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.

Offsetting liabilities



	Other Assets						Other Liabilities
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Gross position⁽¹⁾	$	715		$	2,090		$	(1,164	)	$	(2,032	)
Impact of master netting agreement	(519		)	(1,389		)	519			1,389
Derivative values with impact of master netting agreements (as carried on balance sheet)	196			701			(645		)	(643		)
Cash collateral pledged⁽²⁾	52,564			27,151			—			—
Net position	$	52,760		$	27,852		$	(645	)	$	(643	)

__________


(1)	Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.


(2)	Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.

Schedule of notional amounts of outstanding derivative positions



	Cash Flow				Fair Value				Trading				Total
	December 31,		December 31,		December 31,		December 31,		December 31,		December 31,		December 31,		December 31,
	2019		2018		2019		2018		2019		2018		2019		2018
Notional Values

Interest rate swaps	$	1,150,518	$	1,280,367	$	5,031,429	$	3,137,965	$	3,744,917	$	1,577,978	$	9,926,864	$	5,996,310

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

As of December 31, 2019 and 2018, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:



Line Item in the Balance Sheet in Which the Hedged Item is Included:	Carrying Amount of the Hedged Assets/(Liabilities)						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018

Deposits	$	(5,085,426	)	$	(3,114,304	)	$	(63,148	)	$	14,202

Schedule of derivative instruments performance and location

Impact of Derivatives on the Consolidated Statements of Income



	Years Ended December 31,
	2019			2018			2017

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(8,806	)	$	(11,642	)	$	8,286
Hedged items recorded in interest expense	(77,350		)	(7,966		)	16,155
Derivatives recorded in interest expense	77,177			8,123			(20,115		)
Total	$	(8,979	)	$	(11,485	)	$	4,326

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	2,299		$	(1,455	)	$	(11,187	)
Total	$	2,299		$	(1,455	)	$	(11,187	)

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	19,469		$	(1,400	)	$	(3,693	)
Total	19,469			(1,400		)	(3,693		)
Total	$	12,789		$	(14,340	)	$	(10,554	)

Schedule of derivative instruments, effect on other comprehensive income (loss)

Impact of Derivatives on the Statements of Changes in Stockholders’ Equity



	Years Ended December 31,
	2019			2018			2017
Amount of gain (loss) recognized in other comprehensive income (loss)	$	(36,115	)	$	10,452		$	8,008
Amount of gain (loss) reclassified in interest expense	2,299			(1,455		)	(11,187		)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	(38,414	)	$	11,907		$	19,195

Defined Contribution Plans (Details) - Sallie Mae 401(k) Savings Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution percentage	100.00%
Type 1 of defined benefit contribution (up to)	5.00%
Employer contribution amount	$ 7	$ 5	$ 5

Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Loans held for investment

Loans held for investment are summarized as follows:



	December 31,
	2019			2018
Private Education Loans:
Fixed-rate	$	9,830,301		$	6,759,019
Variable-rate	13,359,290			13,745,446
Total Private Education Loans, gross	23,189,591			20,504,465
Deferred origination costs and unamortized premium/ (discount)	81,224			68,321
Allowance for loan losses	(374,300		)	(277,943		)
Total Private Education Loans, net	22,896,515			20,294,843

FFELP Loans	783,306			846,487
Deferred origination costs and unamortized premium/ (discount)	2,143			2,379
Allowance for loan losses	(1,633		)	(977		)
Total FFELP Loans, net	783,816			847,889

Personal Loans (fixed-rate)	1,049,007			1,190,091
Deferred origination costs and unamortized premium/ (discount)	513			297
Allowance for loan losses	(65,877		)	(62,201		)
Total Personal Loans, net	983,643			1,128,187

Credit Cards (fixed-rate)	3,884			—
Deferred origination costs and unamortized premium/ (discount)	36			—
Allowance for loan losses	(102		)	—
Total Credit Cards, net	3,818			—

Loans held for investment, net	$	24,667,792		$	22,270,919

The estimated weighted average life of education loans in our portfolio was approximately 5.4 years at both December 31, 2019 and 2018, respectively.

The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:



	Years Ended December 31,
	2019				2018				2017
	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	22,225,473	9.32	%	$	19,282,500	9.10	%	$	16,176,351	8.43	%
FFELP Loans	814,198		4.79		888,301		4.57		970,738		3.91
Personal Loans	1,141,503		12.09		900,152		11.08		112,644		9.90
Total portfolio	$	24,181,174			$	21,070,953			$	17,259,733

Loans held for investment by Region

Loans Held for Investment by Region

At December 31, 2019, 39.4 percent of total education loans were concentrated in the following states:



	2019
New York	10.1	%
California	9.4
Pennsylvania	8.4
New Jersey	6.6
Texas	4.9
	39.4	%

At December 31, 2018, 39.9 percent of total education loans were concentrated in the following states:



	2018
New York	10.3	%
California	9.3
Pennsylvania	8.5
New Jersey	6.8
Illinois	5.0
	39.9	%

No other state had a concentration of total education loans in excess of 5 percent of the aggregate outstanding education loans held for investment.

Income Taxes - Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory rate	21.00%	21.00%	35.00%
Tax reform	0.00%	(0.30%)	3.10%
State tax, net of federal benefit	3.90%	3.80%	2.60%
Business tax credits	(3.50%)	(0.50%)	(0.10%)
Reverse federal impact of indemnification adjustments	0.30%	3.50%	2.50%
Unrecognized tax benefits, U.S. federal and state, net of federal benefit	(0.10%)	(15.90%)	(2.00%)
Excess tax benefits/deficiencies for employee stock-based compensation, federal and state, net of federal benefit	(0.30%)	(0.60%)	(1.70%)
Impact of state rate change on net deferred tax liabilities, net of federal benefit	0.00%	(0.40%)	0.60%
State, valuation allowance adjustments on net operating losses	0.10%	0.40%	0.20%
Other, net	0.90%	1.90%	1.00%
Effective tax rate	22.30%	12.90%	41.20%

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - Interest Rate Swaps - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 715	$ 2,090
Derivative Liabilities	(1,164)	(2,032)
Total net derivatives	(449)	58
Trading
Derivatives, Fair Value [Line Items]
Derivative Assets	0	90
Derivative Liabilities	(268)	0
Total net derivatives	(268)	90
Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	715	0
Derivative Liabilities	0	(2,032)
Total net derivatives	715	(2,032)
Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	0	2,000
Derivative Liabilities	(896)	0
Total net derivatives	$ (896)	$ 2,000

Regulatory Capital - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Sallie Mae Bank
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Dividends	$ 254,000,000	$ 0	$ 0

Arrangements with Navient Corporation (Details) - USD ($)		3 Months Ended	12 Months Ended
	Apr. 30, 2014	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Remaining balance of indemnification receivable in connection with the spin-off	$ 27,000,000		$ 15,000,000
Minimum days past due for spin off loan purchase			90 days
Period of hardship forbearance			6 months
Gains on sales of loans, net			$ 0	$ 2,060,000	$ 0
Interest income from third party					1,000,000
Gain (loss) resulting from loans sold					0
Write-down to fair value for loans sold to third party					5,000,000
Participated loans
Related Party Transaction [Line Items]
Loans sold to third party					$ 12,000,000
Discontinued Operations, Disposed of by Sale
Related Party Transaction [Line Items]
Split Loans portfolio sales price		$ 43,000,000
Gains on sales of loans, net		$ 2,000,000
Minimum
Related Party Transaction [Line Items]
Agreements with Navient, period of term (or less)	1 year
Maximum
Related Party Transaction [Line Items]
Agreements with Navient, period of term (or less)	2 years

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of earnings per share, basic and diluted

A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.



	Years Ended December 31,
(In thousands, except per share data)	2019		2018		2017
Numerator:
Net income	$	578,276	$	487,476	$	288,934
Preferred stock dividends	16,837		15,640		15,714
Net income attributable to SLM Corporation common stock	$	561,439	$	471,836	$	273,220
Denominator:
Weighted average shares used to compute basic EPS	427,292		435,054		431,216
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⁾	3,382		4,627		7,335
Weighted average shares used to compute diluted EPS	430,674		439,681		438,551

Basic earnings per common share attributable to SLM Corporation	$	1.31	$	1.08	$	0.63

Diluted earnings per common share attributable to SLM Corporation	$	1.30	$	1.07	$	0.62

__________


⁽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 the ESPP, determined by the treasury stock method.

⁽²⁾

For the years ended December 31, 2019, 2018 and 2017, securities covering no shares, less than 1 million shares and no shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2019	Jan. 31, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-13251
Entity Registrant Name	SLM Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2013874
Entity Address, Address Line One	300 Continental Drive
Entity Address, City or Town	Newark,
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19713
City Area Code	302
Local Phone Number	451-0200
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 4.1
Entity Common Stock, Shares Outstanding (in shares)		422,615,193
Documents Incorporated by Reference	Portions of the proxy statement relating to the Registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001032033
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $.20 per share
Trading Symbol	SLM
Security Exchange Name	NASDAQ
Noncumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
Trading Symbol	SLMBP
Security Exchange Name	NASDAQ

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 2020-A Securitization On February 12, 2020, we executed our $636 million SMB Private Education Loan Trust 2020-A term ABS transaction, which was accounted for as a secured financing. We sold $636 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $634 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.18 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.88 percent. Amended and Increased Secured Borrowing Facility On February 19, 2020, we amended and extended the maturity of the Secured Borrowing Facility, discussed in Note 9, “Borrowings.” The amended Secured Borrowing Facility is a $2 billion Secured Borrowing Facility (previously $750 million before the amendment), under which the full $2 billion is available for us to draw. Under the amended Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstandings. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay and reborrow funds, until February 17, 2021. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on February 17, 2022 (or earlier, if certain material adverse events occur). 2020 Loan Sales On February 20, 2020, we sold $954 million in principal and $68 million in accrued interest of Private Education Loans to an unaffiliated third party. The transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date. We will continue to service these loans.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings per Common Share

Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.



	Years Ended December 31,
(In thousands, except per share data)	2019		2018		2017
Numerator:
Net income	$	578,276	$	487,476	$	288,934
Preferred stock dividends	16,837		15,640		15,714
Net income attributable to SLM Corporation common stock	$	561,439	$	471,836	$	273,220
Denominator:
Weighted average shares used to compute basic EPS	427,292		435,054		431,216
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⁾	3,382		4,627		7,335
Weighted average shares used to compute diluted EPS	430,674		439,681		438,551

Basic earnings per common share attributable to SLM Corporation	$	1.31	$	1.08	$	0.63

Diluted earnings per common share attributable to SLM Corporation	$	1.30	$	1.07	$	0.62

__________


⁽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 the ESPP, determined by the treasury stock method.

⁽²⁾

Borrowings - Short Term Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Short-term borrowings:
Short-Term	$ 289,230	$ 0
Maximum outstanding at any month end	297,800	300,000
Secured Borrowing Facility
Short-term borrowings:
Short-Term	$ 289,230	$ 0
Weighted Average Interest Rate	1.74%	0.00%
Average Balance	$ 102,639	$ 52,603
Weighted Average Interest Rate	4.91%	8.91%

Regulatory Capital - Well Capitalized Regulatory Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Actual Amount
Tier 1 Capital (to Average Assets)	$ 3,264,309	$ 2,896,091
Tier 1 Capital (to Risk-Weighted Assets)	3,264,309	2,896,091
Total Capital (to Risk-Weighted Assets)	3,600,668	3,196,279
Tier 1 Capital (to Average Assets)	$ 3,264,309	$ 2,896,091
Actual Ratio
Tier 1 Capital (to Average Assets)	12.20%	12.10%
Tier 1 Capital (to Risk-Weighted Assets)	12.20%	12.10%
Total Capital (to Risk-Weighted Assets)	13.40%	13.30%
Tier 1 Capital (to Average Assets)	10.20%	11.10%
Well Capitalized Regulatory Requirements, Amount
Tier 1 Capital (to Average Assets)	$ 1,876,050	$ 1,528,209
Tier 1 Capital (to Risk-Weighted Assets)	2,278,060	1,887,787
Total Capital (to Risk-Weighted Assets)	2,814,074	2,367,226
Tier 1 Capital (to Average Assets)	$ 1,282,642	$ 1,039,226
Well Capitalized Regulatory Requirements, Ratio
Tier 1 Capital (to Average Assets)	7.00%	6.375%
Tier 1 Capital (to Risk-Weighted Assets)	8.50%	7.875%
Total Capital (to Risk-Weighted Assets)	10.50%	9.875%
Tier 1 Capital (to Average Assets)	4.00%	4.00%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Available-forsale investments at fair value, cost	$ 485,756	$ 182,325
Loans held for investment	$ 441,912	$ 341,121
Preferred stock, stated value (in dollars per share)	$ 0.2	$ 0.2
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.2	$ 0.2
Common stock, shares authorized (in shares)	1,125,000,000	1,125,000,000
Common stock, shares issued (in shares)	453,600,000	449,900,000
Accumulated other comprehensive loss tax benefit	$ (3,995)	$ 3,436
Common stock held in treasury (in shares)	32,500,000	14,200,000
Series A Preferred Stock
Preferred stock, stated value (in dollars per share)	$ 0	$ 0
Preferred stock, shares issued (in shares)	0	0
Series B Preferred Stock
Preferred stock, stated value (in dollars per share)	$ 100	$ 100
Preferred stock, shares issued (in shares)	4,000,000.0	4,000,000

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends	$ 0.12	$ 0	$ 0
Series A Preferred Stock
Preferred stock dividend rate (in dollars per share)			1.74
Series B Preferred Stock
Preferred stock dividend rate (in dollars per share)	$ 4.21	$ 3.91	$ 2.91

Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Secured borrowings

The following table summarizes our secured borrowings at December 31, 2019 and 2018.



	December 31, 2019						December 31, 2018
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	198,159	$	198,159	$	—	$	197,348	$	197,348
Total unsecured borrowings	—		198,159		198,159		—		197,348		197,348

Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		2,629,902		2,629,902		—		2,284,347		2,284,347
Variable-rate	—		1,525,976		1,525,976		—		1,802,609		1,802,609
Total Private Education Loan term securitizations	—		4,155,878		4,155,878		—		4,086,956		4,086,956
Secured Borrowing Facility	289,230		—		289,230		—		—		—
Total secured borrowings	289,230		4,155,878		4,445,108		—		4,086,956		4,086,956

Total	$	289,230	$	4,354,037	$	4,643,267	$	—	$	4,284,304	$	4,284,304

Short-term borrowings

The following table summarizes the outstanding short-term borrowings, the weighted average interest rates at the end of the period and the related average balance and weighted average interest rates during the period. The Secured Borrowing Facility’s contractual maturity is two years from the date of inception or renewal (one-year revolving period plus a one-year amortization period); however, we classify advances under our Secured Borrowing Facility as short-term borrowings because it is our intention to repay those advances within one year.



	December 31, 2019				Year Ended December 31, 2019
	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
Secured Borrowing Facility	$	289,230	1.74	%	$	102,639	4.91	%
Maximum outstanding at any month end	$	297,800



	December 31, 2018				Year Ended December 31, 2018
	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
Secured Borrowing Facility	$	—	—	%	$	52,603	8.91	%
Maximum outstanding at any month end	$	300,000

Long-term borrowings

The following table summarizes the outstanding long-term borrowings, the weighted average interest rates at the end of the period and the related average balance during the period. Rates reflect stated interest of borrowings and related discounts and premiums. The long-term borrowings amortize over time and mature serially from 2023 to 2040.



	December 31, 2019				Year Ended December 31, 2019		December 31, 2018				Year Ended December 31, 2018
	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Floating-rate borrowings	$	1,525,976	2.61	%	$	1,731,675	$	1,802,609	3.26	%	$	1,720,540
Fixed-rate borrowings	2,828,061		3.31		2,752,183		2,481,695		3.28		2,172,993
Total long-term borrowings	$	4,354,037	3.07	%	$	4,483,858	$	4,284,304	3.27	%	$	3,893,533

Schedule of Maturities of Long-term Debt

As of December 31, 2019, the stated maturity and maturity to call date of our brokered deposits and borrowings are summarized below.



	December 31, 2019
	Stated Maturity⁽¹⁾								Maturity to Call Date⁽²⁾
	Brokered Deposits		Unsecured Debt		Secured Borrowings		Total		Brokered Deposits		Unsecured Debt		Secured Borrowings		Total
Year of Maturity
2020	$	2,650,654	$	—	$	565,805	$	3,216,459	$	2,650,654	$	—	$	565,805	$	3,216,459
2021	3,691,692		—		507,319		4,199,011		3,691,692		—		507,319		4,199,011
2022	2,690,974		200,000		512,718		3,403,692		2,690,974		200,000		512,718		3,403,692
2023	1,270,385		—		534,692		1,805,077		1,270,385		—		534,692		1,805,077
2024	499,112		—		529,471		1,028,583		499,112		—		529,471		1,028,583
2025 and after	92,822		—		1,688,473		1,781,295		92,822		—		1,688,473		1,781,295
	10,895,639		200,000		4,338,478		15,434,117		10,895,639		200,000		4,338,478		15,434,117
Hedge accounting adjustments	45,887		—		—		45,887		45,887		—		—		45,887
Total	$	10,941,526	$	200,000	$	4,338,478	$	15,480,004	$	10,941,526	$	200,000	$	4,338,478	$	15,480,004

____________

⁽¹⁾We view our securitization trust debt as long-term based on the contractual maturity dates and projected principal paydowns based on our current estimates regarding loan prepayment speeds. The projected principal paydowns in year 2020 include $566 million related to the securitization trust debt.

⁽²⁾The aggregate principal amount of debt that matures in each period is $3.2 billion in 2020, $4.2 billion in 2021, $3.4 billion in 2022, $1.8 billion in 2023, $1.0 billion in 2024, and $1.8 billion in 2025 and after.

Secured financing

Secured Financings

The following summarizes our secured financings issued in 2018 and 2019:



Issue	Date Issued	Total Issued		Weighted Average Cost of Funds⁽¹⁾	Weighted Average Life (in years)

Private Education:

2018-A	March 2018	$	670,000	1-month LIBOR plus 0.78%	4.43
2018-B	June 2018	686,500		1-month LIBOR plus 0.76%	4.40
2018-C	September 2018	544,000		1-month LIBOR plus 0.77%	4.32
Total notes issued in 2018		$	1,900,500

Total loan and accrued interest amount securitized at inception in 2018		$	2,101,644

2019-A	March 2019	$	453,000	1-month LIBOR plus 0.92%	4.26
2019-B	June 2019	657,000		1-month LIBOR plus 1.01%	4.41
Total notes issued in 2019		$	1,110,000

Total loan and accrued interest amount securitized at inception in 2019		$	1,208,963

____________

⁽¹⁾ Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs.

Schedule of variable interest entities



	December 31, 2019
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets⁽¹⁾		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,155,878	$	4,155,878	$	5,246,986	$	145,760	$	333,173	$	5,725,919
Secured Borrowing Facility	289,230		—		289,230		339,666		8,803		23,832		372,301
Total	$	289,230	$	4,155,878	$	4,445,108	$	5,586,652	$	154,563	$	357,005	$	6,098,220



	December 31, 2018
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets⁽¹⁾		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,086,956	$	4,086,956	$	5,030,837	$	113,431	$	326,570	$	5,470,838
Secured Borrowing Facility	—		—		—		—		—		157		157
Total	$	—	$	4,086,956	$	4,086,956	$	5,030,837	$	113,431	$	326,727	$	5,470,995

________

⁽¹⁾Other assets primarily represent accrued interest receivable.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Defined Contribution Plans	12 Months Ended
Defined Contribution Plans	Dec. 31, 2019
Retirement Benefits [Abstract]
Defined Contribution Plans	Defined Contribution Plans We participate in a defined contribution plan which is intended to qualify under section 401(k) of the Internal Revenue Code. The Sallie Mae 401(k) Savings Plan covers substantially all employees. After six months of service, we match 100 percent of the first five percent of contributions for eligible employees. For the years ended December 31, 2019, 2018 and 2017, we contributed $7 million, $5 million and $5 million, respectively, to this plan.

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and fair value of securities available-for-sale

The amortized cost and fair value of securities available for sale are as follows:



	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	215,888	$	1,895	$	(658	)	$	217,125
Utah Housing Corporation bonds	19,474		145		(83		)	19,536
U.S. government-sponsored enterprises	250,394		635		(21		)	251,008
Total	$	485,756	$	2,675	$	(762	)	$	487,669

	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	159,937	$	155	$	(5,517	)	$	154,575
Utah Housing Corporation bonds	22,388		23		(741		)	21,670
Total	$	182,325	$	178	$	(6,258	)	$	176,245

Available-for-sale securities, continuous unrealized loss position, fair value

The following table summarizes the amount of gross unrealized losses for our available-for-sale securities and the estimated fair value for securities having gross unrealized loss positions, categorized by length of time the securities have been in an unrealized loss position:



	Less than 12 months					12 months or more					Total
	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
As of December 31, 2019:
Mortgage-backed securities	$	(218	)	$	25,624	$	(440	)	$	42,448	$	(658	)	$	68,072
Utah Housing Corporation bonds	—			—		(83		)	11,097		(83		)	11,097
U.S. government-sponsored enterprises	(21		)	14,977		—			—		(21		)	14,977
Total	$	(239	)	$	40,601	$	(523	)	$	53,545	$	(762	)	$	94,146

As of December 31, 2018:
Mortgage-backed securities	$	(228	)	$	16,948	$	(5,289	)	$	125,537	$	(5,517	)	$	142,485
Utah Housing Corporation bonds	—			—		(741		)	16,647		(741		)	16,647
Total	$	(228	)	$	16,948	$	(6,030	)	$	142,184	$	(6,258	)	$	159,132

Amortized cost and fair value of securities by contractual maturities

As of December 31, 2019, the amortized cost and fair value of securities, by contractual maturities, are summarized below. Contractual maturities versus actual maturities may differ due to the effect of prepayments.



Year of Maturity	Amortized Cost		Estimated Fair Value
2020	$	77,240	$	77,385
2021	138,157		138,640
2022	34,997		34,983
2038	176		191
2039	2,597		2,778
2042	7,196		7,050
2043	11,661		11,813
2044	17,300		17,487
2045	18,280		18,332
2046	28,892		28,822
2047	45,411		45,353
2048	12,154		12,478
2049	91,695		92,357
Total	$	485,756	$	487,669

Borrowings

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Borrowings

Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term ABS program and our Secured Borrowing Facility. The issuing entities for those secured borrowings are VIEs and are consolidated for accounting purposes. The following table summarizes our secured borrowings at December 31, 2019 and 2018.



	December 31, 2019						December 31, 2018
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	198,159	$	198,159	$	—	$	197,348	$	197,348
Total unsecured borrowings	—		198,159		198,159		—		197,348		197,348

Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		2,629,902		2,629,902		—		2,284,347		2,284,347
Variable-rate	—		1,525,976		1,525,976		—		1,802,609		1,802,609
Total Private Education Loan term securitizations	—		4,155,878		4,155,878		—		4,086,956		4,086,956
Secured Borrowing Facility	289,230		—		289,230		—		—		—
Total secured borrowings	289,230		4,155,878		4,445,108		—		4,086,956		4,086,956

Total	$	289,230	$	4,354,037	$	4,643,267	$	—	$	4,284,304	$	4,284,304

Short-term Borrowings

Secured Borrowing Facility

On February 20, 2019, we amended and extended the maturity of our Secured Borrowing Facility. On February 19, 2020, we amended our Secured Borrowing Facility to, among other things, increase the amount that can be borrowed under the facility to $2 billion (from $750 million) and extend the maturity of the facility. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the amended Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstandings. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay and reborrow funds, until February 17, 2021. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on February 17, 2022 (or earlier, if certain material adverse events occur). At December 31, 2019, $289 million secured borrowings were outstanding under the Secured Borrowing Facility, and at December 31, 2018, there were no secured borrowings outstanding under the Secured Borrowing Facility. For additional information, see Notes to Consolidated Financial Statements, Note 23, “Subsequent Events.”

Short-term borrowings have a remaining term to maturity of one year or less. The following table summarizes the outstanding short-term borrowings, the weighted average interest rates at the end of the period and the related average balance and weighted average interest rates during the period. The Secured Borrowing Facility’s contractual maturity is two years from the date of inception or renewal (one-year revolving period plus a one-year amortization period); however, we classify advances under our Secured Borrowing Facility as short-term borrowings because it is our intention to repay those advances within one year.



	December 31, 2019				Year Ended December 31, 2019
	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
Secured Borrowing Facility	$	289,230	1.74	%	$	102,639	4.91	%
Maximum outstanding at any month end	$	297,800



	December 31, 2018				Year Ended December 31, 2018
	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
Secured Borrowing Facility	$	—	—	%	$	52,603	8.91	%
Maximum outstanding at any month end	$	300,000

Long-term Borrowings

Unsecured Debt

On April 5, 2017, we issued an unsecured debt offering of $200 million of 5.125 percent Senior Notes due April 5, 2022 at par. At December 31, 2019, the outstanding balance was $198 million.

Secured Financings

2019 Transactions

On March 13, 2019, we executed our $453 million SMB Private Education Loan Trust 2019-A term ABS transaction, which was accounted for as a secured financing. We sold $453 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $451 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.26 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.92 percent. At December 31, 2019, $445 million of our Private Education Loans, including $417 million of principal and $28 million in capitalized interest, were encumbered because of this transaction.

On June 12, 2019, we executed our $657 million SMB Private Education Loan Trust 2019-B term ABS transaction, which was accounted for as a secured financing. We sold $657 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $655 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.41 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 1.01 percent. At December 31, 2019, $666 million of our Private Education Loans, including $625 million of principal and $41 million in capitalized interest, were encumbered because of this transaction.

2018 Transactions

On March 21, 2018, we executed our $670 million SMB Private Education Loan Trust 2018-A term ABS transaction, which was accounted for as a secured financing. We sold $670 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $668 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.43 years and priced at a weighted average LIBOR equivalent cost of 1-

month LIBOR plus 0.78 percent. At December 31, 2019, $588 million of our Private Education Loans, including $553 million of principal and $35 million in capitalized interest, were encumbered because of this transaction.

On June 20, 2018, we executed our $687 million SMB Private Education Loan Trust 2018-B term ABS transaction, which was accounted for as a secured financing. We sold $687 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $683 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.40 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.76 percent. At December 31, 2019, $623 million of our Private Education Loans, including $585 million of principal and $38 million in capitalized interest, were encumbered because of this transaction.

On September 19, 2018, we executed our $544 million SMB Private Education Loan Trust 2018-C term ABS transaction, which was accounted for as a secured financing. We sold $544 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $541 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.32 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.77 percent. At December 31, 2019, $502 million of our Private Education Loans, including $471 million of principal and $31 million in capitalized interest, were encumbered because of this transaction.

Pre-2018 Transactions

Prior to 2018, we executed a total of $3.9 billion in ABS transactions that were accounted for as secured financings. At December 31, 2019, $2.7 billion of our Private Education Loans, including $2.6 billion of principal and $115 million in capitalized interest, were encumbered as a result of these transactions.



	December 31, 2019				Year Ended December 31, 2019		December 31, 2018				Year Ended December 31, 2018
	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Floating-rate borrowings	$	1,525,976	2.61	%	$	1,731,675	$	1,802,609	3.26	%	$	1,720,540
Fixed-rate borrowings	2,828,061		3.31		2,752,183		2,481,695		3.28		2,172,993
Total long-term borrowings	$	4,354,037	3.07	%	$	4,483,858	$	4,284,304	3.27	%	$	3,893,533

As of December 31, 2019, the stated maturity and maturity to call date of our brokered deposits and borrowings are summarized below.



	December 31, 2019
	Stated Maturity⁽¹⁾								Maturity to Call Date⁽²⁾
	Brokered Deposits		Unsecured Debt		Secured Borrowings		Total		Brokered Deposits		Unsecured Debt		Secured Borrowings		Total
Year of Maturity
2020	$	2,650,654	$	—	$	565,805	$	3,216,459	$	2,650,654	$	—	$	565,805	$	3,216,459
2021	3,691,692		—		507,319		4,199,011		3,691,692		—		507,319		4,199,011
2022	2,690,974		200,000		512,718		3,403,692		2,690,974		200,000		512,718		3,403,692
2023	1,270,385		—		534,692		1,805,077		1,270,385		—		534,692		1,805,077
2024	499,112		—		529,471		1,028,583		499,112		—		529,471		1,028,583
2025 and after	92,822		—		1,688,473		1,781,295		92,822		—		1,688,473		1,781,295
	10,895,639		200,000		4,338,478		15,434,117		10,895,639		200,000		4,338,478		15,434,117
Hedge accounting adjustments	45,887		—		—		45,887		45,887		—		—		45,887
Total	$	10,941,526	$	200,000	$	4,338,478	$	15,480,004	$	10,941,526	$	200,000	$	4,338,478	$	15,480,004

____________

Secured Financings

The following summarizes our secured financings issued in 2018 and 2019:



Issue	Date Issued	Total Issued		Weighted Average Cost of Funds⁽¹⁾	Weighted Average Life (in years)

Private Education:

2018-A	March 2018	$	670,000	1-month LIBOR plus 0.78%	4.43
2018-B	June 2018	686,500		1-month LIBOR plus 0.76%	4.40
2018-C	September 2018	544,000		1-month LIBOR plus 0.77%	4.32
Total notes issued in 2018		$	1,900,500

Total loan and accrued interest amount securitized at inception in 2018		$	2,101,644

2019-A	March 2019	$	453,000	1-month LIBOR plus 0.92%	4.26
2019-B	June 2019	657,000		1-month LIBOR plus 1.01%	4.41
Total notes issued in 2019		$	1,110,000

Total loan and accrued interest amount securitized at inception in 2019		$	1,208,963

____________

⁽¹⁾ Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs.

Consolidated Funding Vehicles

We consolidate our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings.



	December 31, 2019
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets⁽¹⁾		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,155,878	$	4,155,878	$	5,246,986	$	145,760	$	333,173	$	5,725,919
Secured Borrowing Facility	289,230		—		289,230		339,666		8,803		23,832		372,301
Total	$	289,230	$	4,155,878	$	4,445,108	$	5,586,652	$	154,563	$	357,005	$	6,098,220



	December 31, 2018
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets⁽¹⁾		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,086,956	$	4,086,956	$	5,030,837	$	113,431	$	326,570	$	5,470,838
Secured Borrowing Facility	—		—		—		—		—		157		157
Total	$	—	$	4,086,956	$	4,086,956	$	5,030,837	$	113,431	$	326,727	$	5,470,995

________

⁽¹⁾Other assets primarily represent accrued interest receivable.

Other Borrowing Sources

We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $125 million at December 31, 2019. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing, and is payable daily. We did not utilize these lines of credit in the years ended December 31, 2019 and 2018.

We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Discount Window (the “Window”). The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At December 31, 2019 and December 31, 2018, the value of our pledged collateral at the FRB totaled $3.2 billion and $3.1 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the years ended December 31, 2019 and 2018.

Commitments, Contingencies and Guarantees	12 Months Ended
Commitments, Contingencies and Guarantees	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). At December 31, 2019, we had $1.9 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2019/2020 academic year. At December 31, 2019, we had a $2 million reserve recorded in “Other Liabilities” to cover expected losses that may occur during the one-year loss emergence period on these unfunded commitments. Regulatory Matters In May 2014, the Bank received a Civil Investigative Demand (“CID”) from the CFPB as part of the CFPB’s separate investigation relating to customer complaints, fees and charges assessed in connection with the servicing of student loans and related collection practices of pre-Spin-Off SLM by entities now subsidiaries of Navient during a time period prior to the Spin-Off (the “CFPB Investigation”). Two state attorneys general also provided the Bank identical CIDs and other state attorneys general have become involved in the inquiry over time (collectively, the “Multi-State Investigation”). To the extent requested, the Bank has been cooperating fully with the CFPB and the attorneys general conducting the Multi-State Investigation. Given the timeframe covered by the CIDs, the CFPB Investigation and the Multi-State Investigation, and the focus on practices and procedures previously conducted by Navient and its servicing subsidiaries prior to the Spin-Off, Navient is leading the response to these investigations. Consequently, we have no basis from which to estimate either the duration or ultimate outcome of these investigations. With regard to the CFPB Investigation, we note that on January 18, 2017, the CFPB filed a complaint in federal court in Pennsylvania against Navient, along with its subsidiaries, Navient Solutions, Inc. and Pioneer Credit Recovery, Inc. The complaint alleges these Navient entities, among other things, engaged in deceptive practices with respect to their historic servicing and debt collection practices. Neither SLM, the Bank, nor any of their current subsidiaries are named in, or otherwise a party to, the lawsuit and are not alleged to have engaged in any wrongdoing. The CFPB’s complaint asserts Navient’s assumption of these liabilities pursuant to the Separation and Distribution Agreement. On January 18, 2017, the Illinois Attorney General filed a lawsuit in Illinois state court against Navient - its subsidiaries Navient Solutions, Inc., Pioneer Credit Recovery, Inc., and General Revenue Corporation - and the Bank arising out of the Multi-State Investigation. On March 20, 2017, the Bank moved to dismiss the Illinois Attorney General action as to the Bank, arguing, among other things, the complaint failed to allege with sufficient particularity or specificity how the Bank was responsible for any of the alleged conduct, most of which predated the Bank’s existence. On July 10, 2018, the Court granted the Bank’s motion to dismiss without prejudice. On August 7, 2018, the Illinois Attorney General filed a First Amended Complaint and, on October 9, 2018, the Bank again moved to dismiss the action based on grounds similar to those raised in its March 20, 2017 motion. The Illinois Attorney General filed its response on November 21, 2018, and the Bank filed its reply on December 10, 2018. Oral argument on the motion took place on January 9, 2019. The Court took the motion under advisement. On July 17, 2018, the Mississippi Attorney General filed a lawsuit in Mississippi state court against Navient, Navient Solutions, LLC, and the Bank arising out of the Multi-State Investigation. The complaint alleges unfair and deceptive trade practices against all three defendants as to private loan origination practices from 2000 to 2009, and against the two Navient defendants as to servicing practices between 2010 and the present. The complaint further alleges that Navient assumed responsibility for these matters under the Separation and Distribution Agreement for alleged conduct that pre-dated the Spin-Off. On September 27, 2018, the Mississippi Attorney General filed an amended complaint. On October 8, 2018, the Bank moved to dismiss the Mississippi Attorney General’s action as to the Bank, arguing, among other things, that the complaint failed to allege with sufficient particularity or specificity how the Bank was responsible for any of the alleged conduct, most of which predated the Bank’s existence. On November 20, 2018, the Mississippi Attorney General filed an opposition brief and the Bank filed a reply on December 21, 2018. The court heard oral argument on the Bank’s motion to dismiss on April 11, 2019. On August 15, 2019, the court entered an order denying the Bank’s motion to dismiss. On September 5, 2019, the Bank filed with the Supreme Court of Mississippi a petition for interlocutory appeal. The Mississippi Attorney General filed an opposition to the petition for interlocutory appeal on September 19, 2019. On October 16, 2019, the Supreme Court of Mississippi granted the Bank’s petition for interlocutory appeal and stayed the trial court proceedings. To date, three other state attorneys general (California, Washington and Pennsylvania) have filed suits against Navient and one or more of its current subsidiaries related to matters arising from the Multi-State Investigation. Neither SLM, the Bank, nor any of their current subsidiaries are named in, or otherwise a party to, the California, Washington or Pennsylvania lawsuits, and no claims are asserted against them. Each complaint asserts in its own fashion that Navient assumed responsibility under the Separation and Distribution Agreement for the alleged conduct in the complaints prior to the Spin-Off. On September 24, 2018, the Washington Attorney General served a third-party subpoena on the Bank calling for the production of certain records. The Bank has responded to the subpoena. Additional lawsuits may arise from the Multi-State Investigation which may or may not name the Company, the Bank or any of their current subsidiaries as parties to these suits. Pursuant to the terms of the Separation and Distribution Agreement, and as contemplated by the structure of the Spin-Off, Navient is legally obligated to indemnify the Bank against all claims, actions, damages, losses or expenses that may arise from the conduct of all activities of pre-Spin-Off SLM occurring prior to the Spin-Off, except for certain liabilities related to the conduct of the pre-Spin-Off consumer banking business that were specifically assumed by the Bank (and as to which the Bank is obligated to indemnify Navient). Navient has acknowledged its indemnification obligations under the Separation and Distribution Agreement, in connection with the Multi-State Investigation and the related lawsuits in which the Bank has been named as a party. Navient has informed the Bank, however, that it believes that the Bank may be responsible to indemnify Navient against certain potential liabilities arising from the above-described lawsuits under the Separation and Distribution Agreement and/or a separate loan servicing agreement between the parties, and has suggested that the parties defer further discussion regarding indemnification obligations, and reimbursement of ongoing legal costs, in connection with the lawsuits until the lawsuits are resolved. The Bank disagrees with Navient’s position and the Bank has reiterated to Navient that Navient is responsible for promptly indemnifying the Bank against all liabilities arising out of the conduct of pre-Spin-Off SLM that are at issue in the Multi-State Investigation and in the above-described lawsuits. Contingencies In the ordinary course of business, we and our subsidiaries are routinely 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 may be asserted against us and our subsidiaries. It is common for the Company, our subsidiaries and affiliates to receive information and document requests and investigative demands from state attorneys general, legislative committees, and administrative agencies. These requests may be for informational or regulatory purposes and may relate to our business practices, the industries in which we operate, or other companies with whom we conduct business. Our practice has been and continues to be to cooperate with these bodies and be responsive to any such requests. We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, management does not believe there are loss contingencies, if any, arising from pending investigations, litigation or regulatory matters for which reserves should be established.

Deposits

12 Months Ended

Dec. 31, 2019

Deposits [Abstract]

Deposits

The following table summarizes total deposits at December 31, 2019 and 2018.



	December 31,
	2019		2018
Deposits - interest bearing	$	24,282,906	$	18,942,082
Deposits - non-interest bearing	1,077		1,076
Total deposits	$	24,283,983	$	18,943,158

Our total deposits of $24.3 billion were comprised of $13.8 billion in brokered deposits and $10.5 billion in retail and other deposits at December 31, 2019, compared with total deposits of $18.9 billion, which were comprised of $10.3 billion in brokered deposits and $8.6 billion in retail and other deposits, at December 31, 2018.

Interest bearing deposits as of December 31, 2019 and 2018 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity MMDAs and retail and brokered CDs. Interest bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and add deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $6.8 billion of our deposit total as of December 31, 2019, compared with $5.9 billion at December 31, 2018.

Some of our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $18 million, $13 million, and $9 million in the years ended December 31, 2019, 2018 and 2017, respectively. Fees paid to third-party brokers related to these CDs were $28 million, $26 million, and $12 million during the years ended December 31, 2019, 2018 and 2017, respectively.

Interest bearing deposits at December 31, 2019 and 2018 are summarized as follows:



	December 31, 2019				December 31, 2018
	Amount		Year-End Weighted Average Stated Rate⁽¹⁾		Amount		Year-End Weighted Average Stated Rate⁽¹⁾

Money market	$	9,616,547	2.04	%	$	8,687,766	2.46	%
Savings	718,616		1.71		702,342		2.00
Certificates of deposit	13,947,743		2.44		9,551,974		2.74
Deposits - interest bearing	$	24,282,906			$	18,942,082

___

⁽¹⁾ Includes the effect of interest rate swaps in effective hedge relationships.

Certificates of deposit remaining maturities are summarized as follows:



	December 31,
	2019		2018
One year or less	$	4,934,933	$	4,098,520
After one year to two years	4,279,406		2,045,861
After two years to three years	2,807,297		1,479,292
After three years to four years	1,285,504		494,654
After four years to five years	548,492		1,274,198
After five years	92,111		159,449
Total	$	13,947,743	$	9,551,974

As of December 31, 2019 and 2018, there were $963 million and $523 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $68 million and $53 million at December 31, 2019 and 2018, respectively.

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

We use estimates of fair value in applying various accounting standards for the consolidated financial statements.

We categorize our fair value estimates based on a hierarchal framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. For additional information regarding our policies for determining fair value and the hierarchical framework, see Note 2, “Significant Accounting Policies — Fair Value Measurement.”

The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.



	Fair Value Measurements on a Recurring Basis
	December 31, 2019										December 31, 2018
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Assets

Available-for-sale investments	$	—	$	487,669		$	—	$	487,669		$	—	$	176,245		$	—	$	176,245
Derivative instruments	—		715			—		715			—		2,090			—		2,090
Total	$	—	$	488,384		$	—	$	488,384		$	—	$	178,335		$	—	$	178,335

Liabilities
Derivative instruments	$	—	$	(1,164	)	$	—	$	(1,164	)	$	—	$	(2,032	)	$	—	$	(2,032	)
Total	$	—	$	(1,164	)	$	—	$	(1,164	)	$	—	$	(2,032	)	$	—	$	(2,032	)

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.



	December 31, 2019							December 31, 2018
	Fair Value		Carrying Value		Difference			Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	24,988,941	$	22,896,515	$	2,092,426		$	22,313,419	$	20,294,843	$	2,018,576
FFELP Loans	795,055		783,816		11,239			859,185		847,889		11,296
Personal Loans	1,047,119		983,643		63,476			1,156,531		1,128,187		28,344
Credit Cards	3,818		3,818		—			—		—		—
Cash and cash equivalents	5,563,877		5,563,877		—			2,559,106		2,559,106		—
Available-for-sale investments	487,669		487,669		—			176,245		176,245		—
Accrued interest receivable	1,491,471		1,392,725		98,746			1,285,842		1,191,981		93,861
Tax indemnification receivable	27,558		27,558		—			39,207		39,207		—
Derivative instruments	715		715		—			2,090		2,090		—
Total earning assets	$	34,406,223	$	32,140,336	$	2,265,887		$	28,391,625	$	26,239,548	$	2,152,077
Interest-bearing liabilities:
Money-market and savings accounts	$	10,363,691	$	10,335,163	$	(28,528	)	$	9,370,957	$	9,390,108	$	19,151
Certificates of deposit	14,065,007		13,947,743		(117,264		)	9,513,194		9,551,974		38,780
Short-term borrowings	289,230		289,230		—			—		—		—
Long-term borrowings	4,434,323		4,354,037		(80,286		)	4,278,931		4,284,304		5,373
Accrued interest payable	75,158		75,158		—			61,341		61,341		—
Derivative instruments	1,164		1,164		—			2,032		2,032		—
Total interest-bearing liabilities	$	29,228,573	$	29,002,495	$	(226,078	)	$	23,226,455	$	23,289,759	$	63,304

Excess of net asset fair value over carrying value					$	2,039,809						$	2,215,381

The methods and assumptions used to estimate the fair value of each class of financial instruments are as follows:

Cash and Cash Equivalents

Cash and cash equivalents are carried at cost. Carrying value approximated fair value for disclosure purposes. These are level 1 valuations.

Investments

Investments are classified as available-for-sale and are carried at fair value in the consolidated financial statements. Investments in mortgage-backed securities and Utah Housing Corporation bonds are valued using observable market prices of similar assets. As such, these are level 2 valuations.

Loans Held For Investment and Accrued Interest Receivable

Private Education Loans

Our Private Education Loans are accounted for at cost or at the lower of cost or market if the loan is held-for-sale. For Private Education Loans, fair value was determined by using observable quoted prices for similar assets in our most recent market transactions. Adjustments were then made to account for the value of loans in our portfolio that have materially different characteristics than those included in the most recent market transaction. These are considered level 2 valuations. A portion of the fair value that has been modeled is attributable to accrued interest receivable that has not yet been capitalized, and has been allocated to the accrued interest receivable line item. The remaining accrued interest receivable that will not be capitalized into the principal balance of the loan is carried at cost.

FFELP Loans, Personal Loans, and Credit Cards

Our FFELP Loans, Personal Loans and Credit Cards are accounted for at cost or at the lower of cost or market if the loan is held-for-sale. For both Personal Loans and FFELP Loans, the fair value was determined by modeling expected loan level cash flows using stated terms of the assets and internally developed assumptions to determine aggregate portfolio yield, net present value and average life. The significant assumptions used to determine fair value are prepayment speeds, default rates, cost of funds and required return on equity. Significant inputs into the model are not observable. However, we do calibrate the model based on market transactions when appropriate. As such, these are level 3 valuations.

Tax Indemnification Receivable

Tax indemnification receivable is carried at cost. The carrying value approximates fair value. This is a level 2 valuation.

Money Market and Savings Accounts

Some of our MMDAs are fixed-rate deposits that are subject to minimum balances for a specified period of time. The fair values of these deposits are estimated using discounted cash flows based on rates currently offered for deposits of similar maturities. These are level 2 valuations. The fair values of our remaining money market and savings accounts equal the amounts payable on demand at the balance sheet date and are reported at their carrying value. These are level 1 valuations.

Certificates of Deposit

The fair values of CDs are estimated using discounted cash flows based on rates currently offered for deposits of similar remaining maturities. These are level 2 valuations.

Accrued Interest Payable

Accrued interest payable is carried at cost. The carrying value approximates fair value due to its short-term nature. This is a level 1 valuation.

Borrowings

Borrowings are accounted for at cost in the consolidated financial statements. The carrying value of short-term borrowings approximated fair value for disclosure purposes, due to the short-term nature of those borrowings. This is a level 1 valuation. The fair value of long-term borrowings is estimated using current market prices. This is a level 2 valuation.

Derivatives

All derivatives are accounted for at fair value in the consolidated financial statements. The fair value of derivative financial instruments was determined by a standard derivative pricing and option model using the stated terms of the contracts and observable market inputs. It is our policy to compare the derivative fair values to those received from our counterparties in order to evaluate the model’s outputs.

When determining the fair value of derivatives, we take into account counterparty credit risk for positions where we are exposed to the counterparty on a net basis by assessing exposure net of collateral held. When the counterparty has exposure to us under derivative contracts with the Company, we fully collateralize the exposure (subject to certain thresholds).

Interest rate swaps are valued using a standard derivative cash flow model with a LIBOR swap yield curve, which is an observable input from an active market. These derivatives are level 2 fair value estimates in the hierarchy.

The carrying value of borrowings designated as the hedged item in a fair value hedge is adjusted for changes in fair value due to changes in the benchmark interest rate (one-month LIBOR). These valuations are determined through standard pricing models using the stated terms of the borrowings and observable yield curves.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest income:
Loans	$ 2,249,169	$ 1,894,687	$ 1,413,505
Investments	7,607	6,162	8,288
Cash and cash equivalents	74,256	34,503	15,510
Total interest income	2,331,032	1,935,352	1,437,303
Interest expense:
Deposits	547,746	389,349	223,691
Interest expense on short-term borrowings	6,193	5,833	6,341
Interest expense on long-term borrowings	153,778	127,106	78,050
Total interest expense	707,717	522,288	308,082
Net interest income	1,623,315	1,413,064	1,129,221
Less: provisions for credit losses	354,249	244,864	185,765
Net interest income after provisions for credit losses	1,269,066	1,168,200	943,456
Non-interest income (loss):
Gains on sales of loans, net	0	2,060	0
Losses on sales of securities, net	0	(1,549)	0
Gains (losses) on derivatives and hedging activities, net	17,825	(87)	(8,266)
Other income (loss)	31,102	(52,319)	5,364
Total non-interest income (loss)	48,927	(51,895)	(2,902)
Non-interest expenses:
Compensation and benefits	278,229	252,346	213,319
FDIC assessment fees	32,852	32,786	28,950
Other operating expenses	263,172	271,844	206,820
Total non-interest expenses	574,253	556,976	449,089
Income before income tax expense	743,740	559,329	491,465
Income tax expense	165,464	71,853	202,531
Net income	578,276	487,476	288,934
Preferred stock dividends	16,837	15,640	15,714
Net income attributable to SLM Corporation common stock	$ 561,439	$ 471,836	$ 273,220
Basic earnings per common share attributable to SLM Corporation (in usd per share)	$ 1.31	$ 1.08	$ 0.63
Average common shares outstanding (in shares)	427,292	435,054	431,216
Diluted earnings per common share attributable to SLM Corporation (in usd per share)	$ 1.30	$ 1.07	$ 0.62
Average common and common equivalent shares outstanding (in shares)	430,674	439,681	438,551
Declared dividends per common share attributable to SLM Corporation (in usd per share)	$ 0.12	$ 0	$ 0

Loans Held for Investment - By Region (Details)	Dec. 31, 2019	Dec. 31, 2018
Loans held for investment by Region [Line Items]
Percentage of Loans concentrated in major states	39.40%	39.90%
New York
Loans held for investment by Region [Line Items]
Percentage of Loans held in state	10.10%	10.30%
California
Loans held for investment by Region [Line Items]
Percentage of Loans held in state	9.40%	9.30%
Pennsylvania
Loans held for investment by Region [Line Items]
Percentage of Loans held in state	8.40%	8.50%
New Jersey
Loans held for investment by Region [Line Items]
Percentage of Loans held in state	6.60%	6.80%
Texas
Loans held for investment by Region [Line Items]
Percentage of Loans held in state	4.90%
Illinois
Loans held for investment by Region [Line Items]
Percentage of Loans held in state		5.00%

Borrowings - Secured Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Secured borrowings:
Short-Term	$ 289,230	$ 0
Long-Term	4,354,037	4,284,304
Total	4,643,267	4,284,304
ABCP borrowings
Secured borrowings:
Short-Term	289,230	0
Unsecured borrowings
Secured borrowings:
Short-Term	0	0
Long-Term	198,159	197,348
Total	198,159	197,348
Secured borrowings
Secured borrowings:
Short-Term	289,230	0
Long-Term	4,155,878	4,086,956
Total	4,445,108	4,086,956
Secured borrowings \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	4,155,878	4,086,956
Total	4,155,878	4,086,956
Secured borrowings \| ABCP borrowings
Secured borrowings:
Short-Term	289,230	0
Long-Term	0	0
Total	289,230	0
Secured borrowings \| Fixed Income Interest Rate \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	2,629,902	2,284,347
Total	2,629,902	2,284,347
Secured borrowings \| Variable Income Interest Rate \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	1,525,976	1,802,609
Total	$ 1,525,976	$ 1,802,609

Premises and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation of premises and equipment	$ 14,669	$ 13,829	$ 11,171

Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

On May 5, 2017, we redeemed, with the proceeds from our unsecured debt offering (see Note 9, “Borrowings”), the outstanding 3.3 million shares of our 6.97 percent Cumulative Redeemable Preferred Stock, Series A (the “Series A Preferred Stock”). The Series A Preferred Stock was redeemed at a price of $50 per share, plus accrued and unpaid dividends from May 1, 2017 to, but excluding, the May 5, 2017 redemption date.

At December 31, 2019, we had 4.0 million shares of Floating-Rate Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”) outstanding. The Series B Preferred Stock does not have a maturity date, but can be redeemed at our option. Redemption would include any accrued and unpaid dividends for the then current quarterly dividend period, up to the redemption date. The shares have no preemptive or conversion rights and are not exchangeable for any of our other securities or property. Dividends are not mandatory and are paid quarterly, when, as, and if declared by the Board of Directors. Holders of Series B Preferred Stock are entitled to receive quarterly dividends based on 3-month LIBOR plus 170 basis points per annum in arrears. Upon liquidation or dissolution of the Company, holders of the Series B Preferred Stock are entitled to receive $100 per share, plus an amount equal to accrued and unpaid dividends for the then current quarterly dividend period, pro rata, and before any distribution of assets are made to holders of our common stock.

Common Stock

Our shareholders have authorized the issuance of 1.125 billion shares of common stock (par value of $0.20). At December 31, 2019, 421 million shares were issued and outstanding and 37 million shares were unissued but encumbered for outstanding stock options, restricted stock, restricted stock units, performance stock units and dividend equivalent units for employee compensation and remaining authority for stock-based compensation plans.

In the year ended December 31, 2019, we paid a total common stock dividend of $0.12 per common share. We did not pay common stock dividends for the years ended December 31, 2018 and 2017. Common stock dividend declarations are subject to determination by, and the discretion of, our Board of Directors. We may change our common stock dividend policy at any time.

We are dependent on funds obtained from the Bank to fund dividend payments. Regulatory and other legal restrictions may limit our ability to transfer funds freely, either to or from our subsidiaries. In particular, the Bank is subject to laws and regulations that authorize regulatory bodies to block or reduce the flow of funds to us, or that prohibit such transfers altogether in certain circumstances. These laws, regulations and rules may hinder our ability to access funds that we may need to make payments in respect of our stock or to satisfy our other responsibilities. The FDIC has the authority to prohibit or limit the payment of dividends by the Bank and SLM Corporation.

The January 23, 2019 share repurchase program (the “2019 Share Repurchase Program”), which was effective upon announcement and expires on January 22, 2021, permits us to repurchase from time to time shares of our common stock up to an aggregate repurchase price not to exceed $200 million. Under our 2019 Share Repurchase Program, we repurchased 17 million shares of common stock for $167 million in the year ended December 31, 2019.

On January 22, 2020, we announced a new share repurchase program (the “2020 Share Repurchase Program”), which was effective upon announcement and expires on January 21, 2022, and permits us to repurchase shares of common stock from time to time up to an aggregate repurchase price not to exceed $600 million.

Repurchases may occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers or other similar transactions.

For the years ended December 31, 2018 and 2017, we only repurchased common stock acquired in connection with taxes withheld resulting from award exercises and vesting under our employee stock-based compensation plans. The following table summarizes our common share repurchases and issuances associated with these programs.



	Years Ended December 31,
(Shares and per share amounts in actuals)	2019		2018		2017
Common stock repurchased under repurchase program⁽¹⁾	16,962,199		—		—
Average purchase price per share⁽²⁾	$	9.86	$	—	$	—
Shares repurchased related to employee stock-based compensation plans⁽³⁾	1,369,630		3,087,396		3,358,417
Average purchase price per share	$	10.85	$	11.32	$	11.96
Common shares issued⁽⁴⁾	3,743,705		6,392,634		6,831,108

^_________


⁽¹⁾	Common shares purchased under our 2019 Share Repurchase Program. $33 million of capacity under the program remained available as of December 31, 2019.


⁽²⁾	Average purchase price per share includes purchase commission costs.


⁽³⁾	Comprised of 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.


⁽⁴⁾	Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on December 31, 2019 was $8.91.

Allowance for Loan Losses - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Jul. 01, 2006
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Interest rate offered to borrowers facing financial difficulty	4.00%
Interest rate offered to borrowers facing financial difficulty, period	2 years
Percentage of loans in full and interest repayment status that are subject to interest rate reductions	7.20%		6.40%
Percentage of loans granted forbearance (as a percentage)	50.00%		57.00%
Criteria for loans to be considered as nonperforming	90 days
Tier 1 of government guarantee (at least)				97.00%
TDR payment default period	60 days
Period of loans past due that have accrued interest	90 days
FFELP Loans
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Tier 1 of government guarantee (at least)	97.00%
Maximum
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Interest rate offered to borrowers facing financial difficulty		4.00%
Minimum
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Interest rate offered to borrowers facing financial difficulty		2.00%

Concentrations of Risk	12 Months Ended
Concentrations of Risk	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Concentrations of Risk	Concentrations of Risk Our business is primarily focused on helping students and their families save, plan and pay for college. We primarily originate, service and/or collect loans made to students and their families to finance the cost of their education. We provide funding, delivery and servicing support for education loans in the United States through our Private Education Loan program. Because of this concentration in one industry, we are exposed to credit, legislative, operational, regulatory, and liquidity risks associated with the student loan industry. Concentration Risk in the Revenues Associated with Private Education Loans We compete in the Private Education Loan market with banks and other consumer lending institutions, some with strong consumer brand name recognition and greater financial resources. We compete based on our products, origination capability and customer service. To the extent our competitors compete aggressively or more effectively, we could lose market share to them or subject our existing loans to refinancing risk. Our product offerings may not prove to be profitable and may result in higher than expected losses. We are a leading provider of saving- and paying-for-college products and programs. This concentration gives us a competitive advantage in the marketplace. This concentration also creates risks in our business, particularly in light of our concentration as a Private Education Loan lender. If population demographics result in a decrease in college-age individuals, if demand for higher education decreases, if the cost of attendance of higher education decreases, if public resistance to higher education costs strengthens, or if the demand for higher education loans decreases, our consumer lending business could be negatively affected. In addition, the federal government, through the Federal Direct Student Loan Program (the “DSLP”), poses significant competition to our private credit loan products. If loan limits under the DSLP increase, DSLP loans could be more widely available to students and their families and DSLP loans could increase, resulting in further decreases in the size of the Private Education Loan market and demand for our Private Education Loan products.

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” “our” or “us”) is a holding company that operates through a number of subsidiaries and is the premier brand for college and continuous education. While the Sallie Mae name has existed for more than 40 years, the company that operates as Sallie Mae today, SLM Corporation, was formed in late 2013 and includes its wholly-owned subsidiary, Sallie Mae Bank, an industrial bank established in 2005 (the “Bank”). On April 30, 2014, we legally separated (the “Spin-Off”) from another public company that is now named Navient Corporation (“Navient”),which is in the education loan management, servicing, and asset recovery business. We are a consumer banking business and did not retain any assets or liabilities generated prior to the Spin-Off other than those explicitly retained by us. We sometimes refer to the company that existed prior to the Spin-Off as “pre-Spin-Off SLM.” The Bank was formed in 2005 to fund and originate Private Education Loans (as hereinafter defined) on behalf of pre-Spin-Off SLM. While the Bank first originated Private Education Loans in February 2006, pre-Spin-Off SLM continued to purchase a portion of its Private Education Loans from third-party lending partners through mid-2009. With some minor exceptions, the Bank became the sole originator of Private Education Loans for pre-Spin-Off SLM beginning with the 2009-2010 academic year, the first academic year following the launch of the Bank’s Smart Option Student Loan program in mid-2009. Our primary business is to originate and service loans we make to students and their families to finance the cost of their education. We use “Private Education Loans” to mean education loans to students or their families that are not made, insured or guaranteed by any state or federal government. Private Education Loans do not include loans insured or guaranteed under the Federal Family Education Loan Program (“FFELP Loans”). The core of our marketing strategy is to generate Private Education Loan originations by promoting our products on campuses through the financial aid offices as well as through online and direct marketing to students and their families. The Bank is regulated by the Utah Department of Financial Institutions (the “UDFI”), the Federal Deposit Insurance Corporation (the “FDIC”) and the Consumer Financial Protection Bureau (the “CFPB”). We also operate Upromise, Inc. (“Upromise”), a save-for-college rewards program helping Americans save for higher education.

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of year	$ 52,159	$ 131,608	$ 152,581
Increases resulting from tax positions taken during a prior period	12,333	4,121	7,482
Decreases resulting from tax positions taken during a prior period	(851)	0	(7,025)
Increases resulting from tax positions taken during the current period	4,572	3,169	1,656
Decreases related to settlements with taxing authorities	(8,670)	(601)	(3,594)
Reductions related to the lapse of statute of limitations	(6,034)	(86,138)	(19,492)
Unrecognized tax benefits at end of year	$ 53,509	$ 52,159	$ 131,608

Cash and Cash Equivalents	12 Months Ended
Cash and Cash Equivalents	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents As of December 31, 2019, cash and cash equivalents include cash due from the FRB of $5.5 billion and cash due from depository institutions of $93 million. As of December 31, 2018, cash and cash equivalents include cash due from the FRB of $2.5 billion and cash due from depository institutions of $62 million. As of December 31, 2019 and 2018, we had no outstanding cash equivalents. The FRB Term Deposit Facility program is used to facilitate the conduct of monetary policy by providing a tool that may be used to manage the aggregate quantity of reserve balances held by depository institutions. Under this program, the FRB accepts deposits for a stated maturity at a rate of interest determined via auction. The funds are removed from the accounts of participating institutions for the life of the term deposit. We participated in these auctions in 2019 and 2018, resulting in interest income of $0.3 million and $0.2 million, respectively. As of December 31, 2019 and 2018, no funds were on deposit with the FRB under this program.

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for Loan Losses
Beginning balance	$ 341,121	$ 251,475	$ 184,701
Total provision	353,934	244,584	185,595
Charge-offs	(284,114)	(175,526)	(131,596)
Recoveries	30,971	21,804	17,646
Net charge-offs	(253,143)	(153,722)	(113,950)
Loan sales		(1,216)	(4,871)
Ending Balance	441,912	341,121	251,475
Allowance:
Ending balance: individually evaluated for impairment	186,697	120,110	94,682
Ending balance: collectively evaluated for impairment	255,215	221,011	156,793
Loans:
Ending balance: individually evaluated for impairment	1,581,966	1,257,856	990,351
Ending balance: collectively evaluated for impairment	23,443,822	21,283,187	17,769,756
FFELP Loans
Allowance for Loan Losses
Beginning balance	977	1,132	2,171
Total provision	1,478	980	(85)
Charge-offs	(822)	(1,135)	(954)
Recoveries	0	0	0
Net charge-offs	(822)	(1,135)	(954)
Loan sales		0	0
Ending Balance	1,633	977	1,132
Allowance:
Ending balance: individually evaluated for impairment	0	0	0
Ending balance: collectively evaluated for impairment	1,633	977	1,132
Loans:
Ending balance: individually evaluated for impairment	0	0	0
Ending balance: collectively evaluated for impairment	$ 783,306	$ 846,487	$ 927,660
Net charge-offs as a percentage of average loans in repayment	0.13%	0.16%	0.13%
Allowance as a percentage of the ending total loan balance	0.21%	0.12%	0.12%
Allowance as a percentage of the ending loans in repayment	0.26%	0.15%	0.15%
Allowance coverage of net charge-offs	1.99	0.86	1.19
Ending total loans, gross	$ 783,306	$ 846,487	$ 927,660
Average loans in repayment	631,029	691,406	745,039
Ending loans in repayment	617,646	665,807	746,456
Private Education Loans
Allowance for Loan Losses
Beginning balance	277,943	243,715	182,472
Total provision	279,570	169,287	178,542
Charge-offs	(208,978)	(154,701)	(130,063)
Recoveries	25,765	20,858	17,635
Net charge-offs	(183,213)	(133,843)	(112,428)
Loan sales		(1,216)	(4,871)
Ending Balance	374,300	277,943	243,715
Allowance:
Ending balance: individually evaluated for impairment	186,697	120,110	94,682
Ending balance: collectively evaluated for impairment	187,603	157,833	149,033
Loans:
Ending balance: individually evaluated for impairment	1,581,966	1,257,856	990,351
Ending balance: collectively evaluated for impairment	$ 21,607,625	$ 19,246,609	$ 16,441,816
Net charge-offs as a percentage of average loans in repayment	1.17%	1.01%	1.03%
Allowance as a percentage of the ending total loan balance	1.61%	1.36%	1.40%
Allowance as a percentage of the ending loans in repayment	2.23%	1.90%	2.00%
Allowance coverage of net charge-offs	2.04	2.08	2.17
Ending total loans, gross	$ 23,189,591	$ 20,504,465	$ 17,432,167
Average loans in repayment	15,605,927	13,303,801	10,881,058
Ending loans in repayment	16,787,670	14,666,856	12,206,033
Personal Loans
Allowance for Loan Losses
Beginning balance	62,201	6,628	58
Total provision	72,783	74,317	7,138
Charge-offs	(74,313)	(19,690)	(579)
Recoveries	5,206	946	11
Net charge-offs	(69,107)	(18,744)	(568)
Loan sales		0	0
Ending Balance	65,877	62,201	6,628
Allowance:
Ending balance: individually evaluated for impairment	0	0	0
Ending balance: collectively evaluated for impairment	65,877	62,201	6,628
Loans:
Ending balance: individually evaluated for impairment	0	0	0
Ending balance: collectively evaluated for impairment	$ 1,049,007	$ 1,190,091	$ 400,280
Net charge-offs as a percentage of average loans in repayment	6.07%	2.11%	0.47%
Allowance as a percentage of the ending total loan balance	6.28%	5.23%	1.66%
Allowance as a percentage of the ending loans in repayment	6.28%	5.23%	1.66%
Allowance coverage of net charge-offs	0.95	3.32	11.67
Ending total loans, gross	$ 1,049,007	$ 1,190,091	$ 400,280
Average loans in repayment	1,138,887	889,348	119,606
Ending loans in repayment	1,049,007	1,190,091	$ 400,280
Credit Cards
Allowance for Loan Losses
Beginning balance	0
Total provision	103
Charge-offs	(1)
Recoveries	0
Net charge-offs	(1)
Ending Balance	102	$ 0
Allowance:
Ending balance: individually evaluated for impairment	0
Ending balance: collectively evaluated for impairment	102
Loans:
Ending balance: individually evaluated for impairment	0
Ending balance: collectively evaluated for impairment	$ 3,884
Net charge-offs as a percentage of average loans in repayment	0.13%
Allowance as a percentage of the ending total loan balance	2.63%
Allowance as a percentage of the ending loans in repayment	2.63%
Allowance coverage of net charge-offs	102.00
Ending total loans, gross	$ 3,884
Average loans in repayment	786
Ending loans in repayment	$ 3,884

Stock-Based Compensation Plans and Arrangements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) compensation_plan shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares	Jun. 25, 2014 shares	May 24, 2012 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active stock-based compensation plans \| compensation_plan	1
Stock-based compensation cost	$ 30,600,000	$ 31,524,000	$ 27,899,000
Unrecognized compensation cost	$ 13,000,000
Weighted average period for total unrecognized compensation cost	1 year 4 months 24 days
Vesting period	3 years
Options granted in period (in shares) \| shares	0	0	0
Offering period of employee stock purchase plan	12 months
Maximum contribution amount per employee to ESPP	$ 7,500
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued under plan (in shares) \| shares				15,000,000	6,000,000
Unrecognized compensation cost	$ 1,000,000
Vesting period	1 year
Percentage of discount available to employees under ESPP	15.00%
Expected dividend rate	1.34%	0.00%	0.00%
Company's common stock purchased by ESPP participants (in shares) \| shares		233,232	283,952
Grants made prior to 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term for stock options	10 years
Grants made in 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term for stock options	5 years
Performance Vesting Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1,000,000
Weighted average period for total unrecognized compensation cost	6 months
Vesting period	1 year
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
SLM Corporation 2012 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued under plan (in shares) \| shares	17,000,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Reconciliations of statutory U.S. federal income tax rates to our effective tax rate

Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow:



	Years Ended December 31,
	2019		2018		2017
Statutory rate	21.0	%	21.0	%	35.0	%
Tax reform	—		(0.3	)	3.1
State tax, net of federal benefit	3.9		3.8		2.6
Business tax credits	(3.5	)	(0.5	)	(0.1	)
Reverse federal impact of indemnification adjustments	0.3		3.5		2.5
Unrecognized tax benefits, U.S. federal and state, net of federal benefit	(0.1	)	(15.9	)	(2.0	)
Excess tax benefits/deficiencies for employee stock-based compensation, federal and state, net of federal benefit	(0.3	)	(0.6	)	(1.7	)
Impact of state rate change on net deferred tax liabilities, net of federal benefit	—		(0.4	)	0.6
State, valuation allowance adjustments on net operating losses	0.1		0.4		0.2
Other, net	0.9		1.9		1.0
Effective tax rate	22.3	%	12.9	%	41.2	%

Components of provision for income tax expense (benefit)

Income tax expense consists of:



	December 31,
	2019			2018			2017
Current provision:
Federal	$	150,800		$	102,516		$	248,191
State	24,378			32,638			13,092
Total current provision	175,178			135,154			261,283
Deferred benefit:
Federal	(8,240		)	(57,076		)	(58,124		)
State	(1,474		)	(6,225		)	(628		)
Total deferred benefit	(9,714		)	(63,301		)	(58,752		)
Provision for income tax expense	$	165,464		$	71,853		$	202,531

Schedule of deferred tax assets and liabilities

The tax effect of temporary differences that give rise to deferred tax assets and liabilities is summarized below.



	December 31,
	2019		2018
Deferred tax assets:
Loan reserves	$	109,369	$	85,100
Stock-based compensation plans	10,022		9,312
Deferred revenue	1,017		1,081
Operating loss carryovers	—		—
Accrued expenses not currently deductible	12,599		12,896
Net unrealized losses	2,124		—
Unrecorded tax benefits	6,049		5,106
Market value adjustments on student loans, investments and derivatives	—		1,460
Other	874		953
Total deferred tax assets	142,054		115,908
Deferred tax liabilities:
Fixed assets	10,475		7,150
Acquired intangible assets	5,453		5,179
Market value adjustments on student loans, investments and derivatives	3,175		—
Net unrealized gains	—		3,436
Federal deferred for state receivable	5,368		2,083
Student loan premiums and discounts, net	3,398		1,971
Other	285		285
Total deferred tax liabilities	28,154		20,104
Net deferred tax assets	$	113,900	$	95,804

Summary of changes in unrecognized tax benefits

The following table summarizes changes in unrecognized tax benefits:



	December 31,
	2019			2018			2017
Unrecognized tax benefits at beginning of year	$	52,159		$	131,608		$	152,581
Increases resulting from tax positions taken during a prior period	12,333			4,121			7,482
Decreases resulting from tax positions taken during a prior period	(851		)	—			(7,025		)
Increases resulting from tax positions taken during the current period	4,572			3,169			1,656
Decreases related to settlements with taxing authorities	(8,670		)	(601		)	(3,594		)
Reductions related to the lapse of statute of limitations	(6,034		)	(86,138		)	(19,492		)
Unrecognized tax benefits at end of year	$	53,509		$	52,159		$	131,608

Parent Only Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent Only Statements

The following parent company-only financial information should be read in conjunction with the other notes to the consolidated financial statements. The accounting policies for the parent company-only financial statements are the same as those used in the presentation of the consolidated financial statements, except that the parent company-only financial statements account for the parent company’s investments in its subsidiaries under the equity method.

Parent Only Condensed Balance Sheets



	December 31,
	2019			2018
Assets
Cash and cash equivalents	$	153,508		$	191,776
Total investments in subsidiaries (primarily Sallie Mae Bank)	3,326,578			2,963,949
Tax indemnification receivable	27,558			39,207
Due from subsidiaries, net	42,544			48,798
Other assets	2,579			2,246
Total assets	$	3,552,767		$	3,245,976

Liabilities and Equity
Liabilities
Long-term borrowings	$	198,159		$	197,348
Income taxes payable, net	11,457			37,271
Payable due to Navient	9,064			9,480
Other liabilities	22,251			29,221
Total liabilities	240,931			273,320

Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 4 million and 4 million shares issued, respectively, at stated value of $100 per share	400,000			400,000
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 453.6 million and 449.9 million shares issued, respectively	90,720			89,972
Additional paid-in capital	1,307,630			1,274,635
Accumulated other comprehensive income (loss) (net of tax expense (benefit) of ($3,995) and $3,436, respectively)	(12,367		)	10,623
Retained earnings	1,850,512			1,340,017
Total SLM Corporation stockholders’ equity before treasury stock	3,636,495			3,115,247
Less: Common stock held in treasury at cost: 32.5 million and 14.2 million shares, respectively	(324,659		)	(142,591		)
Total equity	3,311,836			2,972,656
Total liabilities and equity	$	3,552,767		$	3,245,976

Parent Only Condensed Statements of Income



	Years Ended December 31,
	2019			2018			2017

Interest income	$	2,663		$	4,693		$	5,497
Interest expense	11,060			11,059			8,170
Net interest loss	(8,397		)	(6,366		)	(2,673		)

Non-interest loss	(10,856		)	(93,176		)	(33,956		)
Non-interest expenses	39,423			41,893			35,810

Loss before income tax benefit and equity in net income from subsidiaries	(58,676		)	(141,435		)	(72,439		)
Income tax benefit	(25,260		)	(96,170		)	(40,598		)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	611,692			532,741			320,775
Net income	578,276			487,476			288,934
Preferred stock dividends	16,837			15,640			15,714
Net income attributable to SLM Corporation common stock	$	561,439		$	471,836		$	273,220

Parent Only Condensed Statements of Cash Flows



	Years Ended December 31,
	2019			2018			2017

Cash flows from operating activities:
Net income	$	578,276		$	487,476		$	288,934
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(611,692		)	(532,741		)	(320,775		)
Dividends received from Sallie Mae Bank	254,000			—			—
Reduction of tax indemnification receivable	11,649			92,815			31,888
Amortization of unsecured debt upfront fees	811			809			596
Decrease in investment in subsidiaries, net	2,611			9,495			1,158
Decrease in tax indemnification receivable	—			35,989			59,633
Decrease (increase) in due from subsidiaries, net	6,254			(11,277		)	(5,687		)
Increase in other assets	(12,999		)	(18,040		)	(24,627		)
Decrease in income taxes payable, net	(25,814		)	(123,083		)	(87,983		)
Decrease in payable due to entity that is a subsidiary of Navient	(416		)	(1,089		)	(593		)
(Decrease) increase in other liabilities	(5,796		)	6,807			10,205
Total adjustments	(381,392		)	(540,315		)	(336,185		)
Net cash used in operating activities	196,884			(52,839		)	(47,251		)

Cash flows from investing activities:
Net cash provided by investing activities	—			—			—

Cash flows from financing activities:
Unsecured debt issued	—			—			197,000
Issuance costs for unsecured debt offering	—			—			(1,057		)
Redemption of Series A Preferred Stock	—			—			(165,000		)
Common stock dividends paid	(51,114		)	—			—
Preferred stock dividends paid	(16,837		)	(15,640		)	(15,714		)
Common stock repurchased	(167,201		)	—			—
Net cash used in financing activities	(235,152		)	(15,640		)	15,229
Net decrease in cash and cash equivalents	(38,268		)	(68,479		)	(32,022		)
Cash and cash equivalents at beginning of year	191,776			260,255			292,277
Cash and cash equivalents at end of year	$	153,508		$	191,776		$	260,255

Income Taxes - Components of Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current provision:
Federal									$ 150,800	$ 102,516	$ 248,191
State									24,378	32,638	13,092
Total current provision									175,178	135,154	261,283
Deferred benefit:
Federal									(8,240)	(57,076)	(58,124)
State									(1,474)	(6,225)	(628)
Total deferred benefit									(9,714)	(63,301)	(58,752)
Provision for income tax expense	$ 34,666	$ 40,701	$ 33,801	$ 56,296	$ 44,449	$ (53,667)	$ 40,074	$ 40,997	$ 165,464	$ 71,853	$ 202,531

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Average balance of Private Education Loans	$ 22,225,473	$ 19,282,500	$ 16,176,351
Average Balance, FFELP Loans	814,198	888,301	970,738
Average Balance of Personal Loans	1,141,503	900,152	112,644
Average Balance, Total portfolio	$ 24,181,174	$ 21,070,953	$ 17,259,733
Weighted Average Interest Rate, Private Education Loans	9.32%	9.10%	8.43%
Weighted Average Interest Rate, FFELP Loans	4.79%	4.57%	3.91%
Weighted Average Interest Rate of Personal Loans	12.09%	11.08%	9.90%

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow:



	Years Ended December 31,
	2019		2018		2017
Statutory rate	21.0	%	21.0	%	35.0	%
Tax reform	—		(0.3	)	3.1
State tax, net of federal benefit	3.9		3.8		2.6
Business tax credits	(3.5	)	(0.5	)	(0.1	)
Reverse federal impact of indemnification adjustments	0.3		3.5		2.5
Unrecognized tax benefits, U.S. federal and state, net of federal benefit	(0.1	)	(15.9	)	(2.0	)
Excess tax benefits/deficiencies for employee stock-based compensation, federal and state, net of federal benefit	(0.3	)	(0.6	)	(1.7	)
Impact of state rate change on net deferred tax liabilities, net of federal benefit	—		(0.4	)	0.6
State, valuation allowance adjustments on net operating losses	0.1		0.4		0.2
Other, net	0.9		1.9		1.0
Effective tax rate	22.3	%	12.9	%	41.2	%

The effective tax rate varies from the statutory U.S. federal rate of 21 percent primarily due to business tax credits and the impact of state taxes, net of federal benefit, for the year ended December 31, 2019; the reduction in uncertain tax positions related to statute of limitation expirations and the impact of state taxes, net of federal benefit, for the year ended December 31, 2018; and the impact of tax reform and state taxes, net of federal benefit, for the year ended December 31, 2017.

Income tax expense consists of:



	December 31,
	2019			2018			2017
Current provision:
Federal	$	150,800		$	102,516		$	248,191
State	24,378			32,638			13,092
Total current provision	175,178			135,154			261,283
Deferred benefit:
Federal	(8,240		)	(57,076		)	(58,124		)
State	(1,474		)	(6,225		)	(628		)
Total deferred benefit	(9,714		)	(63,301		)	(58,752		)
Provision for income tax expense	$	165,464		$	71,853		$	202,531

The tax effect of temporary differences that give rise to deferred tax assets and liabilities is summarized below.



	December 31,
	2019		2018
Deferred tax assets:
Loan reserves	$	109,369	$	85,100
Stock-based compensation plans	10,022		9,312
Deferred revenue	1,017		1,081
Operating loss carryovers	—		—
Accrued expenses not currently deductible	12,599		12,896
Net unrealized losses	2,124		—
Unrecorded tax benefits	6,049		5,106
Market value adjustments on student loans, investments and derivatives	—		1,460
Other	874		953
Total deferred tax assets	142,054		115,908
Deferred tax liabilities:
Fixed assets	10,475		7,150
Acquired intangible assets	5,453		5,179
Market value adjustments on student loans, investments and derivatives	3,175		—
Net unrealized gains	—		3,436
Federal deferred for state receivable	5,368		2,083
Student loan premiums and discounts, net	3,398		1,971
Other	285		285
Total deferred tax liabilities	28,154		20,104
Net deferred tax assets	$	113,900	$	95,804

Included in operating loss carryovers are state net operating losses of $6 million and $19 million as of December 31, 2019 and 2018, respectively. The Company has recorded a full valuation allowance against these net operating losses. The valuation allowance is primarily attributable to deferred tax assets for state net operating losses that management believes is more likely than not to 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. Management considers, among other things, the scheduled reversals of deferred tax liabilities and the history of positive taxable income in evaluating the realizability of the deferred tax assets. Management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize our deferred tax assets (other than state net operating loss carryovers as outlined above).

As of December 31, 2019, the state net operating loss carryforwards will begin to expire in 2029.

Accounting for Uncertainty in Income Taxes

The following table summarizes changes in unrecognized tax benefits:



	December 31,
	2019			2018			2017
Unrecognized tax benefits at beginning of year	$	52,159		$	131,608		$	152,581
Increases resulting from tax positions taken during a prior period	12,333			4,121			7,482
Decreases resulting from tax positions taken during a prior period	(851		)	—			(7,025		)
Increases resulting from tax positions taken during the current period	4,572			3,169			1,656
Decreases related to settlements with taxing authorities	(8,670		)	(601		)	(3,594		)
Reductions related to the lapse of statute of limitations	(6,034		)	(86,138		)	(19,492		)
Unrecognized tax benefits at end of year	$	53,509		$	52,159		$	131,608

As of December 31, 2019, the gross unrecognized tax benefits are $54 million. Included in the $54 million are $48 million of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate. As a part of the Spin-Off, the Company recorded a liability related to uncertain tax positions for which it is indemnified by Navient. See Note 2, “Significant Accounting Policies — Income Taxes,” for additional details.

Tax related interest and penalty expense is reported as a component of income tax expense. As of December 31, 2019, 2018 and 2017, the total amount of income tax-related accrued interest and penalties, net of related benefit, recognized in the consolidated balance sheets was $12 million, $14 million and $21 million, respectively.

For the years ended December 31, 2019, 2018 and 2017, the total amount of income tax-related accrued interest, net of related tax benefit, recognized in the consolidated statements of income was $(1) million, $(7) million and $3 million, respectively.

The Company or one of its subsidiaries files income tax returns at the U.S. federal level and in most U.S. states. U.S. federal income tax returns filed for years 2014 and prior are no longer subject to examination. 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.

It is reasonably possible that the uncertain tax position reserve may decrease by as much as $10 million during the next 12 months due to the expiration of statutes of limitations primarily related to indemnified tax liabilities. The reduction in the uncertain tax position reserve would be reflected as a tax benefit. We recorded a tax indemnification receivable from Navient for the indemnified tax liabilities which are included in the uncertain tax position reserve. A portion of the tax benefit will be offset by an expense related to the write-down of the indemnification receivable.

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Estimated Fair Value	$ 487,669	$ 176,245
Fair Value Measurements Recurring
Assets
Estimated Fair Value	487,669	176,245
Derivative instruments	715	2,090
Total	488,384	178,335
Liabilities
Derivative instruments	(1,164)	(2,032)
Fair Value Measurements Recurring \| Level 1
Assets
Estimated Fair Value	0	0
Derivative instruments	0	0
Total	0	0
Liabilities
Derivative instruments	0	0
Fair Value Measurements Recurring \| Level 2
Assets
Estimated Fair Value	487,669	176,245
Derivative instruments	715	2,090
Total	488,384	178,335
Liabilities
Derivative instruments	(1,164)	(2,032)
Fair Value Measurements Recurring \| Level 3
Assets
Estimated Fair Value	0	0
Derivative instruments	0	0
Total	0	0
Liabilities
Derivative instruments	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series A Preferred Stock	Total SLM Corporation Equity	Total SLM Corporation Equity Series A Preferred Stock	Total SLM Corporation Equity Series B Preferred Stock	Redemption of Series A Preferred Stock	Redemption of Series A Preferred Stock Series A Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Series A Preferred Stock	Retained Earnings Series B Preferred Stock
Beginning balance, shares issued (in shares) at Dec. 31, 2016						7,300,000		436,632,479
Beginning balance (in shares) at Dec. 31, 2016								428,903,559	(7,728,920)
Beginning balance at Dec. 31, 2016			$ 2,347,058			$ 565,000		$ 87,327	$ (67,484)	$ 1,175,564	$ (8,671)	$ 595,322
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 288,934		288,934									288,934
Other comprehensive income, net of tax	11,419		11,419								11,419
Total comprehensive income	$ 300,353		300,353
Cash dividends:
Preferred Stock, series B ($3.91 per share)				$ (3,961)	$ (11,753)								$ (3,961)	$ (11,753)
Redemption of Series A Preferred Stock (in shares)	(3,358,417)						(3,300,000)
Redemption of Series A Preferred Stock		$ (165,000)					$ (165,000)
Dividend equivalent units related to employee stock-based compensation plans			0							96		(96)
Issuance of common shares (in shares)	6,831,108							6,831,108
Issuance of common shares			19,655					$ 1,366		18,289
Stock-based compensation expense			27,899							27,899
Common stock repurchased (in shares)	0
Shares repurchased related to employee stock-based compensation plans (in shares)								(3,358,417)	(3,358,417)
Shares repurchased related to employee stock-based compensation plans			(40,160)						$ (40,160)
Ending balance, shares issued (in shares) at Dec. 31, 2017						4,000,000		443,463,587
Ending balance (in shares) at Dec. 31, 2017								432,376,250	(11,087,337)
Ending balance at Dec. 31, 2017			2,474,256			$ 400,000		$ 88,693	$ (107,644)	1,222,277	2,748	868,182
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification resulting from the adoption of ASU No. 2018-02	$ 600
Beginning balance, shares issued (in shares) at Dec. 31, 2017						4,000,000		443,463,587
Beginning balance (in shares) at Dec. 31, 2017								432,376,250	(11,087,337)
Beginning balance at Dec. 31, 2017			2,474,256			$ 400,000		$ 88,693	$ (107,644)	1,222,277	2,748	868,182
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	487,476		487,476									487,476
Other comprehensive income, net of tax	7,013		7,013								7,013
Total comprehensive income	$ 494,489		494,489
Reclassification resulting from the adoption of ASU No. 2018-02			0							0	592	(592)
Cash dividends:
Preferred Stock, series B ($3.91 per share)				$ (15,640)									$ (15,640)
Redemption of Series A Preferred Stock (in shares)	(3,087,396)
Issuance of common shares (in shares)	6,392,634							6,392,634
Issuance of common shares			22,113					$ 1,279		20,834
Stock-based compensation expense			31,524							31,524
Common stock repurchased (in shares)	0
Shares repurchased related to employee stock-based compensation plans (in shares)								(3,087,396)	(3,087,396)
Shares repurchased related to employee stock-based compensation plans			(34,947)						$ (34,947)
Ending balance, shares issued (in shares) at Dec. 31, 2018						4,000,000		449,856,221
Ending balance (in shares) at Dec. 31, 2018								435,681,488	(14,174,733)
Ending balance at Dec. 31, 2018	$ 2,972,656		2,972,656			$ 400,000		$ 89,972	$ (142,591)	1,274,635	10,623	1,340,017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification resulting from the adoption of ASU No. 2017-12 \| Accounting Standards Update 2017-12	861										270	591
Net income	578,276		578,276									578,276
Other comprehensive income, net of tax	(22,990)		(22,990)								(22,990)
Total comprehensive income	$ 555,286		555,286
Cash dividends:
Preferred Stock, series B ($3.91 per share)			(16,837)									(16,837)
Common Stock ($0.12 per share)			(51,114)									(51,114)
Redemption of Series A Preferred Stock (in shares)	(1,369,630)
Dividend equivalent units related to employee stock-based compensation plans			0							5		(5)
Issuance of common shares (in shares)	3,743,705							3,743,705
Issuance of common shares			3,375					$ 748		2,627
Stock-based compensation expense			30,538							30,363		175
Common stock repurchased (in shares)	(16,962,199)							(16,962,199)	(16,962,199)
Common stock repurchased	$ (33,000)		(167,201)						$ (167,201)
Shares repurchased related to employee stock-based compensation plans (in shares)								(1,369,630)	(1,369,630)
Shares repurchased related to employee stock-based compensation plans			(14,867)						$ (14,867)
Ending balance, shares issued (in shares) at Dec. 31, 2019						4,000,000		453,599,926
Ending balance (in shares) at Dec. 31, 2019								421,093,364	(32,506,562)
Ending balance at Dec. 31, 2019	$ 3,311,836		$ 3,311,836			$ 400,000		$ 90,720	$ (324,659)	$ 1,307,630	$ (12,367)	$ 1,850,512

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Class of Treasury Stock

The following table summarizes our common share repurchases and issuances associated with these programs.



	Years Ended December 31,
(Shares and per share amounts in actuals)	2019		2018		2017
Common stock repurchased under repurchase program⁽¹⁾	16,962,199		—		—
Average purchase price per share⁽²⁾	$	9.86	$	—	$	—
Shares repurchased related to employee stock-based compensation plans⁽³⁾	1,369,630		3,087,396		3,358,417
Average purchase price per share	$	10.85	$	11.32	$	11.96
Common shares issued⁽⁴⁾	3,743,705		6,392,634		6,831,108

^_________


⁽¹⁾	Common shares purchased under our 2019 Share Repurchase Program. $33 million of capacity under the program remained available as of December 31, 2019.


⁽²⁾	Average purchase price per share includes purchase commission costs.


⁽³⁾	Comprised of 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.


⁽⁴⁾	Common shares issued under our various compensation and benefit plans.

Parent Only Statements - Balance Sheets - Phantom (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Preferred stock, stated value (in dollars per share)	$ 0.2	$ 0.2
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.2	$ 0.2
Common stock, shares authorized (in shares)	1,125,000,000	1,125,000,000
Common stock, shares issued (in shares)	453,600,000	449,900,000
Accumulated other comprehensive loss tax benefit	$ (3,995)	$ 3,436
Common stock held in treasury (In shares)	32,500,000	14,200,000
Series B Preferred Stock
Condensed Financial Statements, Captions [Line Items]
Preferred stock, stated value (in dollars per share)	$ 100	$ 100
Parent Company
Condensed Financial Statements, Captions [Line Items]
Preferred stock, stated value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	1,125,000,000.000	1,125,000,000.000
Common stock, shares issued (in shares)	453,600,000.0	449,900,000.0
Accumulated other comprehensive loss tax benefit	$ (3,995)	$ 3,436
Common stock held in treasury (In shares)	14,200,000.0	11,100,000.0
Parent Company \| Series B Preferred Stock
Condensed Financial Statements, Captions [Line Items]
Preferred stock, stated value (in dollars per share)	$ 100	$ 100
Preferred stock, shares issued (in shares)	4,000,000	4,000,000

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Use of Estimates and Assumptions

The financial reporting and accounting policies of SLM Corporation 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. Actual results could differ from those estimates. Key accounting policies that include significant judgments and estimates include the valuation of allowance for loan losses and derivative accounting.

Consolidation

The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions.

We consolidate any variable interest entity (“VIE”) where we have determined we are the primary beneficiary. The primary beneficiary 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.

Cash and Cash Equivalents

Cash and cash equivalents include cash held in the Federal Reserve Bank of San Francisco (the “FRB”) and commercial bank accounts, and other short-term liquid instruments with original maturities of three months or less. Fees associated with investing cash and cash equivalents are amortized into interest income using the effective interest rate method.

Available-for-Sale Investments

Investments consisted of mortgage-backed securities, Utah Housing Corporation bonds and U.S. government-sponsored enterprises securities. We record our investment purchases and sales on a trade date basis. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method.

Our investments are classified as available-for-sale and reported at fair value. Unrealized gains or losses on available-for-sale investments are recorded in equity and reported as a component of other comprehensive income (loss), net of applicable income taxes, unless a decline in the investment’s value is considered to be other-than-temporary, in which case the loss is recorded directly to earnings.

Management reviews all investments at least quarterly to determine whether any impairment is other-than-temporary. Impairment is evaluated by considering several factors, including the length of time and extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability to retain the investment to allow for an anticipated recovery in fair value. If, based on the analysis, it is determined that the impairment is other-than-temporary, the investment is written down to fair value and a loss is recognized through earnings.

Other Investments

Loans Held for Investment

Loans, consisting of Private Education Loans, FFELP Loans, unsecured personal loans used for non-educational purposes by borrowers (“Personal Loans”), and our suite of credit cards (“Credit Cards”) 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 discussed under “Loan Interest Income.” Loans which are held for investment are reported net of an allowance for loan losses.

Restricted Cash

Restricted cash primarily includes amounts held in student 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.

Allowance for Loan Losses

We maintain an allowance for loan losses at an amount sufficient to absorb probable losses incurred in our portfolios, as well as regarding future loan commitments, at the reporting date based on a projection of estimated probable credit losses incurred in the portfolio. 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.

We analyze our portfolios to determine the effects that the various stages of delinquency and forbearance have on borrower default behavior and ultimate charge off. We estimate the allowance for loan losses for our loan portfolios using a roll rate analysis of delinquent and current accounts. A “roll rate analysis” is a technique used to estimate the likelihood that a loan receivable may progress through the various delinquency stages and ultimately charge off. We also take into account the current and future economic environment and certain other qualitative factors when calculating the allowance for loan losses.

The evaluation of the allowance for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. Our default estimates are based on a loss emergence period of one year for Private Education Loans, Personal Loans and Credit Cards and two years for FFELP Loans. A loss emergence period represents the expected period between the first occurrence of an event likely to cause a loss on a loan and the date the loan is expected to be charged off, taking into consideration account management practices that affect the timing of a loss, such as the usage of forbearance. The loss emergence period underlying the allowance for loan losses is subject to a number of assumptions. If actual future performance in delinquency, charge-offs and recoveries is significantly different than estimated, or account management assumptions or practices were to change, this could materially affect the estimate of the allowance for loan losses, the timing of when losses are recognized, and the related provision for credit losses on our consolidated statements of income.

We utilize various models to determine an appropriate allowance for loan losses. Changes to model inputs are made as deemed necessary. These models are reviewed and validated periodically.

Below we describe in further detail our policies and procedures for the allowance for loan losses as they relate to our Private Education Loan, Personal Loan, FFELP Loan portfolios and Credit Cards.

Allowance for Private Education Loan Losses

In determining the allowance for loan losses on our Private Education Loans that are not troubled debt restructurings (“TDRs”), we estimate the principal amount of loans that will default over the next year (one year being the expected period between a loss trigger event and default) using a roll rate model and how much we expect to recover over the same one-year period related to the defaulted amount. The expected defaults less our expected recoveries adjusted for any qualitative factors (discussed below) 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 one year.

In estimating both the non-TDR and TDR allowance amounts, we start with historical experience of customer delinquency and 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 certain other qualitative factors into consideration when calculating the allowance for loan losses. These qualitative factors include, but are not limited to, changes in the economic environment, changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices not already included in the analysis, and the effect of other external factors, such as legal and regulatory requirements, on the level of estimated credit losses.

Certain Private Education Loans do not require borrowers to begin repayment until at least six months after they have graduated or otherwise left school. Consequently, the loss estimates for these loans is generally low while the borrower is in school. At December 31, 2019 and 2018, 25 percent and 26 percent, respectively, of the principal balance in the Private Education Loan portfolio was related to borrowers who are in an in-school (fully deferred), grace, or deferment status and not required to make payments. As this population of borrowers leaves school, they will be required to begin payments on their loans, and the allowance for losses may change accordingly.

Similar to the rules governing FFELP payment requirements, our collection policies allow for periods of nonpayment for borrowers requesting additional payment grace periods upon leaving school or experiencing temporary difficulty meeting payment obligations. This is referred to as forbearance status and is considered separately in the allowance for loan losses. The loss emergence period is in alignment with the typical collection cycle and takes into account these periods of nonpayment.

As part of concluding on the adequacy of the allowance for loan losses, we review key allowance and loan metrics. The most relevant of these metrics considered are the allowance coverage of net charge-offs ratio; the allowance as a percentage of ending total loans and of ending loans in repayment; and delinquency and forbearance percentages.

We consider a loan to be delinquent 31 days after the last payment was contractually due. We use a model to estimate the amount of uncollectible accrued interest on Private Education Loans and reserve for that amount against current period interest income.

Our non-TDR allowance for loan losses is estimated using an analysis of delinquent and current accounts. Our roll rate model is used to estimate the likelihood that a loan receivable may progress through the various delinquency stages and ultimately charge off. Once a charge-off forecast is estimated, a recovery assumption is layered on top. In estimating recoveries, we use both estimates of what we would receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans.

The roll rate analysis model is based upon actual experience using the 120 day charge-off default aversion strategies. 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.

We collect on defaulted loans through a mix of in-house, third-party collectors and sales to third-parties. For December 31, 2019, 2018 and 2017, we used both an estimate of recovery rates from in-house collections as well as expectations of future sales of defaulted loans to estimate the timing and amount of future recoveries on charged-off loans.

In connection with the Spin-Off, we retained the right to require Navient to purchase certain delinquent loans (at fair value) when the borrower has a lending relationship with both us and Navient (“Split Loans”). In the second quarter of 2018, we sold our remaining $43 million portfolio of Split Loans (both current and non-current loans) to Navient and recognized a net gain of $2 million.

Allowance for Personal Loans

We maintain an allowance for Personal Loan losses at an amount sufficient to absorb losses estimated and viewed at the reporting date as probable credit losses to be incurred in the portfolio. In determining the allowance for loan losses on our Personal Loan portfolio that are not TDRs, we estimate the principal amount of the loans that will default over the next twelve months (twelve months being the expected period between a loss trigger event and default) and how much we expect to recover over the same twelve-month period related to the defaulted amounts. The expected defaults less our expected recoveries adjusted for any qualitative factors equal the allowance related to this portfolio. At December 31, 2019 and 2018, there were no Personal Loans classified as TDRs.

Troubled Debt Restructurings

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 interest rate reductions and loans with forbearance usage greater than three months during a 24-month period, as further described below.

We modify the terms of loans for certain borrowers when we believe such modifications may increase the ability and willingness of a borrower to make payments and thus increase the ultimate overall amount collected on the loan. These modifications generally take the form of a forbearance, a temporary interest rate reduction or an extended repayment plan. When we give a borrower facing financial difficulty an interest rate reduction, we temporarily reduce the rate (currently to 4.0 percent) for a two-year period and, in the vast majority of cases, permanently extend the final maturity of the loan. The combination of these two loan term changes helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate.

Until the fourth quarter of 2017, we generally considered a loan that was in full principal and interest repayment status which had received more than three months of forbearance in a 24-month period to be a TDR; however, during the first nine months after a loan had entered full principal and interest repayment status, we did not count up to the first six months of forbearance received during that period against the three-month policy limit.

We now classify a loan as a TDR due to forbearance using a two-step process. The first step is to identify a loan that was in full principal and interest repayment status and received more than three months of forbearance in a 24-month period; however, during the first nine months after a loan had entered full principal and interest repayment status, we do not count up to the first six months of forbearance received during that period against the three-month policy limit. The second step is to evaluate the creditworthiness of the loan by examining its most recent refreshed FICO score. Loans that have met the criteria in the first test and have a FICO score above a certain threshold (based on the most recent quarterly FICO score refresh) will not be classified as TDRs. Loans that have met the criteria in the first test and have a FICO score under the threshold (based on the most recent quarterly FICO score refresh) will be classified as TDRs.

A loan also becomes a TDR when it is modified to reduce the interest rate on the loan (regardless of when such modification occurs and/or whether such interest rate reduction is temporary). Once a loan qualifies for TDR status, it remains a TDR for allowance purposes for the remainder of its life. As of December 31, 2019 and 2018, approximately 50 percent and 57 percent, respectively, of TDRs were classified as such due to their forbearance status.

Key Credit Quality Indicators

We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider credit scores at original approval and periodically refreshed/updated credit scores through the loan’s term, existence of a cosigner, loan status and loan seasoning as the key credit quality indicators because they have the most significant effect on the determination of the adequacy of our allowance for loan losses. Credit scores are an indicator of the creditworthiness of borrowers and the higher the credit scores the more likely it is the borrowers will be able to make all of their contractual payments. Loan status affects the credit risk because a past due loan is more likely to result in a credit loss than a current loan. Additionally, loans in the deferred payment status have different credit risk profiles compared with those in current pay status. Loan seasoning affects credit risk because a loan with a history of making payments generally has a lower incidence of default than a loan with a history of making infrequent or no payments. The existence of a cosigner lowers the likelihood of default as well. We monitor and update these credit quality indicators in the analysis of the adequacy of our allowance for loan losses on a quarterly basis.

For Personal Loans, we consider FICO scores at original approval, seasoning and loan status to be our key credit quality indicators for the same reasons discussed above. For Credit Cards, we consider FICO scores at original approval to be our key credit quality indicator.

Allowance for FFELP Loan Losses

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 on or after July 1, 2006, we receive 97 percent reimbursement on all qualifying default claims. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98 percent reimbursement. For loans disbursed prior to October 1, 1993, we receive 100 percent reimbursement.

The allowance for FFELP Loan losses uses historical experience of customer default behavior and a two-year loss emergence period to estimate the credit losses incurred in the loan portfolio at the reporting date. We apply the default rate projections, net of applicable risk sharing, to each category for the current period to perform our quantitative calculation. 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.

Allowance for Credit Cards

The allowance for Credit Card losses is management’s estimate of credit losses inherent in the Credit Card portfolio at the balance sheet date. The allowance for Credit Card losses uses historical loss rates for accounts with similar characteristics (based on industry data) as a reasonable basis to estimate future losses. At December 31, 2019, there were no Credit Cards classified as TDRs.

Deposits

Our retail deposit accounts are principally certificates of deposit (“CDs”), money market deposit accounts (“MMDAs”) and high-yield savings (“HYS”) accounts. CDs are accounts that have a stipulated maturity and interest rate. Retail CDs may be withdrawn early, but a penalty is assessed. MMDA and HYS accounts are both interest and non-interest bearing accounts that have no maturity or expiration date. For retail MMDA and HYS accounts, the depositor may be required to give written notice of any intended withdrawal not less than seven days before the withdrawal is made.

The Bank also includes brokered CDs in its funding base. Early withdrawal of brokered CDs is prohibited (except in the case of death or legal incapacity). Other deposit accounts include large interest-bearing omnibus accounts deposited in the Bank by commercial entities having custodial responsibilities for many underlying accounts. These omnibus accounts may be structured with or without fixed maturities, and may have fixed or variable interest rates.

Upromise member accounts

Upromise Member Accounts

Upromise member accounts represent amounts owed to Upromise rewards members for rebates they have earned from qualifying purchases from Upromise’s participating merchants. These amounts are held in trust for the benefit of the members until distributed in accordance with the Upromise member’s request and/or the terms of the Upromise service agreement. Upromise, which acts as the trustee for the trust, has deposited a majority of the cash with the Bank pursuant to a money market deposit account agreement between the Bank and Upromise as trustee of the trust.

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 consolidated balance sheet with changes in fair value recorded in the consolidated statement of income;


•	In the consolidated balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the consolidated statement of changes in equity;


•	In the consolidated balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the consolidated statement of income; and


•	In the notes to the consolidated 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 (including for our liabilities), 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, credit, and bid/offer 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.

Loan Interest Income

For all loans, including impaired loans, classified as held for investment, we recognize interest income as earned, adjusted for the amortization of deferred direct origination and acquisition costs. This adjustment is recognized based upon the expected yield of the loan over its life after giving effect to prepayments and extensions. We consider our constant prepayment rate (“CPR”) estimates a significant accounting assumption used to measure the expected prepayment activity in our education loan portfolio. The estimates are based on a number of factors such as historical prepayment rates for loans with similar loan characteristics, assumptions about portfolio composition and loan terms, and the prepayment curve’s tendency to follow a ramp pattern (i.e., the prepayment rate typically increases during the in-school and early repayment periods, then stabilizes). The CPR measures the expected prepayment activity over the life of the loan and is applied as a flat-rate input assumption when used in forecasting. Additionally, interest earned on education loans reflects potential non-payment adjustments in accordance with our uncollectible interest recognition policy as discussed further in “Allowance for Loan Losses” of this Note 2. Because of this, we do not place loans in nonaccrual status prior to charge-off. We do not amortize any adjustments to the basis of education loans when they are classified as held-for-sale.

Our CPR estimates include the effect of voluntary prepayments and consolidation (if the loans are consolidated to third parties), both of which shorten the lives of loans. CPR estimates also consider the utilization of deferment, forbearance, and extended repayment plans, which lengthen the lives of loans. We regularly evaluate the assumptions used to estimate the CPRs. In instances where there are changes to the assumptions, amortization of deferred direct origination and acquisition costs is adjusted on a cumulative basis to reflect the change since the origination or purchase of the loan. For the year ended December 31, 2019, our CPR for Private Education Loans was 6.92 percent, compared with a CPR of 6.83 percent for the year ended December 31, 2018.

We also pay to the U.S. Department of Education (the “DOE”) an annual 105 basis point Consolidation Loan Rebate Fee on FFELP consolidation loans, which is netted against loan interest income. Additionally, interest earned on education loans reflects potential non-payment adjustments in accordance with our uncollectible interest recognition policy. We do not amortize any adjustments to the basis of loans when they are classified as held-for-sale.

We recognize certain fee income (primarily late fees) on education loans when earned according to the contractual provisions of the promissory notes, as well as our expectation of collectability. Fee income is recorded when earned in “other non-interest income” in the accompanying consolidated statements of income.

Interest Expense

Interest expense is based upon contractual interest rates adjusted for the amortization of issuance costs. We incur interest expense on interest bearing deposits comprised of non-maturity savings deposits, brokered and retail CDs, and brokered and retail MMDAs, as well as on unsecured and secured financings. Interest expense is recognized when amounts are contractually due to deposit and debt holders and is adjusted for net payments/receipts related to interest rate swap agreements that qualify and are designated hedges of interest bearing liabilities. 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. We incur certain fees related to our Private Education Loan multi-lender secured borrowing facility (the “Secured Borrowing Facility,” which was previously called the asset-backed commercial paper facility or ABCP Facility), including an unused Secured Borrowing Facility fee, and also incur fees related to our term asset-backed securities (“ABS”). These fees are included in interest expense. Refer to Note 8, “Deposits,” and Note 9, “Borrowings” for further details of our interest bearing liabilities.

Gains on Sale of Loans, Net

We may participate and sell loans to third-parties and affiliates, including entities that were related parties prior to the Spin-Off. These sales may occur through whole loan sales or securitization transactions that qualify for sales treatment. If a transfer of loans qualifies as a sale, we derecognize the loan and recognize a gain or loss as the difference between the carry basis of the loan sold and liabilities retained and the compensation received. We recognize the results of a transfer of loans based upon the settlement date of the transaction. These loans were initially recorded as held for investment and were transferred to held-for-sale immediately prior to sale or securitization.

In the second quarter of 2018, we sold our remaining $43 million portfolio of Split Loans (both current and non-current loans) to Navient and recognized a net gain of $2 million. See Note 15, “Arrangements with Navient Corporation,” for further discussion regarding loan purchase agreements. We did not sell loans in 2019 and 2017, other than Split Loans.

Other Income

Our Upromise subsidiary has a number of programs that encourage consumers to save for the cost of college education. We have established a consumer savings network, which is designed to promote college savings by consumers who are members of this program by encouraging them to purchase goods and services from the merchants that participate in the program. Participating merchants generally pay Upromise fees based on member purchase volume, either online or in stores, depending on the contractual arrangement with the merchant. We recognize revenue as marketing and administrative services are rendered, based upon contractually determined rates and member purchase volumes.

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The guidance in this ASU supersedes existing revenue recognition requirements in Topic 605, Revenue Recognition, including an assortment of transaction-specific and industry-specific rules. We adopted the new revenue recognition model on January 1, 2018. This ASU establishes a principles-based model under which revenue from a contract is allocated to the distinct performance obligations within the contract and recognized in income as each performance obligation is satisfied. ASU Topic 606 does not apply to rights or obligations associated with financial instruments (for example, interest income from loans or investments, or interest expense on debt), and therefore our net interest income should not be affected.

Certain of our fee income related to our Upromise rewards business is within the scope of these rules. Management has concluded that timing and measurement of fee income related to our Upromise rewards business has remained substantially unchanged under the new standard. This conclusion covers the vast majority of our revenue that is within the scope of the standard. The adoption of this standard did not materially affect our consolidated financial statements in 2018.

In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” The guidance in this ASU provides clarification on the principal versus agent concept in relation to revenue recognition guidance issued as part of ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” Topic 606 requires a company to determine whether it is a principal or an agent in a transaction in which another party is involved in providing goods or services to a customer by evaluating the nature of its promise to the customer. ASU No. 2016-08 provides clarification for identifying the good, service or right being transferred in a revenue transaction and identifies the principal as the party that controls the good, service or right prior to its transfer to the customer. The ASU provides further clarity on how to evaluate control in this context. We adopted the standard on January 1, 2018. The adoption did not result in different conclusions regarding our revenue arrangements that involve a principal-agent relationship.

Also included in other income are late fees on both Private Education Loans and FFELP Loans, which we recognize when the cash has been received, fees related to our credit card affinity program, income for servicing private student loans for third-parties and changes to our tax indemnification receivable from Navient.

Securitization Accounting

Our securitization transactions use a two-step structure with a special purpose entity VIE that legally isolates the transferred assets from us in the event of bankruptcy or receivership. 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. If a securitization qualifies as a sale, we then assess whether we are the primary beneficiary of the securitization trust and are required to consolidate such trust. We are considered the primary beneficiary if we have 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. There can be considerable judgment as it relates to determining the primary beneficiary of the VIEs. There are no “bright line” tests. Rather, the assessment of who has the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and who has the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE can be very qualitative and judgmental in nature. If we are the primary beneficiary, then no gain or loss is recognized.

We have determined that as the servicer of Sallie Mae securitization trusts, we meet the first primary beneficiary criterion because we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance.

Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to:


•	Owning the equity certificates of certain trusts;


•	The servicing of the student loan assets within the securitization trusts, on both a pre- and post-default basis;


•	Our acting as administrator for the securitization transactions we sponsored;


•	Our responsibilities relative to representation and warranty violations; and


•	The option to exercise the clean-up call and purchase the student loans from the trust when the pool balance is 10 percent or less of the original pool balance.

In 2019 and 2018, we executed several secured financing transactions. Based upon our relationships with these securitizations, we believe the consolidation assessment is straightforward. We consolidated our secured financing transactions because either we did not meet the accounting criterion for sales treatment or we determined we were the primary beneficiary of the VIE because we retained (a) the residual interest in the securitization and therefore had the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE, as well as (b) the power to direct the activities of the VIE in our role as servicer.

The investors in our securitization trusts have no recourse to our other assets should there be a failure of the trust to pay when due. Generally, the only recourse the securitization trusts have to us is in the event we breach a seller representation or warranty or our duties as master servicer and servicer, in which event we are obligated to repurchase the related loans from the trust.

Derivative Accounting

We account for our derivatives, consisting of interest rate swaps, at fair value on the consolidated balance sheets as either an asset or liability. Derivative positions are recorded as net positions by counterparty based on master netting arrangements (see Note 10, “Derivative Financial Instruments”), exclusive of accrued interest and cash collateral held or pledged. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the Chicago Mercantile Exchange (the “CME”) and the London Clearing House (the “LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of December 31, 2019, $9.4 billion notional of our derivative contracts were cleared on the CME and $0.5 billion were cleared on

the LCH. The derivative contracts cleared through the CME and LCH represent 95.0 percent and 5.0 percent, respectively, of our total notional derivative contracts of $9.9 billion at December 31, 2019.

We determine the fair value for our derivative contracts primarily using pricing models that consider current market conditions and the contractual terms of the derivative contracts. These pricing models consider interest rates, time value, forward interest rate curves, and volatility factors. Inputs are generally from active financial markets.

On July 1, 2018, we adopted the FASB’s ASU No. 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities.” Under the standard, we are no longer required to separately measure and report hedge ineffectiveness, which was previously recorded in “gains (losses) on derivatives and hedging activities, net” in our consolidated statements of income. In accordance with the standard, certain provisions were required to be applied on a modified retrospective basis, which requires a cumulative effect adjustment to accumulated other comprehensive income with a corresponding adjustment to retained earnings as of the beginning of the fiscal year of adoption, or January 1, 2018 in our case.

As a result of the cumulative effect of applying the new hedging standard to our fair value hedges on July 1, 2018, we recorded a $2 million basis increase to our hedged deposit balances with a corresponding increase to retained earnings of approximately $0.8 million, net of taxes and a $3 million loss to “gains (losses) on derivatives and hedging activities, net” in our consolidated statements of income to adjust the life-to-date ineffectiveness. To reflect the adoption of the new hedging standard on our cash flow hedging relationships at July 1, 2018, we recorded a $0.2 million, net of taxes decrease to retained earnings and a corresponding $0.3 million increase to accumulated other comprehensive income.

Each derivative is designated to a specific (or pool of) liability(ies) on the consolidated balance sheets, and is designated as either a “fair value” hedge or a “cash flow” hedge. Fair value hedges are designed to hedge our exposure to the changes in fair value of a fixed-rate liability. For effective fair value hedges, both the hedge and the hedged item (for the risk being hedged) are recorded at fair value with any difference reflecting ineffectiveness recorded immediately in the consolidated statements of income. Cash flow hedges are designed to hedge our exposure to variability in cash flows related to variable-rate deposits. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, using regression testing. For hedges of a pool of 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 fair value of the derivative with no offsetting amount from the hedged item since the last time it was effective. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively and begin amortization of any basis adjustments that exist related to the hedged item.

Stock-Based Compensation

We recognize stock-based compensation cost in our consolidated statements of income using the fair value 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 vesting period of the stock-based grant. We do not apply a forfeiture rate to our stock-based compensation expense, but rather record forfeitures when they occur. We record all excess tax benefits/deficiencies related to the settlement of employee stock-based compensation to the income tax expense line item on our consolidated statements of income.

In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which amended the stock compensation guidance. The amendments simplified the accounting for the taxes related to stock-based compensation, including adjustments to how excess tax benefits and a company’s payments for tax withholdings should be classified. The standard became effective for fiscal periods beginning after December 15, 2016, with early adoption permitted. We adopted this standard effective January 1, 2017 and recorded an $8.5 million benefit in income tax expense in 2017 because of this standard. We previously recorded the excess tax benefits/deficiencies to the additional paid-in capital line item on our consolidated balance sheets. Under the guidance, we also elected the option to no longer apply a forfeiture rate to our stock-based compensation expense, but to record forfeitures when they occur, and, as a result, under a modified retrospective basis we recorded a cumulative effect of the new stock compensation standard in total equity of $0.2 million, net of tax, in the first quarter of 2017.

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.

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), which lowered federal corporate income tax rates from 35 percent to 21 percent, beginning January 1, 2018. Because the Tax Act was enacted during the fourth-quarter 2017, we were required to reflect the application of the lower tax rate in future years to our deferred assets, liabilities and indemnification receivables. We recognized additional discrete tax expense of $15 million for the year ended December 31, 2017, primarily due to the remeasurement of our deferred tax assets and liabilities following the enactment of the Tax Act. At December 31, 2019, our accounting for the Tax Act is complete under the SEC’s Staff Accounting Bulletin No. 118.

In February 2018, the FASB issued ASU No. 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the tax law and tax rate changes under the Tax Act. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate, which left the tax effects on items within accumulated other comprehensive income stranded at an inappropriate tax rate. This guidance was effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years, with early adoption permitted. We adopted this standard effective January 1, 2018 and recorded a $0.6 million reclass from accumulated other comprehensive income to retained earnings in the first quarter of 2018.

“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 when applicable, 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.

An uncertain 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 consolidated financial statements is the largest amount of benefit that is more than fifty percent likely of being sustained upon ultimate settlement of the uncertain tax position. We recognize interest and penalties related to unrecognized tax benefits in income tax expense (benefit).

In connection with the Spin-Off, we recorded a liability related to uncertain tax positions of $27 million for which we are indemnified by Navient. If there is an adjustment to the indemnified uncertain tax liability, an offsetting adjustment to the indemnification receivable will be recorded as pre-tax adjustment to other income in the income statement.

As of the date of the Spin-Off on April 30, 2014, we recorded a liability of $310 million ($283 million related to deferred taxes and $27 million related to uncertain tax positions) and an indemnification receivable of $291 million ($310 million less the $19 million discount). As of December 31, 2019, with respect to those amounts recorded at the Spin-Off, the remaining liability balance is $15 million (related to uncertain tax positions) and the remaining indemnification receivable balance is $15 million (related to uncertain tax positions).

Reclassifications

Certain reclassifications have been made to the balances as of and for the years ended December 31, 2018 and 2017, to be consistent with classifications adopted for 2019, which had no effect on net income, total assets or total liabilities.

Recently Issued but Not Yet Adopted Accounting Pronouncements

Recently Issued and Adopted Accounting Pronouncements

ASU No. 2016-02, “Leases”

In February 2016, the FASB issued ASU No. 2016-02, “Leases,” a comprehensive new lease standard which superseded previous lease guidance. The standard requires a lessee to recognize in its balance sheet assets and liabilities related to long-term leases that were classified as operating leases under previous guidance. An asset will be recognized related to the right to use the underlying asset and a liability will be recognized related to the obligation to make lease payments over the term of the lease. The standard also requires expanded disclosures surrounding leases. The standard is effective for fiscal periods beginning after December 15, 2018, and requires modified retrospective adoption, with early adoption permitted. We adopted this guidance on January 1, 2019. In doing so, we identified and evaluated the related lease contracts and revised our controls and processes to address the lease standard. The adoption of this guidance resulted in the recognition of less than $34 million of right of use asset and lease liability, which did not have a material impact on our consolidated financial statements.

Recently Issued but Not Yet Adopted Accounting Pronouncements

ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as amended by ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” which will become effective for us on January 1, 2020 (“CECL”). This ASU eliminates the current accounting guidance for the recognition of credit impairment. Under the new guidance, for all loans carried at amortized cost, upon loan origination we will be required to measure our allowance for credit losses based on our estimate of all current expected credit losses over the remaining contractual term of the assets. Updates to that estimate each period will be recorded through provision expense. The estimate of credit losses must be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU does not mandate the use of any specific method for estimating credit loss, permitting companies to use judgment in selecting the approach that is most appropriate in their circumstances. Upon adoption, a cumulative effect adjustment to retained earnings will be recorded as of the beginning of the first reporting period in which the guidance is effective in an amount necessary to adjust the allowance for credit losses to equal the current estimate of expected losses on financial assets held at that date.

We have evaluated the standard and completed our implementation efforts. We have identified the loss forecasting approach and have built the loss models for our Private Education Loans, Personal Loans acquired from third-parties and those originated organically, and for prepayments. For our Private Education Loan and Personal Loan portfolios, we will be using the discounted cash flow approach to calculate our current expected credit losses. We will estimate the CECL allowance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. We have determined that, for modeling current expected credit losses, we can reasonably estimate expected losses that incorporate the current and forecasted economic conditions over a two-year period, after which the model will immediately revert to our long-term historic loss rates. During the third and fourth quarters of 2019, we performed monthly

dry runs of our CECL solution to test the end-to-end implementation of the new solution. The loss and other models that will be used in our CECL solution have been validated and approved to be used for the adoption of CECL. In the fourth quarter of 2019, we finalized and implemented the required governance and internal controls, completed our loss models for both Personal Loans we originated and Credit Card receivables, and completed the testing and validation for all the models to be used to implement CECL.

On January 1, 2020, we adopted CECL using the modified retrospective method and it will have a material impact on how we record and report our financial condition and results of operations and on regulatory capital. Our first quarter 2020 financial results will reflect a transition adjustment that we estimate will increase the allowance for loan losses by approximately $1.1 billion, increase the liability representing our off-balance sheet exposure for unfunded commitments by approximately $115 million and increase our deferred tax asset by approximately $300 million, resulting in a cumulative effect adjustment that reduces retained earnings by approximately $950 million. This transition adjustment is inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory U.S. federal rate	21.00%	21.00%	35.00%
Operating loss carryforwards, valuation allowance	$ 6,000	$ 19,000
Unrecognized tax benefits	53,509	52,159	$ 131,608	$ 152,581
Unrecognized tax benefits recognition impact on effective tax rate	48,000
Interest on income taxes accrued net of related benefit	12,000	14,000	21,000
Interest on income tax expense net of related tax benefit	(1,000)	$ (7,000)	$ 3,000
Possible decrease in uncertain tax position	$ 10,000
Minimum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Combination of subsidiaries	3 years
Maximum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Combination of subsidiaries	4 years

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	$ 9,900,000
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	9,926,864	$ 5,996,310
Interest Rate Swaps \| Trading
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	3,744,917	1,577,978
Interest Rate Swaps \| Cash Flow \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	1,150,518	1,280,367
Interest Rate Swaps \| Fair Value \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	$ 5,031,429	$ 3,137,965

Stock-Based Compensation Plans and Arrangements (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock option activity

The following table summarizes stock option activity for the year ended December 31, 2019.



(Dollars in thousands, except per share data)	Number of Options		Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2018	1,391,819		$	10.44
Granted	—		—
Exercised⁽²⁾⁽³⁾	(593,806	)	3.63
Canceled	(8,167	)	3.94
Outstanding at December 31, 2019⁽⁴⁾	789,846		$	4.75	0.7 years	$	3,284
Exercisable at December 31, 2019	789,846		$	4.75	0.7 years	$	3,284

^____________


⁽¹⁾	The aggregate intrinsic value represents the total intrinsic value (the aggregate difference between our closing stock price on December 31, 2019 and the exercise price of in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2019.


⁽²⁾	The total intrinsic value of options exercised was $4 million, $17 million, and $16 million for the years ended December 31, 2019, 2018 and 2017, respectively.


⁽³⁾	No cash was received from option exercises for the year ended December 31, 2019. The actual tax benefit realized for the tax deductions from option exercises totaled $1 million for the year ended December 31, 2019.

⁽⁴⁾

For net-settled options, gross number is reflected.

Restricted stock activity

The following table summarizes restricted stock activity for the year ended December 31, 2019.



(Shares and per share amounts in actuals)	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2018	84,392		$	11.73
Granted	118,789		9.26
Vested⁽¹⁾	(84,392	)	11.73
Canceled	—		—
Non-vested at December 31, 2019⁽²⁾	118,789		$	9.26

^_________


⁽¹⁾	The total fair value of shares that vested during the years ended December 31, 2019, 2018 and 2017 was $1 million, $1 million and $1 million, respectively.

⁽²⁾

As of December 31, 2019, there was $1 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 0.5 years.

Restricted stock unit and performance stock unit activity

The following table summarizes RSU and PSU activity for the year ended December 31, 2019.



(Shares and per share amounts in actuals)	Number of RSUs/ PSUs		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2018	5,338,034		$	10.11
Granted	3,008,102		10.84
Vested and converted to common stock⁽¹⁾	(3,030,536	)	8.78
Canceled	(136,383	)	11.09
Outstanding at December 31, 2019⁽²⁾	5,179,217		$	11.28

^__________


⁽¹⁾	The total fair value of RSUs/PSUs that vested and converted to common stock during the years ended December 31, 2019, 2018 and 2017 was $27 million, $25 million and $29 million, respectively.

⁽²⁾

As of December 31, 2019, there was $12 million of unrecognized compensation cost related to RSUs/PSUs, which is expected to be recognized over a weighted average period of 1.4 years.

Black-Scholes Model assumptions for calculating ESPP fair values

The fair values of the stock purchase rights of the ESPP offerings were calculated using a Black-Scholes option pricing model with the following weighted average assumptions:



	Years Ended December 31,
(Dollars per share)	2019			2018			2017
Risk-free interest rate	1.87		%	2.44		%	1.22		%
Expected volatility	29		%	27		%	32		%
Expected dividend rate	1.34		%	—		%	—		%
Expected life of the option	1 year			1 year			1 year
Weighted average fair value of stock purchase rights	$	1.77		$	2.32		$	2.36

Borrowings - Stated Maturity and Maturity to Call Date (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Stated maturity, 2020	$ 3,216,459
Stated maturity, 2021	4,199,011
Stated maturity, 2022	3,403,692
Stated maturity, 2023	1,805,077
Stated maturity, 2024	1,028,583
Stated maturity, 2025 and after	1,781,295
Maturity to Call Date, 2020	3,216,459
Maturity to Call Date, 2021	4,199,011
Maturity to Call Date, 2022	3,403,692
Maturity to Call Date, 2023	1,805,077
Maturity to Call Date, 2024	1,028,583
Maturity to Call Date, 2025 and after	1,781,295
Total principal amount, maturity to call date	15,434,117
Hedge accounting adjustments	45,887
Total principal amount, after adjustments	15,480,004
Brokered Deposits
Debt Instrument [Line Items]
Stated maturity, 2020	2,650,654
Stated maturity, 2021	3,691,692
Stated maturity, 2022	2,690,974
Stated maturity, 2023	1,270,385
Stated maturity, 2024	499,112
Stated maturity, 2025 and after	92,822
Maturity to Call Date, 2020	2,650,654
Maturity to Call Date, 2021	3,691,692
Maturity to Call Date, 2022	2,690,974
Maturity to Call Date, 2023	1,270,385
Maturity to Call Date, 2024	499,112
Maturity to Call Date, 2025 and after	92,822
Total principal amount, maturity to call date	10,895,639
Hedge accounting adjustments	45,887
Total principal amount, after adjustments	10,941,526
Unsecured Debt
Debt Instrument [Line Items]
Stated maturity, 2020	0
Stated maturity, 2021	0
Stated maturity, 2022	200,000
Stated maturity, 2023	0
Stated maturity, 2024	0
Stated maturity, 2025 and after	0
Maturity to Call Date, 2020	0
Maturity to Call Date, 2021	0
Maturity to Call Date, 2022	200,000
Maturity to Call Date, 2023	0
Maturity to Call Date, 2024	0
Maturity to Call Date, 2025 and after	0
Total principal amount, maturity to call date	200,000
Hedge accounting adjustments	0
Total principal amount, after adjustments	200,000
Secured Borrowings
Debt Instrument [Line Items]
Stated maturity, 2020	565,805
Stated maturity, 2021	507,319
Stated maturity, 2022	512,718
Stated maturity, 2023	534,692
Stated maturity, 2024	529,471
Stated maturity, 2025 and after	1,688,473
Maturity to Call Date, 2020	565,805
Maturity to Call Date, 2021	507,319
Maturity to Call Date, 2022	512,718
Maturity to Call Date, 2023	534,692
Maturity to Call Date, 2024	529,471
Maturity to Call Date, 2025 and after	1,688,473
Total principal amount, maturity to call date	4,338,478
Hedge accounting adjustments	0
Total principal amount, after adjustments	$ 4,338,478

Stock-Based Compensation Plans and Arrangements - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.87%	2.44%	1.22%
Expected volatility	29.00%	27.00%	32.00%
Expected dividend rate	1.34%	0.00%	0.00%
Expected life of the option (in years)	1 year	1 year	1 year
Weighted average fair value of stock purchase rights (in dollars per share)	$ 1.77	$ 2.32	$ 2.36

Allowance for Loan Losses - Modified Loan Accounts for TDR (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Modified Loans	$ 515,398	$ 394,639	$ 498,812
Charge-offs	74,137	52,823	48,469
Payment-Default	$ 111,810	$ 90,231	$ 92,532

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Earning assets:
Accrued interest receivable, difference between carrying and fair value	$ 98,746	$ 93,861
Tax indemnification receivable	88,844	41,570
Total earning assets, difference	2,265,887	2,152,077
Interest-bearing liabilities:
Long-term borrowings, difference	(80,286)	5,373
Total interest-bearing liabilities, difference	(226,078)	63,304
Excess of net asset fair value over carrying value	2,039,809	2,215,381
Certificates of Deposit
Interest-bearing liabilities:
Certificates of deposits, difference	(117,264)	38,780
Fair Value
Earning assets:
Credit Cards	3,818
Cash and cash equivalents	5,563,877	2,559,106
Available-for-sale investments	487,669	176,245
Accrued interest receivable	1,491,471	1,285,842
Tax indemnification receivable	27,558	39,207
Derivative instruments	715	2,090
Total	34,406,223	28,391,625
Interest-bearing liabilities:
Short-term borrowings	289,230	0
Long-term borrowings	4,434,323	4,278,931
Accrued interest payable	75,158	61,341
Derivative instruments	1,164	2,032
Total interest-bearing liabilities	29,228,573	23,226,455
Fair Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	10,363,691	9,370,957
Fair Value \| Certificates of Deposit
Interest-bearing liabilities:
Deposits	14,065,007	9,513,194
Carrying Value
Earning assets:
Credit Cards	3,818
Cash and cash equivalents	5,563,877	2,559,106
Available-for-sale investments	487,669	176,245
Accrued interest receivable	1,392,725	1,191,981
Tax indemnification receivable	27,558	39,207
Derivative instruments	715	2,090
Total	32,140,336	26,239,548
Interest-bearing liabilities:
Short-term borrowings	289,230	0
Long-term borrowings	4,354,037	4,284,304
Accrued interest payable	75,158	61,341
Derivative instruments	1,164	2,032
Total interest-bearing liabilities	29,002,495	23,289,759
Carrying Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	10,335,163	9,390,108
Certificates of deposits, difference	(28,528)	19,151
Carrying Value \| Certificates of Deposit
Interest-bearing liabilities:
Deposits	13,947,743	9,551,974
Private Education Loans
Earning assets:
Loans held for investment, net, difference	2,092,426	2,018,576
Private Education Loans \| Fair Value
Earning assets:
Private Education Loans	24,988,941	22,313,419
Private Education Loans \| Carrying Value
Earning assets:
Private Education Loans	22,896,515	20,294,843
FFELP Loans
Earning assets:
Loans held for investment, net, difference	11,239	11,296
FFELP Loans \| Fair Value
Earning assets:
Private Education Loans	795,055	859,185
FFELP Loans \| Carrying Value
Earning assets:
Private Education Loans	783,816	847,889
Personal Loans
Earning assets:
Loans held for investment, net, difference	63,476	28,344
Personal Loans \| Fair Value
Earning assets:
Private Education Loans	1,047,119	1,156,531
Personal Loans \| Carrying Value
Earning assets:
Private Education Loans	$ 983,643	$ 1,128,187

Premises and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The following is a summary of our premises and equipment.



	December 31,
	2019			2018
Land and land improvements	$	12,356		$	12,356
Buildings and leasehold improvements	105,986			71,919
Furniture, fixtures and equipment	25,694			20,794
Software	70,191			65,023
Premises and equipment, gross	214,227			170,092
Accumulated depreciation	(79,478		)	(64,588		)
Premises and equipment, net	$	134,749		$	105,504

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Available for sale:
Amortized Cost	$ 485,756	$ 182,325
Gross Unrealized Gains	2,675	178
Gross Unrealized Losses	(762)	(6,258)
Estimated Fair Value	487,669	176,245
Mortgage-backed securities
Available for sale:
Amortized Cost	215,888	159,937
Gross Unrealized Gains	1,895	155
Gross Unrealized Losses	(658)	(5,517)
Estimated Fair Value	217,125	154,575
Utah Housing Corporation bonds
Available for sale:
Amortized Cost	19,474	22,388
Gross Unrealized Gains	145	23
Gross Unrealized Losses	(83)	(741)
Estimated Fair Value	19,536	$ 21,670
U.S. government-sponsored enterprises
Available for sale:
Amortized Cost	250,394
Gross Unrealized Gains	635
Gross Unrealized Losses	(21)
Estimated Fair Value	$ 251,008

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
TDR Loans, Recorded Investment	$ 1,612,896	$ 1,280,713
TDR Loans, Unpaid Principal Balance	1,581,966	1,257,856
TDR Loans, Allowance	$ 186,697	$ 120,110

Parent Only Statements - Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Income Statements, Captions [Line Items]
Interest income									$ 2,331,032	$ 1,935,352	$ 1,437,303
Interest expense									707,717	522,288	308,082
Net interest income	$ 419,101	$ 405,065	$ 396,868	$ 402,281	$ 382,867	$ 356,633	$ 340,950	$ 332,614	1,623,315	1,413,064	1,129,221
Non-interest loss									48,927	(51,895)	(2,902)
Non-interest expenses									574,253	556,976	449,089
Income tax benefit	34,666	40,701	33,801	56,296	44,449	(53,667)	40,074	40,997	165,464	71,853	202,531
Net income									578,276	487,476	288,934
Preferred stock dividends	3,885	4,153	4,331	4,468	4,199	4,124	3,920	3,397	16,837	15,640	15,714
Net income attributable to SLM Corporation common stock	$ 137,467	$ 124,305	$ 145,946	$ 153,721	$ 143,313	$ 99,754	$ 105,912	$ 122,857	561,439	471,836	273,220
Parent Company
Condensed Income Statements, Captions [Line Items]
Interest income									2,663	4,693	5,497
Interest expense									11,060	11,059	8,170
Net interest income									(8,397)	(6,366)	(2,673)
Non-interest loss									(10,856)	(93,176)	(33,956)
Non-interest expenses									39,423	41,893	35,810
Loss before income tax benefit and equity in net income from subsidiaries									(58,676)	(141,435)	(72,439)
Income tax benefit									(25,260)	(96,170)	(40,598)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)									611,692	532,741	320,775
Net income									578,276	487,476	288,934
Preferred stock dividends									16,837	15,640	15,714
Net income attributable to SLM Corporation common stock									$ 561,439	$ 471,836	$ 273,220

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

Use of Estimates and Assumptions

Consolidation

Cash and Cash Equivalents

Available-for-Sale Investments

Other Investments

We also invest in affordable housing projects that qualify for the low income housing tax credit (“LIHTC”), which is designed to promote private development of low income housing. These investments generate a return mostly through realization of federal tax credits.

Loans Held for Investment

Restricted Cash

Allowance for Loan Losses

We utilize various models to determine an appropriate allowance for loan losses. Changes to model inputs are made as deemed necessary. These models are reviewed and validated periodically.

Below we describe in further detail our policies and procedures for the allowance for loan losses as they relate to our Private Education Loan, Personal Loan, FFELP Loan portfolios and Credit Cards.

Allowance for Private Education Loan Losses

Allowance for Personal Loans

Troubled Debt Restructurings

Key Credit Quality Indicators

Allowance for FFELP Loan Losses

Allowance for Credit Cards

Deposits

Upromise Member Accounts

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 consolidated balance sheet with changes in fair value recorded in the consolidated statement of income;


•	In the consolidated balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the consolidated statement of changes in equity;


•	In the consolidated balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the consolidated statement of income; and


•	In the notes to the consolidated financial statements.


•	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.

Loan Interest Income

Interest Expense

Gains on Sale of Loans, Net

Other Income

Securitization Accounting

Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to:


•	Owning the equity certificates of certain trusts;


•	The servicing of the student loan assets within the securitization trusts, on both a pre- and post-default basis;


•	Our acting as administrator for the securitization transactions we sponsored;


•	Our responsibilities relative to representation and warranty violations; and


•	The option to exercise the clean-up call and purchase the student loans from the trust when the pool balance is 10 percent or less of the original pool balance.

Derivative Accounting

Stock-Based Compensation

Income Taxes

Reclassifications

Recently Issued and Adopted Accounting Pronouncements

ASU No. 2016-02, “Leases”

Recently Issued but Not Yet Adopted Accounting Pronouncements

ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”

Deposits (Tables)

12 Months Ended

Dec. 31, 2019

Deposits [Abstract]

Schedule of deposits

The following table summarizes total deposits at December 31, 2019 and 2018.



	December 31,
	2019		2018
Deposits - interest bearing	$	24,282,906	$	18,942,082
Deposits - non-interest bearing	1,077		1,076
Total deposits	$	24,283,983	$	18,943,158

Interest bearing deposits

Interest bearing deposits at December 31, 2019 and 2018 are summarized as follows:



	December 31, 2019				December 31, 2018
	Amount		Year-End Weighted Average Stated Rate⁽¹⁾		Amount		Year-End Weighted Average Stated Rate⁽¹⁾

Money market	$	9,616,547	2.04	%	$	8,687,766	2.46	%
Savings	718,616		1.71		702,342		2.00
Certificates of deposit	13,947,743		2.44		9,551,974		2.74
Deposits - interest bearing	$	24,282,906			$	18,942,082

___

⁽¹⁾ Includes the effect of interest rate swaps in effective hedge relationships.

Schedule of maturities of time deposits

Certificates of deposit remaining maturities are summarized as follows:



	December 31,
	2019		2018
One year or less	$	4,934,933	$	4,098,520
After one year to two years	4,279,406		2,045,861
After two years to three years	2,807,297		1,479,292
After three years to four years	1,285,504		494,654
After four years to five years	548,492		1,274,198
After five years	92,111		159,449
Total	$	13,947,743	$	9,551,974

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Total Interest Receivable	$ 1,366,158	$ 1,168,823
Greater Than 90 Days Past Due	2,390	1,920
Allowance for Uncollectible Interest	$ 5,309	$ 6,322

Allowance for Loan Losses - Age Analysis of Past Due Loan Delinquencies (Details) - Student Loan - Consumer Portfolio Segment - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in in-school/grace/deferment	$ 5,687,405	$ 5,260,445	$ 4,757,732
Loans in forbearance	714,516	577,164	468,402
TDR loans in repayment and percentage of each status:
Loans current	16,315,651	14,289,705	11,911,128
Total TDR loans in repayment	$ 16,787,670	$ 14,666,856	$ 12,206,033
Loans current, in percentage	97.20%	97.40%	97.60%
Loans in repayment, in percentage	100.00%	100.00%	100.00%
Total TDR loans, gross	$ 23,189,591	$ 20,504,465	$ 17,432,167
Loans delinquent 31-60 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 288,051	$ 231,216	$ 179,002
Loans delinquent (in percentage)	1.70%	1.60%	1.50%
Loans delinquent 61-90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 121,302	$ 95,105	$ 78,292
Loans delinquent (in percentage)	0.70%	0.70%	0.60%
Loans delinquent greater than 90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 62,666	$ 50,830	$ 37,611
Loans delinquent (in percentage)	0.40%	0.30%	0.30%
Troubled Debt Restructured Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in in-school/grace/deferment	$ 87,749	$ 69,212
Loans in forbearance	99,054	69,796
TDR loans in repayment and percentage of each status:
Loans current	1,230,954	994,411
Total TDR loans in repayment	$ 1,395,163	$ 1,118,848
Loans current, in percentage	88.20%	88.90%
Loans in repayment, in percentage	100.00%	100.00%
Total TDR loans, gross	$ 1,581,966	$ 1,257,856
Troubled Debt Restructured Loans \| Loans delinquent 31-60 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 85,555	$ 63,074
Loans delinquent (in percentage)	6.10%	5.60%
Troubled Debt Restructured Loans \| Loans delinquent 61-90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 49,626	$ 36,804
Loans delinquent (in percentage)	3.60%	3.30%
Troubled Debt Restructured Loans \| Loans delinquent greater than 90 days
TDR loans in repayment and percentage of each status:
Loans delinquent	$ 29,028	$ 24,559
Loans delinquent (in percentage)	2.10%	2.20%

Selected Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (unaudited)



	2019
	First		Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter
Net interest income	$	402,281	$	396,868	$	405,065	$	419,101
Less: provisions for credit losses	63,790		93,375		99,526		97,558
Net interest income after provisions for credit losses	338,491		303,493		305,539		321,543
Gains (losses) on derivative and hedging activities, net	2,763		16,736		1,961		(3,635		)
Other income (loss)	13,378		2,655		15,280		(211		)
Total non-interest expenses	140,147		138,806		153,621		141,679
Income tax expense	56,296		33,801		40,701		34,666
Net income	158,189		150,277		128,458		141,352
Preferred stock dividends	4,468		4,331		4,153		3,885
Net income attributable to SLM Corporation common stock	$	153,721	$	145,946	$	124,305	$	137,467
Basic earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.35	$	0.34	$	0.29	$	0.33
Diluted earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.35	$	0.34	$	0.29	$	0.32
Declared dividends per common share attributable to SLM Corporation	$	0.03	$	0.06	$	—	$	0.03

______



	2018
	First		Second			Third			Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter			Quarter			Quarter
Net interest income	$	332,614	$	340,950		$	356,633		$	382,867
Less: provisions for credit losses	53,931		63,267			70,047			57,619
Net interest income after provisions for credit losses	278,683		277,683			286,586			325,248
Gains on sales of loans, net	—		2,060			—			—
Losses on sales of securities, net	—		(1,549		)	—			—
Gains (losses) on derivative and hedging activities, net	3,892		(5,268		)	(4,949		)	6,238
Other income (loss)	9,642		12,295			(80,702		)	6,446
Total non-interest expenses	124,966		135,315			150,724			145,971
Income tax expense (benefit)	40,997		40,074			(53,667		)	44,449
Net income	126,254		109,832			103,878			147,512
Preferred stock dividends	3,397		3,920			4,124			4,199
Net income attributable to SLM Corporation common stock	$	122,857	$	105,912		$	99,754		$	143,313
Basic earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.28	$	0.24		$	0.23		$	0.33
Diluted earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.28	$	0.24		$	0.23		$	0.33

_____

Parent Only Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 578,276	$ 487,476	$ 288,934
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Reduction of tax indemnification receivable	11,649	92,815	31,888
Amortization of unsecured debt upfront fees	1,117	1,128	1,316
Decrease in tax indemnification receivable	0	35,989	59,633
Increase in other assets	(3,091)	(64,777)	(72,646)
Decrease in income taxes payable, net	(30,191)	(79,693)	(19,687)
(Decrease) increase in other liabilities	5,386	15,204	1,304
Total adjustments	(593,917)	(590,217)	(460,093)
Total net cash used in operating activities	(15,641)	(102,741)	(171,159)
Cash flows from investing activities:
Total net cash used in investing activities	(2,306,714)	(3,254,863)	(3,160,150)
Cash flows from financing activities:
Unsecured debt issued	0	0	197,000
Issuance costs for unsecured debt offering	0	0	(1,057)
Redemption of Series A Preferred Stock	0	0	(165,000)
Common stock dividends paid	(51,114)	0	0
Preferred stock dividends paid	(16,837)	(15,640)	(15,714)
Common stock repurchased	(167,201)	0	0
Net cash provided by financing activities	5,361,220	4,403,324	2,994,974
Cash and cash equivalents at beginning of year	2,559,106	1,534,339
Cash and cash equivalents at end of year	5,563,877	2,559,106	1,534,339
Parent Company
Cash flows from operating activities:
Net income	578,276	487,476	288,934
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(611,692)	(532,741)	(320,775)
Dividends received from Sallie Mae Bank	254,000	0	0
Reduction of tax indemnification receivable	11,649	92,815	31,888
Amortization of unsecured debt upfront fees	811	809	596
Decrease in investment in subsidiaries, net	2,611	9,495	1,158
Decrease in tax indemnification receivable	0	35,989	59,633
Decrease (increase) in due from subsidiaries, net	6,254	(11,277)	(5,687)
Increase in other assets	(12,999)	(18,040)	(24,627)
Decrease in income taxes payable, net	(25,814)	(123,083)	(87,983)
Decrease in payable due to entity that is a subsidiary of Navient	(416)	(1,089)	(593)
(Decrease) increase in other liabilities	(5,796)	6,807	10,205
Total adjustments	(381,392)	(540,315)	(336,185)
Total net cash used in operating activities	196,884	(52,839)	(47,251)
Cash flows from investing activities:
Total net cash used in investing activities	0	0	0
Cash flows from financing activities:
Unsecured debt issued	0	0	197,000
Issuance costs for unsecured debt offering	0	0	(1,057)
Redemption of Series A Preferred Stock	0	0	(165,000)
Common stock dividends paid	(51,114)	0	0
Preferred stock dividends paid	(16,837)	(15,640)	(15,714)
Common stock repurchased	(167,201)	0	0
Net cash provided by financing activities	(235,152)	(15,640)	15,229
Net (decrease) increase in cash and cash equivalents	(38,268)	(68,479)	(32,022)
Cash and cash equivalents at beginning of year	191,776	260,255	292,277
Cash and cash equivalents at end of year	$ 153,508	$ 191,776	$ 260,255

Investments

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investments

The amortized cost and fair value of securities available for sale are as follows:



	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	215,888	$	1,895	$	(658	)	$	217,125
Utah Housing Corporation bonds	19,474		145		(83		)	19,536
U.S. government-sponsored enterprises	250,394		635		(21		)	251,008
Total	$	485,756	$	2,675	$	(762	)	$	487,669

	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	159,937	$	155	$	(5,517	)	$	154,575
Utah Housing Corporation bonds	22,388		23		(741		)	21,670
Total	$	182,325	$	178	$	(6,258	)	$	176,245



	Less than 12 months					12 months or more					Total
	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
As of December 31, 2019:
Mortgage-backed securities	$	(218	)	$	25,624	$	(440	)	$	42,448	$	(658	)	$	68,072
Utah Housing Corporation bonds	—			—		(83		)	11,097		(83		)	11,097
U.S. government-sponsored enterprises	(21		)	14,977		—			—		(21		)	14,977
Total	$	(239	)	$	40,601	$	(523	)	$	53,545	$	(762	)	$	94,146

As of December 31, 2018:
Mortgage-backed securities	$	(228	)	$	16,948	$	(5,289	)	$	125,537	$	(5,517	)	$	142,485
Utah Housing Corporation bonds	—			—		(741		)	16,647		(741		)	16,647
Total	$	(228	)	$	16,948	$	(6,030	)	$	142,184	$	(6,258	)	$	159,132

Our investment portfolio is comprised primarily of mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, with amortized costs of $54 million, $106 million, and $56 million, respectively, at December 31, 2019. We own these securities to meet our requirements under the Community Reinvestment Act. In the second quarter of 2018, we elected to sell nine securities totaling $41 million to better align the portfolio with the Community Reinvestment Act requirements, and we recognized a $2 million loss upon the sale of those securities. As of December 31, 2019, 33 of the 107 separate mortgage-backed securities in our investment portfolio had unrealized losses, and 18 of the 33 securities in a net loss position were issued under Ginnie Mae programs that carry a full faith and credit guarantee from the U.S. Government. The remaining securities in a net loss position carry a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively. We have the intent and ability to hold these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. As of December 31, 2018, 74 of the 86 separate mortgage-backed securities in our investment portfolio had unrealized losses, and 34 of the 74 securities in a net loss position were issued under Ginnie Mae programs that carry a full faith and credit guarantee from the U.S. Government. The remainder carried a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively.

We also invest in Utah Housing Corporation bonds for the purpose of complying with the Community Reinvestment Act. These bonds are Aa3 rated by Moody’s Investors Service. The amortized cost of the investment on the consolidated balance sheet at December 31, 2019 and December 31, 2018 was $19 million and $22 million, respectively. We have the intent and ability to hold these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security.

Beginning in the second quarter of 2019, we began investing in U.S. government-sponsored enterprise securities issued by the Federal Home Loan Bank (“FHLB”), Freddie Mac and the Federal Farm Credit Bank (“FFCB”). These bonds are rated AA+ by Moody’s Investors Services. As of December 31, 2019, 1 of the 14 securities had unrealized losses.



Year of Maturity	Amortized Cost		Estimated Fair Value
2020	$	77,240	$	77,385
2021	138,157		138,640
2022	34,997		34,983
2038	176		191
2039	2,597		2,778
2042	7,196		7,050
2043	11,661		11,813
2044	17,300		17,487
2045	18,280		18,332
2046	28,892		28,822
2047	45,411		45,353
2048	12,154		12,478
2049	91,695		92,357
Total	$	485,756	$	487,669

The mortgage-backed securities have been pledged to the FRB as collateral against any advances and accrued interest under the Primary Credit lending program sponsored by the FRB. We had $252 million and $147 million par value of securities pledged to this borrowing facility at December 31, 2019 and 2018, respectively, as discussed further in Note 9, “Borrowings.”

Other Investments

Investments in Non-Marketable Securities

We hold investments in non-marketable securities and account for these investments at cost, less impairment, plus or minus observable price changes of identical or similar securities of the same issuer. In the third quarter of 2019, we funded an additional investment, as part of a larger equity raise, in an issuer whose equity securities we purchased in the past. We used the valuation associated with the more recent securities investment to adjust the valuation of our previous investments and, as a result, recorded a gain of $8 million on our earlier equity securities investments. This gain was recorded in “other income” in the consolidated statements of income. As of December 31, 2019 and December 31, 2018, our total investment in the securities of this issuer was $26 million and $8 million, respectively.

Low Income Housing Tax Credit Investments

We invest in affordable housing projects that qualify for the LIHTC, which is designed to promote private development of low income housing. We recognized $6 million, $4 million and $1 million of tax credits and other tax benefits associated with investments in affordable housing projects within income tax expense for the years ended December 31, 2019, 2018 and 2017, respectively. The amount of amortization of such investments reported in income tax expense was $4 million, $4 million and $1 million for the years ended December 31, 2019, 2018 and 2017, respectively. Total carrying value of the LIHTC investments

was $58 million at December 31, 2019 and $48 million at December 31, 2018. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $29 million at December 31, 2019 and $37 million at December 31, 2018.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Valuation of financial instruments that are marked-to-market on recurring basis

The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.



	Fair Value Measurements on a Recurring Basis
	December 31, 2019										December 31, 2018
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Assets

Available-for-sale investments	$	—	$	487,669		$	—	$	487,669		$	—	$	176,245		$	—	$	176,245
Derivative instruments	—		715			—		715			—		2,090			—		2,090
Total	$	—	$	488,384		$	—	$	488,384		$	—	$	178,335		$	—	$	178,335

Liabilities
Derivative instruments	$	—	$	(1,164	)	$	—	$	(1,164	)	$	—	$	(2,032	)	$	—	$	(2,032	)
Total	$	—	$	(1,164	)	$	—	$	(1,164	)	$	—	$	(2,032	)	$	—	$	(2,032	)

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, 2019							December 31, 2018
	Fair Value		Carrying Value		Difference			Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	24,988,941	$	22,896,515	$	2,092,426		$	22,313,419	$	20,294,843	$	2,018,576
FFELP Loans	795,055		783,816		11,239			859,185		847,889		11,296
Personal Loans	1,047,119		983,643		63,476			1,156,531		1,128,187		28,344
Credit Cards	3,818		3,818		—			—		—		—
Cash and cash equivalents	5,563,877		5,563,877		—			2,559,106		2,559,106		—
Available-for-sale investments	487,669		487,669		—			176,245		176,245		—
Accrued interest receivable	1,491,471		1,392,725		98,746			1,285,842		1,191,981		93,861
Tax indemnification receivable	27,558		27,558		—			39,207		39,207		—
Derivative instruments	715		715		—			2,090		2,090		—
Total earning assets	$	34,406,223	$	32,140,336	$	2,265,887		$	28,391,625	$	26,239,548	$	2,152,077
Interest-bearing liabilities:
Money-market and savings accounts	$	10,363,691	$	10,335,163	$	(28,528	)	$	9,370,957	$	9,390,108	$	19,151
Certificates of deposit	14,065,007		13,947,743		(117,264		)	9,513,194		9,551,974		38,780
Short-term borrowings	289,230		289,230		—			—		—		—
Long-term borrowings	4,434,323		4,354,037		(80,286		)	4,278,931		4,284,304		5,373
Accrued interest payable	75,158		75,158		—			61,341		61,341		—
Derivative instruments	1,164		1,164		—			2,032		2,032		—
Total interest-bearing liabilities	$	29,228,573	$	29,002,495	$	(226,078	)	$	23,226,455	$	23,289,759	$	63,304

Excess of net asset fair value over carrying value					$	2,039,809						$	2,215,381

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income	$ 141,352	$ 128,458	$ 150,277	$ 158,189	$ 147,512	$ 103,878	$ 109,832	$ 126,254	$ 578,276	$ 487,476	$ 288,934
Preferred stock dividends	3,885	4,153	4,331	4,468	4,199	4,124	3,920	3,397	16,837	15,640	15,714
Net income attributable to SLM Corporation common stock	$ 137,467	$ 124,305	$ 145,946	$ 153,721	$ 143,313	$ 99,754	$ 105,912	$ 122,857	$ 561,439	$ 471,836	$ 273,220
Denominator:
Weighted average shares used to compute basic EPS (in shares)									427,292	435,054	431,216
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (ESPP) (in shares)									3,382	4,627	7,335
Weighted average shares used to compute diluted EPS (in shares)									430,674	439,681	438,551
Basic earnings per common share attributable to SLM Corporation (in usd per share)	$ 0.33	$ 0.29	$ 0.34	$ 0.35	$ 0.33	$ 0.23	$ 0.24	$ 0.28	$ 1.31	$ 1.08	$ 0.63
Diluted earnings per common share attributable to SLM Corporation (in usd per share)	$ 0.32	$ 0.29	$ 0.34	$ 0.35	$ 0.33	$ 0.23	$ 0.24	$ 0.28	$ 1.30	$ 1.07	$ 0.62
Antidilutive securities excluded from computation of earnings per share (in shares)									0	1,000	0

Deposits - Certificates of Deposits Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Time Deposits, Fiscal Year Maturity [Abstract]
One year or less	$ 4,934,933	$ 4,098,520
After one year to two years	4,279,406	2,045,861
After two years to three years	2,807,297	1,479,292
After three years to four years	1,285,504	494,654
After four years to five years	548,492	1,274,198
After five years	92,111	159,449
Total	$ 13,947,743	$ 9,551,974

Derivative Financial Instruments - Impact of Derivatives on the Statements of Changes in Stockholder's Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ (36,115)
Amount of gain (loss) recognized in other comprehensive income (loss)		$ 10,452	$ 8,008
Amount of gain (loss) reclassified in interest expense	2,299
Amount of gain (loss) reclassified in interest expense		(1,455)	(11,187)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	(38,414)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ (38,414)	$ 11,907	$ 19,195

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deposits [Abstract]
Deposits - interest bearing	$ 24,282,906	$ 18,942,082
Deposits - non-interest bearing	1,077	1,076
Total deposits	$ 24,283,983	$ 18,943,158