0001628280-22-003839 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 4,334,603	$ 4,455,292
Investments
Trading investments at fair value (cost of $29,049 and $12,551, respectively )	37,465	16,923
Available-for-sale investments	2,517,956	1,996,634
Other investments	140,037	80,794
Total investments	2,695,458	2,094,351
Loans held for investment (net of allowance for losses of $1,165,335 and $1,361,723, respectively)	20,341,283	19,183,143
Loans held for sale	0	2,885,640
Restricted cash	210,741	154,417
Other interest-earning assets	9,655	42,874
Accrued interest receivable	1,205,667	1,387,305
Premises and equipment, net	150,516	154,670
Income taxes receivable, net	239,578	374,706
Tax indemnification receivable	8,047	18,492
Other assets	26,351	19,533
Total assets	29,221,899	30,770,423
Liabilities
Deposits	20,828,124	22,666,039
Long-term borrowings	5,930,990	5,189,217
Other liabilities	313,074	352,332
Total liabilities	27,072,188	28,207,588
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: 432.0 million and 456.7 million shares issued, respectively	86,403	91,346
Additional paid-in capital	1,074,384	1,331,247
Accumulated other comprehensive loss (net of tax benefit of $(5,707) and $(10,908), respectively)	(17,897)	(34,200)
Retained earnings	2,817,134	1,722,365
Total SLM Corporation stockholders’ equity before treasury stock	4,211,094	3,361,828
Less: Common stock held in treasury at cost: 153.1 million and 81.4 million shares, respectively	(2,061,383)	(798,993)
Total equity	2,149,711	2,562,835
Total liabilities and equity	29,221,899	30,770,423
Series B Preferred Stock
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	$ 251,070	$ 251,070

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Trading investments, cost	$ 29,049	$ 12,551
Available-forsale investments at fair value, cost	2,535,568	1,986,957
Allowance for credit losses	$ 1,165,335	$ 1,361,723
Preferred stock, par value/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	1,125,000,000
Common stock, shares issued (in shares)	432,000,000.0	456,700,000
Accumulated other comprehensive income, tax	$ 5,707	$ (10,908)
Common stock held in treasury (in shares)	153,100,000	81,400,000
Series B Preferred Stock
Preferred stock, par value/stated value (in dollars per share)	$ 100	$ 100
Preferred stock, shares issued (in shares)	2,500,000	2,500,000

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income:
Loans	$ 1,756,945	$ 1,989,004	$ 2,249,169
Investments	13,859	11,743	7,607
Cash and cash equivalents	6,040	20,913	74,256
Total interest income	1,776,844	2,021,660	2,331,032
Interest expense:
Deposits	225,370	393,194	547,746
Interest expense on short-term borrowings	18,945	14,459	6,193
Interest expense on long-term borrowings	137,763	134,014	153,778
Total interest expense	382,078	541,667	707,717
Net interest income	1,394,766	1,479,993	1,623,315
Less: provisions for credit losses	(32,957)	93,133	354,249
Net interest income after provisions for credit losses	1,427,723	1,386,860	1,269,066
Non-interest income:
Gains on sales of loans, net	548,315	238,315	0
Gains on derivatives and hedging activities, net	144	49,544	17,825
Other income	83,990	43,590	31,102
Total non-interest income	632,449	331,449	48,927
Operating expenses
Compensation and benefits	258,321	282,497	278,229
FDIC assessment fees	23,368	21,956	32,852
Other operating expenses	236,964	233,635	263,172
Total operating expenses	518,653	538,088	574,253
Restructuring expenses	1,255	26,215	0
Total non-interest expenses	519,908	564,303	574,253
Income before income tax expense	1,540,264	1,154,006	743,740
Income tax expense	379,751	273,316	165,464
Net income	1,160,513	880,690	578,276
Preferred stock dividends	4,736	9,734	16,837
Net income attributable to SLM Corporation common stock	$ 1,155,777	$ 870,956	$ 561,439
Basic earnings per common share (in usd per share)	$ 3.67	$ 2.27	$ 1.31
Average common shares outstanding (in shares)	314,993	383,705	427,292
Diluted earnings per common share (in usd per share)	$ 3.61	$ 2.25	$ 1.30
Average common and common equivalent shares outstanding (in shares)	319,912	387,195	430,674
Declared dividends per common share (in usd per share)	$ 0.20	$ 0.12	$ 0.12

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 1,160,513	$ 880,690	$ 578,276
Other comprehensive income (loss):
Unrealized gains (losses) on investments	(26,606)	7,764	7,993
Unrealized gains (losses) on cash flow hedges	48,111	(36,511)	(38,414)
Total unrealized gains (losses)	21,505	(28,747)	(30,421)
Income tax (expense) benefit	(5,202)	6,914	7,431
Other comprehensive income (loss), net of tax (expense) benefit	16,303	(21,833)	(22,990)
Total comprehensive income	$ 1,176,816	$ 858,857	$ 555,286

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Equity	Total Equity Cumulative Effect, Period of Adoption, Adjustment	Total Equity Cumulative Effect, Period Of Adoption, Adjusted Balance	Total Equity Series B Preferred Stock	Preferred Stock	Preferred Stock Cumulative Effect, Period Of Adoption, Adjusted Balance	Preferred Stock Series B Preferred Stock	Common Stock	Common Stock Cumulative Effect, Period Of Adoption, Adjusted Balance	Treasury Stock	Treasury Stock Cumulative Effect, Period Of Adoption, Adjusted Balance	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period Of Adoption, Adjusted Balance	Additional Paid-In Capital Series B Preferred Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period Of Adoption, Adjusted Balance	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings Cumulative Effect, Period Of Adoption, Adjusted Balance	Retained Earnings Series B Preferred Stock
Beginning balance, shares issued (in shares) at Dec. 31, 2018						4,000,000			449,856,221
Beginning balance (in shares) at Dec. 31, 2018									435,681,488		(14,174,733)
Beginning balance at Dec. 31, 2018		$ 2,972,656				$ 400,000			$ 89,972		$ (142,591)		$ 1,274,635			$ 10,623		$ 1,340,017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 578,276	578,276																578,276
Other comprehensive loss, net of tax	(22,990)	(22,990)														(22,990)
Total comprehensive income	$ 555,286	555,286
Cash dividends:
Common stock		(51,114)																(51,114)
Preferred stock					$ (16,837)																$ (16,837)
Repurchase of Preferred Stock, series B (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		(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 (in shares) at Dec. 31, 2019									421,093,364	421,093,364	(32,506,562)	(32,506,562)
Ending balance, shares issued (in shares) at Dec. 31, 2019						4,000,000	4,000,000		453,599,926	453,599,926
Ending balance at Dec. 31, 2019		3,311,836	$ (952,639)	$ 2,359,197		$ 400,000	$ 400,000		$ 90,720	$ 90,720	$ (324,659)	$ (324,659)	1,307,630	$ 1,307,630		(12,367)	$ (12,367)	1,850,512	$ (952,639)	$ 897,873
Cash dividends:
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13
Net income	$ 880,690	880,690																880,690
Other comprehensive loss, net of tax	(21,833)	(21,833)														(21,833)
Total comprehensive income	$ 858,857	858,857
Common stock		(46,351)																(46,351)
Preferred stock					(9,734)																(9,734)
Repurchase of Preferred Stock, series B (in shares)	(1,197,843)							(1,489,304)
Repurchase of Preferred Stock, series B					(68,055)			$ (148,930)							$ 80,875
Dividend equivalent units related to employee stock-based compensation plans		(10)											271					(281)
Issuance of common shares (in shares)	3,129,325								3,129,325
Issuance of common shares		3,602							$ 626				2,976
Stock-based compensation expense		36,586											36,418					168
Common stock repurchased (in shares)	(47,736,847)								(47,736,847)		(47,736,847)
Common stock repurchased		(558,167)									$ (461,244)		(96,923)
Shares repurchased related to employee stock-based compensation plans (in shares)									(1,197,843)		(1,197,843)
Shares repurchased related to employee stock-based compensation plans		(13,090)									$ (13,090)
Ending balance (in shares) at Dec. 31, 2020									375,287,999		(81,441,252)
Ending balance, shares issued (in shares) at Dec. 31, 2020						2,510,696			456,729,251
Ending balance at Dec. 31, 2020	$ 2,562,835	2,562,835				$ 251,070			$ 91,346		$ (798,993)		1,331,247			(34,200)		1,722,365
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,160,513	1,160,513																1,160,513
Other comprehensive loss, net of tax	16,303	16,303														16,303
Total comprehensive income	$ 1,176,816	1,176,816
Cash dividends:
Common stock		(60,462)																(60,462)
Preferred stock					$ (4,736)																$ (4,736)
Repurchase of Preferred Stock, series B (in shares)	(1,368,942)
Dividend equivalent units related to employee stock-based compensation plans		(16)											530					(546)
Issuance of common shares (in shares)	3,786,581								3,786,581
Issuance of common shares		4,891							$ 757				4,134
Stock-based compensation expense		30,649											30,649
Common stock repurchased and cancelled (in shares)									(28,502,460)
Common stock repurchased and cancelled		(472,560)							$ (5,700)				(466,860)
Common stock repurchased (in shares)	(98,748,905)								(70,246,445)		(70,246,445)
Common stock repurchased		(1,067,583)									$ (1,242,267)		174,684
Shares repurchased related to employee stock-based compensation plans (in shares)									(1,368,942)		(1,368,942)
Shares repurchased related to employee stock-based compensation plans		(20,123)									$ (20,123)
Ending balance (in shares) at Dec. 31, 2021									278,956,733		(153,056,639)
Ending balance, shares issued (in shares) at Dec. 31, 2021						2,510,696			432,013,372
Ending balance at Dec. 31, 2021	$ 2,149,711	$ 2,149,711				$ 251,070			$ 86,403		$ (2,061,383)		$ 1,074,384			$ (17,897)		$ 2,817,134

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Declared dividends per common share attributable to SLM Corporation (in dollars per share)	$ 0.20	$ 0.12	$ 0.12
Series B Preferred Stock
Preferred stock dividend rate (in dollars per share)	$ 1.89	$ 2.56	$ 4.21

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Operating activities
Net income	$ 1,160,513	$ 880,690	$ 578,276
Adjustments to reconcile net income to net cash used in operating activities:
Provisions for credit losses	(32,957)	93,133	354,249
Deferred tax provision (benefit)	55,372	72,776	(9,714)
Amortization of brokered deposit placement fee	15,516	19,401	17,788
Amortization of Secured Borrowing Facility upfront fee	2,415	2,976	1,117
Amortization of deferred loan origination costs and loan premium/(discounts), net	16,103	24,152	13,049
Net amortization of discount on investments	7,310	6,350	2,069
Reduction of tax indemnification receivable	10,445	9,066	11,649
Depreciation of premises and equipment	16,043	15,066	14,669
Stock-based compensation expense	30,649	36,464	30,600
Unrealized (gains) losses on derivative and hedging activities, net	23,249	(10,333)	(19,046)
Gains on sale of loans, net	(548,315)	(238,315)	0
Gain on sale of Upromise subsidiary, net	0	(11,331)	0
Other adjustments to net income, net	(23,410)	8,810	3,724
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(743,757)	(876,703)	(963,885)
Increase in non-marketable securities	(9,969)	(839)	(10,700)
Decrease (increase) in other interest-earning assets	33,219	9,690	(25,407)
Increase in other assets	(123,268)	(50,454)	(3,091)
Increase (decrease) in income tax payable, net	72,191	(45,611)	(30,191)
(Decrease) increase in accrued interest payable	(13,672)	(14,602)	13,817
Decrease in Upromise member accounts due to sale	0	(193,840)	0
Increase in other liabilities	2,801	80,785	5,386
Total adjustments	(1,210,035)	(1,063,359)	(593,917)
Total net cash used in operating activities	(49,522)	(182,669)	(15,641)
Investing activities
Loans acquired and originated	(5,511,845)	(5,378,283)	(6,138,105)
Net proceeds from sales of loans held for investment	4,642,505	3,875,737	0
Proceeds from claim payments	19,386	28,709	42,869
Net decrease in loans held for investment	3,845,990	3,832,991	4,094,021
Purchases of available-for-sale securities	(1,257,129)	(2,083,261)	(356,414)
Proceeds from sales and maturities of available-for-sale securities	865,766	654,515	50,915
Proceeds from the sale of Upromise subsidiary, net	0	16,922	0
Total net cash provided by (used in) investing activities	2,604,673	947,330	(2,306,714)
Financing activities
Brokered deposit placement fee	(12,565)	(4,810)	(27,978)
Net (decrease) increase in certificates of deposit	(2,130,728)	(2,428,094)	4,349,741
Net increase in other deposits	393,306	704,382	923,793
Borrowings collateralized by loans in securitization trusts - issued	1,585,125	1,338,641	1,105,594
Borrowings collateralized by loans in securitization trusts - repaid	(1,143,738)	(1,003,327)	(1,042,892)
Borrowings under Secured Borrowing Facility	0	0	297,800
Repayment of borrowings under Secured Borrowing Facility	0	(289,230)	(8,570)
Fees paid - Secured Borrowing Facility	(2,846)	(3,256)	(1,116)
Unsecured debt issued	492,135	495,000	0
Unsecured debt repaid	(202,784)	0	0
Preferred stock dividends paid	(4,736)	(9,734)	(16,837)
Repurchase of Series B Preferred Stock	0	(68,055)	0
Common stock dividends paid	(60,462)	(46,351)	(51,114)
Common stock repurchased	(1,530,683)	(558,167)	(167,201)
Net cash (used in) provided by financing activities	(2,619,516)	(1,875,712)	5,361,220
Net (decrease) increase in cash, cash equivalents and restricted cash	(64,365)	(1,111,051)	3,038,865
Cash, cash equivalents and restricted cash at beginning of year	4,609,709	5,720,760	2,681,895
Cash, cash equivalents and restricted cash at end of year	4,545,344	4,609,709	5,720,760
Cash disbursements made for:
Interest	359,684	517,444	666,018
Income taxes paid	261,473	248,122	201,792
Income taxes refunded	(8,614)	(6,219)	(853)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	4,334,603	4,455,292	5,563,877
Restricted cash	210,741	154,417	156,883
Total cash, cash equivalents and restricted cash	4,545,344	4,609,709	5,720,760
Collateralized Securities
Financing activities
Issuance costs for collateralized borrowings and unsecured debt offering	0	(1,402)	0
Unsecured Debt
Financing activities
Issuance costs for collateralized borrowings and unsecured debt offering	$ (1,540)	$ (1,309)	$ 0

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2021
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, asset recovery, and consolidation loan 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”).

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

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 credit losses.

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: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) 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.

Trading Investments

We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitizations). We classified those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the residual classes, which we classified as trading investments recorded at fair value with changes recorded through earnings.

Available-for-Sale Investments

Investments consisted of mortgage-backed securities, Utah Housing Corporation bonds, and U.S. government-sponsored enterprises and Treasury 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.

We assess unrealized losses on available-for-sale debt securities that we have the ability and intent to hold for a period of time sufficient to recover the amortized cost of the security, for the purpose of determining credit impairment. If any credit impairment exists, an allowance for losses is established for the amount of the unrealized loss that is determined to be credit-related.

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

Loans, consisting of Private Education Loans, FFELP 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 credit losses.

Loans Held for Sale

Any loans we have not classified as held for investment are classified as held-for-sale and are carried at the lower of cost or fair value. Loans are classified as held-for-sale when we have the intent and ability to sell such loans. Loans which are held-for-sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. When a decision has been made to sell loans not previously classified as held for sale, such loans are transferred into the held-for-sale classification and carried at the lower of amortized cost basis (which excludes any allowance for credit losses) or fair value. At the time of the transfer to the held-for-sale classification, any amount by which the amortized cost basis exceeds fair value is accounted for as a valuation allowance. In addition, once a loan is classified as held-for-sale, we reverse any allowance for loan loss applicable to these loans.

As market conditions permit, we may sell or securitize loans as a source of financing for other loans. Due to varying structuring terms, certain transactions may qualify for sale treatment while others do not qualify for sale treatment and are recorded as financings. All of our education loans are initially categorized as held for investment. It is only when we have selected the loans to sell or securitize and the transaction qualifies as a sale that we transfer the loans into the held-for-sale classification and carry them at the lower of cost or fair value. If we anticipate recognizing a gain related to the impending securitization or sale, then the fair value of the loans is higher than their respective cost basis and no valuation allowance is recorded.

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 Credit Losses

Adoption of CECL

On January 1, 2020, we adopted the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standard Update (“ASU”) No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“CECL”). Under this guidance, for all loans carried at amortized cost, upon loan origination we are 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 are recorded through provision expense. The estimate of loan 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.

Adoption of the standard had a material impact on how we record and report our financial condition and results of operations, and on regulatory capital. The following table illustrates the impact of the cumulative effect adjustment made upon adoption of CECL on January 1, 2020:


	January 1, 2020
(Dollars in thousands)	As reported under CECL		Pre-CECL Adoption		Impact of CECL Adoption
Assets:
Allowance for credit losses:
Private Education Loans	$	1,435,130	$	374,300	$	1,060,830
FFELP Loans	4,485		1,633		2,852
Personal Loans	145,060		65,877		79,183
Credit Cards	290		102		188
Total	$	1,584,965	$	441,912	$	1,143,053

Deferred tax asset	$	415,540	$	109,369	$	306,171

Liabilities:
Allowance for credit losses:
Off-balance sheet exposures	$	118,239	$	2,481	$	115,758

Equity:
Retained Earnings	$	897,873	$	1,850,512	$	(952,639)

This transition adjustment shown above is inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopt CECL during the 2020 calendar year, including the Bank, may elect to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. The Bank has elected to use this option. Therefore, the regulatory capital impact of the Bank’s transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank’s allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the “adjusted transition amounts”), were deferred for the two-year period ending January 1, 2022. From January 1, 2022 to January 1, 2025, the adjusted transition amounts will be phased in for regulatory capital purposes at a rate of 25 percent per year, with the phased-in amounts included in regulatory capital at the beginning of each year. For additional information, see Note 18, “Regulatory Capital.”

Allowance for Credit Losses - 2021 and 2020

We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date.

In determining the lifetime expected credit losses on our Private Education Loan portfolio loan segments, we use a discounted cash flow model. This method requires us to project future principal and interest cash flows on our loans in those portfolios.

To estimate the future expected cash flows, we use a vintage-based model that considers life of loan loss expectations, prepayments (both voluntary and involuntary), defaults, recoveries, and any other adjustments deemed necessary, to determine the adequacy of the allowance at each balance sheet date. These cash flows are discounted at the loan’s effective interest rate to calculate the present value of those cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for credit losses. Entities that measure credit losses based on the present value of expected future cash flows are permitted to report the entire change in present value as credit loss expense, but may alternatively report the change in present value due to the passage of time as interest income. We have elected to report the entire change in present value as credit loss expense.

In determining the loss rates used for the vintage-based approach, we start with our historical loss rates, stratify the loans within each vintage, and then adjust the loss rates based upon economic factors forecasted over a reasonable and supportable forecast period. The reasonable and supportable forecast period is meant to represent the period in which we

believe we can estimate the impact of forecasted economic factors in our expected losses. At the end of the reasonable and supportable forecast period, we immediately revert our forecast of expected losses to our historical averages. We use a two-year reasonable and supportable forecast period, although this period is subject to change as our view evolves on our ability to reasonably forecast economic conditions to estimate future losses.

In estimating our current expected credit losses, we use a combination of expected economic scenarios coupled with our historical experience to derive a base case adjusted for any qualitative factors (as described below). We also develop an adverse and favorable economic scenario. At each reporting date, we determine the appropriate weighting of these alternate scenarios based upon the current economic conditions and our view of the risks of alternate outcomes. This weighting of expectations is used in calculating our current expected credit losses recorded each period.

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.

We use historical experience and economic forecasts to estimate future prepayment speeds. As with our loss forecasts, at the end of the two-year reasonable and supportable forecast for prepayments, we immediately revert to our historical long-term prepayment rates.

In addition to the above modeling approach, we also take certain other qualitative factors into consideration when calculating the allowance for credit losses. These qualitative factors include, but are not limited to, 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 current expected credit losses.

The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for credit losses, the timing of when losses are recognized, and the related provision for credit losses on our consolidated statements of income.

When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period. These include, but are not limited to, CECL model inputs and any overlays deemed necessary by management. The most impactful CECL model inputs include:

•Economic forecasts;

•Weighting of economic forecasts;

•Prepayment speeds; and

•Recovery rates.

Management overlays can encompass a broad array of factors not captured by model inputs, including but not limited to, changes in servicing policies, collection administrative practices, state law changes that could impact servicing and collection practices, and observed differences between forecasted and actual results.

Below we describe in further detail our policies and procedures for the allowance for credit losses as they relate to our Private Education Loan, Credit Card, and FFELP Loan portfolios. During the third quarter of 2020, we sold our entire Personal Loan portfolio.

Allowance for Private Education Loan Losses - 2021 and 2020

In addition to the key assumptions/estimates described above, some estimates are unique to our Private Education Loan portfolio. Estimates are made on our Private Education Loans regarding when each borrower will separate from school. The cash flow timing of when a borrower will begin making full principal and interest payments is dependent upon when the student either graduates or leaves school. These dates can change based upon many factors. We receive information regarding projected graduation dates from a third-party clearinghouse. The separation from school date is updated quarterly based on updated information received from the clearinghouse.

Additionally, when we have a contractual obligation to fund a loan or a portion of a loan at a later date, we make an estimate regarding the percentage of this obligation that will be funded. This estimate is based on historical experience. For unfunded commitments, we recognize the related life of loan allowance as a liability. Once the loan is funded, that liability transfers to the allowance for Private Education Loan losses.

Key Credit Quality Indicators - Private Education Loans - 2021 and 2020

We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider credit score 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 credit 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 credit losses on a quarterly basis.

We collect on defaulted loans through a mix of in-house collectors, third-party collectors, and sales to third-parties. For December 31, 2021 and 2020, 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.

Private Education Loans generally do not require borrowers to begin principal and interest repayment until at least six months after the borrowers have graduated or otherwise separated from school. Consequently, the loss estimates for these loans are generally low while the borrower is in school and then increase upon the end of the grace period after separation from school. At both December 31, 2021 and 2020, 24 percent of the principal balance of the Private Education Loan portfolio was related to borrowers who were then in an in-school (fully deferred), grace, or other deferment status and not required to make payments.

Our collection policies for Private Education Loans allow for periods of nonpayment for certain borrowers requesting an extended grace period upon leaving school or experiencing temporary difficulty meeting payment obligations. This is referred to as forbearance and is considered in estimating the allowance for credit losses.

As part of concluding on the adequacy of the allowance for credit losses for Private Education Loans, we review key allowance and loan metrics. The most relevant of these metrics considered are the allowance as a percentage of ending total loans, delinquency percentages, and forbearance percentages.

We consider a Private Education Loan to be delinquent if the borrower has not made a required payment prior to the 31st day after such payment was contractually due.

Troubled Debt Restructurings (“TDRs”) - 2021 and 2020

In estimating the expected defaults for our Private Education Loans that are considered TDRs, we follow the same discounted cash flow process described above but use the historical loss rates related to past TDR loans. The appropriate gross loss rates are determined for each individual loan by evaluating loan maturity, risk characteristics, and macroeconomic conditions.

The allowance for our TDR portfolio is included in our overall allowance for Private Education Loans. Our TDR portfolio is comprised mostly of loans with interest rate reductions and loans with forbearance usage greater than three months, as further described below.

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 loans. 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 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.

We 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. About half our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan. As of both December 31, 2021 and 2020, approximately 47 percent of TDRs were classified as such due to their forbearance status. For additional information, see Note 7, “Allowance for Credit Losses.”

On March 27, 2020, then President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which, among other things, allows us to (i) elect to suspend the requirements under GAAP for loan modifications related to COVID-19 that would otherwise be categorized as TDRs, and (ii) suspend any determination of a loan modified as a result of the effects of COVID-19 as being a TDR, including impairment for accounting purposes. Furthermore, on December 27, 2020, the Consolidated Appropriations Act, 2021 (the “CAA”) was signed into law. The CAA provides for additional COVID-19 focused relief and extends certain provisions of the CARES Act.

We have elected to suspend TDR accounting for both forbearance and interest rate modifications of loans that occur as a result of COVID-19 for the applicable period of the CARES Act and CAA relief. The relief from TDR guidance applies to modifications of loans that were not more than 30 days past due as of December 31, 2019, and that occur during the period beginning on March 1, 2020, and ending on the earlier of (i) sixty days after the date on which the national emergency related to the COVID-19 outbreak is terminated, or (ii) January 1, 2022. We are continuing to apply TDR accounting to those loans that were more than 30 days past due as of December 31, 2019 and were subsequently modified.

Off-Balance Sheet Exposure for Contractual Loan Commitments - 2021 and 2020

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 the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. The discounted cash flow approach described above includes expected future contractual disbursements. The portion of the allowance for credit losses related to future disbursements is shown as a liability on the face of the balance sheet, and related provision for credit losses is reflected on the income statement.

Uncollectible Interest - 2021 and 2020

The majority of the total accrued interest receivable on our Private Education Loan portfolio represents accrued interest on deferred loans where no payments are due while the borrower is in school and on fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accrued on the loan in that month. The accrued interest on these loans will be capitalized and increase the unpaid principal balance of the loans when the borrower exits the grace period after separation from school. The discounted cash flow approach described above considers both the collectability of principal as well as this portion of accrued interest that is expected to capitalize to the balance of the loan. Therefore, the allowance for this portion of accrued interest balance is included in our allowance for credit losses. The discounted cash flow approach does not consider interest accrued on loans that are in a full principal and interest repayment status or in interest-only repayment status. We separately capture the amount of expected uncollectible interest associated with these loans using historical experience to estimate the uncollectible interest for the next four months at each period-end date. This amount is recorded as a reduction of interest income. Accrued interest receivable is separately disclosed on the face of the balance sheet.

Allowance for Credit Card Loans - 2021 and 2020

We use the gross loss approach when estimating the allowance for credit losses for our Credit Card portfolio. Because our Credit Card portfolio is new and we do not have sufficient historical loss experience, we use estimated loss rates reported by other financial institutions to estimate our allowance for credit losses for Credit Cards, net of expected recoveries. In addition, we use a model that utilizes purchased credit card information with risk characteristics similar to those of our own portfolio as a challenger model. We then consider any qualitative factors that may change our future expectations of losses.

As all of our Credit Card loans are unconditionally cancelable by us, the issuer, we do not record any estimate of credit losses for unused portions of our Credit Card commitments.

Allowance for FFELP Loan Losses - 2021 and 2020

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. Because we bear a maximum of three percent loss exposure due to this federal guarantee, our allowance for credit losses for FFELP Loans and related periodic provision expense are relatively small.

We use the gross loss approach when estimating the allowance for credit losses for the unguaranteed portion of our FFELP Loans. We maintain an allowance for credit losses for our FFELP Loans at a level sufficient to cover lifetime expected credit losses. The allowance for FFELP Loan losses uses historical experience of customer default behavior. We apply the default rate projections, net of applicable risk sharing, to our FFELP Loans for the current period to perform our quantitative calculation. Once the quantitative calculation is performed, we review the adequacy of the allowance for credit losses and determine if qualitative adjustments need to be considered.

Allowance for Credit Losses - 2019

Prior to January 1, 2020, we maintained an allowance for credit 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 considered a loan to be impaired when, based on current information, a loss had been incurred and it was probable that we would not receive all contractual amounts due. When making our assessment as to whether a loan was impaired, we also took into account more than insignificant delays in payment. We generally evaluated impaired loans on an aggregate basis by grouping similar loans.

We analyzed our portfolios to determine the effects that the various stages of delinquency and forbearance had on borrower default behavior and ultimate charge off. We estimated the allowance for credit 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 took into account the current and future economic environment and certain other qualitative factors when calculating the allowance for credit losses.

The evaluation of the allowance for credit losses is inherently subjective, as it required material estimates that may be susceptible to significant changes. Our default estimates were 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 credit losses was subject to a number of assumptions. If actual future performance in delinquency, charge-offs, and recoveries was significantly different than estimated, or account management assumptions or practices were to change, this could materially affect the estimate of the allowance for credit losses, the timing of when losses were recognized, and the related provision for credit losses on our consolidated statements of income.

We utilized various models to determine an appropriate allowance for credit losses. Changes to model inputs were made as deemed necessary. The models were reviewed and validated periodically.

Below we describe in further detail our policies and procedures for the allowance for credit losses in 2019 as they relate to our Private Education Loan, Personal Loan, FFELP Loan portfolios and Credit Cards.

Allowance for Private Education Loan Losses - 2019

Prior to January 1, 2020, in determining the allowance for credit losses on our Private Education Loans that are not TDRs, we estimated the principal amount of loans that would 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 expected 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) equaled 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 started with historical experience of customer delinquency and default behavior. We made judgments about which historical period to start with and then made further judgments about whether that historical experience was representative of future expectations and whether additional

adjustments may be needed to those historical default rates. We also took certain other qualitative factors into consideration when calculating the allowance for credit losses. These qualitative factors included, but were 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 separated from school. Consequently, the loss estimates for these loans were generally low while the borrower was in school. As this population of borrowers left school, they would be required to begin payments on their loans, and the allowance for losses could 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 was considered separately in the allowance for credit losses. The loss emergence period was in alignment with the typical collection cycle and took into account these periods of nonpayment.

As part of concluding on the adequacy of the allowance for credit losses, we reviewed key allowance and loan metrics. The most relevant of these metrics considered were 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 if the borrower has not made a required payment prior to the 31st day after such payment was contractually due. We used a model to estimate the amount of uncollectible accrued interest on Private Education Loans and reserved for that amount against current period interest income.

Our non-TDR allowance for credit losses was estimated using an analysis of delinquent and current accounts. Our roll rate model was 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 was estimated, a recovery assumption was layered on top. In estimating recoveries, we used 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 was based upon actual experience using the 120 day charge-off default aversion strategies. Once the quantitative calculation was performed, we reviewed the adequacy of the allowance for credit losses and determined if qualitative adjustments needed to be considered.

Allowance for Personal Loans - 2019

Prior to January 1, 2020, we maintained 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 credit losses on our Personal Loan portfolio that were not TDRs, we estimated the principal amount of the loans that would default over the next twelve months (twelve months being the expected period between a loss trigger event and default) and how much we expected 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 equaled the allowance related to this portfolio. At December 31, 2019, there were no Personal Loans classified as TDRs.

Troubled Debt Restructurings - 2019

Separately, for our TDR portfolio, we estimated 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 above.

Allowance for FFELP Loan Losses - 2019

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. For loans disbursed prior to October 1, 1993, we receive 100 percent reimbursement.

The 2019 allowance for FFELP Loan losses used 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 applied the

default rate projections, net of applicable risk sharing, to each category for the relevant period to perform our quantitative calculation. Once the quantitative calculation was performed, we reviewed the adequacy of the allowance for credit losses and determined if qualitative adjustments needed to be considered.

Allowance for Credit Card Loans - 2019

The 2019 allowance for Credit Card losses was management’s estimate of credit losses inherent in the Credit Card portfolio at the relevant balance sheet date. The allowance for Credit Card losses used 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.

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 (regardless of the delinquency status of the impaired loans), classified as held for investment, we recognize interest income as earned, adjusted for the amortization of deferred direct origination and acquisition costs. Deferred fees or costs are required to be recognized as yield adjustments over the life of the related loans and are recognized by the interest method. The objective of the interest method is to arrive at periodic interest income (including recognition of fees and costs) at a constant effective yield on the net investment in the receivable (i.e., the principal amount of the receivable adjusted by unamortized fees or costs, purchase premium or discount, and any hedging activity—these unamortized costs will collectively be referred to as “basis adjustments”). The difference between the periodic interest income so determined and the interest income determined by applying the stated interest rate to the outstanding principal amount of the receivable is the amount of periodic amortization of deferred direct origination and acquisition costs.

For the amortization of the basis adjustments, we determine the constant effective yield necessary to apply the interest method based upon the contractual terms of the loan contract, with no consideration given to expected prepayments.

For fixed-rate loans, when a prepayment occurs the unamortized balance of the basis adjustments is adjusted so that future amortization (based upon the contractual terms of the loan) will result in a constant effective yield equal to the original effective interest rate. Prepayments do not result in a change in the effective interest rate of the loan. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income.

For variable-rate loans, the effective interest rate at the time of origination is the loan’s effective interest rate assuming all future contractual payments. The effective interest rate remains the same for that loan until the loan rate changes. If there is no prepayment and no change in the stated interest rate, the periodic amortization of the basis adjustments is equal to the difference between the effective interest rate multiplied by the book basis and the contractual interest due. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income.

When the interest rate on a variable-rate loan changes, the effective interest rate is recalculated using the same methodology described in the previous paragraph; however, the future contractual payments are changed to reflect the new interest rate. There is no forecasting of future expected changes in interest rates. The accounting basis used to determine the effective interest rate of the cash flows is equal to the balances of the unpaid principal balance and unamortized basis adjustments at the time of the rate change.

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.

With the adoption of CECL on January 1, 2020, we continue to analyze the collectability of accrued interest associated with loans not currently in full principal and interest repayment status or interest-only repayment status as discussed above; however, we have changed the recognition of the allowance for this portion of uncollectible interest (amounts to be capitalized after separation from school and the expiration of the grace period) to the provisions for credit losses from our historical practice of recording it as a reduction of interest income, as well as classifying this allowance as part of our allowance for credit losses as opposed to our historical practice of recording it as a reduction of accrued interest income receivable.

The allowance for the portion of uncollectible interest on loans making full interest payments will continue to be recorded as a reduction of interest income. As we maintain an allowance for uncollectible interest on loans making full interest payments and an allowance for credit losses for the interest on loans where all, or a portion of the interest, will be capitalized in the future, we do not place loans in nonaccrual status prior to charge-off. At December 31, 2021 and 2020, we had no loans in nonaccrual status.

We recognize certain fee income (primarily late fees) on all 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”), 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 10, “Deposits,” and Note 11, “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 2021, we recognized $548 million in gains from the sale of approximately $4.24 billion of our Private Education Loans, including $3.98 billion of principal and $264 million in capitalized interest, to unaffiliated third parties.

In 2020, we recognized $238 million in gains from the sale of approximately $3.1 billion of our Private Education Loans, including $2.9 billion of principal and $199 million in capitalized interest, to unaffiliated third parties. We did not sell loans in 2019.

Other Income

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 program, income for servicing private student loans for third-parties, and changes to our tax indemnification receivable from Navient.

Our former Upromise subsidiary had a number of programs that encouraged consumers to save for the cost of college education. We had established a consumer savings network, which was designed to promote college savings by consumers who were members of this program by encouraging them to purchase goods and services from the merchants that participated in the program. Participating merchants generally paid Upromise fees based on member purchase volume, either online or in stores, depending on the contractual arrangement with the merchant. We recognized revenue as marketing and administrative services were rendered, based upon contractually determined rates and member purchase volumes. On May 31, 2020, we sold our Upromise subsidiary to a third party, resulting in the loss of revenue from that business for the second half of 2020.

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: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) 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 2021 and 2020, 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 (i) 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 (ii) 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.

From time to time, we also engage in certain transactions that are not consolidated on our balance sheet due to the transaction having met the criterion for sales treatment. In these transactions, we remove loans from our consolidated balance sheet and recognize any assets retained and liabilities assumed at fair value, and record a gain or loss on the transferred loans. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests. We provide additional information regarding these types of activities in Note 11, “Borrowings — Unconsolidated VIEs.”

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 12, “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, 2021, $5.2 billion notional of our derivative contracts were cleared on the CME and $0.3 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 94.4 percent and 5.6 percent, respectively, of our total notional derivative contracts of $5.5 billion at December 31, 2021.

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, 2021 was $(72) million and $8 million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses).

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.

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.

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.

On March 12, 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” On January 7, 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (“Topic 848”): Scope” that clarified the scope of Topic 848. Topic 848 contains temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by reference rate reform.

Our derivative portfolio is made up of interest rate swaps that are centrally cleared through either the CME or the LCH. On October 16, 2020, both the CME and the LCH changed the price alignment interest and discount rate applied when valuing these transactions to the Secured Overnight Financing rate (“SOFR”). The ISDA 2020 LIBOR Fallbacks Protocol (the “ISDA Fallback Protocol”) was made available for adherence on October 23, 2020, with an effective date of January 25, 2021. Once adhered to by both counterparties in a bilateral relationship and the effective date is reached, the ISDA Fallback Protocol represents a change to the contractual terms of derivatives governed by each respective ISDA agreement between the Company and a derivative counterparty. We have elected the option provided in Topic 848 to not reassess previous accounting determinations as well as the option to not dedesignate a hedging relationship due to a current or future change in a critical or contractual term related to reference rate reform, including changes in the discount rate.

As our liabilities may begin to use alternatives to LIBOR before LIBOR is no longer published, for cash flow hedges of forecasted LIBOR based payments, we have elected the expedient offered in Topic 848 to disregard the potential change in the designated hedged interest rate risk that may occur because of reference rate reform when we assesses whether the hedged forecasted transactions are probable, in accordance with the requirements of “Derivatives and Hedging” Topic 815. We have also elected the expedient provided by Topic 848 to assume the reference rate will not be replaced for the remainder of the hedging relationship when assessing hedge effectiveness.

Topic 848 allows for different elections to be made at different points in time. We intend to reassess our elections of optional expedients and exceptions included within Topic 848 when changes or additions are necessary.

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.

Restructuring Activities

During the third quarter of 2020, we initiated a restructuring program to reduce costs and improve operating efficiencies by better aligning our organizational structure with our new corporate strategic imperatives. In conjunction with these restructuring plans, involuntary benefit arrangements, and certain other costs that are incremental and incurred as a direct result of our restructuring plans, are classified as restructuring expenses in the accompanying consolidated statements of income. Restructuring expenses of $26 million were recorded in the year ended December 31, 2020. Of that total, $20 million related to severance benefits and $6 million related to other related costs, primarily legal and consulting fees. We recorded $1 million in additional restructuring expenses in the year ended December 31, 2021. There were no restructuring expenses recorded in the year ended December 31, 2019.

We sponsor employee severance plans that provide severance benefits in the event of termination of our full-time employees and part-time employees who work at least 24 hours per week. The severance plans establish specified

benefits based on base salary, job level immediately preceding termination, and years of service upon termination of employment due to involuntary termination or a job abolishment, as defined in the severance plans. The benefits payable under the severance plans relate to past service. Accordingly, we recognize severance costs to be paid pursuant to the severance plans when payment of such benefits is probable and reasonably estimable. Such benefits, including severance pay calculated based on the severance plan, medical and dental benefits, outplacement services, and continuation pay, were incurred during the year ended December 31, 2020, as a direct result of our restructuring initiative. Accordingly, such costs are classified as restructuring expenses in the accompanying consolidated statements of income. We finalized this restructuring plan in 2020.

The majority of these restructuring expenses incurred through the year ended December 31, 2021 were severance costs related to the elimination of approximately 165 positions, or approximately 9 percent of the workforce that existed as of December 31, 2019.

Income Taxes

We account for income taxes under the asset and liability approach, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of our assets and liabilities. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted.

“Income tax expense (benefit)” includes (i) deferred tax expense (benefit), which represents the net change in the deferred tax asset or liability balance during the year 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 50 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 liabilities related to deferred taxes and uncertain tax positions and an indemnification receivable of $291 million. As of December 31, 2021, with respect to those amounts recorded at the Spin-Off, the remaining liability balance is $5 million (related to uncertain tax positions) and the remaining indemnification receivable balance is $5 million (related to uncertain tax positions).

Cash and Cash Equivalents	12 Months Ended
Cash and Cash Equivalents	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents As of December 31, 2021, cash and cash equivalents include cash due from the FRB of $4.3 billion and cash due from depository institutions of $75 million. As of December 31, 2020, cash and cash equivalents include cash due from the FRB of $4.4 billion and cash due from depository institutions of $73 million. As of December 31, 2021 and 2020, 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 did not participate in these auctions in 2021 or 2020, resulting in no interest reported. As of December 31, 2021 and 2020, no funds were on deposit with the FRB under this program.

Investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

Trading Investments

We periodically sell Private Education Loans through securitization transactions where we were required to retain a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitizations). We classify those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the

residual classes, which we classify as trading investments recorded at fair value with changes recorded through earnings. At December 31, 2021 and 2020, we had $37 million and $17 million, respectively, classified as trading investments.

Available-for-Sale Investments

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


As of December 31, 2021 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	376,313	$	—	$	1,857	$	(7,073)	$	371,097
Utah Housing Corporation bonds	6,943		—		18		—		6,961
U.S. government-sponsored enterprises and Treasuries	1,958,943		—		603		(11,893)		1,947,653
Other securities	193,369		—		439		(1,563)		192,245
Total	$	2,535,568	$	—	$	2,917	$	(20,529)	$	2,517,956

As of December 31, 2020 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	308,913	$	—	$	6,095	$	(134)	$	314,874
Utah Housing Corporation bonds	12,357		—		210		—		12,567
U.S. government-sponsored enterprises and Treasuries	1,596,890		—		3,395		—		1,600,285
Other securities	68,797		—		462		(351)		68,908
Total	$	1,986,957	$	—	$	10,162	$	(485)	$	1,996,634

(1) Represents the amount of impairment that has resulted from credit-related factors and that was recognized in the consolidated balance sheets (as a credit loss expense on available-for-sale securities). The amount excludes unrealized losses related to non-credit factors.

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
As of December 31, (dollars in thousands)	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
2021:
Mortgage-backed securities	$	(5,534)	$	261,404	$	(1,540)	$	36,587	$	(7,074)	$	297,991
Utah Housing Corporation bonds	—		—		—		—		—		—
U.S. government-sponsored enterprises and Treasuries	(11,892)		1,199,367		—		—		(11,892)		1,199,367
Other securities	(1,563)		132,884		—		—		(1,563)		132,884
Total	$	(18,989)	$	1,593,655	$	(1,540)	$	36,587	$	(20,529)	$	1,630,242

2020:
Mortgage-backed securities	$	(134)	$	46,011	$	—	$	—	$	(134)	$	46,011
Utah Housing Corporation bonds	—		—		—		—		—		—
U.S. government-sponsored enterprises and Treasuries	—		—		—		—		—		—
Other securities	(351)		30,441		—		—		(351)		30,441
Total	$	(485)	$	76,452	$	—	$	—	$	(485)	$	76,452

As of December 31, 2021 and 2020, 60 of 180 and 14 of 163, respectively, of our available-for-sale securities were in an unrealized loss position.

Impairment

For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through income. For securities in an unrealized loss position that do not meet these criteria, we evaluate whether the decline in fair value has resulted from credit loss or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, adverse conditions specifically related to the security, as well as any guarantees (e.g., guarantees by the U.S. Government) that may be applicable to the security. If this assessment indicates a credit loss exists, the credit-related portion of the loss is recorded as an allowance for losses on the security.

Our investment portfolio contains mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, as well as Utah Housing Corporation bonds. We own these securities to meet our requirements under the Community Reinvestment Act (“CRA”). We also invest in other U.S. government-sponsored enterprise securities issued by the Federal Home Loan Banks, Freddie Mac, and the Federal Farm Credit Bank. Our mortgage-backed securities that were issued under Ginnie Mae programs carry a full faith and credit guarantee from the U.S. Government. The remaining mortgage-backed securities in a net loss position carry a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively. Our Treasury and other U.S. government-sponsored enterprise bonds are rated Aaa by Moody’s Investors Service or AA+ by Standard and Poor’s. The decline in value from December 31, 2020 to December 31, 2021 was driven by the current interest rate environment and is not credit related. 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. Based on this qualitative analysis, we have determined that no credit impairment exists.

We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest. We classify the non-residual vertical risk retention interests as available-for-sale investments. We have the intent and ability to hold each of these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. We expect to receive all contractual cash flows related to these investments and do not consider a credit impairment to exist.

As of December 31, 2021, 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.


As of December 31, 2021 Year of Maturity (Dollars in thousands)	Amortized Cost		Estimated Fair Value
2022	$	850,032	$	850,326
2023	162,617		162,003
2024	398,583		394,941
2026	547,712		540,382
2038	74		79
2039	1,029		1,120
2042	3,183		3,175
2043	5,599		5,797
2044	7,620		7,881
2045	6,764		6,968
2046	10,629		10,818
2047	12,611		12,822
2048	2,961		3,025
2049	19,828		20,458
2050	134,707		131,063
2051	178,250		174,853
2053	141,251		140,260
2054	52,118		51,985
Total	$	2,535,568	$	2,517,956

Some of the mortgage-backed securities and a portion of the government 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 $888 million and $815 million par value of securities pledged to this borrowing facility at December 31, 2021 and 2020, respectively, as discussed further in Note 11, “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. Changes in market value are recorded through earnings. Because these are non-marketable securities, we use observable price changes of identical or similar securities of the same issuer in determining any changes in the value of the securities. In the second quarter of 2021, 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 equity raise to adjust the valuation of our previous investments, and, as a result, recorded a gain of $35 million on our earlier equity securities investments. In the third quarter of 2019, we also funded an additional investment and, as a result, recorded a gain of $8 million on our earlier equity securities investments. These gains were recorded in “other income” in the consolidated statements of income in 2021 and 2019. At December 31, 2021 and December 31, 2020, our total investment in the securities of this issuer was $69 million and $26 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 $7 million, $6 million, and $6 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, 2021, 2020, and 2019, respectively. The amount of amortization of such investments reported in income tax expense was $6 million, $5 million, and $4 million for the years ended December 31, 2021, 2020, and 2019, respectively. Total carrying value of the LIHTC investments was $68 million at December 31, 2021 and $54 million at December 31, 2020. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $30 million at December 31, 2021 and $19 million at December 31, 2020.

Loans Held for Investment

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Loans Held for Investment

Loans held for investment consist of Private Education Loans, FFELP Loans, and Credit Cards. We use “Personal Loans” to mean those unsecured loans to individuals that may be used for non-educational purposes. We sold our entire Personal Loan portfolio in the third quarter of 2020.

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, or SOFR, the Secured Overnight Financing Rate. As of December 31, 2021 and 2020, 52.1 percent and 55 percent, respectively, of all of our Private Education Loans were indexed to LIBOR or SOFR. We provide incentives for customers to include a cosigner on the loan, and the vast majority of Private Education Loans in our portfolio are cosigned. We also encourage customers to make payments while in school.

In the third quarter of 2020, we sold our entire Personal Loan portfolio, including $697 million of principal and $7 million in accrued interest, which resulted in a $43 million reduction to our provision for credit losses in that period.

In 2020, we recognized $238 million gains from the sale of approximately $3.1 billion of our Private Education Loans, including $2.9 billion of principal and $199 million in capitalized interest, to unaffiliated third-parties. In 2021, we recognized $548 million gains from the sale of approximately $4.24 billion of our Private Education Loans, including $3.98 billion of principal and $264 million in capitalized interest, to unaffiliated third-parties. There were VIEs created in the execution of certain of these loan sales; however, based on our consolidation analysis, we are not the primary beneficiary of these VIEs. These transactions qualified for sale treatment and removed the balance of the loans from our balance sheet on the respective settlement dates. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales. For additional information, see Notes to Consolidated Financial Statements, Note 11, “Borrowings - Unconsolidated VIEs.”

Loans held for investment are summarized as follows:


As of December 31, (dollars in thousands)	2021		2020
Private Education Loans:
Fixed-rate	$	9,920,547	$	8,950,216
Variable-rate	10,796,316		10,779,121
Total Private Education Loans, gross	20,716,863		19,729,337
Deferred origination costs and unamortized premium/ (discount)	67,488		63,475
Allowance for credit losses	(1,158,977)		(1,355,844)
Total Private Education Loans, net	19,625,374		18,436,968

FFELP Loans	695,216		737,593
Deferred origination costs and unamortized premium/ (discount)	1,815		1,993
Allowance for credit losses	(4,077)		(4,378)
Total FFELP Loans, net	692,954		735,208






Credit Cards (fixed-rate)	25,014		12,238
Deferred origination costs and unamortized premium/ (discount)	222		230
Allowance for credit losses	(2,281)		(1,501)
Total Credit Cards, net	22,955		10,967
Loans held for investment, net	$	20,341,283	$	19,183,143

The estimated weighted average life of education loans in our portfolio was approximately 4.7 years and 5.4 years at December 31, 2021 and 2020, respectively.

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


	2021				2020				2019
Years ended December 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,968,061	8.25	%	$	22,426,216	8.42	%	$	22,225,473	9.32	%
FFELP Loans	718,186		3.43		757,953		3.76		814,198		4.79
Personal Loans	—		—		582,552		12.43		1,141,503		12.09
Credit Cards	14,982		4.67		9,390		(6.04)		—		—
Total portfolio	$	21,701,229			$	23,776,111			$	24,181,174

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 and 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 not make scheduled payments 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 (added to principal) at the end of the forbearance. Interest will not capitalize at the end of certain types of forbearance, such as disaster forbearance, however.

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 us 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, 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.

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 most instances, we require one payment, as an indication of a customer’s willingness and ability to repay, before granting forbearance to delinquent borrowers.

Historically, we have utilized disaster forbearance to assist borrowers affected by material events, including hurricanes, wildfires, floods, and the COVID-19 pandemic. We typically grant disaster forbearance to affected borrowers in increments of up to three months at a time, but the disaster forbearance granted generally does not apply toward the 12-month forbearance limit described below.

During COVID-19, our customers experienced higher levels of financial hardship, which initially led to higher levels of forbearance. We expect for some customers financial hardship may lead to higher levels of delinquencies and defaults in the future, as borrowers who had received disaster forbearance from us re-enter repayment status. Beginning in June 2021, we stopped granting disaster forbearance in response to the COVID-19 pandemic. As borrowers in the various delinquency buckets exit disaster forbearance and begin to enter repayment, we expect elevated levels of losses on this segment of our customers. We expect that, left unabated, this deterioration in delinquency and default rates may persist until economic conditions return to pre-pandemic levels.

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 previously announced certain planned changes to our credit administration practices, including the imposition of limits on the number of forbearance months granted consecutively and the number of times certain extended or reduced repayment alternatives may be granted. Prior to implementation of the previously announced changes, borrowers could receive consecutive forbearance grants without intervening payments of principal and interest, if they satisfied all eligibility requirements.

We commenced testing in October 2019 for some of the previously announced planned changes on a very small percentage of our total portfolio and in March 2020 we began to expand the number of borrowers who would be subject to the new credit administration practices. However, due to the COVID-19 pandemic, in April 2020 we postponed our efforts so that we could be more flexible in dealing with our customers’ financial hardship. In October 2020, we re-initiated a multi-phased deployment of certain previously announced credit administration practices changes. In October 2021, we announced additional planned changes to our credit administration practices, which we implemented in December 2021.

Currently, we generally grant forbearance in increments of one to two months at a time, for up to 12 months over the life of the loan, although disaster forbearance and certain assistance we grant to borrowers who are still in school do not apply toward the 12-month limit. We also currently require 12 months of positive payment performance by a borrower (meaning the borrower must make payment in a cumulative amount equivalent to 12 monthly required payments under the loan) between successive grants of forbearance and between forbearance grants and certain other repayment alternatives. This required period of positive payment performance does not apply, however, to forbearances granted during the first six months following a borrower’s grace period and is not required for a borrower to receive a contractual interest rate reduction. In addition, we currently 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 now count the number of months a borrower receives a short-term extended repayment alternative toward the 12-month forbearance limit described above.

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 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. We currently limit the granting of a permanent extension of the final maturity date of the loan under our loan modification program to one time over the life of the loan. We also currently permit two consecutive rate reductions to 4.0 percent so long as the borrower qualifies and makes three consecutive monthly payments at the reduced payment in connection with each rate reduction. We currently require 12 months of positive payment performance after the interest rate adjusts upward to its previous rate (at the end of the rate reduction periods) before the borrower may be eligible for a forbearance or certain other repayment alternatives, however. We also now limit the number of interest rate reductions to twice over the life of the loan. At December 31, 2021 and December 31, 2020, 7.2 percent and 7.8 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.

While there are limitations to our estimate of the future impact of the various credit administration practices changes we have implemented, absent the effect of any mitigating measures, we expect that the credit administration practices described above, including the changes we implemented in December 2021, will accelerate periodic defaults and could increase periodic defaults in our Private Education Loan held for investment portfolio by approximately 10.1 percent to 16.6 percent. Among the measures that we have implemented and may modify further 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 loss mitigation programs (e.g., Graduated Repayment Period program (“GRP”) and rate modifications), and the use of a program offering short-term payment reductions (permitting interest-only payments for up to six months) for certain early-stage delinquencies.

The full impact of these changes to our collections practices described above will only be realized over the long term. When we calculated the allowance for credit losses under CECL at December 31, 2021, our loan loss reserves were significantly impacted because we expect the life of loan defaults on our overall Private Education Loan portfolio to increase, in part as a result of the changes to our credit administration practices described above. We expect to learn more about how our borrowers are reacting to these changes to our credit administration practices and, as we analyze such reactions, we will continue to refine our estimates of the impact of those changes on our allowance for credit losses.

As discussed above, we will continue to monitor our credit administration practices and may modify them further from time to time based upon performance, industry conventions, and/or regulatory feedback.

The period of delinquency for loans is based on the number of days scheduled payments are contractually past due. As of December 31, 2021 and 2020, we had $80 million and $81 million, respectively, of Private Education Loans held for investment and $34 million and $36 million, respectively, of FFELP Loans held for investment which were more than 90 days delinquent that continue to accrue interest. At December 31, 2021 and 2020, 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, 2021 and 2020, we had $2.9 billion and $3.3 billion, respectively, of Private Education Loans pledged to this borrowing facility, as discussed further in Note 11, “Borrowings.” We did not have any FFELP consolidation loans pledged at December 31, 2021 or 2020.

Loans Held for Investment by Region

At December 31, 2021 and 2020, 38.4 percent and 38.8 percent, respectively, of total education loans were concentrated in the following states:


As of December 31,	2021		2020
New York	9.4	%	9.7	%
California	9.6		9.6
Pennsylvania	7.8		8.0
New Jersey	6.0		6.2
Texas	5.6		5.3
	38.4	%	38.8	%

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

Loans Held for SaleWe had no loans held for sale at December 31, 2021 and $2.9 billion loans held for sale at December 31, 2020. At December 31, 2020, we reversed $206 million through the provisions for credit losses for the allowance related to these loans, when the loans were transferred from held for investment to held-for-sale. For additional information on loan sales, see Note 5, “Loans Held for Investment,” and Note 11, “Borrowings — Unconsolidated VIEs.”

Loans Held for Sale

12 Months Ended

Dec. 31, 2021

Transfers and Servicing [Abstract]

Loans Held for Sale

Loans Held for Investment

Loans held for investment are summarized as follows:


As of December 31, (dollars in thousands)	2021		2020
Private Education Loans:
Fixed-rate	$	9,920,547	$	8,950,216
Variable-rate	10,796,316		10,779,121
Total Private Education Loans, gross	20,716,863		19,729,337
Deferred origination costs and unamortized premium/ (discount)	67,488		63,475
Allowance for credit losses	(1,158,977)		(1,355,844)
Total Private Education Loans, net	19,625,374		18,436,968

FFELP Loans	695,216		737,593
Deferred origination costs and unamortized premium/ (discount)	1,815		1,993
Allowance for credit losses	(4,077)		(4,378)
Total FFELP Loans, net	692,954		735,208






Credit Cards (fixed-rate)	25,014		12,238
Deferred origination costs and unamortized premium/ (discount)	222		230
Allowance for credit losses	(2,281)		(1,501)
Total Credit Cards, net	22,955		10,967
Loans held for investment, net	$	20,341,283	$	19,183,143

The estimated weighted average life of education loans in our portfolio was approximately 4.7 years and 5.4 years at December 31, 2021 and 2020, respectively.

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


	2021				2020				2019
Years ended December 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,968,061	8.25	%	$	22,426,216	8.42	%	$	22,225,473	9.32	%
FFELP Loans	718,186		3.43		757,953		3.76		814,198		4.79
Personal Loans	—		—		582,552		12.43		1,141,503		12.09
Credit Cards	14,982		4.67		9,390		(6.04)		—		—
Total portfolio	$	21,701,229			$	23,776,111			$	24,181,174

Certain Collection Tools — Private Education Loans

Borrower-in-Custody Arrangements

Loans Held for Investment by Region

At December 31, 2021 and 2020, 38.4 percent and 38.8 percent, respectively, of total education loans were concentrated in the following states:


As of December 31,	2021		2020
New York	9.4	%	9.7	%
California	9.6		9.6
Pennsylvania	7.8		8.0
New Jersey	6.0		6.2
Texas	5.6		5.3
	38.4	%	38.8	%

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

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Allowance for Credit Losses

Allowance for Credit LossesOur provision for credit losses represents the periodic expense of maintaining an allowance sufficient to absorb lifetime expected credit losses in the held for investment loan portfolios. The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe the allowance for credit losses is appropriate to cover lifetime expected losses incurred in the loan portfolios. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses - 2021 and 2020, — Allowance for Private Education Loan Losses - 2021 and 2020, — Allowance for FFELP Loan Losses - 2021 and 2020, — Allowance for Credit Card Loans - 2021 and 2020, — Allowance for Credit Losses - 2019, — Allowance for Private Education Loan Losses - 2019, — Allowance for FFELP Loan Losses - 2019, and — Allowance for Credit Card Loans - 2019” for a more detailed discussion.

Allowance for Credit Losses Metrics


Year Ended December 31, 2021 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,378		$	1,355,844		$	1,501		$	1,361,723


Transfer from unfunded commitment liability(1)	—			301,655			—			301,655
Provisions:
Provision for current period	20			(233,852)			1,124			(232,708)
Loan sale reduction to provision	—			(66,460)			—			(66,460)
Loans transferred to held-for-sale	—			1,887			—			1,887
Total provisions(2)	20			(298,425)			1,124			(297,281)
Net charge-offs:
Charge-offs	(321)			(229,591)			(356)			(230,268)
Recoveries	—			29,494			12			29,506
Net charge-offs	(321)			(200,097)			(344)			(200,762)

Ending Balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	47,712		$	—		$	47,712
Ending balance: collectively evaluated for impairment	$	4,077		$	1,111,265		$	2,281		$	1,117,623
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,057,665		$	—		$	1,057,665
Ending balance: collectively evaluated for impairment	$	695,216		$	19,659,198		$	25,014		$	20,379,428
Net charge-offs as a percentage of average loans in repayment(3)	0.06		%	1.33		%	2.24		%
Allowance as a percentage of the ending total loan balance	0.59		%	5.59		%	9.12		%
Allowance as a percentage of the ending loans in repayment(3)	0.74		%	7.47		%	9.12		%
Allowance coverage of net charge-offs	12.70			5.79			6.63
Ending total loans, gross	$	695,216		$	20,716,863		$	25,014
Average loans in repayment(3)	$	545,689		$	15,019,869		$	15,343
Ending loans in repayment(3)	$	553,980		$	15,511,212		$	25,014

(1) See Note 8, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.

(2) Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(298,425)
Provisions for unfunded loan commitments	264,324
Total Private Education Loan provisions for credit losses	(34,101)

Other impacts to the provisions for credit losses:

FFELP Loans	20
Credit Cards	1,124
Total	1,144
Provisions for credit losses reported in consolidated statements of income	$	(32,957)

(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.


Year Ended December 31, 2020 (dollars in thousands)	FFELP Loans			Private Education Loans			Personal Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	1,633		$	374,300		$	65,877		$	102		$	441,912
Day 1 adjustment for the adoption of CECL	2,852			1,060,830			79,183			188			1,143,053
Balance at January 1, 2020	4,485			1,435,130			145,060			290			1,584,965
Transfer from unfunded commitment liability(1)	—			320,808			—			—			320,808
Provisions:
Provision for current period	412			148,673			40,485			1,328			190,898
Loan sale reduction to provision	—			(161,793)			(42,916)			—			(204,709)
Loans transferred to held-for-sale	—			(205,669)			—			—			(205,669)
Total provisions(2)	412			(218,789)			(2,431)			1,328			(219,480)
Net charge-offs:
Charge-offs	(519)			(205,326)			(39,079)			(119)			(245,043)
Recoveries	—			24,021			4,984			2			29,007
Net charge-offs	(519)			(181,305)			(34,095)			(117)			(216,036)
Loan sales	—			—			(108,534)			—			(108,534)
Ending Balance	$	4,378		$	1,355,844		$	—		$	1,501		$	1,361,723
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	104,265		$	—		$	—		$	104,265
Ending balance: collectively evaluated for impairment	$	4,378		$	1,251,579		$	—		$	1,501		$	1,257,458
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,274,590		$	—		$	—		$	1,274,590
Ending balance: collectively evaluated for impairment	$	737,593		$	18,454,747		$	—		$	12,238		$	19,204,578
Net charge-offs as a percentage of average loans in repayment(3)	0.09		%	1.17		%	—		%	1.26		%
Allowance as a percentage of the ending total loan balance	0.59		%	6.87		%	—		%	12.27		%
Allowance as a percentage of the ending loans in repayment(3)	0.76		%	9.48		%	—		%	12.27		%
Allowance coverage of net charge-offs	8.44			7.48			—			12.83
Ending total loans, gross	$	737,593		$	19,729,337		$	—		$	12,238
Average loans in repayment(3)	$	549,584		$	15,518,851		$	—		$	9,286
Ending loans in repayment(3)	$	573,361		$	14,304,821		$	—		$	12,238

(1) See Note 8, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2020 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(218,789)
Provisions for unfunded loan commitments	312,613
Total Private Education Loan provisions for credit losses	93,824

Other impacts to the provisions for credit losses:
Personal Loans	(2,431)
FFELP Loans	412
Credit Cards	1,328
Total	(691)
Provisions for credit losses reported in consolidated statements of income	$	93,133


Year Ended December 31, 2019 (dollars in thousands)	FFELP Loans			Private Education Loans			Personal Loans			Credit Cards			Total
Allowance for Credit 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 Credit Losses - Forecast Assumptions

In determining the adequacy of the allowance for credit losses, we include forecasts of college graduate unemployment and the Consumer Price Index in our loss forecasting models. We obtain forecasts for these two inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurring. We determine which forecasts we will include in our estimation of allowance for credit losses and the associated weightings for each of these inputs. At January 1, 2020 (the initial adoption date of CECL), December 31, 2020, and December 31, 2021, we used the Base (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario with 10 percent likelihood of occurring)/S3 (downside scenario with 10 percent likelihood of occurring) scenarios and weighted them 40 percent, 30 percent, and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses.

For the year ended December 31, 2021, we had negative total provisions for credit losses of $33 million. This decrease of $126 million in 2021 compared with the year-ago period was primarily the result of improving economic forecasts in 2021 and faster prepayment speeds. During the first quarter of 2021, we increased our estimates of future prepayment speeds during both the two-year reasonable and supportable period as well as the remaining term of the underlying loans. These faster estimated prepayment speeds during the two-year reasonable and supportable period reflect the significant improvement in economic forecasts, as well as the implementation of an updated prepayment speed model. In the fourth quarter of 2021, we increased our long-term estimate of prepayment speeds to reflect higher long-term prepayment experience. Partially offsetting these benefits were additional provisions to reflect the adoption of our credit administration practices changes and other management overlays.

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 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, 2021 and 2020, 7.2 percent and 7.8 percent, respectively, of our Private Education Loans held for investment 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 both December 31, 2021 and 2020, approximately 47 percent of TDRs were classified as such due to their forbearance status. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses” for a more detailed discussion.

Within the Private Education Loan portfolio, loans 90 days or greater 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 perspective at any point in their life cycle prior to claim payment and continue to accrue interest on those loans through the date of claim.

At December 31, 2021 and 2020, 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.


Years Ended December 31, (dollars in thousands)	Recorded Investment		Unpaid Principal Balance		Allowance

2021:
TDR Loans	$	1,093,387	$	1,057,665	$	47,712

2020
TDR Loans	$	1,312,805	$	1,274,590	$	104,265

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


Years Ended December 31, (dollars in thousands)	2021				2020				2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,220,739	$	84,822	$	1,546,908	$	100,125	$	1,434,137	$	95,507

The following table provides information regarding the loan status and aging of TDR loans. For the periods presented below, we updated our delinquency bucket periods from what we reported in our 2020 Form 10-K to conform with the delinquency bucket periods defined by the Federal Financial Institutions Examination Council (“FFIEC”).


	2021				2020
As of December 31, (dollars in thousands)	Balance		%		Balance		%
TDR loans in in-school/grace/deferment(1)	$	80,281			$	88,750





TDR loans in forbearance(2)	41,464				76,704
TDR loans in repayment(3) and percentage of each status:
Loans current	832,018		88.9	%	971,880		87.7	%
Loans delinquent 30-59 days(4)	48,766		5.2		59,249		5.3
Loans delinquent 60-89 days(4)	30,575		3.3		43,576		3.9
Loans 90 days or greater past due(4)	24,561		2.6		34,431		3.1
Total TDR loans in repayment(3)	935,920		100.0	%	1,109,136		100.0	%
Total TDR loans, gross	$	1,057,665			$	1,274,590

(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, (but, for purposes of the table, do not include those loans while they are in forbearance).

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

The following table provides the amount of modified loans (which include 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, (dollars in thousands)	2021						2020						2019
	Modified Loans(1)		Charge-offs		Payment-Default		Modified Loans(1)		Charge-offs		Payment-Default		Modified Loans(1)		Charge-offs		Payment-Default

TDR Loans	$	7,410	$	64,682	$	9,626	$	207,001	$	71,267	$	75,153	$	515,398	$	74,137	$	111,810

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

Private Education Loans Held for Investment - Key Credit Quality Indicators

FFELP Loans are at least 97 percent 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 tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination, stratified by key credit quality indicators.


As of December 31, 2021 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2021(1)		2020(1)		2019(1)		2018(1)		2017(1)		2016 and Prior(1)		Total(1)		% of Balance

Cosigners:
With cosigner	$	3,263,892	$	3,604,553	$	2,778,262	$	2,025,463	$	1,765,719	$	4,753,775	$	18,191,664	88	%
Without cosigner	558,469		561,730		438,263		294,597		212,514		459,626		2,525,199		12
Total	$	3,822,361	$	4,166,283	$	3,216,525	$	2,320,060	$	1,978,233	$	5,213,401	$	20,716,863	100	%

FICO at Origination(2):
Less than 670	$	248,368	$	238,005	$	251,157	$	193,123	$	166,048	$	428,416	$	1,525,117	7	%
670-699	508,264		564,497		493,237		363,313		329,807		884,981		3,144,099		15
700-749	1,210,833		1,348,269		1,057,001		770,452		660,270		1,753,709		6,800,534		33
Greater than or equal to 750	1,854,896		2,015,512		1,415,130		993,172		822,108		2,146,295		9,247,113		45
Total	$	3,822,361	$	4,166,283	$	3,216,525	$	2,320,060	$	1,978,233	$	5,213,401	$	20,716,863	100	%

FICO Refreshed(2)(3):
Less than 670	$	326,613	$	279,578	$	273,652	$	235,684	$	233,022	$	739,268	$	2,087,817	10	%
670-699	506,021		475,674		365,133		256,400		209,536		570,605		2,383,369		12
700-749	1,209,493		1,285,015		978,763		682,024		568,766		1,448,692		6,172,753		30
Greater than or equal to 750	1,780,234		2,126,016		1,598,977		1,145,952		966,909		2,454,836		10,072,924		48
Total	$	3,822,361	$	4,166,283	$	3,216,525	$	2,320,060	$	1,978,233	$	5,213,401	$	20,716,863	100	%

Seasoning(4):
1-12 payments	$	2,265,811	$	594,850	$	515,328	$	385,246	$	340,242	$	501,269	$	4,602,746	22	%
13-24 payments	—		2,287,737		362,674		203,674		211,064		479,540		3,544,689		17
25-36 payments	—		173		1,565,203		312,049		164,575		482,369		2,524,369		12
37-48 payments	—		—		—		983,434		295,206		464,563		1,743,203		8
More than 48 payments	—		—		—		—		671,138		2,726,304		3,397,442		16
Not yet in repayment	1,556,550		1,283,523		773,320		435,657		296,008		559,356		4,904,414		25
Total	$	3,822,361	$	4,166,283	$	3,216,525	$	2,320,060	$	1,978,233	$	5,213,401	$	20,716,863	100	%

2021 Current period(5) gross charge-offs	$	(1,183)	$	(8,604)	$	(23,866)	$	(32,741)	$	(37,186)	$	(126,011)	$	(229,591)
2021 Current period(5) recoveries	35		540		2,092		3,693		4,450		18,684		29,494
2021 Current period(5) net charge-offs	$	(1,148)	$	(8,064)	$	(21,774)	$	(29,048)	$	(32,736)	$	(107,327)	$	(200,097)

Total accrued interest by origination vintage	$	109,233	$	247,418	$	270,242	$	198,816	$	131,685	$	229,729	$	1,187,123
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the fourth-quarter 2021. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2021 through December 31, 2021.


As of December 31, 2020 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2020(1)		2019(1)		2018(1)		2017(1)		2016(1)		2015 and Prior(1)		Total(1)		% of Balance

Cosigners:
With cosigner	$	2,915,328	$	3,467,219	$	2,556,400	$	2,262,635	$	1,977,952	$	4,198,748	$	17,378,282	88	%
Without cosigner	527,437		559,629		384,111		277,159		211,270		391,449		2,351,055		12
Total	$	3,442,765	$	4,026,848	$	2,940,511	$	2,539,794	$	2,189,222	$	4,590,197	$	19,729,337	100	%

FICO at Origination(2):
Less than 670	$	195,214	$	290,711	$	225,276	$	197,948	$	162,413	$	369,609	$	1,441,171	7	%
670-699	464,785		594,950		441,357		407,394		351,303		771,477		3,031,266		16
700-749	1,111,373		1,310,390		967,802		846,983		740,028		1,533,517		6,510,093		33
Greater than or equal to 750	1,671,393		1,830,797		1,306,076		1,087,469		935,478		1,915,594		8,746,807		44
Total	$	3,442,765	$	4,026,848	$	2,940,511	$	2,539,794	$	2,189,222	$	4,590,197	$	19,729,337	100	%

FICO Refreshed(2)(3):
Less than 670	$	240,154	$	331,229	$	301,784	$	298,195	$	293,077	$	734,599	$	2,199,038	11	%
670-699	438,665		493,135		336,966		283,906		231,759		504,779		2,289,210		12
700-749	1,102,666		1,248,806		871,677		734,222		603,160		1,220,468		5,780,999		29
Greater than or equal to 750	1,661,280		1,953,678		1,430,084		1,223,471		1,061,226		2,130,351		9,460,090		48
Total	$	3,442,765	$	4,026,848	$	2,940,511	$	2,539,794	$	2,189,222	$	4,590,197	$	19,729,337	100	%

Seasoning(4):
1-12 payments	$	2,068,517	$	600,038	$	469,143	$	472,258	$	381,197	$	507,343	$	4,498,496	23	%
13-24 payments	163		2,096,635		383,977		223,332		217,379		425,345		3,346,831		17
25-36 payments	—		—		1,353,567		370,250		181,940		439,337		2,345,094		12
37-48 payments	—		—		—		965,476		351,433		402,552		1,719,461		9
More than 48 payments	—		—		—		—		729,510		2,310,905		3,040,415		15
Not yet in repayment	1,374,085		1,330,175		733,824		508,478		327,763		504,715		4,779,040		24
Total	$	3,442,765	$	4,026,848	$	2,940,511	$	2,539,794	$	2,189,222	$	4,590,197	$	19,729,337	100	%

2020 Current period(5) gross charge-offs	$	(1,087)	$	(10,940)	$	(27,000)	$	(35,851)	$	(36,416)	$	(94,032)	$	(205,326)
2020 Current period(5) recoveries	42		636		2,274		3,585		4,284		13,200		24,021
2020 Current period(5) net charge-offs	$	(1,045)	$	(10,304)	$	(24,726)	$	(32,266)	$	(32,132)	$	(80,832)	$	(181,305)

Total accrued interest by origination vintage	$	90,438	$	265,688	$	252,251	$	209,178	$	141,094	$	210,247	$	1,168,896
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the fourth-quarter 2020. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2020 through December 31, 2020.

Delinquencies - Private Education Loans Held for Investment

The following tables provide information regarding the loan status of our Private Education Loans held for investment, by year of origination. 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 (but, for purposes of the following tables, do not include those loans while they are in forbearance). For the periods presented below, we updated our delinquency bucket periods from what we reported in our 2020 Form 10-K to conform with the delinquency bucket periods defined by the FFIEC.


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2021 (dollars in thousands)	2021		2020		2019		2018		2017		2016 and Prior		Total

Loans in-school/grace/deferment(1)	$	1,556,550	$	1,283,523	$	773,320	$	435,657	$	296,008	$	559,356	$	4,904,414





Loans in forbearance(2)	11,951		55,844		52,364		43,613		41,355		96,110		301,237
Loans in repayment:
Loans current	2,234,876		2,786,646		2,321,728		1,772,651		1,570,815		4,319,057		15,005,773
Loans delinquent 30-59 days(3)	15,148		29,146		46,616		43,197		41,695		132,757		308,559
Loans delinquent 60-89 days(3)	3,194		7,441		14,044		14,310		16,425		61,533		116,947
Loans 90 days or greater past due(3)	642		3,683		8,453		10,632		11,935		44,588		79,933
Total Private Education Loans in repayment	2,253,860		2,826,916		2,390,841		1,840,790		1,640,870		4,557,935		15,511,212
Total Private Education Loans, gross	3,822,361		4,166,283		3,216,525		2,320,060		1,978,233		5,213,401		20,716,863
Private Education Loans deferred origination costs and unamortized premium/(discount)	22,169		16,067		9,575		5,918		4,588		9,171		67,488
Total Private Education Loans	3,844,530		4,182,350		3,226,100		2,325,978		1,982,821		5,222,572		20,784,351
Private Education Loans allowance for losses	(248,102)		(239,507)		(195,223)		(129,678)		(99,982)		(246,485)		(1,158,977)
Private Education Loans, net	$	3,596,428	$	3,942,843	$	3,030,877	$	2,196,300	$	1,882,839	$	4,976,087	$	19,625,374

Percentage of Private Education Loans in repayment	59.0 %		67.9 %		74.3 %		79.3 %		82.9 %		87.4 %		74.9 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.8 %		1.4 %		2.9 %		3.7 %		4.3 %		5.2 %		3.3 %

Loans in forbearance as a percentage of loans in repayment and forbearance	0.5 %		1.9 %		2.1 %		2.3 %		2.5 %		2.1 %		1.9 %

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


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2020 (dollars in thousands)	2020			2019			2018			2017			2016			2015 and Prior			Total

Loans in-school/grace/deferment(1)(2)	$	1,374,085		$	1,330,175		$	733,824		$	508,478		$	327,763		$	504,715		$	4,779,040





Loans in forbearance(1)(3)	16,159			92,677			110,319			118,946			109,073			198,302			645,476
Loans in repayment(1):
Loans current	2,043,033			2,573,228			2,045,012			1,850,539			1,685,572			3,701,564			13,898,948
Loans delinquent 30-59 days(4)	6,400			16,983			26,934			30,771			33,040			91,400			205,528
Loans delinquent 60-89 days(4)	2,628			9,143			15,026			18,121			19,064			55,661			119,643
Loans 90 days or greater past due(4)	460			4,642			9,396			12,939			14,710			38,555			80,702
Total Private Education Loans in repayment	2,052,521			2,603,996			2,096,368			1,912,370			1,752,386			3,887,180			14,304,821
Total Private Education Loans, gross	3,442,765			4,026,848			2,940,511			2,539,794			2,189,222			4,590,197			19,729,337
Private Education Loans deferred origination costs and unamortized premium/(discount)	21,129			13,933			8,671			6,708			5,721			7,313			63,475
Total Private Education Loans	3,463,894			4,040,781			2,949,182			2,546,502			2,194,943			4,597,510			19,792,812
Private Education Loans allowance for losses	(210,875)			(298,776)			(218,136)			(184,265)			(150,150)			(293,642)			(1,355,844)
Private Education Loans, net	$	3,253,019		$	3,742,005		$	2,731,046		$	2,362,237		$	2,044,793		$	4,303,868		$	18,436,968

Percentage of Private Education Loans in repayment	59.6		%	64.7		%	71.3		%	75.3		%	80.0		%	84.7		%	72.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.5		%	1.2		%	2.4		%	3.2		%	3.8		%	4.8		%	2.8		%

Loans in forbearance as a percentage of loans in repayment and forbearance	0.8		%	3.4		%	5.0		%	5.9		%	5.9		%	4.9		%	4.3		%

(1)For some students, going back to school in the fall of 2020 was not an option because of the pandemic, or for other reasons. Therefore, some students took a “gap year” before returning to school. In 2020, for those students that had unexpectedly separated from school, we provided an extension of time through fall 2021 to re-enroll, before beginning their grace period that occurs prior to entering full principal and interest repayment status. At December 31, 2020, the loans in the “in-school/grace/deferment” category above include $401 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who then received such extension of time from us to re-enroll before beginning their grace period. At December 31, 2020, the loans in the “in forbearance” category above include $30 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who then received such extension of time from us to re-enroll before beginning their grace period. At December 31, 2020, the loans in the “in repayment” category above include $609 million of Private Education Loans whose borrowers did not return to school in the fall of 2020 and who then received such extension of time from us to re-enroll before beginning their grace period. This program ended in September 2021.

(2)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).

(3)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.

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


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2019 (dollars in thousands)	2019		2018		2017		2016		2015		2014 and Prior		Total

Loans in-school/grace/deferment(1)	$	1,670,644	$	1,580,513	$	1,010,764	$	635,798	$	375,585	$	414,101	$	5,687,405





Loans in forbearance(2)	21,009		108,509		142,341		146,114		127,799		168,744		714,516
Loans in repayment:
Loans current	2,340,221		3,159,878		2,781,132		2,566,815		2,225,721		3,241,884		16,315,651
Loans delinquent 30-59 days(3)	11,152		26,096		44,382		51,656		54,559		100,206		288,051
Loans delinquent 60-89 days(3)	3,087		9,527		17,048		21,161		24,562		45,917		121,302
Loans 90 days or greater past due(3)	935		3,850		7,818		12,314		12,946		24,803		62,666
Total Private Education Loans in repayment	2,355,395		3,199,351		2,850,380		2,651,946		2,317,788		3,412,810		16,787,670
Total Private Education Loans, gross	4,047,048		4,888,373		4,003,485		3,433,858		2,821,172		3,995,655		23,189,591
Private Education Loans deferred origination costs and unamortized premium/(discount)	23,661		17,699		13,843		12,304		8,564		5,153		81,224
Total Private Education Loans	4,070,709		4,906,072		4,017,328		3,446,162		2,829,736		4,000,808		23,270,815
Private Education Loans allowance for losses	(3,013)		(19,105)		(44,858)		(71,598)		(80,974)		(154,752)		(374,300)
Private Education Loans, net	$	4,067,696	$	4,886,967	$	3,972,470	$	3,374,564	$	2,748,762	$	3,846,056	$	22,896,515

Percentage of Private Education Loans in repayment	58.2 %		65.4 %		71.2 %		77.2 %		82.2 %		85.4 %		72.4 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.6 %		1.2 %		2.4 %		3.2 %		4.0 %		5.0 %		2.8 %

Loans in forbearance as a percentage of loans in repayment and forbearance	0.9 %		3.3 %		4.8 %		5.2 %		5.2 %		4.7 %		4.1 %

(3)The period of delinquency is based on the number of days scheduled payments are contractually past 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 90 days and greater past due as compared to our allowance for uncollectible interest on loans making full interest payments. 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 after separation from school. The allowance for this portion of interest is included in our loan loss reserve. The allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due Private Education Loan portfolio for all periods presented.


	Private Education Loans
	Accrued Interest Receivable
(Dollars in thousands)	Total Interest Receivable		90 Days and Greater Past Due		Allowance for Uncollectible Interest

December 31, 2021	$	1,187,123	$	3,635	$	4,937
December 31, 2020	$	1,168,895	$	4,354	$	4,467

Unfunded Loan Commitments

12 Months Ended

Dec. 31, 2021

Credit Loss [Abstract]

Unfunded Loan 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). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses, — Allowance for Credit Losses - 2021 and 2020, — Off-Balance Sheet Exposure for Contractual Loan Commitments - 2021 and 2020” for additional information.

At December 31, 2021, we had $1.8 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2021/2022 academic year. The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.


Years ended December 31, (dollars in thousands)	2021				2020				2019
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	110,044	$	1,673,018	$	2,481	$	1,910,603	$	2,165	$	2,010,744
Day 1 adjustment for the adoption of CECL	—		—		115,758		—		—		—
Balance at January 1	110,044		1,673,018		118,239		1,910,603		2,165		2,010,744
Provision/New commitments - net(1)	232,822		5,512,841		311,659		5,070,175		5,937		5,513,790
Other provision items	31,502		—		954		—		596		—
Transfer - funded loans(2)	(301,655)		(5,408,883)		(320,808)		(5,307,760)		(6,217)		(5,613,931)
Ending Balance	$	72,713	$	1,776,976	$	110,044	$	1,673,018	$	2,481	$	1,910,603

(1) Net of expirations of commitments unused.

(2) When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.

The unfunded commitments disclosed above represent the total amount of outstanding unfunded commitments at each period end. However, historically not all of these commitments are funded prior to the expiration of the commitments. We estimate the amount of commitments expected to be funded in calculating the reserve for unfunded commitments. The amount we expect to fund and use in our calculation of the reserve for unfunded commitments will change period to period based upon the loan characteristics of the underlying commitments.

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References + Details

Premises and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Premises and Equipment, net

The following is a summary of our premises and equipment.


As of December 31, (dollars in thousands)	2021		2020
Land and land improvements	$	12,356	$	12,356
Buildings and leasehold improvements	122,300		120,971
Furniture, fixtures, and equipment	29,955		28,272
Software	88,710		76,500
Premises and equipment, gross	253,321		238,099
Accumulated depreciation	(102,805)		(83,429)
Premises and equipment, net	$	150,516	$	154,670

Depreciation expense for premises and equipment was $16 million, $15 million, and $15 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Deposits

12 Months Ended

Dec. 31, 2021

Deposits [Abstract]

Deposits

The following table summarizes total deposits at December 31, 2021 and 2020.


As of December 31, (dollars in thousands)	2021		2020
Deposits - interest bearing	$	20,826,692	$	22,664,899
Deposits - non-interest bearing	1,432		1,140
Total deposits	$	20,828,124	$	22,666,039

Our total deposits of $20.8 billion were comprised of $10.1 billion in brokered deposits and $10.7 billion in retail and other deposits at December 31, 2021, compared with total deposits of $22.7 billion, which were comprised of $11.9 billion in brokered deposits and $10.8 billion in retail and other deposits, at December 31, 2020.

Interest bearing deposits as of December 31, 2021 and 2020 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 $7.3 billion of our deposit total as of December 31, 2021, compared with $7.1 billion at December 31, 2020.

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 $16 million, $19 million, and $18 million in the years ended December 31, 2021, 2020, and 2019, respectively. Fees paid to third-party brokers related to these CDs were $13 million, $5 million, and $28 million during the years ended December 31, 2021, 2020, and 2019, respectively.

Interest bearing deposits at December 31, 2021 and 2020 are summarized as follows:


	2021				2020
As of December 31, (dollars in thousands)	Amount		Year-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,473,569	0.69	%	$	10,159,657	0.83	%
Savings	959,122		0.43		907,976		0.55
Certificates of deposit	9,394,001		1.20		11,597,266		1.34
Deposits - interest bearing	$	20,826,692			$	22,664,899

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

Certificates of deposit remaining maturities are summarized as follows:


As of December 31, (dollars in thousands)	2021		2020
One year or less	$	4,407,370	$	5,728,556
After one year to two years	2,297,955		3,363,022
After two years to three years	1,299,461		1,603,229
After three years to four years	299,737		553,911
After four years to five years	1,042,065		300,346
After five years	47,413		48,202
Total	$	9,394,001	$	11,597,266

As of December 31, 2021 and 2020, there were $743 million and $571 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $35 million and $50 million at December 31, 2021 and 2020, respectively.

Borrowings

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020.


As of December 31, (dollars in thousands)	2021						2020
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	986,138	$	986,138	$	—	$	692,879	$	692,879
Total unsecured borrowings	—		986,138		986,138		—		692,879		692,879

Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,897,996		3,897,996		—		3,261,233		3,261,233
Variable-rate	—		1,046,856		1,046,856		—		1,235,105		1,235,105
Total Private Education Loan term securitizations	—		4,944,852		4,944,852		—		4,496,338		4,496,338
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		4,944,852		4,944,852		—		4,496,338		4,496,338
Total	$	—	$	5,930,990	$	5,930,990	$	—	$	5,189,217	$	5,189,217

Short-term Borrowings

On July 30, 2021, we amended our Secured Borrowing Facility to extend the maturity of the facility. The amount that can be borrowed under the facility is $2 billion. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstanding advances. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay, and reborrow funds, until May 17, 2022. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on May 17, 2023 (or earlier, if certain material adverse events occur). At December 31, 2021, and December 31, 2020, there were no secured borrowings outstanding under the Secured Borrowing Facility.

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. The 5.125 percent unsecured Senior Notes due April 5, 2022, which we redeemed in the fourth quarter of 2021, were classified as short-term borrowings in April of 2021, and are included in the table below.


	December 31, 2021				Year Ended December 31, 2021
(Dollars in thousands)	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
Unsecured Debt	$	—	—	%	$	122,396	5.78	%
Secured Borrowing Facility	—		—		—		—
Total short-term borrowings	$	—	—	%	$	122,396	5.78	%
Maximum outstanding at any month end	$	199,651


	December 31, 2020				Year Ended December 31, 2020
(Dollars in thousands)	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate(1)
Short-term borrowings:
Secured Borrowing Facility	$	—	—	%	$	45,820	24.99	%
Maximum outstanding at any month end	$	289,230

(1)The interest for the non-use fees is calculated based on the Secured Borrowing Facility’s maximum borrowing limit, which was $2 billion in both 2021 and 2020.

Long-term Borrowings

Unsecured Debt

On November 15, 2021, we redeemed our $200 million, 5.125 percent Senior Notes due April 5, 2022. The Senior Notes were redeemed at 101.39 percent of their principal amount, plus the accrued and unpaid interest thereon through the redemption date. As a result of the redemption, we recognized a $3 million loss on the transaction.

On October 29, 2020, we issued at par an unsecured debt offering of $500 million of 4.20 percent Senior Notes due October 29, 2025. At December 31, 2021, the outstanding balance was $495 million.

On November 1, 2021, we issued an unsecured debt offering of $500 million, 3.125 percent Senior Notes due November 2, 2026, at a price of 99.43 percent. At December 31, 2021, the outstanding balance was $491 million.

Secured Financings

2021 Transactions

On May 19, 2021, we executed our $531 million SMB Private Education Loan Trust 2021-B term ABS transaction, which was accounted for as a secured financing. We sold $531 million of notes to third-parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $529 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 0.77 percent. At December 31, 2021, $496 million of our Private Education Loans, including $467 million of principal and $29 million in capitalized interest, were encumbered because of this transaction.

On August 18, 2021, we executed our $527 million SMB Private Education Loan Trust 2021-D term ABS transaction, which was accounted for as a secured financing. We sold $527 million of notes to third-parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $525 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.22 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 0.69 percent. At December 31, 2021, $515 million of our Private Education Loans, including $485 million of principal and $30 million in capitalized interest, were encumbered because of this transaction.

On November 9, 2021, we executed our $534 million SMB Private Education Loan Trust 2021-E term ABS transaction, which was accounted for as a secured financing. We sold $534 million of notes to third-parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $532 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.15 years and priced at a weighted average

LIBOR equivalent cost of 1-month LIBOR plus 0.69 percent. At December 31, 2021, $533 million of our Private Education Loans, including $502 million of principal and $31 million in capitalized interest, were encumbered because of this transaction.

2020 Transactions

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. At December 31, 2021, $496 million of our Private Education Loans, including $469 million of principal and $27 million in capitalized interest, were encumbered because of this transaction.

On August 12, 2020, we executed our $707 million SMB Private Education Loan Trust 2020-B term ABS transaction, which was accounted for as a secured financing. We sold $707 million of notes to third-parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $705 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.14 years and priced at a weighted average LIBOR equivalent cost of 1-month LIBOR plus 1.30 percent. At December 31, 2021, $615 million of our Private Education Loans, including $581 million of principal and $34 million in capitalized interest, were encumbered because of this transaction.

Pre-2020 Transactions

Prior to 2020, we executed a total of $6.9 billion in ABS transactions that were accounted for as secured financings. At December 31, 2021, $3.6 billion of our Private Education Loans, including $3.5 billion of principal and $141 million in capitalized interest, were encumbered as a result of these transactions.

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 2025 to 2053.


	December 31, 2021				Year Ended December 31, 2021		December 31, 2020				Year Ended December 31, 2020
(Dollars in thousands)	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Floating-rate borrowings	$	1,046,857	1.05	%	$	1,073,042	$	1,235,105	1.09	%	$	1,432,446
Fixed-rate borrowings	4,884,133		2.65		4,094,640		3,954,112		3.08		3,316,425
Total long-term borrowings	$	5,930,990	2.37	%	$	5,167,682	$	5,189,217	2.60	%	$	4,748,871

As of December 31, 2021, the stated maturity and maturity to call date of our brokered deposits and borrowings are summarized below.


As of December 31, 2021 (dollars in thousands)	Stated Maturity(1)								Maturity to Call Date
	Brokered Deposits		Unsecured Debt		Secured Borrowings		Total		Brokered Deposits		Unsecured Debt		Secured Borrowings		Total
Year of Maturity
2022	$	2,918,335	$	—	$	718,153	$	3,636,488	$	2,918,335	$	—	$	718,153	$	3,636,488
2023	2,033,829		—		698,078		2,731,907		2,033,829		—		698,078		2,731,907
2024	1,236,522		—		687,600		1,924,122		1,236,522		—		687,600		1,924,122
2025	270,174		500,000		648,315		1,418,489		270,174		500,000		648,315		1,418,489
2026	1,033,313		500,000		618,380		2,151,693		1,033,313		500,000		618,380		2,151,693
2027 and after	47,401		—		1,750,502		1,797,903		47,401		—		1,750,502		1,797,903
	7,539,574		1,000,000		5,121,028		13,660,602		7,539,574		1,000,000		5,121,028		13,660,602
Hedge accounting adjustments	33,426		—		—		33,426		33,426		—		—		33,426
Total	$	7,573,000	$	1,000,000	$	5,121,028	$	13,694,028	$	7,573,000	$	1,000,000	$	5,121,028	$	13,694,028

(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 2022 include $718 million related to the securitization trust debt.

Secured Financings

The following summarizes our secured financings issued in 2020 and 2021:


Issue	Date Issued	Total Issued		Weighted Average Cost of Funds(1)	Weighted Average Life (in years)
(Dollars in thousands)
Private Education Loans:

























2020-A	February 2020	$	636,000	1-month LIBOR plus 0.88%	4.18
2020-B	August 2020	707,000		1-month LIBOR plus 1.30%	4.14
Total notes issued in 2020		$	1,343,000
Total loan and accrued interest amount securitized at inception in 2020(2)		$	1,463,230

2021-B	May 2021	$	531,000	1-month LIBOR plus 0.77%	4.26
2021-D	August 2021	527,000		1-month LIBOR plus 0.69%	4.22
2021-E	November 2021	534,000		1-month LIBOR plus 0.69%	4.15
Total notes issued in 2021		$	1,592,000

Total loan and accrued interest amount securitized at inception in 2021		$	1,656,263

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

(2) At December 31, 2021, $1.11 billion of our Private Education Loans, including $1.05 billion of principal and $62 million in capitalized interest, were encumbered related to the 2020 transactions.

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.


As of December 31, 2021 (dollars in thousands)
	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	$	—	$	4,994,852	$	4,994,852	$	6,029,034	$	210,741	$	357,982	$	6,597,757
Secured Borrowing Facility	—		—		—		—		—		867		867
Total	$	—	$	4,994,852	$	4,994,852	$	6,029,034	$	210,741	$	358,849	$	6,598,624


As of December 31, 2020 (dollars in thousands)
	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	$	—	$	4,496,338	$	4,496,338	$	5,661,123	$	154,417	$	356,967	$	6,172,507
Secured Borrowing Facility	—		—		—		—		—		436		436
Total	$	—	$	4,496,338	$	4,496,338	$	5,661,123	$	154,417	$	357,403	$	6,172,943

(1) Other assets primarily represent accrued interest receivable.

Unconsolidated VIEs

Private Education Loan Securitizations

Unconsolidated VIEs include variable interests that we hold in certain securitization trusts created by the sale of our Private Education Loans to unaffiliated third-parties in the first quarter of 2020 and the first six months of 2021. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales, and we are also the administrator of these trusts. Additionally, we own five percent of the securities issued by the trusts in order to meet risk retention requirements. We were not required to consolidate these entities because while as servicer we may have a significant impact on economic performance, the risk of absorbing losses that could be significant is low.

2021-A Transaction

On February 9, 2021, we closed an SMB Private Education Loan Trust 2021-A term ABS transaction (the “2021-A Transaction”), in which the unaffiliated third-party sold to the trust approximately $2.5 billion of Private Education Loans that the third-party seller previously purchased from us on January 8, 2021. In the 2021-A Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $130 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2021-A Transaction and we recorded an $18 million gain on sale associated with this transaction. In connection with the 2021-A Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2021-A Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

2021-C Transaction

On May 27, 2021, we closed an SMB Private Education Loan Trust 2021-C term ABS transaction (the “2021-C Transaction”), in which the unaffiliated third-party sold to the trust approximately $505 million of Private Education Loans that the third-party seller previously purchased from us on January 8, 2021. In the 2021-C Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $27 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2021-C Transaction and we recorded an $4 million gain on sale associated with this transaction. In connection with the 2021-C Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2021-C Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

The table below provides a summary of our exposure related to our unconsolidated VIEs.


	2021						2020
As of December 31, (dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	192,245	$	37,465	$	229,710	$	68,908	$	16,923	$	85,831

(1) Vertical risk retention interest classified as available-for-sale investment.

(2) Vertical risk retention interest classified as trading investment.

Other Borrowing Sources

We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $125 million at December 31, 2021. 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, 2021 and 2020.

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, 2021 and December 31, 2020, the value of our pledged collateral at the FRB totaled $3.3 billion and $3.8 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, 2021 and 2020.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

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, 2021, $5.2 billion notional of our derivative contracts were cleared on the CME and $0.3 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 94.4 percent and 5.6 percent, respectively, of our total notional derivative contracts of $5.5 billion at December 31, 2021.

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, 2021 and 2020, 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 $9 million and $43 million, respectively.

Accounting for Derivative Instruments

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. 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.

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. 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 $13 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 three 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, 2021 and 2020, and their impact on earnings and other comprehensive income for the years ended December 31, 2021, 2020, and 2019.

Impact of Derivatives on the Consolidated Balance Sheets


		Cash Flow Hedges				Fair Value Hedges				Trading				Total
As of December 31, (dollars in thousands)		2021		2020		2021		2020		2021		2020		2021		2020
Fair Values(1)	Hedged Risk Exposure

Derivative Assets:(2)
Interest rate swaps	Interest rate	$	—	$	—	$	—	$	594	$	5	$	135	$	5	$	729
Other	Other	—		—		—		—		1,317		—		1,317		—
Derivative Liabilities:(2)
Interest rate swaps	Interest rate	(231)		(287)		(21)		—		—		—		(252)		(287)
Total net derivatives		$	(231)	$	(287)	$	(21)	$	594	$	1,322	$	135	$	1,070	$	442

(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:


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2021		2020		2021		2020
Gross position(1)	$	1,322	$	729	$	(252)	$	(287)
Impact of master netting agreement	(5)		(176)		5		176
Derivative values with impact of master netting agreements (as carried on balance sheet)	1,317		553		(247)		(111)
Cash collateral pledged(2)	9,655		42,874		—		—
Net position	$	10,972	$	43,427	$	(247)	$	(111)

__________

(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.


Notional Values
	Cash Flow				Fair Value				Trading				Total
As of December 31, (dollars in thousands)	2021		2020		2021		2020		2021		2020		2021		2020


Interest rate swaps	$	1,438,144	$	1,018,976	$	3,915,999	$	4,845,543	$	181,953	$	2,693,364	$	5,536,096	$	8,557,883
Other	—		—		—		—		1,053,760		—		1,053,760		—
Net total notional	$	1,438,144	$	1,018,976	$	3,915,999	$	4,845,543	$	1,235,713	$	2,693,364	$	6,589,856	$	8,557,883

As of December 31, 2021 and 2020, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


As of December 31, (dollars in thousands) 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)
	2021		2020		2021		2020

Deposits	$	(3,963,268)	$	(4,992,867)	$	(50,784)	$	(154,235)

Impact of Derivatives on the Consolidated Statements of Income


Years Ended December 31, (dollars in thousands)	2021		2020		2019

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	85,850	$	71,668	$	(8,806)
Hedged items recorded in interest expense	103,450		(91,087)		(77,350)
Derivatives recorded in interest expense	(103,431)		91,419		77,177
Total	$	85,869	$	72,000	$	(8,979)

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	(20,852)	$	(16,000)	$	2,299
Total	$	(20,852)	$	(16,000)	$	2,299

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	(23,216)	$	10,164	$	19,469
Total	(23,216)		10,164		19,469
Total	$	41,801	$	66,164	$	12,789

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


Years Ended December 31, (dollars in thousands)	2021		2020		2019
Amount of gain (loss) recognized in other comprehensive income (loss)	$	27,259	$	(52,511)	$	(36,115)
Less: Amount of gain (loss) reclassified in interest expense	(20,852)		(16,000)		2,299
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	48,111	$	(36,511)	$	(38,414)

Cash Collateral

As of December 31, 2021, 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 by us related to derivative exposure between us and our derivatives counterparties at December 31, 2021 and 2020, 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 $10 million and $43 million at December 31, 2021 and 2020, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

At December 31, 2021, we had 2.5 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 is made to holders of our common stock.

In October 2020, we initiated a cash tender offer to purchase up to 2,000,000 shares of our Series B Preferred Stock. On November 30, 2020, we accepted for purchase 1,489,304 shares of the Series B Preferred Stock at a purchase price of $45 per share plus an amount equal to accrued and unpaid dividends, for an aggregate purchase price of approximately $68 million.

Common Stock

Our shareholders have authorized the issuance of 1.125 billion shares of common stock (par value of $0.20). At December 31, 2021, 279 million shares were issued and outstanding and 41 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.

Common Stock Dividends

In the year ended December 31, 2021, we paid a total common stock dividend of $0.20 per common share. In both years ended December 31, 2020 and 2019, we paid a total common stock dividend of $0.12 per common share, respectively. 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.

Share Repurchases

The January 23, 2019 share repurchase program (the “2019 Share Repurchase Program”), which was effective upon announcement and expired on January 22, 2021, permitted us to repurchase from time to time shares of our common stock up to an aggregate repurchase price not to exceed $200 million. We have utilized all capacity under our 2019 Share Repurchase Program, having repurchased 17 million shares of common stock for $167 million in the year ended December 31, 2019 and 3 million shares of common stock for $33 million in the year ended December 31, 2020.

On January 22, 2020, we announced another 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.

Under the authority of the 2020 Share Repurchase Program, on March 10, 2020, we entered into an accelerated share repurchase agreement (“ASR”) with a third-party financial institution under which we paid $525 million for an upfront delivery of our common stock and a forward agreement. On March 11, 2020, the third-party financial institution delivered to us approximately 45 million shares. The final total actual number of shares of common stock delivered to us pursuant to the forward agreement was based generally upon a volume-weighted average price at which the shares of our common stock traded during the regular trading sessions on the NASDAQ Global Select Market during the term of the ASR. The transactions were accounted for as equity transactions and were included in treasury stock when the shares were received, at which time there was an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share. On January 26, 2021, we completed the ASR and upon final settlement on January 28, 2021, we received an additional 13 million shares. In total, we repurchased 58 million shares under the ASR at an average price per share of $9.01. Under the 2020 Share Repurchase Program, we also repurchased an additional 4 million shares of common stock for $75 million in the three months ended March 31, 2021. We have now utilized all capacity under the 2020 Share Repurchase Program.

On January 27, 2021, we announced another share repurchase program (the “2021 Share Repurchase Program”), which was effective upon announcement and expires on January 26, 2023, and originally permitted us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion.

On October 20 2021, we announced a $250 million increase in the amount of common stock that may be repurchased under our 2021 Share Repurchase Program, which expires on January 26, 2023. This is in addition to the original $1.25 billion of authorization announced on January 27, 2021, for a total 2021 Share Repurchase Program authorization of $1.5 billion. Of the total $1.5 billion 2021 Share Repurchase Program authorization, we repurchased 81.1 million shares of common stock for $1.46 billion in the year ended December 31, 2021. (Those amounts include the shares repurchased under the Tender Offer described below.) There was $38 million of capacity remaining under the 2021 Share Repurchase Program at December 31, 2021.

On January 26, 2022, we announced a new share repurchase program (the “2022 Share Repurchase Program”), which was effective upon announcement and expires on January 25, 2024, and permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion.

So long as there is unexpired capacity under a given repurchase program, repurchases under the programs may occur from time to time and through a variety of methods, including tender offers, open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, or other similar transactions. The timing and volume of any repurchases under the 2021 Share Repurchase Program and the 2022 Share Repurchase Program will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the programs or at all.

Common Stock Tender Offer

On February 2, 2021, we announced the commencement of a “modified Dutch Auction” tender offer (the “Tender Offer”) to purchase up to $1 billion in aggregate purchase price of our outstanding shares of common stock, par value $0.20 per share. Pursuant to the Tender Offer, we repurchased 28.5 million shares at a price of $16.50 per share. The purchase of shares settled on March 16, 2021, for an aggregate cost of approximately $472 million, including fees and expenses related to the Tender Offer. We cancelled the 28.5 million shares purchased in connection with the Tender Offer. This cancellation decreased the balances of common stock by $6 million and of additional paid-in capital by $466 million, respectively.

Share Repurchases under our Rule 10b5-1 Trading Plans

During the year ended December 31, 2021, we repurchased 57 million shares of our common stock at a total cost of $1.1 billion under Rule 10b5-1 trading plans authorized under our share repurchase programs.

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)	2021		2020		2019
Common stock repurchased under repurchase programs(1)(2)(3)	98,748,905		47,736,847		16,962,199
Average purchase price per share(4)	$	17.37	$	9.66	$	9.86
Shares repurchased related to employee stock-based compensation plans(5)	1,368,942		1,197,843		1,369,630
Average purchase price per share	$	14.70	$	10.93	$	10.85
Common shares issued(6)	3,786,581		3,129,325		3,743,705

(1) Common shares purchased under our share repurchase programs. There was $38 million of capacity remaining under the 2021 Share Repurchase Program at December 31, 2021.

(2) For the years ended December 31, 2021 and 2020, the amount includes 13 million shares and 45 million shares, respectively, related to the accelerated share repurchase agreement described above.

(3) For the year ended December 31, 2021, the amount includes 28.5 million shares related to the settlement of our common stock Tender Offer described above.

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

(5) 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.

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

The closing price of our common stock on the NASDAQ Global Select Market on December 31, 2021 was $19.67.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

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, (amounts in thousands, except per share data)	2021		2020		2019
Numerator:
Net income	$	1,160,513	$	880,690	$	578,276
Preferred stock dividends	4,736		9,734		16,837
Net income attributable to SLM Corporation common stock	$	1,155,777	$	870,956	$	561,439
Denominator:
Weighted average shares used to compute basic EPS	314,993		383,705		427,292
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)	4,919		3,490		3,382
Weighted average shares used to compute diluted EPS	319,912		387,195		430,674

Basic earnings per common share	$	3.67	$	2.27	$	1.31

Diluted earnings per common share	$	3.61	$	2.25	$	1.30

(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, 2021, 2020, and 2019, securities covering 1 million shares, no shares and no shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Stock-Based Compensation Plans and Arrangements

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans and Arrangements

Plan Summaries

As of December 31, 2021, we had one active stock-based compensation plan that provides for grants of equity awards to our employees and non-employee directors.

The SLM Corporation 2021 Omnibus Incentive Plan was approved by shareholders on June 8, 2021, and at December 31, 2021, 21 million shares were authorized to be issued from this plan.

We also maintain an Employee Stock Purchase Plan (the “ESPP”). The number of shares authorized under the plan at December 31, 2021 was 14 million shares.

Shares issued under these stock-based compensation plans may be either shares reacquired by us or shares that are authorized but unissued.

Stock-Based Compensation

The total stock-based compensation cost recognized in the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019 was $31 million, $36 million, and $31 million, respectively. As of December 31, 2021, there was $18 million of total unrecognized compensation expense related to unvested restricted stock awards, restricted stock units, performance stock units, and ESPP 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

There were no stock options granted in the years ended December 31, 2020 and 2019.

There were 998,891 time-vested options granted in the year ended December 31, 2021. The options were granted solely to members of senior management. The exercise price of the options is equal to 115 percent of the fair market value of a share of our common stock as of the grant date. The options will vest 100 percent on the third anniversary of the respective grant date and expire ten years after the respective grant date. The fair value of each stock option grant was estimated on the date of grant using the Monte Carlo simulation-pricing model. The expected volatility of our common stock at the date of grant is estimated based on a historic volatility rate and the expected option life is calculated based on historical stock option experience as the best estimate of future exercise patterns. The dividend yield assumption is based on historical and anticipated dividend payouts. The risk-free interest rate assumption is based on observed interest rates consistent with the expected life of each stock option grant.

The following table summarizes stock option activity for the year ended December 31, 2021.


(Dollars in thousands, shares and per share amounts in actuals)	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
Outstanding at December 31, 2020	241,675	$	5.24
Granted	998,891	17.65
Exercised(2)(3)	(236,275)	5.24
Canceled	(5,400)	5.24
Outstanding at December 31, 2021(4)	998,891	$	17.65	2.0	$	2,018
Exercisable at December 31, 2021	—	$	—	0	$	—

(1)The aggregate intrinsic value represents the total intrinsic value (the aggregate difference between our closing stock price on December 31, 2021 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, 2021.

(2)The total intrinsic value of options exercised was $2 million, $3 million, and $4 million for the years ended December 31, 2021, 2020, and 2019, respectively.

(3)No cash was received from option exercises for the year ended December 31, 2021. The actual tax benefit realized for the tax deductions from option exercises totaled less than $1 million for the year ended December 31, 2021.

(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, 2021.


(Shares and per share amounts in actuals)	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2020	143,033	$	7.69
Granted	54,098	20.33
Vested(1)	(143,033)	7.69
Canceled	(4,918)	20.33
Non-vested at December 31, 2021(2)	49,180	$	20.33

(1)The total fair value of shares that vested during the years ended December 31, 2021, 2020, and 2019 was $1 million, $1 million, and $1 million, respectively.

(2)As of December 31, 2021, there was $0.4 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 0.4 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 at the end of 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, 2021.


(Shares and per share amounts in actuals)	Number of RSUs/ PSUs	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020	6,721,505	$	10.41
Granted	1,673,427	15.51
Vested and converted to common stock(1)	(2,944,877)	10.64
Canceled	(141,559)	12.85
Outstanding at December 31, 2021(2)	5,308,496	$	11.83

(1)The total fair value of RSUs/PSUs that vested and converted to common stock during the years ended December 31, 2021, 2020, and 2019 was $31 million, $26 million, and $27 million, respectively.

(2)As of December 31, 2021, there was $15 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, (per share amounts in actuals)	2021			2020			2019
Risk-free interest rate	0.07		%	0.12		%	1.87		%
Expected volatility	34		%	49		%	29		%
Expected dividend rate	0.66		%	1.76		%	1.34		%
Expected life of the option	1 year			1 year			1 year
Weighted average fair value of stock purchase rights	$	4.93		$	1.74		$	1.77

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 zero-coupon U.S. Treasury STRIPS rate at the grant date consistent with the expected life.

The fair values were amortized to compensation cost on a straight-line basis over a one-year vesting period. As of December 31, 2021, there was less than $1 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized by July 2022.

During the year ended December 31, 2021, plan participants purchased approximately 496,000 shares of our common stock. No shares were purchased for the years ended December 31, 2020 and 2019, as our stock price on both July 31, 2020 and 2019 was less than the offering price for the ESPP plan.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

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
	2021								2020
As of December 31, (dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:

Trading investments	$	—	$	—	$	37,465	$	37,465	$	—	$	—	$	16,923	$	16,923
Available-for-sale investments	—		2,517,956		—		2,517,956		—		1,996,634		—		1,996,634
Derivative instruments	—		1,322		—		1,322		—		729		—		729
Total	$	—	$	2,519,278	$	37,465	$	2,556,743	$	—	$	1,997,363	$	16,923	$	2,014,286

Liabilities:
Derivative instruments	$	—	$	(252)	$	—	$	(252)	$	—	$	(287)	$	—	$	(287)
Total	$	—	$	(252)	$	—	$	(252)	$	—	$	(287)	$	—	$	(287)

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


As of December 31, (dollars in thousands)	2021						2020
	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	22,919,836	$	19,625,374	$	3,294,462	$	22,124,171	$	18,436,968	$	3,687,203
FFELP Loans	705,644		692,954		12,690		748,657		735,208		13,449
Credit Cards	25,037		22,955		2,082		12,249		10,967		1,282
Loans held for sale	—		—		—		3,226,029		2,885,640		340,389
Cash and cash equivalents	4,334,603		4,334,603		—		4,455,292		4,455,292		—
Trading investments	37,465		37,465		—		16,923		16,923		—
Available-for-sale investments	2,517,956		2,517,956		—		1,996,634		1,996,634		—
Accrued interest receivable	1,306,410		1,205,667		100,743		1,527,816		1,387,305		140,511
Tax indemnification receivable	8,047		8,047		—		18,492		18,492		—
Derivative instruments	1,322		1,322		—		729		729		—
Total earning assets	$	31,856,320	$	28,446,343	$	3,409,977	$	34,126,992	$	29,944,158	$	4,182,834
Interest-bearing liabilities:
Money-market and savings accounts	$	11,457,490	$	11,432,691	$	(24,799)	$	11,136,560	$	11,067,633	$	(68,927)
Certificates of deposit	9,451,528		9,394,001		(57,527)		11,799,223		11,597,266		(201,957)
Short-term borrowings	—		—		—		—		—		—
Long-term borrowings	6,000,174		5,930,990		(69,184)		5,398,309		5,189,217		(209,092)
Accrued interest payable	46,600		46,600		—		60,272		60,272		—
Derivative instruments	252		252		—		287		287		—
Total interest-bearing liabilities	$	26,956,044	$	26,804,534	$	(151,510)	$	28,394,651	$	27,914,675	$	(479,976)

Excess of net asset fair value over carrying value					$	3,258,467					$	3,702,858

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

Trading

Investments classified as trading are carried at fair value in the consolidated financial statements. As such, these are level 3 valuations.

Available-for-Sale

Investments classified as available-for-sale are carried at fair value in the consolidated financial statements. Investments in mortgage-backed securities, U.S. government-sponsored enterprises and Treasury 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

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 and Credit Cards

For FFELP Loans and Credit Cards, 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.

Loans Held For Sale

Our loans held for sale are accounted for at the lower of cost or market. The fair value was determined by using observable quoted prices for similar assets in our most recent market transactions. These are considered level 2 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

Arrangements with Navient Corporation	12 Months Ended
Arrangements with Navient Corporation	Dec. 31, 2021
Related Party Transactions [Abstract]
Arrangements with Navient Corporation	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 were transitional in nature with most having terms that have expired or will expire within the next year. 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 by which matters related to the separation and other transactions contemplated by the Separation and Distribution Agreement are to be 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, 2021, the remaining balance of the indemnification receivable related to those uncertain tax positions was $5 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.

Regulatory Capital

12 Months Ended

Dec. 31, 2021

Regulatory Assets and Liabilities Disclosure [Abstract]

Regulatory Capital

The Bank is subject to various regulatory capital requirements administered by the FDIC and the 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 position. 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.

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, the Bank is subject to a Common Equity Tier 1 capital conservation buffer of greater than 2.5 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, 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.

Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopt CECL during the 2020 calendar year, including the Bank, may elect to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. The Bank has elected to use this option. Therefore, the regulatory capital impact of the Bank’s transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank’s allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the “adjusted transition amounts”), were deferred for the two-year period ending January 1, 2022. From January 1, 2022 to January 1, 2025, the adjusted transition amounts will be phased in for regulatory capital purposes at a rate of 25 percent per year, with the phased-in amounts included in regulatory capital at the beginning of each year. The Bank’s January 1, 2020 CECL transition amounts increased our allowance for credit losses by $1.1 billion, increased the liability representing our off-balance sheet exposure for unfunded commitments by $116 million, and increased our deferred tax asset by $306 million, resulting in a cumulative effect adjustment that reduced retained earnings by $953 million. This transition adjustment was inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

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


(Dollars in thousands)	Actual				U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
	Amount		Ratio		Amount			Ratio
As of December 31, 2021:
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,314,657	14.1	%	$	1,643,132	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,314,657	14.1	%	$	1,995,232	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,410,183	14.5	%	$	2,464,699	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,314,657	11.1	%	$	1,198,808	>	4.0	%

As of December 31, 2020:
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,579,005	14.0	%	$	1,794,780	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,579,005	14.0	%	$	2,179,375	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,849,820	15.0	%	$	2,692,169	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,579,005	11.3	%	$	1,264,424	>	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 $1.4 billion, $579 million, and $254 million in dividends to the Company for the years ended December 31, 2021, 2020, and 2019, respectively, with the proceeds primarily used to fund the 2021, 2020, and 2019 Share Repurchase Programs and stock dividends. In the future, we expect that the Bank will pay dividends to the Company as may be necessary to enable the Company 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 + Details

Defined Contribution Plans	12 Months Ended
Defined Contribution Plans	Dec. 31, 2021
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, 2021, 2020, and 2019, we contributed $7 million, $8 million, and $7 million, respectively, to this plan.

Commitments, Contingencies and Guarantees	12 Months Ended
Commitments, Contingencies and Guarantees	Dec. 31, 2021
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, 2021, we had $1.8 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2021/2022 academic year. At December 31, 2021, we had a $73 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, and a hearing took place on December 7, 2021. On December 16, 2021, the Court entered an Order granting the Bank’s Motion to Dismiss the First Amended Complaint, thereby dismissing the Bank from the action with prejudice. On January 13, 2022, Navient announced agreements with a total of forty state attorneys general to resolve their previously disclosed multistate litigation and investigation matters, including but not limited to four lawsuits (brought by the attorneys general for the states of California, Washington, Pennsylvania, and New Jersey) arising out of 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, Pennsylvania, or New Jersey lawsuits, and no claims are asserted against them. The Company and the Bank are not parties to the Navient settlement and are not contributing any of the relief sought in the settlement. Further, the consent judgments between Navient and the various states contain releases of claims as to pre-Spin-Off SLM (including the Bank and other consolidated subsidiaries) for conduct occurring on or before the date of the Spin-Off. 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. 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.

Income Taxes

12 Months Ended

Dec. 31, 2021

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,	2021		2020		2019
Statutory rate	21.0	%	21.0	%	21.0	%

State tax, net of federal benefit	3.1		2.9		3.9
Business tax credits	(0.8)		(2.2)		(3.5)
Reverse federal impact of indemnification adjustments	0.1		0.2		0.3
Unrecognized tax benefits, U.S. federal and state, net of federal benefit	0.4		0.7		(0.1)



Other, net	0.9		1.1		0.7
Effective tax rate	24.7	%	23.7	%	22.3	%

The effective tax rate varies from the statutory U.S. federal rate of 21 percent primarily due to the impact of state taxes, net of federal benefit, for the year ended December 31, 2021; and due to business tax credits and the impact of state taxes, net of federal benefit, for the year ended December 31, 2020 and 2019, respectively.

Income tax expense consists of:


As of December 31, (dollars in thousands)	2021		2020		2019
Current provision (benefit):
Federal	$	259,536	$	172,153	$	150,800
State	64,843		28,387		24,378

Total current provision (benefit)	324,379		200,540		175,178
Deferred provision (benefit):
Federal	47,240		58,003		(8,240)
State	8,132		14,773		(1,474)

Total deferred provision (benefit)	55,372		72,776		(9,714)
Provision for income tax expense	$	379,751	$	273,316	$	165,464

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


As of December 31, (dollars in thousands)	2021		2020
Deferred tax assets:
Loan reserves	$	300,538	$	356,296
Stock-based compensation plans	10,174		10,914
Deferred revenue	1,318		1,441
Operating loss carryovers	394		83
Accrued expenses not currently deductible	14,307		13,139
Net unrealized losses	—		9,047
Unrecorded tax benefits	11,016		6,997

Other	1,097		1,003
Total deferred tax assets	338,844		398,920
Deferred tax liabilities:
Fixed assets	10,131		11,098
Acquired intangible assets	8,710		7,767
Market value adjustments on student loans, investments and derivatives	33		5,651
Net unrealized gains	6,459		—
Federal deferred for state receivable	1,921		7,456
Student loan premiums and discounts, net	12,396		11,336
Other	363		307
Total deferred tax liabilities	40,013		43,615
Net deferred tax assets	$	298,831	$	355,305

Included in operating loss carryovers are state net operating losses of $286 million and $277 million as of December 31, 2021 and 2020, respectively. The Company has recorded a valuation allowance against these net operating losses of $285 million and $277 million, respectively. Also included in operating loss carryovers is a capital loss of $16 million and $16 million as of December 31, 2021 and 2020, respectively. The Company has recorded a full valuation allowance against this capital loss. The valuation allowance is primarily attributable to deferred tax assets for state net operating losses and capital 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 and capital loss carryovers as outlined above).

As of December 31, 2021, the state net operating loss carryforwards will begin to expire in 2029 and the capital losses in 2025.

Accounting for Uncertainty in Income Taxes

The following table summarizes changes in unrecognized tax benefits:


As of December 31, (dollars in thousands)	2021		2020		2019
Unrecognized tax benefits at beginning of year	$	63,134	$	53,509	$	52,159
Increases resulting from tax positions taken during a prior period	1,496		12,723		12,333
Decreases resulting from tax positions taken during a prior period	(1,481)		(817)		(851)
Increases resulting from tax positions taken during the current period	20,743		7,815		4,572
Decreases related to settlements with taxing authorities	(3,682)		(148)		(8,670)
Increases related to settlements with taxing authorities	96		—		—
Reductions related to the lapse of statute of limitations	(4,978)		(9,948)		(6,034)
Unrecognized tax benefits at end of year	$	75,328	$	63,134	$	53,509

As of December 31, 2021, the gross unrecognized tax benefits are $75 million. Included in the $75 million are $65 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, 2021, 2020, and 2019, the total amount of income tax-related accrued interest and penalties, net of related benefit, recognized in the consolidated balance sheets was $10 million, $11 million, and $12 million, respectively.

For the years ended December 31, 2021, 2020, and 2019, the total amount of income tax-related accrued interest, net of related tax benefit, recognized in the consolidated statements of income was $(1) million, $(1) million, and $(1) 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 three to four prior years). The Company’s federal income tax returns for the years ended December 31, 2015, December 31, 2016, and December 31, 2017 are currently under audit by the Internal Revenue Service. 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 $6 million during the next 12 months due to the expiration of statutes of limitations, some of which 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Concentrations of Risk	12 Months Ended
Concentrations of Risk	Dec. 31, 2021
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/political/reputational, operational, regulatory, liquidity, capital, and interest rate 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 consumers increase their targeted savings for higher education, if public resistance to higher education costs strengthens, if certain proposals for new federal and state spending on education gain broader appeal or momentum, 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. Also, competition from banks and other consumer lenders, many of whom may have a greater level of diversification in their mix of assets or may have lower return hurdles, could lead to decreases in demand for our Private Education Loan products.

Parent Only Statements

12 Months Ended

Dec. 31, 2021

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
At December 31, (dollars in thousands)	2021		2020
Assets
Cash and cash equivalents	$	570,726	$	539,074
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,527,780		2,689,027
Income taxes receivables, net	—		1,835
Tax indemnification receivable	8,047		18,492
Due from subsidiaries, net	105,667		47,357
Other assets	3,361		2,457
Total assets	$	3,215,581	$	3,298,242

Liabilities and Equity
Liabilities
Long-term borrowings	$	986,138	$	692,879
Income taxes payable, net	34,822		—
Payable due to Navient	101		8,531
Other liabilities	44,809		33,997
Total liabilities	1,065,870		735,407

Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	251,070		251,070
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 432.0 million and 456.7 million shares issued, respectively	86,403		91,346
Additional paid-in capital	1,074,384		1,331,247
Accumulated other comprehensive loss (net of tax benefit of $(5,707) and $(10,908), respectively)	(17,897)		(34,200)
Retained earnings	2,817,134		1,722,365
Total SLM Corporation stockholders’ equity before treasury stock	4,211,094		3,361,828
Less: Common stock held in treasury at cost: 153.1 million and 81.4 million shares, respectively	(2,061,383)		(798,993)
Total equity	2,149,711		2,562,835
Total liabilities and equity	$	3,215,581	$	3,298,242


Parent Only Condensed Statements of Income
Years ended December 31, (dollars in thousands)	2021		2020		2019
Interest income	$	392	$	452	$	2,663
Interest expense	35,208		14,896		11,060
Net interest loss	(34,816)		(14,444)		(8,397)

Non-interest income (loss)	(13,078)		2,820		(10,856)
Non-interest expenses	54,352		57,945		39,423

Loss before income tax benefit and equity in net income from subsidiaries	(102,246)		(69,569)		(58,676)
Income tax expense (benefit)	8,477		(11,235)		(25,260)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	1,271,236		939,024		611,692
Net income	1,160,513		880,690		578,276
Preferred stock dividends	4,736		9,734		16,837
Net income attributable to SLM Corporation common stock	$	1,155,777	$	870,956	$	561,439


Parent Only Condensed Statement of Cash Flows
Years ended December 31, (dollars in thousands)	2021		2020		2019

Cash flows from operating activities:
Net income	$	1,160,513	$	880,690	$	578,276
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(1,271,236)		(939,024)		(611,692)
Dividends received from Sallie Mae Bank	1,444,500		579,400		254,000
Reduction of tax indemnification receivable	10,445		9,066		11,649
Amortization of unsecured debt upfront fees	2,663		1,029		811
Loss on early extinguishment of unsecured debt	2,784		—		$	—
Gain on sale of Upromise subsidiary, net	—		(11,331)		—
Decrease in investment in subsidiaries, net	34,935		53,698		2,611

(Increase) decrease in due from subsidiaries, net	(58,310)		(4,813)		6,254
Increase in other assets	(16,964)		(10,504)		(12,999)
Increase (decrease) in income taxes payable, net	36,657		(13,292)		(25,814)
Decrease in payable due to entity that is a subsidiary of Navient	(8,430)		(533)		(416)
Increase (decrease) in other liabilities	2,165		12,874		(5,796)
Total adjustments	179,209		(323,430)		(381,392)
Net cash provided by operating activities	1,339,722		557,260		196,884

Cash flows from investing activities:
Proceeds from the sale of Upromise subsidiary, net	—		16,922		—
Net cash provided by investing activities	—		16,922		—

Cash flows from financing activities:
Issuance costs for unsecured debt offering	(1,540)		(1,309)		—
Unsecured debt issued	492,135		495,000		—
Unsecured debt repaid	(202,784)		—		—
Repurchase of Series B Preferred Stock	—		(68,055)		—
Common stock dividends paid	(60,462)		(46,351)		(51,114)
Preferred stock dividends paid	(4,736)		(9,734)		(16,837)
Common stock repurchased	(1,530,683)		(558,167)		(167,201)
Net cash used in financing activities	(1,308,070)		(188,616)		(235,152)
Net increase (decrease) in cash and cash equivalents	31,652		385,566		(38,268)
Cash and cash equivalents at beginning of year	539,074		153,508		191,776
Cash and cash equivalents at end of year	$	570,726	$	539,074	$	153,508

Selected Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (unaudited)


2021
(Dollars in thousands, except per share data)	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Net interest income	$	331,114	$	338,784	$	357,518	$	367,350
Less: provisions for credit losses	(225,767)		69,677		138,442		(15,309)
Net interest income after provisions for credit losses	556,881		269,107		219,076		382,659
Gains (losses) on sales of loans, net	399,111		3,679		(10)		145,535

Gains (losses) on derivative and hedging activities, net	28		89		44		(17)
Other income	14,288		48,580		13,879		7,243
Total operating expenses	124,499		128,010		140,649		125,495
Total restructuring expenses	1,077		70		108		—
Income tax expense	203,525		53,174		19,392		103,660
Net income	641,207		140,201		72,840		306,265
Preferred stock dividends	1,201		1,192		1,166		1,177
Net income attributable to SLM Corporation common stock	$	640,006	$	139,009	$	71,674	$	305,088
Basic earnings per common share(1)	$	1.77	$	0.45	$	0.24	$	1.06
Diluted earnings per common share(1)	$	1.75	$	0.44	$	0.24	$	1.04
Declared dividends per common share	$	0.03	$	0.03	$	0.03	$	0.11

(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.


2020
	First		Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter
Net interest income	$	400,116	$	348,775	$	364,567	$	366,537
Less: provisions for credit losses	61,258		351,887		(3,640)		(316,372)
Net interest income (loss) after provisions for credit losses	338,858		(3,112)		368,207		682,909
Gains (losses) on sales of loans, net	238,935		(369)		(4)		(247)

Gains (losses) on derivative and hedging activities, net	45,672		3,751		(15)		136
Other income	7,487		25,412		9,646		1,043
Total operating expenses	147,298		141,557		127,490		121,743
Total restructuring expenses	—		—		24,127		2,088
Income tax expense (benefit)	121,481		(30,664)		55,189		127,310
Net income (loss)	362,173		(85,211)		171,028		432,700
Preferred stock dividends	3,464		2,478		2,058		1,734
Net income (loss) attributable to SLM Corporation common stock	$	358,709	$	(87,689)	$	168,970	$	430,966
Basic earnings (loss) per common share(1)	$	0.88	$	(0.23)	$	0.45	$	1.15
Diluted earnings (loss) per common share(1)	$	0.87	$	(0.23)	$	0.45	$	1.13
Declared dividends per common share	$	0.03	$	0.06	$	—	$	0.03

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 26, 2022, we signed a definitive agreement with Epic Research LLC to purchase the assets primarily used or held for use of Epic Research Education Services, LLC, which does business as Nitro College (“Nitro”). Nitro provides resources that help students and families evaluate how to responsibly pay for college and manage their financial responsibilities after graduation. Nitro takes pride in equipping college students and their parents with the necessary tools to navigate college financing, manage their debt, and obtain scholarship opportunities. In addition to providing a scholarship finder, Nitro provides FAFSA application support, information on grants, and calculators to help college students determine the potential return on investment from a college degree. The addition of Nitro will support the our mission of providing students with the confidence needed to successfully navigate the higher education journey. Strategically, we expect the acquisition of the Nitro assets, including its employees and intellectual property, when complete, to immediately expand our digital marketing capabilities, reduce the cost to acquire customer accounts, and accelerate our progress to become a broader education solutions provider for students before, during, and immediately after college. We have had a partnership with Nitro since 2017, and it has been a source of Private Education Loan leads during this period. The transaction is subject to customary approvals and closing conditions and is expected to close in the first quarter of 2022. Terms of the purchase are not being disclosed, but the purchase price is not material to the Company.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Use of Estimates and Assumptions

Consolidation

Cash and Cash Equivalents

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.

Trading and Available-for-Sale Investments

Trading Investments

Available-for-Sale Investments

Other Investments

Other InvestmentsWe 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.

Loans Held for Investment

Loans Held for Sale

Restricted Cash

Restricted CashRestricted 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 Credit Losses

Allowance for Credit Losses

Adoption of CECL


	January 1, 2020
(Dollars in thousands)	As reported under CECL		Pre-CECL Adoption		Impact of CECL Adoption
Assets:
Allowance for credit losses:
Private Education Loans	$	1,435,130	$	374,300	$	1,060,830
FFELP Loans	4,485		1,633		2,852
Personal Loans	145,060		65,877		79,183
Credit Cards	290		102		188
Total	$	1,584,965	$	441,912	$	1,143,053

Deferred tax asset	$	415,540	$	109,369	$	306,171

Liabilities:
Allowance for credit losses:
Off-balance sheet exposures	$	118,239	$	2,481	$	115,758

Equity:
Retained Earnings	$	897,873	$	1,850,512	$	(952,639)

This transition adjustment shown above is inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

Allowance for Credit Losses - 2021 and 2020

We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date.

•Economic forecasts;

•Weighting of economic forecasts;

•Prepayment speeds; and

•Recovery rates.

Allowance for Private Education Loan Losses

Allowance for Private Education Loan Losses - 2021 and 2020

Key Credit Quality Indicators - Private Education Loans - 2021 and 2020

We consider a Private Education Loan to be delinquent if the borrower has not made a required payment prior to the 31st day after such payment was contractually due.

Troubled Debt Restructurings ("TDRs")

Troubled Debt Restructurings (“TDRs”) - 2021 and 2020

Off-Balance Sheet Exposure for Contractual Loan Commitments

Off-Balance Sheet Exposure for Contractual Loan Commitments - 2021 and 2020

Uncollectible Interest - 2021 and 2020

Allowance For Credit Card Loans

Allowance for Credit Card Loans - 2021 and 2020

As all of our Credit Card loans are unconditionally cancelable by us, the issuer, we do not record any estimate of credit losses for unused portions of our Credit Card commitments.

Deposits

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.

Loan Interest Income

Interest Expense

Interest ExpenseInterest 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”), 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.

Gains on Sale of Loans, Net

Gains on Sale of Loans, NetWe 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.

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

Stock-Based CompensationWe 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.

Restructuring Activities

Income Taxes

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Cumulative Effect of Adoption of CECL

The following table illustrates the impact of the cumulative effect adjustment made upon adoption of CECL on January 1, 2020:


	January 1, 2020
(Dollars in thousands)	As reported under CECL		Pre-CECL Adoption		Impact of CECL Adoption
Assets:
Allowance for credit losses:
Private Education Loans	$	1,435,130	$	374,300	$	1,060,830
FFELP Loans	4,485		1,633		2,852
Personal Loans	145,060		65,877		79,183
Credit Cards	290		102		188
Total	$	1,584,965	$	441,912	$	1,143,053

Deferred tax asset	$	415,540	$	109,369	$	306,171

Liabilities:
Allowance for credit losses:
Off-balance sheet exposures	$	118,239	$	2,481	$	115,758

Equity:
Retained Earnings	$	897,873	$	1,850,512	$	(952,639)

Investments (Tables)

12 Months Ended

Dec. 31, 2021

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:


As of December 31, 2021 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	376,313	$	—	$	1,857	$	(7,073)	$	371,097
Utah Housing Corporation bonds	6,943		—		18		—		6,961
U.S. government-sponsored enterprises and Treasuries	1,958,943		—		603		(11,893)		1,947,653
Other securities	193,369		—		439		(1,563)		192,245
Total	$	2,535,568	$	—	$	2,917	$	(20,529)	$	2,517,956

As of December 31, 2020 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Mortgage-backed securities	$	308,913	$	—	$	6,095	$	(134)	$	314,874
Utah Housing Corporation bonds	12,357		—		210		—		12,567
U.S. government-sponsored enterprises and Treasuries	1,596,890		—		3,395		—		1,600,285
Other securities	68,797		—		462		(351)		68,908
Total	$	1,986,957	$	—	$	10,162	$	(485)	$	1,996,634

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


	Less than 12 months				12 months or more				Total
As of December 31, (dollars in thousands)	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
2021:
Mortgage-backed securities	$	(5,534)	$	261,404	$	(1,540)	$	36,587	$	(7,074)	$	297,991
Utah Housing Corporation bonds	—		—		—		—		—		—
U.S. government-sponsored enterprises and Treasuries	(11,892)		1,199,367		—		—		(11,892)		1,199,367
Other securities	(1,563)		132,884		—		—		(1,563)		132,884
Total	$	(18,989)	$	1,593,655	$	(1,540)	$	36,587	$	(20,529)	$	1,630,242

2020:
Mortgage-backed securities	$	(134)	$	46,011	$	—	$	—	$	(134)	$	46,011
Utah Housing Corporation bonds	—		—		—		—		—		—
U.S. government-sponsored enterprises and Treasuries	—		—		—		—		—		—
Other securities	(351)		30,441		—		—		(351)		30,441
Total	$	(485)	$	76,452	$	—	$	—	$	(485)	$	76,452

Amortized cost and fair value of securities by contractual maturities


As of December 31, 2021 Year of Maturity (Dollars in thousands)	Amortized Cost		Estimated Fair Value
2022	$	850,032	$	850,326
2023	162,617		162,003
2024	398,583		394,941
2026	547,712		540,382
2038	74		79
2039	1,029		1,120
2042	3,183		3,175
2043	5,599		5,797
2044	7,620		7,881
2045	6,764		6,968
2046	10,629		10,818
2047	12,611		12,822
2048	2,961		3,025
2049	19,828		20,458
2050	134,707		131,063
2051	178,250		174,853
2053	141,251		140,260
2054	52,118		51,985
Total	$	2,535,568	$	2,517,956

Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Loans held for investment

Loans held for investment are summarized as follows:


As of December 31, (dollars in thousands)	2021		2020
Private Education Loans:
Fixed-rate	$	9,920,547	$	8,950,216
Variable-rate	10,796,316		10,779,121
Total Private Education Loans, gross	20,716,863		19,729,337
Deferred origination costs and unamortized premium/ (discount)	67,488		63,475
Allowance for credit losses	(1,158,977)		(1,355,844)
Total Private Education Loans, net	19,625,374		18,436,968

FFELP Loans	695,216		737,593
Deferred origination costs and unamortized premium/ (discount)	1,815		1,993
Allowance for credit losses	(4,077)		(4,378)
Total FFELP Loans, net	692,954		735,208






Credit Cards (fixed-rate)	25,014		12,238
Deferred origination costs and unamortized premium/ (discount)	222		230
Allowance for credit losses	(2,281)		(1,501)
Total Credit Cards, net	22,955		10,967
Loans held for investment, net	$	20,341,283	$	19,183,143

The estimated weighted average life of education loans in our portfolio was approximately 4.7 years and 5.4 years at December 31, 2021 and 2020, respectively.

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


	2021				2020				2019
Years ended December 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,968,061	8.25	%	$	22,426,216	8.42	%	$	22,225,473	9.32	%
FFELP Loans	718,186		3.43		757,953		3.76		814,198		4.79
Personal Loans	—		—		582,552		12.43		1,141,503		12.09
Credit Cards	14,982		4.67		9,390		(6.04)		—		—
Total portfolio	$	21,701,229			$	23,776,111			$	24,181,174

Loans held for investment by Region

Loans Held for Investment by Region

At December 31, 2021 and 2020, 38.4 percent and 38.8 percent, respectively, of total education loans were concentrated in the following states:


As of December 31,	2021		2020
New York	9.4	%	9.7	%
California	9.6		9.6
Pennsylvania	7.8		8.0
New Jersey	6.0		6.2
Texas	5.6		5.3
	38.4	%	38.8	%

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

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Allowance for credit losses and recorded investments in loans

Allowance for Credit Losses Metrics


Year Ended December 31, 2021 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,378		$	1,355,844		$	1,501		$	1,361,723


Transfer from unfunded commitment liability(1)	—			301,655			—			301,655
Provisions:
Provision for current period	20			(233,852)			1,124			(232,708)
Loan sale reduction to provision	—			(66,460)			—			(66,460)
Loans transferred to held-for-sale	—			1,887			—			1,887
Total provisions(2)	20			(298,425)			1,124			(297,281)
Net charge-offs:
Charge-offs	(321)			(229,591)			(356)			(230,268)
Recoveries	—			29,494			12			29,506
Net charge-offs	(321)			(200,097)			(344)			(200,762)

Ending Balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	47,712		$	—		$	47,712
Ending balance: collectively evaluated for impairment	$	4,077		$	1,111,265		$	2,281		$	1,117,623
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,057,665		$	—		$	1,057,665
Ending balance: collectively evaluated for impairment	$	695,216		$	19,659,198		$	25,014		$	20,379,428
Net charge-offs as a percentage of average loans in repayment(3)	0.06		%	1.33		%	2.24		%
Allowance as a percentage of the ending total loan balance	0.59		%	5.59		%	9.12		%
Allowance as a percentage of the ending loans in repayment(3)	0.74		%	7.47		%	9.12		%
Allowance coverage of net charge-offs	12.70			5.79			6.63
Ending total loans, gross	$	695,216		$	20,716,863		$	25,014
Average loans in repayment(3)	$	545,689		$	15,019,869		$	15,343
Ending loans in repayment(3)	$	553,980		$	15,511,212		$	25,014

(1) See Note 8, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(298,425)
Provisions for unfunded loan commitments	264,324
Total Private Education Loan provisions for credit losses	(34,101)

Other impacts to the provisions for credit losses:

FFELP Loans	20
Credit Cards	1,124
Total	1,144
Provisions for credit losses reported in consolidated statements of income	$	(32,957)


Year Ended December 31, 2020 (dollars in thousands)	FFELP Loans			Private Education Loans			Personal Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	1,633		$	374,300		$	65,877		$	102		$	441,912
Day 1 adjustment for the adoption of CECL	2,852			1,060,830			79,183			188			1,143,053
Balance at January 1, 2020	4,485			1,435,130			145,060			290			1,584,965
Transfer from unfunded commitment liability(1)	—			320,808			—			—			320,808
Provisions:
Provision for current period	412			148,673			40,485			1,328			190,898
Loan sale reduction to provision	—			(161,793)			(42,916)			—			(204,709)
Loans transferred to held-for-sale	—			(205,669)			—			—			(205,669)
Total provisions(2)	412			(218,789)			(2,431)			1,328			(219,480)
Net charge-offs:
Charge-offs	(519)			(205,326)			(39,079)			(119)			(245,043)
Recoveries	—			24,021			4,984			2			29,007
Net charge-offs	(519)			(181,305)			(34,095)			(117)			(216,036)
Loan sales	—			—			(108,534)			—			(108,534)
Ending Balance	$	4,378		$	1,355,844		$	—		$	1,501		$	1,361,723
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	104,265		$	—		$	—		$	104,265
Ending balance: collectively evaluated for impairment	$	4,378		$	1,251,579		$	—		$	1,501		$	1,257,458
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,274,590		$	—		$	—		$	1,274,590
Ending balance: collectively evaluated for impairment	$	737,593		$	18,454,747		$	—		$	12,238		$	19,204,578
Net charge-offs as a percentage of average loans in repayment(3)	0.09		%	1.17		%	—		%	1.26		%
Allowance as a percentage of the ending total loan balance	0.59		%	6.87		%	—		%	12.27		%
Allowance as a percentage of the ending loans in repayment(3)	0.76		%	9.48		%	—		%	12.27		%
Allowance coverage of net charge-offs	8.44			7.48			—			12.83
Ending total loans, gross	$	737,593		$	19,729,337		$	—		$	12,238
Average loans in repayment(3)	$	549,584		$	15,518,851		$	—		$	9,286
Ending loans in repayment(3)	$	573,361		$	14,304,821		$	—		$	12,238

(1) See Note 8, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2020 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(218,789)
Provisions for unfunded loan commitments	312,613
Total Private Education Loan provisions for credit losses	93,824

Other impacts to the provisions for credit losses:
Personal Loans	(2,431)
FFELP Loans	412
Credit Cards	1,328
Total	(691)
Provisions for credit losses reported in consolidated statements of income	$	93,133


Year Ended December 31, 2019 (dollars in thousands)	FFELP Loans			Private Education Loans			Personal Loans			Credit Cards			Total
Allowance for Credit 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

The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.


Years ended December 31, (dollars in thousands)	2021				2020				2019
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	110,044	$	1,673,018	$	2,481	$	1,910,603	$	2,165	$	2,010,744
Day 1 adjustment for the adoption of CECL	—		—		115,758		—		—		—
Balance at January 1	110,044		1,673,018		118,239		1,910,603		2,165		2,010,744
Provision/New commitments - net(1)	232,822		5,512,841		311,659		5,070,175		5,937		5,513,790
Other provision items	31,502		—		954		—		596		—
Transfer - funded loans(2)	(301,655)		(5,408,883)		(320,808)		(5,307,760)		(6,217)		(5,613,931)
Ending Balance	$	72,713	$	1,776,976	$	110,044	$	1,673,018	$	2,481	$	1,910,603

(1) Net of expirations of commitments unused.

Unpaid principal balance and related allowance for TDR loans


Years Ended December 31, (dollars in thousands)	Recorded Investment		Unpaid Principal Balance		Allowance

2021:
TDR Loans	$	1,093,387	$	1,057,665	$	47,712

2020
TDR Loans	$	1,312,805	$	1,274,590	$	104,265

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, (dollars in thousands)	2021				2020				2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

TDR Loans	$	1,220,739	$	84,822	$	1,546,908	$	100,125	$	1,434,137	$	95,507

Age analysis of past due loans delinquencies


	2021				2020
As of December 31, (dollars in thousands)	Balance		%		Balance		%
TDR loans in in-school/grace/deferment(1)	$	80,281			$	88,750





TDR loans in forbearance(2)	41,464				76,704
TDR loans in repayment(3) and percentage of each status:
Loans current	832,018		88.9	%	971,880		87.7	%
Loans delinquent 30-59 days(4)	48,766		5.2		59,249		5.3
Loans delinquent 60-89 days(4)	30,575		3.3		43,576		3.9
Loans 90 days or greater past due(4)	24,561		2.6		34,431		3.1
Total TDR loans in repayment(3)	935,920		100.0	%	1,109,136		100.0	%
Total TDR loans, gross	$	1,057,665			$	1,274,590

(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, (but, for purposes of the table, do not include those loans while they are in forbearance).

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

Delinquencies - Private Education Loans Held for Investment


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2021 (dollars in thousands)	2021		2020		2019		2018		2017		2016 and Prior		Total

Loans in-school/grace/deferment(1)	$	1,556,550	$	1,283,523	$	773,320	$	435,657	$	296,008	$	559,356	$	4,904,414





Loans in forbearance(2)	11,951		55,844		52,364		43,613		41,355		96,110		301,237
Loans in repayment:
Loans current	2,234,876		2,786,646		2,321,728		1,772,651		1,570,815		4,319,057		15,005,773
Loans delinquent 30-59 days(3)	15,148		29,146		46,616		43,197		41,695		132,757		308,559
Loans delinquent 60-89 days(3)	3,194		7,441		14,044		14,310		16,425		61,533		116,947
Loans 90 days or greater past due(3)	642		3,683		8,453		10,632		11,935		44,588		79,933
Total Private Education Loans in repayment	2,253,860		2,826,916		2,390,841		1,840,790		1,640,870		4,557,935		15,511,212
Total Private Education Loans, gross	3,822,361		4,166,283		3,216,525		2,320,060		1,978,233		5,213,401		20,716,863
Private Education Loans deferred origination costs and unamortized premium/(discount)	22,169		16,067		9,575		5,918		4,588		9,171		67,488
Total Private Education Loans	3,844,530		4,182,350		3,226,100		2,325,978		1,982,821		5,222,572		20,784,351
Private Education Loans allowance for losses	(248,102)		(239,507)		(195,223)		(129,678)		(99,982)		(246,485)		(1,158,977)
Private Education Loans, net	$	3,596,428	$	3,942,843	$	3,030,877	$	2,196,300	$	1,882,839	$	4,976,087	$	19,625,374

Percentage of Private Education Loans in repayment	59.0 %		67.9 %		74.3 %		79.3 %		82.9 %		87.4 %		74.9 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.8 %		1.4 %		2.9 %		3.7 %		4.3 %		5.2 %		3.3 %

Loans in forbearance as a percentage of loans in repayment and forbearance	0.5 %		1.9 %		2.1 %		2.3 %		2.5 %		2.1 %		1.9 %

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


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2020 (dollars in thousands)	2020			2019			2018			2017			2016			2015 and Prior			Total

Loans in-school/grace/deferment(1)(2)	$	1,374,085		$	1,330,175		$	733,824		$	508,478		$	327,763		$	504,715		$	4,779,040





Loans in forbearance(1)(3)	16,159			92,677			110,319			118,946			109,073			198,302			645,476
Loans in repayment(1):
Loans current	2,043,033			2,573,228			2,045,012			1,850,539			1,685,572			3,701,564			13,898,948
Loans delinquent 30-59 days(4)	6,400			16,983			26,934			30,771			33,040			91,400			205,528
Loans delinquent 60-89 days(4)	2,628			9,143			15,026			18,121			19,064			55,661			119,643
Loans 90 days or greater past due(4)	460			4,642			9,396			12,939			14,710			38,555			80,702
Total Private Education Loans in repayment	2,052,521			2,603,996			2,096,368			1,912,370			1,752,386			3,887,180			14,304,821
Total Private Education Loans, gross	3,442,765			4,026,848			2,940,511			2,539,794			2,189,222			4,590,197			19,729,337
Private Education Loans deferred origination costs and unamortized premium/(discount)	21,129			13,933			8,671			6,708			5,721			7,313			63,475
Total Private Education Loans	3,463,894			4,040,781			2,949,182			2,546,502			2,194,943			4,597,510			19,792,812
Private Education Loans allowance for losses	(210,875)			(298,776)			(218,136)			(184,265)			(150,150)			(293,642)			(1,355,844)
Private Education Loans, net	$	3,253,019		$	3,742,005		$	2,731,046		$	2,362,237		$	2,044,793		$	4,303,868		$	18,436,968

Percentage of Private Education Loans in repayment	59.6		%	64.7		%	71.3		%	75.3		%	80.0		%	84.7		%	72.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.5		%	1.2		%	2.4		%	3.2		%	3.8		%	4.8		%	2.8		%

Loans in forbearance as a percentage of loans in repayment and forbearance	0.8		%	3.4		%	5.0		%	5.9		%	5.9		%	4.9		%	4.3		%

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


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2019 (dollars in thousands)	2019		2018		2017		2016		2015		2014 and Prior		Total

Loans in-school/grace/deferment(1)	$	1,670,644	$	1,580,513	$	1,010,764	$	635,798	$	375,585	$	414,101	$	5,687,405





Loans in forbearance(2)	21,009		108,509		142,341		146,114		127,799		168,744		714,516
Loans in repayment:
Loans current	2,340,221		3,159,878		2,781,132		2,566,815		2,225,721		3,241,884		16,315,651
Loans delinquent 30-59 days(3)	11,152		26,096		44,382		51,656		54,559		100,206		288,051
Loans delinquent 60-89 days(3)	3,087		9,527		17,048		21,161		24,562		45,917		121,302
Loans 90 days or greater past due(3)	935		3,850		7,818		12,314		12,946		24,803		62,666
Total Private Education Loans in repayment	2,355,395		3,199,351		2,850,380		2,651,946		2,317,788		3,412,810		16,787,670
Total Private Education Loans, gross	4,047,048		4,888,373		4,003,485		3,433,858		2,821,172		3,995,655		23,189,591
Private Education Loans deferred origination costs and unamortized premium/(discount)	23,661		17,699		13,843		12,304		8,564		5,153		81,224
Total Private Education Loans	4,070,709		4,906,072		4,017,328		3,446,162		2,829,736		4,000,808		23,270,815
Private Education Loans allowance for losses	(3,013)		(19,105)		(44,858)		(71,598)		(80,974)		(154,752)		(374,300)
Private Education Loans, net	$	4,067,696	$	4,886,967	$	3,972,470	$	3,374,564	$	2,748,762	$	3,846,056	$	22,896,515

Percentage of Private Education Loans in repayment	58.2 %		65.4 %		71.2 %		77.2 %		82.2 %		85.4 %		72.4 %
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.6 %		1.2 %		2.4 %		3.2 %		4.0 %		5.0 %		2.8 %

Loans in forbearance as a percentage of loans in repayment and forbearance	0.9 %		3.3 %		4.8 %		5.2 %		5.2 %		4.7 %		4.1 %

(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


Years Ended December 31, (dollars in thousands)	2021						2020						2019
	Modified Loans(1)		Charge-offs		Payment-Default		Modified Loans(1)		Charge-offs		Payment-Default		Modified Loans(1)		Charge-offs		Payment-Default

TDR Loans	$	7,410	$	64,682	$	9,626	$	207,001	$	71,267	$	75,153	$	515,398	$	74,137	$	111,810

(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 tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination, stratified by key credit quality indicators.


As of December 31, 2021 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2021(1)		2020(1)		2019(1)		2018(1)		2017(1)		2016 and Prior(1)		Total(1)		% of Balance

Cosigners:
With cosigner	$	3,263,892	$	3,604,553	$	2,778,262	$	2,025,463	$	1,765,719	$	4,753,775	$	18,191,664	88	%
Without cosigner	558,469		561,730		438,263		294,597		212,514		459,626		2,525,199		12
Total	$	3,822,361	$	4,166,283	$	3,216,525	$	2,320,060	$	1,978,233	$	5,213,401	$	20,716,863	100	%

FICO at Origination(2):
Less than 670	$	248,368	$	238,005	$	251,157	$	193,123	$	166,048	$	428,416	$	1,525,117	7	%
670-699	508,264		564,497		493,237		363,313		329,807		884,981		3,144,099		15
700-749	1,210,833		1,348,269		1,057,001		770,452		660,270		1,753,709		6,800,534		33
Greater than or equal to 750	1,854,896		2,015,512		1,415,130		993,172		822,108		2,146,295		9,247,113		45
Total	$	3,822,361	$	4,166,283	$	3,216,525	$	2,320,060	$	1,978,233	$	5,213,401	$	20,716,863	100	%

FICO Refreshed(2)(3):
Less than 670	$	326,613	$	279,578	$	273,652	$	235,684	$	233,022	$	739,268	$	2,087,817	10	%
670-699	506,021		475,674		365,133		256,400		209,536		570,605		2,383,369		12
700-749	1,209,493		1,285,015		978,763		682,024		568,766		1,448,692		6,172,753		30
Greater than or equal to 750	1,780,234		2,126,016		1,598,977		1,145,952		966,909		2,454,836		10,072,924		48
Total	$	3,822,361	$	4,166,283	$	3,216,525	$	2,320,060	$	1,978,233	$	5,213,401	$	20,716,863	100	%

Seasoning(4):
1-12 payments	$	2,265,811	$	594,850	$	515,328	$	385,246	$	340,242	$	501,269	$	4,602,746	22	%
13-24 payments	—		2,287,737		362,674		203,674		211,064		479,540		3,544,689		17
25-36 payments	—		173		1,565,203		312,049		164,575		482,369		2,524,369		12
37-48 payments	—		—		—		983,434		295,206		464,563		1,743,203		8
More than 48 payments	—		—		—		—		671,138		2,726,304		3,397,442		16
Not yet in repayment	1,556,550		1,283,523		773,320		435,657		296,008		559,356		4,904,414		25
Total	$	3,822,361	$	4,166,283	$	3,216,525	$	2,320,060	$	1,978,233	$	5,213,401	$	20,716,863	100	%

2021 Current period(5) gross charge-offs	$	(1,183)	$	(8,604)	$	(23,866)	$	(32,741)	$	(37,186)	$	(126,011)	$	(229,591)
2021 Current period(5) recoveries	35		540		2,092		3,693		4,450		18,684		29,494
2021 Current period(5) net charge-offs	$	(1,148)	$	(8,064)	$	(21,774)	$	(29,048)	$	(32,736)	$	(107,327)	$	(200,097)

Total accrued interest by origination vintage	$	109,233	$	247,418	$	270,242	$	198,816	$	131,685	$	229,729	$	1,187,123
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the fourth-quarter 2021. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2021 through December 31, 2021.


As of December 31, 2020 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2020(1)		2019(1)		2018(1)		2017(1)		2016(1)		2015 and Prior(1)		Total(1)		% of Balance

Cosigners:
With cosigner	$	2,915,328	$	3,467,219	$	2,556,400	$	2,262,635	$	1,977,952	$	4,198,748	$	17,378,282	88	%
Without cosigner	527,437		559,629		384,111		277,159		211,270		391,449		2,351,055		12
Total	$	3,442,765	$	4,026,848	$	2,940,511	$	2,539,794	$	2,189,222	$	4,590,197	$	19,729,337	100	%

FICO at Origination(2):
Less than 670	$	195,214	$	290,711	$	225,276	$	197,948	$	162,413	$	369,609	$	1,441,171	7	%
670-699	464,785		594,950		441,357		407,394		351,303		771,477		3,031,266		16
700-749	1,111,373		1,310,390		967,802		846,983		740,028		1,533,517		6,510,093		33
Greater than or equal to 750	1,671,393		1,830,797		1,306,076		1,087,469		935,478		1,915,594		8,746,807		44
Total	$	3,442,765	$	4,026,848	$	2,940,511	$	2,539,794	$	2,189,222	$	4,590,197	$	19,729,337	100	%

FICO Refreshed(2)(3):
Less than 670	$	240,154	$	331,229	$	301,784	$	298,195	$	293,077	$	734,599	$	2,199,038	11	%
670-699	438,665		493,135		336,966		283,906		231,759		504,779		2,289,210		12
700-749	1,102,666		1,248,806		871,677		734,222		603,160		1,220,468		5,780,999		29
Greater than or equal to 750	1,661,280		1,953,678		1,430,084		1,223,471		1,061,226		2,130,351		9,460,090		48
Total	$	3,442,765	$	4,026,848	$	2,940,511	$	2,539,794	$	2,189,222	$	4,590,197	$	19,729,337	100	%

Seasoning(4):
1-12 payments	$	2,068,517	$	600,038	$	469,143	$	472,258	$	381,197	$	507,343	$	4,498,496	23	%
13-24 payments	163		2,096,635		383,977		223,332		217,379		425,345		3,346,831		17
25-36 payments	—		—		1,353,567		370,250		181,940		439,337		2,345,094		12
37-48 payments	—		—		—		965,476		351,433		402,552		1,719,461		9
More than 48 payments	—		—		—		—		729,510		2,310,905		3,040,415		15
Not yet in repayment	1,374,085		1,330,175		733,824		508,478		327,763		504,715		4,779,040		24
Total	$	3,442,765	$	4,026,848	$	2,940,511	$	2,539,794	$	2,189,222	$	4,590,197	$	19,729,337	100	%

2020 Current period(5) gross charge-offs	$	(1,087)	$	(10,940)	$	(27,000)	$	(35,851)	$	(36,416)	$	(94,032)	$	(205,326)
2020 Current period(5) recoveries	42		636		2,274		3,585		4,284		13,200		24,021
2020 Current period(5) net charge-offs	$	(1,045)	$	(10,304)	$	(24,726)	$	(32,266)	$	(32,132)	$	(80,832)	$	(181,305)

Total accrued interest by origination vintage	$	90,438	$	265,688	$	252,251	$	209,178	$	141,094	$	210,247	$	1,168,896
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the fourth-quarter 2020. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2020 through December 31, 2020.

Accrued interest receivable


	Private Education Loans
	Accrued Interest Receivable
(Dollars in thousands)	Total Interest Receivable		90 Days and Greater Past Due		Allowance for Uncollectible Interest

December 31, 2021	$	1,187,123	$	3,635	$	4,937
December 31, 2020	$	1,168,895	$	4,354	$	4,467

Unfunded Loan Commitments (Tables)

12 Months Ended

Dec. 31, 2021

Credit Loss [Abstract]

Allowance for credit losses and recorded investments in loans

Allowance for Credit Losses Metrics


Year Ended December 31, 2021 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,378		$	1,355,844		$	1,501		$	1,361,723


Transfer from unfunded commitment liability(1)	—			301,655			—			301,655
Provisions:
Provision for current period	20			(233,852)			1,124			(232,708)
Loan sale reduction to provision	—			(66,460)			—			(66,460)
Loans transferred to held-for-sale	—			1,887			—			1,887
Total provisions(2)	20			(298,425)			1,124			(297,281)
Net charge-offs:
Charge-offs	(321)			(229,591)			(356)			(230,268)
Recoveries	—			29,494			12			29,506
Net charge-offs	(321)			(200,097)			(344)			(200,762)

Ending Balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	47,712		$	—		$	47,712
Ending balance: collectively evaluated for impairment	$	4,077		$	1,111,265		$	2,281		$	1,117,623
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,057,665		$	—		$	1,057,665
Ending balance: collectively evaluated for impairment	$	695,216		$	19,659,198		$	25,014		$	20,379,428
Net charge-offs as a percentage of average loans in repayment(3)	0.06		%	1.33		%	2.24		%
Allowance as a percentage of the ending total loan balance	0.59		%	5.59		%	9.12		%
Allowance as a percentage of the ending loans in repayment(3)	0.74		%	7.47		%	9.12		%
Allowance coverage of net charge-offs	12.70			5.79			6.63
Ending total loans, gross	$	695,216		$	20,716,863		$	25,014
Average loans in repayment(3)	$	545,689		$	15,019,869		$	15,343
Ending loans in repayment(3)	$	553,980		$	15,511,212		$	25,014

(1) See Note 8, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(298,425)
Provisions for unfunded loan commitments	264,324
Total Private Education Loan provisions for credit losses	(34,101)

Other impacts to the provisions for credit losses:

FFELP Loans	20
Credit Cards	1,124
Total	1,144
Provisions for credit losses reported in consolidated statements of income	$	(32,957)


Year Ended December 31, 2020 (dollars in thousands)	FFELP Loans			Private Education Loans			Personal Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	1,633		$	374,300		$	65,877		$	102		$	441,912
Day 1 adjustment for the adoption of CECL	2,852			1,060,830			79,183			188			1,143,053
Balance at January 1, 2020	4,485			1,435,130			145,060			290			1,584,965
Transfer from unfunded commitment liability(1)	—			320,808			—			—			320,808
Provisions:
Provision for current period	412			148,673			40,485			1,328			190,898
Loan sale reduction to provision	—			(161,793)			(42,916)			—			(204,709)
Loans transferred to held-for-sale	—			(205,669)			—			—			(205,669)
Total provisions(2)	412			(218,789)			(2,431)			1,328			(219,480)
Net charge-offs:
Charge-offs	(519)			(205,326)			(39,079)			(119)			(245,043)
Recoveries	—			24,021			4,984			2			29,007
Net charge-offs	(519)			(181,305)			(34,095)			(117)			(216,036)
Loan sales	—			—			(108,534)			—			(108,534)
Ending Balance	$	4,378		$	1,355,844		$	—		$	1,501		$	1,361,723
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	104,265		$	—		$	—		$	104,265
Ending balance: collectively evaluated for impairment	$	4,378		$	1,251,579		$	—		$	1,501		$	1,257,458
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,274,590		$	—		$	—		$	1,274,590
Ending balance: collectively evaluated for impairment	$	737,593		$	18,454,747		$	—		$	12,238		$	19,204,578
Net charge-offs as a percentage of average loans in repayment(3)	0.09		%	1.17		%	—		%	1.26		%
Allowance as a percentage of the ending total loan balance	0.59		%	6.87		%	—		%	12.27		%
Allowance as a percentage of the ending loans in repayment(3)	0.76		%	9.48		%	—		%	12.27		%
Allowance coverage of net charge-offs	8.44			7.48			—			12.83
Ending total loans, gross	$	737,593		$	19,729,337		$	—		$	12,238
Average loans in repayment(3)	$	549,584		$	15,518,851		$	—		$	9,286
Ending loans in repayment(3)	$	573,361		$	14,304,821		$	—		$	12,238

(1) See Note 8, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2020 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(218,789)
Provisions for unfunded loan commitments	312,613
Total Private Education Loan provisions for credit losses	93,824

Other impacts to the provisions for credit losses:
Personal Loans	(2,431)
FFELP Loans	412
Credit Cards	1,328
Total	(691)
Provisions for credit losses reported in consolidated statements of income	$	93,133


Year Ended December 31, 2019 (dollars in thousands)	FFELP Loans			Private Education Loans			Personal Loans			Credit Cards			Total
Allowance for Credit 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


Years ended December 31, (dollars in thousands)	2021				2020				2019
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	110,044	$	1,673,018	$	2,481	$	1,910,603	$	2,165	$	2,010,744
Day 1 adjustment for the adoption of CECL	—		—		115,758		—		—		—
Balance at January 1	110,044		1,673,018		118,239		1,910,603		2,165		2,010,744
Provision/New commitments - net(1)	232,822		5,512,841		311,659		5,070,175		5,937		5,513,790
Other provision items	31,502		—		954		—		596		—
Transfer - funded loans(2)	(301,655)		(5,408,883)		(320,808)		(5,307,760)		(6,217)		(5,613,931)
Ending Balance	$	72,713	$	1,776,976	$	110,044	$	1,673,018	$	2,481	$	1,910,603

(1) Net of expirations of commitments unused.

Premises and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The following is a summary of our premises and equipment.


As of December 31, (dollars in thousands)	2021		2020
Land and land improvements	$	12,356	$	12,356
Buildings and leasehold improvements	122,300		120,971
Furniture, fixtures, and equipment	29,955		28,272
Software	88,710		76,500
Premises and equipment, gross	253,321		238,099
Accumulated depreciation	(102,805)		(83,429)
Premises and equipment, net	$	150,516	$	154,670

Deposits (Tables)

12 Months Ended

Dec. 31, 2021

Deposits [Abstract]

Schedule of deposits

The following table summarizes total deposits at December 31, 2021 and 2020.


As of December 31, (dollars in thousands)	2021		2020
Deposits - interest bearing	$	20,826,692	$	22,664,899
Deposits - non-interest bearing	1,432		1,140
Total deposits	$	20,828,124	$	22,666,039

Interest bearing deposits

Interest bearing deposits at December 31, 2021 and 2020 are summarized as follows:


	2021				2020
As of December 31, (dollars in thousands)	Amount		Year-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,473,569	0.69	%	$	10,159,657	0.83	%
Savings	959,122		0.43		907,976		0.55
Certificates of deposit	9,394,001		1.20		11,597,266		1.34
Deposits - interest bearing	$	20,826,692			$	22,664,899

(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:


As of December 31, (dollars in thousands)	2021		2020
One year or less	$	4,407,370	$	5,728,556
After one year to two years	2,297,955		3,363,022
After two years to three years	1,299,461		1,603,229
After three years to four years	299,737		553,911
After four years to five years	1,042,065		300,346
After five years	47,413		48,202
Total	$	9,394,001	$	11,597,266

Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Secured borrowings

The following table summarizes our secured borrowings at December 31, 2021 and 2020.


As of December 31, (dollars in thousands)	2021						2020
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	986,138	$	986,138	$	—	$	692,879	$	692,879
Total unsecured borrowings	—		986,138		986,138		—		692,879		692,879

Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,897,996		3,897,996		—		3,261,233		3,261,233
Variable-rate	—		1,046,856		1,046,856		—		1,235,105		1,235,105
Total Private Education Loan term securitizations	—		4,944,852		4,944,852		—		4,496,338		4,496,338
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		4,944,852		4,944,852		—		4,496,338		4,496,338
Total	$	—	$	5,930,990	$	5,930,990	$	—	$	5,189,217	$	5,189,217

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. The 5.125 percent unsecured Senior Notes due April 5, 2022, which we redeemed in the fourth quarter of 2021, were classified as short-term borrowings in April of 2021, and are included in the table below.


	December 31, 2021				Year Ended December 31, 2021
(Dollars in thousands)	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Short-term borrowings:
Unsecured Debt	$	—	—	%	$	122,396	5.78	%
Secured Borrowing Facility	—		—		—		—
Total short-term borrowings	$	—	—	%	$	122,396	5.78	%
Maximum outstanding at any month end	$	199,651


	December 31, 2020				Year Ended December 31, 2020
(Dollars in thousands)	Ending Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate(1)
Short-term borrowings:
Secured Borrowing Facility	$	—	—	%	$	45,820	24.99	%
Maximum outstanding at any month end	$	289,230

(1)The interest for the non-use fees is calculated based on the Secured Borrowing Facility’s maximum borrowing limit, which was $2 billion in both 2021 and 2020.

Long-term borrowings


	December 31, 2021				Year Ended December 31, 2021		December 31, 2020				Year Ended December 31, 2020
(Dollars in thousands)	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Floating-rate borrowings	$	1,046,857	1.05	%	$	1,073,042	$	1,235,105	1.09	%	$	1,432,446
Fixed-rate borrowings	4,884,133		2.65		4,094,640		3,954,112		3.08		3,316,425
Total long-term borrowings	$	5,930,990	2.37	%	$	5,167,682	$	5,189,217	2.60	%	$	4,748,871

Schedule of Maturities of Long-term Debt

As of December 31, 2021, the stated maturity and maturity to call date of our brokered deposits and borrowings are summarized below.


As of December 31, 2021 (dollars in thousands)	Stated Maturity(1)								Maturity to Call Date
	Brokered Deposits		Unsecured Debt		Secured Borrowings		Total		Brokered Deposits		Unsecured Debt		Secured Borrowings		Total
Year of Maturity
2022	$	2,918,335	$	—	$	718,153	$	3,636,488	$	2,918,335	$	—	$	718,153	$	3,636,488
2023	2,033,829		—		698,078		2,731,907		2,033,829		—		698,078		2,731,907
2024	1,236,522		—		687,600		1,924,122		1,236,522		—		687,600		1,924,122
2025	270,174		500,000		648,315		1,418,489		270,174		500,000		648,315		1,418,489
2026	1,033,313		500,000		618,380		2,151,693		1,033,313		500,000		618,380		2,151,693
2027 and after	47,401		—		1,750,502		1,797,903		47,401		—		1,750,502		1,797,903
	7,539,574		1,000,000		5,121,028		13,660,602		7,539,574		1,000,000		5,121,028		13,660,602
Hedge accounting adjustments	33,426		—		—		33,426		33,426		—		—		33,426
Total	$	7,573,000	$	1,000,000	$	5,121,028	$	13,694,028	$	7,573,000	$	1,000,000	$	5,121,028	$	13,694,028

Secured financing

Secured Financings

The following summarizes our secured financings issued in 2020 and 2021:


Issue	Date Issued	Total Issued		Weighted Average Cost of Funds(1)	Weighted Average Life (in years)
(Dollars in thousands)
Private Education Loans:

























2020-A	February 2020	$	636,000	1-month LIBOR plus 0.88%	4.18
2020-B	August 2020	707,000		1-month LIBOR plus 1.30%	4.14
Total notes issued in 2020		$	1,343,000
Total loan and accrued interest amount securitized at inception in 2020(2)		$	1,463,230

2021-B	May 2021	$	531,000	1-month LIBOR plus 0.77%	4.26
2021-D	August 2021	527,000		1-month LIBOR plus 0.69%	4.22
2021-E	November 2021	534,000		1-month LIBOR plus 0.69%	4.15
Total notes issued in 2021		$	1,592,000

Total loan and accrued interest amount securitized at inception in 2021		$	1,656,263

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

(2) At December 31, 2021, $1.11 billion of our Private Education Loans, including $1.05 billion of principal and $62 million in capitalized interest, were encumbered related to the 2020 transactions.

Schedule of variable interest entities

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.


As of December 31, 2021 (dollars in thousands)
	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	$	—	$	4,994,852	$	4,994,852	$	6,029,034	$	210,741	$	357,982	$	6,597,757
Secured Borrowing Facility	—		—		—		—		—		867		867
Total	$	—	$	4,994,852	$	4,994,852	$	6,029,034	$	210,741	$	358,849	$	6,598,624


As of December 31, 2020 (dollars in thousands)
	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	$	—	$	4,496,338	$	4,496,338	$	5,661,123	$	154,417	$	356,967	$	6,172,507
Secured Borrowing Facility	—		—		—		—		—		436		436
Total	$	—	$	4,496,338	$	4,496,338	$	5,661,123	$	154,417	$	357,403	$	6,172,943

(1) Other assets primarily represent accrued interest receivable.

The table below provides a summary of our exposure related to our unconsolidated VIEs.


	2021						2020
As of December 31, (dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	192,245	$	37,465	$	229,710	$	68,908	$	16,923	$	85,831

(1) Vertical risk retention interest classified as available-for-sale investment.

(2) Vertical risk retention interest classified as trading investment.

- 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

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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
As of December 31, (dollars in thousands)		2021		2020		2021		2020		2021		2020		2021		2020
Fair Values(1)	Hedged Risk Exposure

Derivative Assets:(2)
Interest rate swaps	Interest rate	$	—	$	—	$	—	$	594	$	5	$	135	$	5	$	729
Other	Other	—		—		—		—		1,317		—		1,317		—
Derivative Liabilities:(2)
Interest rate swaps	Interest rate	(231)		(287)		(21)		—		—		—		(252)		(287)
Total net derivatives		$	(231)	$	(287)	$	(21)	$	594	$	1,322	$	135	$	1,070	$	442

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


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2021		2020		2021		2020
Gross position(1)	$	1,322	$	729	$	(252)	$	(287)
Impact of master netting agreement	(5)		(176)		5		176
Derivative values with impact of master netting agreements (as carried on balance sheet)	1,317		553		(247)		(111)
Cash collateral pledged(2)	9,655		42,874		—		—
Net position	$	10,972	$	43,427	$	(247)	$	(111)

__________

(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 assets

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


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2021		2020		2021		2020
Gross position(1)	$	1,322	$	729	$	(252)	$	(287)
Impact of master netting agreement	(5)		(176)		5		176
Derivative values with impact of master netting agreements (as carried on balance sheet)	1,317		553		(247)		(111)
Cash collateral pledged(2)	9,655		42,874		—		—
Net position	$	10,972	$	43,427	$	(247)	$	(111)

__________

(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

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


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2021		2020		2021		2020
Gross position(1)	$	1,322	$	729	$	(252)	$	(287)
Impact of master netting agreement	(5)		(176)		5		176
Derivative values with impact of master netting agreements (as carried on balance sheet)	1,317		553		(247)		(111)
Cash collateral pledged(2)	9,655		42,874		—		—
Net position	$	10,972	$	43,427	$	(247)	$	(111)

__________

(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


Notional Values
	Cash Flow				Fair Value				Trading				Total
As of December 31, (dollars in thousands)	2021		2020		2021		2020		2021		2020		2021		2020


Interest rate swaps	$	1,438,144	$	1,018,976	$	3,915,999	$	4,845,543	$	181,953	$	2,693,364	$	5,536,096	$	8,557,883
Other	—		—		—		—		1,053,760		—		1,053,760		—
Net total notional	$	1,438,144	$	1,018,976	$	3,915,999	$	4,845,543	$	1,235,713	$	2,693,364	$	6,589,856	$	8,557,883

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

As of December 31, 2021 and 2020, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


As of December 31, (dollars in thousands) 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)
	2021		2020		2021		2020

Deposits	$	(3,963,268)	$	(4,992,867)	$	(50,784)	$	(154,235)

Schedule of derivative instruments performance and location

Impact of Derivatives on the Consolidated Statements of Income


Years Ended December 31, (dollars in thousands)	2021		2020		2019

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	85,850	$	71,668	$	(8,806)
Hedged items recorded in interest expense	103,450		(91,087)		(77,350)
Derivatives recorded in interest expense	(103,431)		91,419		77,177
Total	$	85,869	$	72,000	$	(8,979)

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	(20,852)	$	(16,000)	$	2,299
Total	$	(20,852)	$	(16,000)	$	2,299

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	(23,216)	$	10,164	$	19,469
Total	(23,216)		10,164		19,469
Total	$	41,801	$	66,164	$	12,789

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, (dollars in thousands)	2021		2020		2019
Amount of gain (loss) recognized in other comprehensive income (loss)	$	27,259	$	(52,511)	$	(36,115)
Less: Amount of gain (loss) reclassified in interest expense	(20,852)		(16,000)		2,299
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	48,111	$	(36,511)	$	(38,414)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Common stock repurchased under repurchase programs(1)(2)(3)	98,748,905		47,736,847		16,962,199
Average purchase price per share(4)	$	17.37	$	9.66	$	9.86
Shares repurchased related to employee stock-based compensation plans(5)	1,368,942		1,197,843		1,369,630
Average purchase price per share	$	14.70	$	10.93	$	10.85
Common shares issued(6)	3,786,581		3,129,325		3,743,705

(1) Common shares purchased under our share repurchase programs. There was $38 million of capacity remaining under the 2021 Share Repurchase Program at December 31, 2021.

(2) For the years ended December 31, 2021 and 2020, the amount includes 13 million shares and 45 million shares, respectively, related to the accelerated share repurchase agreement described above.

(3) For the year ended December 31, 2021, the amount includes 28.5 million shares related to the settlement of our common stock Tender Offer described above.

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

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

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

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, (amounts in thousands, except per share data)	2021		2020		2019
Numerator:
Net income	$	1,160,513	$	880,690	$	578,276
Preferred stock dividends	4,736		9,734		16,837
Net income attributable to SLM Corporation common stock	$	1,155,777	$	870,956	$	561,439
Denominator:
Weighted average shares used to compute basic EPS	314,993		383,705		427,292
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)	4,919		3,490		3,382
Weighted average shares used to compute diluted EPS	319,912		387,195		430,674

Basic earnings per common share	$	3.67	$	2.27	$	1.31

Diluted earnings per common share	$	3.61	$	2.25	$	1.30

Stock-Based Compensation Plans and Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock option activity

The following table summarizes stock option activity for the year ended December 31, 2021.


(Dollars in thousands, shares and per share amounts in actuals)	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
Outstanding at December 31, 2020	241,675	$	5.24
Granted	998,891	17.65
Exercised(2)(3)	(236,275)	5.24
Canceled	(5,400)	5.24
Outstanding at December 31, 2021(4)	998,891	$	17.65	2.0	$	2,018
Exercisable at December 31, 2021	—	$	—	0	$	—

(2)The total intrinsic value of options exercised was $2 million, $3 million, and $4 million for the years ended December 31, 2021, 2020, and 2019, respectively.

(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, 2021.


(Shares and per share amounts in actuals)	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2020	143,033	$	7.69
Granted	54,098	20.33
Vested(1)	(143,033)	7.69
Canceled	(4,918)	20.33
Non-vested at December 31, 2021(2)	49,180	$	20.33

(1)The total fair value of shares that vested during the years ended December 31, 2021, 2020, and 2019 was $1 million, $1 million, and $1 million, respectively.

(2)As of December 31, 2021, there was $0.4 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 0.4 years.

Restricted stock unit and performance stock unit activity

The following table summarizes RSU and PSU activity for the year ended December 31, 2021.


(Shares and per share amounts in actuals)	Number of RSUs/ PSUs	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020	6,721,505	$	10.41
Granted	1,673,427	15.51
Vested and converted to common stock(1)	(2,944,877)	10.64
Canceled	(141,559)	12.85
Outstanding at December 31, 2021(2)	5,308,496	$	11.83

(1)The total fair value of RSUs/PSUs that vested and converted to common stock during the years ended December 31, 2021, 2020, and 2019 was $31 million, $26 million, and $27 million, respectively.

(2)As of December 31, 2021, there was $15 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, (per share amounts in actuals)	2021			2020			2019
Risk-free interest rate	0.07		%	0.12		%	1.87		%
Expected volatility	34		%	49		%	29		%
Expected dividend rate	0.66		%	1.76		%	1.34		%
Expected life of the option	1 year			1 year			1 year
Weighted average fair value of stock purchase rights	$	4.93		$	1.74		$	1.77

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

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

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
	2021								2020
As of December 31, (dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:

Trading investments	$	—	$	—	$	37,465	$	37,465	$	—	$	—	$	16,923	$	16,923
Available-for-sale investments	—		2,517,956		—		2,517,956		—		1,996,634		—		1,996,634
Derivative instruments	—		1,322		—		1,322		—		729		—		729
Total	$	—	$	2,519,278	$	37,465	$	2,556,743	$	—	$	1,997,363	$	16,923	$	2,014,286

Liabilities:
Derivative instruments	$	—	$	(252)	$	—	$	(252)	$	—	$	(287)	$	—	$	(287)
Total	$	—	$	(252)	$	—	$	(252)	$	—	$	(287)	$	—	$	(287)

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.


As of December 31, (dollars in thousands)	2021						2020
	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	22,919,836	$	19,625,374	$	3,294,462	$	22,124,171	$	18,436,968	$	3,687,203
FFELP Loans	705,644		692,954		12,690		748,657		735,208		13,449
Credit Cards	25,037		22,955		2,082		12,249		10,967		1,282
Loans held for sale	—		—		—		3,226,029		2,885,640		340,389
Cash and cash equivalents	4,334,603		4,334,603		—		4,455,292		4,455,292		—
Trading investments	37,465		37,465		—		16,923		16,923		—
Available-for-sale investments	2,517,956		2,517,956		—		1,996,634		1,996,634		—
Accrued interest receivable	1,306,410		1,205,667		100,743		1,527,816		1,387,305		140,511
Tax indemnification receivable	8,047		8,047		—		18,492		18,492		—
Derivative instruments	1,322		1,322		—		729		729		—
Total earning assets	$	31,856,320	$	28,446,343	$	3,409,977	$	34,126,992	$	29,944,158	$	4,182,834
Interest-bearing liabilities:
Money-market and savings accounts	$	11,457,490	$	11,432,691	$	(24,799)	$	11,136,560	$	11,067,633	$	(68,927)
Certificates of deposit	9,451,528		9,394,001		(57,527)		11,799,223		11,597,266		(201,957)
Short-term borrowings	—		—		—		—		—		—
Long-term borrowings	6,000,174		5,930,990		(69,184)		5,398,309		5,189,217		(209,092)
Accrued interest payable	46,600		46,600		—		60,272		60,272		—
Derivative instruments	252		252		—		287		287		—
Total interest-bearing liabilities	$	26,956,044	$	26,804,534	$	(151,510)	$	28,394,651	$	27,914,675	$	(479,976)

Excess of net asset fair value over carrying value					$	3,258,467					$	3,702,858

Regulatory Capital (Tables)

12 Months Ended

Dec. 31, 2021

Regulatory Assets and Liabilities Disclosure [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.


(Dollars in thousands)	Actual				U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
	Amount		Ratio		Amount			Ratio
As of December 31, 2021:
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,314,657	14.1	%	$	1,643,132	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,314,657	14.1	%	$	1,995,232	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,410,183	14.5	%	$	2,464,699	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,314,657	11.1	%	$	1,198,808	>	4.0	%

As of December 31, 2020:
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,579,005	14.0	%	$	1,794,780	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,579,005	14.0	%	$	2,179,375	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,849,820	15.0	%	$	2,692,169	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,579,005	11.3	%	$	1,264,424	>	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.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

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

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


Years ended December 31,	2021		2020		2019
Statutory rate	21.0	%	21.0	%	21.0	%

State tax, net of federal benefit	3.1		2.9		3.9
Business tax credits	(0.8)		(2.2)		(3.5)
Reverse federal impact of indemnification adjustments	0.1		0.2		0.3
Unrecognized tax benefits, U.S. federal and state, net of federal benefit	0.4		0.7		(0.1)



Other, net	0.9		1.1		0.7
Effective tax rate	24.7	%	23.7	%	22.3	%

Components of provision for income tax expense (benefit)

Income tax expense consists of:


As of December 31, (dollars in thousands)	2021		2020		2019
Current provision (benefit):
Federal	$	259,536	$	172,153	$	150,800
State	64,843		28,387		24,378

Total current provision (benefit)	324,379		200,540		175,178
Deferred provision (benefit):
Federal	47,240		58,003		(8,240)
State	8,132		14,773		(1,474)

Total deferred provision (benefit)	55,372		72,776		(9,714)
Provision for income tax expense	$	379,751	$	273,316	$	165,464

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.


As of December 31, (dollars in thousands)	2021		2020
Deferred tax assets:
Loan reserves	$	300,538	$	356,296
Stock-based compensation plans	10,174		10,914
Deferred revenue	1,318		1,441
Operating loss carryovers	394		83
Accrued expenses not currently deductible	14,307		13,139
Net unrealized losses	—		9,047
Unrecorded tax benefits	11,016		6,997

Other	1,097		1,003
Total deferred tax assets	338,844		398,920
Deferred tax liabilities:
Fixed assets	10,131		11,098
Acquired intangible assets	8,710		7,767
Market value adjustments on student loans, investments and derivatives	33		5,651
Net unrealized gains	6,459		—
Federal deferred for state receivable	1,921		7,456
Student loan premiums and discounts, net	12,396		11,336
Other	363		307
Total deferred tax liabilities	40,013		43,615
Net deferred tax assets	$	298,831	$	355,305

Summary of changes in unrecognized tax benefits

The following table summarizes changes in unrecognized tax benefits:


As of December 31, (dollars in thousands)	2021		2020		2019
Unrecognized tax benefits at beginning of year	$	63,134	$	53,509	$	52,159
Increases resulting from tax positions taken during a prior period	1,496		12,723		12,333
Decreases resulting from tax positions taken during a prior period	(1,481)		(817)		(851)
Increases resulting from tax positions taken during the current period	20,743		7,815		4,572
Decreases related to settlements with taxing authorities	(3,682)		(148)		(8,670)
Increases related to settlements with taxing authorities	96		—		—
Reductions related to the lapse of statute of limitations	(4,978)		(9,948)		(6,034)
Unrecognized tax benefits at end of year	$	75,328	$	63,134	$	53,509

Parent Only Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Parent only Condensed Balance Sheets


Parent Only Condensed Balance Sheets
At December 31, (dollars in thousands)	2021		2020
Assets
Cash and cash equivalents	$	570,726	$	539,074
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,527,780		2,689,027
Income taxes receivables, net	—		1,835
Tax indemnification receivable	8,047		18,492
Due from subsidiaries, net	105,667		47,357
Other assets	3,361		2,457
Total assets	$	3,215,581	$	3,298,242

Liabilities and Equity
Liabilities
Long-term borrowings	$	986,138	$	692,879
Income taxes payable, net	34,822		—
Payable due to Navient	101		8,531
Other liabilities	44,809		33,997
Total liabilities	1,065,870		735,407

Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	251,070		251,070
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 432.0 million and 456.7 million shares issued, respectively	86,403		91,346
Additional paid-in capital	1,074,384		1,331,247
Accumulated other comprehensive loss (net of tax benefit of $(5,707) and $(10,908), respectively)	(17,897)		(34,200)
Retained earnings	2,817,134		1,722,365
Total SLM Corporation stockholders’ equity before treasury stock	4,211,094		3,361,828
Less: Common stock held in treasury at cost: 153.1 million and 81.4 million shares, respectively	(2,061,383)		(798,993)
Total equity	2,149,711		2,562,835
Total liabilities and equity	$	3,215,581	$	3,298,242

Parent only Condensed Statements of Income


Parent Only Condensed Statements of Income
Years ended December 31, (dollars in thousands)	2021		2020		2019
Interest income	$	392	$	452	$	2,663
Interest expense	35,208		14,896		11,060
Net interest loss	(34,816)		(14,444)		(8,397)

Non-interest income (loss)	(13,078)		2,820		(10,856)
Non-interest expenses	54,352		57,945		39,423

Loss before income tax benefit and equity in net income from subsidiaries	(102,246)		(69,569)		(58,676)
Income tax expense (benefit)	8,477		(11,235)		(25,260)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	1,271,236		939,024		611,692
Net income	1,160,513		880,690		578,276
Preferred stock dividends	4,736		9,734		16,837
Net income attributable to SLM Corporation common stock	$	1,155,777	$	870,956	$	561,439

Parent only Condensed Statements of Cash Flows


Parent Only Condensed Statement of Cash Flows
Years ended December 31, (dollars in thousands)	2021		2020		2019

Cash flows from operating activities:
Net income	$	1,160,513	$	880,690	$	578,276
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(1,271,236)		(939,024)		(611,692)
Dividends received from Sallie Mae Bank	1,444,500		579,400		254,000
Reduction of tax indemnification receivable	10,445		9,066		11,649
Amortization of unsecured debt upfront fees	2,663		1,029		811
Loss on early extinguishment of unsecured debt	2,784		—		$	—
Gain on sale of Upromise subsidiary, net	—		(11,331)		—
Decrease in investment in subsidiaries, net	34,935		53,698		2,611

(Increase) decrease in due from subsidiaries, net	(58,310)		(4,813)		6,254
Increase in other assets	(16,964)		(10,504)		(12,999)
Increase (decrease) in income taxes payable, net	36,657		(13,292)		(25,814)
Decrease in payable due to entity that is a subsidiary of Navient	(8,430)		(533)		(416)
Increase (decrease) in other liabilities	2,165		12,874		(5,796)
Total adjustments	179,209		(323,430)		(381,392)
Net cash provided by operating activities	1,339,722		557,260		196,884

Cash flows from investing activities:
Proceeds from the sale of Upromise subsidiary, net	—		16,922		—
Net cash provided by investing activities	—		16,922		—

Cash flows from financing activities:
Issuance costs for unsecured debt offering	(1,540)		(1,309)		—
Unsecured debt issued	492,135		495,000		—
Unsecured debt repaid	(202,784)		—		—
Repurchase of Series B Preferred Stock	—		(68,055)		—
Common stock dividends paid	(60,462)		(46,351)		(51,114)
Preferred stock dividends paid	(4,736)		(9,734)		(16,837)
Common stock repurchased	(1,530,683)		(558,167)		(167,201)
Net cash used in financing activities	(1,308,070)		(188,616)		(235,152)
Net increase (decrease) in cash and cash equivalents	31,652		385,566		(38,268)
Cash and cash equivalents at beginning of year	539,074		153,508		191,776
Cash and cash equivalents at end of year	$	570,726	$	539,074	$	153,508

Selected Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


2021
(Dollars in thousands, except per share data)	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Net interest income	$	331,114	$	338,784	$	357,518	$	367,350
Less: provisions for credit losses	(225,767)		69,677		138,442		(15,309)
Net interest income after provisions for credit losses	556,881		269,107		219,076		382,659
Gains (losses) on sales of loans, net	399,111		3,679		(10)		145,535

Gains (losses) on derivative and hedging activities, net	28		89		44		(17)
Other income	14,288		48,580		13,879		7,243
Total operating expenses	124,499		128,010		140,649		125,495
Total restructuring expenses	1,077		70		108		—
Income tax expense	203,525		53,174		19,392		103,660
Net income	641,207		140,201		72,840		306,265
Preferred stock dividends	1,201		1,192		1,166		1,177
Net income attributable to SLM Corporation common stock	$	640,006	$	139,009	$	71,674	$	305,088
Basic earnings per common share(1)	$	1.77	$	0.45	$	0.24	$	1.06
Diluted earnings per common share(1)	$	1.75	$	0.44	$	0.24	$	1.04
Declared dividends per common share	$	0.03	$	0.03	$	0.03	$	0.11


2020
	First		Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter
Net interest income	$	400,116	$	348,775	$	364,567	$	366,537
Less: provisions for credit losses	61,258		351,887		(3,640)		(316,372)
Net interest income (loss) after provisions for credit losses	338,858		(3,112)		368,207		682,909
Gains (losses) on sales of loans, net	238,935		(369)		(4)		(247)

Gains (losses) on derivative and hedging activities, net	45,672		3,751		(15)		136
Other income	7,487		25,412		9,646		1,043
Total operating expenses	147,298		141,557		127,490		121,743
Total restructuring expenses	—		—		24,127		2,088
Income tax expense (benefit)	121,481		(30,664)		55,189		127,310
Net income (loss)	362,173		(85,211)		171,028		432,700
Preferred stock dividends	3,464		2,478		2,058		1,734
Net income (loss) attributable to SLM Corporation common stock	$	358,709	$	(87,689)	$	168,970	$	430,966
Basic earnings (loss) per common share(1)	$	0.88	$	(0.23)	$	0.45	$	1.15
Diluted earnings (loss) per common share(1)	$	0.87	$	(0.23)	$	0.45	$	1.13
Declared dividends per common share	$	0.03	$	0.06	$	—	$	0.03

Significant Accounting Policies - Trading Investments (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021
Accounting Policies [Abstract]
Vertical risk retention interest	5.00%	5.00%

Significant Accounting Policies - Troubled Debt Restructurings (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Percentage of Private Education Loans related to borrowers in school, grace or deferment	24.00%	24.00%
Interest rate offered to borrowers facing financial difficulty	4.00%
Interest rate offered to borrowers facing financial difficulty, period	2 years
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)	47.00%	47.00%
Monthly payment that is smaller than the interest accrued on the loan in that month	$ 25

Significant Accounting Policies - Allowance for FFELP Loans and Loan Interest Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Percentage reimbursement on all qualifying default claims period two (as a percentage)	97.00%
Percentage reimbursement on all qualifying default claims period one (as a percentage)	98.00%
Variable rate	100.00%
Maximum loss exposure due to federal guarantee	3.00%
Basis points	0.0105
Loans in nonaccrual status	$ 0	$ 0

Significant Accounting Policies - Deposits (Details)	12 Months Ended
Significant Accounting Policies - Deposits (Details)	Dec. 31, 2021
Accounting Policies [Abstract]
Period of notification for withdrawal of deposits (less than or equal to)	7 days

Significant Accounting Policies - Gain on Sale of Loans, Net (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Gains on sales of loans, net	$ 145,535	$ (10)	$ 3,679	$ 399,111	$ (247)	$ (4)	$ (369)	$ 238,935	$ 548,315	$ 238,315	$ 0
Proceeds from sale of loans receivable									4,240,000	3,100,000
Net proceeds from sales of loans held for investment, principal									3,980,000	2,900,000
Net proceeds from sales of loans held for investment, capitalized interest									$ 264,000	$ 199,000

Significant Accounting Policies - Securitization Accounting (Details)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Asset balance related to securitization trust (as a percentage)	10.00%

Significant Accounting Policies - Derivative Accounting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Notional derivative contracts	$ 6,589,856	$ 8,557,883
CME
Derivative Instruments, Gain (Loss) [Line Items]
Notional derivative contracts	$ 5,200,000
Percent of total notional derivative contracts	94.40%
LCH
Derivative Instruments, Gain (Loss) [Line Items]
Notional derivative contracts	$ 300,000
Percent of total notional derivative contracts	5.60%
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional derivative contracts	$ 5,536,096	$ 8,557,883

Significant Accounting Policies - Restructuring Activities (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) position	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Restructuring expenses	$ 0	$ 108	$ 70	$ 1,077	$ 2,088	$ 24,127	$ 0	$ 0	$ 1,255	$ 26,215	$ 0
Severance costs										20,000
Other related costs										$ 6,000
Number of positions eliminated \| position									165
Number of positions eliminated, percent									9.00%

Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Apr. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income taxes receivable, net	$ 239,578	$ 374,706
Navient
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred tax asset discount			$ 27,000
Deferred tax liability	5,000
Income taxes receivable, net	$ 5,000		$ 291,000

Significant Accounting Policies - Effect of CECL Adoption (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 1,165,335	$ 1,361,723		$ 441,912	$ 341,121
Off-balance sheet exposures	72,713	110,044		2,481	$ 2,165
Retained earnings	2,817,134	1,722,365		1,850,512
Deferred tax asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax asset				109,369
Private Education Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	1,158,977	1,355,844		374,300
FFELP Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	4,077	4,378		1,633
Personal Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses				65,877
Credit Cards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 2,281	$ 1,501		102
Cumulative Effect, Period Of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses			$ 1,584,965
Off-balance sheet exposures			118,239	118,239
Retained earnings			897,873
Cumulative Effect, Period Of Adoption, Adjusted Balance \| Deferred tax asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax asset			415,540
Cumulative Effect, Period Of Adoption, Adjusted Balance \| Private Education Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses			1,435,130
Cumulative Effect, Period Of Adoption, Adjusted Balance \| FFELP Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses			4,485
Cumulative Effect, Period Of Adoption, Adjusted Balance \| Personal Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses			145,060
Cumulative Effect, Period Of Adoption, Adjusted Balance \| Credit Cards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses			290
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses			1,143,053	1,584,965
Off-balance sheet exposures			115,758	$ 115,758
Retained earnings			(952,639)
Cumulative Effect, Period of Adoption, Adjustment \| Deferred tax asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax asset			306,171
Cumulative Effect, Period of Adoption, Adjustment \| Private Education Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses			1,060,830
Cumulative Effect, Period of Adoption, Adjustment \| FFELP Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses			2,852
Cumulative Effect, Period of Adoption, Adjustment \| Personal Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses			79,183
Cumulative Effect, Period of Adoption, Adjustment \| Credit Cards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses			$ 188

Cash and Cash Equivalents (Details) - USD ($)	12 Months Ended
Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash due from Federal Reserve Bank	$ 4,300,000,000	$ 4,400,000,000
Cash due from depository institutions	75,000,000	73,000,000
Outstanding cash equivalents	0	0
Interest income from term deposit facility	0	0
Funds on deposit with the FRB	$ 0	$ 0

Investments - Trading Investments (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Vertical risk retention interest	5.00%	5.00%
Trading investments		$ 37,465	$ 16,923

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,535,568	$ 1,986,957
Allowance for credit losses	0	0
Gross Unrealized Gains	2,917	10,162
Gross Unrealized Losses	(20,529)	(485)
Available-for-sale investments	2,517,956	1,996,634
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	376,313	308,913
Allowance for credit losses	0	0
Gross Unrealized Gains	1,857	6,095
Gross Unrealized Losses	(7,073)	(134)
Available-for-sale investments	371,097	314,874
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,943	12,357
Allowance for credit losses	0	0
Gross Unrealized Gains	18	210
Gross Unrealized Losses	0	0
Available-for-sale investments	6,961	12,567
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,958,943	1,596,890
Allowance for credit losses	0	0
Gross Unrealized Gains	603	3,395
Gross Unrealized Losses	(11,893)	0
Available-for-sale investments	1,947,653	1,600,285
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	193,369	68,797
Allowance for credit losses	0	0
Gross Unrealized Gains	439	462
Gross Unrealized Losses	(1,563)	(351)
Available-for-sale investments	$ 192,245	$ 68,908

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Less than 12 months
Gross Unrealized Losses	$ (18,989)	$ (485)
Estimated Fair Value	1,593,655	76,452
12 months or more
Gross Unrealized Losses	(1,540)	0
Estimated Fair Value	36,587	0
Total
Gross Unrealized Losses	(20,529)	(485)
Estimated Fair Value	1,630,242	76,452
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(5,534)	(134)
Estimated Fair Value	261,404	46,011
12 months or more
Gross Unrealized Losses	(1,540)	0
Estimated Fair Value	36,587	0
Total
Gross Unrealized Losses	(7,074)	(134)
Estimated Fair Value	297,991	46,011
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	0	0
Estimated Fair Value	0	0
Total
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
U.S. government-sponsored enterprises and Treasuries
Less than 12 months
Gross Unrealized Losses	(11,892)	0
Estimated Fair Value	1,199,367	0
12 months or more
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
Total
Gross Unrealized Losses	(11,892)	0
Estimated Fair Value	1,199,367	0
Other securities
Less than 12 months
Gross Unrealized Losses	(1,563)	(351)
Estimated Fair Value	132,884	30,441
12 months or more
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
Total
Gross Unrealized Losses	(1,563)	(351)
Estimated Fair Value	$ 132,884	$ 30,441

Investments - Additional Info (Details) $ in Millions	1 Months Ended	12 Months Ended
Investments - Additional Info (Details) $ in Millions	Mar. 31, 2020	Dec. 31, 2021 USD ($) security	Dec. 31, 2020 USD ($) security
Summary of Investment Holdings [Line Items]
Number of mortgage-backed securities		180	163
Par value of mortgage-backed securities pledged to FRB \| $		$ 888	$ 815
Vertical risk retention interest	5.00%	5.00%
Mortgage-backed securities
Summary of Investment Holdings [Line Items]
Number of government sponsored securities with unrealized losses		60	14

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,535,568	$ 1,986,957
Estimated Fair Value	2,517,956	$ 1,996,634
Maturity 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	850,032
Estimated Fair Value	850,326
Maturity 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	162,617
Estimated Fair Value	162,003
Maturity 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	398,583
Estimated Fair Value	394,941
Maturity 2026
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	547,712
Estimated Fair Value	540,382
Maturity 2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	74
Estimated Fair Value	79
Maturity 2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,029
Estimated Fair Value	1,120
Maturity 2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,183
Estimated Fair Value	3,175
Maturity 2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,599
Estimated Fair Value	5,797
Maturity 2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,620
Estimated Fair Value	7,881
Maturity 2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,764
Estimated Fair Value	6,968
Maturity 2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,629
Estimated Fair Value	10,818
Maturity 2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,611
Estimated Fair Value	12,822
Maturity 2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,961
Estimated Fair Value	3,025
Maturity 2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,828
Estimated Fair Value	20,458
Maturity 2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	134,707
Estimated Fair Value	131,063
Maturity 2051
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	178,250
Estimated Fair Value	174,853
Maturity 2053
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	141,251
Estimated Fair Value	140,260
Maturity 2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,118
Estimated Fair Value	$ 51,985

Investments - Other Investments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Gain on equity securities investment	$ 8	$ 35
Non-marketable securities investment		$ 69	$ 26

Investments - Low Income Housing Tax Credit Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Low income housing tax credit investments	$ 7	$ 6	$ 6
Amount of amortization reported in income tax expense	6	5	$ 4
Total carrying value of LIHTC investments	68	54
Liability for unfunded commitments	$ 30	$ 19

Loans Held for Investment - Additional Information (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2021 USD ($) payment	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) payment numberOfExtensions rateReduction	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Finance Receivable Transferred To Held For Sale [Line Items]
Private loans indexed to LIBOR	52.10%				55.00%				52.10%	55.00%
Tier 1 of government guarantee												97.00%
Tier 2 of government guarantee													98.00%
Tier 3 of government guarantee														100.00%
Gains on sales of loans, net	$ 145,535,000	$ (10,000)	$ 3,679,000	$ 399,111,000	$ (247,000)	$ (4,000)	$ (369,000)	$ 238,935,000	$ 548,315,000	$ 238,315,000	$ 0
Proceeds from sale of loans receivable									4,240,000,000	3,100,000,000
Net proceeds from sales of loans held for investment, principal									3,980,000,000	2,900,000,000
Net proceeds from sales of loans held for investment, capitalized interest									$ 264,000,000	$ 199,000,000
Net proceeds from sales of personal loans, principal						697,000,000
Net proceeds from personal loans, accrued interest						7,000,000
Estimated weighted average life of student loans									4 years 8 months 12 days	5 years 4 months 24 days
Number of payments due before granting forbearance \| payment	1								1
Increment in which disaster forbearance is granted									3 months
Maximum amount of forbearance granted									12 months
Period of positive payment performance required by a borrower between successive grants of forbearance									12 months
Number of payments required by a borrower between successive grants of forbearance \| payment									12
Period excluded from disallowance of forbearance following grace period									6 months
Period that delinquent borrowers can participate in certain short-term interest-only payment alternatives, option one									12 months
Period that delinquent borrowers can participate in certain short-term interest-only payment alternatives, option two									5 years
Interest rate reduction									4.00%
Interest rate offered to borrowers facing financial difficulty, period									2 years
Number of available extensions of final maturity date of loan under loan modification program, borrowers facing financial difficulty \| numberOfExtensions									1
Number of rate reductions available under loan modification program, borrowers facing financial difficulty \| rateReduction									2
Interest rate offered to borrowers facing financial difficulty	4.00%								4.00%
Number of consecutive monthly payments required to qualify for rate reduction, borrowers facing financial difficulty \| payment									3
Period of positive payment performance required by a borrower between successive grants of forbearance, borrowers facing financial difficulty									12 months
Loans currently in repayment status that were subject to interest rate reductions	7.20%				7.80%				7.20%	7.80%
Period of loans past due that have accrued interest									90 days	90 days
Loans in nonaccrual status									$ 0	$ 0
Percentage of loans concentrated in major states	38.40%				38.80%				38.40%	38.80%
Percentage of aggregate outstanding loans held for investment									5.00%
Personal Loans
Finance Receivable Transferred To Held For Sale [Line Items]
Loan sale reduction to provision						$ 43,000,000
Private Education Loans
Finance Receivable Transferred To Held For Sale [Line Items]
Ninety or more days delinquent	$ 80,000,000				$ 81,000,000				$ 80,000,000	$ 81,000,000
Loans pledged to borrower in custody	2,900,000,000				3,300,000,000				2,900,000,000	3,300,000,000
FFELP Loans
Finance Receivable Transferred To Held For Sale [Line Items]
Ninety or more days delinquent	$ 34,000,000				$ 36,000,000				$ 34,000,000	$ 36,000,000
Maximum
Finance Receivable Transferred To Held For Sale [Line Items]
Increments in which forbearance is granted									2 months
Increase to life of loan defaults									16.60%
Minimum
Finance Receivable Transferred To Held For Sale [Line Items]
Increments in which forbearance is granted									1 month
Increase to life of loan defaults									10.10%

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,165,335)	$ (1,361,723)	$ (441,912)	$ (341,121)
Loans held for investment, net	20,341,283	19,183,143
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	20,716,863	19,729,337
Deferred origination costs and unamortized premium/(discount)	67,488	63,475
Allowance for credit losses	(1,158,977)	(1,355,844)	(374,300)
Loans held for investment, net	19,625,374	18,436,968
Private Education Loans \| Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	9,920,547	8,950,216
Private Education Loans \| Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	10,796,316	10,779,121
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	695,216	737,593
Deferred origination costs and unamortized premium/(discount)	1,815	1,993
Allowance for credit losses	(4,077)	(4,378)	(1,633)
Loans held for investment, net	692,954	735,208
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	25,014	12,238
Deferred origination costs and unamortized premium/(discount)	222	230
Allowance for credit losses	(2,281)	(1,501)	$ (102)
Loans held for investment, net	$ 22,955	$ 10,967

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,701,229	$ 23,776,111	$ 24,181,174
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 20,968,061	$ 22,426,216	$ 22,225,473
Weighted Average Interest Rate	8.25%	8.42%	9.32%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 718,186	$ 757,953	$ 814,198
Weighted Average Interest Rate	3.43%	3.76%	4.79%
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 0	$ 582,552	$ 1,141,503
Weighted Average Interest Rate	0.00%	12.43%	12.09%
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 14,982	$ 9,390	$ 0
Weighted Average Interest Rate	4.67%	(6.04%)	0.00%

Loans Held for Investment - By Region (Details)	Dec. 31, 2021	Dec. 31, 2020
Loans held for investment by Region [Line Items]
Percentage of Loans concentrated in major states	38.40%	38.80%
New York
Loans held for investment by Region [Line Items]
Percentage of Loans held in state	9.40%	9.70%
California
Loans held for investment by Region [Line Items]
Percentage of Loans held in state	9.60%	9.60%
Pennsylvania
Loans held for investment by Region [Line Items]
Percentage of Loans held in state	7.80%	8.00%
New Jersey
Loans held for investment by Region [Line Items]
Percentage of Loans held in state	6.00%	6.20%
Texas
Loans held for investment by Region [Line Items]
Percentage of Loans held in state	5.60%	5.30%

Loans Held for Sale (Details) - USD ($) $ in Thousands	12 Months Ended
Loans Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2021
Transfers and Servicing [Abstract]
Loans held for sale	$ 2,885,640	$ 0
Loans transferred to held-for-sale	$ 206,000

Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Credit Losses
Beginning balance				$ 1,361,723				$ 441,912	$ 1,361,723	$ 441,912	$ 341,121
Transfer from unfunded commitment liability									301,655	320,808
Provision for current period									(232,708)	190,898
Loan sale reduction to provision									(66,460)	(204,709)
Loans transferred to held-for-sale									1,887	(205,669)
Total provisions									(297,281)	(219,480)	353,934
Net charge-offs:
Charge-offs									(230,268)	(245,043)	(284,114)
Recoveries									29,506	29,007	30,971
Net charge-offs									(200,762)	(216,036)	(253,143)
Loan sales										(108,534)
Ending balance	$ 1,165,335				$ 1,361,723				1,165,335	1,361,723	441,912
Allowance:
Ending balance: individually evaluated for impairment	47,712				104,265				47,712	104,265	186,697
Ending balance: collectively evaluated for impairment	1,117,623				1,257,458				1,117,623	1,257,458	255,215
Loans:
Ending balance: individually evaluated for impairment	1,057,665				1,274,590				1,057,665	1,274,590	1,581,966
Ending balance: collectively evaluated for impairment	20,379,428				19,204,578				20,379,428	19,204,578	23,443,822
Provisions for unfunded loan commitments									232,822	311,659	5,937
Less: provisions for credit losses	(15,309)	$ 138,442	$ 69,677	(225,767)	(316,372)	$ (3,640)	$ 351,887	61,258	(32,957)	93,133	354,249
Cumulative Effect, Period of Adoption, Adjustment
Allowance for Credit Losses
Beginning balance								1,584,965		1,584,965
Day 1 adjustment for the adoption of CECL											1,143,053
Net charge-offs:
Ending balance											1,584,965
Private Education Loans
Allowance for Credit Losses
Beginning balance				1,355,844				374,300	1,355,844	374,300	277,943
Transfer from unfunded commitment liability									301,655	320,808
Provision for current period									(233,852)	148,673
Loan sale reduction to provision									(66,460)	(161,793)
Loans transferred to held-for-sale									1,887	(205,669)
Total provisions									(298,425)	(218,789)	279,570
Net charge-offs:
Charge-offs									(229,591)	(205,326)	(208,978)
Recoveries									29,494	24,021	25,765
Net charge-offs									(200,097)	(181,305)	(183,213)
Loan sales										0
Ending balance	1,158,977				1,355,844				1,158,977	1,355,844	374,300
Allowance:
Ending balance: individually evaluated for impairment	47,712				104,265				47,712	104,265	186,697
Ending balance: collectively evaluated for impairment	1,111,265				1,251,579				1,111,265	1,251,579	187,603
Loans:
Ending balance: individually evaluated for impairment	1,057,665				1,274,590				1,057,665	1,274,590	1,581,966
Ending balance: collectively evaluated for impairment	19,659,198				18,454,747				$ 19,659,198	$ 18,454,747	$ 21,607,625
Net charge-offs as a percentage of average loans in repayment (annualized)									1.33%	1.17%	1.17%
Allowance as a percentage of the ending total loan balance									5.59%	6.87%	1.61%
Allowance as a percentage of the ending loans in repayment									7.47%	9.48%	2.23%
Allowance coverage of net charge-offs (annualized)									5.79	7.48	2.04
Ending total loans, gross	20,716,863				19,729,337				$ 20,716,863	$ 19,729,337	$ 23,189,591
Average loans in repayment									15,019,869	15,518,851	15,605,927
Ending loans in repayment	15,511,212				14,304,821				15,511,212	14,304,821	16,787,670
Provisions for unfunded loan commitments									264,324	312,613
Less: provisions for credit losses									(34,101)	93,824
Private Education Loans \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Credit Losses
Beginning balance								1,435,130		1,435,130
Day 1 adjustment for the adoption of CECL											1,060,830
Net charge-offs:
Ending balance											1,435,130
Other Industries, Excluding Private Education Loans
Allowance for Credit Losses
Total provisions									1,144	(691)
FFELP Loans
Allowance for Credit Losses
Beginning balance				4,378				1,633	4,378	1,633	977
Transfer from unfunded commitment liability									0	0
Provision for current period									20	412
Loan sale reduction to provision									0	0
Loans transferred to held-for-sale									0	0
Total provisions									20	412	1,478
Net charge-offs:
Charge-offs									(321)	(519)	(822)
Recoveries									0	0	0
Net charge-offs									(321)	(519)	(822)
Loan sales										0
Ending balance	4,077				4,378				4,077	4,378	1,633
Allowance:
Ending balance: individually evaluated for impairment	0				0				0	0	0
Ending balance: collectively evaluated for impairment	4,077				4,378				4,077	4,378	1,633
Loans:
Ending balance: individually evaluated for impairment	0				0				0	0	0
Ending balance: collectively evaluated for impairment	695,216				737,593				$ 695,216	$ 737,593	$ 783,306
Net charge-offs as a percentage of average loans in repayment (annualized)									0.06%	0.09%	0.13%
Allowance as a percentage of the ending total loan balance									0.59%	0.59%	0.21%
Allowance as a percentage of the ending loans in repayment									0.74%	0.76%	0.26%
Allowance coverage of net charge-offs (annualized)									12.70	8.44	1.99
Ending total loans, gross	695,216				737,593				$ 695,216	$ 737,593	$ 783,306
Average loans in repayment									545,689	549,584	631,029
Ending loans in repayment	553,980				573,361				553,980	573,361	617,646
FFELP Loans \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Credit Losses
Beginning balance								4,485		4,485
Day 1 adjustment for the adoption of CECL											2,852
Net charge-offs:
Ending balance											4,485
Credit Cards
Allowance for Credit Losses
Beginning balance				1,501				102	1,501	102	0
Transfer from unfunded commitment liability									0	0
Provision for current period									1,124	1,328
Loan sale reduction to provision									0	0
Loans transferred to held-for-sale									0	0
Total provisions									1,124	1,328	103
Net charge-offs:
Charge-offs									(356)	(119)	(1)
Recoveries									12	2	0
Net charge-offs									(344)	(117)	(1)
Loan sales										0
Ending balance	2,281				1,501				2,281	1,501	102
Allowance:
Ending balance: individually evaluated for impairment	0				0				0	0	0
Ending balance: collectively evaluated for impairment	2,281				1,501				2,281	1,501	102
Loans:
Ending balance: individually evaluated for impairment	0				0				0	0	0
Ending balance: collectively evaluated for impairment	25,014				12,238				$ 25,014	$ 12,238	$ 3,884
Net charge-offs as a percentage of average loans in repayment (annualized)									2.24%	1.26%	0.13%
Allowance as a percentage of the ending total loan balance									9.12%	12.27%	2.63%
Allowance as a percentage of the ending loans in repayment									9.12%	12.27%	2.63%
Allowance coverage of net charge-offs (annualized)									6.63	12.83	102.00
Ending total loans, gross	25,014				12,238				$ 25,014	$ 12,238	$ 3,884
Average loans in repayment									15,343	9,286	786
Ending loans in repayment	$ 25,014				12,238				25,014	12,238	3,884
Credit Cards \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Credit Losses
Beginning balance								290		290
Day 1 adjustment for the adoption of CECL											188
Net charge-offs:
Ending balance											290
Personal Loans
Allowance for Credit Losses
Beginning balance				$ 0				65,877	$ 0	65,877	62,201
Transfer from unfunded commitment liability										0
Provision for current period										40,485
Loan sale reduction to provision										(42,916)
Loans transferred to held-for-sale										0
Total provisions										(2,431)	72,783
Net charge-offs:
Charge-offs										(39,079)	(74,313)
Recoveries										4,984	5,206
Net charge-offs										(34,095)	(69,107)
Loan sales										(108,534)
Ending balance					0					0	65,877
Allowance:
Ending balance: individually evaluated for impairment					0					0	0
Ending balance: collectively evaluated for impairment					0					0	65,877
Loans:
Ending balance: individually evaluated for impairment					0					0	0
Ending balance: collectively evaluated for impairment					0					$ 0	$ 1,049,007
Net charge-offs as a percentage of average loans in repayment (annualized)										0.00%	6.07%
Allowance as a percentage of the ending total loan balance										0.00%	6.28%
Allowance as a percentage of the ending loans in repayment										0.00%	6.28%
Allowance coverage of net charge-offs (annualized)										0	0.95
Ending total loans, gross					0					$ 0	$ 1,049,007
Average loans in repayment										0	1,138,887
Ending loans in repayment					$ 0					0	1,049,007
Personal Loans \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Credit Losses
Beginning balance								$ 145,060		$ 145,060
Day 1 adjustment for the adoption of CECL											79,183
Net charge-offs:
Ending balance											$ 145,060

Allowance for Credit Losses - Additional Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 01, 2006
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Less: provisions for credit losses									$ (232,708,000)	$ 190,898,000
Decrease to provisions									126,000,000
Proceeds from sale of loans receivable									$ 4,240,000,000	$ 3,100,000,000
Interest rate offered to borrowers facing financial difficulty	4.00%								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%				7.80%				7.20%	7.80%
Percentage of loans granted forbearance (as a percentage)	47.00%				47.00%				47.00%	47.00%
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	90 days
Monthly payment that is smaller than the interest accrued on the loan in that month									$ 25
Less: provisions for credit losses	$ (15,309,000)	$ 138,442,000	$ 69,677,000	$ (225,767,000)	$ (316,372,000)	$ (3,640,000)	$ 351,887,000	$ 61,258,000	(32,957,000)	$ 93,133,000	$ 354,249,000
Private Education Loans
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Less: provisions for credit losses									(233,852,000)	148,673,000
Less: provisions for credit losses									(34,101,000)	93,824,000
FFELP Loans
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Less: provisions for credit losses									$ 20,000	$ 412,000
Tier 1 of government guarantee (at least)	97.00%								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%								4.00%

Allowance for Credit Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Details) - TDR Loans - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment	$ 1,093,387	$ 1,312,805
Unpaid Principal Balance	1,057,665	1,274,590
Allowance	$ 47,712	$ 104,265

Allowance for Credit Losses - Average Recorded Investment and Interest Income Recognized for TDR (Details) - TDR Loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	$ 1,220,739	$ 1,546,908	$ 1,434,137
Interest Income Recognized	$ 84,822	$ 100,125	$ 95,507

Allowance for Credit Losses - Loan Status and Aging of Past Due TDR Loans (Details) - Student Loan - Consumer Portfolio Segment - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TDR loans in repayment and percentage of each status:
Total Private Education Loans in forbearance, Year 1	$ 2,253,860	$ 2,052,521	$ 2,355,395
Troubled Debt Restructured Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR loans in in-school/grace/deferment	80,281	88,750
TDR loans in forbearance	41,464	76,704
TDR loans in repayment and percentage of each status:
Loans	1,057,665	1,274,590
Total Private Education Loans in forbearance, Year 1	$ 935,920	$ 1,109,136
Total TDR loans in repayment	100.00%	100.00%
Total	$ 1,057,665	$ 1,274,590
Loan delinquent, current
TDR loans in repayment and percentage of each status:
Loans	15,005,773	13,898,948	16,315,651
Total	15,005,773	13,898,948	16,315,651
Loan delinquent, current \| Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans	$ 832,018	$ 971,880
Loans current, in percentage	88.90%	87.70%
Total	$ 832,018	$ 971,880
Loan delinquent 30-59 days
TDR loans in repayment and percentage of each status:
Loans	308,559	205,528	288,051
Total	308,559	205,528	288,051
Loan delinquent 30-59 days \| Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans	$ 48,766	$ 59,249
Loans delinquent (in percentage)	5.20%	5.30%
Total	$ 48,766	$ 59,249
Loan delinquent 60-89 days
TDR loans in repayment and percentage of each status:
Loans	116,947	119,643	121,302
Total	116,947	119,643	121,302
Loan delinquent 60-89 days \| Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans	$ 30,575	$ 43,576
Loans delinquent (in percentage)	3.30%	3.90%
Total	$ 30,575	$ 43,576
Loan delinquent 90 days or greater past due
TDR loans in repayment and percentage of each status:
Loans	79,933	80,702	62,666
Total	79,933	80,702	$ 62,666
Loan delinquent 90 days or greater past due \| Troubled Debt Restructured Loans
TDR loans in repayment and percentage of each status:
Loans	$ 24,561	$ 34,431
Loans delinquent (in percentage)	2.60%	3.10%
Total	$ 24,561	$ 34,431

Allowance for Credit Losses - Modified Loan Accounts for TDR (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Modified Loans	$ 7,410	$ 207,001	$ 515,398
Charge-offs	64,682	71,267	74,137
Payment-Default	$ 9,626	$ 75,153	$ 111,810

Allowance for Credit Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transfer of allowance for funded loans	$ (230,268)	$ (245,043)	$ (284,114)
Current period recoveries	29,506	29,007	30,971
Net charge-offs	(200,762)	(216,036)	(253,143)
Consumer Portfolio Segment \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period gross charge-offs, Year 1	(1,183)	(1,087)
Current period gross charge-offs, Year 2	(8,604)	(10,940)
Current period gross charge-offs, Year 3	(23,866)	(27,000)
Current period gross charge-offs, Year 4	(32,741)	(35,851)
Current period gross charge-offs, Year 5	(37,186)	(36,416)
Current period gross charge-offs, Year 6	(126,011)	(94,032)
Transfer of allowance for funded loans	(229,591)	(205,326)
Current period recoveries, Year 1	35	42
Current period recoveries, Year 2	540	636
Current period recoveries, Year 3	2,092	2,274
Current period recoveries, Year 4	3,693	3,585
Current period recoveries, Year 5	4,450	4,284
Current period recoveries, Year 6	18,684	13,200
Current period recoveries	29,494	24,021
Current period net charge-offs, Year 1	(1,148)	(1,045)
Current period net charge-offs, Year 2	(8,064)	(10,304)
Current period net charge-offs, Year 3	(21,774)	(24,726)
Current period net charge-offs, Year 4	(29,048)	(32,266)
Current period net charge-offs, Year 5	(32,736)	(32,132)
Current period net charge-offs, Year 6	(107,327)	(80,832)
Net charge-offs	(200,097)	(181,305)
Total accrued interest by origination vintage, Year 1	109,233	90,438
Total accrued interest by origination vintage, Year 2	247,418	265,688
Total accrued interest by origination vintage, Year 3	270,242	252,251
Total accrued interest by origination vintage, Year 4	198,816	209,178
Total accrued interest by origination vintage, Year 5	131,685	141,094
Total accrued interest by origination vintage, Year 6	229,729	210,247
Total accrued interest by origination vintage	1,187,123	1,168,896
Consumer Portfolio Segment \| Student Loan \| Loan delinquent, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	2,234,876	2,043,033	2,340,221
Year 2	2,786,646	2,573,228	3,159,878
Year 3	2,321,728	2,045,012	2,781,132
Year 4	1,772,651	1,850,539	2,566,815
Year 5	1,570,815	1,685,572	2,225,721
Year 6	4,319,057	3,701,564	3,241,884
Total	15,005,773	13,898,948	16,315,651
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	15,148	6,400	11,152
Year 2	29,146	16,983	26,096
Year 3	46,616	26,934	44,382
Year 4	43,197	30,771	51,656
Year 5	41,695	33,040	54,559
Year 6	132,757	91,400	100,206
Total	308,559	205,528	288,051
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	3,194	2,628	3,087
Year 2	7,441	9,143	9,527
Year 3	14,044	15,026	17,048
Year 4	14,310	18,121	21,161
Year 5	16,425	19,064	24,562
Year 6	61,533	55,661	45,917
Total	116,947	119,643	121,302
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	642	460	935
Year 2	3,683	4,642	3,850
Year 3	8,453	9,396	7,818
Year 4	10,632	12,939	12,314
Year 5	11,935	14,710	12,946
Year 6	44,588	38,555	24,803
Total	79,933	80,702	62,666
Consumer Portfolio Segment \| Student Loan \| With cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	3,263,892	2,915,328
Year 2	3,604,553	3,467,219
Year 3	2,778,262	2,556,400
Year 4	2,025,463	2,262,635
Year 5	1,765,719	1,977,952
Year 6	4,753,775	4,198,748
Total	$ 18,191,664	$ 17,378,282
Private education loans	88.00%	88.00%
Consumer Portfolio Segment \| Student Loan \| Without cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 558,469	$ 527,437
Year 2	561,730	559,629
Year 3	438,263	384,111
Year 4	294,597	277,159
Year 5	212,514	211,270
Year 6	459,626	391,449
Total	$ 2,525,199	$ 2,351,055
Private education loans	12.00%	12.00%
Consumer Portfolio Segment \| Student Loan \| Cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 3,822,361	$ 3,442,765
Year 2	4,166,283	4,026,848
Year 3	3,216,525	2,940,511
Year 4	2,320,060	2,539,794
Year 5	1,978,233	2,189,222
Year 6	5,213,401	4,590,197
Total	$ 20,716,863	$ 19,729,337
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| School Type/FICO Scores
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 3,822,361	$ 3,442,765
Year 2	4,166,283	4,026,848
Year 3	3,216,525	2,940,511
Year 4	2,320,060	2,539,794
Year 5	1,978,233	2,189,222
Year 6	5,213,401	4,590,197
Total	$ 20,716,863	$ 19,729,337
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| School Type/FICO Scores \| FICO score less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 248,368	$ 195,214
Year 2	238,005	290,711
Year 3	251,157	225,276
Year 4	193,123	197,948
Year 5	166,048	162,413
Year 6	428,416	369,609
Total	$ 1,525,117	$ 1,441,171
Private Education Loans at origination	7.00%	7.00%
Consumer Portfolio Segment \| Student Loan \| School Type/FICO Scores \| FICO score 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 508,264	$ 464,785
Year 2	564,497	594,950
Year 3	493,237	441,357
Year 4	363,313	407,394
Year 5	329,807	351,303
Year 6	884,981	771,477
Total	$ 3,144,099	$ 3,031,266
Private Education Loans at origination	15.00%	16.00%
Consumer Portfolio Segment \| Student Loan \| School Type/FICO Scores \| FICO score 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,210,833	$ 1,111,373
Year 2	1,348,269	1,310,390
Year 3	1,057,001	967,802
Year 4	770,452	846,983
Year 5	660,270	740,028
Year 6	1,753,709	1,533,517
Total	$ 6,800,534	$ 6,510,093
Private Education Loans at origination	33.00%	33.00%
Consumer Portfolio Segment \| Student Loan \| School Type/FICO Scores \| FICO score greater than 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,854,896	$ 1,671,393
Year 2	2,015,512	1,830,797
Year 3	1,415,130	1,306,076
Year 4	993,172	1,087,469
Year 5	822,108	935,478
Year 6	2,146,295	1,915,594
Total	$ 9,247,113	$ 8,746,807
Private Education Loans at origination	45.00%	44.00%
Consumer Portfolio Segment \| Student Loan \| School FICO, Refreshed Amounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 3,822,361	$ 3,442,765
Year 2	4,166,283	4,026,848
Year 3	3,216,525	2,940,511
Year 4	2,320,060	2,539,794
Year 5	1,978,233	2,189,222
Year 6	5,213,401	4,590,197
Total	$ 20,716,863	$ 19,729,337
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| School FICO, Refreshed Amounts \| FICO score less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 326,613	$ 240,154
Year 2	279,578	331,229
Year 3	273,652	301,784
Year 4	235,684	298,195
Year 5	233,022	293,077
Year 6	739,268	734,599
Total	$ 2,087,817	$ 2,199,038
Private Education Loans at origination	10.00%	11.00%
Consumer Portfolio Segment \| Student Loan \| School FICO, Refreshed Amounts \| FICO score 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 506,021	$ 438,665
Year 2	475,674	493,135
Year 3	365,133	336,966
Year 4	256,400	283,906
Year 5	209,536	231,759
Year 6	570,605	504,779
Total	$ 2,383,369	$ 2,289,210
Private Education Loans at origination	12.00%	12.00%
Consumer Portfolio Segment \| Student Loan \| School FICO, Refreshed Amounts \| FICO score 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,209,493	$ 1,102,666
Year 2	1,285,015	1,248,806
Year 3	978,763	871,677
Year 4	682,024	734,222
Year 5	568,766	603,160
Year 6	1,448,692	1,220,468
Total	$ 6,172,753	$ 5,780,999
Private Education Loans at origination	30.00%	29.00%
Consumer Portfolio Segment \| Student Loan \| School FICO, Refreshed Amounts \| FICO score greater than 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,780,234	$ 1,661,280
Year 2	2,126,016	1,953,678
Year 3	1,598,977	1,430,084
Year 4	1,145,952	1,223,471
Year 5	966,909	1,061,226
Year 6	2,454,836	2,130,351
Total	$ 10,072,924	$ 9,460,090
Private Education Loans at origination	48.00%	48.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 3,822,361	$ 3,442,765
Year 2	4,166,283	4,026,848
Year 3	3,216,525	2,940,511
Year 4	2,320,060	2,539,794
Year 5	1,978,233	2,189,222
Year 6	5,213,401	4,590,197
Total	$ 20,716,863	$ 19,729,337
Seasoning based on monthly scheduled payments due from 1-12 payments, in percent	22.00%	23.00%
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%	12.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments, in percent	8.00%	9.00%
Seasoning based on monthly scheduled payments due from more than 48 payments, in percent	16.00%	15.00%
Seasoning - based on monthly scheduled payments due from not yet in repayment, in percent	25.00%	24.00%
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 2,265,811	$ 2,068,517
Year 2	594,850	600,038
Year 3	515,328	469,143
Year 4	385,246	472,258
Year 5	340,242	381,197
Year 6	501,269	507,343
Total	4,602,746	4,498,496
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	0	163
Year 2	2,287,737	2,096,635
Year 3	362,674	383,977
Year 4	203,674	223,332
Year 5	211,064	217,379
Year 6	479,540	425,345
Total	3,544,689	3,346,831
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	0	0
Year 2	173	0
Year 3	1,565,203	1,353,567
Year 4	312,049	370,250
Year 5	164,575	181,940
Year 6	482,369	439,337
Total	2,524,369	2,345,094
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	0	0
Year 2	0	0
Year 3	0	0
Year 4	983,434	965,476
Year 5	295,206	351,433
Year 6	464,563	402,552
Total	1,743,203	1,719,461
Consumer Portfolio Segment \| Student Loan \| Seasoning \| More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	0	0
Year 2	0	0
Year 3	0	0
Year 4	0	0
Year 5	671,138	729,510
Year 6	2,726,304	2,310,905
Total	3,397,442	3,040,415
Consumer Portfolio Segment \| Student Loan \| Seasoning \| Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	1,556,550	1,374,085
Year 2	1,283,523	1,330,175
Year 3	773,320	733,824
Year 4	435,657	508,478
Year 5	296,008	327,763
Year 6	559,356	504,715
Total	4,904,414	4,779,040
Consumer Portfolio Segment \| Student Loan \| Loans In-School/Grace/Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	1,556,550	1,374,085	1,670,644
Year 2	1,283,523	1,330,175	1,580,513
Year 3	773,320	733,824	1,010,764
Year 4	435,657	508,478	635,798
Year 5	296,008	327,763	375,585
Year 6	559,356	504,715	414,101
Total	$ 4,904,414	4,779,040	$ 5,687,405
Consumer Portfolio Segment \| Student Loan, Borrowers Who Did Not Return To School And Received Extenstion \| Loans In-School/Grace/Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1		$ 401,000

Allowance for Credit Losses - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (1,165,335)	$ (1,361,723)	$ (441,912)	$ (341,121)
Loans held for investment, net	$ 20,341,283	$ 19,183,143
Percentage of Private Education Loans in repayment, Year 1	59.00%	59.60%	58.20%
Percentage of Private Education Loans in repayment, Year 2	67.90%	64.70%	65.40%
Percentage of Private Education Loans in repayment, Year 3	74.30%	71.30%	71.20%
Percentage of Private Education Loans in repayment, Year 4	79.30%	75.30%	77.20%
Percentage of Private Education Loans in repayment, Year 5	82.90%	80.00%	82.20%
Percentage of Private Education Loans in repayment, Year 6	87.40%	84.70%	85.40%
Percentage of Private Education Loans in repayment	74.90%	72.50%	72.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 1	0.80%	0.50%	0.60%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 2	1.40%	1.20%	1.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 3	2.90%	2.40%	2.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 4	3.70%	3.20%	3.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 5	4.30%	3.80%	4.00%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 6	5.20%	4.80%	5.00%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, total	3.30%	2.80%	2.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 1	0.50%	0.80%	0.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 2	1.90%	3.40%	3.30%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 3	2.10%	5.00%	4.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 4	2.30%	5.90%	5.20%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 5	2.50%	5.90%	5.20%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 6	2.10%	4.90%	4.70%
Loans in forbearance as a percentage of loans in repayment and forbearance	1.90%	4.30%	4.10%
Student Loan \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1	$ 2,253,860	$ 2,052,521	$ 2,355,395
Total Private Education Loans in forbearance, Year 2	2,826,916	2,603,996	3,199,351
Total Private Education Loans in forbearance, Year 3	2,390,841	2,096,368	2,850,380
Total Private Education Loans in forbearance, Year 4	1,840,790	1,912,370	2,651,946
Total Private Education Loans in forbearance, Year 5	1,640,870	1,752,386	2,317,788
Total Private Education Loans in forbearance, Year 6	4,557,935	3,887,180	3,412,810
Private Education Loans in forbearance, total	15,511,212	14,304,821	16,787,670
Total Private Education Loans, gross, Year 1	3,822,361	3,442,765	4,047,048
Total Private Education Loans, gross, Year 2	4,166,283	4,026,848	4,888,373
Total Private Education Loans, gross, Year 3	3,216,525	2,940,511	4,003,485
Total Private Education Loans, gross, Year 4	2,320,060	2,539,794	3,433,858
Total Private Education Loans, gross, Year 5	1,978,233	2,189,222	2,821,172
Total Private Education Loans, gross, Year 6	5,213,401	4,590,197	3,995,655
Total Private Education Loans, gross	20,716,863	19,729,337	23,189,591
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 1	22,169	21,129	23,661
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 2	16,067	13,933	17,699
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 3	9,575	8,671	13,843
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 4	5,918	6,708	12,304
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 5	4,588	5,721	8,564
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 6	9,171	7,313	5,153
Private Education Loans deferred origination costs and unamortized premium/(discount), Total	67,488	63,475	81,224
Total Private Education Loans, Year 1	3,844,530	3,463,894	4,070,709
Total Private Education Loans, Year 2	4,182,350	4,040,781	4,906,072
Total Private Education Loans, Year 3	3,226,100	2,949,182	4,017,328
Total Private Education Loans, Year 4	2,325,978	2,546,502	3,446,162
Total Private Education Loans, Year 5	1,982,821	2,194,943	2,829,736
Total Private Education Loans, Year 6	5,222,572	4,597,510	4,000,808
Total Private Education Loans	20,784,351	19,792,812	23,270,815
Private Education Loans allowance for losses, Year 1	(248,102)	(210,875)	(3,013)
Private Education Loans allowance for losses, Year 2	(239,507)	(298,776)	(19,105)
Private Education Loans allowance for losses, Year 3	(195,223)	(218,136)	(44,858)
Private Education Loans allowance for losses, Year 4	(129,678)	(184,265)	(71,598)
Private Education Loans allowance for losses, Year 5	(99,982)	(150,150)	(80,974)
Private Education Loans allowance for losses, Year 6	(246,485)	(293,642)	(154,752)
Private Education Loans allowance for losses	(1,158,977)	(1,355,844)	(374,300)
Private Education Loans, net, Year 1	3,596,428	3,253,019	4,067,696
Private Education Loans, net, Year 2	3,942,843	3,742,005	4,886,967
Private Education Loans, net, Year 3	3,030,877	2,731,046	3,972,470
Private Education Loans, net, Year 4	2,196,300	2,362,237	3,374,564
Private Education Loans, net, Year 5	1,882,839	2,044,793	2,748,762
Private Education Loans, net, Year 6	4,976,087	4,303,868	3,846,056
Loans held for investment, net	19,625,374	18,436,968	22,896,515
Student Loan \| Consumer Portfolio Segment \| Loan delinquent, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	2,234,876	2,043,033	2,340,221
Year 2	2,786,646	2,573,228	3,159,878
Year 3	2,321,728	2,045,012	2,781,132
Year 4	1,772,651	1,850,539	2,566,815
Year 5	1,570,815	1,685,572	2,225,721
Year 6	4,319,057	3,701,564	3,241,884
Total	15,005,773	13,898,948	16,315,651
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	15,148	6,400	11,152
Year 2	29,146	16,983	26,096
Year 3	46,616	26,934	44,382
Year 4	43,197	30,771	51,656
Year 5	41,695	33,040	54,559
Year 6	132,757	91,400	100,206
Total	308,559	205,528	288,051
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	3,194	2,628	3,087
Year 2	7,441	9,143	9,527
Year 3	14,044	15,026	17,048
Year 4	14,310	18,121	21,161
Year 5	16,425	19,064	24,562
Year 6	61,533	55,661	45,917
Total	116,947	119,643	121,302
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	642	460	935
Year 2	3,683	4,642	3,850
Year 3	8,453	9,396	7,818
Year 4	10,632	12,939	12,314
Year 5	11,935	14,710	12,946
Year 6	44,588	38,555	24,803
Total	79,933	80,702	62,666
Student Loan \| Loans In-School/Grace/Deferment \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	1,556,550	1,374,085	1,670,644
Year 2	1,283,523	1,330,175	1,580,513
Year 3	773,320	733,824	1,010,764
Year 4	435,657	508,478	635,798
Year 5	296,008	327,763	375,585
Year 6	559,356	504,715	414,101
Total	4,904,414	4,779,040	5,687,405
Student Loan \| Loans In Forbearance \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1	11,951	16,159	21,009
Total Private Education Loans in forbearance, Year 2	55,844	92,677	108,509
Total Private Education Loans in forbearance, Year 3	52,364	110,319	142,341
Total Private Education Loans in forbearance, Year 4	43,613	118,946	146,114
Total Private Education Loans in forbearance, Year 5	41,355	109,073	127,799
Total Private Education Loans in forbearance, Year 6	96,110	198,302	168,744
Private Education Loans in forbearance, total	301,237	645,476	714,516
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses			$ (65,877)
Student Loan, Borrowers Who Did Not Return To School And Received Extenstion \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1	$ 609,000
Student Loan, Borrowers Who Did Not Return To School And Received Extenstion \| Loans In-School/Grace/Deferment \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1		401,000
Student Loan, Borrowers Who Did Not Return To School And Received Extenstion \| Loans In Forbearance \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1		$ 30,000

Allowance for Credit Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Total Interest Receivable	$ 1,187,123	$ 1,168,895
90 Days and Greater Past Due	3,635	4,354
Allowance for Uncollectible Interest	$ 4,937	$ 4,467

Unfunded Loan Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Credit Loss [Abstract]
Contractual obligation	$ 1,800,000
Allowance:
Beginning balance	110,044	$ 2,481	$ 2,165
Provisions for unfunded loan commitments	232,822	311,659	5,937
Other provision items	31,502	954	596
Transfer - funded loans	(301,655)	(320,808)	(6,217)
Ending balance	72,713	110,044	2,481
Unfunded Commitments
Beginning balance	1,673,018	1,910,603	2,010,744
Provision/New commitments - net	5,512,841	5,070,175	5,513,790
Other provision items	0	0	0
Transfer - funded loans	(5,408,883)	(5,307,760)	(5,613,931)
Ending balance	$ 1,776,976	1,673,018	1,910,603
Cumulative Effect, Period of Adoption, Adjustment
Allowance:
Beginning balance		115,758
Ending balance			115,758
Unfunded Commitments
Beginning balance		0
Ending balance			0
Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance:
Beginning balance		118,239
Ending balance			118,239
Unfunded Commitments
Beginning balance		$ 1,910,603
Ending balance			$ 1,910,603

Premises and Equipment, Net - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 253,321	$ 238,099
Accumulated depreciation	(102,805)	(83,429)
Premises and equipment, net	150,516	154,670
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	122,300	120,971
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	29,955	28,272
Software
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 88,710	$ 76,500

Premises and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation of premises and equipment	$ 16,043	$ 15,066	$ 14,669

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deposits [Abstract]
Deposits - interest bearing	$ 20,826,692	$ 22,664,899
Deposits - non-interest bearing	1,432	1,140
Total deposits	$ 20,828,124	$ 22,666,039

Deposits - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deposits [Abstract]
Deposits	$ 20,828,124	$ 22,666,039
Brokered deposits	10,100,000	11,900,000
Retail and other deposits	10,700,000	10,800,000
Aggregate of deposits of individual depositors	7,300,000	7,100,000
Brokered deposit placement fee	16,000	19,000	$ 18,000
Third party broker fees paid	13,000	5,000	$ 28,000
Deposits exceeding FDIC insurance limits	743,000	571,000
Accrued interest on deposits	$ 35,000	$ 50,000

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Interest-bearing Deposit Liabilities, Domestic, by Component [Abstract]
Money market	$ 10,473,569	$ 10,159,657
Savings	959,122	907,976
Certificates of deposit	9,394,001	11,597,266
Deposits - interest bearing	$ 20,826,692	$ 22,664,899
Year-End Weighted Average Stated Rate
Money market	0.69%	0.83%
Savings	0.43%	0.55%
Certificates of deposit	1.20%	1.34%

Deposits - Certificates of Deposits Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Time Deposits, Fiscal Year Maturity [Abstract]
One year or less	$ 4,407,370	$ 5,728,556
After one year to two years	2,297,955	3,363,022
After two years to three years	1,299,461	1,603,229
After three years to four years	299,737	553,911
After four years to five years	1,042,065	300,346
After five years	47,413	48,202
Total	$ 9,394,001	$ 11,597,266

Borrowings - Secured Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Secured borrowings:
Short-Term	$ 0	$ 0
Long-Term	5,930,990	5,189,217
Total	5,930,990	5,189,217
ABCP borrowings
Secured borrowings:
Short-Term	0	0
Unsecured borrowings
Secured borrowings:
Short-Term	0	0
Long-Term	986,138	692,879
Total	986,138	692,879
Secured borrowings
Secured borrowings:
Short-Term	0	0
Long-Term	4,944,852	4,496,338
Total	4,944,852	4,496,338
Secured borrowings \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	4,944,852	4,496,338
Total	4,944,852	4,496,338
Secured borrowings \| ABCP borrowings
Secured borrowings:
Short-Term	0	0
Long-Term	0	0
Total	0	0
Secured borrowings \| Fixed Income Interest Rate \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	3,897,996	3,261,233
Total	3,897,996	3,261,233
Secured borrowings \| Variable Income Interest Rate \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	1,046,856	1,235,105
Total	$ 1,046,856	$ 1,235,105

Borrowings - Short Term Borrowings (Details) - USD ($)		12 Months Ended
Borrowings - Short Term Borrowings (Details) - USD ($)	Jul. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Short-Term		$ 0	$ 0
Weighted Average Interest Rate		0.00%
Average Balance		$ 122,396,000
Weighted Average Interest Rate(1)		5.78%
Maximum outstanding at any month end		$ 199,651,000	289,230,000
Borrowing limit increase		2,000,000,000	2,000,000,000
Senior Unsecured Notes Due April 5, 2022
Short-term Debt [Line Items]
Short-Term		$ 0
Weighted Average Interest Rate		0.00%
Average Balance		$ 122,396,000
Weighted Average Interest Rate(1)		5.78%
Secured Borrowing Facility
Short-term Debt [Line Items]
Short-Term		$ 0	$ 0
Contractual maturity related to ABCP facility		2 years
Weighted Average Interest Rate		0.00%	0.00%
Average Balance		$ 0	$ 45,820,000
Weighted Average Interest Rate(1)		0.00%	24.99%
Commercial Paper \| Secured Borrowing Facility
Short-term Debt [Line Items]
Private education loan funding	$ 2,000,000,000
Ownership interest percentage	100.00%
Short-Term		$ 0	$ 0

Borrowings - Long Term Borrowings (Details) - USD ($)								12 Months Ended
Borrowings - Long Term Borrowings (Details) - USD ($)	Nov. 15, 2021	Nov. 09, 2021	Nov. 01, 2021	Aug. 18, 2021	May 19, 2021	Aug. 12, 2020	Feb. 12, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Oct. 29, 2020
Debt Instrument [Line Items]
Total Issued								$ 1,592,000,000	$ 1,343,000,000
Unsecured debt issued								$ 492,135,000	$ 495,000,000	$ 0
Estimated weighted average life of student loans								4 years 8 months 12 days	5 years 4 months 24 days
Senior Unsecured Notes Due April 5, 2022 \| Unsecured Debt
Debt Instrument [Line Items]
Total Issued	$ 200,000,000
Interest rate	5.125%
Redemption price	101.39%
Loss on early extinguishment of unsecured debt	$ (3,000,000)
Senior Unsecured Notes Due October 29, 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Total Issued								$ 495,000,000						$ 500,000,000
Interest rate														4.20%
Senior Unsecured Notes Due November 2, 2026 \| Unsecured Debt
Debt Instrument [Line Items]
Total Issued			$ 500,000,000					491,000,000
Interest rate			3.125%
Issuance price			99.43%
2021-B
Debt Instrument [Line Items]
Total Issued													$ 531,000,000
Private education loan term accounted for as a secured financing					$ 531,000,000
Loans sold to third parties					$ 531,000,000
Ownership interest percentage on asset-backed financing					100.00%
Unsecured debt issued					$ 529,000,000
Estimated weighted average life of student loans					4 years 3 months 3 days
Loans pledged as collateral								496,000,000
Principal amount of collateral								467,000,000
Capitalized interest								29,000,000
2021-B \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					0.77%
2021-D
Debt Instrument [Line Items]
Total Issued												$ 527,000,000
Private education loan term accounted for as a secured financing				$ 527,000,000
Loans sold to third parties				$ 527,000,000
Ownership interest percentage on asset-backed financing				100.00%
Unsecured debt issued				$ 525,000,000
Estimated weighted average life of student loans				4 years 2 months 19 days
Loans pledged as collateral								515,000,000
Principal amount of collateral								485,000,000
Capitalized interest								30,000,000
2021-D \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				0.69%
2021-E
Debt Instrument [Line Items]
Total Issued											$ 534,000,000
Private education loan term accounted for as a secured financing		$ 534,000,000
Loans sold to third parties		$ 534,000,000
Ownership interest percentage on asset-backed financing		100.00%
Unsecured debt issued		$ 532,000,000
Estimated weighted average life of student loans		4 years 1 month 24 days
Loans pledged as collateral								533,000,000
Principal amount of collateral								502,000,000
Capitalized interest								31,000,000
2021-E \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		0.69%
Private Education Loans 2020 Term A
Debt Instrument [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
Estimated weighted average life of student loans							4 years 2 months 4 days
Loans pledged as collateral								496,000,000
Principal amount of collateral								469,000,000
Capitalized interest								27,000,000
Private Education Loans 2020 Term A \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate							0.88%
Private Education Loans 2020 Term B
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing						$ 707,000,000
Loans sold to third parties						$ 707,000,000
Ownership interest percentage on asset-backed financing						100.00%
Unsecured debt issued						$ 705,000,000
Estimated weighted average life of student loans						4 years 1 month 20 days
Loans pledged as collateral								615,000,000
Principal amount of collateral								581,000,000
Capitalized interest								34,000,000
Private Education Loans 2020 Term B \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate						1.30%
ABS Transactions
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing										$ 6,900,000,000
Private Education Loans
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing								3,600,000,000
Principal amount of collateral								3,500,000,000
Capitalized interest								$ 141,000,000

Borrowings - Summary of Outstanding Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-Term	$ 5,930,990	$ 5,189,217
Weighted Average Interest Rate	2.37%	2.60%
Average Balance	$ 5,167,682	$ 4,748,871
Floating-rate borrowings
Debt Instrument [Line Items]
Long-Term	$ 1,046,857	$ 1,235,105
Weighted Average Interest Rate	1.05%	1.09%
Average Balance	$ 1,073,042	$ 1,432,446
Fixed-rate borrowings
Debt Instrument [Line Items]
Long-Term	$ 4,884,133	$ 3,954,112
Weighted Average Interest Rate	2.65%	3.08%
Average Balance	$ 4,094,640	$ 3,316,425

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Borrowings - Stated Maturity and Maturity to Call Date (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Stated maturity, 2022	$ 3,636,488
Stated maturity, 2023	2,731,907
Stated maturity, 2024	1,924,122
Stated maturity, 2025	1,418,489
Stated maturity, 2026	2,151,693
Stated maturity, 2027 and after	1,797,903
Maturity to call date, 2022	3,636,488
Maturity to Call Date, 2023	2,731,907
Maturity to Call Date, 2024	1,924,122
Maturity to Call Date, 2025	1,418,489
Maturity to Call Date, 2026	2,151,693
Maturity to Call Date, 2027 and after	1,797,903
Total principal amount, maturity to call date	13,660,602
Hedge accounting adjustments	33,426
Total principal amount, after adjustments	13,694,028
Brokered Deposits
Debt Instrument [Line Items]
Stated maturity, 2022	2,918,335
Stated maturity, 2023	2,033,829
Stated maturity, 2024	1,236,522
Stated maturity, 2025	270,174
Stated maturity, 2026	1,033,313
Stated maturity, 2027 and after	47,401
Maturity to call date, 2022	2,918,335
Maturity to Call Date, 2023	2,033,829
Maturity to Call Date, 2024	1,236,522
Maturity to Call Date, 2025	270,174
Maturity to Call Date, 2026	1,033,313
Maturity to Call Date, 2027 and after	47,401
Total principal amount, maturity to call date	7,539,574
Hedge accounting adjustments	33,426
Total principal amount, after adjustments	7,573,000
Unsecured Debt
Debt Instrument [Line Items]
Stated maturity, 2022	0
Stated maturity, 2023	0
Stated maturity, 2024	0
Stated maturity, 2025	500,000
Stated maturity, 2026	500,000
Stated maturity, 2027 and after	0
Maturity to call date, 2022	0
Maturity to Call Date, 2023	0
Maturity to Call Date, 2024	0
Maturity to Call Date, 2025	500,000
Maturity to Call Date, 2026	500,000
Maturity to Call Date, 2027 and after	0
Total principal amount, maturity to call date	1,000,000
Hedge accounting adjustments	0
Total principal amount, after adjustments	1,000,000
Secured Borrowings
Debt Instrument [Line Items]
Stated maturity, 2022	718,153
Stated maturity, 2023	698,078
Stated maturity, 2024	687,600
Stated maturity, 2025	648,315
Stated maturity, 2026	618,380
Stated maturity, 2027 and after	1,750,502
Maturity to call date, 2022	718,153
Maturity to Call Date, 2023	698,078
Maturity to Call Date, 2024	687,600
Maturity to Call Date, 2025	648,315
Maturity to Call Date, 2026	618,380
Maturity to Call Date, 2027 and after	1,750,502
Total principal amount, maturity to call date	5,121,028
Hedge accounting adjustments	0
Total principal amount, after adjustments	$ 5,121,028

Borrowings - Secured Financing (Details) - USD ($)	1 Months Ended
Borrowings - Secured Financing (Details) - USD ($)	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Aug. 31, 2020	Feb. 29, 2020	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total Issued						$ 1,592,000,000	$ 1,343,000,000
Total loans and accrued interest amount securitized at inception						1,656,263,000	$ 1,463,230,000
2020-A
Debt Instrument [Line Items]
Total Issued					$ 636,000,000
Basis spread on variable rate					0.88%
Weighted Average Life (in years)					4 years 2 months 4 days
2020-B
Debt Instrument [Line Items]
Total Issued				$ 707,000,000
Basis spread on variable rate				1.30%
Weighted Average Life (in years)				4 years 1 month 20 days
2021-B
Debt Instrument [Line Items]
Total Issued			$ 531,000,000
Basis spread on variable rate			0.77%
Weighted Average Life (in years)			4 years 3 months 3 days
Loans Pledged as Collateral						496,000,000
Principal amount of collateral						467,000,000
Capitalized interest						29,000,000
2021-D
Debt Instrument [Line Items]
Total Issued		$ 527,000,000
Basis spread on variable rate		0.69%
Weighted Average Life (in years)		4 years 2 months 19 days
Loans Pledged as Collateral						515,000,000
Principal amount of collateral						485,000,000
Capitalized interest						30,000,000
2021-E
Debt Instrument [Line Items]
Total Issued	$ 534,000,000
Basis spread on variable rate	0.69%
Weighted Average Life (in years)	4 years 1 month 24 days
Loans Pledged as Collateral						533,000,000
Principal amount of collateral						502,000,000
Capitalized interest						31,000,000
Private Education Loan term securitizations
Debt Instrument [Line Items]
Loans Pledged as Collateral						1,110,000,000
Principal amount of collateral						1,050,000,000.00
Capitalized interest						$ 62,000,000

Borrowings - Variable Interest Entity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Outstanding
Short-Term	$ 0	$ 0
Long-Term	5,930,990	5,189,217
Total	5,930,990	5,189,217
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	210,741	154,417	$ 156,883
Other assets	26,351	19,533
Total	29,221,899	30,770,423
Secured Borrowing Facility
Debt Outstanding
Short-Term	0	0
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	0
Long-Term	4,994,852	4,496,338
Total	4,994,852	4,496,338
Carrying Amount of Assets Securing Debt Outstanding
Loans	6,029,034	5,661,123
Restricted Cash	210,741	154,417
Other assets	358,849	357,403
Total	6,598,624	6,172,943
Variable Interest Entity, Primary Beneficiary \| Private Education Loan term securitizations:
Debt Outstanding
Short-Term	0	0
Long-Term	4,994,852	4,496,338
Total	4,994,852	4,496,338
Carrying Amount of Assets Securing Debt Outstanding
Loans	6,029,034	5,661,123
Restricted Cash	210,741	154,417
Other assets	357,982	356,967
Total	6,597,757	6,172,507
Variable Interest Entity, Primary Beneficiary \| Secured Borrowing Facility
Debt Outstanding
Short-Term	0	0
Long-Term	0	0
Total	0	0
Carrying Amount of Assets Securing Debt Outstanding
Loans	0	0
Restricted Cash	0	0
Other assets	867	436
Total	$ 867	$ 436

Borrowings - Unconsolidated VIEs (Details) - USD ($) $ in Millions			1 Months Ended	12 Months Ended
	May 27, 2021	Feb. 09, 2021	Mar. 31, 2020	Dec. 31, 2021
Debt Instrument [Line Items]
Vertical risk retention interest			5.00%	5.00%
2021-A
Debt Instrument [Line Items]
Vertical risk retention interest		5.00%
2021-A \| Student Loan
Debt Instrument [Line Items]
Private education loans sold		$ 2,500
Additional net proceeds from sales of loans held for investment, capitalized interest		130
Gain on sale		$ 18
2021-C
Debt Instrument [Line Items]
Vertical risk retention interest	5.00%
2021-C \| Student Loan
Debt Instrument [Line Items]
Private education loans sold	$ 505
Additional net proceeds from sales of loans held for investment, capitalized interest	27
Gain on sale	$ 4

Borrowings - Summary of Exposure Related to Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Estimated Fair Value	$ 2,517,956	$ 1,996,634
Allowance for credit losses on unfunded commitments	72,713	110,044	$ 2,481	$ 2,165
Variable Interest Entity, Not Primary Beneficiary \| Private Education Loan term securitizations:
Debt Instrument [Line Items]
Estimated Fair Value	192,245	68,908
Equity Interests	37,465	16,923
Allowance for credit losses on unfunded commitments	$ 229,710	$ 85,831

Borrowings - Other Borrowing Sources (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Discretionary uncommitted federal funds line of credit	$ 125,000,000
Lendable value of collateral	$ 3,300,000,000	$ 3,800,000,000

Derivative Financial Instruments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) numberOfCounterparties	Dec. 31, 2020 USD ($)
Derivative [Line Items]
Number of central counterparties \| numberOfCounterparties	2
Notional derivative contracts	$ 6,589,856	$ 8,557,883
Net positive exposure	9,000	43,000
Estimated reclassification of AOCI to interest expense	13,000
Cash collateral pledged	10,000	43,000
CME
Derivative [Line Items]
Notional derivative contracts	$ 5,200,000
Notional derivative contracts, percent	94.40%
Amount of variation margin included as settlement	$ (72,000)
LCH
Derivative [Line Items]
Notional derivative contracts	$ 300,000
Notional derivative contracts, percent	5.60%
Amount of variation margin included as settlement	$ 8,000
Interest rate swaps
Derivative [Line Items]
Notional derivative contracts	$ 5,536,096	$ 8,557,883

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Total net derivatives	$ 1,070	$ 442
Trading
Derivatives, Fair Value [Line Items]
Total net derivatives	1,322	135
Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(231)	(287)
Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(21)	594
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative instruments	5	729
Derivative instruments	(252)	(287)
Interest rate swaps \| Trading
Derivatives, Fair Value [Line Items]
Derivative instruments	5	135
Derivative instruments	0	0
Interest rate swaps \| Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	0	0
Derivative instruments	(231)	(287)
Interest rate swaps \| Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	0	594
Derivative instruments	(21)	0
Other
Derivatives, Fair Value [Line Items]
Derivative instruments	1,317	0
Other \| Trading
Derivatives, Fair Value [Line Items]
Derivative instruments	1,317	0
Other \| Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	0	0
Other \| Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 0	$ 0

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities
Cash collateral pledged	$ 10,000	$ 43,000
Other Assets
Other Assets
Gross position	1,322	729
Impact of master netting agreement	(5)	(176)
Derivative values with impact of master netting agreements (as carried on balance sheet)	1,317	553
Cash collateral pledged	9,655	42,874
Net position	10,972	43,427
Other Liabilities
Other Liabilities
Gross position	(252)	(287)
Impact of master netting agreement	5	176
Derivative values with impact of master netting agreements (as carried on balance sheet)	(247)	(111)
Cash collateral pledged	0	0
Net position	$ (247)	$ (111)

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	$ 6,589,856	$ 8,557,883
Trading
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	1,235,713	2,693,364
Cash Flow \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	1,438,144	1,018,976
Fair Value \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	3,915,999	4,845,543
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	5,536,096	8,557,883
Interest Rate Swaps \| Trading
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	181,953	2,693,364
Interest Rate Swaps \| Cash Flow \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	1,438,144	1,018,976
Interest Rate Swaps \| Fair Value \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	3,915,999	4,845,543
Other
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	1,053,760	0
Other \| Trading
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	1,053,760	0
Other \| Cash Flow \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	0	0
Other \| Fair Value \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	$ 0	$ 0

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (3,963,268)	$ (4,992,867)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ (50,784)	$ (154,235)

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flow Hedges
Interest expense	$ 382,078	$ 541,667	$ 707,717
Trading
Total	41,801	66,164	12,789
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	85,850	71,668	(8,806)
Hedged items recorded in interest expense	103,450	(91,087)	(77,350)
Derivatives recorded in interest expense	(103,431)	91,419	77,177
Trading
Total	85,869	72,000	(8,979)
Designated as Hedging Instrument \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	(20,852)	(16,000)	2,299
Trading
Trading
Change in fair value of future interest payments recorded in earnings	(23,216)	10,164	19,469
Total	$ (23,216)	$ 10,164	$ 19,469

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ 27,259	$ (52,511)	$ (36,115)
Less: Amount of gain (loss) reclassified in interest expense	(20,852)	(16,000)	2,299
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ 48,111	$ (36,511)	$ (38,414)

Stockholders' Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2020	Oct. 31, 2020
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,125,000,000	1,125,000,000
Common stock, shares issued (in shares)	432,000,000.0	456,700,000
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 432.0 million and 456.7 million shares issued, respectively	$ 86,403	$ 91,346
Common stock dividend per common share	$ 0.20	$ 0.12	$ 0.12
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	2,500,000	2,500,000
Preferred stock liquidation preference (in dollars per share)	$ 100
Common stock, shares authorized (in shares)					2,000,000
Common stock, shares issued (in shares)				1,489,304
Common stock, par value (in dollars per share)				$ 45
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 432.0 million and 456.7 million shares issued, respectively				$ 68,000
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]
Common stock, shares authorized (in shares)	1,125,000,000
Common stock, shares issued (in shares)	279,000,000
Common stock, par value (in dollars per share)	$ 0.20
Common stock shares outstanding (in shares)	279,000,000
Common shares unissued but encumbered (in shares)	41,000,000

Stockholders' Equity - Common Stock Tender Offer (Details) - USD ($)					3 Months Ended	12 Months Ended
	Mar. 16, 2021	Mar. 10, 2021	Jan. 28, 2021	Mar. 10, 2020	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 02, 2021
Class of Stock [Line Items]
Common stock, par value (in dollars per share)					$ 0.20	$ 0.20	$ 0.20
Common stock repurchased (in shares)			13,000,000	45,000,000		98,748,905	47,736,847	16,962,199
Average purchase price per share (in dollars per share)						$ 14.70	$ 10.93	$ 10.85
Common stock repurchased						$ 1,530,683,000	$ 558,167,000	$ 167,201,000
Shares cancelled (in shares)	28,500,000
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)						70,246,445	47,736,847	16,962,199
Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)					$ 0.20	$ 0.20
Tender Offer \| Common Stock
Class of Stock [Line Items]
Decrease to balance of common stock						$ 6,000,000
Tender Offer \| Additional Paid-In Capital
Class of Stock [Line Items]
Decrease to balance of common stock						$ 466,000,000
Tender Offer \| Common Stock
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)									$ 1,000,000,000
Common stock, par value (in dollars per share)									$ 0.20
Common stock repurchased (in shares)		28,500,000
Average purchase price per share (in dollars per share)		$ 16.50
Common stock repurchased	$ 472,000,000
Rule 10b5-1 Trading Plan \| Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)						57,000,000
Payment for delivery of common stock					$ 1,100,000,000

Stockholders' Equity - Share Repurchases (Details) - USD ($)				3 Months Ended	11 Months Ended	12 Months Ended
	Jan. 28, 2021	Mar. 11, 2020	Mar. 10, 2020	Mar. 31, 2021	Jan. 28, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 26, 2022	Oct. 20, 2021	Jan. 27, 2021	Jan. 22, 2020	Jan. 23, 2019
Class of Stock [Line Items]
Common stock repurchased (in shares)	13,000,000		45,000,000			98,748,905	47,736,847	16,962,199
Average purchase price per share (in dollars per share)						$ 14.70	$ 10.93	$ 10.85
2019 Share Repurchase Program \| Common Stock
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)													$ 200,000,000
Common stock repurchased (in shares)							3,000,000	17,000,000
Repurchase amount (in dollars per share)							$ 33,000,000	$ 167,000,000
2020 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)												$ 600,000,000
2020 Share Repurchase Program \| Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)		45,000,000		4,000,000	58,000,000
Payment for delivery of common stock			$ 525,000,000	$ 75,000,000
Additional shares repurchased	13,000,000
Average purchase price per share (in dollars per share)					$ 9.01
2021 Share Repurchase Program
Class of Stock [Line Items]
Remaining capacity						$ 38,000,000
2021 Share Repurchase Program \| Common Stock
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)										$ 1,500,000,000	$ 1,250,000,000
Common stock repurchased (in shares)						81,100,000
Payment for delivery of common stock						$ 1,460,000,000
Number of additional shares authorized to be repurchased										$ 250,000,000
2022 Share Repurchase Program \| Common Stock \| Subsequent Event
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)									$ 1,250,000,000

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Jan. 28, 2021	Mar. 10, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Common stock repurchased (in shares)	13,000,000	45,000,000	98,748,905	47,736,847	16,962,199
Average purchase price per share (in dollars per share)			$ 17.37	$ 9.66	$ 9.86
Shares repurchased related to employee stock-based compensation plans (in shares)			1,368,942	1,197,843	1,369,630
Average purchase price per share (in dollars per share)			$ 14.70	$ 10.93	$ 10.85
Common shares issued (in shares)			3,786,581	3,129,325	3,743,705
Shares related to settlement of common stock tender offer			28,500,000
2021 Share Repurchase Program
Class of Stock [Line Items]
Remaining capacity			$ 38

Stockholders' Equity - Additional Information (Details)	Dec. 31, 2021 $ / shares
Common Stock
Class of Stock [Line Items]
Share price (in dollars per share)	$ 19.67

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income	$ 306,265	$ 72,840	$ 140,201	$ 641,207	$ 432,700	$ 171,028	$ (85,211)	$ 362,173	$ 1,160,513	$ 880,690	$ 578,276
Preferred stock dividends	1,177	1,166	1,192	1,201	1,734	2,058	2,478	3,464	4,736	9,734	16,837
Net income (loss) attributable to SLM Corporation common stock	305,088	71,674	139,009	640,006	430,966	168,970	(87,689)	358,709	1,155,777	870,956	561,439
Net income attributable to SLM Corporation common stock	$ 305,088	$ 71,674	$ 139,009	$ 640,006	$ 430,966	$ 168,970	$ (87,689)	$ 358,709	$ 1,155,777	$ 870,956	$ 561,439
Denominator:
Weighted average shares used to compute basic EPS (in shares)									314,993,000	383,705,000	427,292,000
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (ESPP) (in shares)									4,919,000	3,490,000	3,382,000
Weighted average shares used to compute diluted EPS (in shares)									319,912,000	387,195,000	430,674,000
Basic earnings per common share (in usd per share)	$ 1.06	$ 0.24	$ 0.45	$ 1.77	$ 1.15	$ 0.45	$ (0.23)	$ 0.88	$ 3.67	$ 2.27	$ 1.31
Diluted earnings per common share (in usd per share)	$ 1.04	$ 0.24	$ 0.44	$ 1.75	$ 1.13	$ 0.45	$ (0.23)	$ 0.87	$ 3.61	$ 2.25	$ 1.30
Antidilutive securities excluded from computation of earnings per share (in shares)									1,000,000	0	0

Stock-Based Compensation Plans and Arrangements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) compensation_plan shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) 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	$ 30,649,000	$ 36,464,000	$ 30,600,000
Unrecognized compensation cost	$ 18,000,000
Weighted average period for total unrecognized compensation cost	1 year 4 months 24 days
Options granted in period (in shares) \| shares	998,891	0	0
Options granted, exercise price multiplier	115.00%
Vesting percentage	100.00%
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	14,000,000
Unrecognized compensation cost	$ 1,000,000
Percentage of discount available to employees under ESPP	15.00%
Expected dividend rate	0.66%	1.76%	1.34%
Vesting period	1 year
Company's common stock purchased by ESPP participants (in shares) \| shares	496,000	0	0
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	$ 400,000
Weighted average period for total unrecognized compensation cost	4 months 24 days
Vesting period	1 year
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued under plan (in shares) \| shares	21,000,000

Stock-Based Compensation Plans and Arrangements - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Beginning balance (in shares)	241,675
Granted (in shares)	998,891
Exercised (in shares)	(236,275)
Canceled (in shares)	(5,400)
Ending balance (in shares)	998,891	241,675
Exercisable (in shares)	0
Weighted Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 5.24
Granted (in dollars per share)	17.65
Exercised (in dollars per share)	5.24
Canceled (in dollars per share)	5.24
Ending balance (in dollars per share)	17.65	$ 5.24
Exercisable (in dollars per share)	$ 0
Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term, Outstanding, ending balance	2 years
Weighted Average Remaining Contractual Term, Exercisable, ending balance	0 years
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding, ending balance	$ 2,018,000
Aggregate Intrinsic Value, Exercisable, ending balance	0
Total intrinsic value of options exercised	2,000,000	$ 3,000,000	$ 4,000,000
Cash received from option exercises	0
Tax benefit from exercise of stock options	$ 1,000,000

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Grant Date Fair Value
Unrecognized compensation cost	$ 18.0
Weighted average period for total unrecognized compensation cost	1 year 4 months 24 days
Restricted Stock
Number of Shares
Beginning balance (in shares)	143,033
Granted (in shares)	54,098
Vested (in shares)	(143,033)
Canceled (in shares)	(4,918)
Ending balance (in shares)	49,180	143,033
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 7.69
Granted (in dollars per share)	20.33
Vested (in dollars per share)	7.69
Canceled (in dollars per share)	20.33
Ending balance (in dollars per share)	$ 20.33	$ 7.69
Fair value of shares vested	$ 1.0	$ 1.0	$ 1.0
Unrecognized compensation cost	$ 0.4
Weighted average period for total unrecognized compensation cost	4 months 24 days
Restricted Stock Units And Performance Stock Units
Number of Shares
Beginning balance (in shares)	6,721,505
Granted (in shares)	1,673,427
Vested (in shares)	(2,944,877)
Canceled (in shares)	(141,559)
Ending balance (in shares)	5,308,496	6,721,505
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 10.41
Granted (in dollars per share)	15.51
Vested (in dollars per share)	10.64
Canceled (in dollars per share)	12.85
Ending balance (in dollars per share)	$ 11.83	$ 10.41
Fair value of restricted stock units that vested and converted to common stock	$ 31.0	$ 26.0	$ 27.0
Unrecognized compensation cost	$ 15.0
Weighted average period for total unrecognized compensation cost	1 year 4 months 24 days

Stock-Based Compensation Plans and Arrangements - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.07%	0.12%	1.87%
Expected volatility	34.00%	49.00%	29.00%
Expected dividend rate	0.66%	1.76%	1.34%
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)	$ 4.93	$ 1.74	$ 1.77

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Trading investments	$ 37,465	$ 16,923
Available-for-sale investments	2,517,956	1,996,634
Fair Value Measurements Recurring
Assets:
Trading investments	37,465	16,923
Available-for-sale investments	2,517,956	1,996,634
Derivative instruments	1,322	729
Total	2,556,743	2,014,286
Liabilities:
Derivative instruments	(252)	(287)
Fair Value Measurements Recurring \| Level 1
Assets:
Trading investments	0	0
Available-for-sale investments	0	0
Derivative instruments	0	0
Total	0	0
Liabilities:
Derivative instruments	0	0
Fair Value Measurements Recurring \| Level 2
Assets:
Trading investments	0	0
Available-for-sale investments	2,517,956	1,996,634
Derivative instruments	1,322	729
Total	2,519,278	1,997,363
Liabilities:
Derivative instruments	(252)	(287)
Fair Value Measurements Recurring \| Level 3
Assets:
Trading investments	37,465	16,923
Available-for-sale investments	0	0
Derivative instruments	0	0
Total	37,465	16,923
Liabilities:
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Earning assets:
Loans held for sale	$ 0	$ 340,389
Trading investments	37,465	16,923
Accrued interest receivable, difference	100,743	140,511
Tax indemnification receivable	239,578	374,706
Total earning assets, difference	3,409,977	4,182,834
Interest-bearing liabilities:
Long-term borrowings, difference	(69,184)	(209,092)
Total interest-bearing liabilities, difference	(151,510)	(479,976)
Excess of net asset fair value over carrying value	3,258,467	3,702,858
Money-market and savings accounts
Interest-bearing liabilities:
Certificates of deposits, difference	(24,799)	(68,927)
Certificates of Deposit
Interest-bearing liabilities:
Certificates of deposits, difference	(57,527)	(201,957)
Fair Value
Earning assets:
Loans held for sale	0	3,226,029
Cash and cash equivalents	4,334,603	4,455,292
Trading investments	37,465	16,923
Available-for-sale investments	2,517,956	1,996,634
Accrued interest receivable	1,306,410	1,527,816
Tax indemnification receivable	8,047	18,492
Derivative instruments	1,322	729
Total	31,856,320	34,126,992
Interest-bearing liabilities:
Short-term borrowings	0	0
Long-term borrowings	6,000,174	5,398,309
Accrued interest payable	46,600	60,272
Derivative instruments	252	287
Total interest-bearing liabilities	26,956,044	28,394,651
Fair Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	11,457,490	11,136,560
Fair Value \| Certificates of Deposit
Interest-bearing liabilities:
Deposits	9,451,528	11,799,223
Carrying Value
Earning assets:
Loans held for sale	0	2,885,640
Cash and cash equivalents	4,334,603	4,455,292
Trading investments	37,465	16,923
Available-for-sale investments	2,517,956	1,996,634
Accrued interest receivable	1,205,667	1,387,305
Tax indemnification receivable	8,047	18,492
Derivative instruments	1,322	729
Total	28,446,343	29,944,158
Interest-bearing liabilities:
Short-term borrowings	0	0
Long-term borrowings	5,930,990	5,189,217
Accrued interest payable	46,600	60,272
Derivative instruments	252	287
Total interest-bearing liabilities	26,804,534	27,914,675
Carrying Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	11,432,691	11,067,633
Carrying Value \| Certificates of Deposit
Interest-bearing liabilities:
Deposits	9,394,001	11,597,266
Private Education Loans
Earning assets:
Loans held for investment, net, difference	3,294,462	3,687,203
Private Education Loans \| Fair Value
Earning assets:
Private Education Loans	22,919,836	22,124,171
Private Education Loans \| Carrying Value
Earning assets:
Private Education Loans	19,625,374	18,436,968
FFELP Loans
Earning assets:
Loans held for investment, net, difference	12,690	13,449
FFELP Loans \| Fair Value
Earning assets:
Private Education Loans	705,644	748,657
FFELP Loans \| Carrying Value
Earning assets:
Private Education Loans	692,954	735,208
Credit Cards
Earning assets:
Loans held for investment, net, difference	2,082	1,282
Credit Cards \| Fair Value
Earning assets:
Private Education Loans	25,037	12,249
Credit Cards \| Carrying Value
Earning assets:
Private Education Loans	$ 22,955	$ 10,967

Arrangements with Navient Corporation (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2014
Related Party Transactions [Abstract]
Remaining balance of indemnification receivable in connection with the spin-off	$ 5	$ 27

Regulatory Capital - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses on loans and leases		$ 1,165,335	$ 1,361,723	$ 441,912	$ 341,121
Allowance for credit losses on unfunded commitments		72,713	110,044	2,481	$ 2,165
Dividends		$ 1,400,000	$ 579,000	$ 254,000
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Period of deferment	2 years
Amount deferred	25.00%
Allowance for credit losses on loans and leases	$ 1,100,000
Allowance for credit losses on unfunded commitments	116,000
Deferred tax asset	306,000
Reduction to retained earnings	$ 953,000

Regulatory Capital - Well Capitalized Regulatory Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Actual Amount
Tier 1 Capital (to Average Assets)	$ 3,314,657	$ 3,579,005
Tier 1 Capital (to Risk-Weighted Assets)	3,314,657	3,579,005
Total Capital (to Risk-Weighted Assets)	3,410,183	3,849,820
Tier 1 Capital (to Average Assets)	$ 3,314,657	$ 3,579,005
Actual Ratio
Tier 1 Capital (to Average Assets)	14.10%	14.00%
Tier 1 Capital (to Risk-Weighted Assets)	0.141	0.140
Total Capital (to Risk-Weighted Assets)	0.145	0.150
Tier 1 Capital (to Average Assets)	0.111	0.113
Well Capitalized Regulatory Requirements, Amount
Tier 1 Capital (to Average Assets)	$ 1,643,132	$ 1,794,780
Tier 1 Capital (to Risk-Weighted Assets)	1,995,232	2,179,375
Total Capital (to Risk-Weighted Assets)	2,464,699	2,692,169
Tier 1 Capital (to Average Assets)	$ 1,198,808	$ 1,264,424
Well Capitalized Regulatory Requirements, Ratio
Tier 1 Capital (to Average Assets)	7.00%	7.00%
Tier 1 Capital (to Risk-Weighted Assets)	0.085	0.085
Total Capital (to Risk-Weighted Assets)	0.105	0.105
Tier 1 Capital (to Average Assets)	0.040	0.040

Defined Contribution Plans (Details) - Sallie Mae 401(k) Savings Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	$ 8	$ 7

Commitments, Contingencies and Guarantees (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 1,800
Other liabilities reserve	$ 73
Loss emergence period	1 year

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory rate	21.00%	21.00%	21.00%
State tax, net of federal benefit	3.10%	2.90%	3.90%
Business tax credits	(0.80%)	(2.20%)	(3.50%)
Reverse federal impact of indemnification adjustments	0.10%	0.20%	0.30%
Unrecognized tax benefits, U.S. federal and state, net of federal benefit	0.40%	0.70%	(0.10%)
Other, net	0.90%	1.10%	0.70%
Effective tax rate	24.70%	23.70%	22.30%

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory U.S. federal rate	21.00%	21.00%	21.00%
Operating loss carryforwards, valuation allowance	$ 286,000	$ 277,000
Valuation allowance	285,000	277,000
Capital loss	16,000	16,000
Unrecognized tax benefits	75,328	63,134	$ 53,509	$ 52,159
Unrecognized tax benefits recognition impact on effective tax rate	65,000
Interest on income taxes accrued net of related benefit	10,000	11,000	12,000
Interest on income tax expense net of related tax benefit	(1,000)	$ (1,000)	$ (1,000)
Possible decrease in uncertain tax position	$ 6,000
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

Income Taxes - Components of Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current provision (benefit):
Federal									$ 259,536	$ 172,153	$ 150,800
State									64,843	28,387	24,378
Total current provision (benefit)									324,379	200,540	175,178
Deferred provision (benefit):
Federal									47,240	58,003	(8,240)
State									8,132	14,773	(1,474)
Total deferred provision (benefit)									55,372	72,776	(9,714)
Provision for income tax expense	$ 103,660	$ 19,392	$ 53,174	$ 203,525	$ 127,310	$ 55,189	$ (30,664)	$ 121,481	$ 379,751	$ 273,316	$ 165,464

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Loan reserves	$ 300,538	$ 356,296
Stock-based compensation plans	10,174	10,914
Deferred revenue	1,318	1,441
Operating loss carryovers	394	83
Accrued expenses not currently deductible	14,307	13,139
Net unrealized losses	0	9,047
Unrecorded tax benefits	11,016	6,997
Other	1,097	1,003
Total deferred tax assets	338,844	398,920
Deferred tax liabilities:
Fixed assets	10,131	11,098
Acquired intangible assets	8,710	7,767
Market value adjustments on student loans, investments and derivatives	33	5,651
Net unrealized gains	6,459	0
Federal deferred for state receivable	1,921	7,456
Student loan premiums and discounts, net	12,396	11,336
Other	363	307
Total deferred tax liabilities	40,013	43,615
Net deferred tax assets	$ 298,831	$ 355,305

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of year	$ 63,134	$ 53,509	$ 52,159
Increases resulting from tax positions taken during a prior period	1,496	12,723	12,333
Decreases resulting from tax positions taken during a prior period	(1,481)	(817)	(851)
Increases resulting from tax positions taken during the current period	20,743	7,815	4,572
Decreases related to settlements with taxing authorities	(3,682)	(148)	(8,670)
Increases related to settlements with taxing authorities	96	0	0
Reductions related to the lapse of statute of limitations	(4,978)	(9,948)	(6,034)
Unrecognized tax benefits at end of year	$ 75,328	$ 63,134	$ 53,509

Parent Only Statements - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 4,334,603	$ 4,455,292		$ 5,563,877
Income taxes receivable, net	239,578	374,706
Tax indemnification receivable	8,047	18,492
Other assets	26,351	19,533
Total assets	29,221,899	30,770,423
Liabilities
Long-term borrowings	5,930,990	5,189,217
Other liabilities	313,074	352,332
Total liabilities	27,072,188	28,207,588
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: 432.0 million and 456.7 million shares issued, respectively	86,403	91,346
Additional paid-in capital	1,074,384	1,331,247
Accumulated other comprehensive loss (net of tax benefit of $(5,707) and $(10,908), respectively)	(17,897)	(34,200)
Retained earnings	2,817,134	1,722,365		1,850,512
Total SLM Corporation stockholders’ equity before treasury stock	4,211,094	3,361,828
Less: Common stock held in treasury at cost: 153.1 million and 81.4 million shares, respectively	(2,061,383)	(798,993)
Total equity	2,149,711	2,562,835
Total liabilities and equity	29,221,899	30,770,423
Series B Preferred Stock
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: 432.0 million and 456.7 million shares issued, respectively			$ 68,000
Parent Company
Assets
Cash and cash equivalents	570,726	539,074		$ 153,508	$ 191,776
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,527,780	2,689,027
Income taxes receivable, net	0	1,835
Tax indemnification receivable	8,047	18,492
Due from subsidiaries, net	105,667	47,357
Other assets	3,361	2,457
Total assets	3,215,581	3,298,242
Liabilities
Long-term borrowings	986,138	692,879
Income taxes payable, net	34,822	0
Payable due to Navient	101	8,531
Other liabilities	44,809	33,997
Total liabilities	1,065,870	735,407
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: 432.0 million and 456.7 million shares issued, respectively	86,403	91,346
Additional paid-in capital	1,074,384	1,331,247
Accumulated other comprehensive loss (net of tax benefit of $(5,707) and $(10,908), respectively)	(17,897)	(34,200)
Retained earnings	2,817,134	1,722,365
Total SLM Corporation stockholders’ equity before treasury stock	4,211,094	3,361,828
Less: Common stock held in treasury at cost: 153.1 million and 81.4 million shares, respectively	(2,061,383)	(798,993)
Total equity	2,149,711	2,562,835
Total liabilities and equity	3,215,581	3,298,242
Parent Company \| Series B Preferred Stock
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Preferred stock issued	$ 251,070	$ 251,070

Parent Only Statements - Balance Sheets Parentheticals (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Preferred stock, par value/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	1,125,000,000
Common stock, shares issued (in shares)	432,000,000.0	456,700,000
Accumulated other comprehensive income, tax	$ 5,707	$ (10,908)
Common stock held in treasury (In shares)	153,100,000	81,400,000
Series B Preferred Stock
Condensed Financial Statements, Captions [Line Items]
Preferred stock, par value/stated value (in dollars per share)	$ 100	$ 100
Common stock, par value (in dollars per share)			$ 45
Common stock, shares authorized (in shares)				2,000,000
Common stock, shares issued (in shares)			1,489,304
Parent Company
Condensed Financial Statements, Captions [Line Items]
Preferred stock, par value/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	1,125,000,000
Common stock, shares issued (in shares)	432,000,000.0	456,700,000
Accumulated other comprehensive income, tax	$ 5,707	$ (10,908)
Common stock held in treasury (In shares)	153,100,000	81,400,000
Parent Company \| Series B Preferred Stock
Condensed Financial Statements, Captions [Line Items]
Preferred stock, par value/stated value (in dollars per share)	$ 100	$ 100
Preferred stock, shares issued (in shares)	2,500,000	2,500,000

Parent Only Statements - Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Income Statements, Captions [Line Items]
Interest income									$ 1,776,844	$ 2,021,660	$ 2,331,032
Interest expense									382,078	541,667	707,717
Net interest income	$ 367,350	$ 357,518	$ 338,784	$ 331,114	$ 366,537	$ 364,567	$ 348,775	$ 400,116	1,394,766	1,479,993	1,623,315
Non-interest income (loss)									632,449	331,449	48,927
Non-interest expenses									519,908	564,303	574,253
Income tax expense (benefit)	103,660	19,392	53,174	203,525	127,310	55,189	(30,664)	121,481	379,751	273,316	165,464
Net income									1,160,513	880,690	578,276
Preferred stock dividends	1,177	1,166	1,192	1,201	1,734	2,058	2,478	3,464	4,736	9,734	16,837
Net income attributable to SLM Corporation common stock	$ 305,088	$ 71,674	$ 139,009	$ 640,006	$ 430,966	$ 168,970	$ (87,689)	$ 358,709	1,155,777	870,956	561,439
Parent Company
Condensed Income Statements, Captions [Line Items]
Interest income									392	452	2,663
Interest expense									35,208	14,896	11,060
Net interest income									(34,816)	(14,444)	(8,397)
Non-interest income (loss)									(13,078)	2,820	(10,856)
Non-interest expenses									54,352	57,945	39,423
Loss before income tax benefit and equity in net income from subsidiaries									(102,246)	(69,569)	(58,676)
Income tax expense (benefit)									8,477	(11,235)	(25,260)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)									1,271,236	939,024	611,692
Net income									1,160,513	880,690	578,276
Preferred stock dividends									4,736	9,734	16,837
Net income attributable to SLM Corporation common stock									$ 1,155,777	$ 870,956	$ 561,439

Parent Only Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 1,160,513	$ 880,690	$ 578,276
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Reduction of tax indemnification receivable	10,445	9,066	11,649
Amortization of unsecured debt upfront fees	2,415	2,976	1,117
Gain on sale of Upromise subsidiary, net	0	(11,331)	0
Increase in other assets	(123,268)	(50,454)	(3,091)
Increase (decrease) in income taxes payable, net	72,191	(45,611)	(30,191)
Increase (decrease) in other liabilities	2,801	80,785	5,386
Total adjustments	(1,210,035)	(1,063,359)	(593,917)
Total net cash used in operating activities	(49,522)	(182,669)	(15,641)
Cash flows from investing activities:
Proceeds from the sale of Upromise subsidiary, net	0	16,922	0
Total net cash provided by (used in) investing activities	2,604,673	947,330	(2,306,714)
Cash flows from financing activities:
Unsecured debt issued	492,135	495,000	0
Unsecured debt repaid	(202,784)	0	0
Repurchase of Series B Preferred Stock	0	(68,055)	0
Common stock dividends paid	(60,462)	(46,351)	(51,114)
Common stock repurchased	(1,530,683)	(558,167)	(167,201)
Net cash (used in) provided by financing activities	(2,619,516)	(1,875,712)	5,361,220
Cash and cash equivalents at beginning of year	4,455,292	5,563,877
Cash and cash equivalents at end of year	4,334,603	4,455,292	5,563,877
Parent Company
Cash flows from operating activities:
Net income	1,160,513	880,690	578,276
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(1,271,236)	(939,024)	(611,692)
Dividends received from Sallie Mae Bank	1,444,500	579,400	254,000
Reduction of tax indemnification receivable	10,445	9,066	11,649
Amortization of unsecured debt upfront fees	2,663	1,029	811
Loss on early extinguishment of unsecured debt	2,784	0	0
Gain on sale of Upromise subsidiary, net	0	(11,331)	0
Decrease in investment in subsidiaries, net	34,935	53,698	2,611
(Increase) decrease in due from subsidiaries, net	(58,310)	(4,813)	6,254
Increase in other assets	(16,964)	(10,504)	(12,999)
Increase (decrease) in income taxes payable, net	36,657	(13,292)	(25,814)
Decrease in payable due to entity that is a subsidiary of Navient	(8,430)	(533)	(416)
Increase (decrease) in other liabilities	2,165	12,874	(5,796)
Total adjustments	179,209	(323,430)	(381,392)
Total net cash used in operating activities	1,339,722	557,260	196,884
Cash flows from investing activities:
Proceeds from the sale of Upromise subsidiary, net	0	16,922	0
Total net cash provided by (used in) investing activities	0	16,922	0
Cash flows from financing activities:
Issuance costs for collateralized borrowings and unsecured debt offering	(1,540)	(1,309)	0
Unsecured debt issued	492,135	495,000	0
Unsecured debt repaid	(202,784)	0	0
Repurchase of Series B Preferred Stock	0	(68,055)	0
Common stock dividends paid	(60,462)	(46,351)	(51,114)
Preferred stock dividends paid	(4,736)	(9,734)	(16,837)
Common stock repurchased	(1,530,683)	(558,167)	(167,201)
Net cash (used in) provided by financing activities	(1,308,070)	(188,616)	(235,152)
Net (decrease) increase in cash and cash equivalents	31,652	385,566	(38,268)
Cash and cash equivalents at beginning of year	539,074	153,508	191,776
Cash and cash equivalents at end of year	$ 570,726	$ 539,074	$ 153,508

Selected Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Net interest income	$ 367,350	$ 357,518	$ 338,784	$ 331,114	$ 366,537	$ 364,567	$ 348,775	$ 400,116	$ 1,394,766	$ 1,479,993	$ 1,623,315
Less: provisions for credit losses	(15,309)	138,442	69,677	(225,767)	(316,372)	(3,640)	351,887	61,258	(32,957)	93,133	354,249
Net interest income after provisions for credit losses	382,659	219,076	269,107	556,881	682,909	368,207	(3,112)	338,858	1,427,723	1,386,860	1,269,066
Gains on sales of loans, net	145,535	(10)	3,679	399,111	(247)	(4)	(369)	238,935	548,315	238,315	0
Gains (losses) on derivative and hedging activities, net	(17)	44	89	28	136	(15)	3,751	45,672	144	49,544	17,825
Other income	7,243	13,879	48,580	14,288	1,043	9,646	25,412	7,487	83,990	43,590	31,102
Total operating expenses	125,495	140,649	128,010	124,499	121,743	127,490	141,557	147,298	518,653	538,088	574,253
Restructuring expenses	0	108	70	1,077	2,088	24,127	0	0	1,255	26,215	0
Income tax expense (benefit)	103,660	19,392	53,174	203,525	127,310	55,189	(30,664)	121,481	379,751	273,316	165,464
Net income	306,265	72,840	140,201	641,207	432,700	171,028	(85,211)	362,173	1,160,513	880,690	578,276
Preferred stock dividends	1,177	1,166	1,192	1,201	1,734	2,058	2,478	3,464	4,736	9,734	16,837
Net income (loss) attributable to SLM Corporation common stock	305,088	71,674	139,009	640,006	430,966	168,970	(87,689)	358,709	1,155,777	870,956	561,439
Net income attributable to SLM Corporation common stock	$ 305,088	$ 71,674	$ 139,009	$ 640,006	$ 430,966	$ 168,970	$ (87,689)	$ 358,709	$ 1,155,777	$ 870,956	$ 561,439
Basic earnings per common share (in usd per share)	$ 1.06	$ 0.24	$ 0.45	$ 1.77	$ 1.15	$ 0.45	$ (0.23)	$ 0.88	$ 3.67	$ 2.27	$ 1.31
Diluted earnings per common share (in usd per share)	1.04	0.24	0.44	1.75	1.13	0.45	(0.23)	0.87	3.61	2.25	1.30
Declared dividends per common share (in usd per share)	$ 0.11	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0	$ 0.06	$ 0.03	$ 0.20	$ 0.12	$ 0.12