0001628280-23-025733 | 10-Q | XBRL Viewer

Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Credit Losses Metrics


Three Months Ended June 30, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,927		$	1,475,379		$	—		$	1,479,306
Transfer from unfunded commitment liability(1)	—			28,188			—			28,188
Provisions:
Provision for current period	820			96,102			(730)			96,192
Loan sale reduction to provision	—			(136,531)			—			(136,531)

Total provisions(2)	820			(40,429)			(730)			(40,339)
Net charge-offs:
Charge-offs	(325)			(114,550)			741			(114,134)
Recoveries	—			11,706			(11)			11,695
Net charge-offs	(325)			(102,844)			730			(102,439)

Ending Balance	$	4,422		$	1,360,294		$	—		$	1,364,716
Allowance(3):

Ending balance: collectively evaluated for impairment	$	4,422		$	1,360,294		$	—		$	1,364,716
Loans(3):

Ending balance: collectively evaluated for impairment	$	573,597		$	19,938,363		$	—		$	20,511,960
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,136,973		$	—		$	1,136,973
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.29		%	2.69		%	—		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.77		%	6.45		%	—		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	1.02		%	9.03		%	—		%
Allowance coverage of net charge-offs (annualized)	3.40			3.31			—
Ending total loans, gross	$	573,597		$	19,938,363		$	—
Average loans in repayment(4)	$	441,749		$	15,269,101		$	—
Ending loans in repayment(4)	$	431,543		$	14,652,527		$	—
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	408,923		$	—

(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 June 30, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(40,429)
Provisions for unfunded loan commitments	58,068
Total Private Education Loan provisions for credit losses	17,639
Other impacts to the provisions for credit losses:
FFELP Loans	820
Credit Cards	(730)
Total	90
Provisions for credit losses reported in consolidated statements of income	$	17,729

(3) For the three months ended June 30, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(4) 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).

(5) Accrued interest to be capitalized on Private Education Loans only.

(6) Accrued interest to be capitalized on loans in repayment includes interest on loans that are in repayment but have not yet entered into full principal and interest repayment status after any applicable grace period (but, for purposes of the table, does not include the interest on those loans while they are in forbearance).


Three Months Ended June 30, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Transfer from unfunded commitment liability(1)	—			40,528			—			40,528
Provisions:
Provision for current period	60			24,531			459			25,050
Loan sale reduction to provision	—			(115,852)			—			(115,852)

Total provisions(2)	60			(91,321)			459			(90,802)
Net charge-offs:
Charge-offs	(130)			(106,493)			(376)			(106,999)
Recoveries	—			10,977			—			10,977
Net charge-offs	(130)			(95,516)			(376)			(96,022)

Ending Balance	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Loans(3):

Ending balance: collectively evaluated for impairment	$	665,666		$	19,519,185		$	28,900		$	20,213,751
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,029,381		$	—		$	1,029,381
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.10		%	2.56		%	5.33		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.59		%	5.23		%	8.28		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.73		%	7.22		%	8.28		%
Allowance coverage of net charge-offs (annualized)	7.56			2.81			1.59
Ending total loans, gross	$	665,666		$	19,519,185		$	28,900
Average loans in repayment(4)	$	537,449		$	14,901,040		$	28,243
Ending loans in repayment(4)	$	538,081		$	14,525,259		$	28,900
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	359,343		$	—

(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 June 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(91,321)
Provisions for unfunded loan commitments	121,347
Total Private Education Loan provisions for credit losses	30,026
Other impacts to the provisions for credit losses:
FFELP Loans	60
Credit Cards	459
Total	519
Provisions for credit losses reported in consolidated statements of income	$	30,545

(3) For the three months ended June 30, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


Six Months Ended June 30, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Total
Allowance for Credit Losses
Beginning balance	$	3,444		$	1,353,631		$	1,357,075
Transfer from unfunded commitment liability(1)	—			176,701			176,701
Provisions:
Provision for current period	1,559			152,436			153,995
Loan sale reduction to provision	—			(136,531)			(136,531)

Total provisions(2)	1,559			15,905			17,464
Net charge-offs:
Charge-offs	(581)			(209,635)			(210,216)
Recoveries	—			23,692			23,692
Net charge-offs	(581)			(185,943)			(186,524)

Ending Balance	$	4,422		$	1,360,294		$	1,364,716
Allowance(3):

Ending balance: collectively evaluated for impairment	$	4,422		$	1,360,294		$	1,364,716
Loans(3):

Ending balance: collectively evaluated for impairment	$	573,597		$	19,938,363		$	20,511,960
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,136,973		$	1,136,973
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.26		%	2.41		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.77		%	6.45		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	1.02		%	9.03		%
Allowance coverage of net charge-offs (annualized)	3.81			3.66
Ending total loans, gross	$	573,597		$	19,938,363
Average loans in repayment(4)	$	446,655		$	15,448,931
Ending loans in repayment(4)	$	431,543		$	14,652,527
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	408,923

(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
Six Months Ended June 30, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	15,905
Provisions for unfunded loan commitments	114,377
Total Private Education Loan provisions for credit losses	130,282
Other impacts to the provisions for credit losses:
FFELP Loans	1,559

Total	1,559
Provisions for credit losses reported in consolidated statements of income	$	131,841

(3) For the six months ended June 30, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


Six Months Ended June 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)	—			135,214			—			135,214
Provisions:
Provision for current period	81			72,991			596			73,668
Loan sale reduction to provision	—			(121,099)			—			(121,099)

Total provisions(2)	81			(48,108)			596			(47,431)
Net charge-offs:
Charge-offs	(229)			(190,349)			(487)			(191,065)
Recoveries	—			19,010			3			19,013
Net charge-offs	(229)			(171,339)			(484)			(172,052)

Ending Balance	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Loans(3):

Ending balance: collectively evaluated for impairment	$	665,666		$	19,519,185		$	28,900		$	20,213,751
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,029,381		$	—		$	1,029,381
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.08		%	2.23		%	3.54		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.59		%	5.23		%	8.28		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.73		%	7.22		%	8.28		%
Allowance coverage of net charge-offs (annualized)	8.58			3.14			2.47
Ending total loans, gross	$	665,666		$	19,519,185		$	28,900
Average loans in repayment(4)	$	541,133		$	15,366,023		$	27,375
Ending loans in repayment(4)	$	538,081		$	14,525,259		$	28,900
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	359,343		$	—

(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
Six Months Ended June 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(48,108)
Provisions for unfunded loan commitments	176,026
Total Private Education Loan provisions for credit losses	127,918
Other impacts to the provisions for credit losses:
FFELP Loans	81
Credit Cards	596
Total	677
Provisions for credit losses reported in consolidated statements of income	$	128,595

(3) For the six months ended June 30, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.

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.


	2023				2022
Three Months Ended June 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments
Beginning Balance	$	32,720	$	684,353	$	32,707	$	561,748
Provision/New commitments - net(1)	52,446		1,529,368		99,692		1,466,865
Other provision items	5,622		—		21,654		—
Transfer - funded loans(2)	(28,188)		(650,865)		(40,528)		(614,773)
Ending Balance	$	62,600	$	1,562,856	$	113,525	$	1,413,840

	2023				2022
Six Months Ended June 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	124,924	$	1,995,808	$	72,713	$	1,776,976
Provision/New commitments - net(1)	104,698		2,654,184		147,146		2,435,695
Other provision items	9,679		—		28,880		—
Transfer - funded loans(2)	(176,701)		(3,087,136)		(135,214)		(2,798,831)
Ending Balance	$	62,600	$	1,562,856	$	113,525	$	1,413,840

(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.

Schedule of Amortized Cost Basis of Financing Receivables

The following tables show the amortized cost basis at the end of the respective reporting periods of the loans to borrowers experiencing financial difficulty that were modified during the 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 June 30, 2023 (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	$	14,809	0.07	%	$	94,485	0.44	%
Total	$	14,809	0.07	%	$	94,485	0.44	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended June 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	$	17,621	0.09	%	$	96,015	0.49	%
Total	$	17,621	0.09	%	$	96,015	0.49	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Six Months Ended June 30, 2023 (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	$	23,995	0.11	%	$	166,882	0.78	%
Total	$	23,995	0.11	%	$	166,882	0.78	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Six Months Ended June 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	$	23,117	0.12	%	$	162,049	0.83	%
Total	$	23,117	0.12	%	$	162,049	0.83	%

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

Three Months Ended June 30, 2023

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 13.30% to 4.00%

Private Education Loans

Added a weighted average 10.23 years to the life of loans

Reduced average contractual rate from 12.84% to 4.00%

Three Months Ended June 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 10.38% to 4.00%

Private Education Loans

Added a weighted average 10.34 years to the life of loans

Reduced average contractual rate from 10.04% to 4.00%

Six Months Ended June 30, 2023

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 13.06% to 4.00%

Private Education Loans

Added a weighted average 10.23 years to the life of loans

Reduced average contractual rate from 12.69% to 4.00%

Six Months Ended June 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 10.36% to 4.00%

Private Education Loans

Added a weighted average 10.42 years to the life of loans

Reduced average contractual rate from 9.80% to 4.00%

We define payment default as 60 days or more past due for purposes of this disclosure.




	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
(Dollars in thousands)	Modified Loans(1)(2)		Payment Default(4)		Charge-Offs(4)		Modified Loans(1)(2)		Payment Default(4)		Charge-Offs(5)
Loan Type:
Private Education Loans	$	12,360	$	12,099	$	3,348	$	3,512	$	3,450	$	74
Total	$	12,360	$	12,099	$	3,348	$	3,512	$	3,450	$	74




	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
(Dollars in thousands)	Modified Loans(1)(3)		Payment Default(4)		Charge-Offs(4)		Modified Loans(1)(3)		Payment Default(4)		Charge-Offs(5)
Loan Type:
Private Education Loans	$	19,374	$	20,304	$	5,279	$	3,963	$	3,901	$	74
Total	$	19,374	$	20,304	$	5,279	$	3,963	$	3,901	$	74

(1) Represents period-end amortized cost basis of loans that have been modified and for which a payment default occurred in the relevant period presented and within 12 months of receiving a modification (or within the reporting period, for the loans shown in in the year-ago period, as the case may be).

(2) For the three months ended June 30, 2023, the modified loans include $11.0 million of interest rate reduction and term extension loan modifications and $1.4 million of interest rate reduction only loan modifications. For the three months ended June 30, 2022, the modified loans include $3.3 million of interest rate reduction and term extension loan modifications and $0.2 million of interest rate reduction only loan modifications.

(3) For the six months ended June 30, 2023, the modified loans include $17.0 million of interest rate reduction and term extension loan modifications and $2.4 million of interest rate reduction only loan modifications. For the six months ended June 30, 2022, the modified loans include $3.7 million of interest rate reduction and term extension loan modifications and $0.3 million of interest rate reduction only loan modifications.

(4) Represents the unpaid principal balance at the time of payment default.

(5) Represents the unpaid principal balance at the time of charge off.

Age Analysis of Past Due Loans Delinquencies

The following tables depict the performance of loans that have been modified during the respective reporting periods (first six months of 2023 and full year 2022, respectively).


	Payment Status (Amortized Cost Basis)
At June 30, 2023 (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)		Total
Loan Type:
Private Education Loans	$	1,095	$	179,673	$	5,843	$	2,410	$	1,856	$	190,877
Total	$	1,095	$	179,673	$	5,843	$	2,410	$	1,856	$	190,877


	Payment Status (Amortized Cost Basis)
At December 31, 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)		Total
Loan Type:
Private Education Loans	$	7,698	$	289,134	$	13,859	$	8,809	$	6,616	$	326,116
Total	$	7,698	$	289,134	$	13,859	$	8,809	$	6,616	$	326,116

(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). Deferment also includes loans that have entered a forbearance after the loan modification was granted.

(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.

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 June 30, 2023 (dollars in thousands)	2023			2022			2021			2020			2019			2018 and Prior			Total

Loans in-school/grace/deferment(1)	$	665,614		$	2,205,648		$	974,090		$	427,894		$	293,081		$	535,529		$	5,101,856
Loans in forbearance(2)	2,078			24,639			29,000			19,008			20,873			88,382			183,980
Loans in repayment:
Loans current	702,266			3,213,074			2,378,874			1,568,100			1,446,011			4,804,780			14,113,105
Loans delinquent 30-59 days(3)	2,870			21,473			33,582			26,079			30,398			150,263			264,665
Loans delinquent 60-89 days(3)	734			9,460			20,352			15,033			16,252			76,402			138,233
Loans 90 days or greater past due(3)	545			6,821			19,313			15,175			17,794			76,876			136,524
Total Private Education Loans in repayment	706,415			3,250,828			2,452,121			1,624,387			1,510,455			5,108,321			14,652,527
Total Private Education Loans, gross	1,374,107			5,481,115			3,455,211			2,071,289			1,824,409			5,732,232			19,938,363
Private Education Loans deferred origination costs and unamortized premium/(discount)	15,578			22,160			11,691			6,991			4,282			10,133			70,835
Total Private Education Loans	1,389,685			5,503,275			3,466,902			2,078,280			1,828,691			5,742,365			20,009,198
Private Education Loans allowance for losses	(111,240)			(361,582)			(235,893)			(142,493)			(120,744)			(388,342)			(1,360,294)
Private Education Loans, net	$	1,278,445		$	5,141,693		$	3,231,009		$	1,935,787		$	1,707,947		$	5,354,023		$	18,648,904

Percentage of Private Education Loans in repayment	51.4		%	59.3		%	71.0		%	78.4		%	82.8		%	89.1		%	73.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.6		%	1.2		%	3.0		%	3.5		%	4.3		%	5.9		%	3.7		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.3		%	0.8		%	1.2		%	1.2		%	1.4		%	1.7		%	1.2		%

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

Loans in-school/grace/deferment(1)	$	1,827,649		$	1,433,322		$	578,253		$	380,639		$	219,280		$	455,910		$	4,895,053
Loans in forbearance(2)	16,046			64,360			38,613			37,802			30,583			91,681			279,085
Loans in repayment:
Loans current	2,411,441			2,991,839			1,907,574			1,683,986			1,301,809			4,262,698			14,559,347
Loans delinquent 30-59 days(3)	14,164			30,740			30,877			35,213			31,366			144,948			287,308
Loans delinquent 60-89 days(3)	5,523			15,056			14,433			18,201			16,697			77,595			147,505
Loans 90 days or greater past due(3)	1,710			11,842			14,872			16,819			16,107			74,040			135,390
Total Private Education Loans in repayment	2,432,838			3,049,477			1,967,756			1,754,219			1,365,979			4,559,281			15,129,550
Total Private Education Loans, gross	4,276,533			4,547,159			2,584,622			2,172,660			1,615,842			5,106,872			20,303,688
Private Education Loans deferred origination costs and unamortized premium/(discount)	26,714			15,933			9,062			5,496			3,575			8,876			69,656
Total Private Education Loans	4,303,247			4,563,092			2,593,684			2,178,156			1,619,417			5,115,748			20,373,344
Private Education Loans allowance for losses	(304,943)			(323,506)			(181,915)			(141,424)			(101,023)			(300,820)			(1,353,631)
Private Education Loans, net	$	3,998,304		$	4,239,586		$	2,411,769		$	2,036,732		$	1,518,394		$	4,814,928		$	19,019,713

Percentage of Private Education Loans in repayment	56.9		%	67.1		%	76.1		%	80.7		%	84.5		%	89.3		%	74.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.9		%	1.9		%	3.1		%	4.0		%	4.7		%	6.5		%	3.8		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.7		%	2.1		%	1.9		%	2.1		%	2.2		%	2.0		%	1.8		%

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

Schedule of 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 June 30, 2023 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2023(1)		2022(1)		2021(1)		2020(1)		2019(1)		2018 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	1,128,289	$	4,760,539	$	2,967,985	$	1,750,797	$	1,542,521	$	5,134,126	$	17,284,257	87	%
Without cosigner	245,818		720,576		487,226		320,492		281,888		598,106		2,654,106		13
Total	$	1,374,107	$	5,481,115	$	3,455,211	$	2,071,289	$	1,824,409	$	5,732,232	$	19,938,363	100	%

FICO at Origination(2):
Less than 670	$	107,391	$	420,793	$	240,208	$	131,690	$	151,540	$	504,422	$	1,556,044	8	%
670-699	204,117		755,918		465,841		287,047		285,693		977,653		2,976,269		15
700-749	438,522		1,706,428		1,094,180		669,539		607,938		1,932,404		6,449,011		32
Greater than or equal to 750	624,077		2,597,976		1,654,982		983,013		779,238		2,317,753		8,957,039		45
Total	$	1,374,107	$	5,481,115	$	3,455,211	$	2,071,289	$	1,824,409	$	5,732,232	$	19,938,363	100	%


FICO Refreshed(2)(3):
Less than 670	$	129,421	$	597,699	$	383,532	$	212,612	$	212,598	$	822,750	$	2,358,612	12	%
670-699	200,879		732,796		421,987		222,546		197,829		635,210		2,411,247		12
700-749	432,512		1,632,162		1,017,167		579,151		509,954		1,563,951		5,734,897		29
Greater than or equal to 750	611,295		2,518,458		1,632,525		1,056,980		904,028		2,710,321		9,433,607		47
Total	$	1,374,107	$	5,481,115	$	3,455,211	$	2,071,289	$	1,824,409	$	5,732,232	$	19,938,363	100	%

Seasoning(4):
1-12 payments	$	708,493	$	2,807,944	$	444,729	$	274,745	$	236,836	$	446,584	$	4,919,331	25	%
13-24 payments	—		467,523		1,781,078		180,207		195,356		526,126		3,150,290		16
25-36 payments	—		—		255,314		1,001,721		121,822		513,211		1,892,068		9
37-48 payments	—		—		—		186,722		864,585		499,560		1,550,867		8
More than 48 payments	—		—		—		—		112,729		3,211,222		3,323,951		17
Not yet in repayment	665,614		2,205,648		974,090		427,894		293,081		535,529		5,101,856		25
Total	$	1,374,107	$	5,481,115	$	3,455,211	$	2,071,289	$	1,824,409	$	5,732,232	$	19,938,363	100	%

2023 Current period(5) gross charge-offs	$	(42)	$	(9,040)	$	(35,961)	$	(25,581)	$	(26,051)	$	(112,960)	$	(209,635)
2023 Current period(5) recoveries	—		646		3,279		2,541		2,870		14,356		23,692
2023 Current period(5) net charge-offs	$	(42)	$	(8,394)	$	(32,682)	$	(23,040)	$	(23,181)	$	(98,604)	$	(185,943)

Total accrued interest by origination vintage	$	39,186	$	320,737	$	304,663	$	182,079	$	153,744	$	275,332	$	1,275,741
(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 second-quarter 2023. (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, 2023 through June 30, 2023.


As of December 31, 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	$	3,656,111	$	3,941,921	$	2,208,033	$	1,853,619	$	1,402,828	$	4,626,491	$	17,689,003	87	%
Without cosigner	620,422		605,238		376,589		319,041		213,014		480,381		2,614,685		13
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

FICO at Origination(2):
Less than 670	$	326,991	$	307,646	$	158,606	$	177,098	$	143,674	$	439,587	$	1,553,602	8	%
670-699	593,216		611,649		356,541		339,685		259,142		878,426		3,038,659		15
700-749	1,336,765		1,440,510		834,819		719,777		537,680		1,722,068		6,591,619		32
Greater than or equal to 750	2,019,561		2,187,354		1,234,656		936,100		675,346		2,066,791		9,119,808		45
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%


FICO Refreshed(2)(3):
Less than 670	$	443,868	$	461,589	$	242,310	$	237,105	$	204,894	$	773,324	$	2,363,090	12	%
670-699	594,118		579,784		284,244		240,999		173,754		564,344		2,437,243		12
700-749	1,322,558		1,378,910		748,368		628,060		449,701		1,388,090		5,915,687		29
Greater than or equal to 750	1,915,989		2,126,876		1,309,700		1,066,496		787,493		2,381,114		9,587,668		47
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

Seasoning(4):
1-12 payments	$	2,448,884	$	636,073	$	384,334	$	330,316	$	235,878	$	424,636	$	4,460,121	22	%
13-24 payments	—		2,477,764		255,510		195,753		166,045		455,782		3,550,854		18
25-36 payments	—		—		1,366,398		257,534		126,223		489,157		2,239,312		11
37-48 payments	—		—		127		1,008,418		224,805		451,102		1,684,452		8
More than 48 payments	—		—		—		—		643,611		2,830,285		3,473,896		17
Not yet in repayment	1,827,649		1,433,322		578,253		380,639		219,280		455,910		4,895,053		24
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

2022 Current period(5) gross charge-offs	$	(2,224)	$	(25,698)	$	(48,271)	$	(62,071)	$	(57,505)	$	(231,647)	$	(427,416)
2022 Current period(5) recoveries	124		1,841		4,170		5,556		5,407		24,639		41,737
2022 Current period(5) net charge-offs	$	(2,100)	$	(23,857)	$	(44,101)	$	(56,515)	$	(52,098)	$	(207,008)	$	(385,679)

Total accrued interest by origination vintage	$	142,915	$	315,308	$	207,858	$	184,832	$	116,211	$	210,438	$	1,177,562

(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 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 January 1, 2022 through December 31, 2022.

Schedule of 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, and the current expected credit losses on accrued interest that will be capitalized is included in our allowance for credit losses.


	Private Education Loans
	Accrued Interest Receivable
(Dollars in thousands)	Total Interest Receivable		90 Days or Greater Past Due		Allowance for Uncollectible Interest(1)(2)

June 30, 2023	$	1,275,741	$	7,011	$	8,224
December 31, 2022	$	1,177,562	$	6,609	$	8,121

(1)The allowance for uncollectible interest at June 30, 2023 represents the expected losses related to the portion of accrued interest receivable on those loans that are in repayment ($139 million of accrued interest receivable) that is not expected to be capitalized. The accrued interest receivable that is expected to be capitalized ($1.1 billion) is reserved in the allowance for credit losses.

(2)The allowance for uncollectible interest at December 31, 2022 represents the expected losses related to the portion of accrued interest receivable on those loans in repayment ($240 million of accrued interest receivable) that was not expected to be capitalized. The accrued interest receivable that was expected to be capitalized ($937 million) was reserved in the allowance for credit losses.

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 3,875,758	$ 4,616,117
Investments:
Trading investments at fair value (cost of $43,260 and $47,554, respectively)	52,146	55,903
Available-for-sale investments at fair value (cost of $2,563,816 and $2,554,332, respectively)	2,372,846	2,342,089
Other investments	95,771	94,716
Total investments	2,520,763	2,492,708
Loans held for investment (net of allowance for losses of $1,364,716 and $1,357,075, respectively)	19,219,518	19,626,868
Loans held for sale	0	29,448
Restricted cash	150,585	156,719
Other interest-earning assets	11,952	11,162
Accrued interest receivable	1,300,136	1,202,059
Premises and equipment, net	134,895	140,728
Goodwill and acquired intangible assets, net	113,756	118,273
Income taxes receivable, net	325,063	380,058
Tax indemnification receivable	2,902	2,816
Other assets	53,075	34,073
Total assets	27,708,403	28,811,029
Liabilities
Deposits	20,361,485	21,448,071
Long-term borrowings	5,213,698	5,235,114
Other liabilities	326,856	400,874
Total liabilities	25,902,039	27,084,059
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: 438.0 million and 435.1 million shares issued, respectively	87,599	87,025
Additional paid-in capital	1,129,537	1,109,072
Accumulated other comprehensive loss (net of tax benefit of ($26,845) and ($30,160), respectively)	(83,564)	(93,870)
Retained earnings	3,485,732	3,163,640
Total SLM Corporation stockholders’ equity before treasury stock	4,870,374	4,516,937
Less: Common stock held in treasury at cost: 211.9 million and 194.4 million shares, respectively	(3,064,010)	(2,789,967)
Total equity	1,806,364	1,726,970
Total liabilities and equity	$ 27,708,403	$ 28,811,029

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Common stock repurchased (in shares)	16,389,696	19,997,008	16,389,696	29,530,400
Average purchase price per share (in dollars per share)	$ 15.71	$ 18.01	$ 15.71	$ 18.15
Shares repurchased related to employee stock-based compensation plans (in shares)	128,212	196,301	1,077,643	1,130,903
Average purchase price per share (in dollars per share)	$ 14.64	$ 17.45	$ 15.44	$ 18.36
Common shares issued (in shares)	349,009	493,893	2,872,753	3,088,710
Remaining authority under the share repurchase program	$ 326		$ 326

Cover page	6 Months Ended
Cover page	Jun. 30, 2023 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	226,080,858
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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

Regulatory Capital - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
Regulatory Capital - Narrative (Details) - USD ($)	Jan. 01, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Mar. 31, 2023	Jan. 01, 2023	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses		$ 1,364,716,000	$ 1,081,066,000	$ 1,364,716,000	$ 1,081,066,000	$ 1,357,075,000	$ 1,479,306,000		$ 1,227,362,000		$ 1,165,335,000
Liability for unfunded commitments		62,600,000	113,525,000	62,600,000	113,525,000	124,924,000	$ 32,720,000		$ 32,707,000		$ 72,713,000
Unrealized loss				145,000,000		160,000,000
Unrealized loss, tax benefit				46,000,000		$ 52,000,000
Dividends		$ 300,000,000	$ 293,000,000	$ 300,000,000	$ 401,000,000
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Period of deferment	2 years
Percentage amount deferred per year	25.00%
Percentage amount phased in during year								25.00%		25.00%
Allowance for credit losses	$ 1,100,000,000
Liability for unfunded commitments	116,000,000
Deferred tax asset	306,000,000
Reduction to retained earnings	$ 953,000,000

Allowance for Credit Losses - Payment Status (Amortized Cost Basis) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 190,877	$ 326,116
Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	1,095	7,698
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	179,673	289,134
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	5,843	13,859
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	2,410	8,809
90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	1,856	6,616
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	190,877	326,116
Private Education Loans \| Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	1,095	7,698
Private Education Loans \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	179,673	289,134
Private Education Loans \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	5,843	13,859
Private Education Loans \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	2,410	8,809
Private Education Loans \| 90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 1,856	$ 6,616

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2023
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 six months ended June 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023 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, 2022 (the “2022 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.

Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 51,000		$ 51,000
Acquired intangible assets amortization expense	2,245	$ 2,417	4,517	$ 3,150
Expected amortization, remainder of 2023	9,000		9,000
Expected amortization of 2024	8,000		8,000
Expected amortization of 2025	8,000		8,000
Expected amortization of 2026	7,000		7,000
Expected amortization of 2027	$ 7,000		$ 7,000

- 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

Unfunded Loan Commitments

6 Months Ended

Jun. 30, 2023

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, — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2022 Form 10-K for additional information.

At June 30, 2023, we had $1.6 billion of outstanding contractual loan commitments which we expect to fund during the upcoming 2023/2024 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.


	2023				2022
Three Months Ended June 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments
Beginning Balance	$	32,720	$	684,353	$	32,707	$	561,748
Provision/New commitments - net(1)	52,446		1,529,368		99,692		1,466,865
Other provision items	5,622		—		21,654		—
Transfer - funded loans(2)	(28,188)		(650,865)		(40,528)		(614,773)
Ending Balance	$	62,600	$	1,562,856	$	113,525	$	1,413,840

	2023				2022
Six Months Ended June 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	124,924	$	1,995,808	$	72,713	$	1,776,976
Provision/New commitments - net(1)	104,698		2,654,184		147,146		2,435,695
Other provision items	9,679		—		28,880		—
Transfer - funded loans(2)	(176,701)		(3,087,136)		(135,214)		(2,798,831)
Ending Balance	$	62,600	$	1,562,856	$	113,525	$	1,413,840

(1) Net of expirations of commitments unused.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-42

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 44
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-44

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-20

+ Details

Unfunded Loan Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Credit Loss [Abstract]
Contractual obligation	$ 1,600,000		$ 1,600,000
Allowance
Beginning balance	32,720	$ 32,707	124,924	$ 72,713
Provision/New commitments - net	52,446	99,692	104,698	147,146
Other provision items	5,622	21,654	9,679	28,880
Transfer - funded loans	(28,188)	(40,528)	(176,701)	(135,214)
Ending balance	62,600	113,525	62,600	113,525
Unfunded Commitments
Beginning balance	684,353	561,748	1,995,808	1,776,976
Provision/New commitments - net	1,529,368	1,466,865	2,654,184	2,435,695
Other provision items	0	0	0	0
Transfer - funded loans	(650,865)	(614,773)	(3,087,136)	(2,798,831)
Ending balance	$ 1,562,856	$ 1,413,840	$ 1,562,856	$ 1,413,840

Borrowings - Narrative (Details) - USD ($)			6 Months Ended			12 Months Ended
Borrowings - Narrative (Details) - USD ($)	May 24, 2023	Mar. 15, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	May 16, 2023
Line of Credit Facility [Line Items]
Estimated weighted average life of student loans			5 years			5 years
Vertical risk retention interest				5.00%	5.00%
Uncommitted federal funds			$ 125,000,000	$ 125,000,000	$ 125,000,000
Lendable value of collateral			1,700,000,000	1,700,000,000	1,700,000,000	$ 2,200,000,000
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
2023-A
Line of Credit Facility [Line Items]
Private education loan term accounted for as a secured financing		$ 579,000,000
Loans sold to third parties		$ 579,000,000
Ownership interest percentage on asset-backed financing		100.00%
Unsecured debt issued		$ 572,000,000
Estimated weighted average life of student loans		5 years 21 days
Loans pledged as collateral			625,000,000	625,000,000	625,000,000
Principal amount of collateral			581,000,000	581,000,000	581,000,000
Capitalized interest			$ 44,000,000	$ 44,000,000	$ 44,000,000
2023-A \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.53%
2023-B
Line of Credit Facility [Line Items]
Vertical risk retention interest				5.00%
2023-B \| Student Loan
Line of Credit Facility [Line Items]
Private education loans sold	$ 2,000,000,000
Additional proceeds from sale	105,000,000
Gain on sale	$ 5,000,000

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-Term	$ 0	$ 0
Long-Term	5,213,698	5,235,114
Total	5,213,698	5,235,114
Unsecured borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	990,592	988,986
Total	990,592	988,986
Secured Borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,223,106	4,246,128
Total	4,223,106	4,246,128
Secured Borrowings \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,223,106	4,246,128
Total	4,223,106	4,246,128
Secured Borrowings \| Secured Borrowing Facility
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	0	0
Total	0	0
Secured Borrowings \| Fixed-rate \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	3,536,400	3,462,363
Total	3,536,400	3,462,363
Secured Borrowings \| Variable-rate \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	686,706	783,765
Total	$ 686,706	$ 783,765

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ 19,401	$ 13,631	$ 14,680	$ 61,620
Less: amount of gain (loss) reclassified in interest expense	11,826	(2,264)	22,104	(6,805)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ 7,575	$ 15,895	$ (7,424)	$ 68,425

Borrowings - Secured Financing (Details) - USD ($)	1 Months Ended
Borrowings - Secured Financing (Details) - USD ($)	Mar. 31, 2023	Aug. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Securities Financing Transaction [Line Items]
Total Issued			$ 579,000,000	$ 575,000,000
Total loans and accrued interest amount securitized at inception			644,573,000	$ 674,387,000
2022-C
Securities Financing Transaction [Line Items]
Total Issued		$ 575,000,000
Weighted Average Life (in years)		4 years 8 months 8 days
2022-C \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Securities Financing Transaction [Line Items]
Basis spread on variable rate		1.76%
2023-A
Securities Financing Transaction [Line Items]
Total Issued	$ 579,000,000
Weighted Average Life (in years)	5 years 21 days
Principal amount of collateral			581,000,000
Capitalized interest			44,000,000
2023-A \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Securities Financing Transaction [Line Items]
Basis spread on variable rate	1.53%
Private Education Loans Securitized in 2022
Securities Financing Transaction [Line Items]
Loans			588,000,000
Principal amount of collateral			550,000,000
Capitalized interest			38,000,000
Private Education Loans Securitized In 2023
Securities Financing Transaction [Line Items]
Loans			625,000,000
Principal amount of collateral			581,000,000
Capitalized interest			$ 44,000,000

Borrowings (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes our borrowings at June 30, 2023 and December 31, 2022.


	June 30, 2023						December 31, 2022
(Dollars in thousands)	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	990,592	$	990,592	$	—	$	988,986	$	988,986
Total unsecured borrowings	—		990,592		990,592		—		988,986		988,986
Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,536,400		3,536,400		—		3,462,363		3,462,363
Variable-rate	—		686,706		686,706		—		783,765		783,765
Total Private Education Loan term securitizations	—		4,223,106		4,223,106		—		4,246,128		4,246,128
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		4,223,106		4,223,106		—		4,246,128		4,246,128
Total	$	—	$	5,213,698	$	5,213,698	$	—	$	5,235,114	$	5,235,114

Schedule of Securities Financing Transactions

The following table summarizes our secured financings issued in the year ended December 31, 2022 and in the six months ended June 30, 2023.


Issue	Date Issued	Total Issued		Weighted Average Cost of Funds(1)	Weighted Average Life (in years)
(Dollars in thousands)
Private Education Loans:
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(2)		$	674,387

2023-A	March 2023	$	579,000	SOFR plus 1.53%	5.06

Total notes issued in 2023		$	579,000

Total loan and accrued interest amount securitized at inception in 2023(3)		$	644,573

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

(2) At June 30, 2023, $588 million of our Private Education Loans, including $550 million of principal and $38 million in capitalized interest, were encumbered related to these transactions.

(3) At June 30, 2023, $625 million of our Private Education Loans, including $581 million of principal and $44 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 June 30, 2023 (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	$	—	$	4,223,106	$	4,223,106	$	5,461,684	$	150,585	$	311,216	$	5,923,485
Secured Borrowing Facility	—		—		—		—		—		2,475		2,475
Total	$	—	$	4,223,106	$	4,223,106	$	5,461,684	$	150,585	$	313,691	$	5,925,960


As of December 31, 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	$	—	$	4,246,128	$	4,246,128	$	5,433,602	$	156,719	$	286,093	$	5,876,414
Secured Borrowing Facility	—		—		—		—		—		1,066		1,066
Total	$	—	$	4,246,128	$	4,246,128	$	5,433,602	$	156,719	$	287,159	$	5,877,480

(1) Other assets primarily represent accrued interest receivable.

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


	June 30, 2023						December 31, 2022
(Dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	411,070	$	52,146	$	463,216	$	329,188	$	50,786	$	379,974

(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

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common stock dividend (in dollars per share)	$ 0.11	$ 0.11	$ 0.22	$ 0.22
Series B Preferred Stock
Preferred stock dividend rate (in dollars per share)	$ 1.70	$ 0.70	$ 3.32	$ 1.21

Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Allowance for Credit Losses
Beginning balance	$ 1,479,306	$ 1,227,362	$ 1,357,075	$ 1,165,335	$ 1,165,335
Transfer from unfunded commitment liability	28,188	40,528	176,701	135,214
Provision for current period	96,192	25,050	153,995	73,668
Loan sale reduction to provision	(136,531)	(115,852)	(136,531)	(121,099)
Total provisions	(40,339)	(90,802)	17,464	(47,431)
Net charge-offs:
Charge-offs	(114,134)	(106,999)	(210,216)	(191,065)
Recoveries	11,695	10,977	23,692	19,013
Net charge-offs	(102,439)	(96,022)	(186,524)	(172,052)
Ending Balance	1,364,716	1,081,066	1,364,716	1,081,066	1,357,075
Allowance
Ending balance: collectively evaluated for impairment	1,364,716	1,081,066	1,364,716	1,081,066
Loans
Ending balance: collectively evaluated for impairment	20,511,960	20,213,751	20,511,960	20,213,751
Accrued Interest to be Capitalized [Abstract]
Ending balance: collectively evaluated for impairment	1,136,973	1,029,381	1,136,973	1,029,381
Private Education Loan provision for credit losses, other impacts	90	519	1,559	677
Provisions for credit losses reported in consolidated statements of income	17,729	30,545	131,841	128,595
FFELP Loans
Allowance for Credit Losses
Beginning balance	3,927	3,999	3,444	4,077	4,077
Transfer from unfunded commitment liability	0	0	0	0
Provision for current period	820	60	1,559	81
Loan sale reduction to provision	0	0	0	0
Total provisions	820	60	1,559	81
Net charge-offs:
Charge-offs	(325)	(130)	(581)	(229)
Recoveries	0	0	0	0
Net charge-offs	(325)	(130)	(581)	(229)
Ending Balance	4,422	3,929	4,422	3,929	3,444
Allowance
Ending balance: collectively evaluated for impairment	4,422	3,929	4,422	3,929
Loans
Ending balance: collectively evaluated for impairment	573,597	665,666	573,597	665,666
Accrued Interest to be Capitalized [Abstract]
Ending balance: collectively evaluated for impairment	$ 0	$ 0	$ 0	$ 0
Net charge-offs as a percentage of average loans in repayment (annualized)	0.29%	0.10%	0.26%	0.08%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized	0.77%	0.59%	0.77%	0.59%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment	1.02%	0.73%	1.02%	0.73%
Allowance coverage of net charge-offs (annualized)	3.40	7.56	3.81	8.58
Ending total loans, gross	$ 573,597	$ 665,666	$ 573,597	$ 665,666
Average loans in repayment	441,749	537,449	446,655	541,133
Ending loans in repayment	431,543	538,081	431,543	538,081
Accrued interest to be capitalized on loans in repayment	0	0	0	0
Private Education Loan provision for credit losses, other impacts	820	60	1,559	81
Private Education Loans
Allowance for Credit Losses
Beginning balance	1,475,379	1,221,053	1,353,631	1,158,977	1,158,977
Transfer from unfunded commitment liability	28,188	40,528	176,701	135,214
Provision for current period	96,102	24,531	152,436	72,991
Loan sale reduction to provision	(136,531)	(115,852)	(136,531)	(121,099)
Total provisions	(40,429)	(91,321)	15,905	(48,108)
Net charge-offs:
Charge-offs	(114,550)	(106,493)	(209,635)	(190,349)
Recoveries	11,706	10,977	23,692	19,010
Net charge-offs	(102,844)	(95,516)	(185,943)	(171,339)
Ending Balance	1,360,294	1,074,744	1,360,294	1,074,744	1,353,631
Allowance
Ending balance: collectively evaluated for impairment	1,360,294	1,074,744	1,360,294	1,074,744
Loans
Ending balance: collectively evaluated for impairment	19,938,363	19,519,185	19,938,363	19,519,185
Accrued Interest to be Capitalized [Abstract]
Ending balance: collectively evaluated for impairment	$ 1,136,973	$ 1,029,381	$ 1,136,973	$ 1,029,381
Net charge-offs as a percentage of average loans in repayment (annualized)	2.69%	2.56%	2.41%	2.23%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized	6.45%	5.23%	6.45%	5.23%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment	9.03%	7.22%	9.03%	7.22%
Allowance coverage of net charge-offs (annualized)	3.31	2.81	3.66	3.14
Ending total loans, gross	$ 19,938,363	$ 19,519,185	$ 19,938,363	$ 19,519,185
Average loans in repayment	15,269,101	14,901,040	15,448,931	15,366,023
Ending loans in repayment	14,652,527	14,525,259	14,652,527	14,525,259
Accrued interest to be capitalized on loans in repayment	408,923	359,343	408,923	359,343
Provisions for loan losses	(40,429)	(91,321)	15,905	(48,108)
Provisions for unfunded loan commitments	58,068	121,347	114,377	176,026
Total Private Education Loan provisions for credit losses	17,639	30,026	130,282	127,918
Credit Cards
Allowance for Credit Losses
Beginning balance	0	2,310		2,281	$ 2,281
Transfer from unfunded commitment liability	0	0		0
Provision for current period	(730)	459		596
Loan sale reduction to provision	0	0		0
Total provisions	(730)	459		596
Net charge-offs:
Charge-offs		(376)		(487)
Charge-offs	741
Recoveries	(11)
Recoveries		0		3
Net charge-offs	730	(376)		(484)
Ending Balance	0	2,393	0	2,393
Allowance
Ending balance: collectively evaluated for impairment	0	2,393	0	2,393
Loans
Ending balance: collectively evaluated for impairment	0	28,900	0	28,900
Accrued Interest to be Capitalized [Abstract]
Ending balance: collectively evaluated for impairment	$ 0	$ 0	0	$ 0
Net charge-offs as a percentage of average loans in repayment (annualized)	0.00%	5.33%		3.54%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized	0.00%	8.28%		8.28%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment	0.00%	8.28%		8.28%
Allowance coverage of net charge-offs (annualized)	0	1.59		2.47
Ending total loans, gross	$ 0	$ 28,900	0	$ 28,900
Average loans in repayment	0	28,243		27,375
Ending loans in repayment	0	28,900	0	28,900
Accrued interest to be capitalized on loans in repayment	0	0	$ 0	0
Private Education Loan provision for credit losses, other impacts	$ (730)	$ 459		$ 596

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,563,816	$ 2,554,332
Allowance for credit losses	0	0
Gross Unrealized Gains	130	35
Gross Unrealized Losses	(191,100)	(212,278)
Estimated Fair Value	2,372,846	2,342,089
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	419,251	389,067
Allowance for credit losses	0	0
Gross Unrealized Gains	1	2
Gross Unrealized Losses	(66,340)	(68,705)
Estimated Fair Value	352,912	320,364
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,460	3,584
Allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(405)	(357)
Estimated Fair Value	3,055	3,227
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,708,890	1,804,726
Allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(103,082)	(115,416)
Estimated Fair Value	1,605,808	1,689,310
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	432,215	356,955
Allowance for credit losses	0	0
Gross Unrealized Gains	129	33
Gross Unrealized Losses	(21,273)	(27,800)
Estimated Fair Value	$ 411,071	$ 329,188

Deposits - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Deposits - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Banking and Thrift, Other Disclosure [Abstract]
Deposits	$ 20,361,485		$ 20,361,485		$ 21,448,071
Brokered deposits	8,700,000		8,700,000		9,900,000
Retail and other deposits	11,700,000		11,700,000		11,500,000
Stable interest-bearing deposits, total	7,600,000		7,600,000		8,000,000
Brokered deposit placement fee	3,000	$ 4,000	6,000	$ 7,000
Third party broker fees paid	0	$ 2,000	3,000	$ 4,000
Deposits exceeding FDIC insurance limits	457,000		457,000		615,000
Accrued interest on deposits	$ 69,000		$ 69,000		$ 59,000

Loans Held for Investment (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:


	June 30,		December 31,
(Dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	11,965,510	$	11,108,079
Variable-rate	7,972,853		9,195,609
Total Private Education Loans, gross	19,938,363		20,303,688
Deferred origination costs and unamortized premium/(discount)	70,835		69,656
Allowance for credit losses	(1,360,294)		(1,353,631)
Total Private Education Loans, net	18,648,904		19,019,713

FFELP Loans	573,597		609,050
Deferred origination costs and unamortized premium/(discount)	1,439		1,549
Allowance for credit losses	(4,422)		(3,444)
Total FFELP Loans, net	570,614		607,155





Loans held for investment, net	$	19,219,518	$	19,626,868

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:


	2023				2022
Three Months Ended June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,704,907	10.79	%	$	20,259,956	8.69	%
FFELP Loans	585,131		7.10		675,081		4.01
Credit Cards(1)	—		—		28,220		4.00
Total portfolio	$	21,290,038			$	20,963,257


	2023				2022
Six Months Ended June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,227,153	10.72	%	$	21,054,698	8.53	%
FFELP Loans	593,555		6.98		682,768		3.76
Credit Cards(1)	—		—		27,425		3.97
Total portfolio	$	21,820,708			$	21,764,891

Unfunded Loan Commitments (Tables)

6 Months Ended

Jun. 30, 2023

Credit Loss [Abstract]

Schedule of Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Credit Losses Metrics


Three Months Ended June 30, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,927		$	1,475,379		$	—		$	1,479,306
Transfer from unfunded commitment liability(1)	—			28,188			—			28,188
Provisions:
Provision for current period	820			96,102			(730)			96,192
Loan sale reduction to provision	—			(136,531)			—			(136,531)

Total provisions(2)	820			(40,429)			(730)			(40,339)
Net charge-offs:
Charge-offs	(325)			(114,550)			741			(114,134)
Recoveries	—			11,706			(11)			11,695
Net charge-offs	(325)			(102,844)			730			(102,439)

Ending Balance	$	4,422		$	1,360,294		$	—		$	1,364,716
Allowance(3):

Ending balance: collectively evaluated for impairment	$	4,422		$	1,360,294		$	—		$	1,364,716
Loans(3):

Ending balance: collectively evaluated for impairment	$	573,597		$	19,938,363		$	—		$	20,511,960
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,136,973		$	—		$	1,136,973
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.29		%	2.69		%	—		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.77		%	6.45		%	—		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	1.02		%	9.03		%	—		%
Allowance coverage of net charge-offs (annualized)	3.40			3.31			—
Ending total loans, gross	$	573,597		$	19,938,363		$	—
Average loans in repayment(4)	$	441,749		$	15,269,101		$	—
Ending loans in repayment(4)	$	431,543		$	14,652,527		$	—
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	408,923		$	—

(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 June 30, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(40,429)
Provisions for unfunded loan commitments	58,068
Total Private Education Loan provisions for credit losses	17,639
Other impacts to the provisions for credit losses:
FFELP Loans	820
Credit Cards	(730)
Total	90
Provisions for credit losses reported in consolidated statements of income	$	17,729

(3) For the three months ended June 30, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


Three Months Ended June 30, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Transfer from unfunded commitment liability(1)	—			40,528			—			40,528
Provisions:
Provision for current period	60			24,531			459			25,050
Loan sale reduction to provision	—			(115,852)			—			(115,852)

Total provisions(2)	60			(91,321)			459			(90,802)
Net charge-offs:
Charge-offs	(130)			(106,493)			(376)			(106,999)
Recoveries	—			10,977			—			10,977
Net charge-offs	(130)			(95,516)			(376)			(96,022)

Ending Balance	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Loans(3):

Ending balance: collectively evaluated for impairment	$	665,666		$	19,519,185		$	28,900		$	20,213,751
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,029,381		$	—		$	1,029,381
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.10		%	2.56		%	5.33		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.59		%	5.23		%	8.28		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.73		%	7.22		%	8.28		%
Allowance coverage of net charge-offs (annualized)	7.56			2.81			1.59
Ending total loans, gross	$	665,666		$	19,519,185		$	28,900
Average loans in repayment(4)	$	537,449		$	14,901,040		$	28,243
Ending loans in repayment(4)	$	538,081		$	14,525,259		$	28,900
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	359,343		$	—

(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 June 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(91,321)
Provisions for unfunded loan commitments	121,347
Total Private Education Loan provisions for credit losses	30,026
Other impacts to the provisions for credit losses:
FFELP Loans	60
Credit Cards	459
Total	519
Provisions for credit losses reported in consolidated statements of income	$	30,545

(3) For the three months ended June 30, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


Six Months Ended June 30, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Total
Allowance for Credit Losses
Beginning balance	$	3,444		$	1,353,631		$	1,357,075
Transfer from unfunded commitment liability(1)	—			176,701			176,701
Provisions:
Provision for current period	1,559			152,436			153,995
Loan sale reduction to provision	—			(136,531)			(136,531)

Total provisions(2)	1,559			15,905			17,464
Net charge-offs:
Charge-offs	(581)			(209,635)			(210,216)
Recoveries	—			23,692			23,692
Net charge-offs	(581)			(185,943)			(186,524)

Ending Balance	$	4,422		$	1,360,294		$	1,364,716
Allowance(3):

Ending balance: collectively evaluated for impairment	$	4,422		$	1,360,294		$	1,364,716
Loans(3):

Ending balance: collectively evaluated for impairment	$	573,597		$	19,938,363		$	20,511,960
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,136,973		$	1,136,973
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.26		%	2.41		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.77		%	6.45		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	1.02		%	9.03		%
Allowance coverage of net charge-offs (annualized)	3.81			3.66
Ending total loans, gross	$	573,597		$	19,938,363
Average loans in repayment(4)	$	446,655		$	15,448,931
Ending loans in repayment(4)	$	431,543		$	14,652,527
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	408,923

(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
Six Months Ended June 30, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	15,905
Provisions for unfunded loan commitments	114,377
Total Private Education Loan provisions for credit losses	130,282
Other impacts to the provisions for credit losses:
FFELP Loans	1,559

Total	1,559
Provisions for credit losses reported in consolidated statements of income	$	131,841

(3) For the six months ended June 30, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


Six Months Ended June 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)	—			135,214			—			135,214
Provisions:
Provision for current period	81			72,991			596			73,668
Loan sale reduction to provision	—			(121,099)			—			(121,099)

Total provisions(2)	81			(48,108)			596			(47,431)
Net charge-offs:
Charge-offs	(229)			(190,349)			(487)			(191,065)
Recoveries	—			19,010			3			19,013
Net charge-offs	(229)			(171,339)			(484)			(172,052)

Ending Balance	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Loans(3):

Ending balance: collectively evaluated for impairment	$	665,666		$	19,519,185		$	28,900		$	20,213,751
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,029,381		$	—		$	1,029,381
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.08		%	2.23		%	3.54		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.59		%	5.23		%	8.28		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.73		%	7.22		%	8.28		%
Allowance coverage of net charge-offs (annualized)	8.58			3.14			2.47
Ending total loans, gross	$	665,666		$	19,519,185		$	28,900
Average loans in repayment(4)	$	541,133		$	15,366,023		$	27,375
Ending loans in repayment(4)	$	538,081		$	14,525,259		$	28,900
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	359,343		$	—

(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
Six Months Ended June 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(48,108)
Provisions for unfunded loan commitments	176,026
Total Private Education Loan provisions for credit losses	127,918
Other impacts to the provisions for credit losses:
FFELP Loans	81
Credit Cards	596
Total	677
Provisions for credit losses reported in consolidated statements of income	$	128,595

(3) For the six months ended June 30, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


	2023				2022
Three Months Ended June 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments
Beginning Balance	$	32,720	$	684,353	$	32,707	$	561,748
Provision/New commitments - net(1)	52,446		1,529,368		99,692		1,466,865
Other provision items	5,622		—		21,654		—
Transfer - funded loans(2)	(28,188)		(650,865)		(40,528)		(614,773)
Ending Balance	$	62,600	$	1,562,856	$	113,525	$	1,413,840

	2023				2022
Six Months Ended June 30, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	124,924	$	1,995,808	$	72,713	$	1,776,976
Provision/New commitments - net(1)	104,698		2,654,184		147,146		2,435,695
Other provision items	9,679		—		28,880		—
Transfer - funded loans(2)	(176,701)		(3,087,136)		(135,214)		(2,798,831)
Ending Balance	$	62,600	$	1,562,856	$	113,525	$	1,413,840

(1) Net of expirations of commitments unused.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Series B Preferred Stock	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Retained Earnings Series B Preferred Stock	Treasury Stock
Beginning balance, shares issued (in shares) at Dec. 31, 2021			2,510,696	432,013,372
Beginning balance (in shares) at Dec. 31, 2021									(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	$ 1,074,384	$ (17,897)	$ 2,817,134		$ (2,061,383)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	470,885						470,885
Other comprehensive (loss) income, net of tax	(46,102)					(46,102)
Total comprehensive income	424,783
Cash dividends declared:
Common Stock	(58,576)						(58,576)
Preferred Stock		$ (3,032)						$ (3,032)
Dividend equivalent units related to employee stock-based compensation plans	$ (17)				784		(801)
Issuance of common shares (in shares)	3,088,710			3,088,710
Issuance of common shares	$ 450			$ 618	(168)
Stock-based compensation expense	$ 20,296				20,296
Common stock repurchased (in shares)	(29,530,400)			(29,530,400)					(29,530,400)
Common stock repurchased	$ (536,038)								$ (536,038)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,130,903)			(1,130,903)					(1,130,903)
Shares repurchased related to employee stock-based compensation plans	$ (20,767)								$ (20,767)
Ending balance, shares issued (in shares) at Jun. 30, 2022			2,510,696	435,102,082
Ending balance (in shares) at Jun. 30, 2022									(183,717,942)
Ending balance (in shares) at Jun. 30, 2022				251,384,140
Ending balance at Jun. 30, 2022	1,976,810		$ 251,070	$ 87,021	1,095,296	(63,999)	3,225,610		$ (2,618,188)
Beginning balance, shares issued (in shares) at Mar. 31, 2022			2,510,696	434,608,189
Beginning balance (in shares) at Mar. 31, 2022									(163,524,633)
Beginning balance (in shares) at Mar. 31, 2022				271,083,556
Beginning balance at Mar. 31, 2022	2,044,207		$ 251,070	$ 86,922	1,086,852	(39,514)	2,913,544		$ (2,254,667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	342,073						342,073
Other comprehensive (loss) income, net of tax	(24,485)					(24,485)
Total comprehensive income	317,588
Cash dividends declared:
Common Stock	(28,083)						(28,083)
Preferred Stock		(1,757)						(1,757)
Dividend equivalent units related to employee stock-based compensation plans	$ (1)				166		(167)
Issuance of common shares (in shares)	493,893			493,893
Issuance of common shares	$ 2			$ 99	(97)
Stock-based compensation expense	$ 8,375				8,375
Common stock repurchased (in shares)	(19,997,008)			(19,997,008)					(19,997,008)
Common stock repurchased	$ (360,095)								$ (360,095)
Shares repurchased related to employee stock-based compensation plans (in shares)	(196,301)			(196,301)					(196,301)
Shares repurchased related to employee stock-based compensation plans	$ (3,426)								$ (3,426)
Ending balance, shares issued (in shares) at Jun. 30, 2022			2,510,696	435,102,082
Ending balance (in shares) at Jun. 30, 2022									(183,717,942)
Ending balance (in shares) at Jun. 30, 2022				251,384,140
Ending balance at Jun. 30, 2022	$ 1,976,810		$ 251,070	$ 87,021	1,095,296	(63,999)	3,225,610		$ (2,618,188)
Beginning balance, shares issued (in shares) at Dec. 31, 2022			2,510,696	435,121,140
Beginning balance (in shares) at Dec. 31, 2022	(194,400,000)								(194,445,696)
Beginning balance (in shares) at Dec. 31, 2022				240,675,444
Beginning balance at Dec. 31, 2022	$ 1,726,970		$ 251,070	$ 87,025	1,109,072	(93,870)	3,163,640		$ (2,789,967)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	383,583						383,583
Other comprehensive (loss) income, net of tax	10,306					10,306
Total comprehensive income	393,889
Cash dividends declared:
Common Stock	$ (51,938)						(51,938)
Preferred Stock		(8,337)						(8,337)
Issuance of common shares (in shares)	2,872,753			2,872,753
Issuance of common shares	$ (5)			$ 574	637		(1,216)
Stock-based compensation expense	$ 19,828				19,828
Common stock repurchased (in shares)	(16,389,696)			(16,389,696)					(16,389,696)
Common stock repurchased	$ (257,402)								$ (257,402)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,077,643)			(1,077,643)					(1,077,643)
Shares repurchased related to employee stock-based compensation plans	$ (16,641)								$ (16,641)
Ending balance, shares issued (in shares) at Jun. 30, 2023			2,510,696	437,993,893
Ending balance (in shares) at Jun. 30, 2023	(211,900,000)								(211,913,035)
Ending balance (in shares) at Jun. 30, 2023				226,080,858
Ending balance at Jun. 30, 2023	$ 1,806,364		$ 251,070	$ 87,599	1,129,537	(83,564)	3,485,732		$ (3,064,010)
Beginning balance, shares issued (in shares) at Mar. 31, 2023			2,510,696	437,644,884
Beginning balance (in shares) at Mar. 31, 2023									(195,395,127)
Beginning balance (in shares) at Mar. 31, 2023				242,249,757
Beginning balance at Mar. 31, 2023	1,827,095		$ 251,070	$ 87,530	1,121,082	(78,333)	3,250,478		$ (2,804,732)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	265,065						265,065
Other comprehensive (loss) income, net of tax	(5,231)					(5,231)
Total comprehensive income	259,834
Cash dividends declared:
Common Stock	$ (25,303)						(25,303)
Preferred Stock		$ (4,274)						$ (4,274)
Issuance of common shares (in shares)	349,009			349,009
Issuance of common shares	$ (2)			$ 69	163		(234)
Stock-based compensation expense	$ 8,292				8,292
Common stock repurchased (in shares)	(16,389,696)
Shares repurchased related to employee stock-based compensation plans (in shares)	(128,212)			(128,212)					(128,212)
Shares repurchased related to employee stock-based compensation plans	$ (1,876)								$ (1,876)
Ending balance, shares issued (in shares) at Jun. 30, 2023			2,510,696	437,993,893
Ending balance (in shares) at Jun. 30, 2023	(211,900,000)								(211,913,035)
Ending balance (in shares) at Jun. 30, 2023				226,080,858
Ending balance at Jun. 30, 2023	$ 1,806,364		$ 251,070	$ 87,599	$ 1,129,537	$ (83,564)	$ 3,485,732		$ (3,064,010)

Loans Held for Sale

6 Months Ended

Jun. 30, 2023

Transfers and Servicing [Abstract]

Loans Held for Sale

Loans Held for Investment

Loans held for investment consist of Private Education Loans and FFELP Loans. 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 the suite of Credit Cards that we previously held. At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023. For additional information, see Notes to Consolidated Financial Statements, Note 4, “Loans Held for Sale” in this Form 10-Q.

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 June 30, 2023 and December 31, 2022, 40 percent and 45 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 six months of 2023, we recognized $128 million in gains from the sale of approximately $2.10 billion of Private Education Loans, including $1.96 billion of principal and $144 million in capitalized interest, to an unaffiliated third party. In the first six months of 2022, we recognized $250 million in gains from the sale of approximately $2.24 billion of our Private Education Loans, including $2.10 billion of principal and $142 million in capitalized interest, to unaffiliated third parties. There were VIEs created in the execution of certain of these loan sales; however, based on our consolidation analysis, we are not the primary beneficiary of these VIEs. These transactions qualified for sale treatment and removed the balance of the loans from our balance sheet on the respective settlement dates. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales. For additional information, see Notes to Consolidated Financial Statements, Note 9, “Borrowings - Unconsolidated VIEs” in this Form 10-Q.

Loans held for investment are summarized as follows:


	June 30,		December 31,
(Dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	11,965,510	$	11,108,079
Variable-rate	7,972,853		9,195,609
Total Private Education Loans, gross	19,938,363		20,303,688
Deferred origination costs and unamortized premium/(discount)	70,835		69,656
Allowance for credit losses	(1,360,294)		(1,353,631)
Total Private Education Loans, net	18,648,904		19,019,713

FFELP Loans	573,597		609,050
Deferred origination costs and unamortized premium/(discount)	1,439		1,549
Allowance for credit losses	(4,422)		(3,444)
Total FFELP Loans, net	570,614		607,155





Loans held for investment, net	$	19,219,518	$	19,626,868

The estimated weighted average life of education loans in our portfolio was approximately 5.0 years and 5.0 years at June 30, 2023 and December 31, 2022, 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:


	2023				2022
Three Months Ended June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,704,907	10.79	%	$	20,259,956	8.69	%
FFELP Loans	585,131		7.10		675,081		4.01
Credit Cards(1)	—		—		28,220		4.00
Total portfolio	$	21,290,038			$	20,963,257


	2023				2022
Six Months Ended June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,227,153	10.72	%	$	21,054,698	8.53	%
FFELP Loans	593,555		6.98		682,768		3.76
Credit Cards(1)	—		—		27,425		3.97
Total portfolio	$	21,820,708			$	21,764,891

(1) Credit Card loans were transferred to loans held for sale at September 30, 2022 and were subsequently sold to a third party in May 2023.

Loans Held for SaleWe had no loans held for sale at June 30, 2023 and $29 million in loans held for sale at December 31, 2022. The balance at December 31, 2022 was comprised of our Credit Card loan portfolio. At September 30, 2022, when the loans were transferred to held for sale, we reversed $2.4 million through the provisions for credit losses for the allowance related to these loans. 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. In May 2023, we sold our Credit Card loan portfolio to a third party. This transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date. We recorded a loss of $4 million related to the sale in the second quarter of 2023.

Investments (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 (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	$	419,251	$	—	$	1	$	(66,340)	$	352,912
Utah Housing Corporation bonds	3,460		—		—		(405)		3,055
U.S. government-sponsored enterprises and Treasuries	1,708,890		—		—		(103,082)		1,605,808
Other securities	432,215		—		129		(21,273)		411,071
Total	$	2,563,816	$	—	$	130	$	(191,100)	$	2,372,846

As of December 31, 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	$	389,067	$	—	$	2	$	(68,705)	$	320,364
Utah Housing Corporation bonds	3,584		—		—		(357)		3,227
U.S. government-sponsored enterprises and Treasuries	1,804,726		—		—		(115,416)		1,689,310
Other securities	356,955		—		33		(27,800)		329,188
Total	$	2,554,332	$	—	$	35	$	(212,278)	$	2,342,089

(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.

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

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


(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 June 30, 2023:
Mortgage-backed securities	$	(879)	$	44,532	$	(65,461)	$	308,309	$	(66,340)	$	352,841
Utah Housing Corporation bonds	—		—		(405)		3,055		(405)		3,055
U.S. government-sponsored enterprises and Treasuries	(4,419)		93,990		(98,663)		1,511,818		(103,082)		1,605,808
Other securities	(4,121)		195,551		(17,152)		161,252		(21,273)		356,803
Total	$	(9,419)	$	334,073	$	(181,681)	$	1,984,434	$	(191,100)	$	2,318,507

As of December 31, 2022:
Mortgage-backed securities	$	(13,956)	$	99,598	$	(54,749)	$	220,576	$	(68,705)	$	320,174
Utah Housing Corporation bonds	(357)		3,227		—		—		(357)		3,227
U.S. government-sponsored enterprises and Treasuries	(28,128)		689,300		(87,288)		1,000,010		(115,416)		1,689,310
Other securities	(15,852)		232,546		(11,948)		92,883		(27,800)		325,429
Total	$	(58,293)	$	1,024,671	$	(153,985)	$	1,313,469	$	(212,278)	$	2,338,140

Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturities

As of June 30, 2023, 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 June 30, 2023 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2023	$	65,001	$	64,075
2024	698,726		670,849
2025	298,314		283,644
2026	548,440		493,250
2027	98,409		93,990
2038	70		71
2039	693		681
2042	2,483		2,148
2043	4,263		3,830
2044	5,357		4,906
2045	5,254		4,678
2046	7,902		6,965
2047	8,311		7,331
2048	2,051		1,949
2049	16,013		14,251
2050	112,190		90,329
2051	158,214		126,858
2052	55,191		48,119
2053	143,586		133,023
2054	79,538		72,081
2055	94,046		90,092
2056	109,203		109,203
2058	50,561		50,523
Total	$	2,563,816	$	2,372,846

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional Values	$ 1,958,717	$ 2,842,846
Trading
Derivatives, Fair Value [Line Items]
Notional Values	0	0
Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	1,256,408	1,314,660
Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	702,309	1,528,186
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Values	1,958,717	2,842,846
Interest rate swaps \| Trading
Derivatives, Fair Value [Line Items]
Notional Values	0	0
Interest rate swaps \| Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	1,256,408	1,314,660
Interest rate swaps \| Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	$ 702,309	$ 1,528,186

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,364,716)	$ (1,479,306)	$ (1,357,075)	$ (1,081,066)	$ (1,227,362)	$ (1,165,335)
Loans held for investment, net	19,219,518		19,626,868
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	19,938,363		20,303,688
Deferred origination costs and unamortized premium/(discount)	70,835		69,656
Allowance for credit losses	(1,360,294)		(1,353,631)
Loans held for investment, net	18,648,904		19,019,713
Private Education Loans \| Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	11,965,510		11,108,079
Private Education Loans \| Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	7,972,853		9,195,609
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	573,597		609,050
Deferred origination costs and unamortized premium/(discount)	1,439		1,549
Allowance for credit losses	(4,422)		(3,444)
Loans held for investment, net	$ 570,614		$ 607,155

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Earning assets:
Loans held for sale	$ 0	$ 0
Trading investments	52,146	55,903
Accrued interest receivable, difference	57,224	35,015
Tax indemnification receivable	325,063	380,058
Derivative instruments	0	405
Total earning assets, difference	2,358,899	2,088,881
Interest-bearing liabilities:
Long-term borrowings, difference	377,679	421,881
Derivative instruments	210	0
Total interest-bearing liabilities, difference	794,396	838,340
Excess of net asset fair value over carrying value	3,153,295	2,927,221
Money-market and savings accounts
Interest-bearing liabilities:
Deposits, difference	106,258	104,979
Certificates of deposit
Interest-bearing liabilities:
Deposits, difference	310,459	311,480
Fair Value
Earning assets:
Loans held for sale	0	29,448
Cash and cash equivalents	3,875,758	4,616,117
Trading investments	52,146	55,903
Available-for-sale investments	2,372,846	2,342,089
Accrued interest receivable	1,357,360	1,237,074
Tax indemnification receivable	2,902	2,816
Derivative instruments	212	972
Total earning assets	29,182,417	29,965,153
Interest-bearing liabilities:
Long-term borrowings	4,836,019	4,813,233
Accrued interest payable	82,019	71,586
Derivative instruments	422	567
Total interest-bearing liabilities	24,860,704	25,915,574
Fair Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	11,063,242	11,854,849
Fair Value \| Certificates of deposit
Interest-bearing liabilities:
Deposits	8,879,002	9,175,339
Carrying Value
Earning assets:
Loans held for sale	0	29,448
Cash and cash equivalents	3,875,758	4,616,117
Trading investments	52,146	55,903
Available-for-sale investments	2,372,846	2,342,089
Accrued interest receivable	1,300,136	1,202,059
Tax indemnification receivable	2,902	2,816
Derivative instruments	212	972
Total earning assets	26,823,518	27,876,272
Interest-bearing liabilities:
Long-term borrowings	5,213,698	5,235,114
Accrued interest payable	82,019	71,586
Derivative instruments	422	567
Total interest-bearing liabilities	25,655,100	26,753,914
Carrying Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	11,169,500	11,959,828
Carrying Value \| Certificates of deposit
Interest-bearing liabilities:
Deposits	9,189,461	9,486,819
Private Education Loans
Earning assets:
Loans held for investment, net, difference	2,292,956	2,042,835
Private Education Loans \| Fair Value
Earning assets:
Loans held for investment, net	20,941,860	21,062,548
Private Education Loans \| Carrying Value
Earning assets:
Loans held for investment, net	18,648,904	19,019,713
FFELP Loans
Earning assets:
Loans held for investment, net, difference	8,719	11,031
FFELP Loans \| Fair Value
Earning assets:
Loans held for investment, net	579,333	618,186
FFELP Loans \| Carrying Value
Earning assets:
Loans held for investment, net	$ 570,614	$ 607,155

Allowance for Credit Losses - Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Total Interest Receivable	$ 1,275,741	$ 1,177,562
90 Days or Greater Past Due	7,011	6,609
Allowance for Uncollectible Interest	8,224	8,121
Accrued interest receivable not expected to be capitalized	139,000	240,000
Accrued interest receivable expected to be capitalized reserved	$ 1,100,000	$ 937,000

Goodwill and Acquired Intangible Assets

6 Months Ended

Jun. 30, 2023

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 acquisition of the assets primarily used or held for use of Epic Research Education Services, LLC, which does business as Nitro College (“Nitro”), in the first quarter of 2022. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually in the fourth quarter of the year, or more frequently if we believe that indicators of impairment exist. At June 30, 2023, we had $51 million in total goodwill. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Business Combination” in our 2022 Form 10-K 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:


		June 30, 2023						December 31, 2022
(Dollars in thousands)	Useful Life (in years)(1)	Cost Basis		Accumulated Amortization		Net		Cost Basis		Accumulated Amortization		Net
Tradename and trademarks	10	$	68,470	$	(9,129)	$	59,341	$	68,470	$	(5,706)	$	62,764
Customer relationships	5	5,670		(2,606)		3,064		5,670		(1,723)		3,947
Developed technology	3	1,260		(560)		700		1,260		(350)		910
Total acquired intangible assets		$	75,400	$	(12,295)	$	63,105	$	75,400	$	(7,779)	$	67,621

(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 six months ended June 30, 2023, respectively, and approximately $2 million and $3 million in the three and six months ended June 30, 2022, respectively. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be approximately $9 million, $8 million, $8 million, $7 million, and $7 million in 2023, 2024, 2025, 2026, and 2027, respectively.

Allowance for Credit Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
% of Balance
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	$ 114,134	$ 106,999	$ 210,216	$ 191,065
Recoveries	11,695	10,977	23,692	19,013
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	102,439	$ 96,022	186,524	$ 172,052
Consumer Portfolio Segment \| Student Loan
% of Balance
Current period gross charge-offs, Year 1			(42)		$ (2,224)
Current period gross charge-offs, Year 2			(9,040)		(25,698)
Current period gross charge-offs, Year 3			(35,961)		(48,271)
Current period gross charge-offs, Year 4			(25,581)		(62,071)
Current period gross charge-offs, Year 5			(26,051)		(57,505)
Current period gross charge-offs, After Year 5			(112,960)		(231,647)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff			209,635		427,416
Current period recoveries, Year 1			0		124
Current period recoveries, Year 2			646		1,841
Current period recoveries, Year 3			3,279		4,170
Current period recoveries, Year 4			2,541		5,556
Current period recoveries, Year 5			2,870		5,407
Current period recoveries, After Year 5			14,356		24,639
Recoveries			23,692		41,737
Current period net charge-offs, Year 1			(42)		(2,100)
Current period net charge-offs, Year 2			(8,394)		(23,857)
Current period recoveries, Year 3			(32,682)		(44,101)
Current period recoveries, Year 4			(23,040)		(56,515)
Current period recoveries, Year 5			(23,181)		(52,098)
Current period recoveries, After Year 5			(98,604)		(207,008)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff			185,943		385,679
Total accrued interest by origination vintage, Year 1	39,186		39,186		142,915
Total accrued interest by origination vintage, Year 2	320,737		320,737		315,308
Total accrued interest by origination vintage, Year 3	304,663		304,663		207,858
Total accrued interest by origination vintage, Year 4	182,079		182,079		184,832
Total accrued interest by origination vintage, Year 5	153,744		153,744		116,211
Total accrued interest by origination vintage, After Year 5	275,332		275,332		210,438
Total accrued interest by origination vintage	1,275,741		1,275,741		1,177,562
Consumer Portfolio Segment \| Student Loan \| With and without cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	1,374,107		1,374,107		4,276,533
Year 2	5,481,115		5,481,115		4,547,159
Year 3	3,455,211		3,455,211		2,584,622
Year 4	2,071,289		2,071,289		2,172,660
Year 5	1,824,409		1,824,409		1,615,842
After Year 5	5,732,232		5,732,232		5,106,872
Loan type	$ 19,938,363		$ 19,938,363		$ 20,303,688
% 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]
Year 1	$ 1,128,289		$ 1,128,289		$ 3,656,111
Year 2	4,760,539		4,760,539		3,941,921
Year 3	2,967,985		2,967,985		2,208,033
Year 4	1,750,797		1,750,797		1,853,619
Year 5	1,542,521		1,542,521		1,402,828
After Year 5	5,134,126		5,134,126		4,626,491
Loan type	$ 17,284,257		$ 17,284,257		$ 17,689,003
% of Balance
Private education loans	87.00%		87.00%		87.00%
Consumer Portfolio Segment \| Student Loan \| Without cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 245,818		$ 245,818		$ 620,422
Year 2	720,576		720,576		605,238
Year 3	487,226		487,226		376,589
Year 4	320,492		320,492		319,041
Year 5	281,888		281,888		213,014
After Year 5	598,106		598,106		480,381
Loan type	$ 2,654,106		$ 2,654,106		$ 2,614,685
% of Balance
Private education loans	13.00%		13.00%		13.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,374,107		$ 1,374,107		$ 4,276,533
Year 2	5,481,115		5,481,115		4,547,159
Year 3	3,455,211		3,455,211		2,584,622
Year 4	2,071,289		2,071,289		2,172,660
Year 5	1,824,409		1,824,409		1,615,842
After Year 5	5,732,232		5,732,232		5,106,872
Loan type	$ 19,938,363		$ 19,938,363		$ 20,303,688
% 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]
Year 1	$ 107,391		$ 107,391		$ 326,991
Year 2	420,793		420,793		307,646
Year 3	240,208		240,208		158,606
Year 4	131,690		131,690		177,098
Year 5	151,540		151,540		143,674
After Year 5	504,422		504,422		439,587
Loan type	$ 1,556,044		$ 1,556,044		$ 1,553,602
% of Balance
Private education loans at origination	8.00%		8.00%		8.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 204,117		$ 204,117		$ 593,216
Year 2	755,918		755,918		611,649
Year 3	465,841		465,841		356,541
Year 4	287,047		287,047		339,685
Year 5	285,693		285,693		259,142
After Year 5	977,653		977,653		878,426
Loan type	$ 2,976,269		$ 2,976,269		$ 3,038,659
% 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]
Year 1	$ 438,522		$ 438,522		$ 1,336,765
Year 2	1,706,428		1,706,428		1,440,510
Year 3	1,094,180		1,094,180		834,819
Year 4	669,539		669,539		719,777
Year 5	607,938		607,938		537,680
After Year 5	1,932,404		1,932,404		1,722,068
Loan type	$ 6,449,011		$ 6,449,011		$ 6,591,619
% of Balance
Private education loans at origination	32.00%		32.00%		32.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 624,077		$ 624,077		$ 2,019,561
Year 2	2,597,976		2,597,976		2,187,354
Year 3	1,654,982		1,654,982		1,234,656
Year 4	983,013		983,013		936,100
Year 5	779,238		779,238		675,346
After Year 5	2,317,753		2,317,753		2,066,791
Loan type	$ 8,957,039		$ 8,957,039		$ 9,119,808
% 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]
Year 1	$ 1,374,107		$ 1,374,107		$ 4,276,533
Year 2	5,481,115		5,481,115		4,547,159
Year 3	3,455,211		3,455,211		2,584,622
Year 4	2,071,289		2,071,289		2,172,660
Year 5	1,824,409		1,824,409		1,615,842
After Year 5	5,732,232		5,732,232		5,106,872
Loan type	$ 19,938,363		$ 19,938,363		$ 20,303,688
% 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]
Year 1	$ 129,421		$ 129,421		$ 443,868
Year 2	597,699		597,699		461,589
Year 3	383,532		383,532		242,310
Year 4	212,612		212,612		237,105
Year 5	212,598		212,598		204,894
After Year 5	822,750		822,750		773,324
Loan type	$ 2,358,612		$ 2,358,612		$ 2,363,090
% of Balance
Private education loans at origination	12.00%		12.00%		12.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 200,879		$ 200,879		$ 594,118
Year 2	732,796		732,796		579,784
Year 3	421,987		421,987		284,244
Year 4	222,546		222,546		240,999
Year 5	197,829		197,829		173,754
After Year 5	635,210		635,210		564,344
Loan type	$ 2,411,247		$ 2,411,247		$ 2,437,243
% 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]
Year 1	$ 432,512		$ 432,512		$ 1,322,558
Year 2	1,632,162		1,632,162		1,378,910
Year 3	1,017,167		1,017,167		748,368
Year 4	579,151		579,151		628,060
Year 5	509,954		509,954		449,701
After Year 5	1,563,951		1,563,951		1,388,090
Loan type	$ 5,734,897		$ 5,734,897		$ 5,915,687
% of Balance
Private education loans at origination	29.00%		29.00%		29.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 611,295		$ 611,295		$ 1,915,989
Year 2	2,518,458		2,518,458		2,126,876
Year 3	1,632,525		1,632,525		1,309,700
Year 4	1,056,980		1,056,980		1,066,496
Year 5	904,028		904,028		787,493
After Year 5	2,710,321		2,710,321		2,381,114
Loan type	$ 9,433,607		$ 9,433,607		$ 9,587,668
% of Balance
Private education loans at origination	47.00%		47.00%		47.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,374,107		$ 1,374,107		$ 4,276,533
Year 2	5,481,115		5,481,115		4,547,159
Year 3	3,455,211		3,455,211		2,584,622
Year 4	2,071,289		2,071,289		2,172,660
Year 5	1,824,409		1,824,409		1,615,842
After Year 5	5,732,232		5,732,232		5,106,872
Loan type	$ 19,938,363		$ 19,938,363		$ 20,303,688
% 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]
Year 1	$ 708,493		$ 708,493		$ 2,448,884
Year 2	2,807,944		2,807,944		636,073
Year 3	444,729		444,729		384,334
Year 4	274,745		274,745		330,316
Year 5	236,836		236,836		235,878
After Year 5	446,584		446,584		424,636
Loan type	$ 4,919,331		$ 4,919,331		$ 4,460,121
% of Balance
Seasoning based on monthly scheduled payments due from 1-12 payments	25.00%		25.00%		22.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0		$ 0
Year 2	467,523		467,523		2,477,764
Year 3	1,781,078		1,781,078		255,510
Year 4	180,207		180,207		195,753
Year 5	195,356		195,356		166,045
After Year 5	526,126		526,126		455,782
Loan type	$ 3,150,290		$ 3,150,290		$ 3,550,854
% of Balance
Seasoning based on monthly scheduled payments due from 13 - 24 payments	16.00%		16.00%		18.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0		$ 0
Year 2	0		0		0
Year 3	255,314		255,314		1,366,398
Year 4	1,001,721		1,001,721		257,534
Year 5	121,822		121,822		126,223
After Year 5	513,211		513,211		489,157
Loan type	$ 1,892,068		$ 1,892,068		$ 2,239,312
% of Balance
Seasoning based on monthly scheduled payments due from 25 - 36 payments	9.00%		9.00%		11.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0		$ 0
Year 2	0		0		0
Year 3	0		0		127
Year 4	186,722		186,722		1,008,418
Year 5	864,585		864,585		224,805
After Year 5	499,560		499,560		451,102
Loan type	$ 1,550,867		$ 1,550,867		$ 1,684,452
% of Balance
Seasoning based on monthly scheduled payments due from 37 - 48 payments	8.00%		8.00%		8.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0		$ 0
Year 2	0		0		0
Year 3	0		0		0
Year 4	0		0		0
Year 5	112,729		112,729		643,611
After Year 5	3,211,222		3,211,222		2,830,285
Loan type	$ 3,323,951		$ 3,323,951		$ 3,473,896
% of Balance
Seasoning based on monthly scheduled payments due from more than 48 payments	17.00%		17.00%		17.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 665,614		$ 665,614		$ 1,827,649
Year 2	2,205,648		2,205,648		1,433,322
Year 3	974,090		974,090		578,253
Year 4	427,894		427,894		380,639
Year 5	293,081		293,081		219,280
After Year 5	535,529		535,529		455,910
Loan type	$ 5,101,856		$ 5,101,856		$ 4,895,053
% of Balance
Seasoning based on monthly scheduled payments due from not yet in repayment	25.00%		25.00%		24.00%

Regulatory Capital

6 Months Ended

Jun. 30, 2023

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 adopted CECL during the 2020 calendar year, including the Bank, could 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 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. On January 1, 2022, 25 percent of the adjusted transition amounts was phased in for regulatory capital purposes. On January 1, 2023, an additional 25 percent of the adjusted transition amounts was phased in for regulatory capital purposes. On January 1 of 2024 and 2025, the adjusted transition amounts will continue to 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 June 30, 2023, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:


	Adjusted Transition Amounts		Phase-In Amounts for the Year Ended		Phase-In Amounts for the Six Months Ended		Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)	December 31, 2021		December 31, 2022		June 30, 2023		June 30, 2023

Retained earnings	$	836,351	$	(209,088)	$	(209,088)	$	418,175
Allowance for credit losses	1,038,145		(259,536)		(259,536)		519,073
Liability for unfunded commitments	104,377		(26,094)		(26,094)		52,189
Deferred tax asset	306,171		(76,542)		(76,542)		153,087

The Bank’s required and actual regulatory capital amounts and ratios under U.S. Basel III are shown in the following table. The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. The Bank has elected to exclude accumulated other comprehensive income related to both available-for-sale investments and swap valuations from Common Equity Tier 1 Capital. At June 30, 2023 and December 31, 2022, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $145 million and $160 million, net of tax of $46 million and $52 million, respectively. The capital ratios would remain above the well capitalized thresholds if the unrealized loss became fully recognized into capital.


(Dollars in thousands)	Actual				U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
	Amount		Ratio		Amount			Ratio
As of June 30, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	2,976,883	12.8	%	$	1,624,566	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	2,976,883	12.8	%	$	1,972,687	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,273,971	14.1	%	$	2,436,849	>	10.5	%
Tier 1 Capital (to Average Assets)	$	2,976,883	10.2	%	$	1,162,795	>	4.0	%

As of December 31, 2022(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,040,662	12.9	%	$	1,645,807	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,040,662	12.9	%	$	1,998,480	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,338,645	14.2	%	$	2,468,711	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,040,662	10.3	%	$	1,185,280	>	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 both June 30, 2023 and December 31, 2022, the actual amounts and the actual ratios include the adjusted transition amounts discussed above that were phased in at the beginning of 2022 and 2023.

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 $300 million and $300 million in dividends to the Company for the three and six months ended June 30, 2023,

respectively, and $293 million and $401 million in dividends to the Company for the three and six months ended June 30, 2022, respectively, with the proceeds primarily used to fund 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

Deposits - Schedule of Remaining Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Banking and Thrift, Other Disclosure [Abstract]
One year or less	$ 2,501,856	$ 3,224,573
After one year to two years	3,405,039	2,954,257
After two years to three years	1,944,330	1,904,919
After three years to four years	1,078,804	1,031,881
After four years to five years	255,357	324,375
After five years	4,075	46,814
Total	$ 9,189,461	$ 9,486,819

Loans Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
Loans Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale	$ 0		$ 0			$ 29,448
Loss on sale of loan	(124,754)	$ (239,997)	(124,745)	$ (249,878)
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale	0		$ 0			$ 29,000
Financing receivable allowance for credit loss, transfer to held-to-sale					$ 2,400
Charge-off					$ 1,500
Loss on sale of loan	$ 4,000

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income:
Loans	$ 568,342	$ 446,040	$ 1,151,126	$ 904,084
Investments	12,037	8,513	23,368	13,992
Cash and cash equivalents	53,526	8,478	97,009	9,993
Total interest income	633,905	463,031	1,271,503	928,069
Interest expense:
Deposits	191,407	60,468	374,938	110,005
Interest expense on short-term borrowings	3,299	2,973	6,317	5,848
Interest expense on long-term borrowings	52,568	36,782	98,549	74,376
Total interest expense	247,274	100,223	479,804	190,229
Net interest income	386,631	362,808	791,699	737,840
Less: provisions for credit losses	17,729	30,545	131,841	128,595
Net interest income after provisions for credit losses	368,902	332,263	659,858	609,245
Non-interest income:
Gains on sales of loans, net	124,754	239,997	124,745	249,878
Gains (losses) on securities, net	(1,213)	667	498	(2,913)
Gains (losses) on derivatives and hedging activities, net	0	0	0	(5)
Other income	20,513	17,589	40,522	33,218
Total non-interest income	144,054	258,253	165,765	280,178
Operating expenses:
Compensation and benefits	78,233	66,011	165,882	137,992
FDIC assessment fees	9,851	1,225	21,380	6,909
Other operating expenses	66,080	64,494	121,441	118,835
Total operating expenses	154,164	131,730	308,703	263,736
Acquired intangible assets amortization expense	2,245	2,417	4,517	3,150
Total non-interest expenses	156,409	134,147	313,220	266,886
Income before income tax expense	356,547	456,369	512,403	622,537
Income tax expense	91,482	114,296	128,820	151,652
Net income	265,065	342,073	383,583	470,885
Preferred stock dividends	4,274	1,757	8,337	3,032
Net income attributable to SLM Corporation common stock	$ 260,791	$ 340,316	$ 375,246	$ 467,853
Basic earnings per common share (in dollars per share)	$ 1.11	$ 1.30	$ 1.57	$ 1.74
Average common shares outstanding (in shares)	235,061	261,333	238,261	269,112
Diluted earnings per common share (in dollars per share)	$ 1.10	$ 1.29	$ 1.56	$ 1.72
Average common and common equivalent shares outstanding (in shares)	237,592	264,122	240,554	272,343
Declared dividends per common share (in dollars per share)	$ 0.11	$ 0.11	$ 0.22	$ 0.22

Commitments, Contingencies and Guarantees (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 1,600
Other liabilities reserve	$ 63
Loss emergence period	1 year

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets
Gross position	$ 212	$ 972
Impact of master netting agreement	(212)	(567)
Derivative values with impact of master netting agreements (as carried on balance sheet)	0	405
Cash collateral pledged	11,952	11,162
Net position	11,952	11,567
Other Liabilities
Gross position	(422)	(567)
Impact of master netting agreement	212	567
Derivative values with impact of master netting agreements (as carried on balance sheet)	(210)	0
Cash collateral pledged	0	0
Net position	$ (210)	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income	$ 383,583	$ 470,885
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses	131,841	128,595
Income tax expense	128,820	151,652
Amortization of brokered deposit placement fee	5,986	6,575
Amortization of Secured Borrowing Facility upfront fee	1,441	1,218
Amortization of deferred loan origination costs and loan premium/(discounts), net	6,402	8,186
Net amortization of discount on investments	(1,317)	1,022
Increase in tax indemnification receivable	(86)	(221)
Depreciation of premises and equipment	9,145	8,489
Acquired intangible assets amortization expense	4,517	3,150
Stock-based compensation expense	19,828	20,296
Unrealized (gains) losses on derivatives and hedging activities, net	(339)	(27)
Gains on sales of loans, net	(124,745)	(249,878)
(Gains) losses on securities, net	(498)	2,913
Acquisition transaction costs, net	0	2,602
Other adjustments to net income, net	8,883	7,983
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(511,089)	(372,454)
Increase in non-marketable securities	(691)	(992)
Increase in other interest-earning assets	(790)	(528)
Increase in other assets	(37,573)	(39,862)
Decrease in income taxes payable, net	(74,596)	(118,724)
Increase in accrued interest payable	10,433	(2,535)
Decrease in other liabilities	(17,301)	(25,846)
Total adjustments	(441,729)	(468,386)
Total net cash (used in) provided by operating activities	(58,146)	2,499
Investing activities
Loans acquired and originated	(3,132,075)	(2,857,411)
Net proceeds from sales of loans held for investment and loans held for sale	2,157,028	2,333,188
Proceeds from FFELP Loan claim payments	26,477	14,642
Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales)	1,605,292	2,007,215
Purchases of available-for-sale securities	(44,782)	(753,129)
Proceeds from sales and maturities of available-for-sale securities	148,092	741,059
Purchase of subsidiary, net of cash acquired	0	(127,568)
Total net cash provided by investing activities	760,032	1,357,996
Financing activities
Brokered deposit placement fee	(2,634)	(3,790)
Net decrease in certificates of deposit	(303,027)	(1,131,940)
Net increase (decrease) in other deposits	(793,068)	353,506
Borrowings collateralized by loans in securitization trusts - issued	569,513	0
Borrowings collateralized by loans in securitization trusts - repaid	(596,692)	(716,561)
Issuance costs for unsecured debt offering	(15)	(360)
Fees paid on Secured Borrowing Facility	(2,850)	(2,833)
Common stock dividends paid	(51,938)	(58,576)
Preferred stock dividends paid	(8,337)	(3,032)
Common stock repurchased	(259,331)	(545,498)
Total net cash used in financing activities	(1,448,379)	(2,109,084)
Net decrease in cash, cash equivalents and restricted cash	(746,493)	(748,589)
Cash, cash equivalents and restricted cash at beginning of period	4,772,836	4,545,344
Cash, cash equivalents and restricted cash at end of period	4,026,343	3,796,755
Cash disbursements made for:
Interest	449,268	174,681
Income taxes paid	82,307	120,330
Income taxes refunded	(8,157)	(2,023)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	3,875,758	3,649,651
Restricted cash	150,585	147,104
Total cash, cash equivalents and restricted cash	$ 4,026,343	$ 3,796,755

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Common Share Repurchases

The following table summarizes our common share repurchases and issuances.


	Three Months Ended June 30,				Six Months Ended June 30,
(Shares and per share amounts in actuals)	2023		2022		2023		2022
Common stock repurchased under repurchase programs(1)	16,389,696		19,997,008		16,389,696		29,530,400
Average purchase price per share(2)	$	15.71	$	18.01	$	15.71	$	18.15
Shares repurchased related to employee stock-based compensation plans(3)	128,212		196,301		1,077,643		1,130,903
Average purchase price per share	$	14.64	$	17.45	$	15.44	$	18.36
Common shares issued(4)	349,009		493,893		2,872,753		3,088,710

(1) Common shares purchased under our share repurchase programs. We have utilized all capacity under our 2021 Share Repurchase Program. There was $326 million of capacity remaining under the 2022 Share Repurchase Program at June 30, 2023.

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

(3) Comprised of shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

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

Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Trading Investments

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

At December 31, 2022 we had a $5 million investment in a convertible debt security classified as a trading investment. In March 2023, this security, and the related accrued interest, was converted into equity securities classified as investments in non-marketable securities.

At June 30, 2023 and December 31, 2022, we had $52 million and $56 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 June 30, 2023 (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	$	419,251	$	—	$	1	$	(66,340)	$	352,912
Utah Housing Corporation bonds	3,460		—		—		(405)		3,055
U.S. government-sponsored enterprises and Treasuries	1,708,890		—		—		(103,082)		1,605,808
Other securities	432,215		—		129		(21,273)		411,071
Total	$	2,563,816	$	—	$	130	$	(191,100)	$	2,372,846

As of December 31, 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	$	389,067	$	—	$	2	$	(68,705)	$	320,364
Utah Housing Corporation bonds	3,584		—		—		(357)		3,227
U.S. government-sponsored enterprises and Treasuries	1,804,726		—		—		(115,416)		1,689,310
Other securities	356,955		—		33		(27,800)		329,188
Total	$	2,554,332	$	—	$	35	$	(212,278)	$	2,342,089


(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 June 30, 2023:
Mortgage-backed securities	$	(879)	$	44,532	$	(65,461)	$	308,309	$	(66,340)	$	352,841
Utah Housing Corporation bonds	—		—		(405)		3,055		(405)		3,055
U.S. government-sponsored enterprises and Treasuries	(4,419)		93,990		(98,663)		1,511,818		(103,082)		1,605,808
Other securities	(4,121)		195,551		(17,152)		161,252		(21,273)		356,803
Total	$	(9,419)	$	334,073	$	(181,681)	$	1,984,434	$	(191,100)	$	2,318,507

As of December 31, 2022:
Mortgage-backed securities	$	(13,956)	$	99,598	$	(54,749)	$	220,576	$	(68,705)	$	320,174
Utah Housing Corporation bonds	(357)		3,227		—		—		(357)		3,227
U.S. government-sponsored enterprises and Treasuries	(28,128)		689,300		(87,288)		1,000,010		(115,416)		1,689,310
Other securities	(15,852)		232,546		(11,948)		92,883		(27,800)		325,429
Total	$	(58,293)	$	1,024,671	$	(153,985)	$	1,313,469	$	(212,278)	$	2,338,140

At June 30, 2023 and December 31, 2022, 211 of 216 and 191 of 194, 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 Banks, Freddie Mac, and the Federal Farm Credit Bank. Our mortgage-backed securities that were issued under Ginnie Mae programs carry a full faith and credit guarantee from the U.S. Government. The remaining mortgage-backed securities in a net loss position carry a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively. Our Treasury and other U.S. government-sponsored enterprise bonds are rated Aaa by Moody’s Investors Service or AA+ by Standard and Poor’s. 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 June 30, 2023 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2023	$	65,001	$	64,075
2024	698,726		670,849
2025	298,314		283,644
2026	548,440		493,250
2027	98,409		93,990
2038	70		71
2039	693		681
2042	2,483		2,148
2043	4,263		3,830
2044	5,357		4,906
2045	5,254		4,678
2046	7,902		6,965
2047	8,311		7,331
2048	2,051		1,949
2049	16,013		14,251
2050	112,190		90,329
2051	158,214		126,858
2052	55,191		48,119
2053	143,586		133,023
2054	79,538		72,081
2055	94,046		90,092
2056	109,203		109,203
2058	50,561		50,523
Total	$	2,563,816	$	2,372,846

Some of the mortgage-backed securities and a portion of the government 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 $562 million and $547 million par value of securities pledged to this borrowing facility at June 30, 2023 and December 31, 2022, respectively, as discussed further in Notes to Consolidated Financial Statements, Note 9, “Borrowings” in this Form 10-Q.

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, or when observable prices are not available, use market data of similar entities, in determining any changes in the value of the securities. In March 2023 our $5 million investment in a convertible debt security, classified as a trading investment, and the related accrued interest were converted into equity securities and were reclassified to investments in non-marketable securities. As of June 30, 2023, and December 31, 2022, our total investment in these securities was $14 million and $8 million, respectively.

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 $76 million at June 30, 2023 and $80 million at December 31, 2022. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $40 million at June 30, 2023 and $46 million at December 31, 2022.

Related to these investments, we recognized tax credits and other tax benefits through tax expense of $1 million at June 30, 2023 and $9 million at December 31, 2022. 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false

Allowance for Credit Losses - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (1,364,716)	$ (1,479,306)	$ (1,357,075)	$ (1,081,066)	$ (1,227,362)	$ (1,165,335)
Loans held for investment, net	$ 19,219,518		$ 19,626,868
Percentage of Private Education Loans in repayment, Year 1	51.40%		56.90%
Percentage of Private Education Loans in repayment, Year 2	59.30%		67.10%
Percentage of Private Education Loans in repayment, Year 3	71.00%		76.10%
Percentage of Private Education Loans in repayment, Year 4	78.40%		80.70%
Percentage of Private Education Loans in repayment, Year 5	82.80%		84.50%
Percentage of Private Education Loans in repayment, After Year 5	89.10%		89.30%
Percentage of Private Education Loans in repayment	73.50%		74.50%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 1	0.60%		0.90%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 2	1.20%		1.90%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 3	3.00%		3.10%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 4	3.50%		4.00%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 5	4.30%		4.70%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, After Year 5	5.90%		6.50%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, total	3.70%		3.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 1	0.30%		0.70%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 2	0.80%		2.10%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 3	1.20%		1.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 4	1.20%		2.10%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 5	1.40%		2.20%
Loans in forbearance as a percentage of loans in repayment and forbearance, After Year 5	1.70%		2.00%
Loans in forbearance as a percentage of loans in repayment and forbearance	1.20%		1.80%
Consumer Portfolio Segment \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1	$ 706,415		$ 2,432,838
Total Private Education Loans in forbearance, Year 2	3,250,828		3,049,477
Total Private Education Loans in forbearance, Year 3	2,452,121		1,967,756
Total Private Education Loans in forbearance, Year 4	1,624,387		1,754,219
Total Private Education Loans in forbearance, Year 5	1,510,455		1,365,979
Total Private Education Loans in forbearance, After Year 5	5,108,321		4,559,281
Private Education Loans in forbearance, total	14,652,527		15,129,550
Total Private Education Loans, gross, Year 1	1,374,107		4,276,533
Total Private Education Loans, gross, Year 2	5,481,115		4,547,159
Total Private Education Loans, gross, Year 3	3,455,211		2,584,622
Total Private Education Loans, gross, Year 4	2,071,289		2,172,660
Total Private Education Loans, gross, Year 5	1,824,409		1,615,842
Total Private Education Loans, gross, After Year 5	5,732,232		5,106,872
Total Private Education Loans, gross	19,938,363		20,303,688
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 1	15,578		26,714
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 2	22,160		15,933
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 3	11,691		9,062
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 4	6,991		5,496
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 5	4,282		3,575
Private Education Loans deferred origination costs and unamortized premium/(discount), After Year 5	10,133		8,876
Private Education Loans deferred origination costs and unamortized premium/(discount), Total	70,835		69,656
Total Private Education Loans, Year 1	1,389,685		4,303,247
Total Private Education Loans, Year 2	5,503,275		4,563,092
Total Private Education Loans, Year 3	3,466,902		2,593,684
Total Private Education Loans, Year 4	2,078,280		2,178,156
Total Private Education Loans, Year 5	1,828,691		1,619,417
Total Private Education Loans, After Year 5	5,742,365		5,115,748
Total Private Education Loans	20,009,198		20,373,344
Private Education Loans allowance for losses, Year 1	(111,240)		(304,943)
Private Education Loans allowance for losses, Year 2	(361,582)		(323,506)
Private Education Loans allowance for losses, Year 3	(235,893)		(181,915)
Private Education Loans allowance for losses, Year 4	(142,493)		(141,424)
Private Education Loans allowance for losses, Year 5	(120,744)		(101,023)
Private Education Loans allowance for losses, After Year 5	(388,342)		(300,820)
Private Education Loans allowance for losses	(1,360,294)		(1,353,631)
Private Education Loans, net, Year 1	1,278,445		3,998,304
Private Education Loans, net, Year 2	5,141,693		4,239,586
Private Education Loans, net, Year 3	3,231,009		2,411,769
Private Education Loans, net, Year 4	1,935,787		2,036,732
Private Education Loans, net, Year 5	1,707,947		1,518,394
Private Education Loans, net, After Year 5	5,354,023		4,814,928
Loans held for investment, net	18,648,904		19,019,713
Consumer Portfolio Segment \| Student Loan \| Loan delinquent, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	702,266		2,411,441
Year 2	3,213,074		2,991,839
Year 3	2,378,874		1,907,574
Year 4	1,568,100		1,683,986
Year 5	1,446,011		1,301,809
After Year 5	4,804,780		4,262,698
Loan type	14,113,105		14,559,347
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	2,870		14,164
Year 2	21,473		30,740
Year 3	33,582		30,877
Year 4	26,079		35,213
Year 5	30,398		31,366
After Year 5	150,263		144,948
Loan type	264,665		287,308
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	734		5,523
Year 2	9,460		15,056
Year 3	20,352		14,433
Year 4	15,033		18,201
Year 5	16,252		16,697
After Year 5	76,402		77,595
Loan type	138,233		147,505
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	545		1,710
Year 2	6,821		11,842
Year 3	19,313		14,872
Year 4	15,175		16,819
Year 5	17,794		16,107
After Year 5	76,876		74,040
Loan type	136,524		135,390
Loans In-School/Grace/Deferment \| Consumer Portfolio Segment \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	665,614		1,827,649
Year 2	2,205,648		1,433,322
Year 3	974,090		578,253
Year 4	427,894		380,639
Year 5	293,081		219,280
After Year 5	535,529		455,910
Loan type	5,101,856		4,895,053
Loans In Forbearance \| Consumer Portfolio Segment \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1	2,078		16,046
Total Private Education Loans in forbearance, Year 2	24,639		64,360
Total Private Education Loans in forbearance, Year 3	29,000		38,613
Total Private Education Loans in forbearance, Year 4	19,008		37,802
Total Private Education Loans in forbearance, Year 5	20,873		30,583
Total Private Education Loans in forbearance, After Year 5	88,382		91,681
Total Private Education Loans in forbearance	$ 183,980		$ 279,085

Borrowings

6 Months Ended

Jun. 30, 2023

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 12, “Borrowings” in our 2022 Form 10-K. The following table summarizes our borrowings at June 30, 2023 and December 31, 2022.


	June 30, 2023						December 31, 2022
(Dollars in thousands)	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	990,592	$	990,592	$	—	$	988,986	$	988,986
Total unsecured borrowings	—		990,592		990,592		—		988,986		988,986
Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,536,400		3,536,400		—		3,462,363		3,462,363
Variable-rate	—		686,706		686,706		—		783,765		783,765
Total Private Education Loan term securitizations	—		4,223,106		4,223,106		—		4,246,128		4,246,128
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		4,223,106		4,223,106		—		4,246,128		4,246,128
Total	$	—	$	5,213,698	$	5,213,698	$	—	$	5,235,114	$	5,235,114

Short-term Borrowings

On May 16, 2023, 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 15, 2024. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on May 15, 2025 (or earlier, if certain material adverse events occur). At both June 30, 2023, and December 31, 2022, there were no secured borrowings outstanding under the Secured Borrowing Facility.

Long-term Borrowings

Secured Financings

2023 Transactions

On March 15, 2023, we executed our $579 million SMB Private Education Loan Trust 2023-A term ABS transaction, which was accounted for as a secured financing. We sold $579 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $572 million of gross proceeds. The Class A and Class B notes had a weighted average life of 5.06 years and priced at a weighted average SOFR equivalent cost of SOFR plus 1.53 percent. On June 30, 2023, $625 million of our Private Education Loans, including $581 million of principal and $44 million in capitalized interest, were encumbered because of this transaction.

Secured Financings at Issuance

The following table summarizes our secured financings issued in the year ended December 31, 2022 and in the six months ended June 30, 2023.


Issue	Date Issued	Total Issued		Weighted Average Cost of Funds(1)	Weighted Average Life (in years)
(Dollars in thousands)
Private Education Loans:
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(2)		$	674,387

2023-A	March 2023	$	579,000	SOFR plus 1.53%	5.06

Total notes issued in 2023		$	579,000

Total loan and accrued interest amount securitized at inception in 2023(3)		$	644,573

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

(2) At June 30, 2023, $588 million of our Private Education Loans, including $550 million of principal and $38 million in capitalized interest, were encumbered related to these transactions.

(3) At June 30, 2023, $625 million of our Private Education Loans, including $581 million of principal and $44 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 June 30, 2023 (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	$	—	$	4,223,106	$	4,223,106	$	5,461,684	$	150,585	$	311,216	$	5,923,485
Secured Borrowing Facility	—		—		—		—		—		2,475		2,475
Total	$	—	$	4,223,106	$	4,223,106	$	5,461,684	$	150,585	$	313,691	$	5,925,960


As of December 31, 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	$	—	$	4,246,128	$	4,246,128	$	5,433,602	$	156,719	$	286,093	$	5,876,414
Secured Borrowing Facility	—		—		—		—		—		1,066		1,066
Total	$	—	$	4,246,128	$	4,246,128	$	5,433,602	$	156,719	$	287,159	$	5,877,480

(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 the fees we receive as the servicer/administrator are commensurate with our responsibility, so the fees are not considered a variable interest. Additionally, the five percent vertical interest we maintain does not absorb more than an insignificant amount of the VIE’s expected losses, nor do we receive more than an insignificant amount of the VIE’s expected residual returns.

2023-B Transaction

On May 24, 2023, we closed an SMB Private Education Loan Trust 2023-B term ABS transaction (the “2023-B Transaction”), in which an unaffiliated third party sold to the trust approximately $2 billion of Private Education Loans that the third-party seller previously purchased from us on May 3, 2023. Sallie Mae Bank sponsored the 2023-B Transaction, is the servicer and administrator, and was the seller of an additional $105 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 2023-B Transaction and we recorded a $5 million gain on sale associated with this transaction. In connection with the 2023-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 2023-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.


	June 30, 2023						December 31, 2022
(Dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	411,070	$	52,146	$	463,216	$	329,188	$	50,786	$	379,974

(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 June 30, 2023. 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 six months ended June 30, 2023 or in the year ended December 31, 2022.

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 June 30, 2023 and December 31, 2022, the value of our pledged collateral at the FRB totaled $1.7 billion and $2.2 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the six months ended June 30, 2023 or in the year ended December 31, 2022.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Allowance for Credit Losses

6 Months Ended

Jun. 30, 2023

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 — Allowance for Private Education Loan Losses, — Allowance for FFELP Loan Losses” in our 2022 Form 10-K for a more detailed discussion.

Allowance for Credit Losses Metrics


Three Months Ended June 30, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,927		$	1,475,379		$	—		$	1,479,306
Transfer from unfunded commitment liability(1)	—			28,188			—			28,188
Provisions:
Provision for current period	820			96,102			(730)			96,192
Loan sale reduction to provision	—			(136,531)			—			(136,531)

Total provisions(2)	820			(40,429)			(730)			(40,339)
Net charge-offs:
Charge-offs	(325)			(114,550)			741			(114,134)
Recoveries	—			11,706			(11)			11,695
Net charge-offs	(325)			(102,844)			730			(102,439)

Ending Balance	$	4,422		$	1,360,294		$	—		$	1,364,716
Allowance(3):

Ending balance: collectively evaluated for impairment	$	4,422		$	1,360,294		$	—		$	1,364,716
Loans(3):

Ending balance: collectively evaluated for impairment	$	573,597		$	19,938,363		$	—		$	20,511,960
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,136,973		$	—		$	1,136,973
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.29		%	2.69		%	—		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.77		%	6.45		%	—		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	1.02		%	9.03		%	—		%
Allowance coverage of net charge-offs (annualized)	3.40			3.31			—
Ending total loans, gross	$	573,597		$	19,938,363		$	—
Average loans in repayment(4)	$	441,749		$	15,269,101		$	—
Ending loans in repayment(4)	$	431,543		$	14,652,527		$	—
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	408,923		$	—

(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 June 30, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(40,429)
Provisions for unfunded loan commitments	58,068
Total Private Education Loan provisions for credit losses	17,639
Other impacts to the provisions for credit losses:
FFELP Loans	820
Credit Cards	(730)
Total	90
Provisions for credit losses reported in consolidated statements of income	$	17,729

(3) For the three months ended June 30, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


Three Months Ended June 30, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Transfer from unfunded commitment liability(1)	—			40,528			—			40,528
Provisions:
Provision for current period	60			24,531			459			25,050
Loan sale reduction to provision	—			(115,852)			—			(115,852)

Total provisions(2)	60			(91,321)			459			(90,802)
Net charge-offs:
Charge-offs	(130)			(106,493)			(376)			(106,999)
Recoveries	—			10,977			—			10,977
Net charge-offs	(130)			(95,516)			(376)			(96,022)

Ending Balance	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Loans(3):

Ending balance: collectively evaluated for impairment	$	665,666		$	19,519,185		$	28,900		$	20,213,751
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,029,381		$	—		$	1,029,381
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.10		%	2.56		%	5.33		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.59		%	5.23		%	8.28		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.73		%	7.22		%	8.28		%
Allowance coverage of net charge-offs (annualized)	7.56			2.81			1.59
Ending total loans, gross	$	665,666		$	19,519,185		$	28,900
Average loans in repayment(4)	$	537,449		$	14,901,040		$	28,243
Ending loans in repayment(4)	$	538,081		$	14,525,259		$	28,900
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	359,343		$	—

(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 June 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(91,321)
Provisions for unfunded loan commitments	121,347
Total Private Education Loan provisions for credit losses	30,026
Other impacts to the provisions for credit losses:
FFELP Loans	60
Credit Cards	459
Total	519
Provisions for credit losses reported in consolidated statements of income	$	30,545

(3) For the three months ended June 30, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


Six Months Ended June 30, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Total
Allowance for Credit Losses
Beginning balance	$	3,444		$	1,353,631		$	1,357,075
Transfer from unfunded commitment liability(1)	—			176,701			176,701
Provisions:
Provision for current period	1,559			152,436			153,995
Loan sale reduction to provision	—			(136,531)			(136,531)

Total provisions(2)	1,559			15,905			17,464
Net charge-offs:
Charge-offs	(581)			(209,635)			(210,216)
Recoveries	—			23,692			23,692
Net charge-offs	(581)			(185,943)			(186,524)

Ending Balance	$	4,422		$	1,360,294		$	1,364,716
Allowance(3):

Ending balance: collectively evaluated for impairment	$	4,422		$	1,360,294		$	1,364,716
Loans(3):

Ending balance: collectively evaluated for impairment	$	573,597		$	19,938,363		$	20,511,960
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,136,973		$	1,136,973
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.26		%	2.41		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.77		%	6.45		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	1.02		%	9.03		%
Allowance coverage of net charge-offs (annualized)	3.81			3.66
Ending total loans, gross	$	573,597		$	19,938,363
Average loans in repayment(4)	$	446,655		$	15,448,931
Ending loans in repayment(4)	$	431,543		$	14,652,527
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	408,923

(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
Six Months Ended June 30, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	15,905
Provisions for unfunded loan commitments	114,377
Total Private Education Loan provisions for credit losses	130,282
Other impacts to the provisions for credit losses:
FFELP Loans	1,559

Total	1,559
Provisions for credit losses reported in consolidated statements of income	$	131,841

(3) For the six months ended June 30, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


Six Months Ended June 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)	—			135,214			—			135,214
Provisions:
Provision for current period	81			72,991			596			73,668
Loan sale reduction to provision	—			(121,099)			—			(121,099)

Total provisions(2)	81			(48,108)			596			(47,431)
Net charge-offs:
Charge-offs	(229)			(190,349)			(487)			(191,065)
Recoveries	—			19,010			3			19,013
Net charge-offs	(229)			(171,339)			(484)			(172,052)

Ending Balance	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,929		$	1,074,744		$	2,393		$	1,081,066
Loans(3):

Ending balance: collectively evaluated for impairment	$	665,666		$	19,519,185		$	28,900		$	20,213,751
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,029,381		$	—		$	1,029,381
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.08		%	2.23		%	3.54		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.59		%	5.23		%	8.28		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.73		%	7.22		%	8.28		%
Allowance coverage of net charge-offs (annualized)	8.58			3.14			2.47
Ending total loans, gross	$	665,666		$	19,519,185		$	28,900
Average loans in repayment(4)	$	541,133		$	15,366,023		$	27,375
Ending loans in repayment(4)	$	538,081		$	14,525,259		$	28,900
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	359,343		$	—

(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
Six Months Ended June 30, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(48,108)
Provisions for unfunded loan commitments	176,026
Total Private Education Loan provisions for credit losses	127,918
Other impacts to the provisions for credit losses:
FFELP Loans	81
Credit Cards	596
Total	677
Provisions for credit losses reported in consolidated statements of income	$	128,595

(3) For the six months ended June 30, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.

Allowance for Credit Losses

In the fourth quarter of 2022, we changed our loss model to include forecasts of college graduate unemployment, home price index, and median family income in determining the adequacy of the allowance for credit losses. Prior to this change, we used forecasts of college graduate unemployment and the Consumer Price Index in our loss forecasting models. We obtain forecasts for these 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 June 30, 2022, December 31, 2022, and June 30, 2023, 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.

In the second quarter of 2023, we changed how we collect on defaulted loans. Previously, we used a mix of in-house collectors and sales to third parties. We will continue to sell a segment of defaulted loans immediately after charge-off but will no longer sell retained defaulted loans (that have been subject to internal collection attempts for six months) to third parties and instead will continue our collection efforts using in-house collectors and collection agencies. This improved our estimate of recovery rates in the second quarter of 2023. When we estimate the timing and amount of future recoveries on charged-off loans, we no longer include expectations of future sales on retained defaulted loans. We continue to monitor how we collect on defaulted loans and may modify the approach from time to time based on performance, industry conventions, and/or regulatory feedback.

Provisions for credit losses in the six months ended June 30, 2023 increased by $3 million compared with the year-ago period. During the six months ended June 30, 2023, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, slower prepayment rates, and changes in economic outlook, which were offset by $137 million in negative provisions recorded as a result of the $2.10 billion Private Education Loan sales during the first six months of 2023 and an increase in recovery rates (as a result of the change in our defaulted loan recovery program noted above). In the year-ago period, the provision for credit losses was primarily affected by new loan commitments and additional management overlays, which were partially offset by negative provisions recorded related to $2.24 billion in Private Education Loans sold in the first six months of 2022, improved economic forecasts, and faster prepayment rates.

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 accrued interest to be capitalized and of ending loans in repayment and accrued interest to be capitalized on loans in repayment; and delinquency and forbearance percentages.

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 currently temporarily reduce the contractual interest rate on a loan to 4.0 percent for a two-year period and, in the vast majority of cases, permanently extend the final maturity date of the loan. The combination of these two loan term changes helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate.

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,” and Note 7, “Allowance for Credit Losses” in our 2022 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 2022 Form 10-K. If the loan has been previously restructured, we 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. 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.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended June 30, 2023 (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	$	14,809	0.07	%	$	94,485	0.44	%
Total	$	14,809	0.07	%	$	94,485	0.44	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended June 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	$	17,621	0.09	%	$	96,015	0.49	%
Total	$	17,621	0.09	%	$	96,015	0.49	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Six Months Ended June 30, 2023 (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	$	23,995	0.11	%	$	166,882	0.78	%
Total	$	23,995	0.11	%	$	166,882	0.78	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Six Months Ended June 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	$	23,117	0.12	%	$	162,049	0.83	%
Total	$	23,117	0.12	%	$	162,049	0.83	%

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

Three Months Ended June 30, 2023

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 13.30% to 4.00%

Private Education Loans

Added a weighted average 10.23 years to the life of loans

Reduced average contractual rate from 12.84% to 4.00%

Three Months Ended June 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 10.38% to 4.00%

Private Education Loans

Added a weighted average 10.34 years to the life of loans

Reduced average contractual rate from 10.04% to 4.00%

Six Months Ended June 30, 2023

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 13.06% to 4.00%

Private Education Loans

Added a weighted average 10.23 years to the life of loans

Reduced average contractual rate from 12.69% to 4.00%

Six Months Ended June 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 10.36% to 4.00%

Private Education Loans

Added a weighted average 10.42 years to the life of loans

Reduced average contractual rate from 9.80% to 4.00%

Private Education Loans are charged off at the end of the month in which they reach 120 days delinquent or otherwise when the loans are classified as a loss by us or our regulator. 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 — Allowance for Private Education Loan Losses, and — Allowance for FFELP Loan Losses” in our 2022 Form 10-K for a more detailed discussion.

For the current period presented, the following table provides loan modifications for which a payment default occurred in the relevant period presented and within 12 months of the loan receiving a loan modification. Additionally, for the current period presented, the table summarizes charge-offs occurring in the relevant period presented and within 12 months of the loan receiving a loan modification. The charge-offs and payment defaults for the year-ago period are presented for loans receiving a loan modification during the reporting period rather than within 12 months of the loan receiving a loan modification, as the effective date of adoption for the Financial Accounting Standards Board’s Accounting Standards Update (“ASU”) No. 2022-02, Troubled Debt Restructurings and Vintage Disclosures, was January 1, 2022. We define payment default as 60 days or more past due for purposes of this disclosure.




	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
(Dollars in thousands)	Modified Loans(1)(2)		Payment Default(4)		Charge-Offs(4)		Modified Loans(1)(2)		Payment Default(4)		Charge-Offs(5)
Loan Type:
Private Education Loans	$	12,360	$	12,099	$	3,348	$	3,512	$	3,450	$	74
Total	$	12,360	$	12,099	$	3,348	$	3,512	$	3,450	$	74




	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
(Dollars in thousands)	Modified Loans(1)(3)		Payment Default(4)		Charge-Offs(4)		Modified Loans(1)(3)		Payment Default(4)		Charge-Offs(5)
Loan Type:
Private Education Loans	$	19,374	$	20,304	$	5,279	$	3,963	$	3,901	$	74
Total	$	19,374	$	20,304	$	5,279	$	3,963	$	3,901	$	74

(4) Represents the unpaid principal balance at the time of payment default.

(5) Represents the unpaid principal balance at the time of charge off.

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 tables depict the performance of loans that have been modified during the respective reporting periods (first six months of 2023 and full year 2022, respectively).


	Payment Status (Amortized Cost Basis)
At June 30, 2023 (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)		Total
Loan Type:
Private Education Loans	$	1,095	$	179,673	$	5,843	$	2,410	$	1,856	$	190,877
Total	$	1,095	$	179,673	$	5,843	$	2,410	$	1,856	$	190,877


	Payment Status (Amortized Cost Basis)
At December 31, 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)		Total
Loan Type:
Private Education Loans	$	7,698	$	289,134	$	13,859	$	8,809	$	6,616	$	326,116
Total	$	7,698	$	289,134	$	13,859	$	8,809	$	6,616	$	326,116

(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 June 30, 2023 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2023(1)		2022(1)		2021(1)		2020(1)		2019(1)		2018 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	1,128,289	$	4,760,539	$	2,967,985	$	1,750,797	$	1,542,521	$	5,134,126	$	17,284,257	87	%
Without cosigner	245,818		720,576		487,226		320,492		281,888		598,106		2,654,106		13
Total	$	1,374,107	$	5,481,115	$	3,455,211	$	2,071,289	$	1,824,409	$	5,732,232	$	19,938,363	100	%

FICO at Origination(2):
Less than 670	$	107,391	$	420,793	$	240,208	$	131,690	$	151,540	$	504,422	$	1,556,044	8	%
670-699	204,117		755,918		465,841		287,047		285,693		977,653		2,976,269		15
700-749	438,522		1,706,428		1,094,180		669,539		607,938		1,932,404		6,449,011		32
Greater than or equal to 750	624,077		2,597,976		1,654,982		983,013		779,238		2,317,753		8,957,039		45
Total	$	1,374,107	$	5,481,115	$	3,455,211	$	2,071,289	$	1,824,409	$	5,732,232	$	19,938,363	100	%


FICO Refreshed(2)(3):
Less than 670	$	129,421	$	597,699	$	383,532	$	212,612	$	212,598	$	822,750	$	2,358,612	12	%
670-699	200,879		732,796		421,987		222,546		197,829		635,210		2,411,247		12
700-749	432,512		1,632,162		1,017,167		579,151		509,954		1,563,951		5,734,897		29
Greater than or equal to 750	611,295		2,518,458		1,632,525		1,056,980		904,028		2,710,321		9,433,607		47
Total	$	1,374,107	$	5,481,115	$	3,455,211	$	2,071,289	$	1,824,409	$	5,732,232	$	19,938,363	100	%

Seasoning(4):
1-12 payments	$	708,493	$	2,807,944	$	444,729	$	274,745	$	236,836	$	446,584	$	4,919,331	25	%
13-24 payments	—		467,523		1,781,078		180,207		195,356		526,126		3,150,290		16
25-36 payments	—		—		255,314		1,001,721		121,822		513,211		1,892,068		9
37-48 payments	—		—		—		186,722		864,585		499,560		1,550,867		8
More than 48 payments	—		—		—		—		112,729		3,211,222		3,323,951		17
Not yet in repayment	665,614		2,205,648		974,090		427,894		293,081		535,529		5,101,856		25
Total	$	1,374,107	$	5,481,115	$	3,455,211	$	2,071,289	$	1,824,409	$	5,732,232	$	19,938,363	100	%

2023 Current period(5) gross charge-offs	$	(42)	$	(9,040)	$	(35,961)	$	(25,581)	$	(26,051)	$	(112,960)	$	(209,635)
2023 Current period(5) recoveries	—		646		3,279		2,541		2,870		14,356		23,692
2023 Current period(5) net charge-offs	$	(42)	$	(8,394)	$	(32,682)	$	(23,040)	$	(23,181)	$	(98,604)	$	(185,943)

Total accrued interest by origination vintage	$	39,186	$	320,737	$	304,663	$	182,079	$	153,744	$	275,332	$	1,275,741
(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 second-quarter 2023. (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, 2023 through June 30, 2023.


As of December 31, 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	$	3,656,111	$	3,941,921	$	2,208,033	$	1,853,619	$	1,402,828	$	4,626,491	$	17,689,003	87	%
Without cosigner	620,422		605,238		376,589		319,041		213,014		480,381		2,614,685		13
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

FICO at Origination(2):
Less than 670	$	326,991	$	307,646	$	158,606	$	177,098	$	143,674	$	439,587	$	1,553,602	8	%
670-699	593,216		611,649		356,541		339,685		259,142		878,426		3,038,659		15
700-749	1,336,765		1,440,510		834,819		719,777		537,680		1,722,068		6,591,619		32
Greater than or equal to 750	2,019,561		2,187,354		1,234,656		936,100		675,346		2,066,791		9,119,808		45
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%


FICO Refreshed(2)(3):
Less than 670	$	443,868	$	461,589	$	242,310	$	237,105	$	204,894	$	773,324	$	2,363,090	12	%
670-699	594,118		579,784		284,244		240,999		173,754		564,344		2,437,243		12
700-749	1,322,558		1,378,910		748,368		628,060		449,701		1,388,090		5,915,687		29
Greater than or equal to 750	1,915,989		2,126,876		1,309,700		1,066,496		787,493		2,381,114		9,587,668		47
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

Seasoning(4):
1-12 payments	$	2,448,884	$	636,073	$	384,334	$	330,316	$	235,878	$	424,636	$	4,460,121	22	%
13-24 payments	—		2,477,764		255,510		195,753		166,045		455,782		3,550,854		18
25-36 payments	—		—		1,366,398		257,534		126,223		489,157		2,239,312		11
37-48 payments	—		—		127		1,008,418		224,805		451,102		1,684,452		8
More than 48 payments	—		—		—		—		643,611		2,830,285		3,473,896		17
Not yet in repayment	1,827,649		1,433,322		578,253		380,639		219,280		455,910		4,895,053		24
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

2022 Current period(5) gross charge-offs	$	(2,224)	$	(25,698)	$	(48,271)	$	(62,071)	$	(57,505)	$	(231,647)	$	(427,416)
2022 Current period(5) recoveries	124		1,841		4,170		5,556		5,407		24,639		41,737
2022 Current period(5) net charge-offs	$	(2,100)	$	(23,857)	$	(44,101)	$	(56,515)	$	(52,098)	$	(207,008)	$	(385,679)

Total accrued interest by origination vintage	$	142,915	$	315,308	$	207,858	$	184,832	$	116,211	$	210,438	$	1,177,562

(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 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 January 1, 2022 through December 31, 2022.

Delinquencies - Private Education Loans Held for Investment


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of June 30, 2023 (dollars in thousands)	2023			2022			2021			2020			2019			2018 and Prior			Total

Loans in-school/grace/deferment(1)	$	665,614		$	2,205,648		$	974,090		$	427,894		$	293,081		$	535,529		$	5,101,856
Loans in forbearance(2)	2,078			24,639			29,000			19,008			20,873			88,382			183,980
Loans in repayment:
Loans current	702,266			3,213,074			2,378,874			1,568,100			1,446,011			4,804,780			14,113,105
Loans delinquent 30-59 days(3)	2,870			21,473			33,582			26,079			30,398			150,263			264,665
Loans delinquent 60-89 days(3)	734			9,460			20,352			15,033			16,252			76,402			138,233
Loans 90 days or greater past due(3)	545			6,821			19,313			15,175			17,794			76,876			136,524
Total Private Education Loans in repayment	706,415			3,250,828			2,452,121			1,624,387			1,510,455			5,108,321			14,652,527
Total Private Education Loans, gross	1,374,107			5,481,115			3,455,211			2,071,289			1,824,409			5,732,232			19,938,363
Private Education Loans deferred origination costs and unamortized premium/(discount)	15,578			22,160			11,691			6,991			4,282			10,133			70,835
Total Private Education Loans	1,389,685			5,503,275			3,466,902			2,078,280			1,828,691			5,742,365			20,009,198
Private Education Loans allowance for losses	(111,240)			(361,582)			(235,893)			(142,493)			(120,744)			(388,342)			(1,360,294)
Private Education Loans, net	$	1,278,445		$	5,141,693		$	3,231,009		$	1,935,787		$	1,707,947		$	5,354,023		$	18,648,904

Percentage of Private Education Loans in repayment	51.4		%	59.3		%	71.0		%	78.4		%	82.8		%	89.1		%	73.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.6		%	1.2		%	3.0		%	3.5		%	4.3		%	5.9		%	3.7		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.3		%	0.8		%	1.2		%	1.2		%	1.4		%	1.7		%	1.2		%

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

Loans in-school/grace/deferment(1)	$	1,827,649		$	1,433,322		$	578,253		$	380,639		$	219,280		$	455,910		$	4,895,053
Loans in forbearance(2)	16,046			64,360			38,613			37,802			30,583			91,681			279,085
Loans in repayment:
Loans current	2,411,441			2,991,839			1,907,574			1,683,986			1,301,809			4,262,698			14,559,347
Loans delinquent 30-59 days(3)	14,164			30,740			30,877			35,213			31,366			144,948			287,308
Loans delinquent 60-89 days(3)	5,523			15,056			14,433			18,201			16,697			77,595			147,505
Loans 90 days or greater past due(3)	1,710			11,842			14,872			16,819			16,107			74,040			135,390
Total Private Education Loans in repayment	2,432,838			3,049,477			1,967,756			1,754,219			1,365,979			4,559,281			15,129,550
Total Private Education Loans, gross	4,276,533			4,547,159			2,584,622			2,172,660			1,615,842			5,106,872			20,303,688
Private Education Loans deferred origination costs and unamortized premium/(discount)	26,714			15,933			9,062			5,496			3,575			8,876			69,656
Total Private Education Loans	4,303,247			4,563,092			2,593,684			2,178,156			1,619,417			5,115,748			20,373,344
Private Education Loans allowance for losses	(304,943)			(323,506)			(181,915)			(141,424)			(101,023)			(300,820)			(1,353,631)
Private Education Loans, net	$	3,998,304		$	4,239,586		$	2,411,769		$	2,036,732		$	1,518,394		$	4,814,928		$	19,019,713

Percentage of Private Education Loans in repayment	56.9		%	67.1		%	76.1		%	80.7		%	84.5		%	89.3		%	74.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.9		%	1.9		%	3.1		%	4.0		%	4.7		%	6.5		%	3.8		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.7		%	2.1		%	1.9		%	2.1		%	2.2		%	2.0		%	1.8		%

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

Accrued Interest Receivable


	Private Education Loans
	Accrued Interest Receivable
(Dollars in thousands)	Total Interest Receivable		90 Days or Greater Past Due		Allowance for Uncollectible Interest(1)(2)

June 30, 2023	$	1,275,741	$	7,011	$	8,224
December 31, 2022	$	1,177,562	$	6,609	$	8,121

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trading investments, cost	$ 43,260	$ 47,554
Available-for sale investments at fair value, cost	2,563,816	2,554,332
Allowance for credit losses	$ 1,364,716	$ 1,357,075
Preferred stock, par or stated value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20.0	20.0
Preferred stock, shares issued (in shares)	2.5	2.5
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)	1,125.0	1,125.0
Common stock, shares issued (in shares)	438.0	435.1
Tax benefit on accumulated other comprehensive loss	$ 26,845	$ 30,160
Common stock held in treasury (in shares)	211.9	194.4

Commitments, Contingencies and Guarantees	6 Months Ended
Commitments, Contingencies and Guarantees	Jun. 30, 2023
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 June 30, 2023, we had $1.6 billion of outstanding contractual loan commitments which we expect to fund during the upcoming 2023/2024 academic year. At June 30, 2023, we had a $63 million reserve recorded in “Other Liabilities” to cover expected losses that may occur during the one-year loss emergence period on these unfunded commitments. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2022 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 21, “Commitments, Contingencies and Guarantees” in our 2022 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.

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (676,971)	$ (1,494,087)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ 25,101	$ 31,259

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 0	$ 405
Derivative liabilities	(210)	0
Total net derivatives	(210)	405
Trading
Derivatives, Fair Value [Line Items]
Total net derivatives	0	0
Cash Flow Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(422)	972
Fair Value Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	212	(567)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative assets	212	972
Derivative liabilities	(422)	(567)
Interest rate swaps \| Trading
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Interest rate swaps \| Cash Flow Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	0	972
Derivative liabilities	(422)	0
Interest rate swaps \| Fair Value Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	212	0
Derivative liabilities	$ 0	$ (567)

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Investments - Narrative (Details) $ in Thousands	6 Months Ended			12 Months Ended
Investments - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($) security	Jun. 30, 2023 USD ($) security	Jun. 30, 2023 USD ($) security Rate	Dec. 31, 2022 USD ($) security	Mar. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Vertical risk retention interest		5.00%	5.00%
Trading investments	$ 52,146	$ 52,146	$ 52,146	$ 55,903
Number of government sponsored securities with unrealized losses \| security	211	211	211	191
Number of mortgage-backed securities \| security	216	216	216	194
Par value of mortgage-backed securities pledged to FRB	$ 562,000	$ 562,000	$ 562,000	$ 547,000
Non-marketable securities investment	14,000	14,000	14,000	8,000
Low income housing tax credit investments	76,000	76,000	76,000	80,000
Liability for unfunded commitments	40,000	$ 40,000	$ 40,000	46,000
Low income housing tax credit investments, tax credits and benefits (less than)	$ 1,000			9,000
Low income housing tax credit investments, expected tax benefits recognized		25.00%
Convertible Debt Securities
Debt Securities, Available-for-sale [Line Items]
Trading investments				$ 5,000
Equity Securities
Debt Securities, Available-for-sale [Line Items]
Non-marketable securities investment					$ 5,000

Loans Held for Investment

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Loans Held for Investment

Loans held for investment are summarized as follows:


	June 30,		December 31,
(Dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	11,965,510	$	11,108,079
Variable-rate	7,972,853		9,195,609
Total Private Education Loans, gross	19,938,363		20,303,688
Deferred origination costs and unamortized premium/(discount)	70,835		69,656
Allowance for credit losses	(1,360,294)		(1,353,631)
Total Private Education Loans, net	18,648,904		19,019,713

FFELP Loans	573,597		609,050
Deferred origination costs and unamortized premium/(discount)	1,439		1,549
Allowance for credit losses	(4,422)		(3,444)
Total FFELP Loans, net	570,614		607,155





Loans held for investment, net	$	19,219,518	$	19,626,868

The estimated weighted average life of education loans in our portfolio was approximately 5.0 years and 5.0 years at June 30, 2023 and December 31, 2022, 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:


	2023				2022
Three Months Ended June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,704,907	10.79	%	$	20,259,956	8.69	%
FFELP Loans	585,131		7.10		675,081		4.01
Credit Cards(1)	—		—		28,220		4.00
Total portfolio	$	21,290,038			$	20,963,257


	2023				2022
Six Months Ended June 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,227,153	10.72	%	$	21,054,698	8.53	%
FFELP Loans	593,555		6.98		682,768		3.76
Credit Cards(1)	—		—		27,425		3.97
Total portfolio	$	21,820,708			$	21,764,891

(1) Credit Card loans were transferred to loans held for sale at September 30, 2022 and were subsequently sold to a third party in May 2023.

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table summarizes our common share repurchases and issuances.


	Three Months Ended June 30,				Six Months Ended June 30,
(Shares and per share amounts in actuals)	2023		2022		2023		2022
Common stock repurchased under repurchase programs(1)	16,389,696		19,997,008		16,389,696		29,530,400
Average purchase price per share(2)	$	15.71	$	18.01	$	15.71	$	18.15
Shares repurchased related to employee stock-based compensation plans(3)	128,212		196,301		1,077,643		1,130,903
Average purchase price per share	$	14.64	$	17.45	$	15.44	$	18.36
Common shares issued(4)	349,009		493,893		2,872,753		3,088,710

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

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

The closing price of our common stock on the NASDAQ Global Select Market on June 30, 2023 was $16.32.

Common Stock Dividends

In both June 2023 and June 2022, we paid a common stock dividend of $0.11 per common share.

Share Repurchases

On January 27, 2021, we announced a share repurchase program (the “2021 Share Repurchase Program”), which was effective upon announcement and expired 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.

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 six months ended June 30, 2022. We have 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 16.4 million shares of common stock for $257 million in both the three and six months ended June 30, 2023. Under the 2022 Share Repurchase Program, we also repurchased 20.0 million shares of common stock for $360 million in the three months ended June 30, 2022, and 27.5 million shares of common stock for $498 million in the six months ended June 30, 2022. We had $326 million of capacity remaining under the 2022 Share Repurchase Program at June 30, 2023.

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 plansDuring the three months ended June 30, 2023 and 2022, we repurchased 16.4 million shares and 20.0 million shares of our common stock at a total cost of $257 million and $360 million, respectively, and during the six months ended June 20, 2023 and 2022, we repurchased 16.4 million and 29.5 million shares, respectively, of our common stock at a total cost of $257 million and $536 million, respectively, under Rule 10b5-1 trading plans authorized under our share repurchase programs.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 265,065	$ 342,073	$ 383,583	$ 470,885

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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 2022 Form 10-K.

During the six months ended June 30, 2023, 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
	June 30, 2023								December 31, 2022
(Dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Trading investments	$	—	$	—	$	52,146	$	52,146	$	—	$	—	$	55,903	$	55,903
Available-for-sale investments	—		2,372,846		—		2,372,846		—		2,342,089		—		2,342,089
Derivative instruments	—		212		—		212		—		972		—		972
Total	$	—	$	2,373,058	$	52,146	$	2,425,204	$	—	$	2,343,061	$	55,903	$	2,398,964

Liabilities:
Derivative instruments	$	—	$	(422)	$	—	$	(422)	$	—	$	(567)	$	—	$	(567)
Total	$	—	$	(422)	$	—	$	(422)	$	—	$	(567)	$	—	$	(567)

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


	June 30, 2023						December 31, 2022
(Dollars in thousands)	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	20,941,860	$	18,648,904	$	2,292,956	$	21,062,548	$	19,019,713	$	2,042,835
FFELP Loans	579,333		570,614		8,719		618,186		607,155		11,031

Loans held for sale	—		—		—		29,448		29,448		—
Cash and cash equivalents	3,875,758		3,875,758		—		4,616,117		4,616,117		—
Trading investments	52,146		52,146		—		55,903		55,903		—
Available-for-sale investments	2,372,846		2,372,846		—		2,342,089		2,342,089		—
Accrued interest receivable	1,357,360		1,300,136		57,224		1,237,074		1,202,059		35,015
Tax indemnification receivable	2,902		2,902		—		2,816		2,816		—
Derivative instruments	212		212		—		972		972		—
Total earning assets	$	29,182,417	$	26,823,518	$	2,358,899	$	29,965,153	$	27,876,272	$	2,088,881
Interest-bearing liabilities:
Money-market and savings accounts	$	11,063,242	$	11,169,500	$	106,258	$	11,854,849	$	11,959,828	$	104,979
Certificates of deposit	8,879,002		9,189,461		310,459		9,175,339		9,486,819		311,480

Long-term borrowings	4,836,019		5,213,698		377,679		4,813,233		5,235,114		421,881
Accrued interest payable	82,019		82,019		—		71,586		71,586		—
Derivative instruments	422		422		—		567		567		—
Total interest-bearing liabilities	$	24,860,704	$	25,655,100	$	794,396	$	25,915,574	$	26,753,914	$	838,340

Excess of net asset fair value over carrying value					$	3,153,295					$	2,927,221

Please refer to Notes to Consolidated Financial Statements, Note 17, “Fair Value Measurements” in our 2022 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

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

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
	June 30, 2023								December 31, 2022
(Dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Trading investments	$	—	$	—	$	52,146	$	52,146	$	—	$	—	$	55,903	$	55,903
Available-for-sale investments	—		2,372,846		—		2,372,846		—		2,342,089		—		2,342,089
Derivative instruments	—		212		—		212		—		972		—		972
Total	$	—	$	2,373,058	$	52,146	$	2,425,204	$	—	$	2,343,061	$	55,903	$	2,398,964

Liabilities:
Derivative instruments	$	—	$	(422)	$	—	$	(422)	$	—	$	(567)	$	—	$	(567)
Total	$	—	$	(422)	$	—	$	(422)	$	—	$	(567)	$	—	$	(567)

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.


	June 30, 2023						December 31, 2022
(Dollars in thousands)	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	20,941,860	$	18,648,904	$	2,292,956	$	21,062,548	$	19,019,713	$	2,042,835
FFELP Loans	579,333		570,614		8,719		618,186		607,155		11,031

Loans held for sale	—		—		—		29,448		29,448		—
Cash and cash equivalents	3,875,758		3,875,758		—		4,616,117		4,616,117		—
Trading investments	52,146		52,146		—		55,903		55,903		—
Available-for-sale investments	2,372,846		2,372,846		—		2,342,089		2,342,089		—
Accrued interest receivable	1,357,360		1,300,136		57,224		1,237,074		1,202,059		35,015
Tax indemnification receivable	2,902		2,902		—		2,816		2,816		—
Derivative instruments	212		212		—		972		972		—
Total earning assets	$	29,182,417	$	26,823,518	$	2,358,899	$	29,965,153	$	27,876,272	$	2,088,881
Interest-bearing liabilities:
Money-market and savings accounts	$	11,063,242	$	11,169,500	$	106,258	$	11,854,849	$	11,959,828	$	104,979
Certificates of deposit	8,879,002		9,189,461		310,459		9,175,339		9,486,819		311,480

Long-term borrowings	4,836,019		5,213,698		377,679		4,813,233		5,235,114		421,881
Accrued interest payable	82,019		82,019		—		71,586		71,586		—
Derivative instruments	422		422		—		567		567		—
Total interest-bearing liabilities	$	24,860,704	$	25,655,100	$	794,396	$	25,915,574	$	26,753,914	$	838,340

Excess of net asset fair value over carrying value					$	3,153,295					$	2,927,221

Goodwill and Acquired Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets

Acquired intangible assets include the following:


		June 30, 2023						December 31, 2022
(Dollars in thousands)	Useful Life (in years)(1)	Cost Basis		Accumulated Amortization		Net		Cost Basis		Accumulated Amortization		Net
Tradename and trademarks	10	$	68,470	$	(9,129)	$	59,341	$	68,470	$	(5,706)	$	62,764
Customer relationships	5	5,670		(2,606)		3,064		5,670		(1,723)		3,947
Developed technology	3	1,260		(560)		700		1,260		(350)		910
Total acquired intangible assets		$	75,400	$	(12,295)	$	63,105	$	75,400	$	(7,779)	$	67,621

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

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
(Dollars in thousands, except per share data)	2023		2022		2023		2022
Numerator:
Net income	$	265,065	$	342,073	$	383,583	$	470,885
Preferred stock dividends	4,274		1,757		8,337		3,032
Net income attributable to SLM Corporation common stock	$	260,791	$	340,316	$	375,246	$	467,853
Denominator:
Weighted average shares used to compute basic EPS	235,061		261,333		238,261		269,112
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)	2,531		2,789		2,293		3,231

Weighted average shares used to compute diluted EPS	237,592		264,122		240,554		272,343

Basic earnings per common share	$	1.11	$	1.30	$	1.57	$	1.74

Diluted earnings per common share	$	1.10	$	1.29	$	1.56	$	1.72

(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 June 30, 2023 and 2022, securities covering approximately 1 million shares and 2 million shares, respectively, and for the six months ended June 30, 2023 and 2022, securities covering approximately 1 million and 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Less than 12 months
Gross Unrealized Losses	$ (9,419)	$ (58,293)
Estimated Fair Value	334,073	1,024,671
12 months or more
Gross Unrealized Losses	(181,681)	(153,985)
Estimated Fair Value	1,984,434	1,313,469
Total
Gross Unrealized Losses	(191,100)	(212,278)
Estimated Fair Value	2,318,507	2,338,140
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(879)	(13,956)
Estimated Fair Value	44,532	99,598
12 months or more
Gross Unrealized Losses	(65,461)	(54,749)
Estimated Fair Value	308,309	220,576
Total
Gross Unrealized Losses	(66,340)	(68,705)
Estimated Fair Value	352,841	320,174
Utah Housing Corporation bonds
Less than 12 months
Gross Unrealized Losses	0	(357)
Estimated Fair Value	0	3,227
12 months or more
Gross Unrealized Losses	(405)	0
Estimated Fair Value	3,055	0
Total
Gross Unrealized Losses	(405)	(357)
Estimated Fair Value	3,055	3,227
U.S. government-sponsored enterprises and Treasuries
Less than 12 months
Gross Unrealized Losses	(4,419)	(28,128)
Estimated Fair Value	93,990	689,300
12 months or more
Gross Unrealized Losses	(98,663)	(87,288)
Estimated Fair Value	1,511,818	1,000,010
Total
Gross Unrealized Losses	(103,082)	(115,416)
Estimated Fair Value	1,605,808	1,689,310
Other securities
Less than 12 months
Gross Unrealized Losses	(4,121)	(15,852)
Estimated Fair Value	195,551	232,546
12 months or more
Gross Unrealized Losses	(17,152)	(11,948)
Estimated Fair Value	161,252	92,883
Total
Gross Unrealized Losses	(21,273)	(27,800)
Estimated Fair Value	$ 356,803	$ 325,429

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

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 13, “Derivative Financial Instruments” in our 2022 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 June 30, 2023, $1.8 billion notional of our derivative contracts were cleared on the CME and $0.2 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 90.8 percent and 9.2 percent, respectively, of our total notional derivative contracts of $2.0 billion at June 30, 2023.

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 June 30, 2023 was $(52) million and $(6) 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 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 both June 30, 2023 and December 31, 2022, 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.

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts of all derivative instruments at June 30, 2023 and December 31, 2022, and their impact on earnings and other comprehensive income for the six months ended June 30, 2023 and June 30, 2022. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2022 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
		June 30,		December 31,		June 30,		December 31,		June 30,		December 31,		June 30,		December 31,
(Dollars in thousands)		2023		2022		2023		2022		2023		2022		2023		2022
Fair Values(1)	Hedged Risk Exposure

Derivative Assets:(2)
Interest rate swaps	Interest rate	$	—	$	972	$	212	$	—	$	—	$	—	$	212	$	972

Derivative Liabilities:(2)
Interest rate swaps	Interest rate	(422)		—		—		(567)		—		—		(422)		(567)
Total net derivatives		$	(422)	$	972	$	212	$	(567)	$	—	$	—	$	(210)	$	405

(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
	June 30,		December 31,		June 30,		December 31,
(Dollars in thousands)	2023		2022		2023		2022
Gross position(1)	$	212	$	972	$	(422)	$	(567)
Impact of master netting agreement	(212)		(567)		212		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(210)		—
Cash collateral pledged(2)	11,952		11,162		—		—
Net position	$	11,952	$	11,567	$	(210)	$	—

(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)	June 30,		December 31,		June 30,		December 31,		June 30,		December 31,		June 30,		December 31,
	2023		2022		2023		2022		2023		2022		2023		2022
Interest rate swaps	$	1,256,408	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,958,717	$	2,842,846

Net total notional	$	1,256,408	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,958,717	$	2,842,846

As of June 30, 2023 and December 31, 2022, 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:	June 30,		December 31,		June 30,		December 31,
	2023		2022		2023		2022

Deposits	$	(676,971)	$	(1,494,087)	$	25,101	$	31,259


Impact of Derivatives on the Consolidated Statements of Income
	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2023		2022		2023		2022

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(5,980)	$	8,912	$	(12,385)	$	26,200
Hedged items recorded in interest expense	877		21,487		(6,158)		72,755
Derivatives recorded in interest expense	(765)		(21,152)		6,331		(72,471)
Total	$	(5,868)	$	9,247	$	(12,212)	$	26,484

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	11,826	$	(2,264)	$	22,104	$	(6,805)
Total	$	11,826	$	(2,264)	$	22,104	$	(6,805)

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	—	$	—	$	—	$	(248)
Total	—		—		—		(248)
Total	$	5,958	$	6,983	$	9,892	$	19,431


Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)	2023		2022		2023		2022

Amount of gain (loss) recognized in other comprehensive income (loss)	$	19,401	$	13,631	$	14,680	$	61,620
Less: amount of gain (loss) reclassified in interest expense	11,826		(2,264)		22,104		(6,805)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	7,575	$	15,895	$	(7,424)	$	68,425

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 $48 million will be reclassified as a decrease to interest expense.

Cash Collateral

As of June 30, 2023, 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 June 30, 2023 and December 31, 2022, respectively. Collateral held is recorded in “Other Liabilities” on the consolidated balance sheets. Cash collateral pledged by us related to derivative exposure between us and our derivatives counterparties was $12 million and $11 million at June 30, 2023 and December 31, 2022, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Borrowings - Summary of Exposure Related To Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Estimated Fair Value	$ 2,372,846		$ 2,342,089
Total Exposure	62,600	$ 32,720	124,924	$ 113,525	$ 32,707	$ 72,713
Variable Interest Entity, Not Primary Beneficiary \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Estimated Fair Value	411,070		329,188
Equity Interests	52,146		50,786
Total Exposure	$ 463,216		$ 379,974

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Banking and Thrift, Other Disclosure [Abstract]
Deposits - interest-bearing	$ 20,358,961	$ 21,446,647
Deposits - non-interest-bearing	2,524	1,424
Total deposits	$ 20,361,485	$ 21,448,071

Allowance for Credit Losses - Narrative (Details)	3 Months Ended		6 Months Ended
Allowance for Credit Losses - Narrative (Details)	Jun. 30, 2023 USD ($) termChange	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) termChange payment	Jun. 30, 2022 USD ($)	Jul. 01, 2006
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable allowance period increase			$ 3,000,000
Negative provisions for loan sale	$ 136,531,000	$ 115,852,000	$ 136,531,000	$ 121,099,000
Interest rate offered to borrowers facing financial difficulty, period			2 years
Number of term changes \| termChange	2		2
Criteria for loans to be considered as nonperforming (greater than)			90 days
Tier 1 of government guarantee (at least)	97.00%		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
Period of loans past due that have accrued interest			90 days
Monthly payment that is smaller than the interest accrued on the loan in that month			$ 25
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Negative provisions for loan sale	$ 136,531,000	115,852,000	136,531,000	121,099,000
Loans sold			$ 2,100,000,000	2,240,000,000
Threshold period when delinquent loans are written off			120 days
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Negative provisions for loan sale	$ 0	$ 0	$ 0	$ 0
Percentage of FFELP loans insured and guaranteed (at least)			97.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	4.00%		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

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jan. 26, 2022	Oct. 31, 2021	Jan. 27, 2021
Class of Stock [Line Items]
Common stock dividend (in dollars per share)	$ 0.11	$ 0.11
Common stock repurchased (in shares)			16,389,696	19,997,008	16,389,696	29,530,400
Remaining authority under the share repurchase program	$ 326		$ 326		$ 326
Common Stock
Class of Stock [Line Items]
Common stock closing price (in dollars per share)	$ 16.32		$ 16.32		$ 16.32
Common Stock \| 2021 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)								$ 1,500	$ 1,250
Increase in amount of common stock that may be repurchased								$ 250
Common stock repurchased (in shares)						2,000,000
Common stock repurchased, amount						$ 38
Common Stock \| 2022 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)							$ 1,250
Common stock repurchased (in shares)			16,400,000	20,000,000	16,400,000	27,500,000
Common stock repurchased, amount			$ 257	$ 360	$ 257	$ 498
Remaining authority under the share repurchase program	$ 326		$ 326		$ 326
Common Stock \| Rule 10b5-1 Trading Plan
Class of Stock [Line Items]
Common stock repurchased (in shares)			16,400,000	20,000,000	16,400,000	29,500,000
Common stock repurchased, amount			$ 257	$ 360	$ 257	$ 536

Loans Held for Investment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent of private loans indexed to LIBOR	40.00%		40.00%		45.00%
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 on sales of loans, net	$ 124,754	$ 239,997	$ 124,745	$ 249,878
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain on sales of loans, net			128,000	250,000
Proceeds from sale of loans receivable			2,100,000	2,240,000
Net proceeds from sales of loans held for investment, principal			1,960,000	2,100,000
Net proceeds from sales of loans held for investment, capitalized interest			$ 144,000	$ 142,000

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amount
Money market	$ 10,246,170	$ 10,977,242
Savings	923,330	982,586
Certificates of deposit	9,189,461	9,486,819
Deposits - interest bearing	$ 20,358,961	$ 21,446,647
Qtr.-End Weighted Average Stated Rate
Money market	4.54%	3.75%
Savings	3.95%	3.15%
Certificates of deposit	3.03%	2.57%

Deposits (Tables)

6 Months Ended

Jun. 30, 2023

Banking and Thrift, Other Disclosure [Abstract]

Schedule of Deposits

The following table summarizes total deposits at June 30, 2023 and December 31, 2022.


	June 30,		December 31,
(Dollars in thousands)	2023		2022
Deposits - interest-bearing	$	20,358,961	$	21,446,647
Deposits - non-interest-bearing	2,524		1,424
Total deposits	$	20,361,485	$	21,448,071

Schedule of Interest Bearing Deposits

Interest bearing deposits at June 30, 2023 and December 31, 2022 are summarized as follows:


	June 30, 2023				December 31, 2022
(Dollars in thousands)	Amount		Qtr.-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,246,170	4.54	%	$	10,977,242	3.75	%
Savings	923,330		3.95		982,586		3.15
Certificates of deposit	9,189,461		3.03		9,486,819		2.57
Deposits - interest bearing	$	20,358,961			$	21,446,647

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

Schedule of Certificates of Deposit Maturities

Certificates of deposit remaining maturities are summarized as follows:


(Dollars in thousands)	June 30, 2023		December 31, 2022
One year or less	$	2,501,856	$	3,224,573
After one year to two years	3,405,039		2,954,257
After two years to three years	1,944,330		1,904,919
After three years to four years	1,078,804		1,031,881
After four years to five years	255,357		324,375
After five years	4,075		46,814
Total	$	9,189,461	$	9,486,819

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Debt Outstanding
Short-Term	$ 0	$ 0
Long-Term	5,213,698	5,235,114
Total	5,213,698	5,235,114
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	150,585	156,719	$ 147,104
Other Assets	53,075	34,073
Total assets	27,708,403	28,811,029
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	0
Long-Term	4,223,106	4,246,128
Total	4,223,106	4,246,128
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,461,684	5,433,602
Restricted Cash	150,585	156,719
Other Assets	313,691	287,159
Total assets	5,925,960	5,877,480
Variable Interest Entity, Primary Beneficiary \| Private Education Loan term securitizations
Debt Outstanding
Short-Term	0	0
Long-Term	4,223,106	4,246,128
Total	4,223,106	4,246,128
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,461,684	5,433,602
Restricted Cash	150,585	156,719
Other Assets	311,216	286,093
Total assets	5,923,485	5,876,414
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	2,475	1,066
Total assets	$ 2,475	$ 1,066

Fair Value Measurements - Valuation of Financial Instruments That are Marked-to-Market on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Trading investments	$ 52,146	$ 55,903
Available-for-sale investments	2,372,846	2,342,089
Derivative instruments	$ 0	$ 405
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Liabilities:
Derivative instruments	$ (210)	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Fair Value Measurements on a Recurring Basis
Assets:
Trading investments	$ 52,146	$ 55,903
Available-for-sale investments	2,372,846	2,342,089
Derivative instruments	212	972
Total earning assets	2,425,204	2,398,964
Liabilities:
Derivative instruments	(422)	(567)
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	2,372,846	2,342,089
Derivative instruments	212	972
Total earning assets	2,373,058	2,343,061
Liabilities:
Derivative instruments	(422)	(567)
Fair Value Measurements on a Recurring Basis \| Level 3
Assets:
Trading investments	52,146	55,903
Available-for-sale investments	0	0
Derivative instruments	0	0
Total earning assets	52,146	55,903
Liabilities:
Derivative instruments	$ 0	$ 0

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn July 21, 2023, we completed the acquisition of several key assets of Scholly, Inc. (“Scholly”). The acquisition was accounted for as a business combination and will be recognized in our third-quarter 2023 consolidated financial statements. Scholly is engaged in the business of operating as a scholarship publishing and servicing platform, comprised of websites and mobile application search products which offer custom recommendations for post-secondary scholarships for students, their families, and others as well as related services for scholarship providers. The addition of Scholly assets will support our mission of providing students with the confidence needed to successfully navigate the higher education journey.

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables that Subsequently Defaulted (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans			$ 190,877		$ 326,116
60 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	$ 12,360	$ 3,512	19,374	$ 3,963
Payment Default	12,099	3,450	20,304	3,901
Charge-Offs	3,348	74	5,279	74
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	11,000	3,300	17,000	3,700
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	1,400	200	2,400	300
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans			190,877		$ 326,116
Private Education Loans \| 60 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	12,360	3,512	19,374	3,963
Payment Default	12,099	3,450	20,304	3,901
Charge-Offs	$ 3,348	$ 74	$ 5,279	$ 74

Goodwill and Acquired Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost Basis	$ 75,400	$ 75,400
Accumulated Amortization	(12,295)	(7,779)
Net	$ 63,105	67,621
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	68,470
Accumulated Amortization	(9,129)	(5,706)
Net	$ 59,341	62,764
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	5 years
Cost Basis	$ 5,670	5,670
Accumulated Amortization	(2,606)	(1,723)
Net	$ 3,064	3,947
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	3 years
Cost Basis	$ 1,260	1,260
Accumulated Amortization	(560)	(350)
Net	$ 700	$ 910

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash Flow Hedges
Interest expense	$ 247,274	$ 100,223	$ 479,804	$ 190,229
Trading
Total	$ 5,958	$ 6,983	$ 9,892	$ 19,431
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains (losses) on derivatives and hedging activities, net	Gains (losses) on derivatives and hedging activities, net	Gains (losses) on derivatives and hedging activities, net	Gains (losses) on derivatives and hedging activities, net
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	$ (5,980)	$ 8,912	$ (12,385)	$ 26,200
Hedged items recorded in interest expense	877	21,487	(6,158)	72,755
Derivatives recorded in interest expense	(765)	(21,152)	6,331	(72,471)
Trading
Total	(5,868)	9,247	(12,212)	26,484
Designated as Hedging Instrument \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	11,826	(2,264)	22,104	(6,805)
Trading
Trading
Change in fair value of future interest payments recorded in earnings	0	0	0	(248)
Total	$ 0	$ 0	$ 0	$ (248)

Derivative Financial Instruments - Narrative (Details)	6 Months Ended
Derivative Financial Instruments - Narrative (Details)	Jun. 30, 2023 USD ($) counterparty	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Number of central counterparties \| counterparty	2
Notional value	$ 1,958,717,000	$ 2,842,846,000
Derivative, fair value, amount offset against collateral, net	12,000,000	12,000,000
Estimated accumulated other comprehensive income to be reclassified in next 12 months	48,000,000
Cash collateral held relative to derivative exposure	0	0
Cash collateral pledged	12,000,000	$ 11,000,000
CME
Derivative [Line Items]
Notional value	$ 1,800,000,000
Percent of total notional derivative contracts	90.80%
Amount of variation margin included as settlement	$ (52,000,000)
LCH
Derivative [Line Items]
Notional value	$ 200,000,000
Percent of total notional derivative contracts	9.20%
Amount of variation margin included as settlement	$ (6,000,000)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 265,065	$ 342,073	$ 383,583	$ 470,885
Other comprehensive income (loss):
Unrealized gains (losses) on investments	(14,512)	(48,188)	21,044	(129,229)
Unrealized gains (losses) on cash flow hedges	7,575	15,895	(7,424)	68,425
Total unrealized gains (losses)	(6,937)	(32,293)	13,620	(60,804)
Income tax (expense) benefit	1,706	7,808	(3,314)	14,702
Other comprehensive income (loss), net of tax (expense) benefit	(5,231)	(24,485)	10,306	(46,102)
Total comprehensive income	$ 259,834	$ 317,588	$ 393,889	$ 424,783

- 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.

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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

+ References

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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+ Details

Deposits

6 Months Ended

Jun. 30, 2023

Banking and Thrift, Other Disclosure [Abstract]

Deposits

The following table summarizes total deposits at June 30, 2023 and December 31, 2022.


	June 30,		December 31,
(Dollars in thousands)	2023		2022
Deposits - interest-bearing	$	20,358,961	$	21,446,647
Deposits - non-interest-bearing	2,524		1,424
Total deposits	$	20,361,485	$	21,448,071

Our total deposits of $20.4 billion were comprised of $8.7 billion in brokered deposits and $11.7 billion in retail and other deposits at June 30, 2023, compared to total deposits of $21.4 billion, which were comprised of $9.9 billion in brokered deposits and $11.5 billion in retail and other deposits, at December 31, 2022.

Interest-bearing deposits as of June 30, 2023 and December 31, 2022 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 $7.6 billion and $8.0 billion of our deposit total as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and 2022, respectively, and placement fee expense of $6 million and $7 million in the six months ended June 30, 2023 and 2022, respectively. There were no fees paid to third-party brokers related to brokered CDs for the three months ended June 30, 2023 and $2 million in fees were paid for the three months ended June 30, 2022. Fees paid to third-party brokers related to brokered CDs were $3 million and $4 million for the six months ended June 30, 2023 and 2022, respectively.

Interest bearing deposits at June 30, 2023 and December 31, 2022 are summarized as follows:


	June 30, 2023				December 31, 2022
(Dollars in thousands)	Amount		Qtr.-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,246,170	4.54	%	$	10,977,242	3.75	%
Savings	923,330		3.95		982,586		3.15
Certificates of deposit	9,189,461		3.03		9,486,819		2.57
Deposits - interest bearing	$	20,358,961			$	21,446,647

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

Certificates of deposit remaining maturities are summarized as follows:


(Dollars in thousands)	June 30, 2023		December 31, 2022
One year or less	$	2,501,856	$	3,224,573
After one year to two years	3,405,039		2,954,257
After two years to three years	1,944,330		1,904,919
After three years to four years	1,078,804		1,031,881
After four years to five years	255,357		324,375
After five years	4,075		46,814
Total	$	9,189,461	$	9,486,819

As of June 30, 2023 and December 31, 2022, there were $457 million and $615 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. These omnibus accounts are structured in such a way that entitles the individual depositor pass-through deposit insurance (subject to FDIC rules and limitations), and the majority of these deposits have contractual minimum balances and maturity terms. Accrued interest on deposits was $69 million and $59 million at June 30, 2023 and December 31, 2022, respectively.

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables with Loan Modifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 14,809	$ 17,621	$ 23,995	$ 23,117
% of Total Class of Financing Receivable	0.07%	0.09%	0.11%	0.12%
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 94,485	$ 96,015	$ 166,882	$ 162,049
% of Total Class of Financing Receivable	0.44%	0.49%	0.78%	0.83%
Private Education Loans \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 14,809	$ 17,621	$ 23,995	$ 23,117
% of Total Class of Financing Receivable	0.07%	0.09%	0.11%	0.12%
Private Education Loans \| Interest Rate Reduction \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	13.30%	10.38%	13.06%	10.36%
Private Education Loans \| Interest Rate Reduction \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	4.00%	4.00%	4.00%	4.00%
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 94,485	$ 96,015	$ 166,882	$ 162,049
% of Total Class of Financing Receivable	0.44%	0.49%	0.78%	0.83%
Weighted average life of loans	10 years 2 months 23 days	10 years 4 months 2 days	10 years 2 months 23 days	10 years 5 months 1 day
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	12.84%	10.04%	12.69%	9.80%
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%	4.00%	4.00%

Earnings per Common Share

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
(Dollars in thousands, except per share data)	2023		2022		2023		2022
Numerator:
Net income	$	265,065	$	342,073	$	383,583	$	470,885
Preferred stock dividends	4,274		1,757		8,337		3,032
Net income attributable to SLM Corporation common stock	$	260,791	$	340,316	$	375,246	$	467,853
Denominator:
Weighted average shares used to compute basic EPS	235,061		261,333		238,261		269,112
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)	2,531		2,789		2,293		3,231

Weighted average shares used to compute diluted EPS	237,592		264,122		240,554		272,343

Basic earnings per common share	$	1.11	$	1.30	$	1.57	$	1.74

Diluted earnings per common share	$	1.10	$	1.29	$	1.56	$	1.72

Regulatory Capital - Adjusted Transition Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	$ 3,485,732		$ 3,163,640
Allowance for credit losses	1,364,716	$ 1,479,306	1,357,075	$ 1,081,066	$ 1,227,362	$ 1,165,335
Liability for unfunded commitments	62,600	$ 32,720	124,924	$ 113,525	$ 32,707	72,713
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses							$ 1,100,000
Liability for unfunded commitments							116,000
Deferred tax asset							$ 306,000
Adjusted Phase-In Amounts Remaining
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings						836,351
Allowance for credit losses						1,038,145
Liability for unfunded commitments						104,377
Deferred tax asset						$ 306,171
Adjusted Phase-In Amounts Remaining \| Accounting Standards Update 2016-13 \| Remaining Adjusted Transition Amounts to be Phased-In
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	418,175
Allowance for credit losses	519,073
Liability for unfunded commitments	52,189
Deferred tax asset	153,087
Adjustments \| Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	(209,088)		(209,088)
Allowance for credit losses	(259,536)		(259,536)
Liability for unfunded commitments	(26,094)		(26,094)
Deferred tax asset	$ (76,542)		$ (76,542)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,290,038	$ 20,963,257	$ 21,820,708	$ 21,764,891
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 20,704,907	$ 20,259,956	$ 21,227,153	$ 21,054,698
Weighted Average Interest Rate	10.79%	8.69%	10.72%	8.53%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 585,131	$ 675,081	$ 593,555	$ 682,768
Weighted Average Interest Rate	7.10%	4.01%	6.98%	3.76%
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 0	$ 28,220	$ 0	$ 27,425
Weighted Average Interest Rate	0.00%	4.00%	0.00%	3.97%

Regulatory Capital (Tables)

6 Months Ended

Jun. 30, 2023

Banking and Thrift, Other Disclosure [Abstract]

Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations

At June 30, 2023, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:


	Adjusted Transition Amounts		Phase-In Amounts for the Year Ended		Phase-In Amounts for the Six Months Ended		Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)	December 31, 2021		December 31, 2022		June 30, 2023		June 30, 2023

Retained earnings	$	836,351	$	(209,088)	$	(209,088)	$	418,175
Allowance for credit losses	1,038,145		(259,536)		(259,536)		519,073
Liability for unfunded commitments	104,377		(26,094)		(26,094)		52,189
Deferred tax asset	306,171		(76,542)		(76,542)		153,087


(Dollars in thousands)	Actual				U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
	Amount		Ratio		Amount			Ratio
As of June 30, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	2,976,883	12.8	%	$	1,624,566	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	2,976,883	12.8	%	$	1,972,687	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,273,971	14.1	%	$	2,436,849	>	10.5	%
Tier 1 Capital (to Average Assets)	$	2,976,883	10.2	%	$	1,162,795	>	4.0	%

As of December 31, 2022(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,040,662	12.9	%	$	1,645,807	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,040,662	12.9	%	$	1,998,480	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,338,645	14.2	%	$	2,468,711	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,040,662	10.3	%	$	1,185,280	>	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.

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,563,816	$ 2,554,332
Estimated Fair Value	2,372,846	$ 2,342,089
2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	65,001
Estimated Fair Value	64,075
2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	698,726
Estimated Fair Value	670,849
2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	298,314
Estimated Fair Value	283,644
2026
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	548,440
Estimated Fair Value	493,250
2027
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,409
Estimated Fair Value	93,990
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	70
Estimated Fair Value	71
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	693
Estimated Fair Value	681
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,483
Estimated Fair Value	2,148
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,263
Estimated Fair Value	3,830
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,357
Estimated Fair Value	4,906
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,254
Estimated Fair Value	4,678
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,902
Estimated Fair Value	6,965
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,311
Estimated Fair Value	7,331
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,051
Estimated Fair Value	1,949
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,013
Estimated Fair Value	14,251
2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	112,190
Estimated Fair Value	90,329
2051
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	158,214
Estimated Fair Value	126,858
2052
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,191
Estimated Fair Value	48,119
2053
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	143,586
Estimated Fair Value	133,023
2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	79,538
Estimated Fair Value	72,081
2055
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	94,046
Estimated Fair Value	90,092
2056
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	109,203
Estimated Fair Value	109,203
2058
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50,561
Estimated Fair Value	$ 50,523

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Impact of Derivatives on the Consolidated Balance Sheet


Impact of Derivatives on the Consolidated Balance Sheets
		Cash Flow Hedges				Fair Value Hedges				Trading				Total
		June 30,		December 31,		June 30,		December 31,		June 30,		December 31,		June 30,		December 31,
(Dollars in thousands)		2023		2022		2023		2022		2023		2022		2023		2022
Fair Values(1)	Hedged Risk Exposure

Derivative Assets:(2)
Interest rate swaps	Interest rate	$	—	$	972	$	212	$	—	$	—	$	—	$	212	$	972

Derivative Liabilities:(2)
Interest rate swaps	Interest rate	(422)		—		—		(567)		—		—		(422)		(567)
Total net derivatives		$	(422)	$	972	$	212	$	(567)	$	—	$	—	$	(210)	$	405

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


	Other Assets				Other Liabilities
	June 30,		December 31,		June 30,		December 31,
(Dollars in thousands)	2023		2022		2023		2022
Gross position(1)	$	212	$	972	$	(422)	$	(567)
Impact of master netting agreement	(212)		(567)		212		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(210)		—
Cash collateral pledged(2)	11,952		11,162		—		—
Net position	$	11,952	$	11,567	$	(210)	$	—

(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 Offsetting Assets

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


	Other Assets				Other Liabilities
	June 30,		December 31,		June 30,		December 31,
(Dollars in thousands)	2023		2022		2023		2022
Gross position(1)	$	212	$	972	$	(422)	$	(567)
Impact of master netting agreement	(212)		(567)		212		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(210)		—
Cash collateral pledged(2)	11,952		11,162		—		—
Net position	$	11,952	$	11,567	$	(210)	$	—

(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 Offsetting Liabilities

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


	Other Assets				Other Liabilities
	June 30,		December 31,		June 30,		December 31,
(Dollars in thousands)	2023		2022		2023		2022
Gross position(1)	$	212	$	972	$	(422)	$	(567)
Impact of master netting agreement	(212)		(567)		212		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(210)		—
Cash collateral pledged(2)	11,952		11,162		—		—
Net position	$	11,952	$	11,567	$	(210)	$	—

(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)	June 30,		December 31,		June 30,		December 31,		June 30,		December 31,		June 30,		December 31,
	2023		2022		2023		2022		2023		2022		2023		2022
Interest rate swaps	$	1,256,408	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,958,717	$	2,842,846

Net total notional	$	1,256,408	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,958,717	$	2,842,846

Schedule of Cumulative Basis Adjustments for Fair Value Hedges

As of June 30, 2023 and December 31, 2022, 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:	June 30,		December 31,		June 30,		December 31,
	2023		2022		2023		2022

Deposits	$	(676,971)	$	(1,494,087)	$	25,101	$	31,259

Schedule of Impact of Derivatives on the Consolidated Statements of Income


Impact of Derivatives on the Consolidated Statements of Income
	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2023		2022		2023		2022

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(5,980)	$	8,912	$	(12,385)	$	26,200
Hedged items recorded in interest expense	877		21,487		(6,158)		72,755
Derivatives recorded in interest expense	(765)		(21,152)		6,331		(72,471)
Total	$	(5,868)	$	9,247	$	(12,212)	$	26,484

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	11,826	$	(2,264)	$	22,104	$	(6,805)
Total	$	11,826	$	(2,264)	$	22,104	$	(6,805)

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	—	$	—	$	—	$	(248)
Total	—		—		—		(248)
Total	$	5,958	$	6,983	$	9,892	$	19,431

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


Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)	2023		2022		2023		2022

Amount of gain (loss) recognized in other comprehensive income (loss)	$	19,401	$	13,631	$	14,680	$	61,620
Less: amount of gain (loss) reclassified in interest expense	11,826		(2,264)		22,104		(6,805)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	7,575	$	15,895	$	(7,424)	$	68,425

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2023
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 six months ended June 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023 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, 2022 (the “2022 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.

Regulatory Capital - U.S. Basel III Regulatory Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 2,976,883	$ 3,040,662
Tier 1 Capital (to Risk-Weighted Assets)	2,976,883	3,040,662
Total Capital (to Risk-Weighted Assets)	3,273,971	3,338,645
Tier 1 Capital (to Average Assets)	$ 2,976,883	$ 3,040,662
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	12.80%	12.90%
Tier 1 Capital (to Risk-Weighted Assets)	0.128	0.129
Total Capital (to Risk-Weighted Assets)	0.141	0.142
Tier 1 Capital (to Average Assets)	0.102	0.103
U.S. Basel III Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,624,566	$ 1,645,807
Tier 1 Capital (to Risk-Weighted Assets)	1,972,687	1,998,480
Total Capital (to Risk-Weighted Assets)	2,436,849	2,468,711
Tier 1 Capital (to Average Assets)	$ 1,162,795	$ 1,185,280
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

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 265,065	$ 342,073	$ 383,583	$ 470,885
Preferred stock dividends	4,274	1,757	8,337	3,032
Net income attributable to SLM Corporation common stock	260,791	340,316	375,246	467,853
Net income attributable to SLM Corporation common stock	$ 260,791	$ 340,316	$ 375,246	$ 467,853
Denominator:
Weighted average shares used to compute basic EPS (in shares)	235,061	261,333	238,261	269,112
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (ESPP) (in shares)	2,531	2,789	2,293	3,231
Weighted average shares used to compute diluted EPS (in shares)	237,592	264,122	240,554	272,343
Basic earnings per common share (in dollars per share)	$ 1.11	$ 1.30	$ 1.57	$ 1.74
Diluted earnings per common share (in dollars per share)	$ 1.10	$ 1.29	$ 1.56	$ 1.72
Antidilutive securities excluded from computation of earnings per share (in shares)	1,000	2,000	1,000	1,000