0001628280-22-027080 | 10-Q | XBRL Viewer

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Cover page	9 Months Ended
Cover page	Sep. 30, 2022 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-13251
Entity Registrant Name	SLM Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2013874
Entity Address, Address Line One	300 Continental Drive
Entity Address, City or Town	Newark,
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19713
City Area Code	302
Local Phone Number	451-0200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	250,196,830
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001032033
Current Fiscal Year End Date	--12-31
Common stock, par value $.20 per share
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $.20 per share
Trading Symbol	SLM
Security Exchange Name	NASDAQ
Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
Entity Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
Trading Symbol	SLMBP
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 4,846,754	$ 4,334,603
Investments:
Trading investments at fair value (cost of $46,051 and $29,049, respectively)	52,450	37,465
Available-for-sale investments at fair value (cost of $2,643,540 and $2,535,568, respectively)	2,427,540	2,517,956
Other investments	136,803	140,037
Total investments	2,616,793	2,695,458
Loans held for investment (net of allowance for losses of $1,194,238 and $1,165,335, respectively)	19,622,302	20,341,283
Loans held for sale	28,880	0
Restricted cash	177,917	210,741
Other interest-earning assets	11,025	9,655
Accrued interest receivable	1,223,647	1,205,667
Premises and equipment, net	144,031	150,516
Goodwill and acquired intangible assets, net	120,570	0
Income taxes receivable, net	305,836	239,578
Tax indemnification receivable	8,392	8,047
Other assets	32,941	26,351
Total assets	29,139,088	29,221,899
Liabilities
Deposits	21,276,748	20,828,124
Long-term borrowings	5,522,311	5,930,990
Other liabilities	357,801	313,074
Total liabilities	27,156,860	27,072,188
Commitments and contingencies
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: 435.1 million and 432.0 million shares issued, respectively	87,022	86,403
Additional paid-in capital	1,101,761	1,074,384
Accumulated other comprehensive loss (net of tax benefit of ($29,809) and ($5,707), respectively)	(93,477)	(17,897)
Retained earnings	3,270,896	2,817,134
Total SLM Corporation stockholders’ equity before treasury stock	4,617,272	4,211,094
Less: Common stock held in treasury at cost: 184.9 million and 153.1 million shares, respectively	(2,635,044)	(2,061,383)
Total equity	1,982,228	2,149,711
Total liabilities and equity	$ 29,139,088	$ 29,221,899

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trading investments, cost	$ 46,051	$ 29,049
Available-for-sale investments, cost	2,643,540	2,535,568
Allowance for credit losses on loans and leases	$ 1,194,238	$ 1,165,335
Preferred stock, par or stated value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares outstanding (in shares)	2,500,000	2,500,000
Preferred stock, liquidation preference (in dollars per share)	$ 100	$ 100
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)	435,100,000	432,000,000.0
Tax benefit on accumulated other comprehensive loss	$ 29,809	$ 5,707
Common stock held in treasury (in shares)	184,900,000	153,100,000

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest income:
Loans	$ 483,327,000	$ 442,576,000	$ 1,387,411,000	$ 1,304,479,000
Investments	10,260,000	3,366,000	24,252,000	9,262,000
Cash and cash equivalents	26,324,000	1,613,000	36,317,000	4,662,000
Total interest income	519,911,000	447,555,000	1,447,980,000	1,318,403,000
Interest expense:
Deposits	105,468,000	51,629,000	215,473,000	175,483,000
Interest expense on short-term borrowings	3,054,000	5,458,000	8,902,000	14,360,000
Interest expense on long-term borrowings	41,879,000	32,950,000	116,255,000	101,144,000
Total interest expense	150,401,000	90,037,000	340,630,000	290,987,000
Net interest income	369,510,000	357,518,000	1,107,350,000	1,027,416,000
Less: provisions for credit losses	207,598,000	138,442,000	336,193,000	(17,648,000)
Net interest income after provisions for credit losses	161,912,000	219,076,000	771,157,000	1,045,064,000
Non-interest income:
Gains (losses) on sales of loans, net	74,978,000	(10,000)	324,856,000	402,780,000
Gains (losses) on derivatives and hedging activities, net	0	44,000	(5,000)	161,000
Other income	20,125,000	13,879,000	50,430,000	76,747,000
Total non-interest income	95,103,000	13,913,000	375,281,000	479,688,000
Operating expenses:
Compensation and benefits	65,003,000	66,229,000	202,995,000	200,426,000
FDIC assessment fees	4,592,000	6,521,000	11,501,000	17,634,000
Other operating expenses	80,369,000	67,899,000	199,204,000	175,098,000
Total operating expenses	149,964,000	140,649,000	413,700,000	393,158,000
Acquired intangible assets amortization expense	2,328,000	0	5,478,000	0
Restructuring expenses	0	108,000	0	1,255,000
Total non-interest expenses	152,292,000	140,757,000	419,178,000	394,413,000
Income before income tax expense	104,723,000	92,232,000	727,260,000	1,130,339,000
Income tax expense	29,551,000	19,392,000	181,203,000	276,091,000
Net income	75,172,000	72,840,000	546,057,000	854,248,000
Preferred stock dividends	2,531,000	1,166,000	5,563,000	3,559,000
Net income attributable to SLM Corporation common stock	$ 72,641,000	$ 71,674,000	$ 540,494,000	$ 850,689,000
Basic earnings per common share (in dollars per share)	$ 0.29	$ 0.24	$ 2.05	$ 2.62
Average common shares outstanding (in shares)	251,266	299,890	263,098	324,148
Diluted earnings per common share (in dollars per share)	$ 0.29	$ 0.24	$ 2.03	$ 2.59
Average common and common equivalent shares outstanding (in shares)	253,716	304,511	266,065	329,064
Declared dividends per common share (in dollars per share)	$ 0.11	$ 0.03	$ 0.33	$ 0.09

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 75,172	$ 72,840	$ 546,057	$ 854,248
Other comprehensive income (loss):
Unrealized losses on investments	(68,701)	(2,539)	(197,930)	(10,256)
Unrealized gains on cash flow hedges	29,823	5,095	98,248	29,374
Total unrealized gains (losses)	(38,878)	2,556	(99,682)	19,118
Income tax (expense) benefit	9,400	(619)	24,102	(4,621)
Other comprehensive income (loss), net of tax (expense) benefit	(29,478)	1,937	(75,580)	14,497
Total comprehensive income	$ 45,694	$ 74,777	$ 470,477	$ 868,745

- 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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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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Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Series B Preferred Stock	Preferred Stock Shares	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Series B Preferred Stock
Beginning Balance, issued (in shares) at Dec. 31, 2020			2,510,696	456,729,251
Beginning Balance (in shares) at Dec. 31, 2020					81,441,252
Beginning Balance (in shares) at Dec. 31, 2020				375,287,999
Beginning Balance at Dec. 31, 2020	$ 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	854,248							854,248
Other comprehensive income (loss), net of tax	14,497						14,497
Total comprehensive income	868,745
Cash dividends declared:
Common Stock	(29,104)							(29,104)
Preferred Stock		$ (3,559)							$ (3,559)
Dividend equivalent units related to employee stock-based compensation plans	$ (17)					522		(539)
Issuance of common shares (in shares)	3,785,490			3,785,490
Issuance of common shares	$ 4,891			$ 757		4,134
Stock-based compensation expense	24,254					24,254
Common stock repurchased and cancelled (in shares)				(28,502,460)
Common stock repurchased and cancelled	$ (472,482)			$ (5,700)		(466,782)
Common stock repurchased (in shares)	(84,528,256)			(56,025,796)	(56,025,796)
Common stock repurchased	$ (804,199)				$ (978,883)	174,684
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,367,826)			(1,367,826)	(1,367,826)
Shares repurchased related to employee stock-based compensation plans	$ (20,103)				$ (20,103)
Ending Balance, issued (in shares) at Sep. 30, 2021			2,510,696	432,012,281
Ending Balance (in shares) at Sep. 30, 2021					138,834,874
Ending Balance (in shares) at Sep. 30, 2021				293,177,407
Ending Balance at Sep. 30, 2021	2,131,261		$ 251,070	$ 86,403	$ (1,797,979)	1,068,059	(19,703)	2,543,411
Beginning Balance, issued (in shares) at Jun. 30, 2021			2,510,696	431,508,098
Beginning Balance (in shares) at Jun. 30, 2021					125,700,875
Beginning Balance (in shares) at Jun. 30, 2021				305,807,223
Beginning Balance at Jun. 30, 2021	2,303,378		$ 251,070	$ 86,302	$ (1,551,724)	1,058,698	(21,640)	2,480,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	72,840							72,840
Other comprehensive income (loss), net of tax	1,937						1,937
Total comprehensive income	74,777
Cash dividends declared:
Common Stock	(8,934)							(8,934)
Preferred Stock		(1,166)							(1,166)
Dividend equivalent units related to employee stock-based compensation plans	$ (1)					0		(1)
Issuance of common shares (in shares)	504,183			504,183
Issuance of common shares	$ 2,870			$ 101		2,769
Stock-based compensation expense	6,686					6,686
Fees related to first-quarter 2021 common stock tender offer	$ (94)					(94)
Common stock repurchased (in shares)	(13,018,585)			(13,018,585)	(13,018,585)
Common stock repurchased	$ (244,082)				$ (244,082)	0
Shares repurchased related to employee stock-based compensation plans (in shares)	(115,414)			(115,414)	(115,414)
Shares repurchased related to employee stock-based compensation plans	$ (2,173)				$ (2,173)
Ending Balance, issued (in shares) at Sep. 30, 2021			2,510,696	432,012,281
Ending Balance (in shares) at Sep. 30, 2021					138,834,874
Ending Balance (in shares) at Sep. 30, 2021				293,177,407
Ending Balance at Sep. 30, 2021	$ 2,131,261		$ 251,070	$ 86,403	$ (1,797,979)	1,068,059	(19,703)	2,543,411
Beginning Balance, issued (in shares) at Dec. 31, 2021			2,510,696	432,013,372
Beginning Balance (in shares) at Dec. 31, 2021	153,100,000				153,056,639
Beginning Balance (in shares) at Dec. 31, 2021				278,956,733
Beginning Balance at Dec. 31, 2021	$ 2,149,711		$ 251,070	$ 86,403	$ (2,061,383)	1,074,384	(17,897)	2,817,134
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	546,057							546,057
Other comprehensive income (loss), net of tax	(75,580)						(75,580)
Total comprehensive income	470,477
Cash dividends declared:
Common Stock	(86,219)							(86,219)
Preferred Stock		(5,563)							(5,563)
Dividend equivalent units related to employee stock-based compensation plans	$ (557)					245		(802)
Issuance of common shares (in shares)	3,093,392			3,093,392
Issuance of common shares	$ 990			$ 619		371
Stock-based compensation expense	$ 27,050					26,761		289
Common stock repurchased (in shares)	(30,721,944)			(30,721,944)	(30,721,944)
Common stock repurchased	$ (552,887)				$ (552,887)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,131,351)			(1,131,351)	(1,131,351)
Shares repurchased related to employee stock-based compensation plans	$ (20,774)				$ (20,774)
Ending Balance, issued (in shares) at Sep. 30, 2022			2,510,696	435,106,764
Ending Balance (in shares) at Sep. 30, 2022	184,900,000				184,909,934
Ending Balance (in shares) at Sep. 30, 2022				250,196,830
Ending Balance at Sep. 30, 2022	$ 1,982,228		$ 251,070	$ 87,022	$ (2,635,044)	1,101,761	(93,477)	3,270,896
Beginning Balance, issued (in shares) at Jun. 30, 2022			2,510,696	435,102,082
Beginning Balance (in shares) at Jun. 30, 2022					183,717,942
Beginning Balance (in shares) at Jun. 30, 2022				251,384,140
Beginning Balance at Jun. 30, 2022	1,976,810		$ 251,070	$ 87,021	$ (2,618,188)	1,095,296	(63,999)	3,225,610
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	75,172							75,172
Other comprehensive income (loss), net of tax	(29,478)						(29,478)
Total comprehensive income	45,694
Cash dividends declared:
Common Stock	(27,643)							(27,643)
Preferred Stock		$ (2,531)							$ (2,531)
Dividend equivalent units related to employee stock-based compensation plans	$ (540)					(539)		(1)
Issuance of common shares (in shares)	4,682			4,682
Issuance of common shares	$ 540			$ 1		539
Stock-based compensation expense	$ 6,754					6,465		289
Common stock repurchased (in shares)	(1,191,544)			(1,191,544)	(1,191,544)
Common stock repurchased	$ (16,849)				$ (16,849)
Shares repurchased related to employee stock-based compensation plans (in shares)	(448)			(448)	(448)
Shares repurchased related to employee stock-based compensation plans	$ (7)				$ (7)
Ending Balance, issued (in shares) at Sep. 30, 2022			2,510,696	435,106,764
Ending Balance (in shares) at Sep. 30, 2022	184,900,000				184,909,934
Ending Balance (in shares) at Sep. 30, 2022				250,196,830
Ending Balance at Sep. 30, 2022	$ 1,982,228		$ 251,070	$ 87,022	$ (2,635,044)	$ 1,101,761	$ (93,477)	$ 3,270,896

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Common stock dividend (in dollars per share)	$ 0.11	$ 0.03	$ 0.33	$ 0.09
Series B Preferred Stock
Preferred stock dividend (in dollars per share)	$ 1.01	$ 0.46	$ 2.22	$ 1.42

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 546,057,000	$ 854,248,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses	336,193,000	(17,648,000)
Income tax expense	181,203,000	276,091,000
Amortization of brokered deposit placement fee	9,757,000	11,932,000
Amortization of Secured Borrowing Facility upfront fee	1,930,000	1,845,000
Amortization of deferred loan origination costs and loan premium/(discounts), net	11,619,000	11,851,000
Net amortization of discount on investments	802,000	5,902,000
(Increase) reduction in tax indemnification receivable	(345,000)	6,006,000
Depreciation of premises and equipment	12,840,000	11,445,000
Acquired intangible assets amortization expense	5,478,000	0
Stock-based compensation expense	27,152,000	24,254,000
Unrealized (gains) losses on derivatives and hedging activities, net	247,000	21,434,000
Gains on sales of loans, net	(324,856,000)	(402,780,000)
Acquisition transaction costs, net	2,602,000	0
Other adjustments to net income, net	13,174,000	(29,229,000)
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(580,704,000)	(556,143,000)
Increase in trading investments	(5,064,000)	0
Increase in non-marketable securities	(2,050,000)	(9,415,000)
(Increase) decrease in other interest-earning assets	(1,370,000)	30,983,000
Decrease (increase) in other assets	(20,725,000)	(110,841,000)
Decrease in income taxes payable, net	(217,909,000)	(230,072,000)
Increase in accrued interest payable	25,307,000	4,153,000
(Decrease) increase in other liabilities	(15,471,000)	860,000
Total adjustments	(540,190,000)	(949,372,000)
Total net cash provided by (used in) operating activities	5,867,000	(95,124,000)
Investing activities
Loans acquired and originated	(5,234,895,000)	(4,744,212,000)
Net proceeds from sales of loans held for investment	3,460,758,000	3,436,075,000
Proceeds from FFELP Loan claim payments	22,587,000	14,653,000
Net decrease in loans held for investment (other than loan sales)	2,833,822,000	2,835,850,000
Purchases of available-for-sale securities	(753,129,000)	(1,159,667,000)
Proceeds from sales and maturities of available-for-sale securities	812,712,000	799,193,000
Purchase of subsidiary, net of cash acquired	(127,654,000)	0
Total net cash provided by investing activities	1,014,201,000	1,181,892,000
Financing activities
Brokered deposit placement fee	(8,147,000)	(11,182,000)
Net decrease in certificates of deposit	(77,938,000)	(1,690,990,000)
Net increase (decrease) in other deposits	611,851,000	(12,172,000)
Borrowings collateralized by loans in securitization trusts - issued	572,640,000	1,053,633,000
Cash, cash equivalents and restricted cash at end of period	5,024,671,000	2,893,225,000
Borrowings collateralized by loans in securitization trusts - repaid	(988,505,000)	(830,026,000)
Fees paid on Secured Borrowing Facility	(2,838,000)	(2,846,000)
Common stock dividends paid	(86,219,000)	(29,104,000)
Preferred stock dividends paid	(5,563,000)	(3,559,000)
Common stock repurchased	(555,607,000)	(1,276,681,000)
Total net cash used in financing activities	(540,741,000)	(2,803,252,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	479,327,000	(1,716,484,000)
Cash, cash equivalents and restricted cash at beginning of period	4,545,344,000	4,609,709,000
Cash disbursements made for:
Interest	285,626,000	261,205,000
Income taxes paid	219,975,000	237,882,000
Income taxes refunded	(2,023,000)	(7,610,000)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	4,846,754,000	2,717,752,000
Restricted cash	177,917,000	175,473,000
Total cash, cash equivalents and restricted cash	5,024,671,000	2,893,225,000
Collateralized Securities
Financing activities
Issuance costs for collateralized borrowings	(40,000)	0
Issuance costs for unsecured debt offering	(40,000)	0
Unsecured borrowings
Financing activities
Issuance costs for collateralized borrowings	(375,000)	(325,000)
Issuance costs for unsecured debt offering	$ (375,000)	$ (325,000)

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. 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. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). Consolidation The consolidated financial statements include the accounts of the Company 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. Business Combination On March 4, 2022, we completed the previously announced acquisition of 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. The addition of Nitro will support our mission of providing students with the confidence needed to successfully navigate the higher education journey. The acquisition of the Nitro assets, including its employees and intellectual property, has expanded our digital marketing capabilities, reduced the cost to acquire customer accounts, and accelerated our progress to become a broader education solutions provider for students before, during, and immediately after college. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standard Codification 805, “Business Combinations,” whereby as of the acquisition date, the acquired tangible assets and liabilities were recorded at their estimated fair values. The identifiable intangible assets were recorded at fair values as determined by an independent appraiser. The final purchase price allocation for Nitro resulted in an excess purchase price over fair value of net assets acquired, or goodwill, of $51 million. Certain amounts are provisional and are subject to change, including final working capital adjustments and goodwill. The results of operations of Nitro have been included in our consolidated financial statements since the acquisition date. We have not disclosed the pro forma impact of this acquisition to the results of operations for the three and nine months ended September 30, 2022, as the pro forma impact was deemed immaterial. Transaction costs associated with the Nitro acquisition were approximately $3 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income. Identifiable intangible assets at the acquisition date included definite life intangible assets with an aggregate fair value of approximately $75 million, including tradename and trademarks, customer relationships, and developed technology. The intangible assets will be amortized over a period of three to 10 years based on the estimated economic benefit derived from each of the underlying assets. See Notes to Consolidated Financial Statements, Note 7, “Goodwill and Acquired Intangible Assets” in this Form 10-Q for additional details. Recently Issued and Adopted Accounting Pronouncements On March 31, 2022, the FASB issued Accounting Standards Update (“ASU”) No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU No. 2022-02”), which eliminates the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The enhanced disclosures are required to be provided for modifications made starting in the period of adoption. Information about modifications in periods before adoption is not required to be provided. ASU No. 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination. For entities that have adopted the amendments in ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“CECL”), the amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments in ASU No. 2022-02 is permitted if an entity has adopted CECL. The amendments should be applied prospectively. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method. We have elected to early adopt all aspects of ASU No. 2022-02 prospectively for the period beginning January 1, 2022. The adoption was immaterial to our consolidated financial statements. For additional information, see Notes to Consolidated Financial Statements, Note 5, "Allowance for Credit Losses," in this Form 10-Q.

Investments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

Trading Investments

We periodically sell Private Education Loans through off-balance sheet 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 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.

In the third quarter of 2022 we invested $5 million in a debt security classified as a trading investment and recorded the initial investment at cost. The investment will subsequently be measured at fair value with changes in market value recorded through earnings.

At September 30, 2022 and December 31, 2021, we had $52 million and $37 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 September 30, 2022 (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	$	394,753	$	—	$	1	$	(71,682)	$	323,072
Utah Housing Corporation bonds	3,584		—		—		(279)		3,305
U.S. government-sponsored enterprises and Treasuries	1,928,886		—		—		(124,239)		1,804,647
Other securities	316,317		—		—		(19,801)		296,516
Total	$	2,643,540	$	—	$	1	$	(216,001)	$	2,427,540

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

(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:


(Dollars in thousands)	Less than 12 months				12 months or more				Total
	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
As of September 30, 2022:
Mortgage-backed securities	$	(21,060)	$	126,053	$	(50,622)	$	196,946	$	(71,682)	$	322,999
Utah Housing Corporation bonds	(279)		3,305		—		—		(279)		3,305
U.S. government-sponsored enterprises and Treasuries	(84,320)		1,430,124		(39,919)		374,523		(124,239)		1,804,647
Other securities	(15,459)		264,836		(4,342)		31,680		(19,801)		296,516
Total	$	(121,118)	$	1,824,318	$	(94,883)	$	603,149	$	(216,001)	$	2,427,467

As of December 31, 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

At September 30, 2022 and December 31, 2021, 190 of 191 and 60 of 180, 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 net 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 Bank, 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, 2021 to September 30, 2022 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 September 30, 2022, 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 September 30, 2022 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2022	$	124,994	$	124,744
2023	162,549		157,988
2024	697,586		660,951
2025	297,572		282,163
2026	548,076		484,902
2027	98,109		93,900
2038	72		73
2039	831		810
2042	2,742		2,347
2043	4,834		4,285
2044	5,597		5,047
2045	5,699		5,002
2046	8,170		7,138
2047	8,718		7,750
2048	2,154		2,050
2049	16,820		14,799
2050	119,167		95,297
2051	165,761		131,838
2052	57,773		49,940
2053	117,467		107,891
2054	92,527		85,057
2055	106,322		103,568
Total	$	2,643,540	$	2,427,540

Some of our securities have been pledged to the Federal Reserve Bank (the “FRB”) as collateral against any advances and accrued interest under the Primary Credit lending program sponsored by the FRB. We had $627 million and $888 million par value of securities pledged to this borrowing facility at September 30, 2022 and December 31, 2021, respectively, as discussed further in Notes to Consolidated Financial Statements, Note 9, “Borrowings.”

Other Investments

Investments in Non-Marketable Securities

We hold investments in non-marketable securities and account for these investments at cost, less impairment, plus or minus observable price changes of identical or similar securities of the same issuer. 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. As of both September 30, 2022 and December 31, 2021, our total investment in these securities was $69 million.

Low Income Housing Tax Credit Investments

We 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 and tax benefits from net operating losses on the underlying properties. Total carrying value of the LIHTC investments was $62 million at September 30, 2022 and $68 million at December 31, 2021. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $27 million at September 30, 2022 and $30 million at December 31, 2021.

Related to these investments, we recognized tax credits and other tax benefits through tax expense of more than $1 million at September 30, 2022 and $7 million at December 31, 2021. Tax credits and other tax benefits are recognized as part of our annual effective tax rate used to determine tax expense in a given quarter. Accordingly, the portion of a year’s expected tax benefits recognized in any given quarter may differ from 25 percent.

Loans Held for Investment

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Loans Held for Investment

Loans held for investment consist of Private Education Loans, FFELP Loans, and Credit Cards. 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 previously existing Federal Family Education Loan Program (“FFELP”). We use “Credit Cards” to refer to our suite of Credit Cards with bonus rewards. At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale as we plan to sell our Credit Card portfolio. For additional information, see Notes to Consolidated Financial Statements, Note 4, “Loans Held for Sale.”

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 September 30, 2022 and December 31, 2021, 47 percent and 52 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.

FFELP Loans are insured as to their principal and accrued interest in the event of default, subject to a risk-sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed on or after July 1, 2006, we receive 97 percent reimbursement on all qualifying claims. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98 percent reimbursement on all qualifying claims. For loans disbursed prior to October 1, 1993, we receive 100 percent reimbursement on all qualifying claims.

In the first nine months of 2022, we recognized $325 million in gains from the sale of approximately $3.29 billion of our Private Education Loans, including $3.08 billion of principal and $213 million in capitalized interest, to unaffiliated third parties. In the first nine months of 2021, we recognized $403 million in gains from the sale of approximately $3.19 billion of our Private Education Loans, including $2.99 billion of principal and $195 million in capitalized interest, to an unaffiliated third party. 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 9, “Borrowings - Unconsolidated VIEs.”

Loans held for investment are summarized as follows:


	September 30,		December 31,
(Dollars in thousands)	2022		2021
Private Education Loans:
Fixed-rate	$	10,693,123	$	9,920,547
Variable-rate	9,411,340		10,796,316
Total Private Education Loans, gross	20,104,463		20,716,863
Deferred origination costs and unamortized premium/(discount)	66,816		67,488
Allowance for credit losses	(1,190,427)		(1,158,977)
Total Private Education Loans, net	18,980,852		19,625,374

FFELP Loans	643,614		695,216
Deferred origination costs and unamortized premium/(discount)	1,647		1,815
Allowance for credit losses	(3,811)		(4,077)
Total FFELP Loans, net	641,450		692,954

Credit Cards (fixed-rate)	—		25,014
Deferred origination costs and unamortized premium/(discount)	—		222
Allowance for credit losses	—		(2,281)
Total Credit Cards, net	—		22,955
Loans held for investment, net	$	19,622,302	$	20,341,283

The estimated weighted average life of education loans in our portfolio was approximately 5.0 years and 4.7 years at September 30, 2022 and December 31, 2021, respectively.

The average balance (net of unamortized premium/discount) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:


	2022				2021
Three Months Ended September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	19,958,763	9.43	%	$	20,944,581	8.26	%
FFELP Loans	655,724		5.03		713,517		3.45
Credit Cards	—		—		14,894		6.95
Total portfolio	$	20,614,487			$	21,672,992


	2022				2021
Nine Months Ended September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,685,372	8.82	%	$	20,860,973	8.23	%
FFELP Loans	673,654		4.18		723,656		3.43
Credit Cards	—		—		12,821		4.97
Total portfolio	$	21,359,026			$	21,597,450

Loans Held for SaleWe had $29 million in loans held for sale at September 30, 2022 and no loans held for sale at December 31, 2021. The balance at September 30, 2022 was comprised of our Credit Card loan portfolio. At September 30, 2022, we reversed $2.4 million through the provisions for credit losses for the allowance related to these loans, when the loans were transferred to held for sale. At September 30, 2022, we wrote down this loan portfolio to its estimated fair value through a charge-off to the allowance for credit losses of $1.5 million.

Loans Held for Sale

9 Months Ended

Sep. 30, 2022

Transfers and Servicing [Abstract]

Loans Held for Sale

Loans Held for Investment

Loans held for investment are summarized as follows:


	September 30,		December 31,
(Dollars in thousands)	2022		2021
Private Education Loans:
Fixed-rate	$	10,693,123	$	9,920,547
Variable-rate	9,411,340		10,796,316
Total Private Education Loans, gross	20,104,463		20,716,863
Deferred origination costs and unamortized premium/(discount)	66,816		67,488
Allowance for credit losses	(1,190,427)		(1,158,977)
Total Private Education Loans, net	18,980,852		19,625,374

FFELP Loans	643,614		695,216
Deferred origination costs and unamortized premium/(discount)	1,647		1,815
Allowance for credit losses	(3,811)		(4,077)
Total FFELP Loans, net	641,450		692,954

Credit Cards (fixed-rate)	—		25,014
Deferred origination costs and unamortized premium/(discount)	—		222
Allowance for credit losses	—		(2,281)
Total Credit Cards, net	—		22,955
Loans held for investment, net	$	19,622,302	$	20,341,283

The estimated weighted average life of education loans in our portfolio was approximately 5.0 years and 4.7 years at September 30, 2022 and December 31, 2021, respectively.

The average balance (net of unamortized premium/discount) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:


	2022				2021
Three Months Ended September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	19,958,763	9.43	%	$	20,944,581	8.26	%
FFELP Loans	655,724		5.03		713,517		3.45
Credit Cards	—		—		14,894		6.95
Total portfolio	$	20,614,487			$	21,672,992


	2022				2021
Nine Months Ended September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,685,372	8.82	%	$	20,860,973	8.23	%
FFELP Loans	673,654		4.18		723,656		3.43
Credit Cards	—		—		12,821		4.97
Total portfolio	$	21,359,026			$	21,597,450

Allowance for Credit Losses

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Allowance for Credit Losses

Allowance for Credit Losses Our 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 losses expected to be incurred in the loan portfolios. See Notes to Consolidated Financial Statements, 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, and — Allowance for Credit Card Loans - 2021 and 2020” in our 2021 Form 10-K for a more detailed discussion.

Allowance for Credit Losses Metrics


Three Months Ended September 30, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Transfer from unfunded commitment liability(1)	—			168,377			—			168,377
Provisions:
Provision for current period	29			95,482			2,039			97,550
Loan sale reduction to provision	—			(50,226)			—			(50,226)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(2)	29			45,256			(333)			44,952
Net charge-offs:
Charge-offs	(147)			(109,350)			(2,062)			(111,559)
Recoveries	—			11,400			2			11,402
Net charge-offs	(147)			(97,950)			(2,060)			(100,157)

Ending Balance	$	3,811		$	1,190,427		$	—		$	1,194,238
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	3,811		$	1,190,427		$	—		$	1,194,238
Loans:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	643,614		$	20,104,463		$	—		$	20,748,077
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.11		%	2.67		%	—		%
Allowance as a percentage of the ending total loan balance	0.59		%	5.92		%	—		%
Allowance as a percentage of the ending loans in repayment(3)	0.78		%	8.18		%	—		%
Allowance coverage of net charge-offs (annualized)	6.48			3.04			—
Ending total loans, gross	$	643,614		$	20,104,463		$	—
Average loans in repayment(3)	$	518,226		$	14,674,437		$	—
Ending loans in repayment(3)	$	489,920		$	14,546,556		$	—

(1) See Note 6, “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
Three Months Ended September 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	45,256
Provisions for unfunded loan commitments	162,646
Total Private Education Loan provisions for credit losses	207,902
Other impacts to the provisions for credit losses:
FFELP Loans	29
Credit Cards	(333)
Total	(304)
Provisions for credit losses reported in consolidated statements of income	$	207,598

(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).


Three Months Ended September 30, 2021 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,262		$	1,154,540		$	1,442		$	1,160,244
Transfer from unfunded commitment liability(1)	—			110,613			—			110,613
Provisions:
Provision for current period	50			(6,995)			415			(6,530)
Loan sale reduction to provision	—			—			—			—

Total provisions(2)	50			(6,995)			415			(6,530)
Net charge-offs:
Charge-offs	(106)			(56,000)			(119)			(56,225)
Recoveries	—			7,302			3			7,305
Net charge-offs	(106)			(48,698)			(116)			(48,920)

Ending Balance	$	4,206		$	1,209,460		$	1,741		$	1,215,407
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	69,626		$	—		$	69,626
Ending balance: collectively evaluated for impairment	$	4,206		$	1,139,834		$	1,741		$	1,145,781
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,148,282		$	—		$	1,148,282
Ending balance: collectively evaluated for impairment	$	705,691		$	20,554,555		$	17,766		$	21,278,012
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.08		%	1.29		%	3.07		%
Allowance as a percentage of the ending total loan balance	0.60		%	5.57		%	9.80		%
Allowance as a percentage of the ending loans in repayment(3)	0.79		%	7.81		%	9.80		%
Allowance coverage of net charge-offs (annualized)	9.92			6.21			3.75
Ending total loans, gross	$	705,691		$	21,702,837		$	17,766
Average loans in repayment(3)	$	540,018		$	15,108,802		$	15,098
Ending loans in repayment(3)	$	530,476		$	15,490,132		$	17,766

(1) See Note 6, “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
Three Months Ended September 30, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(6,995)
Provisions for unfunded loan commitments	144,972
Total Private Education Loan provisions for credit losses	137,977
Other impacts to the provisions for credit losses:
FFELP Loans	50
Credit Cards	415
Total	465
Provisions for credit losses reported in consolidated statements of income	$	138,442


Nine Months Ended September 30, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Transfer from unfunded commitment liability(1)	—			303,591			—			303,591
Provisions:
Provision for current period	110			168,473			2,635			171,218
Loan sale reduction to provision	—			(171,325)			—			(171,325)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(2)	110			(2,852)			263			(2,479)
Net charge-offs:
Charge-offs	(376)			(299,699)			(2,549)			(302,624)
Recoveries	—			30,410			5			30,415
Net charge-offs	(376)			(269,289)			(2,544)			(272,209)

Ending Balance	$	3,811		$	1,190,427		$	—		$	1,194,238
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	3,811		$	1,190,427		$	—		$	1,194,238
Loans:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	643,614		$	20,104,463		$	—		$	20,748,077
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.09		%	2.37		%	—		%
Allowance as a percentage of the ending total loan balance	0.59		%	5.92		%	—		%
Allowance as a percentage of the ending loans in repayment(4)	0.78		%	8.18		%	—		%
Allowance coverage of net charge-offs (annualized)	7.60			3.32			—
Ending total loans, gross	$	643,614		$	20,104,463		$	—
Average loans in repayment(3)	$	532,275		$	15,173,465		$	—
Ending loans in repayment(3)	$	489,920		$	14,546,556		$	—

(1) See Note 6, “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
Nine Months Ended September 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(2,852)
Provisions for unfunded loan commitments	338,672
Total Private Education Loan provisions for credit losses	335,820
Other impacts to the provisions for credit losses:
FFELP Loans	110
Credit Cards	263
Total	373
Provisions for credit losses reported in consolidated statements of income	$	336,193


Nine Months Ended September 30, 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)	—			262,049			—			262,049
Provisions:
Provision for current period	77			(260,923)			511			(260,335)
Loan sale reduction to provision	—			(10,335)			—			(10,335)
Loans transferred from held-for-sale	—			1,887			—			1,887
Total provisions(2)	77			(269,371)			511			(268,783)
Net charge-offs:
Charge-offs	(249)			(161,039)			(281)			(161,569)
Recoveries	—			21,977			10			21,987
Net charge-offs	(249)			(139,062)			(271)			(139,582)

Ending Balance	$	4,206		$	1,209,460		$	1,741		$	1,215,407
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	69,626		$	—		$	69,626
Ending balance: collectively evaluated for impairment	$	4,206		$	1,139,834		$	1,741		$	1,145,781
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,148,282		$	—		$	1,148,282
Ending balance: collectively evaluated for impairment	$	705,691		$	20,554,555		$	17,766		$	21,278,012
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.06		%	1.25		%	2.75		%
Allowance as a percentage of the ending total loan balance	0.60		%	5.57		%	9.80		%
Allowance as a percentage of the ending loans in repayment(3)	0.79		%	7.81		%	9.80		%
Allowance coverage of net charge-offs (annualized)	12.67			6.52			4.82
Ending total loans, gross	$	705,691		$	21,702,837		$	17,766
Average loans in repayment(3)	$	547,394		$	14,877,937		$	13,136
Ending loans in repayment(3)	$	530,476		$	15,490,132		$	17,766

(1) See Note 6, “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
Nine Months Ended September 30, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(269,371)
Provisions for unfunded loan commitments	251,135
Total Private Education Loan provisions for credit losses	(18,236)
Other impacts to the provisions for credit losses:
FFELP Loans	77
Credit Cards	511
Total	588
Provisions for credit losses reported in consolidated statements of income	$	(17,648)

Allowance for Credit Losses - Forecast Assumptions

In determining the adequacy of the allowance for credit losses, we include forecasts of, among other macroeconomic inputs, college graduate unemployment and the Consumer Price Index in our loss forecasting models. We obtain forecasts for all macroeconomic 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 the allowance for credit losses and the associated weightings for each of these inputs. At September 30, 2021, December 31, 2021, and September 30, 2022, 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.

Provisions for credit losses in the nine months ended September 30, 2022 increased by $354 million compared with the year-ago period. During the nine months ended September 30, 2022, the provision for credit losses was primarily affected by new loan commitments made during the period, slower than expected prepayment rates, and additional management overlays, which were partially offset by a negative provision recorded related to $3.29 billion in Private Education Loans sold in 2022. During the first nine months of 2021, the provision for credit losses was primarily affected by improvements in the economic forecasts and faster prepayment speeds. In addition, 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 reflected the significant improvement in economic forecasts as well as the implementation of an updated prepayment speed model in the first quarter of 2021. We experienced higher prepayments during the COVID-19 pandemic, when unemployment rates were elevated, than we would have expected based upon our experience during past financial crises.

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

Charge-offs increased in both the three and nine months ended September 30, 2022 compared to the respective year-ago periods because of the credit administration practices changes we implemented in 2021 that imposed additional requirements for those borrowers requesting forbearance. Also contributing to the increase were elevated losses on loans whose borrowers took a “gap year” during the pandemic and entered full principal and interest repayment status starting in late 2021, and the overall strain on our collections team arising from increased collections activity and staffing shortages driven by tight labor markets. The increased charge-offs caused the allowance coverage of net charge-offs (annualized) ratio to decline for the three and nine months ended September 30, 2022 compared with the respective year-ago periods.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical information, which includes losses from modifications of receivables whose borrowers are experiencing financial difficulty. We use a discounted cash flow model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

The effect of most modifications of loans made to borrowers who are experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance. The forecast of expected future cash flows is updated as the loan modifications occur.

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 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 contractual interest rate on a loan (currently 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.

Within the Private Education Loan portfolio, we deem loans greater than 90 days past due as 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.

For additional information, see Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies —Allowance for Credit Losses - 2021 and 2020,” and Note 7, “Allowance for Credit Losses” in our 2021 Form 10-K.

Under our current forbearance practices, temporary forbearance of payments is generally granted in one-to-two month increments, for up to 12 months over the life of the loan, with 12 months of positive payment performance by a borrower required between grants (meaning the borrower must make payment in a cumulative amount equivalent to 12 monthly required payments under the loan). See Notes to Consolidated Financial Statements, Note 5, “Loans Held for Investment — Certain Collection Tools - Private Education Loans” in our 2021 Form 10-K. In the first quarter of 2022, we adopted ASU No. 2022-02 (see Note 1, “Significant Accounting Policies” in this Form 10-Q). Under this new amendment, if the debt has been previously restructured, an entity must consider the cumulative effect of past restructurings made within the 12-month period before the current restructuring when determining whether a delay in payment resulting from the current restructuring is insignificant. Due to our current forbearance practices, including the limitations on forbearances offered to borrowers, we do not believe the granting of forbearances will exceed the significance threshold and, therefore, we do not consider the forbearances as loan modifications.

The limitations on granting of forbearances described above apply to hardship forbearances. We offer other administrative forbearances (e.g., death and disability, bankruptcy, military service, disaster forbearance, and in school assistance) that are either required by law (such as by the Servicemembers Civil Relief Act) or are considered separate from our active loss mitigation programs and therefore are not considered to be loan modifications requiring disclosure under ASU No. 2022-02. In addition, we may offer on a limited basis term extensions or rate reductions or a combination of both to borrowers to reduce consolidation activities. For purposes of this disclosure, we do not consider them modifications of loans to borrowers experiencing financial difficulty and they therefore are not included in the tables below.

The following table shows the amortized cost basis at the end of the reporting period of the loans to borrowers experiencing financial difficulty that were modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period, disaggregated by class of financing receivable and type of modification. When we approve a Private Education Loan at the beginning of an academic year, we do not always disburse the full amount of the loan at the time of 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 consider borrowers to be in financial difficulty after they have exited school and have difficulty making their scheduled principal and interest payments.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended September 30, 2022 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	9,750	0.05	%	$	79,765	0.40	%
Total	$	9,750	0.05	%	$	79,765	0.40	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Nine Months Ended September 30, 2022 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	25,065	0.12	%	$	237,588	1.18	%
Total	$	25,065	0.12	%	$	237,588	1.18	%

The following tables describes the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:

Three Months Ended September 30, 2022

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 11.31% to 4.00%

Private Education Loans

Added a weighted average 10.24 years to the life of loans

Reduced average contractual rate from 10.87% to 4.00%

Nine Months Ended September 30, 2022

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 10.76% to 4.00%

Private Education Loans

Added a weighted average 10.38 years to the life of loans

Reduced average contractual rate from 10.17% to 4.00%

When a Private Education Loan reaches 120 days delinquent, the loan is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. See Notes to Consolidated Financial Statements, 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, and — Allowance for Credit Card Loans - 2021 and 2020” in our 2021 Form 10-K for a more detailed discussion.

The following table provides the amount of financing receivables whose borrowers were experiencing financial difficulty and had a payment default and were modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period. We define payment default as 60 days past due for purposes of this disclosure.



	Three Months Ended September 30, 2022				Nine Months Ended September 30, 2022
(Dollars in thousands)	Modified Loans(1)(2)		Payment Default		Modified Loans(1)(2)		Payment Default
Loan Type:
Private Education Loans	$	9,467	$	9,289	$	12,660	$	12,463
Total	$	9,467	$	9,289	$	12,660	$	12,463

(1) Represents amortized cost basis of loans that have been modified.

(2) For the three months ended September 30, 2022, the modified loans include $8.5 million of interest rate reduction and term extension loan modifications and $1.0 million of interest rate reduction only loan modifications. For the nine months ended September 30, 2022, the modified loans include $11.4 million of interest rate reduction and term extension loan modifications and $1.2 million of interest rate reduction only loan modifications.

We closely monitor performance of the loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of the modification efforts. The following table depicts the performance of loans that have

been modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period.


	Payment Status (Amortized Cost Basis)
At September 30, 2022 (dollars in thousands)	Deferment(1)		Current(2)(3)		30-59 Days Past Due(2)(3)		60-89 Days Past Due(2)(3)		90 Days or Greater Past Due(2)(3)
Loan Type:
Private Education Loans	$	5,575	$	236,477	$	10,335	$	5,835	$	4,431
Total	$	5,575	$	236,477	$	10,335	$	5,835	$	4,431

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

(2) Loans in repayment include loans on which borrowers are making full principal and interest payments after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).

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

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 September 30, 2022 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2022(1)		2021(1)		2020(1)		2019(1)		2018(1)		2017 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	3,047,398	$	3,994,466	$	2,273,147	$	1,903,962	$	1,443,011	$	4,871,685	$	17,533,669	87	%
Without cosigner	491,319		618,831		392,461		333,419		224,139		510,625		2,570,794		13
Total	$	3,538,717	$	4,613,297	$	2,665,608	$	2,237,381	$	1,667,150	$	5,382,310	$	20,104,463	100	%

FICO at Origination(2):
Less than 670	$	271,510	$	308,184	$	161,273	$	180,403	$	146,085	$	460,074	$	1,527,529	8	%
670-699	490,170		615,019		364,369		348,359		266,501		922,131		3,006,549		15
700-749	1,106,786		1,457,396		859,924		739,722		554,847		1,813,627		6,532,302		32
Greater than or equal to 750	1,670,251		2,232,698		1,280,042		968,897		699,717		2,186,478		9,038,083		45
Total	$	3,538,717	$	4,613,297	$	2,665,608	$	2,237,381	$	1,667,150	$	5,382,310	$	20,104,463	100	%


FICO Refreshed(2)(3):
Less than 670	$	330,446	$	431,998	$	233,480	$	239,180	$	206,833	$	811,604	$	2,253,541	11	%
670-699	494,948		594,535		292,414		246,158		179,979		589,077		2,397,111		12
700-749	1,092,230		1,402,767		778,630		649,713		466,824		1,458,193		5,848,357		29
Greater than or equal to 750	1,621,093		2,183,997		1,361,084		1,102,330		813,514		2,523,436		9,605,454		48
Total	$	3,538,717	$	4,613,297	$	2,665,608	$	2,237,381	$	1,667,150	$	5,382,310	$	20,104,463	100	%

Seasoning(4):
1-12 payments	$	1,961,724	$	1,921,089	$	323,754	$	305,985	$	224,662	$	482,794	$	5,220,008	26	%
13-24 payments	—		946,963		1,028,413		169,959		156,320		489,470		2,791,125		14
25-36 payments	—		—		583,318		909,963		130,692		508,953		2,132,926		11
37-48 payments	—		—		42		362,762		639,349		483,212		1,485,365		7
More than 48 payments	—		—		—		—		231,269		2,886,910		3,118,179		16
Not yet in repayment	1,576,993		1,745,245		730,081		488,712		284,858		530,971		5,356,860		26
Total	$	3,538,717	$	4,613,297	$	2,665,608	$	2,237,381	$	1,667,150	$	5,382,310	$	20,104,463	100	%

2022 Current period(5) gross charge-offs	$	(696)	$	(13,397)	$	(33,009)	$	(44,122)	$	(42,589)	$	(165,886)	$	(299,699)
2022 Current period(5) recoveries	40		928		2,901		4,092		4,049		18,400		30,410
2022 Current period(5) net charge-offs	$	(656)	$	(12,469)	$	(30,108)	$	(40,030)	$	(38,540)	$	(147,486)	$	(269,289)

Total accrued interest by origination vintage	$	72,446	$	292,512	$	222,265	$	217,871	$	149,759	$	246,305	$	1,201,158
(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 third-quarter 2022. (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, 2022 through September 30, 2022.


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 January 1, 2021 through December 31, 2021.

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).


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of September 30, 2022 (dollars in thousands)	2022			2021			2020			2019			2018			2017 and Prior			Total

Loans in-school/grace/deferment(1)	$	1,576,993		$	1,745,245		$	730,081		$	488,712		$	284,858		$	530,971		$	5,356,860
Loans in forbearance(2)	4,034			19,309			21,994			24,534			24,589			106,587			201,047
Loans in repayment:
Loans current	1,950,830			2,802,675			1,854,054			1,654,125			1,293,502			4,447,769			14,002,955
Loans delinquent 30-59 days(3)	4,690			25,836			28,361			32,374			28,952			135,028			255,241
Loans delinquent 60-89 days(3)	1,542			13,268			17,592			19,004			18,721			81,685			151,812
Loans 90 days or greater past due(3)	628			6,964			13,526			18,632			16,528			80,270			136,548
Total Private Education Loans in repayment	1,957,690			2,848,743			1,913,533			1,724,135			1,357,703			4,744,752			14,546,556
Total Private Education Loans, gross	3,538,717			4,613,297			2,665,608			2,237,381			1,667,150			5,382,310			20,104,463
Private Education Loans deferred origination costs and unamortized premium/(discount)	20,938			16,761			9,719			5,935			3,867			9,596			66,816
Total Private Education Loans	3,559,655			4,630,058			2,675,327			2,243,316			1,671,017			5,391,906			20,171,279
Private Education Loans allowance for losses	(260,520)			(296,638)			(153,743)			(135,939)			(91,886)			(251,701)			(1,190,427)
Private Education Loans, net	$	3,299,135		$	4,333,420		$	2,521,584		$	2,107,377		$	1,579,131		$	5,140,205		$	18,980,852

Percentage of Private Education Loans in repayment	55.3		%	61.8		%	71.8		%	77.1		%	81.4		%	88.2		%	72.4		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.4		%	1.6		%	3.1		%	4.1		%	4.7		%	6.3		%	3.7		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.2		%	0.7		%	1.1		%	1.4		%	1.8		%	2.2		%	1.4		%

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

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

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


	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.

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 or 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.


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

September 30, 2022	$	1,201,159	$	6,515	$	7,783
December 31, 2021	$	1,187,123	$	3,635	$	4,937

Unfunded Loan Commitments

9 Months Ended

Sep. 30, 2022

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 Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses - 2021 and 2020, — Off-Balance Sheet Exposure for Contractual Loan Commitments - 2021 and 2020” in our 2021 Form 10-K for additional information.

At September 30, 2022, we had $2.2 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2022/2023 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.


	2022				2021
Three Months Ended September 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments
Beginning Balance	$	113,525	$	1,413,840	$	64,772	$	1,161,696
Provision/New commitments - net(1)	192,559		3,148,434		129,904		2,885,024
Other provision items	(29,913)		—		15,068		—
Transfer - funded loans(2)	(168,377)		(2,345,348)		(110,613)		(2,083,128)
Ending Balance	$	107,794	$	2,216,926	$	99,131	$	1,963,592

	2022				2021
Nine Months Ended September 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	72,713	$	1,776,976	$	110,044	$	1,673,018
Provision/New commitments - net(1)	339,705		5,584,129		218,304		4,963,789
Other provision items	(1,033)		—		32,831		—
Transfer - funded loans(2)	(303,591)		(5,144,179)		(262,048)		(4,673,215)
Ending Balance	$	107,794	$	2,216,926	$	99,131	$	1,963,592

(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

Goodwill and Acquired Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

We recorded as goodwill the excess of the purchase price over the estimated fair values of identifiable assets and liabilities acquired as part of the Nitro acquisition in the first quarter of 2022. Goodwill is not amortized but is tested periodically for impairment. We plan to test goodwill for impairment annually in the fourth quarter of the year, or more frequently if we believe that indicators of impairment exist. At September 30, 2022 we had $51 million in total goodwill. See Notes to Consolidated Financial Statements, Note 1, “Significant Accounting Policies” in this Form 10-Q for additional details on our acquisition of Nitro.

Acquired Intangible Assets

Our intangible assets include acquired tradename and trademarks, customer relationships, and developed technology. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable.

Acquired intangible assets include the following:


		September 30, 2022
(Dollars in thousands)	Useful Life (in years)(1)	Cost Basis		Accumulated Amortization		Net
Tradename and trademarks	10	$	68,470	$	(3,994)	$	64,476
Customer relationships	5	5,670		(1,239)		4,431
Developed technology	3	1,260		(245)		1,015
Total acquired intangible assets		$	75,400	$	(5,478)	$	69,922

(1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 9.51 years.

We recorded amortization of acquired intangible assets totaling approximately $2 million and $5 million in the three and nine months ended September 30, 2022, respectively. There was no amortization of acquired intangible assets recorded in the three and nine months ended September 30, 2021. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be approximately $8 million, $9 million, $8 million, $8 million, and $7 million in 2022, 2023, 2024, 2025, and 2026, respectively.

Deposits

9 Months Ended

Sep. 30, 2022

Banking and Thrift, Other Disclosure [Abstract]

Deposits

The following table summarizes total deposits at September 30, 2022 and December 31, 2021.


	September 30,		December 31,
(Dollars in thousands)	2022		2021
Deposits - interest-bearing	$	21,276,181	$	20,826,692
Deposits - non-interest-bearing	567		1,432
Total deposits	$	21,276,748	$	20,828,124

Our total deposits of $21.3 billion were comprised of $10.2 billion in brokered deposits and $11.1 billion in retail and other deposits at September 30, 2022, compared to total deposits of $20.8 billion, which were comprised of $10.1 billion in brokered deposits and $10.7 billion in retail and other deposits, at December 31, 2021.

Interest-bearing deposits as of September 30, 2022 and December 31, 2021 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”), and retail and brokered certificates of deposit (“CDs”). Interest-bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and additional deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $8.0 billion and $7.3 billion of our deposit total as of September 30, 2022 and December 31, 2021, respectively.

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 $3 million and $4 million in the three months ended September 30, 2022 and 2021, respectively, and placement fee expense of $10 million and $12 million in the nine months ended September 30, 2022 and 2021, respectively. Fees paid to third-party brokers related to brokered CDs were $4 million and $10 million for the three months ended September 30, 2022 and 2021, respectively, and fees paid to third-party brokers related to brokered CDs were $8 million and $11 million for the nine months ended September 30, 2022 and 2021, respectively.

Interest bearing deposits at September 30, 2022 and December 31, 2021 are summarized as follows:


	September 30, 2022				December 31, 2021
(Dollars in thousands)	Amount		Qtr.-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	11,053,370	2.57	%	$	10,473,569	0.69	%
Savings	947,870		2.14		959,122		0.43
Certificates of deposit	9,274,941		2.29		9,394,001		1.20
Deposits - interest bearing	$	21,276,181			$	20,826,692

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

As of September 30, 2022 and December 31, 2021, there were $538 million and $743 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $48 million and $35 million at September 30, 2022 and December 31, 2021, respectively.

Borrowings

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings

Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term asset-backed securitization (“ABS”) program and our Private Education Loan multi-lender secured borrowing facility (the “Secured Borrowing Facility”). For additional information regarding our borrowings, see Notes to Consolidated Financial Statements, Note 11, “Borrowings” in our 2021 Form 10-K. The following table summarizes our borrowings at September 30, 2022 and December 31, 2021.


	September 30, 2022						December 31, 2021
(Dollars in thousands)	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	988,182	$	988,182	$	—	$	986,138	$	986,138
Total unsecured borrowings	—		988,182		988,182		—		986,138		986,138
Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,673,627		3,673,627		—		3,897,996		3,897,996
Variable-rate	—		860,502		860,502		—		1,046,856		1,046,856
Total Private Education Loan term securitizations	—		4,534,129		4,534,129		—		4,944,852		4,944,852
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		4,534,129		4,534,129		—		4,944,852		4,944,852
Total	$	—	$	5,522,311	$	5,522,311	$	—	$	5,930,990	$	5,930,990

Short-term Borrowings

On May 17, 2022, 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 16, 2023. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on May 16, 2024 (or earlier, if certain material adverse events occur). At both September 30, 2022, and December 31, 2021, there were no secured borrowings outstanding under the Secured Borrowing Facility.

Long-term Borrowings

Secured Financings

2022 Transactions

On August 9, 2022, we executed our $575 million SMB Private Education Loan Trust 2022-C term ABS transaction, which was accounted for as a secured financing. We sold $575 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $575 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.69 years and priced at a weighted average SOFR equivalent cost of SOFR plus 1.76 percent. On September 30, 2022, $658 million of our Private Education Loans, including $613 million of principal and $45 million in capitalized interest, were encumbered because of this transaction.

Secured Financings at Issuance

The following table summarizes our secured financings issued in 2021. There was one secured financing issued in the nine months ended September 30, 2022.


Issue	Date Issued	Total Issued		Weighted Average Cost of Funds(1)	Weighted Average Life (in years)
(Dollars in thousands)
Private Education Loans:
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(2)		$	1,656,263

2022-C	August 2022	$	575,000	SOFR plus 1.76%	4.69
Total notes issued in 2022		$	575,000

Total loan and accrued interest amount securitized at inception in 2022(3)		$	674,387

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

(2) At September 30, 2022, $1.33 billion of our Private Education Loans, including $1.25 billion of principal and $84 million in capitalized interest, were encumbered related to these transactions.

(3) At September 30, 2022, $658 million of our Private Education Loans, including $613 million of principal and $45 million in capitalized interest, were encumbered related to these 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 September 30, 2022 (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	$	—	$	4,534,129	$	4,534,129	$	5,665,062	$	177,917	$	345,436	$	6,188,415
Secured Borrowing Facility	—		—		—		—		—		1,775		1,775
Total	$	—	$	4,534,129	$	4,534,129	$	5,665,062	$	177,917	$	347,211	$	6,190,190


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

(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. 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 to meet risk retention requirements. We were not required to consolidate these entities because our servicer/administrator decision-maker fees are not variable interests and our other interests in the VIE, which are in the form of our five percent vertical interest, do not absorb more than an insignificant amount of the VIE’s expected losses or receive more than an insignificant amount of the VIE’s expected residual returns.

2022-A Transaction

On March 16, 2022, we closed an SMB Private Education Loan Trust 2022-A term ABS transaction (the “2022-A Transaction”), in which an unaffiliated third-party sold to the trust approximately $973 million of Private Education Loans that the third-party seller previously purchased from us on November 17, 2021. In the 2022-A Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $95 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 2022-A Transaction and we recorded a $10 million gain on sale associated with this transaction. In connection with the 2022-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 2022-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.

2022-B Transaction

On May 27, 2022, we closed an SMB Private Education Loan Trust 2022-B term ABS transaction (the “2022-B Transaction”), in which an unaffiliated third-party sold to the trust approximately $2.0 billion of Private Education Loans that the third-party seller previously purchased from us on April 27, 2022. In the 2022-B Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $107 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 2022-B Transaction and we recorded an $11 million gain on sale associated with this transaction. In connection with the 2022-B 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 2022-B 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.


	September 30, 2022						December 31, 2021
(Dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	296,516	$	47,386	$	343,902	$	192,245	$	37,465	$	229,710

(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 September 30, 2022. 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 nine months ended September 30, 2022 or in the year ended December 31, 2021.

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 September 30, 2022 and December 31, 2021, the value of our pledged collateral at the FRB totaled $2.6 billion and $3.3 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the nine months ended September 30, 2022 or in the year ended December 31, 2021.

- 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

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+ Details

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2022

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. Please refer to Notes to Consolidated Financial Statements, Note 12, “Derivative Financial Instruments” in our 2021 Form 10-K for a full discussion of our risk management strategy.

Title VII of 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 (“CME”) and the London Clearing House (“LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of September 30, 2022, $3.2 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 93.0 percent and 7.0 percent, respectively, of our total notional derivative contracts of $3.5 billion at September 30, 2022.

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 September 30, 2022 was $(56) million and $(7) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses).

Our exposure to the counterparty 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 September 30, 2022 and December 31, 2021, we had a net positive exposure (derivative gain/loss positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $12 million and $9 million, respectively.

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts of all derivative instruments at September 30, 2022 and December 31, 2021, and their impact on earnings and other comprehensive income for the nine months ended September 30, 2022 and September 30, 2021. Please refer to Notes to Consolidated Financial Statements, Note 12, “Derivative Financial Instruments” in our 2021 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities.


Impact of Derivatives on the Consolidated Balance Sheets
		Cash Flow Hedges				Fair Value Hedges				Trading				Total
		September 30,		December 31,		September 30,		December 31,		September 30,		December 31,		September 30,		December 31,
(Dollars in thousands)		2022		2021		2022		2021		2022		2021		2022		2021
Fair Values(1)	Hedged Risk Exposure

Derivative Assets:(2)
Interest rate swaps	Interest rate	$	2,172	$	—	$	—	$	—	$	—	$	5	$	2,172	$	5
Other	Other	—		—		—		—		—		1,317		—		1,317
Derivative Liabilities:(2)
Interest rate swaps	Interest rate	—		(231)		(1,051)		(21)		—		—		(1,051)		(252)
Total net derivatives		$	2,172	$	(231)	$	(1,051)	$	(21)	$	—	$	1,322	$	1,121	$	1,070

(1) Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position.

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


	Other Assets				Other Liabilities
	September 30,		December 31,		September 30,		December 31,
(Dollars in thousands)	2022		2021		2022		2021
Gross position(1)	$	2,172	$	1,322	$	(1,051)	$	(252)
Impact of master netting agreement	(1,051)		(5)		1,051		5
Derivative values with impact of master netting agreements (as carried on balance sheet)	1,121		1,317		—		(247)
Cash collateral pledged(2)	11,025		9,655		—		—
Net position	$	12,146	$	10,972	$	—	$	(247)

(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
(Dollars in thousands)	September 30,		December 31,		September 30,		December 31,		September 30,		December 31,		September 30,		December 31,
	2022		2021		2022		2021		2022		2021		2022		2021
Interest rate swaps	$	1,345,688	$	1,438,144	$	2,130,049	$	3,915,999	$	—	$	181,953	$	3,475,737	$	5,536,096
Other	—		—		—		—		—		1,053,760		—		1,053,760
Net total notional	$	1,345,688	$	1,438,144	$	2,130,049	$	3,915,999	$	—	$	1,235,713	$	3,475,737	$	6,589,856

As of September 30, 2022 and December 31, 2021, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


(Dollars in thousands)	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included:	September 30,		December 31,		September 30,		December 31,
	2022		2021		2022		2021

Deposits	$	(2,090,825)	$	(3,963,268)	$	36,114	$	(50,784)


Impact of Derivatives on the Consolidated Statements of Income
	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)	2022		2021		2022		2021

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(1,783)	$	21,763	$	24,418	$	67,230
Hedged items recorded in interest expense	14,143		20,551		86,899		72,774
Derivatives recorded in interest expense	(14,425)		(20,602)		(86,896)		(72,787)
Total	$	(2,065)	$	21,712	$	24,421	$	67,217

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	2,771	$	(5,228)	$	(4,033)	$	(15,791)
Total	$	2,771	$	(5,228)	$	(4,033)	$	(15,791)

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	—	$	(3,571)	$	(248)	$	(21,383)
Total	—		(3,571)		(248)		(21,383)
Total	$	706	$	12,913	$	20,140	$	30,043


Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2022		2021		2022		2021

Amount of gain (loss) recognized in other comprehensive income (loss)	$	32,594	$	(133)	$	94,215	$	13,583
Less: amount of gain (loss) reclassified in interest expense	2,771		(5,228)		(4,033)		(15,791)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	29,823	$	5,095	$	98,248	$	29,374

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 12 months, we estimate that $38 million will be reclassified as a decrease to interest expense.

Cash Collateral

As of September 30, 2022, 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 September 30, 2022 and December 31, 2021, respectively. Cash collateral pledged by us related to derivative exposure between us and our derivatives counterparties was $11 million and $10 million at September 30, 2022 and December 31, 2021, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table summarizes our common share repurchases and issuances.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Shares and per share amounts in actuals)	2022		2021		2022		2021
Common stock repurchased under repurchase programs(1)(2)(3)	1,191,544		13,018,585		30,721,944		84,528,256
Average purchase price per share(4)	$	14.14	$	18.75	$	18.00	$	17.17
Shares repurchased related to employee stock-based compensation plans(5)	448		115,414		1,131,351		1,367,826
Average purchase price per share	$	13.99	$	18.83	$	18.36	$	14.70
Common shares issued(6)	4,682		504,183		3,093,392		3,785,490

(1) Common shares purchased under our share repurchase programs. We have utilized all capacity under our 2021 Share Repurchase Program. There was $736 million of capacity remaining under the 2022 Share Repurchase Program at September 30, 2022.

(2) For the nine months ended September 30, 2021, the amount includes 13 million shares related to the completion of the accelerated share repurchase agreement in the first quarter of 2021. See Notes to Consolidated Financial Statements, Note 13, “Stockholders’ Equity” in our 2021 Form 10-K for additional information.

(3) For the nine months ended September 30, 2021, the amount includes 28.5 million shares related to the settlement of our common stock tender offer in the first quarter of 2021. See Notes to Consolidated Financial Statements, Note 13, “Stockholders’ Equity” in our 2021 Form 10-K for additional information.

(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 September 30, 2022 was $13.99.

Common Stock Dividends

In September 2022, we paid a common stock dividend of $0.11 per common share. In September 2021, we paid a common stock dividend of $0.03 per common share. In the nine months ended September 2022 and 2021, we paid a common stock dividend of $0.33 per common share and $0.09 per common share, respectively.

Share Repurchases

On January 27, 2021, we announced a 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. Under the 2021 Share Repurchase Program, we repurchased 13.0 million shares of common stock for $244 million in the three months ended September 31, 2021, and we repurchased 66.8 million shares of common stock for $1.2 billion in the nine months ended September 30, 2021. (For the nine months ended September 30, 2021, those amounts include the shares repurchased under the common stock tender offer that settled in the first quarter of 2021.)

In October 2021, our Board of Directors approved a $250 million increase in the amount of common stock that may be repurchased under our 2021 Share Repurchase Program. This was 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. Under the 2021 Share Repurchase Program, we repurchased 2.0 million shares of common stock for $38 million in the nine months ended September 30, 2022. We have now utilized all capacity under the 2021 Share Repurchase Program.

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. Under the 2022 Share Repurchase Program, we repurchased 1.2 million shares of common stock for $17 million in the three months ended

September 30, 2022, and 28.7 million shares of common stock for $515 million in the nine months ended September 30, 2022. We had $736 million of capacity remaining under the 2022 Share Repurchase Program at September 30, 2022.

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 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 program or at all.

Share Repurchases under Rule 10b5-1 trading plans

During the three months ended September 30, 2022 and 2021, we repurchased 1.2 million shares and 13.0 million shares, respectively, of our common stock at a total cost of $17 million and $244 million, respectively, and during the nine months ended September 30, 2022 and 2021, we repurchased 30.7 million shares and 42.6 million shares, respectively, of our common stock at a total cost of $553 million and $804 million, respectively, under Rule 10b5-1 trading plans authorized under our share repurchase programs.

- 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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+ Details

Earnings per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

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.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Net income	$	75,172	$	72,840	$	546,057	$	854,248
Preferred stock dividends	2,531		1,166		5,563		3,559
Net income attributable to SLM Corporation common stock	$	72,641	$	71,674	$	540,494	$	850,689
Denominator:
Weighted average shares used to compute basic EPS	251,266		299,890		263,098		324,148
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (1)(2)	2,450		4,621		2,967		4,916

Weighted average shares used to compute diluted EPS	253,716		304,511		266,065		329,064

Basic earnings per common share	$	0.29	$	0.24	$	2.05	$	2.62

Diluted earnings per common share	$	0.29	$	0.24	$	2.03	$	2.59

(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 three months ended September 30, 2022 and 2021, securities covering approximately 1 million shares and 1 million shares, respectively, and for the nine months ended September 30, 2022 and 2021, securities covering approximately 1 million shares and 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. For additional information regarding our policies for determining fair value and the hierarchical framework, see Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Fair Value Measurement” in our 2021 Form 10-K.

During the nine months ended September 30, 2022, there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments.

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
	September 30, 2022								December 31, 2021
(Dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Trading investments	$	—	$	—	$	52,450	$	52,450	$	—	$	—	$	37,465	$	37,465
Available-for-sale investments	—		2,427,540		—		2,427,540		—		2,517,956		—		2,517,956
Derivative instruments	—		2,172		—		2,172		—		1,322		—		1,322
Total	$	—	$	2,429,712	$	52,450	$	2,482,162	$	—	$	2,519,278	$	37,465	$	2,556,743

Liabilities:
Derivative instruments	$	—	$	(1,051)	$	—	$	(1,051)	$	—	$	(252)	$	—	$	(252)
Total	$	—	$	(1,051)	$	—	$	(1,051)	$	—	$	(252)	$	—	$	(252)

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


	September 30, 2022						December 31, 2021
(Dollars in thousands)	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	20,932,120	$	18,980,852	$	1,951,268	$	22,919,836	$	19,625,374	$	3,294,462
FFELP Loans	653,268		641,450		11,818		705,644		692,954		12,690
Credit Cards	—		—		—		25,037		22,955		2,082
Loans held for sale	28,880		28,880		—		—		—		—
Cash and cash equivalents	4,846,754		4,846,754		—		4,334,603		4,334,603		—
Trading investments	52,450		52,450		—		37,465		37,465		—
Available-for-sale investments	2,427,540		2,427,540		—		2,517,956		2,517,956		—
Accrued interest receivable	1,262,493		1,223,647		38,846		1,306,410		1,205,667		100,743
Tax indemnification receivable	8,392		8,392		—		8,047		8,047		—
Derivative instruments	2,172		2,172		—		1,322		1,322		—
Total earning assets	$	30,214,069	$	28,212,137	$	2,001,932	$	31,856,320	$	28,446,343	$	3,409,977
Interest-bearing liabilities:
Money-market and savings accounts	$	11,885,984	$	12,001,240	$	115,256	$	11,457,490	$	11,432,691	$	(24,799)
Certificates of deposit	8,977,283		9,274,941		297,658		9,451,528		9,394,001		(57,527)

Long-term borrowings	5,163,501		5,522,311		358,810		6,000,174		5,930,990		(69,184)
Accrued interest payable	71,907		71,907		—		46,600		46,600		—
Derivative instruments	1,051		1,051		—		252		252		—
Total interest-bearing liabilities	$	26,099,726	$	26,871,450	$	771,724	$	26,956,044	$	26,804,534	$	(151,510)

Excess of net asset fair value over carrying value					$	2,773,656					$	3,258,467

Please refer to Notes to Consolidated Financial Statements, Note 16, “Fair Value Measurements” in our 2021 Form 10-K for a full discussion of the methods and assumptions used to estimate the fair value of each class of financial instruments.

- 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

Regulatory Capital

9 Months Ended

Sep. 30, 2022

Banking and Thrift, Other Disclosure [Abstract]

Regulatory Capital

Sallie Mae Bank (the “Bank”) is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. 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.

At September 30, 2022, the adjusted transition amounts, reflecting changes over the phase-in period, that will be deferred for regulatory capital purposes are as follows:


	Transition Amounts		Adjustments for the Year Ended		Adjustments for the Year Ended		Adjustments for the Nine Months Ended		Adjusted Transition Amounts
(Dollars in thousands)	January 1, 2020		December 31, 2020		December 31, 2021		September 30, 2022		September 30, 2022

Retained earnings	$	952,639	$	(57,859)	$	(58,429)	$	(209,088)	$	627,263
Allowance for credit losses	1,143,053		(55,811)		(49,097)		(259,536)		778,609
Liability for unfunded commitments	115,758		(2,048)		(9,333)		(26,094)		78,283
Deferred tax asset	306,171		—		—		(76,542)		229,629

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 September 30, 2022(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,098,799	13.3	%	$	1,626,628	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,098,799	13.3	%	$	1,975,191	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,391,178	14.6	%	$	2,439,942	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,098,799	10.6	%	$	1,170,406	>	4.0	%

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	%

(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.

(3) For September 30, 2022, the actual amounts and the actual ratios include the adjusted transition amounts discussed above that were phased in at the beginning of 2022.

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 $241 million and $642 million in dividends to the Company for the three and nine months ended September 30, 2022, respectively, and $50 million and $1.2 billion in dividends to the Company for the three and nine months ended September 30, 2021, respectively, with the proceeds primarily used to fund the 2022, 2021, and 2020 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 share 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

Commitments, Contingencies and Guarantees	9 Months Ended
Commitments, Contingencies and Guarantees	Sep. 30, 2022
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). We estimate expected credit losses over the contractual period that we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. At September 30, 2022, we had $2.2 billion of outstanding contractual loan commitments which we expect to fund during the 2022/2023 academic year. At September 30, 2022, we had a $108 million reserve recorded in “Other Liabilities” to cover lifetime expected credit losses on these unfunded commitments. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses - 2021 and 2020 — Off-Balance Sheet Exposure for Contractual Loan Commitments - 2021 and 2020” in our 2021 Form 10-K and Note 6, “Unfunded Loan Commitments” in this Form 10-Q for additional information. Regulatory Matters For additional information regarding our regulatory matters, see Notes to Consolidated Financial Statements, Note 20, “Commitments, Contingencies and Guarantees” in our 2021 Form 10-K. 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.

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event2022-D TransactionOn October 19, 2022, we closed an SMB Private Education Loan Trust 2022-D term ABS transaction (the “2022-D Transaction”), in which an unaffiliated third-party sold to the trust approximately $1.0 billion of Private Education Loans that the third-party seller previously purchased from us on September 15, 2022. In the 2022-D Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $54 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 2022-D transaction. The gain on sale of loans sold expressed as a percentage was in the single-digits and will be recognized in the fourth-quarter 2022 consolidated statements of income.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. 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. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”).
Consolidation	Consolidation The consolidated financial statements include the accounts of the Company 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
Business Combination	Business CombinationThe acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standard Codification 805, “Business Combinations,” whereby as of the acquisition date, the acquired tangible assets and liabilities were recorded at their estimated fair values. The identifiable intangible assets were recorded at fair values as determined by an independent appraiser.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements On March 31, 2022, the FASB issued Accounting Standards Update (“ASU”) No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU No. 2022-02”), which eliminates the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The enhanced disclosures are required to be provided for modifications made starting in the period of adoption. Information about modifications in periods before adoption is not required to be provided. ASU No. 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination. For entities that have adopted the amendments in ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“CECL”), the amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments in ASU No. 2022-02 is permitted if an entity has adopted CECL. The amendments should be applied prospectively. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method. We have elected to early adopt all aspects of ASU No. 2022-02 prospectively for the period beginning January 1, 2022. The adoption was immaterial to our consolidated financial statements. For additional information, see Notes to Consolidated Financial Statements, Note 5, "Allowance for Credit Losses," in this Form 10-Q.

Investments (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 (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	$	394,753	$	—	$	1	$	(71,682)	$	323,072
Utah Housing Corporation bonds	3,584		—		—		(279)		3,305
U.S. government-sponsored enterprises and Treasuries	1,928,886		—		—		(124,239)		1,804,647
Other securities	316,317		—		—		(19,801)		296,516
Total	$	2,643,540	$	—	$	1	$	(216,001)	$	2,427,540

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

Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value


(Dollars in thousands)	Less than 12 months				12 months or more				Total
	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
As of September 30, 2022:
Mortgage-backed securities	$	(21,060)	$	126,053	$	(50,622)	$	196,946	$	(71,682)	$	322,999
Utah Housing Corporation bonds	(279)		3,305		—		—		(279)		3,305
U.S. government-sponsored enterprises and Treasuries	(84,320)		1,430,124		(39,919)		374,523		(124,239)		1,804,647
Other securities	(15,459)		264,836		(4,342)		31,680		(19,801)		296,516
Total	$	(121,118)	$	1,824,318	$	(94,883)	$	603,149	$	(216,001)	$	2,427,467

As of December 31, 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

Amortized Cost and Fair Value of Securities by Contractual Maturities


As of September 30, 2022 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2022	$	124,994	$	124,744
2023	162,549		157,988
2024	697,586		660,951
2025	297,572		282,163
2026	548,076		484,902
2027	98,109		93,900
2038	72		73
2039	831		810
2042	2,742		2,347
2043	4,834		4,285
2044	5,597		5,047
2045	5,699		5,002
2046	8,170		7,138
2047	8,718		7,750
2048	2,154		2,050
2049	16,820		14,799
2050	119,167		95,297
2051	165,761		131,838
2052	57,773		49,940
2053	117,467		107,891
2054	92,527		85,057
2055	106,322		103,568
Total	$	2,643,540	$	2,427,540

Loans Held for Investment (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:


	September 30,		December 31,
(Dollars in thousands)	2022		2021
Private Education Loans:
Fixed-rate	$	10,693,123	$	9,920,547
Variable-rate	9,411,340		10,796,316
Total Private Education Loans, gross	20,104,463		20,716,863
Deferred origination costs and unamortized premium/(discount)	66,816		67,488
Allowance for credit losses	(1,190,427)		(1,158,977)
Total Private Education Loans, net	18,980,852		19,625,374

FFELP Loans	643,614		695,216
Deferred origination costs and unamortized premium/(discount)	1,647		1,815
Allowance for credit losses	(3,811)		(4,077)
Total FFELP Loans, net	641,450		692,954

Credit Cards (fixed-rate)	—		25,014
Deferred origination costs and unamortized premium/(discount)	—		222
Allowance for credit losses	—		(2,281)
Total Credit Cards, net	—		22,955
Loans held for investment, net	$	19,622,302	$	20,341,283

The average balance (net of unamortized premium/discount) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:


	2022				2021
Three Months Ended September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	19,958,763	9.43	%	$	20,944,581	8.26	%
FFELP Loans	655,724		5.03		713,517		3.45
Credit Cards	—		—		14,894		6.95
Total portfolio	$	20,614,487			$	21,672,992


	2022				2021
Nine Months Ended September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,685,372	8.82	%	$	20,860,973	8.23	%
FFELP Loans	673,654		4.18		723,656		3.43
Credit Cards	—		—		12,821		4.97
Total portfolio	$	21,359,026			$	21,597,450

Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Credit Losses Metrics


Three Months Ended September 30, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Transfer from unfunded commitment liability(1)	—			168,377			—			168,377
Provisions:
Provision for current period	29			95,482			2,039			97,550
Loan sale reduction to provision	—			(50,226)			—			(50,226)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(2)	29			45,256			(333)			44,952
Net charge-offs:
Charge-offs	(147)			(109,350)			(2,062)			(111,559)
Recoveries	—			11,400			2			11,402
Net charge-offs	(147)			(97,950)			(2,060)			(100,157)

Ending Balance	$	3,811		$	1,190,427		$	—		$	1,194,238
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	3,811		$	1,190,427		$	—		$	1,194,238
Loans:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	643,614		$	20,104,463		$	—		$	20,748,077
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.11		%	2.67		%	—		%
Allowance as a percentage of the ending total loan balance	0.59		%	5.92		%	—		%
Allowance as a percentage of the ending loans in repayment(3)	0.78		%	8.18		%	—		%
Allowance coverage of net charge-offs (annualized)	6.48			3.04			—
Ending total loans, gross	$	643,614		$	20,104,463		$	—
Average loans in repayment(3)	$	518,226		$	14,674,437		$	—
Ending loans in repayment(3)	$	489,920		$	14,546,556		$	—

(1) See Note 6, “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
Three Months Ended September 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	45,256
Provisions for unfunded loan commitments	162,646
Total Private Education Loan provisions for credit losses	207,902
Other impacts to the provisions for credit losses:
FFELP Loans	29
Credit Cards	(333)
Total	(304)
Provisions for credit losses reported in consolidated statements of income	$	207,598


Three Months Ended September 30, 2021 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,262		$	1,154,540		$	1,442		$	1,160,244
Transfer from unfunded commitment liability(1)	—			110,613			—			110,613
Provisions:
Provision for current period	50			(6,995)			415			(6,530)
Loan sale reduction to provision	—			—			—			—

Total provisions(2)	50			(6,995)			415			(6,530)
Net charge-offs:
Charge-offs	(106)			(56,000)			(119)			(56,225)
Recoveries	—			7,302			3			7,305
Net charge-offs	(106)			(48,698)			(116)			(48,920)

Ending Balance	$	4,206		$	1,209,460		$	1,741		$	1,215,407
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	69,626		$	—		$	69,626
Ending balance: collectively evaluated for impairment	$	4,206		$	1,139,834		$	1,741		$	1,145,781
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,148,282		$	—		$	1,148,282
Ending balance: collectively evaluated for impairment	$	705,691		$	20,554,555		$	17,766		$	21,278,012
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.08		%	1.29		%	3.07		%
Allowance as a percentage of the ending total loan balance	0.60		%	5.57		%	9.80		%
Allowance as a percentage of the ending loans in repayment(3)	0.79		%	7.81		%	9.80		%
Allowance coverage of net charge-offs (annualized)	9.92			6.21			3.75
Ending total loans, gross	$	705,691		$	21,702,837		$	17,766
Average loans in repayment(3)	$	540,018		$	15,108,802		$	15,098
Ending loans in repayment(3)	$	530,476		$	15,490,132		$	17,766

(1) See Note 6, “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
Three Months Ended September 30, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(6,995)
Provisions for unfunded loan commitments	144,972
Total Private Education Loan provisions for credit losses	137,977
Other impacts to the provisions for credit losses:
FFELP Loans	50
Credit Cards	415
Total	465
Provisions for credit losses reported in consolidated statements of income	$	138,442


Nine Months Ended September 30, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Transfer from unfunded commitment liability(1)	—			303,591			—			303,591
Provisions:
Provision for current period	110			168,473			2,635			171,218
Loan sale reduction to provision	—			(171,325)			—			(171,325)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(2)	110			(2,852)			263			(2,479)
Net charge-offs:
Charge-offs	(376)			(299,699)			(2,549)			(302,624)
Recoveries	—			30,410			5			30,415
Net charge-offs	(376)			(269,289)			(2,544)			(272,209)

Ending Balance	$	3,811		$	1,190,427		$	—		$	1,194,238
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	3,811		$	1,190,427		$	—		$	1,194,238
Loans:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	643,614		$	20,104,463		$	—		$	20,748,077
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.09		%	2.37		%	—		%
Allowance as a percentage of the ending total loan balance	0.59		%	5.92		%	—		%
Allowance as a percentage of the ending loans in repayment(4)	0.78		%	8.18		%	—		%
Allowance coverage of net charge-offs (annualized)	7.60			3.32			—
Ending total loans, gross	$	643,614		$	20,104,463		$	—
Average loans in repayment(3)	$	532,275		$	15,173,465		$	—
Ending loans in repayment(3)	$	489,920		$	14,546,556		$	—

(1) See Note 6, “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
Nine Months Ended September 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(2,852)
Provisions for unfunded loan commitments	338,672
Total Private Education Loan provisions for credit losses	335,820
Other impacts to the provisions for credit losses:
FFELP Loans	110
Credit Cards	263
Total	373
Provisions for credit losses reported in consolidated statements of income	$	336,193


Nine Months Ended September 30, 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)	—			262,049			—			262,049
Provisions:
Provision for current period	77			(260,923)			511			(260,335)
Loan sale reduction to provision	—			(10,335)			—			(10,335)
Loans transferred from held-for-sale	—			1,887			—			1,887
Total provisions(2)	77			(269,371)			511			(268,783)
Net charge-offs:
Charge-offs	(249)			(161,039)			(281)			(161,569)
Recoveries	—			21,977			10			21,987
Net charge-offs	(249)			(139,062)			(271)			(139,582)

Ending Balance	$	4,206		$	1,209,460		$	1,741		$	1,215,407
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	69,626		$	—		$	69,626
Ending balance: collectively evaluated for impairment	$	4,206		$	1,139,834		$	1,741		$	1,145,781
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,148,282		$	—		$	1,148,282
Ending balance: collectively evaluated for impairment	$	705,691		$	20,554,555		$	17,766		$	21,278,012
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.06		%	1.25		%	2.75		%
Allowance as a percentage of the ending total loan balance	0.60		%	5.57		%	9.80		%
Allowance as a percentage of the ending loans in repayment(3)	0.79		%	7.81		%	9.80		%
Allowance coverage of net charge-offs (annualized)	12.67			6.52			4.82
Ending total loans, gross	$	705,691		$	21,702,837		$	17,766
Average loans in repayment(3)	$	547,394		$	14,877,937		$	13,136
Ending loans in repayment(3)	$	530,476		$	15,490,132		$	17,766

(1) See Note 6, “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
Nine Months Ended September 30, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(269,371)
Provisions for unfunded loan commitments	251,135
Total Private Education Loan provisions for credit losses	(18,236)
Other impacts to the provisions for credit losses:
FFELP Loans	77
Credit Cards	511
Total	588
Provisions for credit losses reported in consolidated statements of income	$	(17,648)

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.


	2022				2021
Three Months Ended September 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments
Beginning Balance	$	113,525	$	1,413,840	$	64,772	$	1,161,696
Provision/New commitments - net(1)	192,559		3,148,434		129,904		2,885,024
Other provision items	(29,913)		—		15,068		—
Transfer - funded loans(2)	(168,377)		(2,345,348)		(110,613)		(2,083,128)
Ending Balance	$	107,794	$	2,216,926	$	99,131	$	1,963,592

	2022				2021
Nine Months Ended September 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	72,713	$	1,776,976	$	110,044	$	1,673,018
Provision/New commitments - net(1)	339,705		5,584,129		218,304		4,963,789
Other provision items	(1,033)		—		32,831		—
Transfer - funded loans(2)	(303,591)		(5,144,179)		(262,048)		(4,673,215)
Ending Balance	$	107,794	$	2,216,926	$	99,131	$	1,963,592

(1) Net of expirations of commitments unused.

Amortized Cost Basis of Financing Receivables


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended September 30, 2022 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	9,750	0.05	%	$	79,765	0.40	%
Total	$	9,750	0.05	%	$	79,765	0.40	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Nine Months Ended September 30, 2022 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	25,065	0.12	%	$	237,588	1.18	%
Total	$	25,065	0.12	%	$	237,588	1.18	%

The following tables describes the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:

Three Months Ended September 30, 2022

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 11.31% to 4.00%

Private Education Loans

Added a weighted average 10.24 years to the life of loans

Reduced average contractual rate from 10.87% to 4.00%

Nine Months Ended September 30, 2022

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 10.76% to 4.00%

Private Education Loans

Added a weighted average 10.38 years to the life of loans

Reduced average contractual rate from 10.17% to 4.00%



	Three Months Ended September 30, 2022				Nine Months Ended September 30, 2022
(Dollars in thousands)	Modified Loans(1)(2)		Payment Default		Modified Loans(1)(2)		Payment Default
Loan Type:
Private Education Loans	$	9,467	$	9,289	$	12,660	$	12,463
Total	$	9,467	$	9,289	$	12,660	$	12,463

(1) Represents amortized cost basis of loans that have been modified.

Age Analysis of Past Due Loans Delinquencies

The following table depicts the performance of loans that have

been modified during the period from January 1, 2022 (the effective date of our adoption of ASU No. 2022-02) through the end of the reporting period.


	Payment Status (Amortized Cost Basis)
At September 30, 2022 (dollars in thousands)	Deferment(1)		Current(2)(3)		30-59 Days Past Due(2)(3)		60-89 Days Past Due(2)(3)		90 Days or Greater Past Due(2)(3)
Loan Type:
Private Education Loans	$	5,575	$	236,477	$	10,335	$	5,835	$	4,431
Total	$	5,575	$	236,477	$	10,335	$	5,835	$	4,431

(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 September 30, 2022 (dollars in thousands)	2022			2021			2020			2019			2018			2017 and Prior			Total

Loans in-school/grace/deferment(1)	$	1,576,993		$	1,745,245		$	730,081		$	488,712		$	284,858		$	530,971		$	5,356,860
Loans in forbearance(2)	4,034			19,309			21,994			24,534			24,589			106,587			201,047
Loans in repayment:
Loans current	1,950,830			2,802,675			1,854,054			1,654,125			1,293,502			4,447,769			14,002,955
Loans delinquent 30-59 days(3)	4,690			25,836			28,361			32,374			28,952			135,028			255,241
Loans delinquent 60-89 days(3)	1,542			13,268			17,592			19,004			18,721			81,685			151,812
Loans 90 days or greater past due(3)	628			6,964			13,526			18,632			16,528			80,270			136,548
Total Private Education Loans in repayment	1,957,690			2,848,743			1,913,533			1,724,135			1,357,703			4,744,752			14,546,556
Total Private Education Loans, gross	3,538,717			4,613,297			2,665,608			2,237,381			1,667,150			5,382,310			20,104,463
Private Education Loans deferred origination costs and unamortized premium/(discount)	20,938			16,761			9,719			5,935			3,867			9,596			66,816
Total Private Education Loans	3,559,655			4,630,058			2,675,327			2,243,316			1,671,017			5,391,906			20,171,279
Private Education Loans allowance for losses	(260,520)			(296,638)			(153,743)			(135,939)			(91,886)			(251,701)			(1,190,427)
Private Education Loans, net	$	3,299,135		$	4,333,420		$	2,521,584		$	2,107,377		$	1,579,131		$	5,140,205		$	18,980,852

Percentage of Private Education Loans in repayment	55.3		%	61.8		%	71.8		%	77.1		%	81.4		%	88.2		%	72.4		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.4		%	1.6		%	3.1		%	4.1		%	4.7		%	6.3		%	3.7		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.2		%	0.7		%	1.1		%	1.4		%	1.8		%	2.2		%	1.4		%

(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, 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 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 September 30, 2022 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2022(1)		2021(1)		2020(1)		2019(1)		2018(1)		2017 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	3,047,398	$	3,994,466	$	2,273,147	$	1,903,962	$	1,443,011	$	4,871,685	$	17,533,669	87	%
Without cosigner	491,319		618,831		392,461		333,419		224,139		510,625		2,570,794		13
Total	$	3,538,717	$	4,613,297	$	2,665,608	$	2,237,381	$	1,667,150	$	5,382,310	$	20,104,463	100	%

FICO at Origination(2):
Less than 670	$	271,510	$	308,184	$	161,273	$	180,403	$	146,085	$	460,074	$	1,527,529	8	%
670-699	490,170		615,019		364,369		348,359		266,501		922,131		3,006,549		15
700-749	1,106,786		1,457,396		859,924		739,722		554,847		1,813,627		6,532,302		32
Greater than or equal to 750	1,670,251		2,232,698		1,280,042		968,897		699,717		2,186,478		9,038,083		45
Total	$	3,538,717	$	4,613,297	$	2,665,608	$	2,237,381	$	1,667,150	$	5,382,310	$	20,104,463	100	%


FICO Refreshed(2)(3):
Less than 670	$	330,446	$	431,998	$	233,480	$	239,180	$	206,833	$	811,604	$	2,253,541	11	%
670-699	494,948		594,535		292,414		246,158		179,979		589,077		2,397,111		12
700-749	1,092,230		1,402,767		778,630		649,713		466,824		1,458,193		5,848,357		29
Greater than or equal to 750	1,621,093		2,183,997		1,361,084		1,102,330		813,514		2,523,436		9,605,454		48
Total	$	3,538,717	$	4,613,297	$	2,665,608	$	2,237,381	$	1,667,150	$	5,382,310	$	20,104,463	100	%

Seasoning(4):
1-12 payments	$	1,961,724	$	1,921,089	$	323,754	$	305,985	$	224,662	$	482,794	$	5,220,008	26	%
13-24 payments	—		946,963		1,028,413		169,959		156,320		489,470		2,791,125		14
25-36 payments	—		—		583,318		909,963		130,692		508,953		2,132,926		11
37-48 payments	—		—		42		362,762		639,349		483,212		1,485,365		7
More than 48 payments	—		—		—		—		231,269		2,886,910		3,118,179		16
Not yet in repayment	1,576,993		1,745,245		730,081		488,712		284,858		530,971		5,356,860		26
Total	$	3,538,717	$	4,613,297	$	2,665,608	$	2,237,381	$	1,667,150	$	5,382,310	$	20,104,463	100	%

2022 Current period(5) gross charge-offs	$	(696)	$	(13,397)	$	(33,009)	$	(44,122)	$	(42,589)	$	(165,886)	$	(299,699)
2022 Current period(5) recoveries	40		928		2,901		4,092		4,049		18,400		30,410
2022 Current period(5) net charge-offs	$	(656)	$	(12,469)	$	(30,108)	$	(40,030)	$	(38,540)	$	(147,486)	$	(269,289)

Total accrued interest by origination vintage	$	72,446	$	292,512	$	222,265	$	217,871	$	149,759	$	246,305	$	1,201,158
(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 third-quarter 2022. (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, 2022 through September 30, 2022.


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 January 1, 2021 through December 31, 2021.

Accrued Interest Receivable


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

September 30, 2022	$	1,201,159	$	6,515	$	7,783
December 31, 2021	$	1,187,123	$	3,635	$	4,937

Unfunded Loan Commitments (Tables)

9 Months Ended

Sep. 30, 2022

Credit Loss [Abstract]

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Credit Losses Metrics


Three Months Ended September 30, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Transfer from unfunded commitment liability(1)	—			168,377			—			168,377
Provisions:
Provision for current period	29			95,482			2,039			97,550
Loan sale reduction to provision	—			(50,226)			—			(50,226)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(2)	29			45,256			(333)			44,952
Net charge-offs:
Charge-offs	(147)			(109,350)			(2,062)			(111,559)
Recoveries	—			11,400			2			11,402
Net charge-offs	(147)			(97,950)			(2,060)			(100,157)

Ending Balance	$	3,811		$	1,190,427		$	—		$	1,194,238
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	3,811		$	1,190,427		$	—		$	1,194,238
Loans:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	643,614		$	20,104,463		$	—		$	20,748,077
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.11		%	2.67		%	—		%
Allowance as a percentage of the ending total loan balance	0.59		%	5.92		%	—		%
Allowance as a percentage of the ending loans in repayment(3)	0.78		%	8.18		%	—		%
Allowance coverage of net charge-offs (annualized)	6.48			3.04			—
Ending total loans, gross	$	643,614		$	20,104,463		$	—
Average loans in repayment(3)	$	518,226		$	14,674,437		$	—
Ending loans in repayment(3)	$	489,920		$	14,546,556		$	—

(1) See Note 6, “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
Three Months Ended September 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	45,256
Provisions for unfunded loan commitments	162,646
Total Private Education Loan provisions for credit losses	207,902
Other impacts to the provisions for credit losses:
FFELP Loans	29
Credit Cards	(333)
Total	(304)
Provisions for credit losses reported in consolidated statements of income	$	207,598


Three Months Ended September 30, 2021 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,262		$	1,154,540		$	1,442		$	1,160,244
Transfer from unfunded commitment liability(1)	—			110,613			—			110,613
Provisions:
Provision for current period	50			(6,995)			415			(6,530)
Loan sale reduction to provision	—			—			—			—

Total provisions(2)	50			(6,995)			415			(6,530)
Net charge-offs:
Charge-offs	(106)			(56,000)			(119)			(56,225)
Recoveries	—			7,302			3			7,305
Net charge-offs	(106)			(48,698)			(116)			(48,920)

Ending Balance	$	4,206		$	1,209,460		$	1,741		$	1,215,407
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	69,626		$	—		$	69,626
Ending balance: collectively evaluated for impairment	$	4,206		$	1,139,834		$	1,741		$	1,145,781
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,148,282		$	—		$	1,148,282
Ending balance: collectively evaluated for impairment	$	705,691		$	20,554,555		$	17,766		$	21,278,012
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.08		%	1.29		%	3.07		%
Allowance as a percentage of the ending total loan balance	0.60		%	5.57		%	9.80		%
Allowance as a percentage of the ending loans in repayment(3)	0.79		%	7.81		%	9.80		%
Allowance coverage of net charge-offs (annualized)	9.92			6.21			3.75
Ending total loans, gross	$	705,691		$	21,702,837		$	17,766
Average loans in repayment(3)	$	540,018		$	15,108,802		$	15,098
Ending loans in repayment(3)	$	530,476		$	15,490,132		$	17,766

(1) See Note 6, “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
Three Months Ended September 30, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(6,995)
Provisions for unfunded loan commitments	144,972
Total Private Education Loan provisions for credit losses	137,977
Other impacts to the provisions for credit losses:
FFELP Loans	50
Credit Cards	415
Total	465
Provisions for credit losses reported in consolidated statements of income	$	138,442


Nine Months Ended September 30, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Transfer from unfunded commitment liability(1)	—			303,591			—			303,591
Provisions:
Provision for current period	110			168,473			2,635			171,218
Loan sale reduction to provision	—			(171,325)			—			(171,325)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(2)	110			(2,852)			263			(2,479)
Net charge-offs:
Charge-offs	(376)			(299,699)			(2,549)			(302,624)
Recoveries	—			30,410			5			30,415
Net charge-offs	(376)			(269,289)			(2,544)			(272,209)

Ending Balance	$	3,811		$	1,190,427		$	—		$	1,194,238
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	3,811		$	1,190,427		$	—		$	1,194,238
Loans:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	643,614		$	20,104,463		$	—		$	20,748,077
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.09		%	2.37		%	—		%
Allowance as a percentage of the ending total loan balance	0.59		%	5.92		%	—		%
Allowance as a percentage of the ending loans in repayment(4)	0.78		%	8.18		%	—		%
Allowance coverage of net charge-offs (annualized)	7.60			3.32			—
Ending total loans, gross	$	643,614		$	20,104,463		$	—
Average loans in repayment(3)	$	532,275		$	15,173,465		$	—
Ending loans in repayment(3)	$	489,920		$	14,546,556		$	—

(1) See Note 6, “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
Nine Months Ended September 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(2,852)
Provisions for unfunded loan commitments	338,672
Total Private Education Loan provisions for credit losses	335,820
Other impacts to the provisions for credit losses:
FFELP Loans	110
Credit Cards	263
Total	373
Provisions for credit losses reported in consolidated statements of income	$	336,193


Nine Months Ended September 30, 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)	—			262,049			—			262,049
Provisions:
Provision for current period	77			(260,923)			511			(260,335)
Loan sale reduction to provision	—			(10,335)			—			(10,335)
Loans transferred from held-for-sale	—			1,887			—			1,887
Total provisions(2)	77			(269,371)			511			(268,783)
Net charge-offs:
Charge-offs	(249)			(161,039)			(281)			(161,569)
Recoveries	—			21,977			10			21,987
Net charge-offs	(249)			(139,062)			(271)			(139,582)

Ending Balance	$	4,206		$	1,209,460		$	1,741		$	1,215,407
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	69,626		$	—		$	69,626
Ending balance: collectively evaluated for impairment	$	4,206		$	1,139,834		$	1,741		$	1,145,781
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,148,282		$	—		$	1,148,282
Ending balance: collectively evaluated for impairment	$	705,691		$	20,554,555		$	17,766		$	21,278,012
Net charge-offs as a percentage of average loans in repayment (annualized)(3)	0.06		%	1.25		%	2.75		%
Allowance as a percentage of the ending total loan balance	0.60		%	5.57		%	9.80		%
Allowance as a percentage of the ending loans in repayment(3)	0.79		%	7.81		%	9.80		%
Allowance coverage of net charge-offs (annualized)	12.67			6.52			4.82
Ending total loans, gross	$	705,691		$	21,702,837		$	17,766
Average loans in repayment(3)	$	547,394		$	14,877,937		$	13,136
Ending loans in repayment(3)	$	530,476		$	15,490,132		$	17,766

(1) See Note 6, “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
Nine Months Ended September 30, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(269,371)
Provisions for unfunded loan commitments	251,135
Total Private Education Loan provisions for credit losses	(18,236)
Other impacts to the provisions for credit losses:
FFELP Loans	77
Credit Cards	511
Total	588
Provisions for credit losses reported in consolidated statements of income	$	(17,648)


	2022				2021
Three Months Ended September 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments
Beginning Balance	$	113,525	$	1,413,840	$	64,772	$	1,161,696
Provision/New commitments - net(1)	192,559		3,148,434		129,904		2,885,024
Other provision items	(29,913)		—		15,068		—
Transfer - funded loans(2)	(168,377)		(2,345,348)		(110,613)		(2,083,128)
Ending Balance	$	107,794	$	2,216,926	$	99,131	$	1,963,592

	2022				2021
Nine Months Ended September 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	72,713	$	1,776,976	$	110,044	$	1,673,018
Provision/New commitments - net(1)	339,705		5,584,129		218,304		4,963,789
Other provision items	(1,033)		—		32,831		—
Transfer - funded loans(2)	(303,591)		(5,144,179)		(262,048)		(4,673,215)
Ending Balance	$	107,794	$	2,216,926	$	99,131	$	1,963,592

(1) Net of expirations of commitments unused.

Goodwill and Acquired Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets

Acquired intangible assets include the following:


		September 30, 2022
(Dollars in thousands)	Useful Life (in years)(1)	Cost Basis		Accumulated Amortization		Net
Tradename and trademarks	10	$	68,470	$	(3,994)	$	64,476
Customer relationships	5	5,670		(1,239)		4,431
Developed technology	3	1,260		(245)		1,015
Total acquired intangible assets		$	75,400	$	(5,478)	$	69,922

(1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 9.51 years.

Deposits (Tables)

9 Months Ended

Sep. 30, 2022

Banking and Thrift, Other Disclosure [Abstract]

Schedule of Deposits

The following table summarizes total deposits at September 30, 2022 and December 31, 2021.


	September 30,		December 31,
(Dollars in thousands)	2022		2021
Deposits - interest-bearing	$	21,276,181	$	20,826,692
Deposits - non-interest-bearing	567		1,432
Total deposits	$	21,276,748	$	20,828,124

Interest Bearing Deposits

Interest bearing deposits at September 30, 2022 and December 31, 2021 are summarized as follows:


	September 30, 2022				December 31, 2021
(Dollars in thousands)	Amount		Qtr.-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	11,053,370	2.57	%	$	10,473,569	0.69	%
Savings	947,870		2.14		959,122		0.43
Certificates of deposit	9,274,941		2.29		9,394,001		1.20
Deposits - interest bearing	$	21,276,181			$	20,826,692

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

Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes our borrowings at September 30, 2022 and December 31, 2021.


	September 30, 2022						December 31, 2021
(Dollars in thousands)	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	988,182	$	988,182	$	—	$	986,138	$	986,138
Total unsecured borrowings	—		988,182		988,182		—		986,138		986,138
Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,673,627		3,673,627		—		3,897,996		3,897,996
Variable-rate	—		860,502		860,502		—		1,046,856		1,046,856
Total Private Education Loan term securitizations	—		4,534,129		4,534,129		—		4,944,852		4,944,852
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		4,534,129		4,534,129		—		4,944,852		4,944,852
Total	$	—	$	5,522,311	$	5,522,311	$	—	$	5,930,990	$	5,930,990

Schedule of Securities Financing Transactions

The following table summarizes our secured financings issued in 2021. There was one secured financing issued in the nine months ended September 30, 2022.


Issue	Date Issued	Total Issued		Weighted Average Cost of Funds(1)	Weighted Average Life (in years)
(Dollars in thousands)
Private Education Loans:
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(2)		$	1,656,263

2022-C	August 2022	$	575,000	SOFR plus 1.76%	4.69
Total notes issued in 2022		$	575,000

Total loan and accrued interest amount securitized at inception in 2022(3)		$	674,387

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

(2) At September 30, 2022, $1.33 billion of our Private Education Loans, including $1.25 billion of principal and $84 million in capitalized interest, were encumbered related to these transactions.

(3) At September 30, 2022, $658 million of our Private Education Loans, including $613 million of principal and $45 million in capitalized interest, were encumbered related to these 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 September 30, 2022 (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	$	—	$	4,534,129	$	4,534,129	$	5,665,062	$	177,917	$	345,436	$	6,188,415
Secured Borrowing Facility	—		—		—		—		—		1,775		1,775
Total	$	—	$	4,534,129	$	4,534,129	$	5,665,062	$	177,917	$	347,211	$	6,190,190


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

(1) Other assets primarily represent accrued interest receivable.

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


	September 30, 2022						December 31, 2021
(Dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	296,516	$	47,386	$	343,902	$	192,245	$	37,465	$	229,710

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

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

- 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)

9 Months Ended

Sep. 30, 2022

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
		September 30,		December 31,		September 30,		December 31,		September 30,		December 31,		September 30,		December 31,
(Dollars in thousands)		2022		2021		2022		2021		2022		2021		2022		2021
Fair Values(1)	Hedged Risk Exposure

Derivative Assets:(2)
Interest rate swaps	Interest rate	$	2,172	$	—	$	—	$	—	$	—	$	5	$	2,172	$	5
Other	Other	—		—		—		—		—		1,317		—		1,317
Derivative Liabilities:(2)
Interest rate swaps	Interest rate	—		(231)		(1,051)		(21)		—		—		(1,051)		(252)
Total net derivatives		$	2,172	$	(231)	$	(1,051)	$	(21)	$	—	$	1,322	$	1,121	$	1,070

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


	Other Assets				Other Liabilities
	September 30,		December 31,		September 30,		December 31,
(Dollars in thousands)	2022		2021		2022		2021
Gross position(1)	$	2,172	$	1,322	$	(1,051)	$	(252)
Impact of master netting agreement	(1,051)		(5)		1,051		5
Derivative values with impact of master netting agreements (as carried on balance sheet)	1,121		1,317		—		(247)
Cash collateral pledged(2)	11,025		9,655		—		—
Net position	$	12,146	$	10,972	$	—	$	(247)

(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:


	Other Assets				Other Liabilities
	September 30,		December 31,		September 30,		December 31,
(Dollars in thousands)	2022		2021		2022		2021
Gross position(1)	$	2,172	$	1,322	$	(1,051)	$	(252)
Impact of master netting agreement	(1,051)		(5)		1,051		5
Derivative values with impact of master netting agreements (as carried on balance sheet)	1,121		1,317		—		(247)
Cash collateral pledged(2)	11,025		9,655		—		—
Net position	$	12,146	$	10,972	$	—	$	(247)

(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:


	Other Assets				Other Liabilities
	September 30,		December 31,		September 30,		December 31,
(Dollars in thousands)	2022		2021		2022		2021
Gross position(1)	$	2,172	$	1,322	$	(1,051)	$	(252)
Impact of master netting agreement	(1,051)		(5)		1,051		5
Derivative values with impact of master netting agreements (as carried on balance sheet)	1,121		1,317		—		(247)
Cash collateral pledged(2)	11,025		9,655		—		—
Net position	$	12,146	$	10,972	$	—	$	(247)

(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
(Dollars in thousands)	September 30,		December 31,		September 30,		December 31,		September 30,		December 31,		September 30,		December 31,
	2022		2021		2022		2021		2022		2021		2022		2021
Interest rate swaps	$	1,345,688	$	1,438,144	$	2,130,049	$	3,915,999	$	—	$	181,953	$	3,475,737	$	5,536,096
Other	—		—		—		—		—		1,053,760		—		1,053,760
Net total notional	$	1,345,688	$	1,438,144	$	2,130,049	$	3,915,999	$	—	$	1,235,713	$	3,475,737	$	6,589,856

Schedule of Cumulative Basis Adjustments for Fair Value Hedges

As of September 30, 2022 and December 31, 2021, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


(Dollars in thousands)	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included:	September 30,		December 31,		September 30,		December 31,
	2022		2021		2022		2021

Deposits	$	(2,090,825)	$	(3,963,268)	$	36,114	$	(50,784)

Derivative Instruments, Gain (Loss)


Impact of Derivatives on the Consolidated Statements of Income
	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)	2022		2021		2022		2021

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(1,783)	$	21,763	$	24,418	$	67,230
Hedged items recorded in interest expense	14,143		20,551		86,899		72,774
Derivatives recorded in interest expense	(14,425)		(20,602)		(86,896)		(72,787)
Total	$	(2,065)	$	21,712	$	24,421	$	67,217

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	2,771	$	(5,228)	$	(4,033)	$	(15,791)
Total	$	2,771	$	(5,228)	$	(4,033)	$	(15,791)

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	—	$	(3,571)	$	(248)	$	(21,383)
Total	—		(3,571)		(248)		(21,383)
Total	$	706	$	12,913	$	20,140	$	30,043

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)


Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2022		2021		2022		2021

Amount of gain (loss) recognized in other comprehensive income (loss)	$	32,594	$	(133)	$	94,215	$	13,583
Less: amount of gain (loss) reclassified in interest expense	2,771		(5,228)		(4,033)		(15,791)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	29,823	$	5,095	$	98,248	$	29,374

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Common Share Repurchases

The following table summarizes our common share repurchases and issuances.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Shares and per share amounts in actuals)	2022		2021		2022		2021
Common stock repurchased under repurchase programs(1)(2)(3)	1,191,544		13,018,585		30,721,944		84,528,256
Average purchase price per share(4)	$	14.14	$	18.75	$	18.00	$	17.17
Shares repurchased related to employee stock-based compensation plans(5)	448		115,414		1,131,351		1,367,826
Average purchase price per share	$	13.99	$	18.83	$	18.36	$	14.70
Common shares issued(6)	4,682		504,183		3,093,392		3,785,490

(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)

9 Months Ended

Sep. 30, 2022

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.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Net income	$	75,172	$	72,840	$	546,057	$	854,248
Preferred stock dividends	2,531		1,166		5,563		3,559
Net income attributable to SLM Corporation common stock	$	72,641	$	71,674	$	540,494	$	850,689
Denominator:
Weighted average shares used to compute basic EPS	251,266		299,890		263,098		324,148
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (1)(2)	2,450		4,621		2,967		4,916

Weighted average shares used to compute diluted EPS	253,716		304,511		266,065		329,064

Basic earnings per common share	$	0.29	$	0.24	$	2.05	$	2.62

Diluted earnings per common share	$	0.29	$	0.24	$	2.03	$	2.59

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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
	September 30, 2022								December 31, 2021
(Dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Trading investments	$	—	$	—	$	52,450	$	52,450	$	—	$	—	$	37,465	$	37,465
Available-for-sale investments	—		2,427,540		—		2,427,540		—		2,517,956		—		2,517,956
Derivative instruments	—		2,172		—		2,172		—		1,322		—		1,322
Total	$	—	$	2,429,712	$	52,450	$	2,482,162	$	—	$	2,519,278	$	37,465	$	2,556,743

Liabilities:
Derivative instruments	$	—	$	(1,051)	$	—	$	(1,051)	$	—	$	(252)	$	—	$	(252)
Total	$	—	$	(1,051)	$	—	$	(1,051)	$	—	$	(252)	$	—	$	(252)

Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments

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


	September 30, 2022						December 31, 2021
(Dollars in thousands)	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	20,932,120	$	18,980,852	$	1,951,268	$	22,919,836	$	19,625,374	$	3,294,462
FFELP Loans	653,268		641,450		11,818		705,644		692,954		12,690
Credit Cards	—		—		—		25,037		22,955		2,082
Loans held for sale	28,880		28,880		—		—		—		—
Cash and cash equivalents	4,846,754		4,846,754		—		4,334,603		4,334,603		—
Trading investments	52,450		52,450		—		37,465		37,465		—
Available-for-sale investments	2,427,540		2,427,540		—		2,517,956		2,517,956		—
Accrued interest receivable	1,262,493		1,223,647		38,846		1,306,410		1,205,667		100,743
Tax indemnification receivable	8,392		8,392		—		8,047		8,047		—
Derivative instruments	2,172		2,172		—		1,322		1,322		—
Total earning assets	$	30,214,069	$	28,212,137	$	2,001,932	$	31,856,320	$	28,446,343	$	3,409,977
Interest-bearing liabilities:
Money-market and savings accounts	$	11,885,984	$	12,001,240	$	115,256	$	11,457,490	$	11,432,691	$	(24,799)
Certificates of deposit	8,977,283		9,274,941		297,658		9,451,528		9,394,001		(57,527)

Long-term borrowings	5,163,501		5,522,311		358,810		6,000,174		5,930,990		(69,184)
Accrued interest payable	71,907		71,907		—		46,600		46,600		—
Derivative instruments	1,051		1,051		—		252		252		—
Total interest-bearing liabilities	$	26,099,726	$	26,871,450	$	771,724	$	26,956,044	$	26,804,534	$	(151,510)

Excess of net asset fair value over carrying value					$	2,773,656					$	3,258,467

Regulatory Capital (Tables)

9 Months Ended

Sep. 30, 2022

Banking and Thrift, Other Disclosure [Abstract]

Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations

At September 30, 2022, the adjusted transition amounts, reflecting changes over the phase-in period, that will be deferred for regulatory capital purposes are as follows:


	Transition Amounts		Adjustments for the Year Ended		Adjustments for the Year Ended		Adjustments for the Nine Months Ended		Adjusted Transition Amounts
(Dollars in thousands)	January 1, 2020		December 31, 2020		December 31, 2021		September 30, 2022		September 30, 2022

Retained earnings	$	952,639	$	(57,859)	$	(58,429)	$	(209,088)	$	627,263
Allowance for credit losses	1,143,053		(55,811)		(49,097)		(259,536)		778,609
Liability for unfunded commitments	115,758		(2,048)		(9,333)		(26,094)		78,283
Deferred tax asset	306,171		—		—		(76,542)		229,629

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 September 30, 2022(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,098,799	13.3	%	$	1,626,628	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,098,799	13.3	%	$	1,975,191	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,391,178	14.6	%	$	2,439,942	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,098,799	10.6	%	$	1,170,406	>	4.0	%

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	%

(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.

(3) For September 30, 2022, the actual amounts and the actual ratios include the adjusted transition amounts discussed above that were phased in at the beginning of 2022.

Significant Accounting Policies (Details) - Nitro $ in Millions	Mar. 04, 2022 USD ($)
Business Acquisition [Line Items]
Purchase price	$ 51
Transaction costs	3
Identifiable intangible assets at acquisition date included definite life intangible assets	$ 75
Minimum
Business Acquisition [Line Items]
Intangible assets amortized period (in years)	3 years
Maximum
Business Acquisition [Line Items]
Intangible assets amortized period (in years)	10 years

Investments - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended				12 Months Ended
Investments - Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($) security	Sep. 30, 2022 USD ($) security	Sep. 30, 2022 USD ($) security	Sep. 30, 2022 USD ($) security Rate	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) security
Investments, Debt and Equity Securities [Abstract]
Vertical risk retention interest			5.00%	5.00%
Payments to acquire trading securities	$ 5,000	$ 5,064			$ 0
Trading investments	$ 52,450	$ 52,450	$ 52,450	$ 52,450		$ 37,465
Number of available-for-sale securities with unrealized losses \| security	190	190	190	190		60
Number of available-for-sale securities \| security	191	191	191	191		180
Par value of mortgage-backed securities pledged to FRB	$ 627,000	$ 627,000	$ 627,000	$ 627,000		$ 888,000
Non-marketable securities investment	69,000	69,000	69,000	69,000		69,000
Low income housing tax credit investments	62,000	62,000	62,000	62,000		68,000
Low income housing tax credit investments, liability for unfunded commitments	$ 27,000	27,000	$ 27,000	$ 27,000		30,000
Low income housing tax credit investments, tax credits and benefits (less than)		$ 1,000				$ 7,000
Low income housing tax credit investments, expected tax benefits recognized			25.00%

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,643,540	$ 2,535,568
Allowance for credit losses	0	0
Gross Unrealized Gains	1	2,917
Gross Unrealized Losses	(216,001)	(20,529)
Estimated Fair Value	2,427,540	2,517,956
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	394,753	376,313
Allowance for credit losses	0	0
Gross Unrealized Gains	1	1,857
Gross Unrealized Losses	(71,682)	(7,073)
Estimated Fair Value	323,072	371,097
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,584	6,943
Allowance for credit losses	0	0
Gross Unrealized Gains	0	18
Gross Unrealized Losses	(279)	0
Estimated Fair Value	3,305	6,961
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,928,886	1,958,943
Allowance for credit losses	0	0
Gross Unrealized Gains	0	603
Gross Unrealized Losses	(124,239)	(11,893)
Estimated Fair Value	1,804,647	1,947,653
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	316,317	193,369
Allowance for credit losses	0	0
Gross Unrealized Gains	0	439
Gross Unrealized Losses	(19,801)	(1,563)
Estimated Fair Value	$ 296,516	$ 192,245

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Less than 12 months
Gross Unrealized Losses	$ (121,118)	$ (18,989)
Estimated Fair Value	1,824,318	1,593,655
12 months or more
Gross Unrealized Losses	(94,883)	(1,540)
Estimated Fair Value	603,149	36,587
Total
Gross Unrealized Losses	(216,001)	(20,529)
Estimated Fair Value	2,427,467	1,630,242
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(21,060)	(5,534)
Estimated Fair Value	126,053	261,404
12 months or more
Gross Unrealized Losses	(50,622)	(1,540)
Estimated Fair Value	196,946	36,587
Total
Gross Unrealized Losses	(71,682)	(7,074)
Estimated Fair Value	322,999	297,991
Utah Housing Corporation bonds
Less than 12 months
Gross Unrealized Losses	(279)	0
Estimated Fair Value	3,305	0
12 months or more
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
Total
Gross Unrealized Losses	(279)	0
Estimated Fair Value	3,305	0
U.S. government-sponsored enterprises and Treasuries
Less than 12 months
Gross Unrealized Losses	(84,320)	(11,892)
Estimated Fair Value	1,430,124	1,199,367
12 months or more
Gross Unrealized Losses	(39,919)	0
Estimated Fair Value	374,523	0
Total
Gross Unrealized Losses	(124,239)	(11,892)
Estimated Fair Value	1,804,647	1,199,367
Other securities
Less than 12 months
Gross Unrealized Losses	(15,459)	(1,563)
Estimated Fair Value	264,836	132,884
12 months or more
Gross Unrealized Losses	(4,342)	0
Estimated Fair Value	31,680	0
Total
Gross Unrealized Losses	(19,801)	(1,563)
Estimated Fair Value	$ 296,516	$ 132,884

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,643,540	$ 2,535,568
Estimated Fair Value	2,427,540	$ 2,517,956
2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	124,994
Estimated Fair Value	124,744
2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	162,549
Estimated Fair Value	157,988
2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	697,586
Estimated Fair Value	660,951
2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	297,572
Estimated Fair Value	282,163
2026
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	548,076
Estimated Fair Value	484,902
2027
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,109
Estimated Fair Value	93,900
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	72
Estimated Fair Value	73
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	831
Estimated Fair Value	810
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,742
Estimated Fair Value	2,347
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,834
Estimated Fair Value	4,285
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,597
Estimated Fair Value	5,047
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,699
Estimated Fair Value	5,002
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,170
Estimated Fair Value	7,138
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,718
Estimated Fair Value	7,750
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,154
Estimated Fair Value	2,050
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,820
Estimated Fair Value	14,799
2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	119,167
Estimated Fair Value	95,297
2051
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	165,761
Estimated Fair Value	131,838
2052
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	57,773
Estimated Fair Value	49,940
2053
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	117,467
Estimated Fair Value	107,891
2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	92,527
Estimated Fair Value	85,057
2055
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	106,322
Estimated Fair Value	$ 103,568

Loans Held for Investment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Receivables [Abstract]
Percent of private loans indexed to LIBOR	47.00%		47.00%		52.00%
Tier 1 of government guarantee (at least)	97.00%		97.00%			97.00%
Tier 2 of government guarantee							98.00%
Tier 3 of government guarantee								100.00%
Gain from sale	$ 74,978	$ (10)	$ 324,856	$ 402,780
Proceeds from sale of loans			3,290,000	3,190,000
Net proceeds from sales of loans held for investment, principal			3,080,000	2,990,000
Net proceeds from sales of loans held for investment, capitalized interest			$ 213,000	$ 195,000
Estimated weighted average life of student loans			5 years		4 years 8 months 12 days

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,194,238)	$ (1,081,066)	$ (1,165,335)	$ (1,215,407)	$ (1,160,244)	$ (1,361,723)
Loans held for investment, net	19,622,302		20,341,283
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	20,104,463		20,716,863
Deferred origination costs and unamortized premium/(discount)	66,816		67,488
Allowance for credit losses	(1,190,427)		(1,158,977)
Loans held for investment, net	18,980,852		19,625,374
Private Education Loans \| Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	10,693,123		9,920,547
Private Education Loans \| Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	9,411,340		10,796,316
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	643,614		695,216
Deferred origination costs and unamortized premium/(discount)	1,647		1,815
Allowance for credit losses	(3,811)		(4,077)
Loans held for investment, net	641,450		692,954
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	0		25,014
Deferred origination costs and unamortized premium/(discount)	0		222
Allowance for credit losses	0		(2,281)
Loans held for investment, net	$ 0		$ 22,955

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 20,614,487	$ 21,672,992	$ 21,359,026	$ 21,597,450
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 19,958,763	$ 20,944,581	$ 20,685,372	$ 20,860,973
Weighted Average Interest Rate	9.43%	8.26%	8.82%	8.23%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 655,724	$ 713,517	$ 673,654	$ 723,656
Weighted Average Interest Rate	5.03%	3.45%	4.18%	3.43%
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance		$ 14,894		$ 12,821
Weighted Average Interest Rate		6.95%		4.97%

Loans Held for Sale (Details) - USD ($)		3 Months Ended		9 Months Ended
Loans Held for Sale (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale	$ 28,880,000	$ 28,880,000		$ 28,880,000		$ 0
Charge-offs		111,559,000	$ 56,225,000	302,624,000	$ 161,569,000
Credit Card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale	29,000,000	$ 29,000,000		29,000,000		$ 0
Financing receivable, transfer to held-for-sale, allowance for credit loss, expense reversal				$ 2,400,000
Charge-offs	$ 1,500,000

Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Allowance for Credit Losses
Beginning balance	$ 1,081,066	$ 1,160,244	$ 1,165,335	$ 1,361,723	$ 1,361,723
Transfer from unfunded commitment liability	168,377	110,613	303,591	262,049
Provision for current period	97,550	(6,530)	171,218	(260,335)
Loan sale reduction to provision	(50,226)	0	(171,325)	(10,335)
Loans transferred to held-for-sale	(2,372)		(2,372)
Loans transferred from held-for-sale				1,887
Total provisions	44,952	(6,530)	(2,479)	(268,783)
Net charge-offs:
Charge-offs	(111,559)	(56,225)	(302,624)	(161,569)
Recoveries	11,402	7,305	30,415	21,987
Net charge-offs	(100,157)	(48,920)	(272,209)	(139,582)
Ending Balance	1,194,238	1,215,407	1,194,238	1,215,407	1,165,335
Allowance
Ending balance: individually evaluated for impairment	0	69,626	0	69,626
Ending balance: collectively evaluated for impairment	1,194,238	1,145,781	1,194,238	1,145,781
Loans:
Ending balance: individually evaluated for impairment	0	1,148,282	0	1,148,282
Ending balance: collectively evaluated for impairment	20,748,077	21,278,012	20,748,077	21,278,012
Private Education Loan provision for credit losses, other impacts	(304)	465	373	588
Less: provisions for credit losses	207,598	138,442	336,193	(17,648)
FFELP Loans
Allowance for Credit Losses
Beginning balance	3,929	4,262	4,077	4,378	4,378
Transfer from unfunded commitment liability	0	0	0	0
Provision for current period	29	50	110	77
Loan sale reduction to provision	0	0	0	0
Loans transferred to held-for-sale	0		0
Loans transferred from held-for-sale				0
Total provisions	29	50	110	77
Net charge-offs:
Charge-offs	(147)	(106)	(376)	(249)
Recoveries	0	0	0	0
Net charge-offs	(147)	(106)	(376)	(249)
Ending Balance	3,811	4,206	3,811	4,206	4,077
Allowance
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	3,811	4,206	3,811	4,206
Loans:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	$ 643,614	$ 705,691	$ 643,614	$ 705,691
Net charge-offs as a percentage of average loans in repayment (annualized)	0.11%	0.08%	0.09%	0.06%
Allowance as a percentage of the ending total loan balance	0.59%	0.60%	0.59%	0.60%
Allowance as a percentage of the ending loans in repayment	0.78%	0.79%	0.78%	0.79%
Allowance coverage of net charge-offs (annualized)	6.48	9.92	7.60	12.67
Ending total loans, gross	$ 643,614	$ 705,691	$ 643,614	$ 705,691
Average loans in repayment	518,226	540,018	532,275	547,394
Ending loans in repayment	489,920	530,476	489,920	530,476
Private Education Loan provision for credit losses, other impacts	29	50	110	77
Private Education Loans
Allowance for Credit Losses
Beginning balance	1,074,744	1,154,540	1,158,977	1,355,844	1,355,844
Transfer from unfunded commitment liability	168,377	110,613	303,591	262,049
Provision for current period	95,482	(6,995)	168,473	(260,923)
Loan sale reduction to provision	(50,226)	0	(171,325)	(10,335)
Loans transferred to held-for-sale	0		0
Loans transferred from held-for-sale				1,887
Total provisions	45,256	(6,995)	(2,852)	(269,371)
Net charge-offs:
Charge-offs	(109,350)	(56,000)	(299,699)	(161,039)
Recoveries	11,400	7,302	30,410	21,977
Net charge-offs	(97,950)	(48,698)	(269,289)	(139,062)
Ending Balance	1,190,427	1,209,460	1,190,427	1,209,460	1,158,977
Allowance
Ending balance: individually evaluated for impairment	0	69,626	0	69,626
Ending balance: collectively evaluated for impairment	1,190,427	1,139,834	1,190,427	1,139,834
Loans:
Ending balance: individually evaluated for impairment	0	1,148,282	0	1,148,282
Ending balance: collectively evaluated for impairment	$ 20,104,463	$ 20,554,555	$ 20,104,463	$ 20,554,555
Net charge-offs as a percentage of average loans in repayment (annualized)	2.67%	1.29%	2.37%	1.25%
Allowance as a percentage of the ending total loan balance	5.92%	5.57%	5.92%	5.57%
Allowance as a percentage of the ending loans in repayment	8.18%	7.81%	8.18%	7.81%
Allowance coverage of net charge-offs (annualized)	3.04	6.21	3.32	6.52
Ending total loans, gross	$ 20,104,463	$ 21,702,837	$ 20,104,463	$ 21,702,837
Average loans in repayment	14,674,437	15,108,802	15,173,465	14,877,937
Ending loans in repayment	14,546,556	15,490,132	14,546,556	15,490,132
Provisions for loan losses	45,256	(6,995)	(2,852)	(269,371)
Provisions for unfunded loan commitments	162,646	144,972	338,672	251,135
Total Private Education Loan provisions for credit losses	207,902	137,977	335,820	(18,236)
Credit Cards
Allowance for Credit Losses
Beginning balance	2,393	1,442	2,281	1,501	1,501
Transfer from unfunded commitment liability	0	0	0	0
Provision for current period	2,039	415	2,635	511
Loan sale reduction to provision	0	0	0	0
Loans transferred to held-for-sale	(2,372)		(2,372)
Loans transferred from held-for-sale				0
Total provisions	(333)	415	263	511
Net charge-offs:
Charge-offs	(2,062)	(119)	(2,549)	(281)
Recoveries	2	3	5	10
Net charge-offs	(2,060)	(116)	(2,544)	(271)
Ending Balance	0	1,741	0	1,741	$ 2,281
Allowance
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	0	1,741	0	1,741
Loans:
Ending balance: individually evaluated for impairment	0	0	0	0
Ending balance: collectively evaluated for impairment	$ 0	$ 17,766	$ 0	$ 17,766
Net charge-offs as a percentage of average loans in repayment (annualized)	0.00%	3.07%	0.00%	2.75%
Allowance as a percentage of the ending total loan balance	0.00%	9.80%	0.00%	9.80%
Allowance as a percentage of the ending loans in repayment	0.00%	9.80%	0.00%	9.80%
Allowance coverage of net charge-offs (annualized)	0	3.75	0	4.82
Ending total loans, gross	$ 0	$ 17,766	$ 0	$ 17,766
Average loans in repayment	0	15,098	0	13,136
Ending loans in repayment	0	17,766	0	17,766
Private Education Loan provision for credit losses, other impacts	$ (333)	$ 415	$ 263	$ 511

Allowance for Credit Losses - Narrative (Details)	9 Months Ended
Allowance for Credit Losses - Narrative (Details)	Sep. 30, 2022 USD ($) termChange payment	Jul. 01, 2006
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable allowance period increase	$ 354,000,000
Interest rate offered to borrowers facing financial difficulty, period	2 years
Number of term changes \| termChange	2
Criteria for loans to be considered as nonperforming (greater than)	90 days
Tier 1 of government guarantee (at least)	97.00%	97.00%
Maximum amount of forbearance granted	12 months
Number of monthly payments required by a borrower between successive grants of forbearance \| payment	12
Threshold period for payment default	60 days
Percentage of FFELP loans insured and guaranteed (at least)	97.00%
Period of loans past due that have accrued interest (greater than)	90 days
Monthly payment that is smaller than the interest accrued on the loan in that month	$ 25
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	4.00%
Increments in which forbearance is granted	2 months
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increments in which forbearance is granted	1 month
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Partially offset by negative provisions	$ (3,290,000,000)
Threshold period when delinquent loans are written off	120 days

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables with Loan Modifcations (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 9,750	$ 25,065
% of Total Class of Financing Receivable	0.05%	0.12%
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 79,765	$ 237,588
% of Total Class of Financing Receivable	0.40%	1.18%
Private Education Loans \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 9,750	$ 25,065
% of Total Class of Financing Receivable	0.05%	0.12%
Private Education Loans \| Interest Rate Reduction \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	11.31%	10.76%
Private Education Loans \| Interest Rate Reduction \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	4.00%	4.00%
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 79,765	$ 237,588
% of Total Class of Financing Receivable	0.40%	1.18%
Weighted average life of loans	10 years 2 months 26 days	10 years 4 months 17 days
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	10.87%	10.17%
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	4.00%	4.00%

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables that Subsequently Defaulted (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	$ 9,467	$ 12,660
Payment Default	9,289	12,463
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	8,500	11,400
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	1,000	1,200
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	9,467	12,660
Payment Default	$ 9,289	$ 12,463

Allowance for Credit Losses - Payment Status (Amortized Cost Basis) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 9,467	$ 12,660
Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)		5,575
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)		236,477
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)		10,335
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)		5,835
90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)		4,431
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 9,467	12,660
Private Education Loans \| Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)		5,575
Private Education Loans \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)		236,477
Private Education Loans \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)		10,335
Private Education Loans \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)		5,835
Private Education Loans \| 90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)		$ 4,431

Allowance for Credit Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
% of Balance
Current period gross charge-offs, total	$ (111,559)	$ (56,225)	$ (302,624)	$ (161,569)
Current period recoveries, total	11,402	7,305	30,415	21,987
Net charge-offs	(100,157)	$ (48,920)	(272,209)	$ (139,582)
Consumer Portfolio Segment \| Student Loan
% of Balance
Current period gross charge-offs			(696)
One year before current period gross charge-offs			(13,397)		$ (1,183)
Two years before current period gross charge-offs			(33,009)		(8,604)
Three years before current period gross charge-offs			(44,122)		(23,866)
Four years before current period gross charge-offs			(42,589)		(32,741)
Five years before current period gross charge-offs			(165,886)		(37,186)
Six years before current period gross charge-offs					(126,011)
Current period gross charge-offs, total			(299,699)		(229,591)
Current period recoveries			40
One year before current period recoveries			928		35
Two years before current period recoveries			2,901		540
Three years before current period recoveries			4,092		2,092
Four years before current period recoveries			4,049		3,693
Five years before current period recoveries			18,400		4,450
Six years before current period recoveries					18,684
Current period recoveries, total			30,410		29,494
Current period net charge-offs			(656)
One year before current period net charge-offs			(12,469)		(1,148)
Two years before current period net charge-offs			(30,108)		(8,064)
Three years before current period net charge-offs			(40,030)		(21,774)
Four years before current period net charge-offs			(38,540)		(29,048)
Five years before current period net charge-offs			(147,486)		(32,736)
Six years before current period net charge-offs					(107,327)
Net charge-offs			(269,289)		(200,097)
Total accrued interest by origination vintage, 2022	72,446		72,446
Total accrued interest by origination vintage, 2021	292,512		292,512		109,233
Total accrued interest by origination vintage, 2020	222,265		222,265		247,418
Total accrued interest by origination vintage, 2019	217,871		217,871		270,242
Total accrued interest by origination vintage, 2018	149,759		149,759		198,816
Total accrued interest by origination vintage, 2017 (and prior for current year)	246,305		246,305		131,685
Total accrued interest by origination vintage, 2016 and prior					229,729
Total accrued interest by origination vintage	1,201,158		1,201,158		1,187,123
Consumer Portfolio Segment \| Student Loan \| With and without cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	3,538,717		3,538,717
2021	4,613,297		4,613,297		3,822,361
2020	2,665,608		2,665,608		4,166,283
2019	2,237,381		2,237,381		3,216,525
2018	1,667,150		1,667,150		2,320,060
2017 (and Prior for current year)	5,382,310		5,382,310		1,978,233
2016 and Prior					5,213,401
Total	$ 20,104,463		$ 20,104,463		$ 20,716,863
% of Balance
Total in percent	100.00%		100.00%		100.00%
Consumer Portfolio Segment \| Student Loan \| With cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 3,047,398		$ 3,047,398
2021	3,994,466		3,994,466		$ 3,263,892
2020	2,273,147		2,273,147		3,604,553
2019	1,903,962		1,903,962		2,778,262
2018	1,443,011		1,443,011		2,025,463
2017 (and Prior for current year)	4,871,685		4,871,685		1,765,719
2016 and Prior					4,753,775
Total	$ 17,533,669		$ 17,533,669		$ 18,191,664
% of Balance
Private education loans	87.00%		87.00%		88.00%
Consumer Portfolio Segment \| Student Loan \| Without cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 491,319		$ 491,319
2021	618,831		618,831		$ 558,469
2020	392,461		392,461		561,730
2019	333,419		333,419		438,263
2018	224,139		224,139		294,597
2017 (and Prior for current year)	510,625		510,625		212,514
2016 and Prior					459,626
Total	$ 2,570,794		$ 2,570,794		$ 2,525,199
% of Balance
Private education loans	13.00%		13.00%		12.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 3,538,717		$ 3,538,717
2021	4,613,297		4,613,297		$ 3,822,361
2020	2,665,608		2,665,608		4,166,283
2019	2,237,381		2,237,381		3,216,525
2018	1,667,150		1,667,150		2,320,060
2017 (and Prior for current year)	5,382,310		5,382,310		1,978,233
2016 and Prior					5,213,401
Total	$ 20,104,463		$ 20,104,463		$ 20,716,863
% of Balance
Total in percent	100.00%		100.00%		100.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 271,510		$ 271,510
2021	308,184		308,184		$ 248,368
2020	161,273		161,273		238,005
2019	180,403		180,403		251,157
2018	146,085		146,085		193,123
2017 (and Prior for current year)	460,074		460,074		166,048
2016 and Prior					428,416
Total	$ 1,527,529		$ 1,527,529		$ 1,525,117
% of Balance
Private education loans at origination	8.00%		8.00%		7.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 490,170		$ 490,170
2021	615,019		615,019		$ 508,264
2020	364,369		364,369		564,497
2019	348,359		348,359		493,237
2018	266,501		266,501		363,313
2017 (and Prior for current year)	922,131		922,131		329,807
2016 and Prior					884,981
Total	$ 3,006,549		$ 3,006,549		$ 3,144,099
% of Balance
Private education loans at origination	15.00%		15.00%		15.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 1,106,786		$ 1,106,786
2021	1,457,396		1,457,396		$ 1,210,833
2020	859,924		859,924		1,348,269
2019	739,722		739,722		1,057,001
2018	554,847		554,847		770,452
2017 (and Prior for current year)	1,813,627		1,813,627		660,270
2016 and Prior					1,753,709
Total	$ 6,532,302		$ 6,532,302		$ 6,800,534
% of Balance
Private education loans at origination	32.00%		32.00%		33.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 1,670,251		$ 1,670,251
2021	2,232,698		2,232,698		$ 1,854,896
2020	1,280,042		1,280,042		2,015,512
2019	968,897		968,897		1,415,130
2018	699,717		699,717		993,172
2017 (and Prior for current year)	2,186,478		2,186,478		822,108
2016 and Prior					2,146,295
Total	$ 9,038,083		$ 9,038,083		$ 9,247,113
% of Balance
Private education loans at origination	45.00%		45.00%		45.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 3,538,717		$ 3,538,717
2021	4,613,297		4,613,297		$ 3,822,361
2020	2,665,608		2,665,608		4,166,283
2019	2,237,381		2,237,381		3,216,525
2018	1,667,150		1,667,150		2,320,060
2017 (and Prior for current year)	5,382,310		5,382,310		1,978,233
2016 and Prior					5,213,401
Total	$ 20,104,463		$ 20,104,463		$ 20,716,863
% of Balance
Total in percent	100.00%		100.00%		100.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 330,446		$ 330,446
2021	431,998		431,998		$ 326,613
2020	233,480		233,480		279,578
2019	239,180		239,180		273,652
2018	206,833		206,833		235,684
2017 (and Prior for current year)	811,604		811,604		233,022
2016 and Prior					739,268
Total	$ 2,253,541		$ 2,253,541		$ 2,087,817
% of Balance
Private education loans at origination	11.00%		11.00%		10.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 494,948		$ 494,948
2021	594,535		594,535		$ 506,021
2020	292,414		292,414		475,674
2019	246,158		246,158		365,133
2018	179,979		179,979		256,400
2017 (and Prior for current year)	589,077		589,077		209,536
2016 and Prior					570,605
Total	$ 2,397,111		$ 2,397,111		$ 2,383,369
% of Balance
Private education loans at origination	12.00%		12.00%		12.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 1,092,230		$ 1,092,230
2021	1,402,767		1,402,767		$ 1,209,493
2020	778,630		778,630		1,285,015
2019	649,713		649,713		978,763
2018	466,824		466,824		682,024
2017 (and Prior for current year)	1,458,193		1,458,193		568,766
2016 and Prior					1,448,692
Total	$ 5,848,357		$ 5,848,357		$ 6,172,753
% of Balance
Private education loans at origination	29.00%		29.00%		30.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 1,621,093		$ 1,621,093
2021	2,183,997		2,183,997		$ 1,780,234
2020	1,361,084		1,361,084		2,126,016
2019	1,102,330		1,102,330		1,598,977
2018	813,514		813,514		1,145,952
2017 (and Prior for current year)	2,523,436		2,523,436		966,909
2016 and Prior					2,454,836
Total	$ 9,605,454		$ 9,605,454		$ 10,072,924
% of Balance
Private education loans at origination	48.00%		48.00%		48.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 3,538,717		$ 3,538,717
2021	4,613,297		4,613,297		$ 3,822,361
2020	2,665,608		2,665,608		4,166,283
2019	2,237,381		2,237,381		3,216,525
2018	1,667,150		1,667,150		2,320,060
2017 (and Prior for current year)	5,382,310		5,382,310		1,978,233
2016 and Prior					5,213,401
Total	$ 20,104,463		$ 20,104,463		$ 20,716,863
% of Balance
Total in percent	100.00%		100.00%		100.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 1,961,724		$ 1,961,724
2021	1,921,089		1,921,089		$ 2,265,811
2020	323,754		323,754		594,850
2019	305,985		305,985		515,328
2018	224,662		224,662		385,246
2017 (and Prior for current year)	482,794		482,794		340,242
2016 and Prior					501,269
Total	$ 5,220,008		$ 5,220,008		$ 4,602,746
% of Balance
Seasoning based on monthly scheduled payments due from 1-12 payments	26.00%		26.00%		22.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 0		$ 0
2021	946,963		946,963		$ 0
2020	1,028,413		1,028,413		2,287,737
2019	169,959		169,959		362,674
2018	156,320		156,320		203,674
2017 (and Prior for current year)	489,470		489,470		211,064
2016 and Prior					479,540
Total	$ 2,791,125		$ 2,791,125		$ 3,544,689
% of Balance
Seasoning based on monthly scheduled payments due from 13 - 24 payments	14.00%		14.00%		17.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 0		$ 0
2021	0		0		$ 0
2020	583,318		583,318		173
2019	909,963		909,963		1,565,203
2018	130,692		130,692		312,049
2017 (and Prior for current year)	508,953		508,953		164,575
2016 and Prior					482,369
Total	$ 2,132,926		$ 2,132,926		$ 2,524,369
% of Balance
Seasoning based on monthly scheduled payments due from 25 - 36 payments	11.00%		11.00%		12.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 0		$ 0
2021	0		0		$ 0
2020	42		42		0
2019	362,762		362,762		0
2018	639,349		639,349		983,434
2017 (and Prior for current year)	483,212		483,212		295,206
2016 and Prior					464,563
Total	$ 1,485,365		$ 1,485,365		$ 1,743,203
% of Balance
Seasoning based on monthly scheduled payments due from 37 - 48 payments	7.00%		7.00%		8.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 0		$ 0
2021	0		0		$ 0
2020	0		0		0
2019	0		0		0
2018	231,269		231,269		0
2017 (and Prior for current year)	2,886,910		2,886,910		671,138
2016 and Prior					2,726,304
Total	$ 3,118,179		$ 3,118,179		$ 3,397,442
% of Balance
Seasoning based on monthly scheduled payments due from more than 48 payments	16.00%		16.00%		16.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 1,576,993		$ 1,576,993
2021	1,745,245		1,745,245		$ 1,556,550
2020	730,081		730,081		1,283,523
2019	488,712		488,712		773,320
2018	284,858		284,858		435,657
2017 (and Prior for current year)	530,971		530,971		296,008
2016 and Prior					559,356
Total	$ 5,356,860		$ 5,356,860		$ 4,904,414
% of Balance
Seasoning based on monthly scheduled payments due from not yet in repayment	26.00%		26.00%		25.00%

Allowance for Credit Losses - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (1,194,238)	$ (1,081,066)	$ (1,165,335)	$ (1,215,407)	$ (1,160,244)	$ (1,361,723)
Loans held for investment, net	$ 19,622,302		$ 20,341,283
Percentage of Private Education Loans in repayment, 2022	55.30%
Percentage of Private Education Loans in repayment, 2021	61.80%		59.00%
Percentage of Private Education Loans in repayment, 2020	71.80%		67.90%
Percentage of Private Education Loans in repayment, 2019	77.10%		74.30%
Percentage of Private Education Loans in repayment, 2018	81.40%		79.30%
Percentage of Private Education Loans in repayment, 2017 (and prior for current year)	88.20%		82.90%
Percentage of Private Education Loans in repayment, 2016 and prior			87.40%
Percentage of Private Education Loans in repayment	72.40%		74.90%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2022	0.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2021	1.60%		0.80%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2020	3.10%		1.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2019	4.10%		2.90%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2018	4.70%		3.70%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2017 (and prior for current year)	6.30%		4.30%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, 2016 and prior			5.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	3.70%		3.30%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2022	0.20%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2021	0.70%		0.50%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2020	1.10%		1.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2019	1.40%		2.10%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2018	1.80%		2.30%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2017 (and prior for current year)	2.20%		2.50%
Loans in forbearance as a percentage of loans in repayment and forbearance, 2016 and Prior			2.10%
Loans in forbearance as a percentage of loans in repayment and forbearance	1.40%		1.90%
Student Loan \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in repayment, 2022	$ 1,957,690
Total Private Education Loans in repayment, 2021	2,848,743		$ 2,253,860
Total Private Education Loans in repayment, 2020	1,913,533		2,826,916
Total Private Education Loans in repayment, 2019	1,724,135		2,390,841
Total Private Education Loans in repayment, 2018	1,357,703		1,840,790
Total Private Education Loans in repayment, 2017 (and prior for current year)	4,744,752		1,640,870
Total Private Education Loans in repayment, 2016 and prior			4,557,935
Total Private Education Loans in repayment	14,546,556		15,511,212
Total Private Education Loans, gross, 2022	3,538,717
Total Private Education Loans, gross, 2021	4,613,297		3,822,361
Total Private Education Loans, gross, 2020	2,665,608		4,166,283
Total Private Education Loans, gross, 2019	2,237,381		3,216,525
Total Private Education Loans, gross, 2018	1,667,150		2,320,060
Total Private Education Loans, gross, 2017 (and Prior for current year)	5,382,310		1,978,233
Total Private Education Loans, gross, 2016 and Prior			5,213,401
Total Private Education Loans, gross	20,104,463		20,716,863
Private Education Loans deferred origination costs and unamortized premium/(discount), 2022	20,938
Private Education Loans deferred origination costs and unamortized premium/(discount), 2021	16,761		22,169
Private Education Loans deferred origination costs and unamortized premium/(discount), 2020	9,719		16,067
Private Education Loans deferred origination costs and unamortized premium/(discount), 2019	5,935		9,575
Private Education Loans deferred origination costs and unamortized premium/(discount), 2018	3,867		5,918
Private Education Loans deferred origination costs and unamortized premium/(discount), 2017 (and prior for current year)	9,596		4,588
Private Education Loans deferred origination costs and unamortized premium/(discount), 2016 and prior			9,171
Private Education Loans deferred origination costs and unamortized premium/(discount), Total	66,816		67,488
Total Private Education Loans, 2022	3,559,655
Total Private Education Loans, 2021	4,630,058		3,844,530
Total Private Education Loans, 2020	2,675,327		4,182,350
Total Private Education Loans, 2019	2,243,316		3,226,100
Total Private Education Loans, 2018	1,671,017		2,325,978
Total Private Education Loans, 2017 (and prior for current year)	5,391,906		1,982,821
Total Private Education Loans, 2016 and prior			5,222,572
Total Private Education Loans	20,171,279		20,784,351
Private Education Loans allowance for losses, 2022	(260,520)
Private Education Loans allowance for losses, 2021	(296,638)		(248,102)
Private Education Loans allowance for losses, 2020	(153,743)		(239,507)
Private Education Loans allowance for losses, 2019	(135,939)		(195,223)
Private Education Loans allowance for losses, 2018	(91,886)		(129,678)
Private Education Loans allowance for losses, 2017 (and prior for current year)	(251,701)		(99,982)
Private Education Loans allowance for losses, 2016 and prior			(246,485)
Private Education Loans allowance for losses	(1,190,427)		(1,158,977)
Private Education Loans, net, 2022	3,299,135
Private Education Loans, net, 2021	4,333,420		3,596,428
Private Education Loans, net, 2020	2,521,584		3,942,843
Private Education Loans, net, 2019	2,107,377		3,030,877
Private Education Loans, net, 2018	1,579,131		2,196,300
Private Education Loans, net, 2017 (and prior for current year)	5,140,205		1,882,839
Private Education Loans, net, 2016 and prior			4,976,087
Loans held for investment, net	18,980,852		19,625,374
Student Loan \| Consumer Portfolio Segment \| Loan delinquent, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	1,950,830
2021	2,802,675		2,234,876
2020	1,854,054		2,786,646
2019	1,654,125		2,321,728
2018	1,293,502		1,772,651
2017 (and Prior for current year)	4,447,769		1,570,815
2016 and Prior			4,319,057
Total	14,002,955		15,005,773
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	4,690
2021	25,836		15,148
2020	28,361		29,146
2019	32,374		46,616
2018	28,952		43,197
2017 (and Prior for current year)	135,028		41,695
2016 and Prior			132,757
Total	255,241		308,559
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	1,542
2021	13,268		3,194
2020	17,592		7,441
2019	19,004		14,044
2018	18,721		14,310
2017 (and Prior for current year)	81,685		16,425
2016 and Prior			61,533
Total	151,812		116,947
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	628
2021	6,964		642
2020	13,526		3,683
2019	18,632		8,453
2018	16,528		10,632
2017 (and Prior for current year)	80,270		11,935
2016 and Prior			44,588
Total	136,548		79,933
Student Loan \| Loans in-school/grace/deferment \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	1,576,993
2021	1,745,245		1,556,550
2020	730,081		1,283,523
2019	488,712		773,320
2018	284,858		435,657
2017 (and Prior for current year)	530,971		296,008
2016 and Prior			559,356
Total	5,356,860		4,904,414
Student Loan \| Loans In forbearance \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, 2022	4,034
Total Private Education Loans in forbearance, 2021	19,309		11,951
Total Private Education Loans in forbearance, 2020	21,994		55,844
Total Private Education Loans in forbearance, 2019	24,534		52,364
Total Private Education Loans in forbearance, 2018	24,589		43,613
Total Private Education Loans in forbearance, 2017 (and prior for current year)	106,587		41,355
Total Private Education Loans in forbearance, 2016 and prior			96,110
Total Private Education Loans in forbearance	$ 201,047		$ 301,237

Allowance for Credit Losses - Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Total Interest Receivable	$ 1,201,159	$ 1,187,123
90 Days or Greater Past Due	6,515	3,635
Allowance for Uncollectible Interest	$ 7,783	$ 4,937

Unfunded Loan Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Credit Loss [Abstract]
Contractual obligation	$ 2,200,000		$ 2,200,000
Allowance
Beginning balance	113,525	$ 64,772	72,713	$ 110,044
Provision/New commitments - net	192,559	129,904	339,705	218,304
Other provision items	(29,913)	15,068	(1,033)	32,831
Transfer - funded loans	(168,377)	(110,613)	(303,591)	(262,048)
Ending balance	107,794	99,131	107,794	99,131
Unfunded Commitments
Beginning balance	1,413,840	1,161,696	1,776,976	1,673,018
Provision/New commitments - net	3,148,434	2,885,024	5,584,129	4,963,789
Other provision items	0	0	0	0
Transfer - funded loans	(2,345,348)	(2,083,128)	(5,144,179)	(4,673,215)
Ending balance	$ 2,216,926	$ 1,963,592	$ 2,216,926	$ 1,963,592

Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 51,000,000		$ 51,000,000
Acquired intangible assets amortization expense	2,328,000	$ 0	5,478,000	$ 0
Expected amortization, remainder of 2022	8,000,000		8,000,000
Expected amortization of 2023	9,000,000		9,000,000
Expected amortization of 2024	8,000,000		8,000,000
Expected amortization of 2025	8,000,000		8,000,000
Expected amortization of 2026	$ 7,000,000		$ 7,000,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Acquired Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Cost Basis	$ 75,400
Accumulated Amortization	(5,478)
Net	$ 69,922
Nitro
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life of acquired intangible assets	9 years 6 months 3 days
Tradename and trademarks
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	10 years
Cost Basis	$ 68,470
Accumulated Amortization	(3,994)
Net	$ 64,476
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	5 years
Cost Basis	$ 5,670
Accumulated Amortization	(1,239)
Net	$ 4,431
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	3 years
Cost Basis	$ 1,260
Accumulated Amortization	(245)
Net	$ 1,015

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Banking and Thrift, Other Disclosure [Abstract]
Deposits - interest-bearing	$ 21,276,181	$ 20,826,692
Deposits - non-interest-bearing	567	1,432
Total deposits	$ 21,276,748	$ 20,828,124

Deposits - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Deposits - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Banking and Thrift, Other Disclosure [Abstract]
Deposits	$ 21,276,748		$ 21,276,748		$ 20,828,124
Brokered deposits	10,200,000		10,200,000		10,100,000
Retail and other deposits	11,100,000		11,100,000		10,700,000
Stable interest-bearing deposits, total	8,000,000		8,000,000		7,300,000
Brokered deposit placement fee	3,000	$ 4,000	10,000	$ 12,000
Third party broker fees paid	4,000	$ 10,000	8,000	$ 11,000
Deposits exceeding FDIC insurance limits	538,000		538,000		743,000
Accrued interest on deposits	$ 48,000		$ 48,000		$ 35,000

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amount
Money market	$ 11,053,370	$ 10,473,569
Savings	947,870	959,122
Certificates of deposit	9,274,941	9,394,001
Deposits - interest bearing	$ 21,276,181	$ 20,826,692
Qtr.-End Weighted Average Stated Rate
Money market	2.57%	0.69%
Savings	2.14%	0.43%
Certificates of deposit	2.29%	1.20%

Borrowings - Company Borrowings (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Short-Term	$ 0	$ 0
Long-Term	5,522,311,000	5,930,990,000
Total	5,522,311,000	5,930,990,000
Unsecured borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	988,182,000	986,138,000
Total	988,182,000	986,138,000
Secured borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,534,129,000	4,944,852,000
Total	4,534,129,000	4,944,852,000
Secured borrowings \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,534,129,000	4,944,852,000
Total	4,534,129,000	4,944,852,000
Secured borrowings \| Private Education Loan term securitizations \| Fixed-rate
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	3,673,627,000	3,897,996,000
Total	3,673,627,000	3,897,996,000
Secured borrowings \| Private Education Loan term securitizations \| Variable-rate
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	860,502,000	1,046,856,000
Total	860,502,000	1,046,856,000
Secured borrowings \| Secured Borrowing Facility
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	0	0
Total	$ 0	$ 0

Borrowings - Narrative (Details)				9 Months Ended				12 Months Ended
Borrowings - Narrative (Details)	Aug. 09, 2022 USD ($)	May 27, 2022 USD ($) Rate	Mar. 16, 2022 USD ($) Rate	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) SecurityLoan	Sep. 30, 2022 USD ($) Rate	Dec. 31, 2021 USD ($)	May 17, 2022 USD ($)
Line of Credit Facility [Line Items]
Secured borrowings outstanding				$ 5,522,311,000	$ 5,522,311,000	$ 5,522,311,000	$ 5,522,311,000	$ 5,930,990,000
Estimated weighted average life of student loans				5 years				4 years 8 months 12 days
Number of loans securitized \| SecurityLoan						1
Vertical risk retention interest					5.00%		5.00%
Uncommitted federal funds				$ 125,000,000	$ 125,000,000	$ 125,000,000	$ 125,000,000
Lendable value of collateral				2,600,000,000	2,600,000,000	2,600,000,000	2,600,000,000	$ 3,300,000,000
Secured borrowings
Line of Credit Facility [Line Items]
Secured borrowings outstanding				4,534,129,000	4,534,129,000	4,534,129,000	4,534,129,000	4,944,852,000
ABCP borrowings \| Secured borrowings
Line of Credit Facility [Line Items]
Secured borrowing facility maximum borrowing capacity									$ 2,000,000,000
Residual interest percentage of facility trust									100.00%
Secured borrowings outstanding				0	0	0	0	$ 0
2022-A
Line of Credit Facility [Line Items]
Vertical risk retention interest \| Rate			5.00%
2022-A \| Student Loan
Line of Credit Facility [Line Items]
Private education loans sold			$ 973,000,000
Additional net proceeds from sales of loans held for investment, capitalized interest			95,000,000
Gain on sale			$ 10,000,000
2022-B
Line of Credit Facility [Line Items]
Vertical risk retention interest \| Rate		5.00%
2022-B \| Student Loan
Line of Credit Facility [Line Items]
Private education loans sold		$ 2,000,000,000
Additional net proceeds from sales of loans held for investment, capitalized interest		107,000,000
Gain on sale		$ 11,000,000
2022-C
Line of Credit Facility [Line Items]
Private education loan term accounted for as a secured financing	$ 575,000,000
Loans sold to third parties	$ 575,000,000
Ownership interest percentage on asset-backed financing	100.00%
Unsecured debt issued	$ 575,000,000
Estimated weighted average life of student loans	4 years 8 months 8 days
Loans pledged as collateral				658,000,000	658,000,000	658,000,000	658,000,000
Principal amount of collateral				613,000,000	613,000,000	613,000,000	613,000,000
Capitalized interest				$ 45,000,000	$ 45,000,000	$ 45,000,000	$ 45,000,000
2022-C \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.76%

Borrowings - Secured Financing (Details) - USD ($)	1 Months Ended
Borrowings - Secured Financing (Details) - USD ($)	Aug. 31, 2022	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Sep. 30, 2022	Aug. 30, 2022	Dec. 31, 2021
Securities Financing Transaction [Line Items]
Total Issued					$ 575,000,000		$ 1,592,000,000
Total loans and accrued interest amount securitized at inception					674,387,000		$ 1,656,263,000
2021-B
Securities Financing Transaction [Line Items]
Total Issued				$ 531,000,000
Weighted Average Life (in years)				4 years 3 months 3 days
2021-B \| London Interbank Offered Rate (LIBOR)
Securities Financing Transaction [Line Items]
Basis spread on variable rate				0.77%
2021-D
Securities Financing Transaction [Line Items]
Total Issued			$ 527,000,000
Weighted Average Life (in years)			4 years 2 months 19 days
2021-D \| London Interbank Offered Rate (LIBOR)
Securities Financing Transaction [Line Items]
Basis spread on variable rate			0.69%
2021-E
Securities Financing Transaction [Line Items]
Total Issued		$ 534,000,000
Weighted Average Life (in years)		4 years 1 month 24 days
2021-E \| London Interbank Offered Rate (LIBOR)
Securities Financing Transaction [Line Items]
Basis spread on variable rate		0.69%
2022-C
Securities Financing Transaction [Line Items]
Total Issued						$ 575,000,000
Weighted Average Life (in years)	4 years 8 months 8 days
Principal amount of collateral					613,000,000
Capitalized interest					45,000,000
2022-C \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Securities Financing Transaction [Line Items]
Basis spread on variable rate						1.76%
Private Education Loans Securitized in 2021
Securities Financing Transaction [Line Items]
Loans					1,330,000,000
Principal amount of collateral					1,250,000,000
Capitalized interest					84,000,000
Private Education Loans Securitized in 2022
Securities Financing Transaction [Line Items]
Loans					658,000,000
Principal amount of collateral					613,000,000
Capitalized interest					$ 45,000,000

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Debt Outstanding
Short-Term	$ 0	$ 0
Long-Term	5,522,311	5,930,990
Total	5,522,311	5,930,990
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	177,917	210,741	$ 175,473
Other Assets	32,941	26,351
Total assets	29,139,088	29,221,899
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	0
Long-Term	4,534,129	4,994,852
Total	4,534,129	4,994,852
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,665,062	6,029,034
Restricted Cash	177,917	210,741
Other Assets	347,211	358,849
Total assets	6,190,190	6,598,624
Variable Interest Entity, Primary Beneficiary \| Private Education Loan term securitizations
Debt Outstanding
Short-Term	0	0
Long-Term	4,534,129	4,994,852
Total	4,534,129	4,994,852
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,665,062	6,029,034
Restricted Cash	177,917	210,741
Other Assets	345,436	357,982
Total assets	6,188,415	6,597,757
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	1,775	867
Total assets	$ 1,775	$ 867

Borrowings - Summary of Exposure Related To Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Jan. 01, 2020
Debt Instrument [Line Items]
Estimated Fair Value	$ 2,427,540		$ 2,517,956
Total Exposure	107,794	$ 113,525	72,713	$ 99,131	$ 64,772	$ 110,044	$ 115,758
Private Education Loan term securitizations \| Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Estimated Fair Value	296,516		192,245
Equity Interests	47,386		37,465
Total Exposure	$ 343,902		$ 229,710

Derivative Financial Instruments - Narrative (Details)	9 Months Ended
Derivative Financial Instruments - Narrative (Details)	Sep. 30, 2022 USD ($) counterparty	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Number of central counterparties \| counterparty	2
Notional value	$ 3,475,737,000	$ 6,589,856,000
Derivative, fair value, amount offset against collateral, net	12,000,000	9,000,000
Estimated accumulated other comprehensive income to be reclassified in next 12 months	38,000,000
Cash collateral held relative to derivative exposure	0	0
Cash collateral pledged	11,000,000	$ 10,000,000
CME
Derivative [Line Items]
Notional value	$ 3,200,000,000
Percent of total notional derivative contracts	93.00%
Amount of variation margin included as settlement	$ (56,000,000)
LCH
Derivative [Line Items]
Notional value	$ 300,000,000
Percent of total notional derivative contracts	7.00%
Amount of variation margin included as settlement	$ (7,000,000)

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 1,121	$ 1,317
Derivative Liabilities	0	(247)
Total net derivatives	1,121	1,070
Trading
Derivatives, Fair Value [Line Items]
Total net derivatives	0	1,322
Cash Flow Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	2,172	(231)
Fair Value Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(1,051)	(21)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative instruments	2,172	5
Derivative Liabilities	(1,051)	(252)
Interest rate swaps \| Trading
Derivatives, Fair Value [Line Items]
Derivative instruments	0	5
Derivative Liabilities	0	0
Interest rate swaps \| Cash Flow Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	2,172	0
Derivative Liabilities	0	(231)
Interest rate swaps \| Fair Value Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	0	0
Derivative Liabilities	(1,051)	(21)
Other
Derivatives, Fair Value [Line Items]
Derivative instruments	0	1,317
Other \| Trading
Derivatives, Fair Value [Line Items]
Derivative instruments	0	1,317
Other \| Cash Flow Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	0	0
Other \| Fair Value Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 0	$ 0

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets
Gross position	$ 2,172	$ 1,322
Impact of master netting agreement	(1,051)	(5)
Derivative values with impact of master netting agreements (as carried on balance sheet)	1,121	1,317
Cash collateral pledged	(11,025)	(9,655)
Net position	12,146	10,972
Other Liabilities
Gross position	(1,051)	(252)
Impact of master netting agreement	1,051	5
Derivative values with impact of master netting agreements (as carried on balance sheet)	0	(247)
Cash collateral pledged	0	0
Net position	$ 0	$ (247)

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Notional Values	$ 3,475,737	$ 6,589,856
Trading
Derivatives, Fair Value [Line Items]
Notional Values	0	1,235,713
Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	1,345,688	1,438,144
Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	2,130,049	3,915,999
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Values	3,475,737	5,536,096
Interest rate swaps \| Trading
Derivatives, Fair Value [Line Items]
Notional Values	0	181,953
Interest rate swaps \| Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	1,345,688	1,438,144
Interest rate swaps \| Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	2,130,049	3,915,999
Other
Derivatives, Fair Value [Line Items]
Notional Values	0	1,053,760
Other \| Trading
Derivatives, Fair Value [Line Items]
Notional Values	0	1,053,760
Other \| Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	0	0
Other \| Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	$ 0	$ 0

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (2,090,825)	$ (3,963,268)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ 36,114	$ (50,784)

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash Flow Hedges
Interest expense	$ 150,401	$ 90,037	$ 340,630	$ 290,987
Trading
Total	706	12,913	20,140	30,043
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	(1,783)	21,763	24,418	67,230
Hedged items recorded in interest expense	14,143	20,551	86,899	72,774
Derivatives recorded in interest expense	(14,425)	(20,602)	(86,896)	(72,787)
Trading
Total	(2,065)	21,712	24,421	67,217
Designated as Hedging Instrument \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	2,771	(5,228)	(4,033)	(15,791)
Trading
Trading
Change in fair value of future interest payments recorded in earnings	0	(3,571)	(248)	(21,383)
Total	$ 0	$ (3,571)	$ (248)	$ (21,383)

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ 32,594	$ (133)	$ 94,215	$ 13,583
Less: amount of gain (loss) reclassified in interest expense	2,771	(5,228)	(4,033)	(15,791)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ 29,823	$ 5,095	$ 98,248	$ 29,374

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Common stock repurchased under repurchase programs (in shares)	1,191,544	13,018,585	30,721,944	84,528,256
Average purchase price per share (in usd per share)	$ 14.14	$ 18.75	$ 18.00	$ 17.17
Shares repurchased related to employee stock-based compensation plans (in shares)	448	115,414	1,131,351	1,367,826
Average purchase price per share (in usd per share)	$ 13.99	$ 18.83	$ 18.36	$ 14.70
Common shares issued (in shares)	4,682	504,183	3,093,392	3,785,490
Remaining authority under the share repurchase program	$ 736		$ 736
Common stock repurchased and cancelled (in shares)				28,500,000
2021 Share Repurchase Program, Accelerated Purchases
Class of Stock [Line Items]
Common stock repurchased under repurchase programs (in shares)				13,000,000

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 26, 2022	Oct. 31, 2021	Jan. 27, 2021
Class of Stock [Line Items]
Common stock dividend (in usd per share)	$ 0.11	$ 0.03			$ 0.33	$ 0.09
Common stock repurchased (in shares)			1,191,544	13,018,585	30,721,944	84,528,256
Remaining authority under the share repurchase program	$ 736		$ 736		$ 736
Common Stock
Class of Stock [Line Items]
Common stock closing price (in usd per share)	$ 13.99		$ 13.99		$ 13.99
Common Stock \| 2021 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)								$ 1,500	$ 1,250
Common stock repurchased (in shares)				13,000,000	2,000,000	66,800,000
Common stock repurchased, amount				$ 244	$ 38	$ 1,200
Increase in amount of common stock that may be repurchased								$ 250
Common Stock \| 2022 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)							$ 1,250
Common stock repurchased (in shares)			1,200,000		28,700,000
Common stock repurchased, amount			$ 17		$ 515
Remaining authority under the share repurchase program	$ 736		$ 736		$ 736
Common Stock \| Rule 10b5-1 Trading Plan
Class of Stock [Line Items]
Common stock repurchased (in shares)			1,200,000	13,000,000	30,700,000	42,600,000
Common stock repurchased, amount			$ 17	$ 244	$ 553	$ 804

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income	$ 75,172	$ 72,840	$ 546,057	$ 854,248
Preferred stock dividends	2,531	1,166	5,563	3,559
Net income attributable to SLM Corporation common stock	72,641	71,674	540,494	850,689
Net income attributable to SLM Corporation common stock	$ 72,641	$ 71,674	$ 540,494	$ 850,689
Denominator:
Weighted average shares used to compute basic EPS (in shares)	251,266	299,890	263,098	324,148
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units and Employee Stock Purchase Plan (“ESPP”) (in shares)	2,450	4,621	2,967	4,916
Weighted average shares used to compute diluted EPS (in shares)	253,716	304,511	266,065	329,064
Basic earnings per common share (in dollars per share)	$ 0.29	$ 0.24	$ 2.05	$ 2.62
Diluted earnings per common share (in dollars per share)	$ 0.29	$ 0.24	$ 2.03	$ 2.59
Antidilutive securities excluded from computation of earnings per share (in shares)	1,000	1,000	1,000	1,000

Fair Value Measurements - Valuation of Financial Instruments That are Marked-to-Market on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Trading investments	$ 52,450	$ 37,465
Available-for-sale investments	2,427,540	2,517,956
Derivative instruments	1,121	1,317
Liabilities:
Derivative instruments	0	(247)
Fair Value Measurements on a Recurring Basis
Assets:
Trading investments	52,450	37,465
Available-for-sale investments	2,427,540	2,517,956
Derivative instruments	2,172	1,322
Total earning assets	2,482,162	2,556,743
Liabilities:
Derivative instruments	(1,051)	(252)
Fair Value Measurements on a Recurring Basis \| Level 1
Assets:
Trading investments	0	0
Available-for-sale investments	0	0
Derivative instruments	0	0
Total earning assets	0	0
Liabilities:
Derivative instruments	0	0
Fair Value Measurements on a Recurring Basis \| Level 2
Assets:
Trading investments	0	0
Available-for-sale investments	2,427,540	2,517,956
Derivative instruments	2,172	1,322
Total earning assets	2,429,712	2,519,278
Liabilities:
Derivative instruments	(1,051)	(252)
Fair Value Measurements on a Recurring Basis \| Level 3
Assets:
Trading investments	52,450	37,465
Available-for-sale investments	0	0
Derivative instruments	0	0
Total earning assets	52,450	37,465
Liabilities:
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Earning assets:
Loans held for sale	$ 0	$ 0
Trading investments	52,450	37,465
Accrued interest receivable, difference	38,846	100,743
Tax indemnification receivable	305,836	239,578
Derivative instruments	1,121	1,317
Total earning assets, difference	2,001,932	3,409,977
Interest-bearing liabilities:
Long-term borrowings, difference	358,810	(69,184)
Derivative instruments	0	247
Total interest-bearing liabilities, difference	771,724	(151,510)
Excess of net asset fair value over carrying value	2,773,656	3,258,467
Money-market and savings accounts
Interest-bearing liabilities:
Deposits, difference	115,256	(24,799)
Certificates of deposit
Interest-bearing liabilities:
Deposits, difference	297,658	(57,527)
Fair Value
Earning assets:
Loans held for sale	28,880	0
Cash and cash equivalents	4,846,754	4,334,603
Trading investments	52,450	37,465
Available-for-sale investments	2,427,540	2,517,956
Accrued interest receivable	1,262,493	1,306,410
Tax indemnification receivable	8,392	8,047
Derivative instruments	2,172	1,322
Total earning assets	30,214,069	31,856,320
Interest-bearing liabilities:
Long-term borrowings	5,163,501	6,000,174
Accrued interest payable	71,907	46,600
Derivative instruments	1,051	252
Total interest-bearing liabilities	26,099,726	26,956,044
Fair Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	11,885,984	11,457,490
Fair Value \| Certificates of deposit
Interest-bearing liabilities:
Deposits	8,977,283	9,451,528
Carrying Value
Earning assets:
Loans held for sale	28,880	0
Cash and cash equivalents	4,846,754	4,334,603
Trading investments	52,450	37,465
Available-for-sale investments	2,427,540	2,517,956
Accrued interest receivable	1,223,647	1,205,667
Tax indemnification receivable	8,392	8,047
Derivative instruments	2,172	1,322
Total earning assets	28,212,137	28,446,343
Interest-bearing liabilities:
Long-term borrowings	5,522,311	5,930,990
Accrued interest payable	71,907	46,600
Derivative instruments	1,051	252
Total interest-bearing liabilities	26,871,450	26,804,534
Carrying Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	12,001,240	11,432,691
Carrying Value \| Certificates of deposit
Interest-bearing liabilities:
Deposits	9,274,941	9,394,001
Private Education Loans
Earning assets:
Loans held for investment, net, difference	1,951,268	3,294,462
Private Education Loans \| Fair Value
Earning assets:
Loans held for investment, net	20,932,120	22,919,836
Private Education Loans \| Carrying Value
Earning assets:
Loans held for investment, net	18,980,852	19,625,374
FFELP Loans
Earning assets:
Loans held for investment, net, difference	11,818	12,690
FFELP Loans \| Fair Value
Earning assets:
Loans held for investment, net	653,268	705,644
FFELP Loans \| Carrying Value
Earning assets:
Loans held for investment, net	641,450	692,954
Credit Cards
Earning assets:
Loans held for investment, net, difference	0	2,082
Credit Cards \| Fair Value
Earning assets:
Loans held for investment, net	0	25,037
Credit Cards \| Carrying Value
Earning assets:
Loans held for investment, net	$ 0	$ 22,955

Regulatory Capital - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 01, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses on loans and leases		$ 1,194,238	$ 1,215,407	$ 1,194,238	$ 1,215,407	$ 1,081,066	$ 1,165,335	$ 1,160,244	$ 1,361,723
Liability for unfunded commitments	$ 115,758	107,794	99,131	107,794	99,131	$ 113,525	$ 72,713	$ 64,772	$ 110,044
Deferred tax asset	$ 306,171
Dividends		$ 241,000	$ 50,000	$ 642,000	$ 1,200,000
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
Liability for unfunded commitments	116,000
Deferred tax asset	306,000
Reduction to retained earnings	$ 953,000

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Regulatory Capital - Adjusted Transition Amounts (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Jan. 01, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	$ 3,270,896		$ 2,817,134				$ 952,639
Allowance for credit losses							1,143,053
Liability for unfunded commitments	107,794	$ 113,525	72,713	$ 99,131	$ 64,772	$ 110,044	115,758
Deferred tax asset							306,171
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Liability for unfunded commitments							116,000
Deferred tax asset							$ 306,000
Adjustments \| Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	(209,088)		(58,429)			(57,859)
Allowance for credit losses	(259,536)		(49,097)			(55,811)
Liability for unfunded commitments	(26,094)		(9,333)			(2,048)
Deferred tax asset	(76,542)		$ 0			$ 0
Adjusted Transition Amounts \| Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	627,263
Allowance for credit losses	778,609
Liability for unfunded commitments	78,283
Deferred tax asset	$ 229,629

Regulatory Capital - U.S. Basel III Regulatory Requirements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 3,098,799	$ 3,314,657
Tier 1 Capital (to Risk-Weighted Assets)	3,098,799	3,314,657
Total Capital (to Risk-Weighted Assets)	3,391,178	3,410,183
Tier 1 Capital (to Average Assets)	$ 3,098,799	$ 3,314,657
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	13.30%	14.10%
Tier 1 Capital (to Risk-Weighted Assets)	0.133	0.141
Total Capital (to Risk-Weighted Assets)	0.146	0.145
Tier 1 Capital (to Average Assets)	0.106	0.111
U.S. Basel III Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,626,628	$ 1,643,132
Tier 1 Capital (to Risk-Weighted Assets)	1,975,191	1,995,232
Total Capital (to Risk-Weighted Assets)	2,439,942	2,464,699
Tier 1 Capital (to Average Assets)	$ 1,170,406	$ 1,198,808
U.S. Basel III Regulatory Requirements, Ratio
Common Equity Tier 1 Capital (to Risk-Weighted 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

Commitments, Contingencies and Guarantees (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 2,200
Other liabilities reserve	$ 108

Subsequent Events (Details) - Subsequent Event $ in Millions	Oct. 19, 2022 USD ($)
Subsequent Event [Line Items]
Financial asset transfer accounted for as a sale	$ 54
Unaffiliated Third-Party
Subsequent Event [Line Items]
Financial asset transfer accounted for as a sale	$ 1,000