0001628280-24-006382 | 10-K | XBRL Viewer

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Loans Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
Loans Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans held for sale			$ 0	$ 29,448
Financing receivable allowance for credit loss, transfer to held-to-sale		$ 2,400
Gain (loss) on sale of financing receivable			$ 164,000	$ 328,000	$ 548,000
Credit Cards
Financing Receivable, Allowance for Credit Loss [Line Items]
Charge-off		$ 1,500
Gain (loss) on sale of financing receivable	$ (4,000)

Borrowings - Stated Maturity and Maturity to Call Date (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Stated maturity, 2024	$ 3,106,548
Stated maturity, 2025	3,976,567
Stated maturity, 2026	2,990,961
Stated maturity, 2027	743,512
Stated maturity, 2028	642,845
Stated maturity, 2029 and after	1,051,808
Total principal amount, maturity to call date	12,512,241
Hedge accounting adjustments	(1,306)
Total principal amount, after adjustments	12,510,935
Brokered CDs
Debt Instrument [Line Items]
Stated maturity, 2024	2,385,510
Stated maturity, 2025	2,768,889
Stated maturity, 2026	1,832,740
Stated maturity, 2027	151,131
Stated maturity, 2028	146,459
Stated maturity, 2029 and after	0
Total principal amount, maturity to call date	7,284,729
Hedge accounting adjustments	(1,306)
Total principal amount, after adjustments	7,283,423
Unsecured Debt
Debt Instrument [Line Items]
Stated maturity, 2024	0
Stated maturity, 2025	497,567
Stated maturity, 2026	494,633
Stated maturity, 2027	0
Stated maturity, 2028	0
Stated maturity, 2029 and after	0
Total principal amount, maturity to call date	992,200
Hedge accounting adjustments	0
Total principal amount, after adjustments	992,200
Secured Borrowings
Debt Instrument [Line Items]
Stated maturity, 2024	721,038
Stated maturity, 2025	710,111
Stated maturity, 2026	663,588
Stated maturity, 2027	592,381
Stated maturity, 2028	496,386
Stated maturity, 2029 and after	1,051,808
Total principal amount, maturity to call date	4,235,312
Hedge accounting adjustments	0
Total principal amount, after adjustments	$ 4,235,312

Parent Only Statements (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent only Condensed Balance Sheets


Parent Only Condensed Balance Sheets
At December 31, (dollars in thousands, except share and per share amounts)	2023		2022
Assets
Cash and cash equivalents	$	237,857	$	196,820
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,628,838		2,476,020

Tax indemnification receivable	—		2,816
Due from subsidiaries, net	63,679		100,543
Other assets	2,270		3,052
Total assets	$	2,932,644	$	2,779,251

Liabilities and Equity
Liabilities
Long-term borrowings	$	992,200	$	988,986
Income taxes payable, net	26,701		26,211

Other liabilities	32,946		37,084
Total liabilities	1,051,847		1,052,281

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: 438.2 million and 435.1 million shares issued, respectively	87,647		87,025
Additional paid-in capital	1,148,689		1,109,072
Accumulated other comprehensive loss (net of tax benefit of $(24,176) and $(30,160), respectively)	(75,104)		(93,870)
Retained earnings	3,624,859		3,163,640
Total SLM Corporation stockholders’ equity before treasury stock	5,037,161		4,516,937
Less: Common stock held in treasury at cost: 217.9 million and 194.4 million shares, respectively	(3,156,364)		(2,789,967)
Total equity	1,880,797		1,726,970
Total liabilities and equity	$	2,932,644	$	2,779,251

Parent only Condensed Statements of Income


Parent Only Condensed Statements of Income
Years ended December 31, (dollars in thousands)	2023		2022		2021
Interest income	$	9,334	$	4,084	$	392
Interest expense	39,850		39,860		35,208
Net interest loss	(30,516)		(35,776)		(34,816)

Non-interest loss	(2,701)		(5,117)		(13,078)
Non-interest expenses	61,958		55,466		54,352
Loss before income tax benefit and equity in net income from subsidiaries	(95,175)		(96,359)		(102,246)
Income tax expense (benefit)	(6,942)		(10,351)		8,477
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	669,624		555,022		1,271,236
Net income	581,391		469,014		1,160,513
Preferred stock dividends	17,705		9,029		4,736
Net income attributable to SLM Corporation common stock	$	563,686	$	459,985	$	1,155,777

Parent only Condensed Statements of Cash Flows


Parent Only Condensed Statement of Cash Flows
Years ended December 31, (dollars in thousands)	2023		2022		2021

Cash flows from operating activities:
Net income	$	581,391	$	469,014	$	1,160,513
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(669,624)		(555,022)		(1,271,236)
Dividends received from Sallie Mae Bank	550,000		699,500		1,444,500
Reduction of tax indemnification receivable	2,816		5,231		10,445
Amortization of unsecured debt upfront fees	2,643		2,651		2,663
Amortization of discount on unsecured borrowings	571		571		—
Loss on early extinguishment of unsecured debt	—		—		2,784
Acquisition related costs	952		2,603		—

(Increase) decrease in investment in subsidiaries, net	35,654		(9,179)		34,935

(Increase) decrease in due from subsidiaries, net	36,864		5,124		(58,310)
Increase in other assets	(13,422)		(20,533)		(16,964)
Increase (decrease) in income taxes payable, net	490		(8,713)		36,657
Decrease in payable due to entity that is a subsidiary of Navient	—		(101)		(8,430)
Increase (decrease) in other liabilities	(3,442)		(1,836)		2,165
Total adjustments	(56,498)		120,296		179,209
Net cash provided by operating activities	524,893		589,310		1,339,722

Cash flows from investing activities:
Purchase of subsidiary, net of cash acquired	(14,654)		(127,654)		—

Net cash used in investing activities	(14,654)		(127,654)		—

Cash flows from financing activities:
Issuance costs for unsecured debt offering	—		(375)		(1,540)
Unsecured debt issued	—		—		492,135
Unsecured debt repaid	—		—		(202,784)

Common stock dividends paid	(101,233)		(112,961)		(60,462)
Preferred stock dividends paid	(17,705)		(9,029)		(4,736)
Common stock repurchased	(350,264)		(713,197)		(1,530,683)
Net cash used in financing activities	(469,202)		(835,562)		(1,308,070)
Net increase (decrease) in cash and cash equivalents	41,037		(373,906)		31,652
Cash and cash equivalents at beginning of year	196,820		570,726		539,074
Cash and cash equivalents at end of year	$	237,857	$	196,820	$	570,726

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Use of Estimates and Assumptions The financial reporting and accounting policies of SLM Corporation conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Key accounting policies that include significant judgments and estimates include the valuation of allowance for credit losses. Consolidation The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. We consolidate any variable interest entity (“VIE”) where we have determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. Cash and Cash Equivalents Cash and cash equivalents include cash held in the Federal Reserve Bank of San Francisco (the “FRB”) and commercial bank accounts, and other short-term liquid instruments with original maturities of three months or less. Fees associated with investing cash and cash equivalents are amortized into interest income using the effective interest rate method. Trading Investments We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitizations). We 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. Available-for-Sale Investments Our available-for-sale investments consist of mortgage-backed securities, Utah Housing Corporation bonds, and U.S. government-sponsored enterprises and Treasury securities. We record our investment purchases and sales on a trade date basis. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. Our investments are classified as available-for-sale and reported at fair value. Unrealized gains or losses on available-for-sale investments are recorded in equity and reported as a component of other comprehensive income (loss), net of applicable income taxes. We assess unrealized losses on available-for-sale debt securities that we have the ability and intent to hold for a period of time sufficient to recover the amortized cost of the security, for the purpose of determining credit impairment. If any credit impairment exists, an allowance for losses is established for the amount of the unrealized loss that is determined to be credit-related. Other Investments We 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. We also invest in affordable housing projects that qualify for the low income housing tax credit (“LIHTC”), which is designed to promote private development of low income housing. These investments generate a return mostly through realization of federal tax credits. Loans Held for Investment Loans, consisting of Private Education Loans and FFELP Loans, that we have the ability and intent to hold for the foreseeable future, are classified as held for investment, and are carried at amortized cost. Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as discussed under “Loan Interest Income.” Loans that are held for investment are reported net of an allowance for credit losses. At September 30, 2022, we transferred the portfolio of our former suite of credit cards (“Credit Cards”) from loans held for investment to loans held for sale as we planned to sell the portfolio. 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. For additional information, see Notes to Consolidated Financial Statements, Note 6, “Loans Held for Sale” in this Form 10-K. Loans Held for Sale Any loans we have not classified as held for investment are classified as held for sale and are carried at the lower of cost or fair value. Loans are classified as held for sale when we have the intent and ability to sell such loans. Loans that are held for sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. When a decision has been made to sell loans not previously classified as held for sale, such loans are transferred into the held for sale classification and carried at the lower of amortized cost basis (which excludes any allowance for credit losses) or fair value. At the time of the transfer to the held for sale classification, any amount by which the amortized cost basis exceeds fair value is accounted for as a valuation allowance. In addition, once a loan is classified as held for sale, we reverse any allowance for loan loss applicable to that loan. As market conditions permit, we may sell or securitize loans as a source of financing for other loans. Due to varying structuring terms, certain transactions may qualify for sale treatment while others do not qualify for sale treatment and are recorded as financings. All of our education loans are initially categorized as held for investment. It is only when we have selected the loans to sell or securitize and the transaction qualifies as a sale that we transfer the loans into the held for sale classification and carry them at the lower of cost or fair value. If we anticipate recognizing a gain related to the impending securitization or sale, then the fair value of the loans is higher than their respective cost basis and no valuation allowance is recorded. Restricted Cash Restricted cash primarily includes amounts held in student loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities. Allowance for Credit Losses We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date. In determining the lifetime expected credit losses on our Private Education Loan portfolio loan segments, we use a discounted cash flow method. This method requires us to project future principal and interest cash flows on our loans in those portfolios. To estimate the future expected cash flows, we use a vintage-based methodology that considers life of loan loss expectations, prepayments, defaults, recoveries, and any other adjustments deemed necessary, to determine the adequacy of the allowance at each balance sheet date. These cash flows are discounted at the loan’s effective interest rate to calculate the present value of those cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for credit losses. Entities that measure credit losses based on the present value of expected future cash flows are permitted to report the entire change in present value as credit loss expense, but may alternatively report the change in present value due to the passage of time as interest income. We have elected to report the entire change in present value as credit loss expense. In determining the loss rates used for the vintage-based approach, we start with our historical loss rates, stratify the loans within each vintage, and then adjust the loss rates based upon economic factors forecasted over a reasonable and supportable forecast period. The reasonable and supportable forecast period is meant to represent the period in which we believe we can estimate the impact of forecasted economic factors in our expected losses. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical loss conditions. We use a two-year reasonable and supportable forecast period, although this period is subject to change as our view evolves on our ability to reasonably forecast economic conditions to estimate future losses. In estimating our current expected credit losses, we use a combination of expected economic scenarios coupled with our historical experience to derive a base case adjusted for any qualitative factors (as described below). We also develop an adverse and favorable economic scenario. At each reporting date, we determine the appropriate weighting of these alternate scenarios based upon the current economic conditions and our view of the risks of alternate outcomes. This weighting of expectations is used in calculating our current expected credit losses recorded each period. In estimating recoveries, we use both estimates of what we would receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans. We use historical experience and economic forecasts to estimate future prepayment speeds. At the end of the two-year reasonable and supportable forecast for prepayments, we immediately revert to our historical long-term prepayment rates. In addition to the above modeling approach, we also take certain other qualitative factors into consideration when calculating the allowance for credit losses, which could result in management overlays (increases or decreases to the allowance for credit losses). These management overlays can encompass a broad array of factors not captured by model inputs, including but not limited to, changes in lending policies and procedures, including changes in underwriting standards, changes in servicing policies and collection administration practices, state law changes that could impact servicing and collection practices, charge-offs, recoveries not already included in the analysis, the effect of other external factors such as legal and regulatory requirements on the level of estimated current expected credit losses, the performance of the model over time versus actual losses, and any other operational or regulatory changes that could affect our estimate of future losses. The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for credit losses, the timing of when losses are recognized, and the related provision for credit losses on our consolidated statements of income. When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period. These include, but are not limited to, CECL model inputs and any overlays deemed necessary by management. The most impactful CECL model inputs include: •Economic forecasts; •Weighting of economic forecasts; •Prepayment speeds; and •Recovery rates. Below we describe in further detail our policies and procedures for the allowance for credit losses as they relate to our Private Education Loan and FFELP Loan portfolios. During the third quarter of 2022, we reclassified our Credit Card loan portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023. Allowance for Private Education Loan Losses In addition to the key assumptions/estimates described above, some estimates are unique to our Private Education Loan portfolio. Estimates are made on our Private Education Loans regarding when each borrower will separate from school. The cash flow timing of when a borrower will begin making full principal and interest payments is dependent upon when the student either graduates or leaves school. These dates can change based upon many factors. We receive information regarding projected graduation dates from a third-party clearinghouse. The separation from school date is updated quarterly based on updated information received from the clearinghouse. Additionally, when we have a contractual obligation to fund a loan or a portion of a loan at a later date, we make an estimate regarding the percentage of this obligation that will be funded. This estimate is based on historical experience. For unfunded commitments, we recognize the related life of loan allowance as a liability. Once the loan is funded, that liability transfers to the allowance for Private Education Loan losses. Key Credit Quality Indicators - Private Education Loans We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider credit score at original approval and periodically refreshed/updated credit scores through the loan’s term, existence of a cosigner, loan status, and loan seasoning as the key credit quality indicators because they have the most significant effect on the determination of the adequacy of our allowance for credit losses. Credit scores are an indicator of the creditworthiness of borrowers, and the higher the credit scores the more likely it is the borrowers will be able to make all of their contractual payments. Loan status affects the credit risk because a past due loan is more likely to result in a credit loss than a current loan. Additionally, loans in the deferred payment status have different credit risk profiles compared with those in current pay status. Loan seasoning affects credit risk because a loan with a history of making payments generally has a lower incidence of default than a loan with a history of making infrequent or no payments. The existence of a cosigner lowers the likelihood of default as well. We monitor and update these credit quality indicators in the analysis of the adequacy of our allowance for credit losses on a quarterly basis. 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 third-party collectors. This improved our estimate of recovery rates for the year ended December 31, 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. For December 31, 2022, we used both an estimate of recovery rates from in-house collections as well as expectations of future sales of defaulted loans to estimate the timing and amount of future recoveries on charged-off loans. Private Education Loans generally do not require borrowers to begin principal and interest repayment until at least six months after the borrowers have graduated or otherwise separated from school. Consequently, the loss estimates for these loans are generally low while the borrower is in school and then increase upon the end of the grace period after separation from school. At December 31, 2023 and 2022, 25 percent and 24 percent, respectively, of the principal balance of the Private Education Loan portfolio was related to borrowers who were then in an in-school (fully deferred), grace, or other deferment status and not required to make payments. Our collection policies for Private Education Loans allow for periods of nonpayment (forbearance) for certain borrowers requesting an extended grace period upon leaving school or experiencing temporary difficulty meeting payment obligations. As part of concluding on the adequacy of the allowance for credit losses for Private Education Loans, we review key allowance and loan metrics. The most relevant of these metrics considered are the allowance 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. We consider a Private Education Loan to be delinquent if the borrower has not made a required payment prior to the 31st day after such payment was contractually due. Adoption of ASU No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” On March 31, 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU No. 2022-02”), which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The enhanced disclosures are required to be provided for modifications made starting in the period of adoption. Information about modifications in periods before adoption is not required to be provided. ASU No. 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination. For entities that have adopted the amendments in CECL, the amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments in ASU No. 2022-02 was permitted if an entity has adopted CECL. The amendments should be applied prospectively. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method. We elected to early adopt all aspects of ASU No. 2022-02 prospectively for the period beginning January 1, 2022. The adoption was immaterial to our consolidated financial statements. For additional information, see Note 7, "Allowance for Credit Losses," in this Form 10–K. Troubled Debt Restructurings - 2021 In the year ended December 31, 2021, in estimating the expected defaults for our Private Education Loans that were considered TDRs, we followed the same discounted cash flow process described above but used the historical loss rates related to past TDR loans. The appropriate gross loss rates were determined for each individual loan by evaluating loan maturity, risk characteristics, and macroeconomic conditions. The allowance for our TDR portfolio was included in our overall allowance for Private Education Loans. Our TDR portfolio was comprised mostly of loans with interest rate reductions and loans with forbearance usage greater than three months, as further described below. We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations 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 or permanent interest rate reduction, a temporary or permanent interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. Forbearance is granted prospectively for borrowers who are current in their payments and may be granted retroactively for certain delinquent borrowers. We classified a loan as a TDR due to forbearance using a two-step process. The first step was to identify a loan that was in full principal and interest repayment status and received more than three months of forbearance in a 24-month period; however, during the first nine months after a loan had entered full principal and interest repayment status, we did not count up to the first six months of forbearance received during that period against the three-month policy limit. The second step was to evaluate the creditworthiness of the loan by examining its most recent refreshed FICO score. Loans that met the criteria in the first test and had a FICO score above a certain threshold (based on the most recent quarterly FICO score refresh) were not classified as TDRs. Loans that met the criteria in the first test and had a FICO score under the threshold (based on the most recent quarterly FICO score refresh) were classified as TDRs. A loan also became a TDR when it was modified to reduce the interest rate on the loan (regardless of when such modification occurred and/or whether such interest rate reduction was temporary). Once a loan qualified for TDR status, it remained a TDR for allowance purposes for the remainder of its life. About half our loans that were considered TDRs involved a temporary forbearance of payments and did not change the contractual interest rate of the loan. Off-Balance Sheet Exposure for Contractual 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 the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. The discounted cash flow approach described above includes expected future contractual disbursements. The portion of the allowance for credit losses related to future disbursements is shown as a liability on the face of the balance sheet, and related provision for credit losses is reflected on the income statement. Uncollectible Interest The majority of the total accrued interest receivable on our Private Education Loan portfolio represents accrued interest on deferred loans where no payments are due while the borrower is in school and on fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accrued on the loan in that month. The accrued interest on these loans will be capitalized and increase the unpaid principal balance of the loans when the borrower exits the grace period after separation from school. The discounted cash flow approach described above considers both the collectability of principal as well as this portion of accrued interest that is expected to capitalize to the balance of the loan. Therefore, the allowance for this portion of accrued interest balance is included in our allowance for credit losses. The discounted cash flow approach does not consider interest accrued on loans that are in a full principal and interest repayment status or in interest-only repayment status. We separately capture the amount of expected uncollectible interest associated with these loans using historical experience to estimate the uncollectible interest for the next four months at each period-end date. This amount is recorded as a reduction of interest income. Accrued interest receivable is separately disclosed on the face of the balance sheet. Allowance for Credit Card Loans At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale as we planned to sell our Credit Card portfolio. At that time, we reversed $2.4 million through the provisions for credit losses for the allowance related to these loans, when the loans were transferred to held for sale. We subsequently sold the Credit Card portfolio to a third party in May 2023. For the year ended December 31, 2021, we used the gross loss approach when estimating the allowance for credit losses for our Credit Card portfolio. Because our Credit Card portfolio was new and we did not have sufficient historical loss experience, we used estimated loss rates reported by other financial institutions to estimate our allowance for credit losses for Credit Cards, net of expected recoveries. In addition, we used a model that utilized purchased credit card information with risk characteristics similar to those of our own portfolio as a challenger model. We then considered any qualitative factors that may change our future expectations of losses. Allowance for FFELP Loan Losses FFELP Loans are insured as to their principal and accrued interest in the event of default, subject to a risk-sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed on or after July 1, 2006, we receive 97 percent reimbursement on all qualifying claims. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98 percent reimbursement on all qualifying claims. For loans disbursed prior to October 1, 1993, we receive 100 percent reimbursement. Because we bear a maximum of three percent loss exposure due to this federal guarantee, our allowance for credit losses for FFELP Loans and related periodic provision expense are relatively small. We use the gross loss approach when estimating the allowance for credit losses for the unguaranteed portion of our FFELP Loans. We maintain an allowance for credit losses for our FFELP Loans at a level sufficient to cover lifetime expected credit losses. The allowance for FFELP Loan losses uses historical experience of customer default behavior. We apply the default rate projections, net of applicable risk sharing, to our FFELP Loans for the current period to perform our quantitative calculation. Once the quantitative calculation is performed, we review the adequacy of the allowance for credit losses and determine if qualitative adjustments need to be considered. Business Combinations On March 4, 2022, we completed the acquisition of the assets primarily used or held for use of Epic Research Education Services, LLC, which does business as Nitro College (“Nitro”). Nitro provides resources that help students and families evaluate how to responsibly pay for college and manage their financial responsibilities after graduation. The addition of Nitro will support our mission of providing students with the confidence needed to successfully navigate the higher education journey. The acquisition of the Nitro assets, including its employees and intellectual property, has expanded our digital marketing capabilities, reduced the cost to acquire customer accounts, and accelerated our progress to become a broader education solutions provider for students before, during, and immediately after college. On July 21, 2023, we completed the acquisition of several key assets of Scholly, Inc. (“Scholly”). Scholly is engaged in the business of operating as a scholarship publishing and servicing platform, comprised of websites and mobile application search products that 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. These acquisitions were accounted for as business combinations using the acquisition method of accounting in accordance with the FASB’s Accounting Standard Codification 805, “Business Combinations,” whereby as of the respective acquisition date, the acquired tangible assets and liabilities were recorded at their estimated fair values. The identifiable intangible assets were recorded at fair values as determined by an independent appraiser. The final purchase price allocation for Nitro resulted in an excess purchase price over fair value of net assets acquired, or goodwill, of $51 million. The final purchase price allocation for Scholly resulted in an excess purchase price over fair value of net assets acquired, or goodwill, of $5 million. The results of operations of Nitro and Scholly have been included in our consolidated financial statements since the respective acquisition dates. We have not disclosed the pro forma impact of these acquisitions to the results of operations for the years ended December 31, 2023 and 2022, as the pro forma impacts were deemed immaterial. Transaction costs associated with the Nitro acquisition were approximately $3 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income for the year ended December 31, 2022. Transaction costs associated with the Scholly acquisition were approximately $1 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income for the year ended December 31, 2023. Identifiable intangible assets at the acquisition date of Nitro included definite life intangible assets with an aggregate fair value of approximately $75 million, including trade name and trademarks, customer relationships, and developed technology. In the fourth quarter of 2023 we impaired our Nitro trade name and trademarks intangible asset. See Notes to Consolidated Financial Statements, Note 10, “Goodwill and Acquired Intangible Assets” in this Form 10-K for additional details. Identifiable intangible assets at the acquisition date of Scholly included definite life intangible assets with an aggregate fair value of approximately $11 million, including trade name and trademarks, developed technology, customer relationships, and partner relationships. See “— Goodwill and Acquired Intangible Assets,” and Notes to Consolidated Financial Statements, Note 10, “Goodwill and Acquired Intangible Assets” in this Form 10-K for additional details. Goodwill and Acquired Intangible Assets Acquisitions are accounted for under the acquisition method of accounting, which results in the Company allocating the purchase price to the fair value of the acquired assets, liabilities, and non-controlling interests, if any, with the remaining purchase price allocated to goodwill. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually in the fourth quarter of the year, or more frequently if we believe that indicators of impairment exist. We complete a goodwill impairment analysis, which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50 percent. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit, but not to exceed the goodwill amount attributed to the reporting unit. Acquired intangible assets include trade names and trademarks, customer relationships, developed technology, and partner relationships. Our acquired intangible assets have finite lives and are amortized over their estimated useful lives in proportion to their estimated economic benefit. 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. See Notes to Consolidated Financial Statements, Note 10, “Goodwill and Acquired Intangible Assets” in this Form 10-K for additional details. Deposits Our retail deposit accounts are principally certificates of deposit (“CDs”), money market deposit accounts (“MMDAs”), and high-yield savings (“HYS”) accounts. CDs are accounts that have a stipulated maturity and interest rate. Retail CDs may be withdrawn early, but a penalty is assessed. MMDA and HYS accounts are both interest and non-interest bearing accounts that have no maturity or expiration date. For retail MMDA and HYS accounts, the depositor may be required to give written notice of any intended withdrawal not less than seven days before the withdrawal is made. The Bank also includes brokered CDs in its funding base. Early withdrawal of brokered CDs is prohibited (except in the case of death or legal incapacity). Other deposit accounts include large interest-bearing omnibus accounts deposited in the Bank by commercial entities having custodial responsibilities for many underlying accounts. These omnibus accounts may be structured with or without fixed maturities, and may have fixed or variable interest rates. Fair Value Measurement We use estimates of fair value in applying various accounting standards for our financial statements. Fair value measurements are used in one of four ways: •In the consolidated balance sheet with changes in fair value recorded in the consolidated statement of income; •In the consolidated balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the consolidated statement of changes in equity; •In the consolidated balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the consolidated statement of income; and •In the notes to the consolidated financial statements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, our policy in estimating fair value is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates, and credit spreads (including for our liabilities), relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity, credit, and bid/offer spreads. Transaction costs are not included in the determination of fair value. When possible, we seek to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows: •Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The types of financial instruments included in level 1 are highly liquid instruments with quoted prices. •Level 2 — Inputs from active markets, other than quoted prices for identical instruments, are used to determine fair value. Significant inputs are directly observable from active markets for substantially the full term of the asset or liability being valued. •Level 3 — Pricing inputs significant to the valuation are unobservable. Inputs are developed based on the best information available. However, significant judgment is required by us in developing the inputs. Loan Interest Income For all loans, including impaired loans (regardless of the delinquency status of the impaired loans), classified as held for investment, we recognize interest income as earned, adjusted for the amortization of deferred direct origination and acquisition costs. Deferred fees or costs are required to be recognized as yield adjustments over the life of the related loans and are recognized by the interest method. The objective of the interest method is to arrive at periodic interest income (including recognition of fees and costs) at a constant effective yield on the net investment in the receivable (i.e., the principal amount of the receivable adjusted by unamortized fees or costs, purchase premium or discount, and any hedging activity—these unamortized costs will collectively be referred to as “basis adjustments”). The difference between the periodic interest income so determined and the interest income determined by applying the stated interest rate to the outstanding principal amount of the receivable is the amount of periodic amortization of deferred direct origination and acquisition costs. For the amortization of the basis adjustments, we determine the constant effective yield necessary to apply the interest method based upon the contractual terms of the loan contract, with no consideration given to expected prepayments. For fixed-rate loans, when a prepayment occurs the unamortized balance of the basis adjustments is adjusted so that future amortization (based upon the contractual terms of the loan) will result in a constant effective yield equal to the original effective interest rate. Prepayments do not result in a change in the effective interest rate of the loan. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. For variable-rate loans, the effective interest rate at the time of origination is the loan’s effective interest rate assuming all future contractual payments. The effective interest rate remains the same for that loan until the loan rate changes. If there is no prepayment and no change in the stated interest rate, the periodic amortization of the basis adjustments is equal to the difference between the effective interest rate multiplied by the book basis and the contractual interest due. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. When the interest rate on a variable-rate loan changes, the effective interest rate is recalculated using the same methodology described in the previous paragraph; however, the future contractual payments are changed to reflect the new interest rate. There is no forecasting of future expected changes in interest rates. The accounting basis used to determine the effective interest rate of the cash flows is equal to the balances of the unpaid principal balance and unamortized basis adjustments at the time of the rate change. We also pay to the U.S. Department of Education (the “DOE”) an annual 105 basis point Consolidation Loan Rebate Fee on FFELP consolidation loans, which is netted against loan interest income. Additionally, interest earned on education loans reflects potential non-payment adjustments in accordance with our uncollectible interest recognition policy. We do not amortize any adjustments to the basis of loans when they are classified as held for sale. For loans not currently in full principal and interest repayment status or interest-only repayment status, we recognize the allowance for the portion of uncollectible interest representing amounts to be capitalized after separation from school and the expiration of the grace period to the provisions for credit losses and classify this allowance as part of our allowance for credit losses. The allowance for the portion of uncollectible interest on loans making full interest payments will continue to be recorded as a reduction of interest income. As we maintain an allowance for uncollectible interest on loans making full interest payments and an allowance for credit losses for the interest on loans where all, or a portion of the interest, will be capitalized in the future, we do not place loans in nonaccrual status prior to charge-off. However, if it is determined that an individual loan or pool of loans is high risk, they may be placed on nonaccrual status, which entails stopping the accrual of interest on those loans until such time that the borrower(s) have made a sufficient number of payments (typically six months) to return to accrual status. At December 31, 2023, we had an immaterial amount of loans in nonaccrual status. At December 31, 2022, we had no loans in nonaccrual status. We recognize certain fee income (primarily late fees) on all loans when earned according to the contractual provisions of the promissory notes, as well as our expectation of collectability. Fee income is recorded when earned in “other non-interest income” in the accompanying consolidated statements of income. Interest Expense Interest expense is based upon contractual interest rates and other fees, adjusted for the amortization of issuance costs, premiums, and discounts. We incur interest expense on interest-bearing deposits comprised of non-maturity savings deposits, brokered and retail CDs, brokered and retail MMDAs, as well as unsecured and secured financings. Our Private Education Loan multi-lender secured borrowing facility (the “Secured Borrowing Facility”) also incurs an unused facility fee on the amount of unfunded commitments. Interest expense is recognized when amounts are contractually due and is adjusted for net payments/receipts related to qualifying interest rate swap agreements designated as hedges of interest-bearing liabilities. Interest expense also includes the amortization of deferred gains and losses on closed qualifying hedge transactions. Amortization of debt issuance costs, premiums, discounts, and terminated hedge-basis adjustments are recognized using the effective interest rate method. Refer to Note 11, “Deposits,” and Note 12, “Borrowings” in this Form 10-K for further details of our interest-bearing liabilities. Gains on Sale of Loans, Net We may participate and sell loans to third parties and affiliates. These sales may occur through whole loan sales or securitization transactions that qualify for sale treatment. If a transfer of loans qualifies as a sale, we derecognize the loan and recognize a gain or loss as the difference between the carry basis of the loan sold and liabilities retained and the compensation received. We recognize the results of a transfer of loans based upon the settlement date of the transaction. These loans were initially recorded as held for investment and were transferred to held for sale immediately prior to sale or securitization. Other Income Included in other income are late fees on both Private Education Loans and FFELP Loans, which we recognize when the cash has been received, income for servicing private student loans for third parties, and changes to our tax indemnification receivable from Navient. Other income also included fees related to our Credit Card program. 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. Securitization Accounting Our securitization transactions use a two-step structure with a special purpose entity VIE that legally isolates the transferred assets from us in the event of bankruptcy or receivership. Transactions receiving sale treatment are also structured to ensure that the holders of the beneficial interests issued are not constrained from pledging or exchanging their interests, and that we do not maintain effective control over the transferred assets. If these criteria are not met, the transaction does not meet the criteria for sale treatment and is accounted for as an on-balance sheet secured borrowing. If a securitization qualifies as a sale, we assess whether Sallie Mae is the primary beneficiary of the securitization trust and thus required to consolidate the trust. We are considered the primary beneficiary if we have both: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As there is not a bright-line test for determining significance, the assessment of who has the power to significantly direct the activities of the VIE, and who has the obligation to absorb losses or receive benefits material to the VIE, can be qualitative and judgmental in nature. If we are determined to be the primary beneficiary, then no gain or loss is recognized on the transaction. Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to: •Owning the equity certificates of certain trusts; •The servicing of the student loan assets within the securitization trusts, on both a pre- and post-default basis; •Our acting as administrator for the securitization transactions we sponsored; •Our responsibilities relative to representation and warranty violations; and •The option to exercise the clean-up call and purchase the student loans from the trust when the pool balance is 10 percent or less of the original pool balance. In 2023 and 2022, we executed several secured financing transactions. Based upon our relationships with these securitizations, we believe the consolidation assessment is straightforward. We consolidated our secured financing transactions because either we did not meet the accounting criterion for sales treatment or we determined we were the primary beneficiary of the VIE because we retained (i) the residual interest in the securitization and therefore had the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE, as well as (ii) the power to direct the activities of the VIE in our role as servicer. The investors in our securitization trusts have no recourse to our other assets should there be a failure of the trust to pay when due. Generally, the only recourse the securitization trusts have to us is in the event we breach a seller representation or warranty or our duties as master servicer and servicer, in which event we are obligated to repurchase the related loans from the trust. We may also be responsible for indemnities in other instances for such things as willful misfeasance or bad faith. In 2023 and 2022, we also closed several loan sales and securitization transactions that were not consolidated on our balance sheet due to the transaction having met the criteria for sales treatment, for which Sallie Mae is not the primary beneficiary. In these transactions, we remove loans from our consolidated balance sheet and recognize any assets retained and liabilities assumed at fair value, and record a gain or loss on the transferred loans. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests. We provide additional information regarding these types of activities in Note 12, “Borrowings — Unconsolidated VIEs” in this Form 10-K. Derivative Accounting We account for our derivatives, consisting of interest rate swaps, at fair value on the consolidated balance sheets as either an asset or liability. Derivative positions are recorded as net positions by counterparty based on master netting arrangements (see Note 13, “Derivative Financial Instruments”), exclusive of accrued interest and cash collateral held or pledged. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the Chicago Mercantile Exchange (the “CME”) and the London Clearing House (the “LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of December 31, 2023, $1.8 billion notional of our derivative contracts were cleared on the CME and $0.1 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 92.6 percent and 7.4 percent, respectively, of our total notional derivative contracts of $1.9 billion at December 31, 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 December 31, 2023 was $(40) million and $(4) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses). We determine the fair value for our derivative contracts primarily using pricing models that consider current market conditions and the contractual terms of the derivative contracts. These pricing models consider interest rates, time value, forward interest rate curves, and volatility factors. Inputs are generally from active financial markets. The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at fair value. Our derivative instruments are classified and accounted for by us as fair value hedges, cash flow hedges, and trading hedges. Each derivative is designated to a specific (or pool of) liability(ies) on the consolidated balance sheets, and is designated as either a “fair value” hedge or a “cash flow” hedge. Fair value hedges are designed to hedge our exposure to the changes in fair value of a fixed-rate liability. For effective fair value hedges, both the hedge and the hedged item (for the risk being hedged) are recorded at fair value with any difference reflecting ineffectiveness recorded immediately in the consolidated statements of income. Cash flow hedges are designed to hedge our exposure to variability in cash flows related to variable-rate deposits. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, using regression testing. For hedges of a pool of liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in fair value of the derivative with no offsetting amount from the hedged item since the last time it was effective. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively and begin amortization of any basis adjustments that exist related to the hedged item. On March 12, 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” On January 7, 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (“Topic 848”): Scope” that clarified the scope of Topic 848. Topic 848 contains temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by reference rate reform. Our derivative portfolio is made up of interest rate swaps that are centrally cleared through either the CME or the LCH. On October 16, 2020, both the CME and the LCH changed the price alignment interest and discount rate applied when valuing these transactions to the Secured Overnight Financing rate (“SOFR”). The ISDA 2020 LIBOR Fallbacks Protocol (the “ISDA Fallback Protocol”) was made available for adherence on October 23, 2020, with an effective date of January 25, 2021. Once adhered to by both counterparties in a bilateral relationship and the effective date is reached, the ISDA Fallback Protocol represents a change to the contractual terms of derivatives governed by each respective ISDA agreement between the Company and a derivative counterparty. We have elected the option provided in Topic 848 to not reassess previous accounting determinations as well as the option to not dedesignate a hedging relationship due to a current or future change in a critical or contractual term related to reference rate reform, including changes in the discount rate. As our liabilities began to use alternatives to LIBOR before LIBOR was no longer published, for cash flow hedges of forecasted LIBOR based payments, we elected the expedient offered in Topic 848 to disregard the potential change in the designated hedged interest rate risk that may occur because of reference rate reform when we assess whether the hedged forecasted transactions are probable, in accordance with the requirements of “Derivatives and Hedging” Topic 815. We have also elected the expedient provided by Topic 848 to assume the reference rate would not be replaced for the remainder of the hedging relationship when assessing hedge effectiveness. Stock-Based Compensation We recognize stock-based compensation cost in our consolidated statements of income using the fair value method. Under this method, we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the shorter of the vesting period of the stock-based grant or the employee’s retirement eligible date. We do not apply a forfeiture rate to our stock-based compensation expense, but rather record forfeitures when they occur. We record all excess tax benefits/deficiencies related to the settlement of employee stock-based compensation to the income tax expense line item on our consolidated statements of income. Restructuring Activities From time to time we implement plans to restructure our business. During the third quarter of 2020, we initiated a restructuring program to reduce costs and improve operating efficiencies by better aligning our organizational structure with our new corporate strategic imperatives. In conjunction with these restructuring plans, involuntary benefit arrangements, and certain other costs that are incremental and incurred as a direct result of our restructuring plans, are classified as restructuring expenses in the accompanying consolidated statements of income. We recorded $1 million in additional restructuring expenses in the year ended December 31, 2021. We sponsor employee severance plans that provide severance benefits in the event of termination of our full-time employees and part-time employees who work at least 24 hours per week. The severance plans establish specified benefits based on base salary, job level immediately preceding termination, and years of service upon termination of employment due to involuntary termination or a job abolishment, as defined in the severance plans. The benefits payable under the severance plans relate to past service. Accordingly, we recognize severance costs to be paid pursuant to the severance plans when payment of such benefits is probable and reasonably estimable. Such benefits, including severance pay calculated based on the severance plan, medical and dental benefits, outplacement services, and continuation pay, were incurred during the year ended December 31, 2020, as a direct result of our restructuring initiative. Accordingly, such costs are classified as restructuring expenses in the accompanying consolidated statements of income. We finalized this restructuring plan in 2020. Income Taxes We account for income taxes under the asset and liability approach, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of our assets and liabilities. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. “Income tax expense (benefit)” includes (i) deferred tax expense (benefit), which represents the net change in the deferred tax asset or liability balance during the year when applicable, and (ii) current tax expense (benefit), which represents the amount of tax currently payable to or receivable from a tax authority plus amounts accrued for unrecognized tax benefits. Income tax expense (benefit) excludes the tax effects related to adjustments recorded in equity. An uncertain tax position is recognized only if it is more likely than not to be sustained upon examination based on the technical merits of the position. The amount of tax benefit recognized in the consolidated financial statements is the largest amount of benefit that is more than 50 percent likely of being sustained upon ultimate settlement of the uncertain tax position. We recognize interest and penalties related to unrecognized tax benefits in income tax expense (benefit). In connection with the Spin-Off, we recorded a liability related to uncertain tax positions of $27 million for which we are indemnified by Navient. If there is an adjustment to the indemnified uncertain tax liability, an offsetting adjustment to the indemnification receivable is recorded as pre-tax adjustment to other income in the income statement. As of December 31, 2023, with respect to those amounts recorded at the Spin-Off, both the remaining liability balance (related to uncertain tax positions) and the remaining indemnification receivable balance (related to uncertain tax positions) were zero.

Stock-Based Compensation Plans and Arrangements (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2023.


(Dollars in thousands, shares and per share amounts in actuals)	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
Outstanding at December 31, 2022	1,066,197	$	17.59
Granted	—	—
Exercised(2)	—	—
Canceled	—	—
Outstanding at December 31, 2023(3)	1,066,197	$	17.59	0.2 years	$	1,629
Exercisable at December 31, 2023	—	$	—	—	$	—

(1)The aggregate intrinsic value represents the total intrinsic value (the aggregate difference between our closing stock price on December 31, 2023 and the exercise price of in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2023.

(2)No options were exercised in the years ended December 31, 2023 and 2022. The total intrinsic value of options exercised was $2 million for the year ended December 31, 2021.

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

Schedule of Restricted Stock Activity

The following table summarizes restricted stock activity for the year ended December 31, 2023.


(Shares and per share amounts in actuals)	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2022	79,710	$	15.68
Granted	83,479	16.47
Vested(1)	(79,710)	15.68
Canceled	—	—
Non-vested at December 31, 2023(2)	83,479	$	16.47

(1)The total fair value of shares that vested during the years ended December 31, 2023, 2022, and 2021 was $1 million, $1 million, and $1 million, respectively.

(2)As of December 31, 2023, there was $0.6 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 0.5 years.

Schedule of Restricted Stock Unit and Performance Stock Unit Activity

The following table summarizes RSU and PSU activity for the year ended December 31, 2023.


(Shares and per share amounts in actuals)	Number of RSUs/ PSUs	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022	4,248,945	$	15.44
Granted	2,932,239	14.30
Vested and converted to common stock(1)	(2,746,671)	12.68
Canceled	(87,519)	16.63
Outstanding at December 31, 2023(2)	4,346,994	$	16.39

(1)The total fair value of RSUs/PSUs that vested and converted to common stock during the years ended December 31, 2023, 2022, and 2021 was $35 million, $34 million, and $31 million, respectively.

(2)As of December 31, 2023, there was $21 million of unrecognized compensation cost related to RSUs/PSUs, which is expected to be recognized over a weighted average period of 1.5 years.

Summary of Black-Scholes Model Assumptions for Calculating ESPP Fair Values

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


Years ended December 31, (per share amounts in actuals)	2023			2022			2021
Risk-free interest rate	5.31		%	3.02		%	0.07		%
Expected volatility	38		%	39		%	34		%
Expected dividend rate	2.73		%	2.78		%	0.66		%
Expected life of the option	1 year			1 year			1 year
Weighted average fair value of stock purchase rights	$	4.14		$	4.17		$	4.93

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Outstanding
Short-Term	$ 0	$ 0
Long-Term	5,227,512	5,235,114
Total	5,227,512	5,235,114
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	149,669	156,719	$ 210,741
Other assets	52,342	34,073
Total	29,169,468	28,811,029
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	0
Long-Term	4,235,312	4,246,128
Total	4,235,312	4,246,128
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,539,964	5,433,602
Restricted Cash	149,412	156,719
Other assets	312,763	287,159
Total	6,002,139	5,877,480
Variable Interest Entity, Primary Beneficiary \| Private Education Loan term securitizations:
Debt Outstanding
Short-Term	0	0
Long-Term	4,235,312	4,246,128
Total	4,235,312	4,246,128
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,539,964	5,433,602
Restricted Cash	149,412	156,719
Other assets	311,697	286,093
Total	6,001,073	5,876,414
Variable Interest Entity, Primary Beneficiary \| Fixed-rate borrowings
Debt Outstanding
Short-Term	0	0
Long-Term	0	0
Total	0	0
Carrying Amount of Assets Securing Debt Outstanding
Loans	0	0
Restricted Cash	0	0
Other assets	1,066	1,066
Total	$ 1,066	$ 1,066

Deposits -Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Deposits -Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Deposits	$ 21,653,188	$ 21,448,071
Brokered deposits	10,300,000	9,900,000
Retail and other deposits	11,400,000	11,500,000
Stable interest-bearing deposits, total	7,600,000	8,000,000
Brokered deposit placement fee	12,000	13,000	$ 16,000
Third party broker fees paid	8,000	13,000	$ 13,000
Deposits exceeding FDIC insurance limits	478,000	615,000
Accrued interest on deposits	$ 91,000	$ 59,000

Regulatory Capital (Tables)

12 Months Ended

Dec. 31, 2023

Regulatory Assets and Liabilities Disclosure [Abstract]

Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations

At December 31, 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 Year Ended		Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)	December 31, 2021		December 31, 2022		December 31, 2023		December 31, 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 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 December 31, 2023 and December 31, 2022, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $115 million and $160 million, net of tax of $37 million and $52 million, respectively. The capital ratios would remain above the U.S. Basel III 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 December 31, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,019,973	12.3	%	$	1,719,621	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,019,973	12.3	%	$	2,088,111	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,334,140	13.6	%	$	2,579,432	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,019,973	10.2	%	$	1,184,213	>	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 December 31, 2023 and 2022, the actual amounts and the actual ratios include the respective adjusted transition amounts discussed above that were phased in at the beginning of 2023 and 2022.

Regulatory Capital - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 01, 2020	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses on loans and leases			$ 1,339,772	$ 1,357,075	$ 1,165,335	$ 1,361,723
Liability for unfunded commitments			112,962	124,924	72,713	$ 110,044
Unrealized gain (loss)		$ (160,000)	(115,000)
Gain (loss) OCI after adjustment tax		$ (52,000)	(37,000)
Dividends			$ 550,000	$ 700,000	$ 1,400,000
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Period of deferment	2 years
Amount deferred	25.00%
Allowance for credit losses on loans and leases	$ 1,100,000
Liability for unfunded commitments	116,000
Deferred tax asset	306,000
Reduction to retained earnings	$ 953,000

Premises and Equipment, Net - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 275,147	$ 263,909
Accumulated depreciation	(145,646)	(123,181)
Premises and equipment, net	129,501	140,728
Land and land improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	12,356	12,356
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	122,301	122,243
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	34,068	32,170
Software
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 106,422	$ 97,140

Parent Only Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 581,391	$ 469,014	$ 1,160,513
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Reduction of tax indemnification receivable	2,816	5,231	10,445
Amortization of unsecured debt upfront fees	2,869	2,634	2,415
Amortization of discount on unsecured borrowings	571	571	0
Acquisition related costs	952	2,603	0
Increase in other assets	(38,902)	(23,472)	(123,268)
Increase (decrease) in other liabilities	(27,807)	(6,473)	2,801
Total adjustments	(726,028)	(464,022)	(1,210,035)
Total net cash (used in) provided by operating activities	(144,637)	4,992	(49,522)
Cash flows from investing activities:
Purchase of subsidiary, net of cash acquired	(14,654)	(127,654)	0
Total net cash (used in) provided by investing activities	(12,460)	1,077,392	2,604,673
Cash flows from financing activities:
Unsecured debt issued	0	0	492,135
Unsecured debt repaid	0	0	(202,784)
Common stock dividends paid	(101,233)	(112,961)	(60,462)
Common stock repurchased	(350,264)	(713,197)	(1,530,683)
Net cash used in financing activities	(316,232)	(854,892)	(2,619,516)
Net increase (decrease) in cash, cash equivalents and restricted cash	(473,329)	227,492	(64,365)
Cash and cash equivalents at beginning of year	4,616,117	4,334,603
Cash and cash equivalents at end of year	4,149,838	4,616,117	4,334,603
Parent Company
Cash flows from operating activities:
Net income	581,391	469,014	1,160,513
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(669,624)	(555,022)	(1,271,236)
Dividends received from Sallie Mae Bank	550,000	699,500	1,444,500
Reduction of tax indemnification receivable	2,816	5,231	10,445
Amortization of unsecured debt upfront fees	2,643	2,651	2,663
Loss on early extinguishment of unsecured debt	0	0	2,784
(Increase) decrease in investment in subsidiaries, net	35,654	(9,179)	34,935
(Increase) decrease in due from subsidiaries, net	36,864	5,124	(58,310)
Increase in other assets	(13,422)	(20,533)	(16,964)
Increase (decrease) in income taxes payable, net	490	(8,713)	36,657
Decrease in payable due to entity that is a subsidiary of Navient	0	(101)	(8,430)
Increase (decrease) in other liabilities	(3,442)	(1,836)	2,165
Total adjustments	(56,498)	120,296	179,209
Total net cash (used in) provided by operating activities	524,893	589,310	1,339,722
Cash flows from investing activities:
Total net cash (used in) provided by investing activities	(14,654)	(127,654)	0
Cash flows from financing activities:
Issuance costs for unsecured debt offering	0	(375)	(1,540)
Unsecured debt issued	0	0	492,135
Unsecured debt repaid	0	0	(202,784)
Common stock dividends paid	(101,233)	(112,961)	(60,462)
Preferred stock dividends paid	(17,705)	(9,029)	(4,736)
Common stock repurchased	(350,264)	(713,197)	(1,530,683)
Net cash used in financing activities	(469,202)	(835,562)	(1,308,070)
Net increase (decrease) in cash, cash equivalents and restricted cash	41,037	(373,906)	31,652
Cash and cash equivalents at beginning of year	196,820	570,726	539,074
Cash and cash equivalents at end of year	$ 237,857	$ 196,820	$ 570,726

Borrowings - Short-term Borrowings Narrative (Details) - Secured borrowings - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	May 16, 2023
Fixed-rate borrowings
Short-term Debt [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
Contractual maturity related to ABCP facility	2 years
Floating-rate borrowings
Short-term Debt [Line Items]
Secured borrowing facility maximum borrowing capacity	$ 2,000,000,000	2,000,000,000
Secured borrowings outstanding	$ 0	$ 0
Unused fee percentage	0.55%	0.45%

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,339,772)	$ (1,357,075)	$ (1,165,335)	$ (1,361,723)
Loans held for investment, net	20,306,357	19,626,868
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	21,025,844	20,303,688
Deferred origination costs and unamortized premium/ (discount)	81,554	69,656
Allowance for credit losses	(1,335,105)	(1,353,631)
Loans held for investment, net	19,772,293	19,019,713
Private Education Loans \| Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	13,985,791	11,108,079
Private Education Loans \| Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	7,040,053	9,195,609
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	537,401	609,050
Deferred origination costs and unamortized premium/ (discount)	1,330	1,549
Allowance for credit losses	(4,667)	(3,444)
Loans held for investment, net	$ 534,064	$ 607,155

Concentrations of Risk (Details)	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Percent of brokered deposit	47.00%

Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings per Common Share

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


Years ended December 31, (dollars in thousands, except per share data)	2023		2022		2021
Numerator:
Net income	$	581,391	$	469,014	$	1,160,513
Preferred stock dividends	17,705		9,029		4,736
Net income attributable to SLM Corporation common stock	$	563,686	$	459,985	$	1,155,777
Denominator:
Weighted average shares used to compute basic EPS	231,411		258,439		314,993
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)	2,652		3,064		4,919
Weighted average shares used to compute diluted EPS	234,063		261,503		319,912

Basic earnings per common share	$	2.44	$	1.78	$	3.67

Diluted earnings per common share	$	2.41	$	1.76	$	3.61

(1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

(2) For the years ended December 31, 2023, 2022, and 2021, securities covering approximately 1 million shares, 1 million shares, and 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Commitments, Contingencies and Guarantees (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 2,200
Other liabilities reserve	$ 113
Loss emergence period	1 year

Significant Accounting Policies - Derivative Accounting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional derivative contracts	$ 1,906,092	$ 2,842,846
CME
Derivative Instruments, Gain (Loss) [Line Items]
Notional derivative contracts	$ 1,800,000
Percent of total notional derivative contracts	92.60%
Amount of variation margin included as settlement	$ (40,000)
LCH
Derivative Instruments, Gain (Loss) [Line Items]
Notional derivative contracts	$ 100,000
Percent of total notional derivative contracts	7.40%
Amount of variation margin included as settlement	$ (4,000)

Loans Held for Investment -Narrative (Details)	3 Months Ended	12 Months Ended
Loans Held for Investment -Narrative (Details)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) payment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Finance Receivable Transferred To Held For Sale [Line Items]
Private loans indexed to LIBOR		33.00%	45.00%
Tier 1 of government guarantee (at least)		97.00%			97.00%
Tier 2 of government guarantee						98.00%
Tier 3 of government guarantee							100.00%
Gain (loss) on sale of financing receivable		$ 164,000,000	$ 328,000,000	$ 548,000,000
Proceeds from sale of loans receivable		3,150,000,000	3,340,000,000	4,240,000,000
Net proceeds from sales of loans held for investment, principal		2,930,000,000	3,130,000,000	3,980,000,000
Net proceeds from sales of loans held for investment, capitalized interest		$ 226,000,000	$ 217,000,000	$ 264,000,000
Estimated weighted average life of student loans		5 years	5 years
Number of payments due before granting forbearance \| payment		1
Increment in which disaster forbearance is granted		3 months
Maximum amount of forbearance granted		12 months
Period of positive payment performance required by a borrower between successive grants of forbearance		12 months
Number of payments required by a borrower between successive grants of forbearance \| payment		12
Period excluded from disallowance of forbearance following grace period		6 months
Period that delinquent borrowers can participate in certain short-term interest-only payment alternatives, option one		12 months
Period that delinquent borrowers can participate in certain short-term interest-only payment alternatives, option two		5 years
Interest rate reduction		2.00%
Period of loans past due that have accrued interest		90 days	90 days
Loans in nonaccrual status		$ 0	$ 0
Percentage of loans concentrated in major states		43.50%	43.10%
Percentage of aggregate outstanding loans held for investment		5.00%
Credit Cards
Finance Receivable Transferred To Held For Sale [Line Items]
Gain (loss) on sale of financing receivable	$ (4,000,000)
Private Education Loans
Finance Receivable Transferred To Held For Sale [Line Items]
Ninety or more days delinquent		$ 151,000,000	$ 135,000,000
Loans pledged to borrower in custody		1,400,000,000	2,700,000,000
FFELP Loans
Finance Receivable Transferred To Held For Sale [Line Items]
Ninety or more days delinquent		$ 45,000,000	$ 68,000,000
Maximum
Finance Receivable Transferred To Held For Sale [Line Items]
Increments in which forbearance is granted		2 months
Interest rate offered to borrowers facing financial difficulty		8.00%
Minimum
Finance Receivable Transferred To Held For Sale [Line Items]
Increments in which forbearance is granted		1 month
Interest rate offered to borrowers facing financial difficulty		2.00%

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Secured borrowings:
Short-Term	$ 0	$ 0
Long-Term	5,227,512	5,235,114
Total	5,227,512	5,235,114
Unsecured borrowings
Secured borrowings:
Short-Term	0	0
Long-Term	992,200	988,986
Total	992,200	988,986
Secured borrowings
Secured borrowings:
Short-Term	0	0
Long-Term	4,235,312	4,246,128
Total	4,235,312	4,246,128
Secured borrowings \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	4,235,312	4,246,128
Total	4,235,312	4,246,128
Secured borrowings \| Secured Borrowing Facility
Secured borrowings:
Short-Term	0	0
Long-Term	0	0
Total	0	0
Secured borrowings \| Fixed-rate \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	3,585,254	3,462,363
Total	3,585,254	3,462,363
Secured borrowings \| Variable-rate \| Private Education Loan term securitizations:
Secured borrowings:
Short-Term	0	0
Long-Term	650,058	783,765
Total	$ 650,058	$ 783,765

Significant Accounting Policies - Trading Investments Narrative (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Vertical risk retention interest	5.00%	5.00%

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	185

Stockholders' Equity - Schedule of Common Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock repurchased under repurchase programs (in shares)	22,341,595	40,253,548	98,748,905
Average purchase price per share (in dollars per share)	$ 15.64	$ 17.58	$ 17.37
Shares repurchased related to employee stock-based compensation plans (in shares)	1,099,241	1,135,509	1,368,942
Average purchase price per share (in dollars per share)	$ 15.46	$ 18.36	$ 14.70
Issuance of common shares (in shares)	3,109,276	3,107,768	3,786,581
Shares related to settlement of common stock tender offer (in shares)			28,500,000
2022 Share Repurchase Program
Class of Stock [Line Items]
Remaining authority under the share repurchase program		$ 236
2021 Share Repurchase Program, Accelerated Purchases
Class of Stock [Line Items]
Common stock repurchased under repurchase programs (in shares)			13,000,000

Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income taxes receivable, net	$ 366,247	$ 380,058
Navient
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred tax asset discount			$ 27,000
Income taxes receivable, net	$ 0

Unfunded Loan Commitments (Tables)

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Schedule of Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Credit Losses Metrics


Year Ended December 31, 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)	—			320,237			320,237
Provisions:
Provision for current period	2,224			240,347			242,571
Loan sale reduction to provision	—			(205,383)			(205,383)
Loans transferred to held-for-sale	—			—			—
Total provisions(2)	2,224			34,964			37,188
Net charge-offs:
Charge-offs	(1,001)			(420,095)			(421,096)
Recoveries	—			46,368			46,368
Net charge-offs	(1,001)			(373,727)			(374,728)

Ending Balance	$	4,667		$	1,335,105		$	1,339,772
Allowance(3):

Ending balance: collectively evaluated for impairment	$	4,667		$	1,335,105		$	1,339,772
Loans(3):

Ending balance: collectively evaluated for impairment	$	537,401		$	21,025,844		$	21,563,245
Accrued interest to be capitalized(3):

Ending balance: collectively evaluated for impairment	$	—		$	1,203,357		$	1,203,357
Net charge-offs as a percentage of average loans in repayment(4)	0.23		%	2.44		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.87		%	6.01		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	1.15		%	8.43		%
Allowance coverage of net charge-offs	4.66			3.57
Ending total loans, gross	$	537,401		$	21,025,844
Average loans in repayment(4)	$	433,225		$	15,310,934
Ending loans in repayment(4)	$	406,568		$	15,409,814
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	435,807

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

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


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	34,964
Provisions for unfunded loan commitments	308,275
Total Private Education Loan provisions for credit losses	343,239

Other impacts to the provisions for credit losses:
FFELP Loans	2,224

Total	2,224
Provisions for credit losses reported in consolidated statements of income	$	345,463

(3) For the year ended December 31, 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 interest on those loans while they are in forbearance).


Year Ended December 31, 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)	—			344,310			—			344,310
Provisions:
Provision for current period	(20)			410,254			3,301			413,535
Loan sale reduction to provision	—			(174,231)			—			(174,231)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(2)	(20)			236,023			929			236,932
Net charge-offs:
Charge-offs	(613)			(427,416)			(3,215)			(431,244)
Recoveries	—			41,737			5			41,742
Net charge-offs	(613)			(385,679)			(3,210)			(389,502)

Ending Balance	$	3,444		$	1,353,631		$	—		$	1,357,075
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,444		$	1,353,631		$	—		$	1,357,075
Loans(3):

Ending balance: collectively evaluated for impairment	$	609,050		$	20,303,688		$	—		$	20,912,738
Accrued interest to be capitalized(3):

Ending balance: collectively evaluated for impairment	$	—		$	936,837		$	—		$	936,837
Net charge-offs as a percentage of average loans in repayment(4)	0.12		%	2.55		%	—		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.57		%	6.37		%	—		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.76		%	8.76		%	—		%
Allowance coverage of net charge-offs	5.62			3.51			—
Ending total loans, gross	$	609,050		$	20,303,688		$	—
Average loans in repayment(4)	$	517,139		$	15,103,123		$	—
Ending loans in repayment(4)	$	453,915		$	15,129,550		$	—
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	324,384		$	—

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


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	236,023
Provisions for unfunded loan commitments	396,521
Total Private Education Loan provisions for credit losses	632,544

Other impacts to the provisions for credit losses:

FFELP Loans	(20)
Credit Cards	929
Total	909
Provisions for credit losses reported in consolidated statements of income	$	633,453

(3) For the year ended December 31, 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.


Year Ended December 31, 2021 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,378		$	1,355,844		$	1,501		$	1,361,723
Transfer from unfunded commitment liability(1)	—			301,655			—			301,655
Provisions:
Provision for current period	20			(233,852)			1,124			(232,708)
Loan sale reduction to provision	—			(66,460)			—			(66,460)
Loans transferred to held-for-sale	—			1,887			—			1,887
Total provisions(2)	20			(298,425)			1,124			(297,281)
Net charge-offs:
Charge-offs	(321)			(229,591)			(356)			(230,268)
Recoveries	—			29,494			12			29,506
Net charge-offs	(321)			(200,097)			(344)			(200,762)

Ending Balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	47,712		$	—		$	47,712
Ending balance: collectively evaluated for impairment	$	4,077		$	1,111,265		$	2,281		$	1,117,623
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,057,665		$	—		$	1,057,665
Ending balance: collectively evaluated for impairment	$	695,216		$	19,659,198		$	25,014		$	20,379,428
Accrued interest to be capitalized:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	—		$	947,391		$	—		$	947,391
Net charge-offs as a percentage of average loans in repayment(3)	0.06		%	1.33		%	2.24		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(4)	0.59		%	5.35		%	9.12		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(3)(4)	0.74		%	7.32		%	9.12		%
Allowance coverage of net charge-offs	12.70			5.79			6.63
Ending total loans, gross	$	695,216		$	20,716,863		$	25,014
Average loans in repayment(3)	$	545,689		$	15,019,869		$	15,343
Ending loans in repayment(3)	$	553,980		$	15,511,212		$	25,014
Accrued interest to be capitalized on loans in repayment(5)	$	—		$	312,537		$	—

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


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(298,425)
Provisions for unfunded loan commitments	264,324
Total Private Education Loan provisions for credit losses	(34,101)
Other impacts to the provisions for credit losses:
FFELP Loans	20
Credit Cards	1,124
Total	1,144
Provisions for credit losses reported in consolidated statements of income	$	(32,957)

(3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).

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

(5) 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 payment status after any applicable grace period (but, for purposes of the table, does not include interest on those loans while they are in forbearance).

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


Years ended December 31, (dollars in thousands)	2023				2022				2021
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	124,924	$	1,995,808	$	72,713	$	1,776,976	$	110,044	$	1,673,018


Provision/New commitments - net(1)	308,275		6,602,803		396,521		6,180,805		264,324		5,512,841

Transfer - funded loans(2)	(320,237)		(6,377,534)		(344,310)		(5,961,973)		(301,655)		(5,408,883)
Ending Balance	$	112,962	$	2,221,077	$	124,924	$	1,995,808	$	72,713	$	1,776,976

(1) Net of expirations of commitments unused. Also includes incremental provision for new commitments and changes to provision for existing commitments.

(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.

Unfunded Loan Commitments - Narrative (Details) $ in Billions	Dec. 31, 2023 USD ($)
Credit Loss [Abstract]
Contractual obligation	$ 2.2

Significant Accounting Policies - Allowance for FFELP Loans and Loan Interest Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Percentage reimbursement on all qualifying default claims period two (as a percentage)	97.00%
Percentage reimbursement on all qualifying default claims period one (as a percentage)	98.00%
Variable rate	100.00%
Maximum loss exposure due to federal guarantee	3.00%
Basis points	0.0105
Loans in nonaccrual status	$ 0	$ 0

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Use of Estimates and Assumptions	Use of Estimates and Assumptions The financial reporting and accounting policies of SLM Corporation conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Key accounting policies that include significant judgments and estimates include the valuation of allowance for credit losses.
Consolidation	Consolidation The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. We consolidate any variable interest entity (“VIE”) where we have determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash held in the Federal Reserve Bank of San Francisco (the “FRB”) and commercial bank accounts, and other short-term liquid instruments with original maturities of three months or less. Fees associated with investing cash and cash equivalents are amortized into interest income using the effective interest rate method.
Trading and Available-for-Sale Investments	Trading Investments 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. Available-for-Sale Investments Our available-for-sale investments consist of mortgage-backed securities, Utah Housing Corporation bonds, and U.S. government-sponsored enterprises and Treasury securities. We record our investment purchases and sales on a trade date basis. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. Our investments are classified as available-for-sale and reported at fair value. Unrealized gains or losses on available-for-sale investments are recorded in equity and reported as a component of other comprehensive income (loss), net of applicable income taxes. We assess unrealized losses on available-for-sale debt securities that we have the ability and intent to hold for a period of time sufficient to recover the amortized cost of the security, for the purpose of determining credit impairment. If any credit impairment exists, an allowance for losses is established for the amount of the unrealized loss that is determined to be credit-related.
Other Investments	Other Investments 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. We also invest in affordable housing projects that qualify for the low income housing tax credit (“LIHTC”), which is designed to promote private development of low income housing. These investments generate a return mostly through realization of federal tax credits.
Loans Held for Investment	Loans Held for Investment Loans, consisting of Private Education Loans and FFELP Loans, that we have the ability and intent to hold for the foreseeable future, are classified as held for investment, and are carried at amortized cost. Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as discussed under “Loan Interest Income.” Loans that are held for investment are reported net of an allowance for credit losses. At September 30, 2022, we transferred the portfolio of our former suite of credit cards (“Credit Cards”) from loans held for investment to loans held for sale as we planned to sell the portfolio. 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.
Loans Held for Sale	Loans Held for Sale Any loans we have not classified as held for investment are classified as held for sale and are carried at the lower of cost or fair value. Loans are classified as held for sale when we have the intent and ability to sell such loans. Loans that are held for sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. When a decision has been made to sell loans not previously classified as held for sale, such loans are transferred into the held for sale classification and carried at the lower of amortized cost basis (which excludes any allowance for credit losses) or fair value. At the time of the transfer to the held for sale classification, any amount by which the amortized cost basis exceeds fair value is accounted for as a valuation allowance. In addition, once a loan is classified as held for sale, we reverse any allowance for loan loss applicable to that loan. As market conditions permit, we may sell or securitize loans as a source of financing for other loans. Due to varying structuring terms, certain transactions may qualify for sale treatment while others do not qualify for sale treatment and are recorded as financings. All of our education loans are initially categorized as held for investment. It is only when we have selected the loans to sell or securitize and the transaction qualifies as a sale that we transfer the loans into the held for sale classification and carry them at the lower of cost or fair value. If we anticipate recognizing a gain related to the impending securitization or sale, then the fair value of the loans is higher than their respective cost basis and no valuation allowance is recorded.
Restricted Cash	Restricted Cash Restricted cash primarily includes amounts held in student loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities.
Allowance For Credit Losses	Allowance for Credit Losses We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date. In determining the lifetime expected credit losses on our Private Education Loan portfolio loan segments, we use a discounted cash flow method. This method requires us to project future principal and interest cash flows on our loans in those portfolios. To estimate the future expected cash flows, we use a vintage-based methodology that considers life of loan loss expectations, prepayments, defaults, recoveries, and any other adjustments deemed necessary, to determine the adequacy of the allowance at each balance sheet date. These cash flows are discounted at the loan’s effective interest rate to calculate the present value of those cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for credit losses. Entities that measure credit losses based on the present value of expected future cash flows are permitted to report the entire change in present value as credit loss expense, but may alternatively report the change in present value due to the passage of time as interest income. We have elected to report the entire change in present value as credit loss expense. In determining the loss rates used for the vintage-based approach, we start with our historical loss rates, stratify the loans within each vintage, and then adjust the loss rates based upon economic factors forecasted over a reasonable and supportable forecast period. The reasonable and supportable forecast period is meant to represent the period in which we believe we can estimate the impact of forecasted economic factors in our expected losses. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical loss conditions. We use a two-year reasonable and supportable forecast period, although this period is subject to change as our view evolves on our ability to reasonably forecast economic conditions to estimate future losses. In estimating our current expected credit losses, we use a combination of expected economic scenarios coupled with our historical experience to derive a base case adjusted for any qualitative factors (as described below). We also develop an adverse and favorable economic scenario. At each reporting date, we determine the appropriate weighting of these alternate scenarios based upon the current economic conditions and our view of the risks of alternate outcomes. This weighting of expectations is used in calculating our current expected credit losses recorded each period. In estimating recoveries, we use both estimates of what we would receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans. We use historical experience and economic forecasts to estimate future prepayment speeds. At the end of the two-year reasonable and supportable forecast for prepayments, we immediately revert to our historical long-term prepayment rates. In addition to the above modeling approach, we also take certain other qualitative factors into consideration when calculating the allowance for credit losses, which could result in management overlays (increases or decreases to the allowance for credit losses). These management overlays can encompass a broad array of factors not captured by model inputs, including but not limited to, changes in lending policies and procedures, including changes in underwriting standards, changes in servicing policies and collection administration practices, state law changes that could impact servicing and collection practices, charge-offs, recoveries not already included in the analysis, the effect of other external factors such as legal and regulatory requirements on the level of estimated current expected credit losses, the performance of the model over time versus actual losses, and any other operational or regulatory changes that could affect our estimate of future losses. The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for credit losses, the timing of when losses are recognized, and the related provision for credit losses on our consolidated statements of income. When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period. These include, but are not limited to, CECL model inputs and any overlays deemed necessary by management. The most impactful CECL model inputs include: •Economic forecasts; •Weighting of economic forecasts; •Prepayment speeds; and •Recovery rates.
Allowance for Private Education Loan Losses	Allowance for Private Education Loan Losses In addition to the key assumptions/estimates described above, some estimates are unique to our Private Education Loan portfolio. Estimates are made on our Private Education Loans regarding when each borrower will separate from school. The cash flow timing of when a borrower will begin making full principal and interest payments is dependent upon when the student either graduates or leaves school. These dates can change based upon many factors. We receive information regarding projected graduation dates from a third-party clearinghouse. The separation from school date is updated quarterly based on updated information received from the clearinghouse. Additionally, when we have a contractual obligation to fund a loan or a portion of a loan at a later date, we make an estimate regarding the percentage of this obligation that will be funded. This estimate is based on historical experience. For unfunded commitments, we recognize the related life of loan allowance as a liability. Once the loan is funded, that liability transfers to the allowance for Private Education Loan losses. Key Credit Quality Indicators - Private Education Loans We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider credit score at original approval and periodically refreshed/updated credit scores through the loan’s term, existence of a cosigner, loan status, and loan seasoning as the key credit quality indicators because they have the most significant effect on the determination of the adequacy of our allowance for credit losses. Credit scores are an indicator of the creditworthiness of borrowers, and the higher the credit scores the more likely it is the borrowers will be able to make all of their contractual payments. Loan status affects the credit risk because a past due loan is more likely to result in a credit loss than a current loan. Additionally, loans in the deferred payment status have different credit risk profiles compared with those in current pay status. Loan seasoning affects credit risk because a loan with a history of making payments generally has a lower incidence of default than a loan with a history of making infrequent or no payments. The existence of a cosigner lowers the likelihood of default as well. We monitor and update these credit quality indicators in the analysis of the adequacy of our allowance for credit losses on a quarterly basis. 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 third-party collectors. This improved our estimate of recovery rates for the year ended December 31, 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. For December 31, 2022, we used both an estimate of recovery rates from in-house collections as well as expectations of future sales of defaulted loans to estimate the timing and amount of future recoveries on charged-off loans. Private Education Loans generally do not require borrowers to begin principal and interest repayment until at least six months after the borrowers have graduated or otherwise separated from school. Consequently, the loss estimates for these loans are generally low while the borrower is in school and then increase upon the end of the grace period after separation from school. At December 31, 2023 and 2022, 25 percent and 24 percent, respectively, of the principal balance of the Private Education Loan portfolio was related to borrowers who were then in an in-school (fully deferred), grace, or other deferment status and not required to make payments. Our collection policies for Private Education Loans allow for periods of nonpayment (forbearance) for certain borrowers requesting an extended grace period upon leaving school or experiencing temporary difficulty meeting payment obligations. As part of concluding on the adequacy of the allowance for credit losses for Private Education Loans, we review key allowance and loan metrics. The most relevant of these metrics considered are the allowance 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. We consider a Private Education Loan to be delinquent if the borrower has not made a required payment prior to the 31st day after such payment was contractually due.
Troubled Debt Restructurings and Vintage Disclosures	Adoption of ASU No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” On March 31, 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU No. 2022-02”), which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The enhanced disclosures are required to be provided for modifications made starting in the period of adoption. Information about modifications in periods before adoption is not required to be provided. ASU No. 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination. For entities that have adopted the amendments in CECL, the amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments in ASU No. 2022-02 was permitted if an entity has adopted CECL. The amendments should be applied prospectively. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method. We elected to early adopt all aspects of ASU No. 2022-02 prospectively for the period beginning January 1, 2022. The adoption was immaterial to our consolidated financial statements. For additional information, see Note 7, "Allowance for Credit Losses," in this Form 10–K.
Troubled Debt Restructurings ("TDRs")	Troubled Debt Restructurings - 2021 In the year ended December 31, 2021, in estimating the expected defaults for our Private Education Loans that were considered TDRs, we followed the same discounted cash flow process described above but used the historical loss rates related to past TDR loans. The appropriate gross loss rates were determined for each individual loan by evaluating loan maturity, risk characteristics, and macroeconomic conditions. The allowance for our TDR portfolio was included in our overall allowance for Private Education Loans. Our TDR portfolio was comprised mostly of loans with interest rate reductions and loans with forbearance usage greater than three months, as further described below. We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations 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 or permanent interest rate reduction, a temporary or permanent interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. Forbearance is granted prospectively for borrowers who are current in their payments and may be granted retroactively for certain delinquent borrowers. We classified a loan as a TDR due to forbearance using a two-step process. The first step was to identify a loan that was in full principal and interest repayment status and received more than three months of forbearance in a 24-month period; however, during the first nine months after a loan had entered full principal and interest repayment status, we did not count up to the first six months of forbearance received during that period against the three-month policy limit. The second step was to evaluate the creditworthiness of the loan by examining its most recent refreshed FICO score. Loans that met the criteria in the first test and had a FICO score above a certain threshold (based on the most recent quarterly FICO score refresh) were not classified as TDRs. Loans that met the criteria in the first test and had a FICO score under the threshold (based on the most recent quarterly FICO score refresh) were classified as TDRs. A loan also became a TDR when it was modified to reduce the interest rate on the loan (regardless of when such modification occurred and/or whether such interest rate reduction was temporary). Once a loan qualified for TDR status, it remained a TDR for allowance purposes for the remainder of its life. About half our loans that were considered TDRs involved a temporary forbearance of payments and did not change the contractual interest rate of the loan.
Off-Balance Sheet Exposure for Contractual Loan Commitments	Off-Balance Sheet Exposure for Contractual 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 the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. The discounted cash flow approach described above includes expected future contractual disbursements. The portion of the allowance for credit losses related to future disbursements is shown as a liability on the face of the balance sheet, and related provision for credit losses is reflected on the income statement. Uncollectible Interest The majority of the total accrued interest receivable on our Private Education Loan portfolio represents accrued interest on deferred loans where no payments are due while the borrower is in school and on fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accrued on the loan in that month. The accrued interest on these loans will be capitalized and increase the unpaid principal balance of the loans when the borrower exits the grace period after separation from school. The discounted cash flow approach described above considers both the collectability of principal as well as this portion of accrued interest that is expected to capitalize to the balance of the loan. Therefore, the allowance for this portion of accrued interest balance is included in our allowance for credit losses. The discounted cash flow approach does not consider interest accrued on loans that are in a full principal and interest repayment status or in interest-only repayment status. We separately capture the amount of expected uncollectible interest associated with these loans using historical experience to estimate the uncollectible interest for the next four months at each period-end date. This amount is recorded as a reduction of interest income. Accrued interest receivable is separately disclosed on the face of the balance sheet.
Allowance For Credit Card Loans	Allowance for Credit Card Loans At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale as we planned to sell our Credit Card portfolio. At that time, we reversed $2.4 million through the provisions for credit losses for the allowance related to these loans, when the loans were transferred to held for sale. We subsequently sold the Credit Card portfolio to a third party in May 2023. For the year ended December 31, 2021, we used the gross loss approach when estimating the allowance for credit losses for our Credit Card portfolio. Because our Credit Card portfolio was new and we did not have sufficient historical loss experience, we used estimated loss rates reported by other financial institutions to estimate our allowance for credit losses for Credit Cards, net of expected recoveries. In addition, we used a model that utilized purchased credit card information with risk characteristics similar to those of our own portfolio as a challenger model. We then considered any qualitative factors that may change our future expectations of losses.
Allowance For FFELP Loan Losses	Allowance for FFELP Loan Losses FFELP Loans are insured as to their principal and accrued interest in the event of default, subject to a risk-sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed on or after July 1, 2006, we receive 97 percent reimbursement on all qualifying claims. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98 percent reimbursement on all qualifying claims. For loans disbursed prior to October 1, 1993, we receive 100 percent reimbursement. Because we bear a maximum of three percent loss exposure due to this federal guarantee, our allowance for credit losses for FFELP Loans and related periodic provision expense are relatively small. We use the gross loss approach when estimating the allowance for credit losses for the unguaranteed portion of our FFELP Loans. We maintain an allowance for credit losses for our FFELP Loans at a level sufficient to cover lifetime expected credit losses. The allowance for FFELP Loan losses uses historical experience of customer default behavior. We apply the default rate projections, net of applicable risk sharing, to our FFELP Loans for the current period to perform our quantitative calculation. Once the quantitative calculation is performed, we review the adequacy of the allowance for credit losses and determine if qualitative adjustments need to be considered.
Business Combinations	Business Combinations On March 4, 2022, we completed the acquisition of the assets primarily used or held for use of Epic Research Education Services, LLC, which does business as Nitro College (“Nitro”). Nitro provides resources that help students and families evaluate how to responsibly pay for college and manage their financial responsibilities after graduation. The addition of Nitro will support our mission of providing students with the confidence needed to successfully navigate the higher education journey. The acquisition of the Nitro assets, including its employees and intellectual property, has expanded our digital marketing capabilities, reduced the cost to acquire customer accounts, and accelerated our progress to become a broader education solutions provider for students before, during, and immediately after college. On July 21, 2023, we completed the acquisition of several key assets of Scholly, Inc. (“Scholly”). Scholly is engaged in the business of operating as a scholarship publishing and servicing platform, comprised of websites and mobile application search products that 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. These acquisitions were accounted for as business combinations using the acquisition method of accounting in accordance with the FASB’s Accounting Standard Codification 805, “Business Combinations,” whereby as of the respective acquisition date, the acquired tangible assets and liabilities were recorded at their estimated fair values. The identifiable intangible assets were recorded at fair values as determined by an independent appraiser. The results of operations of Nitro and Scholly have been included in our consolidated financial statements since the respective acquisition dates. We have not disclosed the pro forma impact of these acquisitions to the results of operations for the years ended December 31, 2023 and 2022, as the pro forma impacts were deemed immaterial. Transaction costs associated with the Nitro acquisition were approximately $3 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income for the year ended December 31, 2022. Transaction costs associated with the Scholly acquisition were approximately $1 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income for the year ended December 31, 2023.
Goodwill and Acquired Intangible Assets	Goodwill and Acquired Intangible Assets Acquisitions are accounted for under the acquisition method of accounting, which results in the Company allocating the purchase price to the fair value of the acquired assets, liabilities, and non-controlling interests, if any, with the remaining purchase price allocated to goodwill. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually in the fourth quarter of the year, or more frequently if we believe that indicators of impairment exist. We complete a goodwill impairment analysis, which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50 percent. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit, but not to exceed the goodwill amount attributed to the reporting unit. Acquired intangible assets include trade names and trademarks, customer relationships, developed technology, and partner relationships. Our acquired intangible assets have finite lives and are amortized over their estimated useful lives in proportion to their estimated economic benefit. 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.
Deposits	Deposits Our retail deposit accounts are principally certificates of deposit (“CDs”), money market deposit accounts (“MMDAs”), and high-yield savings (“HYS”) accounts. CDs are accounts that have a stipulated maturity and interest rate. Retail CDs may be withdrawn early, but a penalty is assessed. MMDA and HYS accounts are both interest and non-interest bearing accounts that have no maturity or expiration date. For retail MMDA and HYS accounts, the depositor may be required to give written notice of any intended withdrawal not less than seven days before the withdrawal is made. The Bank also includes brokered CDs in its funding base. Early withdrawal of brokered CDs is prohibited (except in the case of death or legal incapacity). Other deposit accounts include large interest-bearing omnibus accounts deposited in the Bank by commercial entities having custodial responsibilities for many underlying accounts. These omnibus accounts may be structured with or without fixed maturities, and may have fixed or variable interest rates.
Fair Value Measurement	Fair Value Measurement We use estimates of fair value in applying various accounting standards for our financial statements. Fair value measurements are used in one of four ways: •In the consolidated balance sheet with changes in fair value recorded in the consolidated statement of income; •In the consolidated balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the consolidated statement of changes in equity; •In the consolidated balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the consolidated statement of income; and •In the notes to the consolidated financial statements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, our policy in estimating fair value is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates, and credit spreads (including for our liabilities), relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity, credit, and bid/offer spreads. Transaction costs are not included in the determination of fair value. When possible, we seek to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows: •Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The types of financial instruments included in level 1 are highly liquid instruments with quoted prices. •Level 2 — Inputs from active markets, other than quoted prices for identical instruments, are used to determine fair value. Significant inputs are directly observable from active markets for substantially the full term of the asset or liability being valued. •Level 3 — Pricing inputs significant to the valuation are unobservable. Inputs are developed based on the best information available. However, significant judgment is required by us in developing the inputs.
Loan Interest Income	Loan Interest Income For all loans, including impaired loans (regardless of the delinquency status of the impaired loans), classified as held for investment, we recognize interest income as earned, adjusted for the amortization of deferred direct origination and acquisition costs. Deferred fees or costs are required to be recognized as yield adjustments over the life of the related loans and are recognized by the interest method. The objective of the interest method is to arrive at periodic interest income (including recognition of fees and costs) at a constant effective yield on the net investment in the receivable (i.e., the principal amount of the receivable adjusted by unamortized fees or costs, purchase premium or discount, and any hedging activity—these unamortized costs will collectively be referred to as “basis adjustments”). The difference between the periodic interest income so determined and the interest income determined by applying the stated interest rate to the outstanding principal amount of the receivable is the amount of periodic amortization of deferred direct origination and acquisition costs. For the amortization of the basis adjustments, we determine the constant effective yield necessary to apply the interest method based upon the contractual terms of the loan contract, with no consideration given to expected prepayments. For fixed-rate loans, when a prepayment occurs the unamortized balance of the basis adjustments is adjusted so that future amortization (based upon the contractual terms of the loan) will result in a constant effective yield equal to the original effective interest rate. Prepayments do not result in a change in the effective interest rate of the loan. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. For variable-rate loans, the effective interest rate at the time of origination is the loan’s effective interest rate assuming all future contractual payments. The effective interest rate remains the same for that loan until the loan rate changes. If there is no prepayment and no change in the stated interest rate, the periodic amortization of the basis adjustments is equal to the difference between the effective interest rate multiplied by the book basis and the contractual interest due. We determine the contractual payments on a pool basis; as such, when a prepayment occurs, future contractual payments will be determined assuming the pool will make smaller payments through the original term of the contract. The adjustment to the unamortized basis adjustment balance is recorded in interest income. When the interest rate on a variable-rate loan changes, the effective interest rate is recalculated using the same methodology described in the previous paragraph; however, the future contractual payments are changed to reflect the new interest rate. There is no forecasting of future expected changes in interest rates. The accounting basis used to determine the effective interest rate of the cash flows is equal to the balances of the unpaid principal balance and unamortized basis adjustments at the time of the rate change. We also pay to the U.S. Department of Education (the “DOE”) an annual 105 basis point Consolidation Loan Rebate Fee on FFELP consolidation loans, which is netted against loan interest income. Additionally, interest earned on education loans reflects potential non-payment adjustments in accordance with our uncollectible interest recognition policy. We do not amortize any adjustments to the basis of loans when they are classified as held for sale. For loans not currently in full principal and interest repayment status or interest-only repayment status, we recognize the allowance for the portion of uncollectible interest representing amounts to be capitalized after separation from school and the expiration of the grace period to the provisions for credit losses and classify this allowance as part of our allowance for credit losses. The allowance for the portion of uncollectible interest on loans making full interest payments will continue to be recorded as a reduction of interest income. As we maintain an allowance for uncollectible interest on loans making full interest payments and an allowance for credit losses for the interest on loans where all, or a portion of the interest, will be capitalized in the future, we do not place loans in nonaccrual status prior to charge-off. However, if it is determined that an individual loan or pool of loans is high risk, they may be placed on nonaccrual status, which entails stopping the accrual of interest on those loans until such time that the borrower(s) have made a sufficient number of payments (typically six months) to return to accrual status. At December 31, 2023, we had an immaterial amount of loans in nonaccrual status. At December 31, 2022, we had no loans in nonaccrual status. We recognize certain fee income (primarily late fees) on all loans when earned according to the contractual provisions of the promissory notes, as well as our expectation of collectability. Fee income is recorded when earned in “other non-interest income” in the accompanying consolidated statements of income.
Interest Expense	Interest Expense Interest expense is based upon contractual interest rates and other fees, adjusted for the amortization of issuance costs, premiums, and discounts. We incur interest expense on interest-bearing deposits comprised of non-maturity savings deposits, brokered and retail CDs, brokered and retail MMDAs, as well as unsecured and secured financings. Our Private Education Loan multi-lender secured borrowing facility (the “Secured Borrowing Facility”) also incurs an unused facility fee on the amount of unfunded commitments. Interest expense is recognized when amounts are contractually due and is adjusted for net payments/receipts related to qualifying interest rate swap agreements designated as hedges of interest-bearing liabilities. Interest expense also includes the amortization of deferred gains and losses on closed qualifying hedge transactions. Amortization of debt issuance costs, premiums, discounts, and terminated hedge-basis adjustments are recognized using the effective interest rate method.
Gains on Sale of Loans, Net	Gains on Sale of Loans, Net We may participate and sell loans to third parties and affiliates. These sales may occur through whole loan sales or securitization transactions that qualify for sale treatment. If a transfer of loans qualifies as a sale, we derecognize the loan and recognize a gain or loss as the difference between the carry basis of the loan sold and liabilities retained and the compensation received. We recognize the results of a transfer of loans based upon the settlement date of the transaction. These loans were initially recorded as held for investment and were transferred to held for sale immediately prior to sale or securitization.
Other Income	Other Income Included in other income are late fees on both Private Education Loans and FFELP Loans, which we recognize when the cash has been received, income for servicing private student loans for third parties, and changes to our tax indemnification receivable from Navient. Other income also included fees related to our Credit Card program. 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.
Securitization Accounting	Securitization Accounting Our securitization transactions use a two-step structure with a special purpose entity VIE that legally isolates the transferred assets from us in the event of bankruptcy or receivership. Transactions receiving sale treatment are also structured to ensure that the holders of the beneficial interests issued are not constrained from pledging or exchanging their interests, and that we do not maintain effective control over the transferred assets. If these criteria are not met, the transaction does not meet the criteria for sale treatment and is accounted for as an on-balance sheet secured borrowing. If a securitization qualifies as a sale, we assess whether Sallie Mae is the primary beneficiary of the securitization trust and thus required to consolidate the trust. We are considered the primary beneficiary if we have both: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As there is not a bright-line test for determining significance, the assessment of who has the power to significantly direct the activities of the VIE, and who has the obligation to absorb losses or receive benefits material to the VIE, can be qualitative and judgmental in nature. If we are determined to be the primary beneficiary, then no gain or loss is recognized on the transaction. Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to: •Owning the equity certificates of certain trusts; •The servicing of the student loan assets within the securitization trusts, on both a pre- and post-default basis; •Our acting as administrator for the securitization transactions we sponsored; •Our responsibilities relative to representation and warranty violations; and •The option to exercise the clean-up call and purchase the student loans from the trust when the pool balance is 10 percent or less of the original pool balance. In 2023 and 2022, we executed several secured financing transactions. Based upon our relationships with these securitizations, we believe the consolidation assessment is straightforward. We consolidated our secured financing transactions because either we did not meet the accounting criterion for sales treatment or we determined we were the primary beneficiary of the VIE because we retained (i) the residual interest in the securitization and therefore had the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE, as well as (ii) the power to direct the activities of the VIE in our role as servicer. The investors in our securitization trusts have no recourse to our other assets should there be a failure of the trust to pay when due. Generally, the only recourse the securitization trusts have to us is in the event we breach a seller representation or warranty or our duties as master servicer and servicer, in which event we are obligated to repurchase the related loans from the trust. We may also be responsible for indemnities in other instances for such things as willful misfeasance or bad faith. In 2023 and 2022, we also closed several loan sales and securitization transactions that were not consolidated on our balance sheet due to the transaction having met the criteria for sales treatment, for which Sallie Mae is not the primary beneficiary. In these transactions, we remove loans from our consolidated balance sheet and recognize any assets retained and liabilities assumed at fair value, and record a gain or loss on the transferred loans. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests. We provide additional information regarding these types of activities in Note 12, “Borrowings — Unconsolidated VIEs” in this Form 10-K.
Derivative Accounting	Derivative Accounting We account for our derivatives, consisting of interest rate swaps, at fair value on the consolidated balance sheets as either an asset or liability. Derivative positions are recorded as net positions by counterparty based on master netting arrangements (see Note 13, “Derivative Financial Instruments”), exclusive of accrued interest and cash collateral held or pledged. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the Chicago Mercantile Exchange (the “CME”) and the London Clearing House (the “LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of December 31, 2023, $1.8 billion notional of our derivative contracts were cleared on the CME and $0.1 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 92.6 percent and 7.4 percent, respectively, of our total notional derivative contracts of $1.9 billion at December 31, 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 December 31, 2023 was $(40) million and $(4) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses). We determine the fair value for our derivative contracts primarily using pricing models that consider current market conditions and the contractual terms of the derivative contracts. These pricing models consider interest rates, time value, forward interest rate curves, and volatility factors. Inputs are generally from active financial markets. The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at fair value. Our derivative instruments are classified and accounted for by us as fair value hedges, cash flow hedges, and trading hedges. Each derivative is designated to a specific (or pool of) liability(ies) on the consolidated balance sheets, and is designated as either a “fair value” hedge or a “cash flow” hedge. Fair value hedges are designed to hedge our exposure to the changes in fair value of a fixed-rate liability. For effective fair value hedges, both the hedge and the hedged item (for the risk being hedged) are recorded at fair value with any difference reflecting ineffectiveness recorded immediately in the consolidated statements of income. Cash flow hedges are designed to hedge our exposure to variability in cash flows related to variable-rate deposits. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, using regression testing. For hedges of a pool of liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in fair value of the derivative with no offsetting amount from the hedged item since the last time it was effective. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively and begin amortization of any basis adjustments that exist related to the hedged item. On March 12, 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” On January 7, 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (“Topic 848”): Scope” that clarified the scope of Topic 848. Topic 848 contains temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by reference rate reform. Our derivative portfolio is made up of interest rate swaps that are centrally cleared through either the CME or the LCH. On October 16, 2020, both the CME and the LCH changed the price alignment interest and discount rate applied when valuing these transactions to the Secured Overnight Financing rate (“SOFR”). The ISDA 2020 LIBOR Fallbacks Protocol (the “ISDA Fallback Protocol”) was made available for adherence on October 23, 2020, with an effective date of January 25, 2021. Once adhered to by both counterparties in a bilateral relationship and the effective date is reached, the ISDA Fallback Protocol represents a change to the contractual terms of derivatives governed by each respective ISDA agreement between the Company and a derivative counterparty. We have elected the option provided in Topic 848 to not reassess previous accounting determinations as well as the option to not dedesignate a hedging relationship due to a current or future change in a critical or contractual term related to reference rate reform, including changes in the discount rate. As our liabilities began to use alternatives to LIBOR before LIBOR was no longer published, for cash flow hedges of forecasted LIBOR based payments, we elected the expedient offered in Topic 848 to disregard the potential change in the designated hedged interest rate risk that may occur because of reference rate reform when we assess whether the hedged forecasted transactions are probable, in accordance with the requirements of “Derivatives and Hedging” Topic 815. We have also elected the expedient provided by Topic 848 to assume the reference rate would not be replaced for the remainder of the hedging relationship when assessing hedge effectiveness.
Stock-Based Compensation	Stock-Based Compensation We recognize stock-based compensation cost in our consolidated statements of income using the fair value method. Under this method, we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the shorter of the vesting period of the stock-based grant or the employee’s retirement eligible date. We do not apply a forfeiture rate to our stock-based compensation expense, but rather record forfeitures when they occur. We record all excess tax benefits/deficiencies related to the settlement of employee stock-based compensation to the income tax expense line item on our consolidated statements of income.
Restructuring Activities	Restructuring Activities From time to time we implement plans to restructure our business. During the third quarter of 2020, we initiated a restructuring program to reduce costs and improve operating efficiencies by better aligning our organizational structure with our new corporate strategic imperatives. In conjunction with these restructuring plans, involuntary benefit arrangements, and certain other costs that are incremental and incurred as a direct result of our restructuring plans, are classified as restructuring expenses in the accompanying consolidated statements of income. We recorded $1 million in additional restructuring expenses in the year ended December 31, 2021. We sponsor employee severance plans that provide severance benefits in the event of termination of our full-time employees and part-time employees who work at least 24 hours per week. The severance plans establish specified benefits based on base salary, job level immediately preceding termination, and years of service upon termination of employment due to involuntary termination or a job abolishment, as defined in the severance plans. The benefits payable under the severance plans relate to past service. Accordingly, we recognize severance costs to be paid pursuant to the severance plans when payment of such benefits is probable and reasonably estimable. Such benefits, including severance pay calculated based on the severance plan, medical and dental benefits, outplacement services, and continuation pay, were incurred during the year ended December 31, 2020, as a direct result of our restructuring initiative. Accordingly, such costs are classified as restructuring expenses in the accompanying consolidated statements of income. We finalized this restructuring plan in 2020.
Income Taxes	Income Taxes We account for income taxes under the asset and liability approach, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of our assets and liabilities. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. “Income tax expense (benefit)” includes (i) deferred tax expense (benefit), which represents the net change in the deferred tax asset or liability balance during the year when applicable, and (ii) current tax expense (benefit), which represents the amount of tax currently payable to or receivable from a tax authority plus amounts accrued for unrecognized tax benefits. Income tax expense (benefit) excludes the tax effects related to adjustments recorded in equity. An uncertain tax position is recognized only if it is more likely than not to be sustained upon examination based on the technical merits of the position. The amount of tax benefit recognized in the consolidated financial statements is the largest amount of benefit that is more than 50 percent likely of being sustained upon ultimate settlement of the uncertain tax position. We recognize interest and penalties related to unrecognized tax benefits in income tax expense (benefit). In connection with the Spin-Off, we recorded a liability related to uncertain tax positions of $27 million for which we are indemnified by Navient. If there is an adjustment to the indemnified uncertain tax liability, an offsetting adjustment to the indemnification receivable is recorded as pre-tax adjustment to other income in the income statement. As of December 31, 2023, with respect to those amounts recorded at the Spin-Off, both the remaining liability balance (related to uncertain tax positions) and the remaining indemnification receivable balance (related to uncertain tax positions) were zero.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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
	2023								2022
As of December 31, (dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:

Trading investments	$	—	$	—	$	54,481	$	54,481	$	—	$	—	$	55,903	$	55,903
Available-for-sale investments	—		2,411,622		—		2,411,622		—		2,342,089		—		2,342,089
Derivative instruments	—		—		—		—		—		972		—		972
Total	$	—	$	2,411,622	$	54,481	$	2,466,103	$	—	$	2,343,061	$	55,903	$	2,398,964

Liabilities:
Derivative instruments	$	—	$	(370)	$	—	$	(370)	$	—	$	(567)	$	—	$	(567)
Total	$	—	$	(370)	$	—	$	(370)	$	—	$	(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.


As of December 31, (dollars in thousands)	2023						2022
	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	22,229,045	$	19,772,293	$	2,456,752	$	21,062,548	$	19,019,713	$	2,042,835
FFELP Loans	542,775		534,064		8,711		618,186		607,155		11,031

Loans held for sale	—		—		—		29,448		29,448		—
Cash and cash equivalents	4,149,838		4,149,838		—		4,616,117		4,616,117		—
Trading investments	54,481		54,481		—		55,903		55,903		—
Available-for-sale investments	2,411,622		2,411,622		—		2,342,089		2,342,089		—
Accrued interest receivable	1,448,766		1,379,904		68,862		1,237,074		1,202,059		35,015
Tax indemnification receivable	—		—		—		2,816		2,816		—
Derivative instruments	—		—		—		972		972		—
Total earning assets	$	30,836,527	$	28,302,202	$	2,534,325	$	29,965,153	$	27,876,272	$	2,088,881
Interest-bearing liabilities:
Money-market and savings accounts	$	11,134,883	$	11,203,292	$	68,409	$	11,854,849	$	11,959,828	$	104,979
Certificates of deposit	10,380,684		10,448,365		67,681		9,175,339		9,486,819		311,480

Long-term borrowings	4,873,690		5,227,512		353,822		4,813,233		5,235,114		421,881
Accrued interest payable	105,066		105,066		—		71,586		71,586		—
Derivative instruments	370		370		—		567		567		—
Total interest-bearing liabilities	$	26,494,693	$	26,984,605	$	489,912	$	25,915,574	$	26,753,914	$	838,340

Excess of net asset fair value over carrying value					$	3,024,237					$	2,927,221

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series B Preferred Stock	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Series B Preferred Stock	Treasury Stock
Beginning balance, shares issued (in shares) at Dec. 31, 2020			2,510,696	456,729,251
Beginning balance (in shares) at Dec. 31, 2020									(81,441,252)
Beginning balance (in shares) at Dec. 31, 2020				375,287,999
Beginning balance at Dec. 31, 2020	$ 2,562,835		$ 251,070	$ 91,346	$ 1,331,247	$ (34,200)	$ 1,722,365		$ (798,993)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,160,513						1,160,513
Other comprehensive income (loss), net of tax	16,303					16,303
Total comprehensive income	1,176,816
Cash dividends declared:
Common stock	(60,462)						(60,462)
Preferred stock		$ (4,736)						$ (4,736)
Dividend equivalent units related to employee stock-based compensation plans	$ (16)				530		(546)
Issuance of common shares (in shares)	3,786,581			3,786,581
Issuance of common shares	$ 4,891			$ 757	4,134
Stock-based compensation expense	30,649				30,649
Common stock repurchased and cancelled (in shares)				(28,502,460)
Common stock repurchased and cancelled	$ (472,560)			$ (5,700)	(466,860)
Common stock repurchased (in shares)	(98,748,905)			(70,246,445)					(70,246,445)
Common stock repurchased	$ (1,067,583)				174,684				$ (1,242,267)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,368,942)			(1,368,942)					(1,368,942)
Shares repurchased related to employee stock-based compensation plans	$ (20,123)								$ (20,123)
Ending balance, shares issued (in shares) at Dec. 31, 2021			2,510,696	432,013,372
Ending balance (in shares) at Dec. 31, 2021									(153,056,639)
Ending balance (in shares) at Dec. 31, 2021				278,956,733
Ending 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	469,014						469,014
Other comprehensive income (loss), net of tax	(75,973)					(75,973)
Total comprehensive income	393,041
Cash dividends declared:
Common stock	$ (112,961)						(112,961)
Preferred stock		(9,029)						(9,029)
Issuance of common shares (in shares)	3,107,768			3,107,768
Issuance of common shares	$ 433			$ 622	618		(807)
Stock-based compensation expense	$ 34,359				34,070		289
Common stock repurchased (in shares)	(40,253,548)			(40,253,548)					(40,253,548)
Common stock repurchased	$ (707,742)				0				$ (707,742)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,135,509)			(1,135,509)					(1,135,509)
Shares repurchased related to employee stock-based compensation plans	$ (20,842)								$ (20,842)
Ending balance, shares issued (in shares) at Dec. 31, 2022			2,510,696	435,121,140
Ending balance (in shares) at Dec. 31, 2022	(194,400,000)								(194,445,696)
Ending balance (in shares) at Dec. 31, 2022				240,675,444
Ending 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	581,391						581,391
Other comprehensive income (loss), net of tax	18,766					18,766
Total comprehensive income	600,157
Cash dividends declared:
Common stock	$ (101,233)						(101,233)
Preferred stock		$ (17,705)						$ (17,705)
Issuance of common shares (in shares)	3,109,276			3,109,276
Issuance of common shares	$ 2,625			$ 622	3,237		(1,234)
Stock-based compensation expense	$ 36,380				36,380		0
Common stock repurchased (in shares)	(22,341,595)			(22,341,595)					(22,341,595)
Common stock repurchased	$ (349,397)				0				$ (349,397)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,099,241)			(1,099,241)					(1,099,241)
Shares repurchased related to employee stock-based compensation plans	$ (17,000)								$ (17,000)
Ending balance, shares issued (in shares) at Dec. 31, 2023			2,510,696	438,230,416
Ending balance (in shares) at Dec. 31, 2023	(217,900,000)								(217,886,532)
Ending balance (in shares) at Dec. 31, 2023				220,343,884
Ending balance at Dec. 31, 2023	$ 1,880,797		$ 251,070	$ 87,647	$ 1,148,689	$ (75,104)	$ 3,624,859		$ (3,156,364)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Common Share Repurchases

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


Years Ended December 31, (shares and per share amounts in actuals)	2023		2022		2021
Common stock repurchased under repurchase programs(1)(2)(3)	22,341,595		40,253,548		98,748,905
Average purchase price per share(4)	$	15.64	$	17.58	$	17.37
Shares repurchased related to employee stock-based compensation plans(5)	1,099,241		1,135,509		1,368,942
Average purchase price per share	$	15.46	$	18.36	$	14.70
Common shares issued(6)	3,109,276		3,107,768		3,786,581

(1) Common shares purchased under our share repurchase programs. We have utilized all capacity under our 2021 Share Repurchase Program. There was $236 million of capacity remaining under the 2022 Share Repurchase Program at December 31, 2023.

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

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

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

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

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

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

We categorize our fair value estimates based on a 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 Note 2, “Significant Accounting Policies — Fair Value Measurement” in this Form 10-K.

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
	2023								2022
As of December 31, (dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:

Trading investments	$	—	$	—	$	54,481	$	54,481	$	—	$	—	$	55,903	$	55,903
Available-for-sale investments	—		2,411,622		—		2,411,622		—		2,342,089		—		2,342,089
Derivative instruments	—		—		—		—		—		972		—		972
Total	$	—	$	2,411,622	$	54,481	$	2,466,103	$	—	$	2,343,061	$	55,903	$	2,398,964

Liabilities:
Derivative instruments	$	—	$	(370)	$	—	$	(370)	$	—	$	(567)	$	—	$	(567)
Total	$	—	$	(370)	$	—	$	(370)	$	—	$	(567)	$	—	$	(567)

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


As of December 31, (dollars in thousands)	2023						2022
	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	22,229,045	$	19,772,293	$	2,456,752	$	21,062,548	$	19,019,713	$	2,042,835
FFELP Loans	542,775		534,064		8,711		618,186		607,155		11,031

Loans held for sale	—		—		—		29,448		29,448		—
Cash and cash equivalents	4,149,838		4,149,838		—		4,616,117		4,616,117		—
Trading investments	54,481		54,481		—		55,903		55,903		—
Available-for-sale investments	2,411,622		2,411,622		—		2,342,089		2,342,089		—
Accrued interest receivable	1,448,766		1,379,904		68,862		1,237,074		1,202,059		35,015
Tax indemnification receivable	—		—		—		2,816		2,816		—
Derivative instruments	—		—		—		972		972		—
Total earning assets	$	30,836,527	$	28,302,202	$	2,534,325	$	29,965,153	$	27,876,272	$	2,088,881
Interest-bearing liabilities:
Money-market and savings accounts	$	11,134,883	$	11,203,292	$	68,409	$	11,854,849	$	11,959,828	$	104,979
Certificates of deposit	10,380,684		10,448,365		67,681		9,175,339		9,486,819		311,480

Long-term borrowings	4,873,690		5,227,512		353,822		4,813,233		5,235,114		421,881
Accrued interest payable	105,066		105,066		—		71,586		71,586		—
Derivative instruments	370		370		—		567		567		—
Total interest-bearing liabilities	$	26,494,693	$	26,984,605	$	489,912	$	25,915,574	$	26,753,914	$	838,340

Excess of net asset fair value over carrying value					$	3,024,237					$	2,927,221

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

Cash and Cash Equivalents

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

Investments

Trading

Investments classified as trading are carried at fair value in the consolidated financial statements. Investments in residual class interests are valued using observable inputs in its cash flow modeling where available but many significant inputs are unobservable. Residual interests are not exchange traded nor do they have quoted market prices as they are unique and do not actively trade. As such, these are level 3 valuations.

At December 31, 2023 and December 31, 2022, we had $54 million and $56 million, respectively, classified as level 3 financial instruments carried at fair value on a recurring basis through earnings. At December 31, 2023 and December 31, 2022, $54 million and $51 million, respectively, represent the five percent vertical risk retentions in the residual classes of Private Education Loans sold through securitizations. Total gains/(losses), net included in earnings were $3 million in net gains in the year ended December 2023, compared to less than $1 million in net losses in the year-ago period. Settlements in the year ended December 31, 2023 were $1 million, compared to $13 million in the year-ago period. There

were no transfers into or out of level 3 related to these residual interest investments during the years ended December 31, 2023 and 2022. The change in mark to market gains/(losses) on investments held as of the reporting date were $4 million in the year ended December 31, 2023, compared to $13 million in the year-ago period.

At December 31, 2022, $5 million of the total trading investment balance included a debt security investment which was converted to an equity investment (classified in other investments) in the first quarter of 2023. Total interest income included in earnings was less than $1 million for both of the years ended December 31, 2023 and 2022. There were no transfers into or out of level 3 related to this investment. There were no market value adjustments recorded related to this investment in the years ended December 31, 2023 and 2022.

The fair value at December 31, 2023 of the residual interests classified as level 3 valuations was $54 million. The residual interest investments are the projected future cash flows representing the difference between the securitized trust’s asset cash flows and the related outflows to the bondholders and for other fees. The residual investments are valued using an internal discounted cash flow model to arrive at the net present value of expected trust residual distributions. These instruments are not actively traded, nor do they have quoted market prices. As a result, unobservable model input assumptions are made regarding the expected CPR and the probability of defaults of the loans in the securitization trusts. At December 31, 2023, the range (average by volume) of the CPR input was 8.1 percent to 12.2 percent (average of 9.49 percent) and the range of the defaults input was 5.1 percent to 20.7 percent (average of 11.03 percent).

The significant inputs considered unobservable detailed above would be expected to have the following impacts to the valuations:

•A decrease in CPR would result in a longer weighted average life of the trust, resulting in a decrease to the valuation due to the delay in residual cash flows with the increased term. The opposite is true for an increase in the CPR.

•A decrease in the probability of defaults means increased principal receipts, resulting in an increase to the valuation due to the increase in residual cash flow.

•Conversely, an increase in the probability of defaults means decreased principal receipts, resulting in a decrease to the valuation due to the decrease in residual cash flow.

Available-for-Sale

Investments classified as available-for-sale are carried at fair value in the consolidated financial statements. Investments in mortgage-backed securities, U.S. government-sponsored enterprises and Treasury securities, and Utah Housing Corporation bonds are valued using observable market prices of similar assets. As such, these are level 2 valuations. The fair value of our non-residual vertical risk retention investments is estimated using pricing indications obtained from the investment bankers who participate in the asset-backed securities market. As such, these are level 2 valuations.

Loans Held For Investment and Accrued Interest Receivable

Private Education Loans

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

FFELP Loans

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

Loans Held For Sale

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

Tax Indemnification Receivable

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

Money Market and Savings Accounts

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

Certificates of Deposit

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

Accrued Interest Payable

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

Borrowings

Borrowings are accounted for at cost in the consolidated financial statements. The carrying value of short-term borrowings approximated fair value for disclosure purposes, due to the short-term nature of those borrowings. This is a level 1 valuation. The fair value of long-term borrowings is estimated using pricing indications obtained from the investment bankers who participate in the asset-backed securities market. This is a level 2 valuation.

Derivatives

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

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

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

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

- Definition

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

+ References + Details

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of year	$ 79,366	$ 75,328	$ 63,134
Increases resulting from tax positions taken during a prior period	1,204	6,049	1,496
Decreases resulting from tax positions taken during a prior period	(250)	(1,327)	(1,481)
Increases resulting from tax positions taken during the current period	2,711	11,032	20,743
Decreases related to settlements with taxing authorities	(10,089)	(4,666)	(3,682)
Increases related to settlements with taxing authorities	0	0	96
Reductions related to the lapse of statute of limitations	(4,819)	(7,050)	(4,978)
Unrecognized tax benefits at end of year	$ 68,123	$ 79,366	$ 75,328

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock dividend (in dollars per share)	$ 0.44	$ 0.44	$ 0.20
Series B Preferred Stock
Preferred stock dividend rate (in dollars per share)	$ 7.05	$ 3.60	$ 1.89

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trading investments, cost	$ 43,412	$ 47,554
Available-forsale investments at fair value, cost	2,563,984	2,554,332
Allowance for credit losses	$ 1,339,772	$ 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)	438.2	435.1
Tax benefit on accumulated other comprehensive loss	$ 24,176	$ 30,160
Common stock held in treasury (in shares)	217.9	194.4

Allowance for Credit Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Total Interest Receivable	$ 1,354,565	$ 1,177,562
90 Days or Greater Past Due	8,373	6,609
Allowance for uncollectible interest	9,897	8,121
Accrued interest receivable not expected to be capitalized	151,000	240,000
Accrued interest receivable expected to be capitalized reserved	$ 1,200,000	$ 937,000

Selected Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Net interest income	$ 385,886	$ 384,628	$ 386,631	$ 405,068	$ 381,431	$ 369,510	$ 362,808	$ 375,032	$ 1,562,213	$ 1,488,781	$ 1,394,766
Less: provisions for credit losses	15,599	198,023	17,729	114,112	297,260	207,598	30,545	98,050	345,000	633,000
Net interest income after provisions for credit losses	370,287	186,605	368,902	290,956	84,171	161,912	332,263	276,982	1,216,750	855,328	1,427,723
Gains on sales of loans, net	35,550	(5)	124,754	(9)	2,894	74,978	239,997	9,881	160,290	327,750	548,315
Gains (losses) on securities, net	690	1,490	(1,213)	1,711	(58,245)	891	667	(3,580)	2,678	(60,267)	39,096
Gains (losses) on derivative and hedging activities, net					0	0	0	(5)	0	(5)	144
Other income	20,873	22,753	20,513	20,009	14,708	19,234	17,589	15,629	84,148	67,160	44,894
Total operating expenses	143,101	167,402	154,164	154,539	137,762	149,964	131,730	132,006
Amortized intangible assets	59,013	2,834	2,245	2,272	2,301	2,328	2,417	733	66,364	7,779	0
Income tax expense	56,843	11,242	91,482	37,338	(19,492)	29,551	114,296	37,356	196,905	161,711	379,751
Net income	168,443	29,365	265,065	118,518	(77,043)	75,172	342,073	128,812	581,391	469,014	1,160,513
Preferred stock dividends	4,726	4,642	4,274	4,063	3,466	2,531	1,757	1,275	17,705	9,029	4,736
Net income (loss) attributable to SLM Corporation common stock	163,717	24,723	260,791	114,455	(80,509)	72,641	340,316	127,537	563,686	459,985	1,155,777
Net income attributable to SLM Corporation common stock	$ 163,717	$ 24,723	$ 260,791	$ 114,455	$ (80,509)	$ 72,641	$ 340,316	$ 127,537	$ 563,686	$ 459,985	$ 1,155,777
Basic earnings per common share (in usd per share)	$ 0.73	$ 0.11	$ 1.11	$ 0.47	$ (0.33)	$ 0.29	$ 1.30	$ 0.46	$ 2.44	$ 1.78	$ 3.67
Diluted earnings per common share (in usd per share)	0.72	0.11	1.10	0.47	(0.33)	0.29	1.29	0.45	2.41	1.76	3.61
Declared dividends per common share (in usd per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.44	$ 0.44	$ 0.20

Stockholders' Equity - Preferred Stock (Details) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	2.5	2.5
Preferred stock liquidation preference (in dollars per share)	$ 100	$ 100
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	2.5
Preferred stock liquidation preference (in dollars per share)	$ 100
Series B Preferred Stock \| Three Month LIBOR
Class of Stock [Line Items]
Preferred stock dividend rate (as a percentage)	0.26161%
Series B Preferred Stock \| London Interbank Offered Rate (LIBOR) 1
Class of Stock [Line Items]
Preferred stock dividend rate (as a percentage)	1.70%
Series B Preferred Stock \| Secured Overnight Financing Rate (SOFR)
Class of Stock [Line Items]
Preferred stock dividend rate (as a percentage)	1.70%

- 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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-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Regulatory Capital

12 Months Ended

Dec. 31, 2023

Regulatory Assets and Liabilities Disclosure [Abstract]

Regulatory Capital

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

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

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

In July 2023, the federal banking agencies proposed a rule to implement significant changes to the U.S. Basel III regulatory capital requirements. The proposed changes to the regulatory capital requirements generally would amend or introduce approaches and methodologies that would apply to banking organizations with total consolidated assets of $100 billion or more or to banking organizations with significant trading activity. The proposed rule therefore would not affect the Bank’s capital requirements or the calculation of its capital ratios.

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 of 2023 and 2022, 25 percent of the adjusted transition amounts were phased in for regulatory capital purposes. On January 1, 2024, an additional 25 percent of the adjusted transition amounts was phased in for regulatory capital purposes. On January 1, 2025, the remaining 25 percent of the adjusted transition amounts will be phased in for regulatory capital purposes, with the phased-in amounts included in regulatory capital at the beginning of the 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 December 31, 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 Year Ended		Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)	December 31, 2021		December 31, 2022		December 31, 2023		December 31, 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 December 31, 2023 and December 31, 2022, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $115 million and $160 million, net of tax of $37 million and $52 million, respectively. The capital ratios would remain above the U.S. Basel III 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 December 31, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,019,973	12.3	%	$	1,719,621	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,019,973	12.3	%	$	2,088,111	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,334,140	13.6	%	$	2,579,432	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,019,973	10.2	%	$	1,184,213	>	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.

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 Company relies on dividends from the Bank, as necessary, to enable the Company to pay any declared dividends and other payments and consummate share repurchases, as described herein. The Bank declared $550 million, $700 million, and $1.4 billion in dividends to the Company for the years ended December 31, 2023, 2022, and 2021, 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 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

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Operating activities
Net income	$ 581,391	$ 469,014	$ 1,160,513
Adjustments to reconcile net income to net cash used in operating activities:
Provisions for credit losses	345,463	633,453	(32,957)
Deferred tax provision (benefit)	(23,224)	(93,670)	55,372
Amortization of brokered deposit placement fee	11,681	12,904	15,516
Amortization of Secured Borrowing Facility upfront fee	2,869	2,634	2,415
Amortization of deferred loan origination costs and loan premium/(discounts), net	12,583	14,804	16,103
Net amortization of discount on investments	(2,726)	103	7,310
Reduction of tax indemnification receivable	2,816	5,231	10,445
Depreciation of premises and equipment	17,811	17,331	16,043
Acquired intangible assets impairment and amortization expense	66,364	7,779	0
Stock-based compensation expense	36,380	34,461	30,649
Unrealized (gains) losses on derivative and hedging activities, net	(341)	269	23,249
Gains on sale of loans, net	(160,290)	(327,750)	(548,315)
(Gains) losses on securities, net	(2,678)	60,267	(39,096)
Acquisition transaction costs, net	952	2,603	0
Other adjustments to net income, net	16,212	14,213	15,686
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(1,054,071)	(819,958)	(743,757)
Increase in trading investments	0	(5,117)	0
Increase in non-marketable securities	(1,256)	(2,050)	(9,969)
(Increase) decrease in other interest-earning assets	1,933	(1,507)	33,219
Increase in other assets	(38,902)	(23,472)	(123,268)
Increase (decrease) in income tax payable, net	36,723	(15,063)	72,191
Increase (decrease) in accrued interest payable	33,480	24,986	(13,672)
Increase (decrease) in other liabilities	(27,807)	(6,473)	2,801
Total adjustments	(726,028)	(464,022)	(1,210,035)
Total net cash (used in) provided by operating activities	(144,637)	4,992	(49,522)
Investing activities
Loans acquired and originated	(6,452,199)	(6,081,389)	(5,511,845)
Net proceeds from sales of loans held for investment and loans held for sale	3,198,502	3,459,527	4,642,505
Proceeds from FFELP Loan claim payments	50,145	33,197	19,386
Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales)	3,046,064	3,586,825	3,845,990
Purchases of available-for-sale securities	(105,970)	(753,129)	(1,257,129)
Proceeds from sales and maturities of available-for-sale securities	265,652	960,015	865,766
Purchase of subsidiary, net of cash acquired	(14,654)	(127,654)	0
Total net cash (used in) provided by investing activities	(12,460)	1,077,392	2,604,673
Financing activities
Brokered deposit placement fee	(7,841)	(11,170)	(12,565)
Net increase (decrease) in certificates of deposit	953,412	130,109	(2,130,728)
Net increase (decrease) in other deposits	(770,485)	570,147	393,306
Borrowings collateralized by loans in securitization trusts - issued	1,135,036	572,640	1,585,125
Borrowings collateralized by loans in securitization trusts - repaid	(1,154,269)	(1,278,183)	(1,143,738)
Fees paid on Secured Borrowing Facility	(2,868)	(2,833)	(2,846)
Unsecured debt issued	0	0	492,135
Unsecured debt repaid	0	0	(202,784)
Preferred stock dividends paid	(17,705)	(9,029)	(4,736)
Common stock dividends paid	(101,233)	(112,961)	(60,462)
Common stock repurchased	(350,264)	(713,197)	(1,530,683)
Net cash used in financing activities	(316,232)	(854,892)	(2,619,516)
Net increase (decrease) in cash, cash equivalents and restricted cash	(473,329)	227,492	(64,365)
Cash, cash equivalents and restricted cash at beginning of year	4,772,836	4,545,344	4,609,709
Cash, cash equivalents and restricted cash at end of year	4,299,507	4,772,836	4,545,344
Cash disbursements made for:
Interest	963,260	482,974	359,684
Income taxes paid	191,690	272,940	261,473
Income taxes refunded	(8,201)	(2,043)	(8,614)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	4,149,838	4,616,117	4,334,603
Restricted cash	149,669	156,719	210,741
Total cash, cash equivalents and restricted cash	4,299,507	4,772,836	4,545,344
Collateralized Securities
Financing activities
Issuance costs for unsecured debt offering	(15)	(40)	0
Unsecured Debt
Financing activities
Issuance costs for unsecured debt offering	$ 0	$ (375)	$ (1,540)

Cash and Cash Equivalents (Details) - USD ($)	12 Months Ended
Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash due from Federal Reserve Bank	$ 4,100,000,000	$ 4,600,000,000
Cash due from depository institutions	41,000,000	63,000,000
Outstanding cash equivalents	0	0
Interest income from term deposit facility	0	0
Funds on deposit with the FRB	$ 0	$ 0

Parent Only Statements - Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 4,149,838	$ 4,616,117	$ 4,334,603
Tax indemnification receivable	0	2,816
Other assets	52,342	34,073
Total assets	29,169,468	28,811,029
Liabilities
Long-term borrowings	5,227,512	5,235,114
Other liabilities	407,971	400,874
Total liabilities	27,288,671	27,084,059
Equity
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 438.2 million and 435.1 million shares issued, respectively	87,647	87,025
Additional paid-in capital	1,148,689	1,109,072
Accumulated other comprehensive loss (net of tax benefit of $(24,176) and $(30,160), respectively)	(75,104)	(93,870)
Retained earnings	3,624,859	3,163,640
Total SLM Corporation stockholders’ equity before treasury stock	5,037,161	4,516,937
Less: Common stock held in treasury at cost: 217.9 million and 194.4 million shares, respectively	(3,156,364)	(2,789,967)
Total equity	1,880,797	1,726,970	2,149,711	$ 2,562,835
Total liabilities and equity	$ 29,169,468	$ 28,811,029
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 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)	438.2	435.1
Accumulated other comprehensive income, tax	$ 24,176	$ 30,160
Common stock held in treasury (in shares)	217.9	194.4
Series B Preferred Stock
Equity
Preferred stock liquidation preference (in dollars per share)	$ 100
Parent Company
Assets
Cash and cash equivalents	$ 237,857	$ 196,820	$ 570,726	$ 539,074
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,628,838	2,476,020
Tax indemnification receivable	0	2,816
Due from subsidiaries, net	63,679	100,543
Other assets	2,270	3,052
Total assets	2,932,644	2,779,251
Liabilities
Long-term borrowings	992,200	988,986
Income taxes payable, net	26,701	26,211
Other liabilities	32,946	37,084
Total liabilities	1,051,847	1,052,281
Equity
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 438.2 million and 435.1 million shares issued, respectively	87,647	87,025
Additional paid-in capital	1,148,689	1,109,072
Accumulated other comprehensive loss (net of tax benefit of $(24,176) and $(30,160), respectively)	(75,104)	(93,870)
Retained earnings	3,624,859	3,163,640
Total SLM Corporation stockholders’ equity before treasury stock	5,037,161	4,516,937
Less: Common stock held in treasury at cost: 217.9 million and 194.4 million shares, respectively	(3,156,364)	(2,789,967)
Total equity	1,880,797	1,726,970
Total liabilities and equity	$ 2,932,644	$ 2,779,251
Preferred stock, par or stated value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20.0	20.0
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)	438.2	435.1
Accumulated other comprehensive income, tax	$ 24,176	$ (30,160)
Common stock held in treasury (in shares)	217.9	194.4
Parent Company \| Series B Preferred Stock
Equity
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	$ 251,070	$ 251,070
Preferred stock, shares issued (in shares)	2.5	2.5
Preferred stock liquidation preference (in dollars per share)	$ 100	$ 100

Loans Held for Sale

12 Months Ended

Dec. 31, 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 “Credit Cards” to refer to the suite of Credit Card loans 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. We recorded a loss of $4 million on the on the sale of the Credit Card portfolio in 2023. For additional information, see Note 6, “Loans Held for Sale” in this Form 10-K.

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 SOFR, the Secured Overnight Financing Rate. As of December 31, 2023, 33 percent of all our Private Education Loans were indexed to SOFR. As of December 31, 2022, 45 percent of all 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 2021, we recognized $548 million in gains from the sale of approximately $4.24 billion of our Private Education Loans, including $3.98 billion of principal and $264 million in capitalized interest, to unaffiliated third parties. In 2022, we recognized $328 million in gains from the sale of approximately $3.34 billion of our Private Education Loans, including $3.13 billion of principal and $217 million in capitalized interest, to unaffiliated third parties. In 2023, we recognized $164 million in gains from the sale of approximately $3.15 billion of our Private Education Loans, including $2.93 billion of principal and $226 million in capitalized interest, to an unaffliated third party. There were VIEs created in the execution of certain of these loan sales; however, based on our consolidation analysis, we are not the primary beneficiary of these VIEs. These transactions qualified for sale treatment and removed the balance of the loans from our balance sheet on the respective settlement dates. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales. For additional information, see Note 12, “Borrowings - Unconsolidated VIEs” in this Form 10-K.

Loans held for investment are summarized as follows:


As of December 31, (dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	13,985,791	$	11,108,079
Variable-rate	7,040,053		9,195,609
Total Private Education Loans, gross	21,025,844		20,303,688
Deferred origination costs and unamortized premium/ (discount)	81,554		69,656
Allowance for credit losses	(1,335,105)		(1,353,631)
Total Private Education Loans, net	19,772,293		19,019,713

FFELP Loans	537,401		609,050
Deferred origination costs and unamortized premium/ (discount)	1,330		1,549
Allowance for credit losses	(4,667)		(3,444)
Total FFELP Loans, net	534,064		607,155
Loans held for investment, net	$	20,306,357	$	19,626,868

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

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


	2023				2022				2021
Years ended December 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,039,701	10.86	%	$	20,576,737	9.14	%	$	20,968,061	8.25	%
FFELP Loans	574,218		7.19		662,194		4.62		718,186		3.43
Credit Cards(1)	—		—		—		—		14,982		4.67
Total portfolio	$	21,613,919			$	21,238,931			$	21,701,229

(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.

Certain Collection Tools — Private Education Loans

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

Forbearance allows a borrower to not make scheduled payments for a specified period of time. Using forbearance extends the original term of the loan by the term of forbearance taken. Forbearance does not grant any reduction in the total principal or interest repayment obligation. While a loan is in forbearance status, interest continues to accrue and is capitalized (added to principal) at the end of the forbearance. Interest will not capitalize at the end of certain types of forbearance, such as disaster forbearance, however.

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

Forbearance may be granted through our servicing centers to customers who are exiting their grace period, and to other customers who are current in their payments, to provide temporary payment relief. In these circumstances, a customer’s loan is placed into a forbearance status in limited monthly increments and is reflected in the forbearance status at month-end during this time. At the end of the forbearance period, the customer will enter repayment status as current and is expected to begin making scheduled monthly payments.

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

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

Management continually monitors our credit administration practices and may periodically modify these practices based upon performance, industry conventions, and/or regulatory feedback. In light of these considerations, we previously announced certain changes to our credit administration practices, including the imposition of limits on the number of forbearance months granted consecutively and the number of times certain extended or reduced repayment alternatives may be granted.

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

We also offer rate and term modifications to customers experiencing more severe hardship. In the fourth quarter of 2023, we developed additional modification programs tailored to the financial condition of individual borrowers. Pursuant

to these additional modification programs, for our borrowers experiencing the most severe financial conditions, we currently may reduce the contractual interest rate on a loan to as low as 2.0 percent for the remaining life of the loan and also permanently extend the final maturity of the loan. Other borrowers experiencing severe hardship may not require as much assistance, however, given their circumstances. In those instances, we may reduce the contractual interest rate on a loan to a rate greater than 2.0 percent, and up to 8.0 percent, for a temporary period of up to two to four years, and in some instances may also permanently extend the final maturity of the loan.

When we give a borrower facing financial difficulty an interest rate reduction under our programs, we evaluate their ability to pay and provide customized repayment terms based upon their financial condition. As part of demonstrating the ability and willingness to pay, the customer must make three consecutive monthly payments at the reduced payment to qualify for the program. We believe by tailoring the modification programs to the borrower’s current financial condition and not having a one size fits all approach, we increase the likelihood the borrower will be able to make the modified payments and avoid default. This approach of giving different interest rate reductions to different borrowers experiencing more severe hardship also helps us better manage the overall assistance we provide to borrowers. We currently limit the granting of a permanent extension of the final maturity date of a loan under our loan modification programs to one time over the life of the loan. We also currently permit two consecutive rate reductions so long as the borrower qualifies and makes three consecutive monthly payments at the reduced payment in connection with each rate reduction. We also now limit the number of interest rate reductions to twice over the life of the loan.

While there are limitations to our estimate of the future impact of the various credit administration practices changes we have implemented, we expect that the credit administration practices described above, including the changes we implemented in 2021, will accelerate periodic defaults and will increase periodic defaults in our Private Education Loan held for investment portfolio. For 2021, we increased our allowance for credit losses as a result of the new credit administration practices. In 2022, we further increased our allowance for credit losses to reflect higher expected future periodic defaults in both the near term (reasonable and supportable period) and long term. This change reflected our estimate that the elevated default rates experienced in the latter half of 2022 that continued into 2023 would eventually decline over time. Among the measures that we have implemented and may modify further and expect may partly offset or moderate any acceleration of or increase in defaults will be greater focus on the risk assessment process to ensure borrowers are mapped to the appropriate program, better utilization of existing loss mitigation programs (e.g., Graduated Repayment Period program (“GRP”) and rate modifications), the use of a program offering short-term payment reductions (permitting interest-only payments for up to six months) for certain early-stage delinquencies, and implementation of potential new risk mitigation and collection strategies.

We expect to learn more about how our borrowers are reacting to these changes to our credit administration practices and, as we analyze such reactions, we will continue to refine our estimates of the impact of those changes on our allowance for credit losses.

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

The period of delinquency for loans is based on the number of days scheduled payments are contractually past due. As of December 31, 2023 and 2022, we had $151 million and $135 million, respectively, of Private Education Loans held for investment and $45 million and $68 million, respectively, of FFELP Loans held for investment which were more than 90 days delinquent that continue to accrue interest. At December 31, 2023, we had an immaterial amount of loans in nonaccrual status. At December 31, 2022, we had no loans in nonaccrual status.

Borrower-in-Custody Arrangements

We maintain Borrower-in-Custody arrangements with the FRB. Under these arrangements, we can pledge FFELP Loans or Private Education Loans to the FRB to secure any advances and accrued interest generated under the Primary Credit program at the FRB. As of December 31, 2023 and 2022, we had $1.4 billion and $2.7 billion, respectively, of Private Education Loans pledged to this borrowing facility, as discussed further in Note 12, “Borrowings” in this Form 10-K. We did not have any FFELP Loans pledged at December 31, 2023 or 2022.

Loans Held for Investment by Region

At December 31, 2023 and 2022, 43.5 percent and 43.1 percent, respectively, of total education loans were concentrated in the following states:


As of December 31,	2023		2022
California	10.1	%	9.8	%
New York	9.0		9.1
Pennsylvania	7.2		7.4
Texas	6.3		6.0
New Jersey	5.6		5.8
Florida	5.3		5.0
	43.5	%	43.1	%

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

Loans Held for SaleWe had no loans held for sale at December 31, 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.

Borrowings - Summary of Outstanding Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-Term	$ 5,227,512	$ 5,235,114
Weighted Average Interest Rate	3.89%	3.28%
Average Balance	$ 5,321,215	$ 5,469,692
Floating-rate borrowings
Debt Instrument [Line Items]
Long-Term	$ 650,058	$ 783,765
Weighted Average Interest Rate	6.51%	5.26%
Average Balance	$ 715,409	$ 898,002
Fixed-rate borrowings
Debt Instrument [Line Items]
Long-Term	$ 4,577,454	$ 4,451,349
Weighted Average Interest Rate	3.52%	2.93%
Average Balance	$ 4,605,806	$ 4,571,690

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Defined Contribution Plans	12 Months Ended
Defined Contribution Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined Contribution Plans	Defined Contribution Plans We participate in a defined contribution plan which is intended to qualify under section 401(k) of the Internal Revenue Code. The Sallie Mae 401(k) Savings Plan covers substantially all employees. After six months of service, we match 100 percent of the first five percent of contributions for eligible employees. For the years ended December 31, 2023, 2022, and 2021, we contributed $8 million, $7 million, and $7 million, respectively, to this plan.

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables with Loan Modifcations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 48,637		$ 30,569
% of Total Class of Financing Receivable	0.22%		0.14%
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 331,889	$ 295,547
% of Total Class of Financing Receivable	1.48%	1.37%
Private Education Loans \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 48,637		$ 30,569
% of Total Class of Financing Receivable	0.22%		0.14%
Private Education Loans \| Interest Rate Reduction \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate			13.37%	11.12%
Private Education Loans \| Interest Rate Reduction \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate			4.00%	4.00%
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 331,889	$ 295,547
% of Total Class of Financing Receivable	1.48%	1.37%
Weighted average life of loans			10 years 2 months 12 days	10 years 4 months 24 days
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate			12.92%	10.57%
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%

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event 2024 Loan Sales On February 1, 2024, we sold approximately $2.0 billion of our Private Education Loans, including $1.9 billion in principal, $143 million in capitalized interest and $10 million in accrued interest to an unaffiliated third party. The gain on sale of loans sold expressed as a percentage was in the mid-to-high single-digits and will be recognized in the first-quarter 2024 consolidated statements of income. The transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date. We will continue to service these loans pursuant to the terms of the applicable transaction documents.

Allowance for Credit Losses - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (1,339,772)	$ (1,357,075)	$ (1,165,335)	$ (1,361,723)
Private Education Loans, net	$ 20,306,357	$ 19,626,868
Percentage of Private Education Loans in repayment, Year 1	55.60%	56.90%	59.00%
Percentage of Private Education Loans in repayment, Year 2	65.30%	67.10%	67.90%
Percentage of Private Education Loans in repayment, Year 3	75.20%	76.10%	74.30%
Percentage of Private Education Loans in repayment, Year 4	81.10%	80.70%	79.30%
Percentage of Private Education Loans in repayment, Year 5	85.00%	84.50%	82.90%
Percentage of Private Education Loans in repayment, Year 6	89.30%	89.30%	87.40%
Percentage of Private Education Loans in repayment	73.30%	74.50%	74.90%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 1	1.00%	0.90%	0.80%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 2	2.10%	1.90%	1.40%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 3	3.60%	3.10%	2.90%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 4	4.10%	4.00%	3.70%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 5	4.50%	4.70%	4.30%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 6	6.80%	6.50%	5.20%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, total	3.90%	3.80%	3.30%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 1	0.80%	0.70%	0.50%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 2	2.70%	2.10%	1.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 3	2.60%	1.90%	2.10%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 4	2.30%	2.10%	2.30%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 5	2.20%	2.20%	2.50%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 6	1.90%	2.00%	2.10%
Loans in forbearance as a percentage of loans in repayment and forbearance	2.10%	1.80%	1.90%
Student Loan \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1	$ 2,494,814	$ 2,432,838	$ 2,253,860
Total Private Education Loans in forbearance, Year 2	3,323,327	3,049,477	2,826,916
Total Private Education Loans in forbearance, Year 3	2,209,734	1,967,756	2,390,841
Total Private Education Loans in forbearance, Year 4	1,475,858	1,754,219	1,840,790
Total Private Education Loans in forbearance, Year 5	1,386,889	1,365,979	1,640,870
Total Private Education Loans in forbearance, Year 6	4,519,192	4,559,281	4,557,935
Private Education Loans in forbearance, total	15,409,814	15,129,550	15,511,212
Total Private Education Loans, gross, Year 1	4,490,119	4,276,533	3,822,361
Total Private Education Loans, gross, Year 2	5,088,739	4,547,159	4,166,283
Total Private Education Loans, gross, Year 3	2,937,422	2,584,622	3,216,525
Total Private Education Loans, gross, Year 4	1,819,089	2,172,660	2,320,060
Total Private Education Loans, gross, Year 5	1,632,300	1,615,842	1,978,233
Total Private Education Loans, gross, Year 6	5,058,175	5,106,872	5,213,401
Total Private Education Loans, gross	21,025,844	20,303,688	20,716,863
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 1	35,616	26,714	22,169
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 2	18,556	15,933	16,067
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 3	9,465	9,062	9,575
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 4	5,809	5,496	5,918
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 5	3,556	3,575	4,588
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 6	8,552	8,876	9,171
Private Education Loans deferred origination costs and unamortized premium/(discount), Total	81,554	69,656	67,488
Total Private Education Loans, Year 1	4,525,735	4,303,247	3,844,530
Total Private Education Loans, Year 2	5,107,295	4,563,092	4,182,350
Total Private Education Loans, Year 3	2,946,887	2,593,684	3,226,100
Total Private Education Loans, Year 4	1,824,898	2,178,156	2,325,978
Total Private Education Loans, Year 5	1,635,856	1,619,417	1,982,821
Total Private Education Loans, Year 6	5,066,727	5,115,748	5,222,572
Total Private Education Loans	21,107,398	20,373,344	20,784,351
Private Education Loans allowance for losses, Year 1	(269,642)	(304,943)	(248,102)
Private Education Loans allowance for losses, Year 2	(335,090)	(323,506)	(239,507)
Private Education Loans allowance for losses, Year 3	(194,104)	(181,915)	(195,223)
Private Education Loans allowance for losses, Year 4	(118,755)	(141,424)	(129,678)
Private Education Loans allowance for losses, Year 5	(100,111)	(101,023)	(99,982)
Private Education Loans allowance for losses, Year 6	(317,403)	(300,820)	(246,485)
Private Education Loans allowance for losses	(1,335,105)	(1,353,631)	(1,158,977)
Private Education Loans, net, Year 1	4,256,093	3,998,304	3,596,428
Private Education Loans, net, Year 2	4,772,205	4,239,586	3,942,843
Private Education Loans, net, Year 3	2,752,783	2,411,769	3,030,877
Private Education Loans, net, Year 4	1,706,143	2,036,732	2,196,300
Private Education Loans, net, Year 5	1,535,745	1,518,394	1,882,839
Private Education Loans, net, Year 6	4,749,324	4,814,928	4,976,087
Private Education Loans, net	19,772,293	19,019,713	19,625,374
Student Loan \| Consumer Portfolio Segment \| Loan delinquent, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	2,469,817	2,411,441	2,234,876
Year 2	3,254,534	2,991,839	2,786,646
Year 3	2,131,040	1,907,574	2,321,728
Year 4	1,416,069	1,683,986	1,772,651
Year 5	1,323,825	1,301,809	1,570,815
After Year 5	4,213,986	4,262,698	4,319,057
Loan type	14,809,271	14,559,347	15,005,773
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	17,599	14,164	15,148
Year 2	34,627	30,740	29,146
Year 3	37,147	30,877	46,616
Year 4	28,020	35,213	43,197
Year 5	31,432	31,366	41,695
After Year 5	149,926	144,948	132,757
Loan type	298,751	287,308	308,559
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	5,720	5,523	3,194
Year 2	17,227	15,056	7,441
Year 3	20,077	14,433	14,044
Year 4	16,614	18,201	14,310
Year 5	15,482	16,697	16,425
After Year 5	75,897	77,595	61,533
Loan type	151,017	147,505	116,947
Student Loan \| Consumer Portfolio Segment \| Loan delinquent 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	1,678	1,710	642
Year 2	16,939	11,842	3,683
Year 3	21,470	14,872	8,453
Year 4	15,155	16,819	10,632
Year 5	16,150	16,107	11,935
After Year 5	79,383	74,040	44,588
Loan type	150,775	135,390	79,933
Student Loan \| Loans In-School/Grace/Deferment \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	1,976,040	1,827,649	1,556,550
Year 2	1,672,333	1,433,322	1,283,523
Year 3	669,250	578,253	773,320
Year 4	307,781	380,639	435,657
Year 5	213,593	219,280	296,008
After Year 5	452,994	455,910	559,356
Loan type	5,291,991	4,895,053	4,904,414
Student Loan \| Loans In Forbearance \| Consumer Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1	19,265	16,046	11,951
Total Private Education Loans in forbearance, Year 2	93,079	64,360	55,844
Total Private Education Loans in forbearance, Year 3	58,438	38,613	52,364
Total Private Education Loans in forbearance, Year 4	35,450	37,802	43,613
Total Private Education Loans in forbearance, Year 5	31,818	30,583	41,355
Total Private Education Loans in forbearance, Year 6	85,989	91,681	96,110
Private Education Loans in forbearance, total	$ 324,039	$ 279,085	$ 301,237

Regulatory Capital - Adjusted Transition Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	$ 3,624,859	$ 3,163,640
Allowance for credit losses	1,339,772	1,357,075	$ 1,165,335	$ 1,361,723
Liability for unfunded commitments	112,962	124,924	72,713	$ 110,044
Cumulative Effect, Period Of Adoption, Adjusted Phase-In Amounts Remaining
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	418,175		836,351
Allowance for credit losses	519,073		1,038,145
Liability for unfunded commitments	52,189		104,377
Deferred tax asset	153,087		$ 306,171
Adjustments
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

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 0	$ 405
Derivative instruments	(370)	0
Total net derivatives	(370)	405
Trading
Derivatives, Fair Value [Line Items]
Total net derivatives	0	0
Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(339)	972
Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(31)	(567)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Assets	0	972
Derivative instruments	(370)	(567)
Interest rate swaps \| Trading
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative instruments	0	0
Interest rate swaps \| Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	0	972
Derivative instruments	(339)	0
Interest rate swaps \| Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative instruments	$ (31)	$ (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

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (689,137)	$ (1,494,087)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ 12,910	$ 31,259

Premises and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Premises and Equipment, net

The following is a summary of our premises and equipment.


As of December 31, (dollars in thousands)	2023		2022
Land and land improvements	$	12,356	$	12,356
Buildings and leasehold improvements	122,301		122,243
Furniture, fixtures, and equipment	34,068		32,170
Software	106,422		97,140
Premises and equipment, gross	275,147		263,909
Accumulated depreciation	(145,646)		(123,181)
Premises and equipment, net	$	129,501	$	140,728

Depreciation expense for premises and equipment was $18 million, $17 million, and $16 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Arrangements with Navient Corporation	12 Months Ended
Arrangements with Navient Corporation	Dec. 31, 2023
Related Party Transactions [Abstract]
Arrangements with Navient Corporation	Arrangements with Navient Corporation In connection with the Spin-Off, we entered into a Separation and Distribution Agreement with Navient (the “Separation and Distribution Agreement”). We also entered into various other ancillary agreements with Navient to effect the Spin-Off and provide a framework for our relationship with Navient thereafter, such as a transition services agreement, a tax sharing agreement, an employee matters agreement, a loan servicing and administration agreement, a joint marketing agreement, a key services agreement, a data sharing agreement, and a master sublease agreement. The majority of these agreements were transitional in nature with most having terms that have expired. In the case of the loan servicing and administration agreement for those FFELP Loans that we hold and Navient services for us, the agreement is scheduled to expire or be renewed by the end of 2026. We continue to have exposure to risks related to Navient’s creditworthiness. If we are unable to obtain indemnification payments from Navient, our results of operations and financial condition could be materially and adversely affected. We briefly summarize below some of the most significant agreements and relationships we continue to have with Navient. For additional information regarding the Separation and Distribution Agreement and the other ancillary agreements, see our Current Report on Form 8-K filed on May 2, 2014. Separation and Distribution Agreement The Separation and Distribution Agreement addresses, among other things, the following activities: •the obligation of each party to indemnify the other against liabilities retained or assumed by that party pursuant to the Separation and Distribution Agreement and in connection with claims of third parties; •the allocation among the parties of rights and obligations under insurance policies; and •the creation of a governance structure by which matters related to the separation and other transactions contemplated by the Separation and Distribution Agreement are to be managed. The Separation and Distribution Agreement provides specific processes and procedures pursuant to which we may submit claims for indemnification to Navient. If for any reason Navient is unable or unwilling to pay claims made against it, our costs, operating expenses, cash flows, and financial condition could be materially and adversely affected over time. Indemnification Obligations Pursuant to the terms of the Separation and Distribution Agreement, and as contemplated by the structure of the Spin-Off, Navient is legally obligated to indemnify the Bank against all claims, actions, damages, losses, or expenses that may arise from the conduct of all activities of pre-Spin-Off SLM occurring prior to the Spin-Off, except for certain liabilities related to the conduct of the pre-Spin-Off consumer banking business that were specifically assumed by the Bank (and as to which the Bank is obligated to indemnify Navient). Some significant examples of the types of indemnification obligations Navient has under the Separation and Distribution Agreement and related ancillary agreements include: •Navient is required to indemnify the Company and the Bank for any liabilities, costs, or expenses they may incur arising from any action or threatened action related to the servicing, operations, and collections activities of pre-Spin-Off SLM and its subsidiaries with respect to Private Education Loans and FFELP Loans that were assets of the Bank or Navient at the time of the Spin-Off; provided that written notice was provided to Navient on or prior to April 30, 2017, the third anniversary date of the Spin-Off. Navient is not required to indemnify for changes in law or changes in prior existing interpretations of law that occur on or after April 30, 2014. •In connection with the Spin-Off, we recorded a liability related to uncertain tax positions of $27 million for which we are indemnified by Navient. As of December 31, 2023, the remaining balance of the indemnification receivable related to those uncertain tax positions was zero. Long-Term Arrangements The loan servicing and administration agreement governs the terms by which Navient provides servicing, administration, and collection services for the Bank’s portfolio of FFELP Loans, as well as servicing history information with respect to Private Education Loans previously serviced by Navient and access to certain promissory notes in Navient’s possession. The term of the loan servicing and administration agreement has been extended to December 31, 2026. The tax sharing agreement governs the respective rights, responsibilities, and obligations of us and Navient after the Spin-Off relating to taxes, including with respect to the payment of taxes, the preparation and filing of tax returns, and the conduct of tax contests. Under this agreement, each party is generally liable for taxes attributable to its business. The agreement also addresses the allocation of tax liabilities that are incurred as a result of the Spin-Off and related transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ 13,353	$ 97,389	$ 27,259
Less: Amount of gain (loss) reclassified in interest expense	47,810	3,658	(20,852)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ (34,457)	$ 93,731	$ 48,111

Premises and Equipment, Net -Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation of premises and equipment	$ 17,811	$ 17,331	$ 16,043

Stock-Based Compensation Plans and Arrangements - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Beginning balance (in shares)	1,066,197
Granted (in shares)	0
Exercised (in shares)	0
Canceled (in shares)	0
Ending balance (in shares)	1,066,197	1,066,197
Exercisable (in shares)	0
Weighted Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 17.59
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Canceled (in dollars per share)	0
Ending balance (in dollars per share)	17.59	$ 17.59
Exercisable (in dollars per share)	$ 0
Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term, Outstanding, ending balance	2 months 12 days
Weighted Average Remaining Contractual Term, Exercisable, ending balance	0 years
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding, ending balance	$ 1,629,000
Aggregate Intrinsic Value, Exercisable, ending balance	0
Total intrinsic value of options exercised	$ 0	$ 0	$ 2,000,000

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Less than 12 months
Gross Unrealized Losses	$ (2,752)	$ (58,293)
Estimated Fair Value	142,116	1,024,671
12 months or more
Gross Unrealized Losses	(150,916)	(153,985)
Estimated Fair Value	2,123,439	1,313,469
Total
Gross Unrealized Losses	(153,668)	(212,278)
Estimated Fair Value	2,265,555	2,338,140
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(531)	(13,956)
Estimated Fair Value	51,391	99,598
12 months or more
Gross Unrealized Losses	(61,949)	(54,749)
Estimated Fair Value	300,318	220,576
Total
Gross Unrealized Losses	(62,480)	(68,705)
Estimated Fair Value	351,709	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	(279)	0
Estimated Fair Value	3,129	0
Total
Gross Unrealized Losses	(279)	(357)
Estimated Fair Value	3,129	3,227
U.S. government-sponsored enterprises and Treasuries
Less than 12 months
Gross Unrealized Losses	0	(28,128)
Estimated Fair Value	0	689,300
12 months or more
Gross Unrealized Losses	(66,870)	(87,288)
Estimated Fair Value	1,578,739	1,000,010
Total
Gross Unrealized Losses	(66,870)	(115,416)
Estimated Fair Value	1,578,739	1,689,310
Other securities
Less than 12 months
Gross Unrealized Losses	(2,221)	(15,852)
Estimated Fair Value	90,725	232,546
12 months or more
Gross Unrealized Losses	(21,818)	(11,948)
Estimated Fair Value	241,253	92,883
Total
Gross Unrealized Losses	(24,039)	(27,800)
Estimated Fair Value	$ 331,978	$ 325,429

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

At December 31, 2023, we had 2.5 million shares of Floating-Rate Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”) outstanding. The Series B Preferred Stock does not have a maturity date, but can be redeemed at our option. Redemption would include any accrued and unpaid dividends for the then current quarterly dividend period, up to the redemption date. The shares have no preemptive or conversion rights and are not exchangeable for any of our other securities or property. Dividends are not mandatory and are paid quarterly, when, as, and if declared by the Board of Directors. Holders of Series B Preferred Stock were entitled to receive quarterly dividends based on 3-month LIBOR plus 170 basis points per annum in arrears, until the transition to SOFR in the third quarter of 2023. The first dividends on our Series B Preferred Stock that were based on a SOFR rate were declared dividends paid on December 15, 2023, which were based on the adjusted 3-month CME Term SOFR plus 170 basis points per annum in arrears, where the adjusted 3-month CME Term SOFR includes the LIBOR Benchmark Replacement Adjustment of 26.161 basis points. Upon liquidation or dissolution of the Company, holders of the Series B Preferred Stock are entitled to receive $100 per share, plus an amount equal to accrued and unpaid dividends for the then current quarterly dividend period, pro rata, and before any distribution of assets is made to holders of our common stock.

Common Stock

Our shareholders have authorized the issuance of 1.125 billion shares of common stock (par value of $0.20). At December 31, 2023, 220 million shares were issued and outstanding and 36 million shares were unissued but encumbered for outstanding stock options, restricted stock, restricted stock units, performance stock units, and dividend equivalent units for employee compensation and remaining authority for stock-based compensation plans.

Common Stock Dividends

In both the years ended December 31, 2023 and 2022, we paid a total common stock dividend of $0.44 per common share. In the year ended December 31, 2021, we paid a total common stock dividend of $0.20 per common share. Common stock dividend declarations are subject to determination by, and the discretion of, our Board of Directors. We may change our common stock dividend policy at any time.

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

Share Repurchases

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

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

On January 27, 2021, we announced another share repurchase program (the “2021 Share Repurchase Program”), which was effective upon announcement and 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 could be repurchased under our 2021 Share Repurchase Program, which expired on January 26, 2023. 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. Of the total $1.5 billion 2021 Share Repurchase Program authorization, we repurchased 81.1 million shares of common stock for $1.46 billion in the year ended December 31, 2021. (Those amounts include the shares repurchased under the Tender Offer described below.) We also repurchased 2.0 million shares of common stock under the 2021 Share Repurchase Program for $38 million in the three months ended March 31, 2022. We have utilized all capacity under the 2021 Share Repurchase Program.

On January 26, 2022, we announced another share repurchase program (the “2022 Share Repurchase Program”), which was effective upon announcement and expired on January 25, 2024, and permitted us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion. Under the 2022 Share Repurchase Program, we repurchased 22.3 million shares of common stock at an average price per share of $15.64, for $349 million in the year ended December 31, 2023, and we repurchased 38.2 million shares of common stock at an average price per share of $17.52, for $669 million in the year ended December 31, 2022. There was $236 million of capacity remaining under the 2022 Share Repurchase Program at December 31, 2023. Any capacity remaining unused under the 2022 Share Repurchase Program on January 25, 2024 expired on that date pursuant to the terms of the 2022 Share Repurchase Program.

On January 24, 2024, we announced a new share repurchase program (the “2024 Share Repurchase Program”), which became effective on January 26, 2024 and expires on February 6, 2026, and permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $650 million.

Under the 2024 Share Repurchase Program, repurchases may occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers, or other similar transactions. The timing and volume of any repurchases will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the 2024 Share Repurchase Program or at all.

Common Stock Tender Offer

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

Share Repurchases under our Rule 10b5-1 Trading Plans

During the years ended December 31, 2023, 2022, and 2021, we repurchased 22 million, 40 million, and 57 million shares, respectively, of our common stock at a total cost of $349 million, $708 million, and $1.1 billion, respectively, under Rule 10b5-1 trading plans authorized under our share repurchase programs.

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


Years Ended December 31, (shares and per share amounts in actuals)	2023		2022		2021
Common stock repurchased under repurchase programs(1)(2)(3)	22,341,595		40,253,548		98,748,905
Average purchase price per share(4)	$	15.64	$	17.58	$	17.37
Shares repurchased related to employee stock-based compensation plans(5)	1,099,241		1,135,509		1,368,942
Average purchase price per share	$	15.46	$	18.36	$	14.70
Common shares issued(6)	3,109,276		3,107,768		3,786,581

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

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

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

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

The closing price of our common stock on the NASDAQ Global Select Market on December 29, 2023 was $19.12.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Allowance for Credit Losses -Narrative (Details)	3 Months Ended								12 Months Ended
Allowance for Credit Losses -Narrative (Details)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) payment	Dec. 31, 2022 USD ($)	Jul. 01, 2006
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Expense (reversal) financial receivable and off-balance sheet	$ 15,599,000	$ 198,023,000	$ 17,729,000	$ 114,112,000	$ 297,260,000	$ 207,598,000	$ 30,545,000	$ 98,050,000	$ 345,000,000	$ 633,000,000
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	90 days
Monthly payment that is smaller than the interest accrued on the loan in that month									$ 25
Private Education Loans
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Loans sold									$ 3,150,000,000	$ 3,340,000,000
Threshold period when delinquent loans are written off									120 days
FFELP Loans
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Percentage of FFELP loans insured and guaranteed (at least)									97.00%
Maximum
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Interest rate offered to borrowers facing financial difficulty	8.00%								8.00%
Increments in which forbearance is granted									2 months
Minimum
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables Table [Line Items]
Interest rate offered to borrowers facing financial difficulty	2.00%								2.00%
Increments in which forbearance is granted									1 month

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Earning assets:
Loans held for sale	$ 0	$ 0
Trading investments	54,481	55,903
Accrued interest receivable, difference	68,862	35,015
Tax indemnification receivable	366,247	380,058
Derivative instruments	0	405
Total earning assets, difference	2,534,325	2,088,881
Interest-bearing liabilities:
Long-term borrowings, difference	353,822	421,881
Derivative instruments	370	0
Total interest-bearing liabilities, difference	489,912	838,340
Excess of net asset fair value over carrying value	3,024,237	2,927,221
Money-market and savings accounts
Interest-bearing liabilities:
Certificates of deposits, difference	68,409	104,979
Certificates of Deposit
Interest-bearing liabilities:
Certificates of deposits, difference	67,681	311,480
Fair Value
Earning assets:
Loans held for sale	0	29,448
Cash and cash equivalents	4,149,838	4,616,117
Trading investments	54,481	55,903
Available-for-sale investments	2,411,622	2,342,089
Accrued interest receivable	1,448,766	1,237,074
Tax indemnification receivable	0	2,816
Derivative instruments	0	972
Total	30,836,527	29,965,153
Interest-bearing liabilities:
Long-term borrowings	4,873,690	4,813,233
Accrued interest payable	105,066	71,586
Derivative instruments	370	567
Total interest-bearing liabilities	26,494,693	25,915,574
Fair Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	11,134,883	11,854,849
Fair Value \| Certificates of Deposit
Interest-bearing liabilities:
Deposits	10,380,684	9,175,339
Carrying Value
Earning assets:
Loans held for sale	0	29,448
Cash and cash equivalents	4,149,838	4,616,117
Trading investments	54,481	55,903
Available-for-sale investments	2,411,622	2,342,089
Accrued interest receivable	1,379,904	1,202,059
Tax indemnification receivable	0	2,816
Derivative instruments	0	972
Total	28,302,202	27,876,272
Interest-bearing liabilities:
Long-term borrowings	5,227,512	5,235,114
Accrued interest payable	105,066	71,586
Derivative instruments	370	567
Total interest-bearing liabilities	26,984,605	26,753,914
Carrying Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	11,203,292	11,959,828
Carrying Value \| Certificates of Deposit
Interest-bearing liabilities:
Deposits	10,448,365	9,486,819
Private Education Loans
Earning assets:
Loans held for investment, net, difference	2,456,752	2,042,835
Private Education Loans \| Fair Value
Earning assets:
Private Education Loans	22,229,045	21,062,548
Private Education Loans \| Carrying Value
Earning assets:
Private Education Loans	19,772,293	19,019,713
FFELP Loans
Earning assets:
Loans held for investment, net, difference	8,711	11,031
FFELP Loans \| Fair Value
Earning assets:
Private Education Loans	542,775	618,186
FFELP Loans \| Carrying Value
Earning assets:
Private Education Loans	$ 534,064	$ 607,155

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

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 expected losses incurred in the loan portfolios. See Note 2, “Significant Accounting Policies — Allowance for Credit Losses, — Allowance for Private Education Loan Losses, — Allowance for FFELP Loan Losses, — Allowance for Credit Card Loans,” for a more detailed discussion.

Allowance for Credit Losses Metrics


Year Ended December 31, 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)	—			320,237			320,237
Provisions:
Provision for current period	2,224			240,347			242,571
Loan sale reduction to provision	—			(205,383)			(205,383)
Loans transferred to held-for-sale	—			—			—
Total provisions(2)	2,224			34,964			37,188
Net charge-offs:
Charge-offs	(1,001)			(420,095)			(421,096)
Recoveries	—			46,368			46,368
Net charge-offs	(1,001)			(373,727)			(374,728)

Ending Balance	$	4,667		$	1,335,105		$	1,339,772
Allowance(3):

Ending balance: collectively evaluated for impairment	$	4,667		$	1,335,105		$	1,339,772
Loans(3):

Ending balance: collectively evaluated for impairment	$	537,401		$	21,025,844		$	21,563,245
Accrued interest to be capitalized(3):

Ending balance: collectively evaluated for impairment	$	—		$	1,203,357		$	1,203,357
Net charge-offs as a percentage of average loans in repayment(4)	0.23		%	2.44		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.87		%	6.01		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	1.15		%	8.43		%
Allowance coverage of net charge-offs	4.66			3.57
Ending total loans, gross	$	537,401		$	21,025,844
Average loans in repayment(4)	$	433,225		$	15,310,934
Ending loans in repayment(4)	$	406,568		$	15,409,814
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	435,807

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


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	34,964
Provisions for unfunded loan commitments	308,275
Total Private Education Loan provisions for credit losses	343,239

Other impacts to the provisions for credit losses:
FFELP Loans	2,224

Total	2,224
Provisions for credit losses reported in consolidated statements of income	$	345,463

(3) For the year ended December 31, 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.


Year Ended December 31, 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)	—			344,310			—			344,310
Provisions:
Provision for current period	(20)			410,254			3,301			413,535
Loan sale reduction to provision	—			(174,231)			—			(174,231)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(2)	(20)			236,023			929			236,932
Net charge-offs:
Charge-offs	(613)			(427,416)			(3,215)			(431,244)
Recoveries	—			41,737			5			41,742
Net charge-offs	(613)			(385,679)			(3,210)			(389,502)

Ending Balance	$	3,444		$	1,353,631		$	—		$	1,357,075
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,444		$	1,353,631		$	—		$	1,357,075
Loans(3):

Ending balance: collectively evaluated for impairment	$	609,050		$	20,303,688		$	—		$	20,912,738
Accrued interest to be capitalized(3):

Ending balance: collectively evaluated for impairment	$	—		$	936,837		$	—		$	936,837
Net charge-offs as a percentage of average loans in repayment(4)	0.12		%	2.55		%	—		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.57		%	6.37		%	—		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.76		%	8.76		%	—		%
Allowance coverage of net charge-offs	5.62			3.51			—
Ending total loans, gross	$	609,050		$	20,303,688		$	—
Average loans in repayment(4)	$	517,139		$	15,103,123		$	—
Ending loans in repayment(4)	$	453,915		$	15,129,550		$	—
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	324,384		$	—

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


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	236,023
Provisions for unfunded loan commitments	396,521
Total Private Education Loan provisions for credit losses	632,544

Other impacts to the provisions for credit losses:

FFELP Loans	(20)
Credit Cards	929
Total	909
Provisions for credit losses reported in consolidated statements of income	$	633,453

(3) For the year ended December 31, 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.


Year Ended December 31, 2021 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,378		$	1,355,844		$	1,501		$	1,361,723
Transfer from unfunded commitment liability(1)	—			301,655			—			301,655
Provisions:
Provision for current period	20			(233,852)			1,124			(232,708)
Loan sale reduction to provision	—			(66,460)			—			(66,460)
Loans transferred to held-for-sale	—			1,887			—			1,887
Total provisions(2)	20			(298,425)			1,124			(297,281)
Net charge-offs:
Charge-offs	(321)			(229,591)			(356)			(230,268)
Recoveries	—			29,494			12			29,506
Net charge-offs	(321)			(200,097)			(344)			(200,762)

Ending Balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	47,712		$	—		$	47,712
Ending balance: collectively evaluated for impairment	$	4,077		$	1,111,265		$	2,281		$	1,117,623
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,057,665		$	—		$	1,057,665
Ending balance: collectively evaluated for impairment	$	695,216		$	19,659,198		$	25,014		$	20,379,428
Accrued interest to be capitalized:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	—		$	947,391		$	—		$	947,391
Net charge-offs as a percentage of average loans in repayment(3)	0.06		%	1.33		%	2.24		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(4)	0.59		%	5.35		%	9.12		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(3)(4)	0.74		%	7.32		%	9.12		%
Allowance coverage of net charge-offs	12.70			5.79			6.63
Ending total loans, gross	$	695,216		$	20,716,863		$	25,014
Average loans in repayment(3)	$	545,689		$	15,019,869		$	15,343
Ending loans in repayment(3)	$	553,980		$	15,511,212		$	25,014
Accrued interest to be capitalized on loans in repayment(5)	$	—		$	312,537		$	—

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


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(298,425)
Provisions for unfunded loan commitments	264,324
Total Private Education Loan provisions for credit losses	(34,101)
Other impacts to the provisions for credit losses:
FFELP Loans	20
Credit Cards	1,124
Total	1,144
Provisions for credit losses reported in consolidated statements of income	$	(32,957)

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

Private Education Loans Allowance for Credit Losses - Forecast Assumptions

In the fourth quarter of 2022, we changed our loss model to include forecasts of college graduate unemployment, retail sales, 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 allowance for credit losses and the associated weightings for each of these inputs. At January 1, 2020 (the initial adoption date of CECL), December 31, 2023, December 31, 2022, and December 31, 2021, we used the Base (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario with 10 percent likelihood of occurring)/S3 (downside scenario with 10 percent likelihood of occurring) scenarios and weighted them 40 percent, 30 percent, and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses.

Provision for credit losses for the year ended December 31, 2023 was $345 million, compared with $633 million in the year-ago period. During 2023, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, slower prepayment rates, management overlays, and changes in economic outlook, which were partially offset by $205 million in negative provisions recorded as a result of the approximately $3.15 billion in Private Education Loans sales during 2023 and an increase in recovery rates (as a result of the change in our defaulted loan recovery process). In the year-ago period, the provision for credit losses was primarily affected by new loan commitments made during the period, slower than expected prepayment rates, and additional management overlays, which were partially offset by negative provisions recorded related to $3.34 billion in Private Education Loans sold in 2022 and the adoption of a new loss model that included a reduction in the long-term estimate of losses after the reasonable and supportable period. Management overlays increased in 2022 due to several factors, including additional provisions for our expectation of higher future losses related to the previously announced credit administration practices changes we implemented in 2021, “gap year” loans, a shortage and lack of tenured collections staff, and other operational challenges we experienced in 2022. “Gap year” loans refer to loans to borrowers who took a “gap year” during the COVID-19 pandemic and entered full principal and interest repayment status starting in late 2021 and early 2022. Losses on these “gap year” loans were higher than expected and contributed to the higher provision expense recorded in 2022 to cover the higher-than-expected losses.

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.

granting of a permanent extension of the final maturity date of a loan under our loan modification programs to one time over the life of the loan. We also currently permit two consecutive rate reductions so long as the borrower qualifies and makes three consecutive monthly payments at the reduced payment in connection with each rate reduction. We also now limit the number of interest rate reductions to twice over the life of the loan.

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 Note 2, “Significant Accounting Policies —Allowance for Credit Losses” in this 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 Note 5, “Loans Held for Investment — Certain Collection Tools - Private Education Loans.” In the first quarter of 2022, we adopted ASU No. 2022-02 (see Note 2, “Significant Accounting Policies”). Under this new amendment, if the debt has been previously restructured, an entity must consider the cumulative effect of past restructurings made within the 12-month period before the current restructuring when determining whether a delay in payment resulting from the current restructuring is insignificant. Due to our current forbearance practices, including the limitations on forbearances offered to borrowers, we do not believe the granting of forbearances will exceed the significance threshold and, therefore, we do not consider the forbearances as loan modifications.

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

The following tables show the amortized cost basis at the end of the respective reporting period 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
Year Ended December 31, 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	$	48,637	0.22	%	$	331,889	1.48	%
Total	$	48,637	0.22	%	$	331,889	1.48	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Year Ended December 31, 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	$	30,569	0.14	%	$	295,547	1.37	%
Total	$	30,569	0.14	%	$	295,547	1.37	%

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

Year Ended December 31, 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 13.37% to 4.00%

Private Education Loans

Added a weighted average 10.20 years to the life of loans

Reduced average contractual rate from 12.92% to 4.00%

Year Ended December 31, 2022

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 11.12% to 4.00%

Private Education Loans

Added a weighted average 10.40 years to the life of loans

Reduced average contractual rate from 10.57% 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 Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Allowance for Private Education Loan Losses, and — Allowance for FFELP Loan Losses” in this 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. We define payment default as 60 days past due for purposes of this disclosure.



	Year Ended December 31, 2023						Year Ended December 31, 2022
(Dollars in thousands)	Modified Loans(1)(2)		Payment Default(3)		Charge-Offs(4)		Modified Loans(1)(2)		Payment Default(3)		Charge-Offs(4)
Loan Type:
Private Education Loans	$	28,972	$	30,862	$	8,070	$	22,925	$	22,621	$	6,331
Total	$	28,972	$	30,862	$	8,070	$	22,925	$	22,621	$	6,331

(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 year ended December 31, 2023, the modified loans include $24.8 million of interest rate reduction and term extension loan modifications and $4.2 million of interest rate reduction only loan modifications. For the year ended December 31, 2022, the modified loans include $20.6 million of interest rate reduction and term extension loan modifications and $2.3 million of interest rate reduction only loan modifications.

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

(4) 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 table depicts the performance of loans that have been modified during the respective reporting periods (the full years 2023 and 2022, respectively).


	Payment Status (Amortized Cost Basis)
At December 31, 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	$	6,843	$	334,967	$	17,205	$	7,689	$	13,822	$	380,526
Total	$	6,843	$	334,967	$	17,205	$	7,689	$	13,822	$	380,526


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

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

Private Education Loans Held for Investment - Key Credit Quality Indicators

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

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


As of December 31, 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	$	3,903,676	$	4,428,163	$	2,516,380	$	1,535,308	$	1,378,699	$	4,529,768	$	18,291,994	87	%
Without cosigner	586,443		660,576		421,042		283,781		253,601		528,407		2,733,850		13
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

FICO at Origination Approval(2):
Less than 670	$	328,199	$	395,526	$	208,696	$	118,935	$	137,494	$	451,613	$	1,640,463	8	%
670-699	635,642		704,642		400,744		254,762		257,840		868,777		3,122,407		15
700-749	1,383,779		1,586,783		934,033		590,401		545,333		1,709,299		6,749,628		32
Greater than or equal to 750	2,142,499		2,401,788		1,393,949		854,991		691,633		2,028,486		9,513,346		45
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

FICO Refreshed(2)(3):
Less than 670	$	495,451	$	638,381	$	379,738	$	217,956	$	214,665	$	791,875	$	2,738,066	13	%
670-699	616,684		672,777		365,674		193,462		176,963		564,245		2,589,805		12
700-749	1,347,094		1,477,310		836,747		498,414		445,244		1,361,073		5,965,882		28
Greater than or equal to 750	2,030,890		2,300,271		1,355,263		909,257		795,428		2,340,982		9,732,091		47
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

Seasoning(4):
1-12 payments	$	2,514,079	$	740,450	$	440,293	$	245,631	$	208,941	$	332,608	$	4,482,002	21	%
13-24 payments	—		2,675,956		303,045		167,532		165,577		384,760		3,696,870		18
25-36 payments	—		—		1,524,834		195,091		129,571		456,448		2,305,944		11
37-48 payments	—		—		—		902,938		208,521		446,350		1,557,809		7
More than 48 payments	—		—		—		116		706,097		2,985,015		3,691,228		18
Not yet in repayment	1,976,040		1,672,333		669,250		307,781		213,593		452,994		5,291,991		25
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

2023 Current period(5) gross charge-offs	$	(1,812)	$	(31,032)	$	(70,331)	$	(49,624)	$	(50,585)	$	(216,711)	$	(420,095)
2023 Current period(5) recoveries	172		2,342		6,496		4,923		5,260		27,175		46,368
2023 Current period(5) net charge-offs	$	(1,640)	$	(28,690)	$	(63,835)	$	(44,701)	$	(45,325)	$	(189,536)	$	(373,727)

Total accrued interest by origination vintage	$	177,959	$	408,800	$	269,978	$	152,094	$	116,618	$	229,116	$	1,354,565
(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 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 December 31, 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 Approval(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 period from January 1, 2022 through December 31, 2022.

Delinquencies - Private Education Loans Held for Investment

The following tables provide information regarding the loan status of our Private Education Loans held for investment, by year of origination approval. 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 December 31, 2023 (dollars in thousands)	2023			2022			2021			2020			2019			2018 and Prior			Total

Loans in-school/grace/deferment(1)	$	1,976,040		$	1,672,333		$	669,250		$	307,781		$	213,593		$	452,994		$	5,291,991





Loans in forbearance(2)	19,265			93,079			58,438			35,450			31,818			85,989			324,039
Loans in repayment:
Loans current	2,469,817			3,254,534			2,131,040			1,416,069			1,323,825			4,213,986			14,809,271
Loans delinquent 30-59 days(3)	17,599			34,627			37,147			28,020			31,432			149,926			298,751
Loans delinquent 60-89 days(3)	5,720			17,227			20,077			16,614			15,482			75,897			151,017
Loans 90 days or greater past due(3)	1,678			16,939			21,470			15,155			16,150			79,383			150,775
Total Private Education Loans in repayment	2,494,814			3,323,327			2,209,734			1,475,858			1,386,889			4,519,192			15,409,814
Total Private Education Loans, gross	4,490,119			5,088,739			2,937,422			1,819,089			1,632,300			5,058,175			21,025,844
Private Education Loans deferred origination costs and unamortized premium/(discount)	35,616			18,556			9,465			5,809			3,556			8,552			81,554
Total Private Education Loans	4,525,735			5,107,295			2,946,887			1,824,898			1,635,856			5,066,727			21,107,398
Private Education Loans allowance for losses	(269,642)			(335,090)			(194,104)			(118,755)			(100,111)			(317,403)			(1,335,105)
Private Education Loans, net	$	4,256,093		$	4,772,205		$	2,752,783		$	1,706,143		$	1,535,745		$	4,749,324		$	19,772,293

Percentage of Private Education Loans in repayment	55.6		%	65.3		%	75.2		%	81.1		%	85.0		%	89.3		%	73.3		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	1.0		%	2.1		%	3.6		%	4.1		%	4.5		%	6.8		%	3.9		%

Loans in forbearance as a percentage of loans in repayment and forbearance	0.8		%	2.7		%	2.6		%	2.3		%	2.2		%	1.9		%	2.1		%

(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.


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

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





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

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

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

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

Accrued Interest Receivable

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

December 31, 2023	$	1,354,565	$	8,373	$	9,897
December 31, 2022	$	1,177,562	$	6,609	$	8,121

(1) The allowance for uncollectible interest at December 31, 2023 and 2022 represents the expected losses related to the portion of accrued interest receivable on those loans that are in repayment (at December 31, 2023 and 2022, relates to $151 million and $240 million, respectively, of accrued interest receivable) that is/was not expected to be capitalized. The accrued interest receivable that is/was expected to be capitalized ($1.2 billion and $937 million at December 31, 2023 and 2022, respectively) is reserved in the allowance for credit losses.

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Interest-bearing Deposit Liabilities, Domestic, by Component [Abstract]
Money market	$ 10,258,292	$ 10,977,242
Savings	945,000	982,586
Certificates of deposit	10,448,365	9,486,819
Deposits - interest bearing	$ 21,651,657	$ 21,446,647
Year-End Weighted Average Stated Rate
Money market	4.85%	3.75%
Savings	4.35%	3.15%
Certificates of deposit	3.69%	2.57%

Premises and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The following is a summary of our premises and equipment.


As of December 31, (dollars in thousands)	2023		2022
Land and land improvements	$	12,356	$	12,356
Buildings and leasehold improvements	122,301		122,243
Furniture, fixtures, and equipment	34,068		32,170
Software	106,422		97,140
Premises and equipment, gross	275,147		263,909
Accumulated depreciation	(145,646)		(123,181)
Premises and equipment, net	$	129,501	$	140,728

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 581,391	$ 469,014	$ 1,160,513
Other comprehensive income (loss):
Unrealized gains (losses) on investments	59,205	(194,157)	(26,606)
Unrealized gains (losses) on cash flow hedges	(34,457)	93,731	48,111
Total unrealized gains (losses)	24,748	(100,426)	21,505
Income tax (expense) benefit	(5,982)	24,453	(5,202)
Other comprehensive income (loss), net of tax (expense) benefit	18,766	(75,973)	16,303
Total comprehensive income	$ 600,157	$ 393,041	$ 1,176,816

- 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).

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+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income:
Loans	$ 2,327,743	$ 1,914,554	$ 1,756,945
Investments	50,810	35,304	13,859
Cash and cash equivalents	213,750	81,722	6,040
Total interest income	2,592,303	2,031,580	1,776,844
Interest expense:
Deposits	808,065	368,914	225,370
Interest expense on short-term borrowings	13,501	11,956	18,945
Interest expense on long-term borrowings	208,524	161,929	137,763
Total interest expense	1,030,090	542,799	382,078
Net interest income	1,562,213	1,488,781	1,394,766
Less: provisions for credit losses	345,463	633,453	(32,957)
Net interest income after provisions for credit losses	1,216,750	855,328	1,427,723
Non-interest income:
Gains on sales of loans, net	160,290	327,750	548,315
Gains (losses) on securities, net	2,678	(60,267)	39,096
Gains (losses) on derivatives and hedging activities, net	0	(5)	144
Other income	84,148	67,160	44,894
Total non-interest income	247,116	334,638	632,449
Operating expenses:
Compensation and benefits	326,554	270,354	258,321
FDIC assessment fees	45,766	20,939	23,368
Other operating expenses	246,886	260,169	236,964
Total operating expenses	619,206	551,462	518,653
Amortized intangible assets	66,364	7,779	0
Restructuring expenses	0	0	1,255
Total non-interest expenses	685,570	559,241	519,908
Income before income tax expense	778,296	630,725	1,540,264
Income tax expense	196,905	161,711	379,751
Net income	581,391	469,014	1,160,513
Preferred stock dividends	17,705	9,029	4,736
Net income attributable to SLM Corporation common stock	$ 563,686	$ 459,985	$ 1,155,777
Basic earnings per common share (in usd per share)	$ 2.44	$ 1.78	$ 3.67
Average common shares outstanding (in shares)	231,411	258,439	314,993
Diluted earnings per common share (in usd per share)	$ 2.41	$ 1.76	$ 3.61
Average common and common equivalent shares outstanding (in shares)	234,063	261,503	319,912
Declared dividends per common share (in usd per share)	$ 0.44	$ 0.44	$ 0.20

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory U.S. federal rate	21.00%	21.00%	21.00%
Operating loss carryforwards, valuation allowance	$ 223,000	$ 7,000
Valuation allowance	223,000	7,000
Capital loss	18,000	16,000
Net unrealized losses in valuation allowance	4,000	4,000
Unrecognized tax benefits	68,123	79,366	$ 75,328	$ 63,134
Unrecognized tax benefits recognition impact on effective tax rate	59,000
Interest on income taxes accrued net of related benefit	8,000	8,000	10,000
Interest on income tax expense net of related tax benefit	2,000	$ (2,000)	$ (1,000)
Possible decrease in uncertain tax position	$ 21,000
Minimum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Combination of subsidiaries	3 years
Maximum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Combination of subsidiaries	4 years

Selected Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


2023
(Dollars in thousands, except per share data)	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Net interest income	$	405,068	$	386,631	$	384,628	$	385,886
Less: provisions for credit losses	114,112		17,729		198,023		15,599
Net interest income after provisions for credit losses	290,956		368,902		186,605		370,287
Gains (losses) on sales of loans, net	(9)		124,754		(5)		35,550
Gains (losses) on securities, net	1,711		(1,213)		1,490		690

Other income	20,009		20,513		22,753		20,873
Total operating expenses	154,539		154,164		167,402		143,101
Acquired intangible assets impairment and amortization expense	2,272		2,245		2,834		59,013
Income tax expense	37,338		91,482		11,242		56,843
Net income	118,518		265,065		29,365		168,443
Preferred stock dividends	4,063		4,274		4,642		4,726
Net income attributable to SLM Corporation common stock	$	114,455	$	260,791	$	24,723	$	163,717
Basic earnings per common share(1)	$	0.47	$	1.11	$	0.11	$	0.73
Diluted earnings per common share(1)	$	0.47	$	1.10	$	0.11	$	0.72
Declared dividends per common share	$	0.11	$	0.11	$	0.11	$	0.11

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


2022
	First		Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter
Net interest income	$	375,032	$	362,808	$	369,510	$	381,431
Less: provisions for credit losses	98,050		30,545		207,598		297,260
Net interest income after provisions for credit losses	276,982		332,263		161,912		84,171
Gains on sales of loans, net	9,881		239,997		74,978		2,894
Gains (losses) on securities, net	(3,580)		667		891		(58,245)
Gains (losses) on derivative and hedging activities, net	(5)		—		—		—
Other income	15,629		17,589		19,234		14,708
Total operating expenses	132,006		131,730		149,964		137,762
Acquired intangible assets amortization expense	733		2,417		2,328		2,301
Income tax expense (benefit)	37,356		114,296		29,551		(19,492)
Net income (loss)	128,812		342,073		75,172		(77,043)
Preferred stock dividends	1,275		1,757		2,531		3,466
Net income (loss) attributable to SLM Corporation common stock	$	127,537	$	340,316	$	72,641	$	(80,509)
Basic earnings (loss) per common share(1)	$	0.46	$	1.30	$	0.29	$	(0.33)
Diluted earnings (loss) per common share(1)	$	0.45	$	1.29	$	0.29	$	(0.33)
Declared dividends per common share	$	0.11	$	0.11	$	0.11	$	0.11

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

Parent Only Statements - Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Interest income									$ 2,592,303	$ 2,031,580	$ 1,776,844
Interest expense									1,030,090	542,799	382,078
Net interest loss	$ 385,886	$ 384,628	$ 386,631	$ 405,068	$ 381,431	$ 369,510	$ 362,808	$ 375,032	1,562,213	1,488,781	1,394,766
Non-interest expenses									685,570	559,241	519,908
Income tax expense (benefit)	56,843	11,242	91,482	37,338	(19,492)	29,551	114,296	37,356	196,905	161,711	379,751
Net income									581,391	469,014	1,160,513
Preferred stock dividends	4,726	4,642	4,274	4,063	3,466	2,531	1,757	1,275	17,705	9,029	4,736
Net income attributable to SLM Corporation common stock	$ 163,717	$ 24,723	$ 260,791	$ 114,455	$ (80,509)	$ 72,641	$ 340,316	$ 127,537	563,686	459,985	1,155,777
Parent Company
Condensed Income Statements, Captions [Line Items]
Interest income									9,334	4,084	392
Interest expense									39,850	39,860	35,208
Net interest loss									(30,516)	(35,776)	(34,816)
Non-interest loss									(2,701)	(5,117)	(13,078)
Non-interest expenses									61,958	55,466	54,352
Loss before income tax benefit and equity in net income from subsidiaries									(95,175)	(96,359)	(102,246)
Income tax expense (benefit)									(6,942)	(10,351)	8,477
Equity in net income from subsidiaries (primarily Sallie Mae Bank)									669,624	555,022	1,271,236
Net income									581,391	469,014	1,160,513
Preferred stock dividends									17,705	9,029	4,736
Net income attributable to SLM Corporation common stock									$ 563,686	$ 459,985	$ 1,155,777

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 4,149,838	$ 4,616,117
Investments:
Trading investments at fair value (cost of $43,412 and $47,554, respectively )	54,481	55,903
Available-for-sale investments	2,411,622	2,342,089
Other investments	91,567	94,716
Total investments	2,557,670	2,492,708
Loans held for investment (net of allowance for losses of $1,339,772 and $1,357,075, respectively)	20,306,357	19,626,868
Loans held for sale	0	29,448
Restricted cash	149,669	156,719
Other interest-earning assets	9,229	11,162
Accrued interest receivable	1,379,904	1,202,059
Premises and equipment, net	129,501	140,728
Goodwill and acquired intangible assets, net	68,711	118,273
Income taxes receivable, net	366,247	380,058
Tax indemnification receivable	0	2,816
Other assets	52,342	34,073
Total assets	29,169,468	28,811,029
Liabilities
Deposits	21,653,188	21,448,071
Long-term borrowings	5,227,512	5,235,114
Other liabilities	407,971	400,874
Total liabilities	27,288,671	27,084,059
Commitments and contingencies
Equity
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: 438.2 million and 435.1 million shares issued, respectively	87,647	87,025
Additional paid-in capital	1,148,689	1,109,072
Accumulated other comprehensive loss (net of tax benefit of $(24,176) and $(30,160), respectively)	(75,104)	(93,870)
Retained earnings	3,624,859	3,163,640
Total SLM Corporation stockholders’ equity before treasury stock	5,037,161	4,516,937
Less: Common stock held in treasury at cost: 217.9 million and 194.4 million shares, respectively	(3,156,364)	(2,789,967)
Total equity	1,880,797	1,726,970
Total liabilities and equity	$ 29,169,468	$ 28,811,029

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Trading Investments

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

At December 31, 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 December 31, 2023 and 2022, we had $54 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 December 31, 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	$	468,204	$	—	$	703	$	(62,480)	$	406,427
Utah Housing Corporation bonds	3,408		—		—		(279)		3,129
U.S. government-sponsored enterprises and Treasuries	1,645,609		—		—		(66,870)		1,578,739
Other securities	446,763		—		603		(24,039)		423,327
Total	$	2,563,984	$	—	$	1,306	$	(153,668)	$	2,411,622

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.

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


	Less than 12 months				12 months or more				Total
As of December 31, (dollars in thousands)	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
2023:
Mortgage-backed securities	$	(531)	$	51,391	$	(61,949)	$	300,318	$	(62,480)	$	351,709
Utah Housing Corporation bonds	—		—		(279)		3,129		(279)		3,129
U.S. government-sponsored enterprises and Treasuries	—		—		(66,870)		1,578,739		(66,870)		1,578,739
Other securities	(2,221)		90,725		(21,818)		241,253		(24,039)		331,978
Total	$	(2,752)	$	142,116	$	(150,916)	$	2,123,439	$	(153,668)	$	2,265,555

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 December 31, 2023 and 2022, 213 of 248 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 income. For securities in an unrealized loss position that do not meet these criteria, we evaluate whether the decline in fair value has resulted from credit loss or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, adverse conditions specifically related to the security, as well as any guarantees (e.g., guarantees by the U.S. Government) that may be applicable to the security. If this assessment indicates a credit loss exists, the credit-related portion of the loss is recorded as an allowance for losses on the security.

Our investment portfolio contains mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, as well as Utah Housing Corporation bonds. We own these securities to meet our requirements under the Community Reinvestment Act (“CRA”). We also invest in other U.S. government-sponsored enterprise securities issued by the Federal Home Loan Banks, Freddie Mac, and the Federal Farm Credit Bank. Our mortgage-backed securities that were issued under Ginnie Mae programs carry a full faith and credit guarantee from the U.S. Government. The remaining mortgage-backed securities in a net loss position carry a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively. Our Treasury and other U.S. government-sponsored enterprise bonds are rated Aaa by Moody’s Investors Service or AA+ by Standard and Poor’s. The decline in value from December 31, 2022 to December 31, 2023 was driven by the current interest rate environment and is not credit-related. We have the intent and ability to hold these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. Based on this qualitative analysis, we have determined that no credit impairment exists.

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

As of December 31, 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 December 31, 2023 Year of Maturity (Dollars in thousands)	Amortized Cost		Estimated Fair Value
2024	$	699,496	$	686,762
2025	298,815		289,794
2026	548,686		506,438
2027	98,612		95,746
2038	68		69
2039	646		639
2042	2,296		2,002
2043	4,156		3,773
2044	4,837		4,483
2045	5,107		4,596
2046	7,725		6,897
2047	7,646		6,880
2048	2,027		1,971
2049	15,792		14,170
2050	107,611		87,112
2051	154,622		124,399
2052	53,653		46,966
2053	245,209		236,537
2054	71,439		63,426
2055	86,199		81,892
2056	102,609		100,728
2058	46,733		46,342
Total	$	2,563,984	$	2,411,622

Some of the mortgage-backed securities and a portion of the government securities have been pledged to the FRB as collateral against any advances and accrued interest under the Primary Credit lending program sponsored by the FRB. We had $612 million and $547 million par value of securities pledged to this borrowing facility at December 31, 2023 and 2022, respectively, as discussed further in Note 12, “Borrowings” in this Form 10-K.

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. In the second quarter of 2021, we funded an additional investment, as part of a larger equity raise, in an issuer whose equity securities we purchased in the past. We used the valuation associated with the more recent equity raise to adjust the valuation of our previous investments, and, as a result, recorded a gain of $35 million on our earlier equity securities investments. This gain was recorded in “gains (losses) on securities, net” in the consolidated statements of income in 2021. In the fourth quarter of 2022, we determined that our investment in these non-marketable equity securities was impaired. As such, we wrote down the value based upon an

estimate of the value of these securities and recorded a loss of $60 million in “gains (losses) on securities, net” in the consolidated statements of income in 2022. At December 31, 2023 and December 31, 2022, our total investment in the non-marketable securities of this issuer was $14 million and $8 million, respectively.

Low Income Housing Tax Credit Investments

We invest in affordable housing projects that qualify for the LIHTC, which is designed to promote private development of low income housing. We recognized $11 million, $9 million, and $7 million of tax credits and other tax benefits associated with investments in affordable housing projects within income tax expense for the years ended December 31, 2023, 2022, and 2021, respectively. The amount of amortization of such investments reported in income tax expense was $9 million, $7 million, and $6 million for the years ended December 31, 2023, 2022, and 2021, respectively. Total carrying value of the LIHTC investments was $72 million at December 31, 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 $30 million at December 31, 2023 and $46 million at December 31, 2022.

Borrowings

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings

Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term ABS program and our Secured Borrowing Facility. The issuing entities for those secured borrowings are VIEs and are consolidated for accounting purposes. The following table summarizes our secured borrowings at December 31, 2023 and 2022.


As of December 31, (dollars in thousands)	2023						2022
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	992,200	$	992,200	$	—	$	988,986	$	988,986
Total unsecured borrowings	—		992,200		992,200		—		988,986		988,986

Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,585,254		3,585,254		—		3,462,363		3,462,363
Variable-rate	—		650,058		650,058		—		783,765		783,765
Total Private Education Loan term securitizations	—		4,235,312		4,235,312		—		4,246,128		4,246,128
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		4,235,312		4,235,312		—		4,246,128		4,246,128
Total	$	—	$	5,227,512	$	5,227,512	$	—	$	5,235,114	$	5,235,114

Short-term Borrowings

Secured Financings

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 December 31, 2023 and December 31, 2022, there were no secured borrowings outstanding under the Secured Borrowing Facility.

Short-term borrowings have a remaining term to maturity of one year or less. The Secured Borrowing Facility’s contractual maturity is two years from the date of inception or renewal (one-year revolving period plus a one-year amortization period); however, we classify advances under our Secured Borrowing Facility as short-term borrowings because it is our intention to repay those advances within one year. For the years ended December 31, 2023 and 2022, there were no outstanding short-term borrowings. The Secured Borrowing Facility also incurs a non-use fee based upon the facility’s maximum borrowing limit of $2 billion, for both 2023 and 2022, which is applied to the unfunded balance. The facility non-use fee was 55 basis points and 45 basis points in 2023 and 2022, respectively.

Long-term Borrowings

Unsecured Debt

On October 29, 2020, we issued at par an unsecured debt offering of $500 million of 4.20 percent Senior Notes due October 29, 2025. At December 31, 2023, the outstanding balance was $497 million.

On November 1, 2021, we issued an unsecured debt offering of $500 million, 3.125 percent Senior Notes due November 2, 2026, at a price of 99.43 percent. At December 31, 2023, the outstanding balance was $495 million.

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 December 31, 2023, $591 million of our Private Education Loans, including $551 million of principal and $40 million in capitalized interest, were encumbered because of this transaction.

On August 16, 2023, we executed our $568 million SMB Private Education Loan Trust 2023-C term ABS transaction, which was accounted for as a secured financing. We sold $568 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $568 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.93 years and priced at a weighted average SOFR equivalent cost of SOFR plus 1.69 percent. On December 31, 2023, $620 million of our Private Education Loans, including $579 million of principal and $41 million in capitalized interest, were encumbered because of this transaction.

2022 Transactions

On August 9, 2022, we executed our $575 million SMB Private Education Loan Trust 2022-C term ABS transaction, which was accounted for as a secured financing. We sold $575 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $575 million of gross proceeds. The Class A and Class B notes had a weighted average life of 4.69 years and priced at a weighted average SOFR equivalent cost of SOFR plus 1.76 percent. At December 31, 2023, $543 million of our Private Education Loans, including $513 million of principal and $30 million in capitalized interest, were encumbered because of this transaction.

Pre-2022 Transactions

Prior to 2022, we executed a total of $9.81 billion in ABS transactions that were accounted for as secured financings. At December 31, 2023, $4.02 billion of our Private Education Loans, including $3.90 billion of principal and $128 million in capitalized interest, were encumbered as a result of these transactions.

The following table summarizes the outstanding long-term borrowings, the weighted average interest rates at the end of the period and the related average balance during the period. Rates reflect stated interest of borrowings and related discounts and premiums. The long-term borrowings amortize over time and mature serially from 2025 to 2053.


	December 31, 2023				Year Ended December 31, 2023		December 31, 2022				Year Ended December 31, 2022
(Dollars in thousands)	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Long-term borrowings:
Floating-rate borrowings	$	650,058	6.51	%	$	715,409	$	783,765	5.26	%	$	898,002
Fixed-rate borrowings	4,577,454		3.52		4,605,806		4,451,349		2.93		4,571,690
Total long-term borrowings	$	5,227,512	3.89	%	$	5,321,215	$	5,235,114	3.28	%	$	5,469,692

As of December 31, 2023, the maturities of our brokered CDs and borrowings are summarized below.


As of December 31, 2023 (dollars in thousands)	Brokered CDs		Unsecured Debt		Secured Borrowings(1)		Total

2024	$	2,385,510	$	—	$	721,038	$	3,106,548
2025	2,768,889		497,567		710,111		3,976,567
2026	1,832,740		494,633		663,588		2,990,961
2027	151,131		—		592,381		743,512
2028	146,459		—		496,386		642,845
2029 and after	—		—		1,051,808		1,051,808
	7,284,729		992,200		4,235,312		12,512,241
Hedge accounting adjustments	(1,306)		—		—		(1,306)
Total	$	7,283,423	$	992,200	$	4,235,312	$	12,510,935

(1) We view our secured borrowings as long-term based on the contractual maturity dates ranging from 2031 to 2053. However, the actual maturity of our secured borrowings depends on the prepayment speeds of the underlying collateralized loans. To disclose how we expect this debt to pay down over time, the maturities for our secured borrowings are based on the projected bond principal paydowns using the current estimated loan prepayment speeds.

Secured Financings

The following summarizes our secured financings issued in 2022 and 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
2023-C	August 2023	$	568,000	SOFR plus 1.69%	4.93
Total notes issued in 2023		$	1,147,000

Total loan and accrued interest amount securitized at inception in 2023(3)		$	1,292,507

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

(2) At December 31, 2023, $543 million of our Private Education Loans, including $513 million of principal and $30 million in capitalized interest, were encumbered related to these transactions.

(3) At December 31, 2023, $1.21 billion of our Private Education Loans, including $1.13 billion of principal and $81 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 December 31, 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	$	—	$	4,235,312	$	4,235,312	$	5,539,964	$	149,412	$	311,697	$	6,001,073
Secured Borrowing Facility	—		—		—		—		—		1,066		1,066
Total	$	—	$	4,235,312	$	4,235,312	$	5,539,964	$	149,412	$	312,763	$	6,002,139


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.

2023-D Transaction

On November 7, 2023, we closed an SMB Private Education Loan Trust 2023-D term ABS transaction (the “2023-D Transaction”), in which an unaffiliated third party sold to the trust approximately $1.0 billion of Private Education Loans that the third-party seller previously purchased from us on October 13, 2023. Sallie Mae Bank sponsored the 2023-D Transaction, is the servicer and administrator, and was the seller of an additional $53 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-D Transaction and we recorded a $1 million gain on sale associated with this transaction. In connection with the 2023-D 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-D Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

2022-A Transaction

On March 16, 2022, we closed an SMB Private Education Loan Trust 2022-A term ABS transaction (the “2022-A Transaction”), in which an unaffiliated third party sold to the trust approximately $973 million of Private Education Loans that the third-party seller previously purchased from us on November 17, 2021. In the 2022-A Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $95 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2022-A Transaction and we recorded a $10 million gain on sale associated with this transaction. In connection with the 2022-A Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2022-A Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

2022-B Transaction

On May 27, 2022, we closed an SMB Private Education Loan Trust 2022-B term ABS transaction (the “2022-B Transaction”), in which an unaffiliated third party sold to the trust approximately $2.0 billion of Private Education Loans that the third-party seller previously purchased from us on April 27, 2022. In the 2022-B Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $107 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2022-B Transaction and we recorded an $11 million gain on sale associated with this transaction. In connection with the 2022-B Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2022-B Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

2022-D Transaction

On October 19, 2022, we closed an SMB Private Education Loan Trust 2022-D term ABS transaction (the “2022-D Transaction”), in which an unaffiliated third party sold to the trust approximately $1.0 billion of Private Education Loans that the third-party seller previously purchased from us on September 15, 2022. In the 2022-D Transaction, we were the sponsor, servicer and administrator, and the seller of an additional $54 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2022-D Transaction and we recorded a $3 million gain on sale associated with this transaction. In connection with the 2022-D Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2022-D 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.


	2023						2022
As of December 31, (dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	423,327	$	54,481	$	477,808	$	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 December 31, 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 years ended December 31, 2023 and 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 December 31, 2023 and December 31, 2022, the value of our pledged collateral at the FRB totaled $1.6 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 years ended December 31, 2023 and 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
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,563,984	$ 2,554,332
Allowance for credit losses	0	0
Gross Unrealized Gains	1,306	35
Gross Unrealized Losses	(153,668)	(212,278)
Available-for-sale investments	2,411,622	2,342,089
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	468,204	389,067
Allowance for credit losses	0	0
Gross Unrealized Gains	703	2
Gross Unrealized Losses	(62,480)	(68,705)
Available-for-sale investments	406,427	320,364
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,408	3,584
Allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(279)	(357)
Available-for-sale investments	3,129	3,227
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,645,609	1,804,726
Allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(66,870)	(115,416)
Available-for-sale investments	1,578,739	1,689,310
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	446,763	356,955
Allowance for credit losses	0	0
Gross Unrealized Gains	603	33
Gross Unrealized Losses	(24,039)	(27,800)
Available-for-sale investments	$ 423,327	$ 329,188

Stock-Based Compensation Plans and Arrangements - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) numberOfCompensationPlan shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active stock-based compensation plans \| numberOfCompensationPlan	1
Stock-based compensation cost	$ 36,380,000	$ 34,461,000	$ 30,649,000
Unrecognized compensation cost	$ 22,000,000
Weighted average period for total unrecognized compensation cost	1 year 4 months 24 days
Options granted in period (in shares) \| shares	0	86,536	998,891
Options granted, exercise price multiplier		100.00%	115.00%
Vesting percentage		100.00%	100.00%
Vesting period			3 years
Expiration period		10 years	10 years
Offering period of employee stock purchase plan	12 months
Maximum contribution amount per employee to ESPP	$ 7,500
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued under plan (in shares) \| shares	14,000,000
Unrecognized compensation cost	$ 1,000,000
Percentage of discount available to employees under ESPP	15.00%
Vesting period	1 year
Company's common stock purchased by ESPP participants (in shares) \| shares	195,000	0	496,000
Performance Vesting Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 600,000
Weighted average period for total unrecognized compensation cost	6 months
Vesting period	1 year
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued under plan (in shares) \| shares	16,000,000

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	$ 1,906,092	$ 2,842,846
Trading
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	0	0
Cash Flow \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	1,203,783	1,314,660
Fair Value \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	702,309	1,528,186
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	1,906,092	2,842,846
Interest Rate Swaps \| Trading
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	0	0
Interest Rate Swaps \| Cash Flow \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	1,203,783	1,314,660
Interest Rate Swaps \| Fair Value \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	$ 702,309	$ 1,528,186

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-13251
Entity Registrant Name	SLM Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2013874
Entity Address, Address Line One	300 Continental Drive
Entity Address, City or Town	Newark,
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19713
City Area Code	302
Local Phone Number	451-0200
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3.7
Entity Common Stock, Shares Outstanding		220,349,715
Documents Incorporated by Reference	Portions of the proxy statement relating to the Registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	185
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001032033
Common stock, par value $.20 per share
Document 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
Document Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
Trading Symbol	SLMBP
Security Exchange Name	NASDAQ

Borrowings - Unconsolidated VIEs Narrative (Details) - USD ($) $ in Millions					12 Months Ended
	May 24, 2023	Oct. 19, 2022	May 27, 2022	Mar. 16, 2022	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Vertical risk retention interest					5.00%	5.00%
2023-B
Debt Instrument [Line Items]
Vertical risk retention interest					5.00%
2023-B \| Student Loan
Debt Instrument [Line Items]
Private education loans sold	$ 2,000
Additional net proceeds from sales of loans held for investment, capitalized interest	105
Gain on sale	5
2023-D
Debt Instrument [Line Items]
Vertical risk retention interest					5.00%
2023-D \| Student Loan
Debt Instrument [Line Items]
Private education loans sold	1,000
Additional net proceeds from sales of loans held for investment, capitalized interest	53
Gain on sale	$ 1
2022-A
Debt Instrument [Line Items]
Vertical risk retention interest				5.00%
2022-A \| Student Loan
Debt Instrument [Line Items]
Private education loans sold				$ 973
Additional net proceeds from sales of loans held for investment, capitalized interest				95
Gain on sale				$ 10
2022-B
Debt Instrument [Line Items]
Vertical risk retention interest			5.00%
2022-B \| Student Loan
Debt Instrument [Line Items]
Private education loans sold			$ 2,000
Additional net proceeds from sales of loans held for investment, capitalized interest			107
Gain on sale			$ 11
2022-D
Debt Instrument [Line Items]
Vertical risk retention interest			5.00%
2022-D \| Student Loan
Debt Instrument [Line Items]
Private education loans sold		$ 1,000
Additional net proceeds from sales of loans held for investment, capitalized interest		54
Gain on sale		$ 3

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Loan reserves	$ 354,412	$ 362,368
Net unrealized losses	24,176	30,160
Accrued expenses not currently deductible	16,297	12,949
Unrecorded tax benefits	11,568	12,916
Research and development costs	26,519	10,929
Stock-based compensation plans	10,847	9,624
Acquired intangible assets	14,536	781
Operating loss carryovers	26	300
Other	1,426	3,837
Total deferred tax assets	459,807	443,864
Deferred tax liabilities:
Student loan premiums and discounts, net	15,908	14,065
Fixed assets	8,533	9,347
Federal deferred for state receivable	1,171	2,111
Other	614	397
Total deferred tax liabilities	26,226	25,920
Net deferred tax assets	$ 433,581	$ 417,944

Significant Accounting Policies - Restructuring Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Restructuring expenses	$ 0	$ 0	$ 1,255

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,563,984	$ 2,554,332
Estimated Fair Value	2,411,622	$ 2,342,089
2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	699,496
Estimated Fair Value	686,762
2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	298,815
Estimated Fair Value	289,794
2026
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	548,686
Estimated Fair Value	506,438
2027
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,612
Estimated Fair Value	95,746
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	68
Estimated Fair Value	69
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	646
Estimated Fair Value	639
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,296
Estimated Fair Value	2,002
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,156
Estimated Fair Value	3,773
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,837
Estimated Fair Value	4,483
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,107
Estimated Fair Value	4,596
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,725
Estimated Fair Value	6,897
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,646
Estimated Fair Value	6,880
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,027
Estimated Fair Value	1,971
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,792
Estimated Fair Value	14,170
2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	107,611
Estimated Fair Value	87,112
2051
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	154,622
Estimated Fair Value	124,399
2052
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	53,653
Estimated Fair Value	46,966
2053
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	245,209
Estimated Fair Value	236,537
2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,439
Estimated Fair Value	63,426
2055
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	86,199
Estimated Fair Value	81,892
2056
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	102,609
Estimated Fair Value	100,728
2058
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,733
Estimated Fair Value	$ 46,342

Deposits (Tables)

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Schedule of Deposits

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


As of December 31, (dollars in thousands)	2023		2022
Deposits - interest bearing	$	21,651,657	$	21,446,647
Deposits - non-interest bearing	1,531		1,424
Total deposits	$	21,653,188	$	21,448,071

Schedule of Interest Bearing Deposits

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


	2023				2022
As of December 31, (dollars in thousands)	Amount		Year-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,258,292	4.85	%	$	10,977,242	3.75	%
Savings	945,000		4.35		982,586		3.15
Certificates of deposit	10,448,365		3.69		9,486,819		2.57
Deposits - interest bearing	$	21,651,657			$	21,446,647

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

Schedule of Maturities of Time Deposits

Certificates of deposit remaining maturities are summarized as follows:


As of December 31, (dollars in thousands)	2023		2022
One year or less	$	3,937,766	$	3,224,573
After one year to two years	4,112,902		2,954,257
After two years to three years	1,881,371		1,904,919
After three years to four years	327,295		1,031,881
After four years to five years	188,802		324,375
After five years	229		46,814
Total	$	10,448,365	$	9,486,819

Allowance for Credit Losses - Payment Status (Amortized Cost Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 380,526	$ 326,116
Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	6,843	7,698
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	334,967	289,134
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	17,205	13,859
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	7,689	8,809
90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	13,822	6,616
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	380,526	326,116
Private Education Loans \| Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	6,843	7,698
Private Education Loans \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	334,967	289,134
Private Education Loans \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	17,205	13,859
Private Education Loans \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	7,689	8,809
Private Education Loans \| 90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 13,822	$ 6,616

Goodwill and Acquired Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost Basis	$ 18,280	$ 18,280	$ 18,280	$ 75,400
Accumulated Amortization	(5,672)	(5,672)	(5,672)	(7,779)
Net	$ 12,608	$ 12,608	$ 12,608	67,621
Nitro
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life of acquired intangible assets			4 years 3 months 18 days
Scholly, Inc.
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life of acquired intangible assets			3 years 10 months 24 days
Tradename and trademarks
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	4 years	4 years	4 years
Cost Basis	$ 6,040	$ 6,040	$ 6,040	68,470
Accumulated Amortization	(629)	(629)	(629)	(5,706)
Net	5,411	5,411	5,411	62,764
Tradename and trademarks \| Nitro
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	56,000	56,000
Tradename and trademarks \| Scholly, Inc.
Finite-Lived Intangible Assets [Line Items]
Net	$ 6,000	$ 6,000	$ 6,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	4 years 7 months 6 days	4 years 7 months 6 days	4 years 7 months 6 days
Cost Basis	$ 8,920	$ 8,920	$ 8,920	5,670
Accumulated Amortization	(4,013)	(4,013)	(4,013)	(1,723)
Net	4,907	4,907	4,907	3,947
Customer relationships \| Scholly, Inc.
Finite-Lived Intangible Assets [Line Items]
Net	$ 3,000	$ 3,000	$ 3,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	3 years 6 months	3 years 6 months	3 years 6 months
Cost Basis	$ 2,590	$ 2,590	$ 2,590	1,260
Accumulated Amortization	(908)	(908)	(908)	(350)
Net	1,682	1,682	1,682	910
Developed technology \| Scholly, Inc.
Finite-Lived Intangible Assets [Line Items]
Net	$ 1,000	$ 1,000	$ 1,000
Partner relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	2 years 6 months	2 years 6 months	2 years 6 months
Cost Basis	$ 730	$ 730	$ 730	0
Accumulated Amortization	(122)	(122)	(122)	0
Net	$ 608	$ 608	$ 608	$ 0

Commitments, Contingencies and Guarantees	12 Months Ended
Commitments, Contingencies and Guarantees	Dec. 31, 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 December 31, 2023, we had $2.2 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2023/2024 academic year. At December 31, 2023, we had a $113 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 this Form 10-K and Note 8, “Unfunded Loan Commitments” in this Form 10-K for additional information. Regulatory Matters In May 2014, the Bank received a Civil Investigative Demand (“CID”) from the CFPB as part of the CFPB’s separate investigation relating to customer complaints, fees, and charges assessed in connection with the servicing of student loans and related collection practices of pre-Spin-Off SLM by entities now subsidiaries of Navient during a time period prior to the Spin-Off (the “CFPB Investigation”). To the extent requested, the Bank has been cooperating fully with the CFPB. Given the timeframe covered by the CID and the CFPB Investigation, and the focus on practices and procedures previously conducted by Navient and its servicing subsidiaries prior to the Spin-Off, Navient is leading the response to these investigations. Consequently, we have no basis from which to estimate either the duration or ultimate outcome of this investigation. We note that on January 18, 2017, the CFPB filed a complaint in federal court in Pennsylvania against Navient, along with its subsidiaries, Navient Solutions, Inc. and Pioneer Credit Recovery, Inc. The complaint alleges these Navient entities, among other things, engaged in deceptive practices with respect to their historic servicing and debt collection practices. Neither SLM, the Bank, nor any of their current subsidiaries are named in, or otherwise a party to, the lawsuit and are not alleged to have engaged in any wrongdoing. The CFPB’s complaint asserts Navient’s assumption of these liabilities pursuant to the Separation and Distribution Agreement. Pursuant to the terms of the Separation and Distribution Agreement, and as contemplated by the structure of the Spin-Off, Navient is legally obligated to indemnify the Bank against all claims, actions, damages, losses, or expenses that may arise from the conduct of all activities of pre-Spin-Off SLM occurring prior to the Spin-Off, except for certain liabilities related to the conduct of the pre-Spin-Off consumer banking business that were specifically assumed by the Bank (and as to which the Bank is obligated to indemnify Navient). Navient has acknowledged its indemnification obligations under the Separation and Distribution Agreement, in connection with the previously disclosed investigation matters and the now resolved multistate litigation. Navient has informed the Bank, however, that it believes the Bank may be responsible to indemnify Navient against certain potential liabilities arising from the above-described lawsuits under the Separation and Distribution Agreement and/or a separate loan servicing agreement between the parties, and has suggested that the parties defer further discussion regarding indemnification obligations, and reimbursement of ongoing legal costs, in connection with the lawsuits. The Bank disagrees with Navient’s position and the Bank has reiterated to Navient that Navient is responsible for promptly indemnifying the Bank against all liabilities arising out of the conduct of pre-Spin-Off SLM that are at issue. 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.

Stock-Based Compensation Plans and Arrangements - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	5.31%	3.02%	0.07%
Expected volatility	38.00%	39.00%	34.00%
Expected dividend rate	2.73%	2.78%	0.66%
Expected life of the option	1 year	1 year	1 year
Weighted average fair value of stock purchase rights (in dollars per share)	$ 4.14	$ 4.17	$ 4.93

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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+ Details

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets
Gross position	$ 0	$ 972
Impact of master netting agreement	0	(567)
Derivative values with impact of master netting agreements (as carried on balance sheet)	0	405
Cash collateral pledged	9,228	11,162
Net position	9,228	11,567
Other Liabilities
Gross position	(370)	(567)
Impact of master netting agreement	0	567
Derivative values with impact of master netting agreements (as carried on balance sheet)	(370)	0
Cash collateral pledged	0	0
Net position	$ (370)	$ 0

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Credit Losses Metrics


Year Ended December 31, 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)	—			320,237			320,237
Provisions:
Provision for current period	2,224			240,347			242,571
Loan sale reduction to provision	—			(205,383)			(205,383)
Loans transferred to held-for-sale	—			—			—
Total provisions(2)	2,224			34,964			37,188
Net charge-offs:
Charge-offs	(1,001)			(420,095)			(421,096)
Recoveries	—			46,368			46,368
Net charge-offs	(1,001)			(373,727)			(374,728)

Ending Balance	$	4,667		$	1,335,105		$	1,339,772
Allowance(3):

Ending balance: collectively evaluated for impairment	$	4,667		$	1,335,105		$	1,339,772
Loans(3):

Ending balance: collectively evaluated for impairment	$	537,401		$	21,025,844		$	21,563,245
Accrued interest to be capitalized(3):

Ending balance: collectively evaluated for impairment	$	—		$	1,203,357		$	1,203,357
Net charge-offs as a percentage of average loans in repayment(4)	0.23		%	2.44		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.87		%	6.01		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	1.15		%	8.43		%
Allowance coverage of net charge-offs	4.66			3.57
Ending total loans, gross	$	537,401		$	21,025,844
Average loans in repayment(4)	$	433,225		$	15,310,934
Ending loans in repayment(4)	$	406,568		$	15,409,814
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	435,807

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


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	34,964
Provisions for unfunded loan commitments	308,275
Total Private Education Loan provisions for credit losses	343,239

Other impacts to the provisions for credit losses:
FFELP Loans	2,224

Total	2,224
Provisions for credit losses reported in consolidated statements of income	$	345,463

(3) For the year ended December 31, 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.


Year Ended December 31, 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)	—			344,310			—			344,310
Provisions:
Provision for current period	(20)			410,254			3,301			413,535
Loan sale reduction to provision	—			(174,231)			—			(174,231)
Loans transferred to held-for-sale	—			—			(2,372)			(2,372)
Total provisions(2)	(20)			236,023			929			236,932
Net charge-offs:
Charge-offs	(613)			(427,416)			(3,215)			(431,244)
Recoveries	—			41,737			5			41,742
Net charge-offs	(613)			(385,679)			(3,210)			(389,502)

Ending Balance	$	3,444		$	1,353,631		$	—		$	1,357,075
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,444		$	1,353,631		$	—		$	1,357,075
Loans(3):

Ending balance: collectively evaluated for impairment	$	609,050		$	20,303,688		$	—		$	20,912,738
Accrued interest to be capitalized(3):

Ending balance: collectively evaluated for impairment	$	—		$	936,837		$	—		$	936,837
Net charge-offs as a percentage of average loans in repayment(4)	0.12		%	2.55		%	—		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.57		%	6.37		%	—		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.76		%	8.76		%	—		%
Allowance coverage of net charge-offs	5.62			3.51			—
Ending total loans, gross	$	609,050		$	20,303,688		$	—
Average loans in repayment(4)	$	517,139		$	15,103,123		$	—
Ending loans in repayment(4)	$	453,915		$	15,129,550		$	—
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	324,384		$	—

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


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	236,023
Provisions for unfunded loan commitments	396,521
Total Private Education Loan provisions for credit losses	632,544

Other impacts to the provisions for credit losses:

FFELP Loans	(20)
Credit Cards	929
Total	909
Provisions for credit losses reported in consolidated statements of income	$	633,453

(3) For the year ended December 31, 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.


Year Ended December 31, 2021 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,378		$	1,355,844		$	1,501		$	1,361,723
Transfer from unfunded commitment liability(1)	—			301,655			—			301,655
Provisions:
Provision for current period	20			(233,852)			1,124			(232,708)
Loan sale reduction to provision	—			(66,460)			—			(66,460)
Loans transferred to held-for-sale	—			1,887			—			1,887
Total provisions(2)	20			(298,425)			1,124			(297,281)
Net charge-offs:
Charge-offs	(321)			(229,591)			(356)			(230,268)
Recoveries	—			29,494			12			29,506
Net charge-offs	(321)			(200,097)			(344)			(200,762)

Ending Balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Allowance:
Ending balance: individually evaluated for impairment	$	—		$	47,712		$	—		$	47,712
Ending balance: collectively evaluated for impairment	$	4,077		$	1,111,265		$	2,281		$	1,117,623
Loans:
Ending balance: individually evaluated for impairment	$	—		$	1,057,665		$	—		$	1,057,665
Ending balance: collectively evaluated for impairment	$	695,216		$	19,659,198		$	25,014		$	20,379,428
Accrued interest to be capitalized:
Ending balance: individually evaluated for impairment	$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment	$	—		$	947,391		$	—		$	947,391
Net charge-offs as a percentage of average loans in repayment(3)	0.06		%	1.33		%	2.24		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(4)	0.59		%	5.35		%	9.12		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(3)(4)	0.74		%	7.32		%	9.12		%
Allowance coverage of net charge-offs	12.70			5.79			6.63
Ending total loans, gross	$	695,216		$	20,716,863		$	25,014
Average loans in repayment(3)	$	545,689		$	15,019,869		$	15,343
Ending loans in repayment(3)	$	553,980		$	15,511,212		$	25,014
Accrued interest to be capitalized on loans in repayment(5)	$	—		$	312,537		$	—

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


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Year Ended December 31, 2021 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	(298,425)
Provisions for unfunded loan commitments	264,324
Total Private Education Loan provisions for credit losses	(34,101)
Other impacts to the provisions for credit losses:
FFELP Loans	20
Credit Cards	1,124
Total	1,144
Provisions for credit losses reported in consolidated statements of income	$	(32,957)

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


Years ended December 31, (dollars in thousands)	2023				2022				2021
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	124,924	$	1,995,808	$	72,713	$	1,776,976	$	110,044	$	1,673,018


Provision/New commitments - net(1)	308,275		6,602,803		396,521		6,180,805		264,324		5,512,841

Transfer - funded loans(2)	(320,237)		(6,377,534)		(344,310)		(5,961,973)		(301,655)		(5,408,883)
Ending Balance	$	112,962	$	2,221,077	$	124,924	$	1,995,808	$	72,713	$	1,776,976

(1) Net of expirations of commitments unused. Also includes incremental provision for new commitments and changes to provision for existing commitments.

Schedule of Amortized Cost Basis of Financing Receivables


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Year Ended December 31, 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	$	48,637	0.22	%	$	331,889	1.48	%
Total	$	48,637	0.22	%	$	331,889	1.48	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Year Ended December 31, 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	$	30,569	0.14	%	$	295,547	1.37	%
Total	$	30,569	0.14	%	$	295,547	1.37	%

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

Year Ended December 31, 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 13.37% to 4.00%

Private Education Loans

Added a weighted average 10.20 years to the life of loans

Reduced average contractual rate from 12.92% to 4.00%

Year Ended December 31, 2022

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 11.12% to 4.00%

Private Education Loans

Added a weighted average 10.40 years to the life of loans

Reduced average contractual rate from 10.57% to 4.00%



	Year Ended December 31, 2023						Year Ended December 31, 2022
(Dollars in thousands)	Modified Loans(1)(2)		Payment Default(3)		Charge-Offs(4)		Modified Loans(1)(2)		Payment Default(3)		Charge-Offs(4)
Loan Type:
Private Education Loans	$	28,972	$	30,862	$	8,070	$	22,925	$	22,621	$	6,331
Total	$	28,972	$	30,862	$	8,070	$	22,925	$	22,621	$	6,331

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

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

Age Analysis of Past Due Loans Delinquencies

The following table depicts the performance of loans that have been modified during the respective reporting periods (the full years 2023 and 2022, respectively).


	Payment Status (Amortized Cost Basis)
At December 31, 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	$	6,843	$	334,967	$	17,205	$	7,689	$	13,822	$	380,526
Total	$	6,843	$	334,967	$	17,205	$	7,689	$	13,822	$	380,526


	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.

Delinquencies - Private Education Loans Held for Investment


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2023 (dollars in thousands)	2023			2022			2021			2020			2019			2018 and Prior			Total

Loans in-school/grace/deferment(1)	$	1,976,040		$	1,672,333		$	669,250		$	307,781		$	213,593		$	452,994		$	5,291,991





Loans in forbearance(2)	19,265			93,079			58,438			35,450			31,818			85,989			324,039
Loans in repayment:
Loans current	2,469,817			3,254,534			2,131,040			1,416,069			1,323,825			4,213,986			14,809,271
Loans delinquent 30-59 days(3)	17,599			34,627			37,147			28,020			31,432			149,926			298,751
Loans delinquent 60-89 days(3)	5,720			17,227			20,077			16,614			15,482			75,897			151,017
Loans 90 days or greater past due(3)	1,678			16,939			21,470			15,155			16,150			79,383			150,775
Total Private Education Loans in repayment	2,494,814			3,323,327			2,209,734			1,475,858			1,386,889			4,519,192			15,409,814
Total Private Education Loans, gross	4,490,119			5,088,739			2,937,422			1,819,089			1,632,300			5,058,175			21,025,844
Private Education Loans deferred origination costs and unamortized premium/(discount)	35,616			18,556			9,465			5,809			3,556			8,552			81,554
Total Private Education Loans	4,525,735			5,107,295			2,946,887			1,824,898			1,635,856			5,066,727			21,107,398
Private Education Loans allowance for losses	(269,642)			(335,090)			(194,104)			(118,755)			(100,111)			(317,403)			(1,335,105)
Private Education Loans, net	$	4,256,093		$	4,772,205		$	2,752,783		$	1,706,143		$	1,535,745		$	4,749,324		$	19,772,293

Percentage of Private Education Loans in repayment	55.6		%	65.3		%	75.2		%	81.1		%	85.0		%	89.3		%	73.3		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	1.0		%	2.1		%	3.6		%	4.1		%	4.5		%	6.8		%	3.9		%

Loans in forbearance as a percentage of loans in repayment and forbearance	0.8		%	2.7		%	2.6		%	2.3		%	2.2		%	1.9		%	2.1		%

(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.


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

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





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

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

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

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

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 approval, stratified by key credit quality indicators.


As of December 31, 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	$	3,903,676	$	4,428,163	$	2,516,380	$	1,535,308	$	1,378,699	$	4,529,768	$	18,291,994	87	%
Without cosigner	586,443		660,576		421,042		283,781		253,601		528,407		2,733,850		13
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

FICO at Origination Approval(2):
Less than 670	$	328,199	$	395,526	$	208,696	$	118,935	$	137,494	$	451,613	$	1,640,463	8	%
670-699	635,642		704,642		400,744		254,762		257,840		868,777		3,122,407		15
700-749	1,383,779		1,586,783		934,033		590,401		545,333		1,709,299		6,749,628		32
Greater than or equal to 750	2,142,499		2,401,788		1,393,949		854,991		691,633		2,028,486		9,513,346		45
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

FICO Refreshed(2)(3):
Less than 670	$	495,451	$	638,381	$	379,738	$	217,956	$	214,665	$	791,875	$	2,738,066	13	%
670-699	616,684		672,777		365,674		193,462		176,963		564,245		2,589,805		12
700-749	1,347,094		1,477,310		836,747		498,414		445,244		1,361,073		5,965,882		28
Greater than or equal to 750	2,030,890		2,300,271		1,355,263		909,257		795,428		2,340,982		9,732,091		47
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

Seasoning(4):
1-12 payments	$	2,514,079	$	740,450	$	440,293	$	245,631	$	208,941	$	332,608	$	4,482,002	21	%
13-24 payments	—		2,675,956		303,045		167,532		165,577		384,760		3,696,870		18
25-36 payments	—		—		1,524,834		195,091		129,571		456,448		2,305,944		11
37-48 payments	—		—		—		902,938		208,521		446,350		1,557,809		7
More than 48 payments	—		—		—		116		706,097		2,985,015		3,691,228		18
Not yet in repayment	1,976,040		1,672,333		669,250		307,781		213,593		452,994		5,291,991		25
Total	$	4,490,119	$	5,088,739	$	2,937,422	$	1,819,089	$	1,632,300	$	5,058,175	$	21,025,844	100	%

2023 Current period(5) gross charge-offs	$	(1,812)	$	(31,032)	$	(70,331)	$	(49,624)	$	(50,585)	$	(216,711)	$	(420,095)
2023 Current period(5) recoveries	172		2,342		6,496		4,923		5,260		27,175		46,368
2023 Current period(5) net charge-offs	$	(1,640)	$	(28,690)	$	(63,835)	$	(44,701)	$	(45,325)	$	(189,536)	$	(373,727)

Total accrued interest by origination vintage	$	177,959	$	408,800	$	269,978	$	152,094	$	116,618	$	229,116	$	1,354,565
(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 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 December 31, 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 Approval(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 period from January 1, 2022 through December 31, 2022.

Schedule of 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)

December 31, 2023	$	1,354,565	$	8,373	$	9,897
December 31, 2022	$	1,177,562	$	6,609	$	8,121

Defined Contribution Plans (Details) - Sallie Mae 401(k) Savings Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution percentage	100.00%
Type 1 of defined benefit contribution (up to)	5.00%
Employer contribution amount	$ 8	$ 7	$ 7

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Impact of Derivatives on the Consolidated Balance Sheet

The following tables summarize the fair values and notional amounts of all derivative instruments at December 31, 2023 and 2022, and their impact on earnings and other comprehensive income for the years ended December 31, 2023, 2022, and 2021.

Impact of Derivatives on the Consolidated Balance Sheets


		Cash Flow Hedges				Fair Value Hedges				Trading				Total
As of 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	$	—	$	—	$	—	$	—	$	—	$	972

Derivative Liabilities:(2)
Interest rate swaps	Interest rate	(339)		—		(31)		(567)		—		—		(370)		(567)
Total net derivatives		$	(339)	$	972	$	(31)	$	(567)	$	—	$	—	$	(370)	$	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:


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2023		2022		2023		2022
Gross position(1)	$	—	$	972	$	(370)	$	(567)
Impact of master netting agreement	—		(567)		—		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(370)		—
Cash collateral pledged(2)	9,228		11,162		—		—
Net position	$	9,228	$	11,567	$	(370)	$	—

__________

(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:


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2023		2022		2023		2022
Gross position(1)	$	—	$	972	$	(370)	$	(567)
Impact of master netting agreement	—		(567)		—		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(370)		—
Cash collateral pledged(2)	9,228		11,162		—		—
Net position	$	9,228	$	11,567	$	(370)	$	—

__________

(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:


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2023		2022		2023		2022
Gross position(1)	$	—	$	972	$	(370)	$	(567)
Impact of master netting agreement	—		(567)		—		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(370)		—
Cash collateral pledged(2)	9,228		11,162		—		—
Net position	$	9,228	$	11,567	$	(370)	$	—

__________

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

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

Schedule of Notional Amounts of Outstanding Derivative Positions


Notional Values
	Cash Flow				Fair Value				Trading				Total
As of December 31, (dollars in thousands)	2023		2022		2023		2022		2023		2022		2023		2022


Interest rate swaps	$	1,203,783	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,906,092	$	2,842,846

Net total notional	$	1,203,783	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,906,092	$	2,842,846

Schedule of Cumulative Basis Adjustments for Fair Value Hedges

As of December 31, 2023 and 2022, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


As of December 31, (dollars in thousands) Line Item in the Balance Sheet in Which the Hedged Item is Included:	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
	2023		2022		2023		2022

Deposits	$	(689,137)	$	(1,494,087)	$	12,910	$	31,259

Schedule of Impact of Derivatives on the Consolidated Statements of Income

Impact of Derivatives on the Consolidated Statements of Income


Years Ended December 31, (dollars in thousands)	2023		2022		2021

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(26,054)	$	16,308	$	85,850
Hedged items recorded in interest expense	(18,350)		82,043		103,450
Derivatives recorded in interest expense	18,487		(82,063)		(103,431)
Total	$	(25,917)	$	16,288	$	85,869

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	47,810	$	3,658	$	(20,852)
Total	$	47,810	$	3,658	$	(20,852)

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	—	$	(248)	$	(23,216)
Total	—		(248)		(23,216)
Total	$	21,893	$	19,698	$	41,801

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

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


Years Ended December 31, (dollars in thousands)	2023		2022		2021
Amount of gain (loss) recognized in other comprehensive income (loss)	$	13,353	$	97,389	$	27,259
Less: Amount of gain (loss) reclassified in interest expense	47,810		3,658		(20,852)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	(34,457)	$	93,731	$	48,111

Borrowings - Other Borrowing Sources Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Uncommitted federal funds		$ 125
Lendable value of collateral	$ 1,600	$ 2,200

Selected Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (unaudited)


2023
(Dollars in thousands, except per share data)	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Net interest income	$	405,068	$	386,631	$	384,628	$	385,886
Less: provisions for credit losses	114,112		17,729		198,023		15,599
Net interest income after provisions for credit losses	290,956		368,902		186,605		370,287
Gains (losses) on sales of loans, net	(9)		124,754		(5)		35,550
Gains (losses) on securities, net	1,711		(1,213)		1,490		690

Other income	20,009		20,513		22,753		20,873
Total operating expenses	154,539		154,164		167,402		143,101
Acquired intangible assets impairment and amortization expense	2,272		2,245		2,834		59,013
Income tax expense	37,338		91,482		11,242		56,843
Net income	118,518		265,065		29,365		168,443
Preferred stock dividends	4,063		4,274		4,642		4,726
Net income attributable to SLM Corporation common stock	$	114,455	$	260,791	$	24,723	$	163,717
Basic earnings per common share(1)	$	0.47	$	1.11	$	0.11	$	0.73
Diluted earnings per common share(1)	$	0.47	$	1.10	$	0.11	$	0.72
Declared dividends per common share	$	0.11	$	0.11	$	0.11	$	0.11


2022
	First		Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter
Net interest income	$	375,032	$	362,808	$	369,510	$	381,431
Less: provisions for credit losses	98,050		30,545		207,598		297,260
Net interest income after provisions for credit losses	276,982		332,263		161,912		84,171
Gains on sales of loans, net	9,881		239,997		74,978		2,894
Gains (losses) on securities, net	(3,580)		667		891		(58,245)
Gains (losses) on derivative and hedging activities, net	(5)		—		—		—
Other income	15,629		17,589		19,234		14,708
Total operating expenses	132,006		131,730		149,964		137,762
Acquired intangible assets amortization expense	733		2,417		2,328		2,301
Income tax expense (benefit)	37,356		114,296		29,551		(19,492)
Net income (loss)	128,812		342,073		75,172		(77,043)
Preferred stock dividends	1,275		1,757		2,531		3,466
Net income (loss) attributable to SLM Corporation common stock	$	127,537	$	340,316	$	72,641	$	(80,509)
Basic earnings (loss) per common share(1)	$	0.46	$	1.30	$	0.29	$	(0.33)
Diluted earnings (loss) per common share(1)	$	0.45	$	1.29	$	0.29	$	(0.33)
Declared dividends per common share	$	0.11	$	0.11	$	0.11	$	0.11

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 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.


Years ended December 31, (dollars in thousands, except per share data)	2023		2022		2021
Numerator:
Net income	$	581,391	$	469,014	$	1,160,513
Preferred stock dividends	17,705		9,029		4,736
Net income attributable to SLM Corporation common stock	$	563,686	$	459,985	$	1,155,777
Denominator:
Weighted average shares used to compute basic EPS	231,411		258,439		314,993
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)	2,652		3,064		4,919
Weighted average shares used to compute diluted EPS	234,063		261,503		319,912

Basic earnings per common share	$	2.44	$	1.78	$	3.67

Diluted earnings per common share	$	2.41	$	1.76	$	3.61

Significant Accounting Policies - Deposits (Details)	12 Months Ended
Significant Accounting Policies - Deposits (Details)	Dec. 31, 2023
Accounting Policies [Abstract]
Period of notification for withdrawal of deposits (less than or equal to)	7 days

Unfunded Loan Commitments

12 Months Ended

Dec. 31, 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 Note 2, “Significant Accounting Policies — Allowance for Credit Losses, — Off-Balance Sheet Exposure for Contractual Loan Commitments” in this Form 10-K for additional information.

At December 31, 2023, we had $2.2 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 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.


Years ended December 31, (dollars in thousands)	2023				2022				2021
	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments		Allowance		Unfunded Commitments

Beginning Balance	$	124,924	$	1,995,808	$	72,713	$	1,776,976	$	110,044	$	1,673,018


Provision/New commitments - net(1)	308,275		6,602,803		396,521		6,180,805		264,324		5,512,841

Transfer - funded loans(2)	(320,237)		(6,377,534)		(344,310)		(5,961,973)		(301,655)		(5,408,883)
Ending Balance	$	112,962	$	2,221,077	$	124,924	$	1,995,808	$	72,713	$	1,776,976

(1) Net of expirations of commitments unused. Also includes incremental provision for new commitments and changes to provision for existing commitments.

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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-20

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

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


Years ended December 31,	2023		2022		2021
Statutory rate	21.0	%	21.0	%	21.0	%

State tax, net of federal benefit	3.8		4.1		3.1
Business credits	(1.3)		(1.5)		(0.8)





Other, net	1.8		2.0		1.4
Effective tax rate	25.3	%	25.6	%	24.7	%

The effective tax rate varies from the statutory U.S. federal rate of 21 percent primarily due to business tax credits and the impact of state taxes, net of federal benefit, for the year ended December 31, 2023; due to business tax credits and the impact of state taxes, net of federal benefit, for the year ended December 31, 2022; and due to the impact of state taxes, net of federal benefit, for the year ended December 31, 2021.

Income tax expense consists of:


As of December 31, (dollars in thousands)	2023		2022		2021
Current provision (benefit):
Federal	$	175,977	$	205,954	$	259,536
State	44,152		49,427		64,843

Total current provision (benefit)	220,129		255,381		324,379
Deferred provision (benefit):
Federal	(20,687)		(75,978)		47,240
State	(2,537)		(17,692)		8,132

Total deferred provision (benefit)	(23,224)		(93,670)		55,372
Provision for income tax expense	$	196,905	$	161,711	$	379,751

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


As of December 31, (dollars in thousands)	2023		2022
Deferred tax assets:
Loan reserves	$	354,412	$	362,368
Net unrealized losses	24,176		30,160
Accrued expenses not currently deductible	16,297		12,949
Unrecorded tax benefits	11,568		12,916
Research and development costs	26,519		10,929
Stock-based compensation plans	10,847		9,624

Acquired intangible assets	14,536		781
Operating loss carryovers	26		300




Other	1,426		3,837
Total deferred tax assets	459,807		443,864
Deferred tax liabilities:
Student loan premiums and discounts, net	15,908		14,065
Fixed assets	8,533		9,347
Federal deferred for state receivable	1,171		2,111




Other	614		397
Total deferred tax liabilities	26,226		25,920
Net deferred tax assets	$	433,581	$	417,944

Included in operating loss carryovers are state net operating losses of $223 million and $7 million as of December 31, 2023 and 2022, respectively. The Company has recorded a valuation allowance against these net operating losses of $223 million and $7 million, respectively. Also included in operating loss carryovers is a capital loss of $18 million and $16 million as of December 31, 2023 and 2022, respectively. The Company has recorded a full valuation allowance against this capital loss. The valuation allowance is primarily attributable to deferred tax assets for state net operating losses and capital losses that management believes are more likely than not to expire prior to being realized. Included in net unrealized losses is a valuation allowance of $4 million and $4 million, respectively.

The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income of the appropriate character (i.e., capital or ordinary) during the period in which the temporary differences become deductible. Management considers, among other things, the scheduled reversals of deferred tax liabilities and the history of positive taxable income in evaluating the realizability of the deferred tax assets. Management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize our deferred tax assets (other than state net operating loss, net unrealized losses and capital loss carryovers as outlined above).

As of December 31, 2023, the state net operating loss carryforwards will begin to expire in 2029 and the capital losses in 2025.

Accounting for Uncertainty in Income Taxes

The following table summarizes changes in unrecognized tax benefits:


As of December 31, (dollars in thousands)	2023		2022		2021
Unrecognized tax benefits at beginning of year	$	79,366	$	75,328	$	63,134
Increases resulting from tax positions taken during a prior period	1,204		6,049		1,496
Decreases resulting from tax positions taken during a prior period	(250)		(1,327)		(1,481)
Increases resulting from tax positions taken during the current period	2,711		11,032		20,743
Decreases related to settlements with taxing authorities	(10,089)		(4,666)		(3,682)
Increases related to settlements with taxing authorities	—		—		96
Reductions related to the lapse of statute of limitations	(4,819)		(7,050)		(4,978)
Unrecognized tax benefits at end of year	$	68,123	$	79,366	$	75,328

As of December 31, 2023, the gross unrecognized tax benefits are $68 million. Included in the $68 million are $59 million of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate. As a part of the Spin-Off, the Company recorded a liability related to uncertain tax positions for which it was indemnified by Navient. See Note 2, “Significant Accounting Policies — Income Taxes” in this Form 10-K for additional details.

Tax-related interest and penalty expense is reported as a component of income tax expense. As of December 31, 2023, 2022, and 2021, the total amount of income tax-related accrued interest and penalties, net of related benefit, recognized in the consolidated balance sheets was $8 million, $8 million, and $10 million, respectively.

For the years ended December 31, 2023, 2022, and 2021, the total amount of income tax-related accrued interest, net of related tax benefit, recognized in the consolidated statements of income was $2 million, $(2) million, and $(1) million, respectively.

The Company or one of its subsidiaries files income tax returns at the U.S. federal level and in most U.S. states. U.S. federal income tax returns filed for years 2014 and prior are no longer subject to examination. Various combinations of subsidiaries, tax years, and jurisdictions remain open for review, subject to statute of limitations periods (typically three to four prior years). The Company’s federal income tax returns for the years ended December 31, 2015, December 31, 2016, and December 31, 2017 are currently under audit by the Internal Revenue Service. We do not expect the resolution of open audits to have a material impact on our unrecognized tax benefits.

It is reasonably possible that the uncertain tax position reserve may decrease by as much as $21 million during the next 12 months due to the expiration of statutes of limitations and audit settlements. The reduction in the uncertain tax position reserve would be reflected as a tax benefit.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Significant Accounting Policies - Troubled Debt Restructurings and Allowance for Credit Loss Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Private Education Loans related to borrowers in school, grace or deferment		25.00%	24.00%
Period of forbearance period to be classified as TDR		3 months
Period of forbearance		24 months
Period after grace period for forbearance allowance for loans		9 months
Forbearance period after grace period for loans		6 months
Monthly payment that is smaller than the interest accrued on the loan in that month		$ 25
Financing receivable allowance for credit loss, transfer to held-to-sale	$ 2,400,000
Credit Card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable allowance for credit loss, transfer to held-to-sale		$ 2,400,000

Allowance for Credit Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
% of Balance
Current period recoveries, total	$ (421,096)	$ (431,244)	$ (230,268)
Current period recoveries, total	46,368	41,742	29,506
Current period net charge-offs, total	(374,728)	(389,502)	(200,762)
Consumer Portfolio Segment \| Student Loan
% of Balance
Current period gross charge-offs, Year 1	(1,812)	(2,224)
Current period gross charge-offs, Year 2	(31,032)	(25,698)
Current period gross charge-offs, Year 3	(70,331)	(48,271)
Current period gross charge-offs, Year 4	(49,624)	(62,071)
Current period gross charge-offs, Year 5	(50,585)	(57,505)
Current period gross charge-offs, Year 6	(216,711)	(231,647)
Current period recoveries, total	(420,095)	(427,416)
Current period recoveries, Year 1	172	124
Current period recoveries, Year 2	2,342	1,841
Current period recoveries, Year 3	6,496	4,170
Current period recoveries, Year 4	4,923	5,556
Current period recoveries, Year 5	5,260	5,407
Current period recoveries, Year 6	27,175	24,639
Current period recoveries, total	46,368	41,737
Current period net charge-offs, Year 1	(1,640)	(2,100)
Current period net charge-offs, Year 2	(28,690)	(23,857)
Current period net charge-offs, Year 3	(63,835)	(44,101)
Current period net charge-offs, Year 4	(44,701)	(56,515)
Current period net charge-offs, Year 5	(45,325)	(52,098)
Current period net charge-offs, Year 6	(189,536)	(207,008)
Current period net charge-offs, total	(373,727)	(385,679)
Total accrued interest by origination vintage, Year 1	177,959	142,915
Total accrued interest by origination vintage, Year 2	408,800	315,308
Total accrued interest by origination vintage, Year 3	269,978	207,858
Total accrued interest by origination vintage, Year 4	152,094	184,832
Total accrued interest by origination vintage, Year 5	116,618	116,211
Total accrued interest by origination vintage, Year 6	229,116	210,438
Total accrued interest by origination vintage	1,354,565	1,177,562
Consumer Portfolio Segment \| Student Loan \| Loan delinquent, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	2,469,817	2,411,441	2,234,876
Year 2	3,254,534	2,991,839	2,786,646
Year 3	2,131,040	1,907,574	2,321,728
Year 4	1,416,069	1,683,986	1,772,651
Year 5	1,323,825	1,301,809	1,570,815
After Year 5	4,213,986	4,262,698	4,319,057
Loan type	14,809,271	14,559,347	15,005,773
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	17,599	14,164	15,148
Year 2	34,627	30,740	29,146
Year 3	37,147	30,877	46,616
Year 4	28,020	35,213	43,197
Year 5	31,432	31,366	41,695
After Year 5	149,926	144,948	132,757
Loan type	298,751	287,308	308,559
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	5,720	5,523	3,194
Year 2	17,227	15,056	7,441
Year 3	20,077	14,433	14,044
Year 4	16,614	18,201	14,310
Year 5	15,482	16,697	16,425
After Year 5	75,897	77,595	61,533
Loan type	151,017	147,505	116,947
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	1,678	1,710	642
Year 2	16,939	11,842	3,683
Year 3	21,470	14,872	8,453
Year 4	15,155	16,819	10,632
Year 5	16,150	16,107	11,935
After Year 5	79,383	74,040	44,588
Loan type	150,775	135,390	$ 79,933
Consumer Portfolio Segment \| Student Loan \| With and without cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	4,490,119	4,276,533
Year 2	5,088,739	4,547,159
Year 3	2,937,422	2,584,622
Year 4	1,819,089	2,172,660
Year 5	1,632,300	1,615,842
After Year 5	5,058,175	5,106,872
Loan type	$ 21,025,844	$ 20,303,688
% of Balance
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| With cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 3,903,676	$ 3,656,111
Year 2	4,428,163	3,941,921
Year 3	2,516,380	2,208,033
Year 4	1,535,308	1,853,619
Year 5	1,378,699	1,402,828
After Year 5	4,529,768	4,626,491
Loan type	$ 18,291,994	$ 17,689,003
% of Balance
Private education loans	87.00%	87.00%
Consumer Portfolio Segment \| Student Loan \| Without cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 586,443	$ 620,422
Year 2	660,576	605,238
Year 3	421,042	376,589
Year 4	283,781	319,041
Year 5	253,601	213,014
After Year 5	528,407	480,381
Loan type	$ 2,733,850	$ 2,614,685
% of Balance
Private education loans	13.00%	13.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 4,490,119	$ 4,276,533
Year 2	5,088,739	4,547,159
Year 3	2,937,422	2,584,622
Year 4	1,819,089	2,172,660
Year 5	1,632,300	1,615,842
After Year 5	5,058,175	5,106,872
Loan type	$ 21,025,844	$ 20,303,688
% of Balance
Total in percent	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	$ 328,199	$ 326,991
Year 2	395,526	307,646
Year 3	208,696	158,606
Year 4	118,935	177,098
Year 5	137,494	143,674
After Year 5	451,613	439,587
Loan type	$ 1,640,463	$ 1,553,602
% of Balance
Private Education Loans at origination	8.00%	8.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 635,642	$ 593,216
Year 2	704,642	611,649
Year 3	400,744	356,541
Year 4	254,762	339,685
Year 5	257,840	259,142
After Year 5	868,777	878,426
Loan type	$ 3,122,407	$ 3,038,659
% of Balance
Private Education Loans at origination	15.00%	15.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,383,779	$ 1,336,765
Year 2	1,586,783	1,440,510
Year 3	934,033	834,819
Year 4	590,401	719,777
Year 5	545,333	537,680
After Year 5	1,709,299	1,722,068
Loan type	$ 6,749,628	$ 6,591,619
% of Balance
Private Education Loans at origination	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	$ 2,142,499	$ 2,019,561
Year 2	2,401,788	2,187,354
Year 3	1,393,949	1,234,656
Year 4	854,991	936,100
Year 5	691,633	675,346
After Year 5	2,028,486	2,066,791
Loan type	$ 9,513,346	$ 9,119,808
% of Balance
Private Education Loans at origination	45.00%	45.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 4,490,119	$ 4,276,533
Year 2	5,088,739	4,547,159
Year 3	2,937,422	2,584,622
Year 4	1,819,089	2,172,660
Year 5	1,632,300	1,615,842
After Year 5	5,058,175	5,106,872
Loan type	$ 21,025,844	$ 20,303,688
% of Balance
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 495,451	$ 443,868
Year 2	638,381	461,589
Year 3	379,738	242,310
Year 4	217,956	237,105
Year 5	214,665	204,894
After Year 5	791,875	773,324
Loan type	$ 2,738,066	$ 2,363,090
% of Balance
Private Education Loans at origination	13.00%	12.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 616,684	$ 594,118
Year 2	672,777	579,784
Year 3	365,674	284,244
Year 4	193,462	240,999
Year 5	176,963	173,754
After Year 5	564,245	564,344
Loan type	$ 2,589,805	$ 2,437,243
% of Balance
Private Education Loans at origination	12.00%	12.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,347,094	$ 1,322,558
Year 2	1,477,310	1,378,910
Year 3	836,747	748,368
Year 4	498,414	628,060
Year 5	445,244	449,701
After Year 5	1,361,073	1,388,090
Loan type	$ 5,965,882	$ 5,915,687
% of Balance
Private Education Loans at origination	28.00%	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	$ 2,030,890	$ 1,915,989
Year 2	2,300,271	2,126,876
Year 3	1,355,263	1,309,700
Year 4	909,257	1,066,496
Year 5	795,428	787,493
After Year 5	2,340,982	2,381,114
Loan type	$ 9,732,091	$ 9,587,668
% of Balance
Private Education Loans at origination	47.00%	47.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 4,490,119	$ 4,276,533
Year 2	5,088,739	4,547,159
Year 3	2,937,422	2,584,622
Year 4	1,819,089	2,172,660
Year 5	1,632,300	1,615,842
After Year 5	5,058,175	5,106,872
Loan type	$ 21,025,844	$ 20,303,688
% of Balance
Total in percent	100.00%	100.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 2,514,079	$ 2,448,884
Year 2	740,450	636,073
Year 3	440,293	384,334
Year 4	245,631	330,316
Year 5	208,941	235,878
After Year 5	332,608	424,636
Loan type	$ 4,482,002	$ 4,460,121
% of Balance
Seasoning based on monthly scheduled payments due from 1-12 payments	21.00%	22.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0	$ 0
Year 2	2,675,956	2,477,764
Year 3	303,045	255,510
Year 4	167,532	195,753
Year 5	165,577	166,045
After Year 5	384,760	455,782
Loan type	$ 3,696,870	$ 3,550,854
% of Balance
Seasoning based on monthly scheduled payments due from 13 - 24 payments	18.00%	18.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	1,524,834	1,366,398
Year 4	195,091	257,534
Year 5	129,571	126,223
After Year 5	456,448	489,157
Loan type	$ 2,305,944	$ 2,239,312
% of Balance
Seasoning based on monthly scheduled payments due from 25 - 36 payments	11.00%	11.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	127
Year 4	902,938	1,008,418
Year 5	208,521	224,805
After Year 5	446,350	451,102
Loan type	$ 1,557,809	$ 1,684,452
% of Balance
Seasoning based on monthly scheduled payments due from 37 - 48 payments	7.00%	8.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	116	0
Year 5	706,097	643,611
After Year 5	2,985,015	2,830,285
Loan type	$ 3,691,228	$ 3,473,896
% of Balance
Seasoning based on monthly scheduled payments due from more than 48 payments	18.00%	17.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,976,040	$ 1,827,649
Year 2	1,672,333	1,433,322
Year 3	669,250	578,253
Year 4	307,781	380,639
Year 5	213,593	219,280
After Year 5	452,994	455,910
Loan type	$ 5,291,991	$ 4,895,053
% of Balance
Seasoning based on monthly scheduled payments due from not yet in repayment	25.00%	24.00%

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Trading investments	$ 54,481	$ 55,903
Available-for-sale investments	2,411,622	2,342,089
Derivative instruments	$ 0	$ 405
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Liabilities:
Derivative instruments	$ (370)	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Level 3
Assets:
Trading investments	$ 54,000	$ 56,000
Fair Value Measurements Recurring
Assets:
Trading investments	54,481	55,903
Available-for-sale investments	2,411,622	2,342,089
Derivative instruments	0	972
Total	2,466,103	2,398,964
Liabilities:
Derivative instruments	(370)	(567)
Fair Value Measurements Recurring \| Level 1
Assets:
Trading investments	0	0
Available-for-sale investments	0	0
Derivative instruments	0	0
Total	0	0
Liabilities:
Derivative instruments	0	0
Fair Value Measurements Recurring \| Level 2
Assets:
Trading investments	0	0
Available-for-sale investments	2,411,622	2,342,089
Derivative instruments	0	972
Total	2,411,622	2,343,061
Liabilities:
Derivative instruments	(370)	(567)
Fair Value Measurements Recurring \| Level 3
Assets:
Trading investments	54,481	55,903
Available-for-sale investments	0	0
Derivative instruments	0	0
Total	54,481	55,903
Liabilities:
Derivative instruments	$ 0	$ 0

Arrangements with Navient Corporation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Apr. 30, 2014
Related Party Transactions [Abstract]
Remaining balance of indemnification receivable in connection with the spin-off	$ 0	$ 27

Loans Held for Investment

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Loans Held for Investment

Loans held for investment are summarized as follows:


As of December 31, (dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	13,985,791	$	11,108,079
Variable-rate	7,040,053		9,195,609
Total Private Education Loans, gross	21,025,844		20,303,688
Deferred origination costs and unamortized premium/ (discount)	81,554		69,656
Allowance for credit losses	(1,335,105)		(1,353,631)
Total Private Education Loans, net	19,772,293		19,019,713

FFELP Loans	537,401		609,050
Deferred origination costs and unamortized premium/ (discount)	1,330		1,549
Allowance for credit losses	(4,667)		(3,444)
Total FFELP Loans, net	534,064		607,155
Loans held for investment, net	$	20,306,357	$	19,626,868

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

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


	2023				2022				2021
Years ended December 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,039,701	10.86	%	$	20,576,737	9.14	%	$	20,968,061	8.25	%
FFELP Loans	574,218		7.19		662,194		4.62		718,186		3.43
Credit Cards(1)	—		—		—		—		14,982		4.67
Total portfolio	$	21,613,919			$	21,238,931			$	21,701,229

(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.

Certain Collection Tools — Private Education Loans

Borrower-in-Custody Arrangements

Loans Held for Investment by Region

At December 31, 2023 and 2022, 43.5 percent and 43.1 percent, respectively, of total education loans were concentrated in the following states:


As of December 31,	2023		2022
California	10.1	%	9.8	%
New York	9.0		9.1
Pennsylvania	7.2		7.4
Texas	6.3		6.0
New Jersey	5.6		5.8
Florida	5.3		5.0
	43.5	%	43.1	%

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

Loans Held for Investment - By Region (Details)	Dec. 31, 2023	Dec. 31, 2022
Loans held for investment by Region [Line Items]
Percentage of loans concentrated in major states	43.50%	43.10%
California
Loans held for investment by Region [Line Items]
Percentage of loans held in state	10.10%	9.80%
New York
Loans held for investment by Region [Line Items]
Percentage of loans held in state	9.00%	9.10%
Pennsylvania
Loans held for investment by Region [Line Items]
Percentage of loans held in state	7.20%	7.40%
Texas
Loans held for investment by Region [Line Items]
Percentage of loans held in state	6.30%	5.80%
New Jersey
Loans held for investment by Region [Line Items]
Percentage of loans held in state	5.60%	6.00%
Florida
Loans held for investment by Region [Line Items]
Percentage of loans held in state	5.30%	5.00%

Stock-Based Compensation Plans and Arrangements

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans and Arrangements

Plan Summaries

As of December 31, 2023, we had one active stock-based compensation plan that provides for grants of equity awards to our employees and non-employee directors.

The SLM Corporation 2021 Omnibus Incentive Plan was approved by shareholders on June 8, 2021, and at December 31, 2023, 16 million shares were authorized to be issued from this plan.

We also maintain an Employee Stock Purchase Plan (the “ESPP”). The number of shares authorized under the plan at December 31, 2023 was 14 million shares.

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

Stock-Based Compensation

The total stock-based compensation cost recognized in the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021 was $36 million, $34 million, and $31 million, respectively. As of December 31, 2023, there was $22 million of total unrecognized compensation expense related to unvested restricted stock awards, restricted stock units, performance stock units, and ESPP awards, which is expected to be recognized over a weighted average period of 1.4 years. We amortize compensation expense on a straight-line basis over the related vesting periods of each tranche of each award.

Stock Options

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

There were 86,536 time-vested options granted in the year ended December 31, 2022. The options were granted to team members of an acquisition that took place in the first half of the year in 2022. The exercise price of the options is equal to 100 percent of the fair market value of a share of our common stock as of the grant date. The options will vest 100 percent on the third anniversary of the respective grant date and expire ten years after the respective grant date. The fair value of each stock option grant was estimated on the date of grant using a Black-Scholes option pricing model. The expected volatility of our common stock at the date of grant is estimated based on a historic volatility rate and the expected option life is calculated based on historical stock option experience as the best estimate of future exercise patterns. The dividend yield assumption is based on historical and anticipated dividend payouts. The risk-free interest rate assumption is based on observed interest rates consistent with the expected life of each stock option grant.

There were no stock options granted in the year ended December 31, 2023.

The following table summarizes stock option activity for the year ended December 31, 2023.


(Dollars in thousands, shares and per share amounts in actuals)	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
Outstanding at December 31, 2022	1,066,197	$	17.59
Granted	—	—
Exercised(2)	—	—
Canceled	—	—
Outstanding at December 31, 2023(3)	1,066,197	$	17.59	0.2 years	$	1,629
Exercisable at December 31, 2023	—	$	—	—	$	—

(2)No options were exercised in the years ended December 31, 2023 and 2022. The total intrinsic value of options exercised was $2 million for the year ended December 31, 2021.

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

Restricted Stock

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

The following table summarizes restricted stock activity for the year ended December 31, 2023.


(Shares and per share amounts in actuals)	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2022	79,710	$	15.68
Granted	83,479	16.47
Vested(1)	(79,710)	15.68
Canceled	—	—
Non-vested at December 31, 2023(2)	83,479	$	16.47

(1)The total fair value of shares that vested during the years ended December 31, 2023, 2022, and 2021 was $1 million, $1 million, and $1 million, respectively.

(2)As of December 31, 2023, there was $0.6 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 0.5 years.

Restricted Stock Units and Performance Stock Units

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

Outstanding RSUs and PSUs are entitled to dividend equivalent units that vest subject to the same vesting requirements or lapse of transfer restrictions, as applicable, as the underlying award. The fair value of RSUs is based on our stock price at the grant date. The fair value of each PSU grant was estimated on the date of grant using the Monte Carlo simulation-pricing model.

The following table summarizes RSU and PSU activity for the year ended December 31, 2023.


(Shares and per share amounts in actuals)	Number of RSUs/ PSUs	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022	4,248,945	$	15.44
Granted	2,932,239	14.30
Vested and converted to common stock(1)	(2,746,671)	12.68
Canceled	(87,519)	16.63
Outstanding at December 31, 2023(2)	4,346,994	$	16.39

(1)The total fair value of RSUs/PSUs that vested and converted to common stock during the years ended December 31, 2023, 2022, and 2021 was $35 million, $34 million, and $31 million, respectively.

(2)As of December 31, 2023, there was $21 million of unrecognized compensation cost related to RSUs/PSUs, which is expected to be recognized over a weighted average period of 1.5 years.

Employee Stock Purchase Plan

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

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


Years ended December 31, (per share amounts in actuals)	2023			2022			2021
Risk-free interest rate	5.31		%	3.02		%	0.07		%
Expected volatility	38		%	39		%	34		%
Expected dividend rate	2.73		%	2.78		%	0.66		%
Expected life of the option	1 year			1 year			1 year
Weighted average fair value of stock purchase rights	$	4.14		$	4.17		$	4.93

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

The fair values were amortized to compensation cost on a straight-line basis over a one-year vesting period. As of December 31, 2023, there was less than $1 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized by July 2024.

During the years ended December 31, 2021 and 2023, plan participants purchased approximately 496,000 shares and 195,000 shares, respectively, of our common stock. No shares were purchased for the year ended December 31, 2022, as our stock price on July 31, 2022 was less than the offering price for the ESPP plan.

Significant Accounting Policies - Business Combination (Details) - USD ($) $ in Thousands		2 Months Ended	12 Months Ended
	Jul. 21, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 04, 2022
Business Acquisition [Line Items]
Acquisition related costs			$ 952	$ 2,603	$ 0
Goodwill			$ 56,000
Nitro
Business Acquisition [Line Items]
Purchase price						$ 51,000
Transaction costs						3,000
Identifiable intangible assets at acquisition date included definite life intangible assets						$ 75,000
Scholly, Inc.
Business Acquisition [Line Items]
Acquisition related costs		$ 1,000
Identifiable intangible assets aggregate fair value at acquisition date	$ 11,000
Goodwill	$ 5,000

- 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

Derivative Financial Instruments - Narrative (Details)	12 Months Ended
Derivative Financial Instruments - Narrative (Details)	Dec. 31, 2023 USD ($) counterparty	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Number of central counterparties \| counterparty	2
Notional value	$ 1,906,092,000	$ 2,842,846,000
Derivative, fair value, amount offset against collateral, net	9,000,000	12,000,000
Gain (loss) to be reclassified within 12 months	(36,000,000)
Cash collateral held relative to derivative exposure	0	0
Cash collateral pledged	9,000,000	$ 11,000,000
CME
Derivative [Line Items]
Notional value	$ 1,800,000,000
Percent of total notional derivative contracts	92.60%
Amount of variation margin included as settlement	$ (40,000,000)
LCH
Derivative [Line Items]
Notional value	$ 100,000,000
Percent of total notional derivative contracts	7.40%
Amount of variation margin included as settlement	$ (4,000,000)

Investments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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	$	468,204	$	—	$	703	$	(62,480)	$	406,427
Utah Housing Corporation bonds	3,408		—		—		(279)		3,129
U.S. government-sponsored enterprises and Treasuries	1,645,609		—		—		(66,870)		1,578,739
Other securities	446,763		—		603		(24,039)		423,327
Total	$	2,563,984	$	—	$	1,306	$	(153,668)	$	2,411,622

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

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


	Less than 12 months				12 months or more				Total
As of December 31, (dollars in thousands)	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
2023:
Mortgage-backed securities	$	(531)	$	51,391	$	(61,949)	$	300,318	$	(62,480)	$	351,709
Utah Housing Corporation bonds	—		—		(279)		3,129		(279)		3,129
U.S. government-sponsored enterprises and Treasuries	—		—		(66,870)		1,578,739		(66,870)		1,578,739
Other securities	(2,221)		90,725		(21,818)		241,253		(24,039)		331,978
Total	$	(2,752)	$	142,116	$	(150,916)	$	2,123,439	$	(153,668)	$	2,265,555

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 December 31, 2023 Year of Maturity (Dollars in thousands)	Amortized Cost		Estimated Fair Value
2024	$	699,496	$	686,762
2025	298,815		289,794
2026	548,686		506,438
2027	98,612		95,746
2038	68		69
2039	646		639
2042	2,296		2,002
2043	4,156		3,773
2044	4,837		4,483
2045	5,107		4,596
2046	7,725		6,897
2047	7,646		6,880
2048	2,027		1,971
2049	15,792		14,170
2050	107,611		87,112
2051	154,622		124,399
2052	53,653		46,966
2053	245,209		236,537
2054	71,439		63,426
2055	86,199		81,892
2056	102,609		100,728
2058	46,733		46,342
Total	$	2,563,984	$	2,411,622

Income Taxes - Components of Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current provision (benefit):
Federal									$ 175,977	$ 205,954	$ 259,536
State									44,152	49,427	64,843
Total current provision (benefit)									220,129	255,381	324,379
Deferred provision (benefit):
Federal									(20,687)	(75,978)	47,240
State									(2,537)	(17,692)	8,132
Total deferred provision (benefit)									(23,224)	(93,670)	55,372
Provision for income tax expense	$ 56,843	$ 11,242	$ 91,482	$ 37,338	$ (19,492)	$ 29,551	$ 114,296	$ 37,356	$ 196,905	$ 161,711	$ 379,751

- Definition

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

+ References + Details

Borrowings - Long Term Borrowings Narrative (Details) - USD ($)					12 Months Ended
	Aug. 16, 2023	Mar. 15, 2023	Aug. 09, 2022	Nov. 01, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2023	Mar. 31, 2023	Aug. 31, 2022	Oct. 29, 2020
Debt Instrument [Line Items]
Total Issued					$ 1,147,000,000	$ 575,000,000
Unsecured debt issued					$ 0	$ 0	$ 492,135,000
Estimated weighted average life of student loans					5 years	5 years
Senior Unsecured Notes Due October 29, 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Total Issued					$ 497,000,000						$ 500,000,000
Interest rate											4.20%
Senior Unsecured Notes Due November 2, 2026 \| Unsecured Debt
Debt Instrument [Line Items]
Total Issued				$ 500,000,000	495,000,000
Interest rate				3.125%
Issuance price				99.43%
2023-A
Debt Instrument [Line Items]
Total Issued									$ 579,000,000
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					591,000,000
Principal amount of collateral					551,000,000
Capitalized interest					40,000,000
2023-A \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.53%
2023-C
Debt Instrument [Line Items]
Total Issued								$ 568,000,000
Private education loan term accounted for as a secured financing	$ 568,000,000
Loans sold to third parties	$ 568,000,000
Ownership interest percentage on asset-backed financing	100.00%
Unsecured debt issued	$ 568,000,000
Estimated weighted average life of student loans	4 years 11 months 4 days
Loans pledged as collateral					620,000,000
Principal amount of collateral					579,000,000
Capitalized interest					41,000,000
2023-C \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.69%
2022-C
Debt Instrument [Line Items]
Total Issued										$ 575,000,000
Private education loan term accounted for as a secured financing			$ 575,000,000
Loans sold to third parties			$ 575,000,000
Ownership interest percentage on asset-backed financing			100.00%
Unsecured debt issued			$ 575,000,000
Estimated weighted average life of student loans			4 years 8 months 8 days
Loans pledged as collateral						$ 543,000,000
Principal amount of collateral						513,000,000
Capitalized interest						$ 30,000,000
2022-C \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.76%
ABS Transactions
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing							$ 9,810,000,000
Private Education Loans
Debt Instrument [Line Items]
Private education loan term accounted for as a secured financing					4,020,000,000.00
Principal amount of collateral					3,900,000,000
Capitalized interest					$ 128,000,000

Stockholders' Equity - Common Stock Dividends (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock dividend per common share (in dollars per share)	$ 0.44	$ 0.44	$ 0.20

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Secured Borrowings

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


As of December 31, (dollars in thousands)	2023						2022
	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	992,200	$	992,200	$	—	$	988,986	$	988,986
Total unsecured borrowings	—		992,200		992,200		—		988,986		988,986

Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,585,254		3,585,254		—		3,462,363		3,462,363
Variable-rate	—		650,058		650,058		—		783,765		783,765
Total Private Education Loan term securitizations	—		4,235,312		4,235,312		—		4,246,128		4,246,128
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		4,235,312		4,235,312		—		4,246,128		4,246,128
Total	$	—	$	5,227,512	$	5,227,512	$	—	$	5,235,114	$	5,235,114

Schedule of Long-term Borrowings


	December 31, 2023				Year Ended December 31, 2023		December 31, 2022				Year Ended December 31, 2022
(Dollars in thousands)	Ending Balance		Weighted Average Interest Rate		Average Balance		Ending Balance		Weighted Average Interest Rate		Average Balance
Long-term borrowings:
Floating-rate borrowings	$	650,058	6.51	%	$	715,409	$	783,765	5.26	%	$	898,002
Fixed-rate borrowings	4,577,454		3.52		4,605,806		4,451,349		2.93		4,571,690
Total long-term borrowings	$	5,227,512	3.89	%	$	5,321,215	$	5,235,114	3.28	%	$	5,469,692

Schedule of Maturities of Long-term Debt

As of December 31, 2023, the maturities of our brokered CDs and borrowings are summarized below.


As of December 31, 2023 (dollars in thousands)	Brokered CDs		Unsecured Debt		Secured Borrowings(1)		Total

2024	$	2,385,510	$	—	$	721,038	$	3,106,548
2025	2,768,889		497,567		710,111		3,976,567
2026	1,832,740		494,633		663,588		2,990,961
2027	151,131		—		592,381		743,512
2028	146,459		—		496,386		642,845
2029 and after	—		—		1,051,808		1,051,808
	7,284,729		992,200		4,235,312		12,512,241
Hedge accounting adjustments	(1,306)		—		—		(1,306)
Total	$	7,283,423	$	992,200	$	4,235,312	$	12,510,935

Schedule of Securities Financing Transactions

Secured Financings

The following summarizes our secured financings issued in 2022 and 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
2023-C	August 2023	$	568,000	SOFR plus 1.69%	4.93
Total notes issued in 2023		$	1,147,000

Total loan and accrued interest amount securitized at inception in 2023(3)		$	1,292,507

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

(2) At December 31, 2023, $543 million of our Private Education Loans, including $513 million of principal and $30 million in capitalized interest, were encumbered related to these transactions.

(3) At December 31, 2023, $1.21 billion of our Private Education Loans, including $1.13 billion of principal and $81 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 December 31, 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	$	—	$	4,235,312	$	4,235,312	$	5,539,964	$	149,412	$	311,697	$	6,001,073
Secured Borrowing Facility	—		—		—		—		—		1,066		1,066
Total	$	—	$	4,235,312	$	4,235,312	$	5,539,964	$	149,412	$	312,763	$	6,002,139


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.


	2023						2022
As of December 31, (dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	423,327	$	54,481	$	477,808	$	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 long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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+ Details

- Definition

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

+ References + Details

Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment are summarized as follows:


As of December 31, (dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	13,985,791	$	11,108,079
Variable-rate	7,040,053		9,195,609
Total Private Education Loans, gross	21,025,844		20,303,688
Deferred origination costs and unamortized premium/ (discount)	81,554		69,656
Allowance for credit losses	(1,335,105)		(1,353,631)
Total Private Education Loans, net	19,772,293		19,019,713

FFELP Loans	537,401		609,050
Deferred origination costs and unamortized premium/ (discount)	1,330		1,549
Allowance for credit losses	(4,667)		(3,444)
Total FFELP Loans, net	534,064		607,155
Loans held for investment, net	$	20,306,357	$	19,626,868

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

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


	2023				2022				2021
Years ended December 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,039,701	10.86	%	$	20,576,737	9.14	%	$	20,968,061	8.25	%
FFELP Loans	574,218		7.19		662,194		4.62		718,186		3.43
Credit Cards(1)	—		—		—		—		14,982		4.67
Total portfolio	$	21,613,919			$	21,238,931			$	21,701,229

(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.

Schedule of Loans Held for Investment by Region

Loans Held for Investment by Region

At December 31, 2023 and 2022, 43.5 percent and 43.1 percent, respectively, of total education loans were concentrated in the following states:


As of December 31,	2023		2022
California	10.1	%	9.8	%
New York	9.0		9.1
Pennsylvania	7.2		7.4
Texas	6.3		6.0
New Jersey	5.6		5.8
Florida	5.3		5.0
	43.5	%	43.1	%

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flow Hedges
Interest expense	$ 1,030,090	$ 542,799	$ 382,078
Trading
Total	$ 21,893	$ 19,698	$ 41,801
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
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	$ (26,054)	$ 16,308	$ 85,850
Hedged items recorded in interest expense	(18,350)	82,043	103,450
Derivatives recorded in interest expense	18,487	(82,063)	(103,431)
Trading
Total	(25,917)	16,288	85,869
Designated as Hedging Instrument \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	47,810	3,658	(20,852)
Trading
Trading
Change in fair value of future interest payments recorded in earnings	0	(248)	(23,216)
Total	$ 0	$ (248)	$ (23,216)

Subsequent Events (Details) - Private Education Loans - Subsequent Event $ in Millions	Feb. 01, 2024 USD ($)
Subsequent Event [Line Items]
Sale of financing receivables	$ 2,000
Financing Receivable, Sale, Principal	1,900
Financing Receivable, Sale, Capitalized Interest	143
Financing Receivable, Sale, Accrued Interest	$ 10

Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Credit Losses
Beginning Balance	$ 1,357,075	$ 1,165,335	$ 1,361,723
Transfer from unfunded commitment liability	320,237	344,310	301,655
Provision for current period	242,571	413,535	(232,708)
Loan sale reduction to provision	(205,383)	(174,231)	(66,460)
Loans transferred to held-for-sale	0	(2,372)	(1,887)
Total provisions	37,188	236,932	(297,281)
Net charge-offs
Charge-offs	(421,096)	(431,244)	(230,268)
Recoveries	46,368	41,742	29,506
Net charge-offs	(374,728)	(389,502)	(200,762)
Ending Balance	1,339,772	1,357,075	1,165,335
Allowance
Ending balance: individually evaluated for impairment			47,712
Ending balance: collectively evaluated for impairment	1,339,772	1,357,075	1,117,623
Loans
Ending balance: individually evaluated for impairment			1,057,665
Ending balance: collectively evaluated for impairment	21,563,245	20,912,738	20,379,428
Accrued interest to be capitalized
Ending balance: individually evaluated for impairment			0
Ending balance: collectively evaluated for impairment	1,203,357	936,837	947,391
Private Education Loan provision for credit losses, other impacts	2,224	909	1,144
Provisions for credit losses reported in consolidated statements of income	345,463	633,453	(32,957)
Adjustments
Allowance for Credit Losses
Beginning Balance	(259,536)
Net charge-offs
Ending Balance	(259,536)	(259,536)
FFELP Loans
Allowance for Credit Losses
Beginning Balance	3,444	4,077	4,378
Transfer from unfunded commitment liability	0	0	0
Provision for current period	2,224	(20)	20
Loan sale reduction to provision	0	0	0
Loans transferred to held-for-sale	0	0	0
Total provisions	2,224	(20)	20
Net charge-offs
Charge-offs	(1,001)	(613)	(321)
Recoveries	0	0	0
Net charge-offs	(1,001)	(613)	(321)
Ending Balance	4,667	3,444	4,077
Allowance
Ending balance: individually evaluated for impairment			0
Ending balance: collectively evaluated for impairment	4,667	3,444	4,077
Loans
Ending balance: individually evaluated for impairment			0
Ending balance: collectively evaluated for impairment	537,401	609,050	695,216
Accrued interest to be capitalized
Ending balance: individually evaluated for impairment			0
Ending balance: collectively evaluated for impairment	$ 0	$ 0	$ 0
Net charge-offs as a percentage of average loans in repayment (annualized)	0.23%	0.12%	0.06%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized	0.87%	0.57%	0.59%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment	1.15%	0.76%	0.74%
Allowance coverage of net charge-offs	4.66	5.62	12.70
Ending total loans, gross	$ 537,401	$ 609,050	$ 695,216
Average loans in repayment	433,225	517,139	545,689
Ending loans in repayment	406,568	453,915	553,980
Accrued interest to be capitalized on loans in repayment	0	0	0
Private Education Loan provision for credit losses, other impacts	2,224	(20)	20
Private Education Loans
Allowance for Credit Losses
Beginning Balance	1,353,631	1,158,977	1,355,844
Transfer from unfunded commitment liability	320,237	344,310	301,655
Provision for current period	240,347	410,254	(233,852)
Loan sale reduction to provision	(205,383)	(174,231)	(66,460)
Loans transferred to held-for-sale	0	0	(1,887)
Total provisions	34,964	236,023	(298,425)
Net charge-offs
Charge-offs	(420,095)	(427,416)	(229,591)
Recoveries	46,368	41,737	29,494
Net charge-offs	(373,727)	(385,679)	(200,097)
Ending Balance	1,335,105	1,353,631	1,158,977
Allowance
Ending balance: individually evaluated for impairment			47,712
Ending balance: collectively evaluated for impairment	1,335,105	1,353,631	1,111,265
Loans
Ending balance: individually evaluated for impairment			1,057,665
Ending balance: collectively evaluated for impairment	21,025,844	20,303,688	19,659,198
Accrued interest to be capitalized
Ending balance: individually evaluated for impairment			0
Ending balance: collectively evaluated for impairment	$ 1,203,357	$ 936,837	$ 947,391
Net charge-offs as a percentage of average loans in repayment (annualized)	2.44%	2.55%	1.33%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized	6.01%	6.37%	5.35%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment	8.43%	8.76%	7.32%
Allowance coverage of net charge-offs	3.57	3.51	5.79
Ending total loans, gross	$ 21,025,844	$ 20,303,688	$ 20,716,863
Average loans in repayment	15,310,934	15,103,123	15,019,869
Ending loans in repayment	15,409,814	15,129,550	15,511,212
Accrued interest to be capitalized on loans in repayment	435,807	324,384	312,537
Provisions for loan losses	34,964	236,023	(298,425)
Provisions for unfunded loan commitments	308,275	396,521	264,324
Total Private Education Loan provisions for credit losses	343,239	632,544	(34,101)
Credit Cards
Allowance for Credit Losses
Beginning Balance	$ 0	2,281	1,501
Transfer from unfunded commitment liability		0	0
Provision for current period		3,301	1,124
Loan sale reduction to provision		0	0
Loans transferred to held-for-sale		(2,372)	0
Total provisions		929	1,124
Net charge-offs
Charge-offs		(3,215)	(356)
Recoveries		5	12
Net charge-offs		(3,210)	(344)
Ending Balance		0	2,281
Allowance
Ending balance: individually evaluated for impairment			0
Ending balance: collectively evaluated for impairment		0	2,281
Loans
Ending balance: individually evaluated for impairment			0
Ending balance: collectively evaluated for impairment		0	25,014
Accrued interest to be capitalized
Ending balance: individually evaluated for impairment			0
Ending balance: collectively evaluated for impairment		$ 0	$ 0
Net charge-offs as a percentage of average loans in repayment (annualized)		0.00%	2.24%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized		0.00%	9.12%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment		0.00%	9.12%
Allowance coverage of net charge-offs		0	6.63
Ending total loans, gross		$ 0	$ 25,014
Average loans in repayment		0	15,343
Ending loans in repayment		0	25,014
Accrued interest to be capitalized on loans in repayment		0	0
Private Education Loan provision for credit losses, other impacts		$ 929	$ 1,124

Unfunded Loan Commitments - Schedule of Allowance for Credit Losses and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance
Beginning balance	$ 124,924	$ 72,713	$ 110,044
Provisions for unfunded loan commitments	308,275	396,521	264,324
Transfer - funded loans	(320,237)	(344,310)	(301,655)
Ending balance	112,962	124,924	72,713
Unfunded Commitments
Beginning balance	1,995,808	1,776,976	1,673,018
Provision/New commitments - net	6,602,803	6,180,805	5,512,841
Transfer - funded loans	(6,377,534)	(5,961,973)	(5,408,883)
Ending balance	2,221,077	1,995,808	$ 1,776,976
Adjustments
Allowance
Beginning balance	(26,094)
Ending balance	$ (26,094)	$ (26,094)

Regulatory Capital - U.S. Basel III Regulatory Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 3,019,973	$ 3,040,662
Tier 1 Capital (to Risk-Weighted Assets)	3,019,973	3,040,662
Total Capital (to Risk-Weighted Assets)	3,334,140	3,338,645
Tier 1 Capital (to Average Assets)	$ 3,019,973	$ 3,040,662
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	12.30%	12.90%
Tier 1 Capital (to Risk-Weighted Assets)	0.123	0.129
Total Capital (to Risk-Weighted Assets)	0.136	0.142
Tier 1 Capital (to Average Assets)	0.102	0.103
Well Capitalized Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,719,621	$ 1,645,807
Tier 1 Capital (to Risk-Weighted Assets)	2,088,111	1,998,480
Total Capital (to Risk-Weighted Assets)	2,579,432	2,468,711
Tier 1 Capital (to Average Assets)	$ 1,184,213	$ 1,185,280
Well Capitalized 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

Stockholders' Equity - Common Stock (Details) - $ / shares shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,125.0	1,125.0
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares issued (in shares)	438.2	435.1
Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,125.0
Common stock, par value (in dollars per share)	$ 0.20
Common stock, shares issued (in shares)	220.0
Common stock shares outstanding (in shares)	220.0
Common shares unissued but encumbered (in shares)	36.0

- 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

+ Details

Investments - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
Investments - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($) security	Jun. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)	Mar. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Vertical risk retention interest			5.00%	5.00%
Increase in trading investments			$ 0	$ 5,117	$ 0
Trading investments	$ 55,903		$ 54,481	$ 55,903
Number of government sponsored securities with unrealized losses \| security	191		213	191
Number of mortgage-backed securities \| security	194		248	194
Par value of mortgage-backed securities pledged to FRB	$ 547,000		$ 612,000	$ 547,000
Gain (loss) on non-marketable securities investment	(60,000)	$ 35,000
Non-marketable securities investment	8,000		14,000	8,000
Low income housing tax credit investments			11,000	9,000	7,000
Amount of amortization reported in income tax expense			9,000	7,000	$ 6,000
Total carrying value of LIHTC investments	80,000		72,000	80,000
Liability for unfunded commitments	$ 46,000		$ 30,000	$ 46,000
Equity Securities
Debt Securities, Available-for-sale [Line Items]
Non-marketable securities investment						$ 5,000

Cash and Cash Equivalents	12 Months Ended
Cash and Cash Equivalents	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents As of December 31, 2023, cash and cash equivalents include cash due from the FRB of $4.1 billion and cash due from depository institutions of $41 million. As of December 31, 2022, cash and cash equivalents include cash due from the FRB of $4.6 billion and cash due from depository institutions of $63 million. As of December 31, 2023 and 2022, we had no outstanding cash equivalents. The FRB Term Deposit Facility program is used to facilitate the conduct of monetary policy by providing a tool that may be used to manage the aggregate quantity of reserve balances held by depository institutions. Under this program, the FRB accepts deposits for a stated maturity at a rate of interest determined via auction. The funds are removed from the accounts of participating institutions for the life of the term deposit. We did not participate in these auctions in 2023 or 2022, resulting in no interest reported. As of December 31, 2023 and 2022, no funds were on deposit with the FRB under this program.

Borrowings - Secured Financing (Details) - USD ($)	1 Months Ended
Borrowings - Secured Financing (Details) - USD ($)	Aug. 31, 2023	Mar. 31, 2023	Aug. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total Issued				$ 1,147,000,000	$ 575,000,000
Total loans and accrued interest amount securitized at inception				1,292,507,000	674,387,000
2022-C
Debt Instrument [Line Items]
Total Issued			$ 575,000,000
Weighted Average Life (in years)			4 years 8 months 8 days
Principal amount of collateral					513,000,000
Capitalized interest					$ 30,000,000
2022-C \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Weighted Average Cost of Funds			1.76%
2023-A
Debt Instrument [Line Items]
Total Issued		$ 579,000,000
Weighted Average Life (in years)		5 years 21 days
Principal amount of collateral				551,000,000
Capitalized interest				40,000,000
2023-A \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Weighted Average Cost of Funds		1.53%
2023-C
Debt Instrument [Line Items]
Total Issued	$ 568,000,000
Weighted Average Life (in years)	4 years 11 months 4 days
Principal amount of collateral				579,000,000
Capitalized interest				41,000,000
2023-C \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Weighted Average Cost of Funds	1.69%
Private Education Loans Securitized in 2021
Debt Instrument [Line Items]
Loans				543,000,000
Principal amount of collateral				513,000,000
Capitalized interest				30,000,000
Private Education Loans Securitized in 2022
Debt Instrument [Line Items]
Loans				1,210,000,000
Principal amount of collateral				1,130,000,000
Capitalized interest				$ 81,000,000

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Deposits - interest bearing	$ 21,651,657	$ 21,446,647
Deposits - non-interest bearing	1,531	1,424
Total deposits	$ 21,653,188	$ 21,448,071

Deposits

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Deposits

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


As of December 31, (dollars in thousands)	2023		2022
Deposits - interest bearing	$	21,651,657	$	21,446,647
Deposits - non-interest bearing	1,531		1,424
Total deposits	$	21,653,188	$	21,448,071

Our total deposits of $21.7 billion were comprised of $10.3 billion in brokered deposits and $11.4 billion in retail and other deposits at December 31, 2023, compared with 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 December 31, 2023 and 2022 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity MMDAs, and retail and brokered CDs. Interest bearing deposits also include deposits from Educational 529 and Health Savings plans that diversify our funding sources and that we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.6 billion of our deposit total as of December 31, 2023, compared with $8.0 billion at December 31, 2022.

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 $12 million, $13 million, and $16 million in the years ended December 31, 2023, 2022, and 2021, respectively. Fees paid to third-party brokers related to brokered CDs were $8 million, $13 million, and $13 million during the years ended December 31, 2023, 2022, and 2021, respectively.

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


	2023				2022
As of December 31, (dollars in thousands)	Amount		Year-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,258,292	4.85	%	$	10,977,242	3.75	%
Savings	945,000		4.35		982,586		3.15
Certificates of deposit	10,448,365		3.69		9,486,819		2.57
Deposits - interest bearing	$	21,651,657			$	21,446,647

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

Certificates of deposit remaining maturities are summarized as follows:


As of December 31, (dollars in thousands)	2023		2022
One year or less	$	3,937,766	$	3,224,573
After one year to two years	4,112,902		2,954,257
After two years to three years	1,881,371		1,904,919
After three years to four years	327,295		1,031,881
After four years to five years	188,802		324,375
After five years	229		46,814
Total	$	10,448,365	$	9,486,819

As of December 31, 2023 and 2022, there were $478 million and $615 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $91 million and $59 million at December 31, 2023 and 2022, respectively.

Stock-Based Compensation Plans and Arrangements - Restricted Stock and Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Grant Date Fair Value
Unrecognized compensation cost	$ 22.0
Weighted average period for total unrecognized compensation cost	1 year 4 months 24 days
Restricted Stock
Number of Shares
Beginning balance (in shares)	79,710
Granted (in shares)	83,479
Vested (in shares)	(79,710)
Canceled (in shares)	0
Ending balance (in shares)	83,479	79,710
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 15.68
Granted (in dollars per share)	16.47
Vested (in dollars per share)	15.68
Canceled (in dollars per share)	0
Ending balance (in dollars per share)	$ 16.47	$ 15.68
Fair value of shares vested	$ 1.0	$ 1.0	$ 1.0
Unrecognized compensation cost	$ 0.6
Weighted average period for total unrecognized compensation cost	6 months
Restricted Stock Units And Performance Stock Units
Number of Shares
Beginning balance (in shares)	4,248,945
Granted (in shares)	2,932,239
Vested (in shares)	(2,746,671)
Canceled (in shares)	(87,519)
Ending balance (in shares)	4,346,994	4,248,945
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 15.44
Granted (in dollars per share)	14.30
Vested (in dollars per share)	12.68
Canceled (in dollars per share)	16.63
Ending balance (in dollars per share)	$ 16.39	$ 15.44
Fair value of restricted stock units that vested and converted to common stock	$ 35.0	$ 34.0	$ 31.0
Unrecognized compensation cost	$ 21.0
Weighted average period for total unrecognized compensation cost	1 year 6 months

Income Taxes - Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory rate	21.00%	21.00%	21.00%
State tax, net of federal benefit	3.80%	4.10%	3.10%
Business credits	(1.30%)	(1.50%)	(0.80%)
Other, net	1.80%	2.00%	1.40%
Effective tax rate	25.30%	25.60%	24.70%

Borrowings - Summary of Exposure Related to Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Estimated Fair Value	$ 2,411,622	$ 2,342,089
Liability for unfunded commitments	112,962	124,924	$ 72,713	$ 110,044
Variable Interest Entity, Not Primary Beneficiary \| Private Education Loan term securitizations:
Debt Instrument [Line Items]
Estimated Fair Value	423,327	329,188
Equity Interests	54,481	50,786
Liability for unfunded commitments	$ 477,808	$ 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

+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 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.

Although we use derivatives to reduce the risk of interest rate changes, the use of derivatives does expose us to both market and credit risk. Market risk is the chance of financial loss resulting from changes in interest rates and market liquidity. Credit risk is the risk that a counterparty will not perform its obligations under a contract and it is limited to the loss of the fair value gain in a derivative that the counterparty owes us less collateral held and plus collateral posted. When the fair value of a derivative contract less collateral held and plus collateral posted is negative, we owe the counterparty and, therefore, we have no credit risk exposure to the counterparty; however, the counterparty has exposure to us. We minimize the credit risk in derivative instruments by entering into transactions with reputable counterparties that are reviewed regularly by our Credit Department. We also maintain a policy of requiring that all derivative contracts be governed by an International Swaps and Derivatives Association, Inc. Master Agreement. Depending on the nature of the derivative transaction, bilateral collateral arrangements are required as well. When we have more than one outstanding derivative transaction with the counterparty, and there exists legally enforceable netting provisions with the counterparty (i.e., a legal right to offset receivable and payable derivative contracts), the “net” mark-to-market exposure, less collateral held and plus collateral posted, represents exposure with the counterparty. We refer to this as the “net position.” When there is a net negative exposure, we consider our exposure to the counterparty and the net position to be zero.

Title VII of the Dodd-Frank Act requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the CME and the LCH. All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of December 31, 2023, $1.8 billion notional of our derivative contracts were cleared on the CME and $0.1 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 92.6 percent and 7.4 percent, respectively, of our total notional derivative contracts of $1.9 billion at December 31, 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 December 31, 2023 was $(40) million and $(4) 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 December 31, 2023 and 2022, we had a net positive exposure (derivative gain positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $9 million and $12 million, respectively.

Accounting for Derivative Instruments

The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at fair value. Our derivative instruments are classified and accounted for by us as fair value hedges, cash flow hedges, and trading hedges.

Fair Value Hedges

We generally use fair value hedges to offset the exposure to changes in fair value of a recognized fixed-rate liability. We enter into interest rate swaps to economically convert fixed-rate liabilities into variable-rate liabilities. For fair value hedges, we generally consider all components of the derivative’s gain and/or loss when assessing hedge effectiveness and generally hedge changes in fair values due to interest rates. For fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the consolidated statements of income that is used to present the earnings effect of the hedged component of the hedged item.

Cash Flow Hedges

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

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate deposits. During the next twelve months, we estimate that $36 million will be reclassified as a decrease to interest expense.

Trading Activities

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

Summary of Derivative Financial Statement Impact

Impact of Derivatives on the Consolidated Balance Sheets


		Cash Flow Hedges				Fair Value Hedges				Trading				Total
As of 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	$	—	$	—	$	—	$	—	$	—	$	972

Derivative Liabilities:(2)
Interest rate swaps	Interest rate	(339)		—		(31)		(567)		—		—		(370)		(567)
Total net derivatives		$	(339)	$	972	$	(31)	$	(567)	$	—	$	—	$	(370)	$	405

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


As of December 31, (dollars in thousands)	Other Assets				Other Liabilities
	2023		2022		2023		2022
Gross position(1)	$	—	$	972	$	(370)	$	(567)
Impact of master netting agreement	—		(567)		—		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(370)		—
Cash collateral pledged(2)	9,228		11,162		—		—
Net position	$	9,228	$	11,567	$	(370)	$	—

__________

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

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


Notional Values
	Cash Flow				Fair Value				Trading				Total
As of December 31, (dollars in thousands)	2023		2022		2023		2022		2023		2022		2023		2022


Interest rate swaps	$	1,203,783	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,906,092	$	2,842,846

Net total notional	$	1,203,783	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,906,092	$	2,842,846

As of December 31, 2023 and 2022, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


As of December 31, (dollars in thousands) Line Item in the Balance Sheet in Which the Hedged Item is Included:	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
	2023		2022		2023		2022

Deposits	$	(689,137)	$	(1,494,087)	$	12,910	$	31,259

Impact of Derivatives on the Consolidated Statements of Income


Years Ended December 31, (dollars in thousands)	2023		2022		2021

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(26,054)	$	16,308	$	85,850
Hedged items recorded in interest expense	(18,350)		82,043		103,450
Derivatives recorded in interest expense	18,487		(82,063)		(103,431)
Total	$	(25,917)	$	16,288	$	85,869

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	47,810	$	3,658	$	(20,852)
Total	$	47,810	$	3,658	$	(20,852)

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	—	$	(248)	$	(23,216)
Total	—		(248)		(23,216)
Total	$	21,893	$	19,698	$	41,801

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


Years Ended December 31, (dollars in thousands)	2023		2022		2021
Amount of gain (loss) recognized in other comprehensive income (loss)	$	13,353	$	97,389	$	27,259
Less: Amount of gain (loss) reclassified in interest expense	47,810		3,658		(20,852)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	(34,457)	$	93,731	$	48,111

Cash Collateral

As of December 31, 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 December 31, 2023 and 2022, respectively. Collateral held is recorded in “Other Liabilities” on the consolidated balance sheets. Cash collateral pledged related to derivative exposure between us and our derivatives counterparties was $9 million and $11 million at December 31, 2023 and 2022, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Deposits - Certificates of Deposits Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Time Deposits, Fiscal Year Maturity [Abstract]
One year or less	$ 3,937,766	$ 3,224,573
After one year to two years	4,112,902	2,954,257
After two years to three years	1,881,371	1,904,919
After three years to four years	327,295	1,031,881
After four years to five years	188,802	324,375
After five years	229	46,814
Total	$ 10,448,365	$ 9,486,819

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,613,919	$ 21,238,931	$ 21,701,229
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,039,701	$ 20,576,737	$ 20,968,061
Weighted Average Interest Rate	10.86%	9.14%	8.25%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 574,218	$ 662,194	$ 718,186
Weighted Average Interest Rate	7.19%	4.62%	3.43%
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 0	$ 0	$ 14,982
Weighted Average Interest Rate	0.00%	0.00%	4.67%

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables that Subsequently Defaulted (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 380,526	$ 326,116
60 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	28,972	22,925
Payment Default(3)	30,862	22,621
Financing Receivable, Troubled Debt Restructuring, Write-Down	8,070	6,331
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	24,800	20,600
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	4,200	2,300
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	380,526	326,116
Private Education Loans \| 60 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	28,972	22,925
Payment Default(3)	30,862	22,621
Financing Receivable, Troubled Debt Restructuring, Write-Down	$ 8,070	$ 6,331

Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets

Acquired intangible assets include the following:


		December 31, 2023						December 31, 2022
(Dollars in thousands)	Useful Life (in years)(1)	Cost Basis		Accumulated Amortization		Net		Cost Basis		Accumulated Amortization		Net
Trade name and trademarks(2)(3)	4.0	$	6,040	$	(629)	$	5,411	$	68,470	$	(5,706)	$	62,764
Customer relationships(2)	4.6	8,920		(4,013)		4,907		5,670		(1,723)		3,947
Developed technology(2)	3.5	2,590		(908)		1,682		1,260		(350)		910
Partner relationships	2.5	730		(122)		608		—		—		—
Total acquired intangible assets		$	18,280	$	(5,672)	$	12,608	$	75,400	$	(7,779)	$	67,621

(1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 4.3 years and the weighted average useful life of the acquired intangible assets related to the Scholly acquisition is 3.9 years.

(2) Trade name and trademarks, customer relationships, and developed technology at December 31, 2023 include $6 million, $3 million, and $1 million, respectively, related to the Scholly acquisition.

(3) In 2023, we fully impaired the Nitro trade name and trademarks asset for $56 million.

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” “our,” or “us”) is a holding company that operates through a number of subsidiaries and is the premier financial brand for higher education. While the Sallie Mae name has existed for more than 50 years, the company that operates as Sallie Mae today, SLM Corporation, was formed in late 2013 and includes its wholly-owned subsidiary, Sallie Mae Bank, an industrial bank established in 2005 (the “Bank”). On April 30, 2014, we legally separated (the “Spin-Off”) from another public company that is now named Navient Corporation (“Navient”), which is in the education loan management, servicing, asset recovery, and consolidation loan business. We are a consumer banking business and did not retain any assets or liabilities generated prior to the Spin-Off other than those explicitly retained by us pursuant to the documents executed in connection with the Spin-Off. We sometimes refer to the company that existed prior to the Spin-Off as “pre-Spin-Off SLM.” Our primary business is to originate and service loans we make to students and their families to finance the cost of their education. We use “Private Education Loans” to mean education loans to students or their families that are not made, insured, or guaranteed by any state or federal government. Private Education Loans do not include loans insured or guaranteed under the previously existing Federal Family Education Loan Program (“FFELP Loans”). The core of our marketing strategy is to generate Private Education Loan originations by promoting our products on campuses through the financial aid offices as well as through online and direct marketing to students and their families. The Bank is regulated by the Utah Department of Financial Institutions (the “UDFI”), the Federal Deposit Insurance Corporation (the “FDIC”), and the Consumer Financial Protection Bureau (the “CFPB”).

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliations of Statutory U.S. Federal Income Tax Rates to our Effective Tax Rate

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


Years ended December 31,	2023		2022		2021
Statutory rate	21.0	%	21.0	%	21.0	%

State tax, net of federal benefit	3.8		4.1		3.1
Business credits	(1.3)		(1.5)		(0.8)





Other, net	1.8		2.0		1.4
Effective tax rate	25.3	%	25.6	%	24.7	%

Components of Provision for Income Tax Expense (Benefit)

Income tax expense consists of:


As of December 31, (dollars in thousands)	2023		2022		2021
Current provision (benefit):
Federal	$	175,977	$	205,954	$	259,536
State	44,152		49,427		64,843

Total current provision (benefit)	220,129		255,381		324,379
Deferred provision (benefit):
Federal	(20,687)		(75,978)		47,240
State	(2,537)		(17,692)		8,132

Total deferred provision (benefit)	(23,224)		(93,670)		55,372
Provision for income tax expense	$	196,905	$	161,711	$	379,751

Schedule of Deferred Tax Assets and Liabilities

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


As of December 31, (dollars in thousands)	2023		2022
Deferred tax assets:
Loan reserves	$	354,412	$	362,368
Net unrealized losses	24,176		30,160
Accrued expenses not currently deductible	16,297		12,949
Unrecorded tax benefits	11,568		12,916
Research and development costs	26,519		10,929
Stock-based compensation plans	10,847		9,624

Acquired intangible assets	14,536		781
Operating loss carryovers	26		300




Other	1,426		3,837
Total deferred tax assets	459,807		443,864
Deferred tax liabilities:
Student loan premiums and discounts, net	15,908		14,065
Fixed assets	8,533		9,347
Federal deferred for state receivable	1,171		2,111




Other	614		397
Total deferred tax liabilities	26,226		25,920
Net deferred tax assets	$	433,581	$	417,944

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits:


As of December 31, (dollars in thousands)	2023		2022		2021
Unrecognized tax benefits at beginning of year	$	79,366	$	75,328	$	63,134
Increases resulting from tax positions taken during a prior period	1,204		6,049		1,496
Decreases resulting from tax positions taken during a prior period	(250)		(1,327)		(1,481)
Increases resulting from tax positions taken during the current period	2,711		11,032		20,743
Decreases related to settlements with taxing authorities	(10,089)		(4,666)		(3,682)
Increases related to settlements with taxing authorities	—		—		96
Reductions related to the lapse of statute of limitations	(4,819)		(7,050)		(4,978)
Unrecognized tax benefits at end of year	$	68,123	$	79,366	$	75,328

Parent Only Statements

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Only Statements

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


Parent Only Condensed Balance Sheets
At December 31, (dollars in thousands, except share and per share amounts)	2023		2022
Assets
Cash and cash equivalents	$	237,857	$	196,820
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,628,838		2,476,020

Tax indemnification receivable	—		2,816
Due from subsidiaries, net	63,679		100,543
Other assets	2,270		3,052
Total assets	$	2,932,644	$	2,779,251

Liabilities and Equity
Liabilities
Long-term borrowings	$	992,200	$	988,986
Income taxes payable, net	26,701		26,211

Other liabilities	32,946		37,084
Total liabilities	1,051,847		1,052,281

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: 438.2 million and 435.1 million shares issued, respectively	87,647		87,025
Additional paid-in capital	1,148,689		1,109,072
Accumulated other comprehensive loss (net of tax benefit of $(24,176) and $(30,160), respectively)	(75,104)		(93,870)
Retained earnings	3,624,859		3,163,640
Total SLM Corporation stockholders’ equity before treasury stock	5,037,161		4,516,937
Less: Common stock held in treasury at cost: 217.9 million and 194.4 million shares, respectively	(3,156,364)		(2,789,967)
Total equity	1,880,797		1,726,970
Total liabilities and equity	$	2,932,644	$	2,779,251


Parent Only Condensed Statements of Income
Years ended December 31, (dollars in thousands)	2023		2022		2021
Interest income	$	9,334	$	4,084	$	392
Interest expense	39,850		39,860		35,208
Net interest loss	(30,516)		(35,776)		(34,816)

Non-interest loss	(2,701)		(5,117)		(13,078)
Non-interest expenses	61,958		55,466		54,352
Loss before income tax benefit and equity in net income from subsidiaries	(95,175)		(96,359)		(102,246)
Income tax expense (benefit)	(6,942)		(10,351)		8,477
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	669,624		555,022		1,271,236
Net income	581,391		469,014		1,160,513
Preferred stock dividends	17,705		9,029		4,736
Net income attributable to SLM Corporation common stock	$	563,686	$	459,985	$	1,155,777


Parent Only Condensed Statement of Cash Flows
Years ended December 31, (dollars in thousands)	2023		2022		2021

Cash flows from operating activities:
Net income	$	581,391	$	469,014	$	1,160,513
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(669,624)		(555,022)		(1,271,236)
Dividends received from Sallie Mae Bank	550,000		699,500		1,444,500
Reduction of tax indemnification receivable	2,816		5,231		10,445
Amortization of unsecured debt upfront fees	2,643		2,651		2,663
Amortization of discount on unsecured borrowings	571		571		—
Loss on early extinguishment of unsecured debt	—		—		2,784
Acquisition related costs	952		2,603		—

(Increase) decrease in investment in subsidiaries, net	35,654		(9,179)		34,935

(Increase) decrease in due from subsidiaries, net	36,864		5,124		(58,310)
Increase in other assets	(13,422)		(20,533)		(16,964)
Increase (decrease) in income taxes payable, net	490		(8,713)		36,657
Decrease in payable due to entity that is a subsidiary of Navient	—		(101)		(8,430)
Increase (decrease) in other liabilities	(3,442)		(1,836)		2,165
Total adjustments	(56,498)		120,296		179,209
Net cash provided by operating activities	524,893		589,310		1,339,722

Cash flows from investing activities:
Purchase of subsidiary, net of cash acquired	(14,654)		(127,654)		—

Net cash used in investing activities	(14,654)		(127,654)		—

Cash flows from financing activities:
Issuance costs for unsecured debt offering	—		(375)		(1,540)
Unsecured debt issued	—		—		492,135
Unsecured debt repaid	—		—		(202,784)

Common stock dividends paid	(101,233)		(112,961)		(60,462)
Preferred stock dividends paid	(17,705)		(9,029)		(4,736)
Common stock repurchased	(350,264)		(713,197)		(1,530,683)
Net cash used in financing activities	(469,202)		(835,562)		(1,308,070)
Net increase (decrease) in cash and cash equivalents	41,037		(373,906)		31,652
Cash and cash equivalents at beginning of year	196,820		570,726		539,074
Cash and cash equivalents at end of year	$	237,857	$	196,820	$	570,726

Significant Accounting Policies - Securitization Accounting (Details)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Asset balance related to securitization trust (as a percentage)	10.00%

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 168,443	$ 29,365	$ 265,065	$ 118,518	$ (77,043)	$ 75,172	$ 342,073	$ 128,812	$ 581,391	$ 469,014	$ 1,160,513
Preferred stock dividends	4,726	4,642	4,274	4,063	3,466	2,531	1,757	1,275	17,705	9,029	4,736
Net income attributable to SLM Corporation common stock, diluted	163,717	24,723	260,791	114,455	(80,509)	72,641	340,316	127,537	563,686	459,985	1,155,777
Net income attributable to SLM Corporation common stock, basic	$ 163,717	$ 24,723	$ 260,791	$ 114,455	$ (80,509)	$ 72,641	$ 340,316	$ 127,537	$ 563,686	$ 459,985	$ 1,155,777
Denominator:
Weighted average shares used to compute basic EPS (in shares)									231,411	258,439	314,993
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (ESPP) (in shares)									2,652	3,064	4,919
Weighted average shares used to compute diluted EPS (in shares)									234,063	261,503	319,912
Basic earnings per common share (in usd per share)	$ 0.73	$ 0.11	$ 1.11	$ 0.47	$ (0.33)	$ 0.29	$ 1.30	$ 0.46	$ 2.44	$ 1.78	$ 3.67
Diluted earnings per common share (in usd per share)	$ 0.72	$ 0.11	$ 1.10	$ 0.47	$ (0.33)	$ 0.29	$ 1.29	$ 0.45	$ 2.41	$ 1.76	$ 3.61
Antidilutive securities excluded from computation of earnings per share (in shares)									1,000	1,000	1,000

Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 56	$ 56	$ 56
Amortized intangible assets			10	$ 8
Expected amortization of 2023	5	5	5
Expected amortization of 2024	4	4	4
Expected amortization of 2025	3	3	3
Expected amortization of 2026	1	1	$ 1
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Amortized intangible assets
Nitro \| Tradename and trademarks
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 56	$ 56

Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 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 Nitro acquisition in the first quarter of 2022 and the Scholly acquisition in the third quarter of 2023. At December 31, 2023, we had $56 million in total goodwill. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Business Combination,” in this Form 10-K for additional details on our acquisitions of Nitro and Scholly.

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. As a part of the 2023 annual impairment testing, we conducted a quantitative impairment test of goodwill associated with our education business services reporting unit. We utilized the income approach to estimate the fair value of the reporting unit. The income approach measures the value of the reporting unit’s future economic benefit determined by its discounted cash flows derived from our reporting unit’s internal forecast. Based on the quantitative analysis, we determined that the fair value of the reporting unit exceeded its carrying value. Thus, no impairment charges were recorded during the year ended December 31, 2023.

Acquired Intangible Assets

Our intangible assets include acquired trade name and trademarks, customer relationships, developed technology, and partner relationships. 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.

In the fourth quarter of 2023, we determined that it was more likely than not that the Nitro trade name and trademark assets would not be used as originally intended due to changes in business strategy and, therefore, no longer held value. As a result, the Company performed an impairment review and wrote down the Nitro trade name and trademark to zero, which resulted in the recognition of a non-cash pre-tax impairment loss of $56 million. That impairment loss was recorded to acquired intangible assets impairment and amortization expense.

Acquired intangible assets include the following:


		December 31, 2023						December 31, 2022
(Dollars in thousands)	Useful Life (in years)(1)	Cost Basis		Accumulated Amortization		Net		Cost Basis		Accumulated Amortization		Net
Trade name and trademarks(2)(3)	4.0	$	6,040	$	(629)	$	5,411	$	68,470	$	(5,706)	$	62,764
Customer relationships(2)	4.6	8,920		(4,013)		4,907		5,670		(1,723)		3,947
Developed technology(2)	3.5	2,590		(908)		1,682		1,260		(350)		910
Partner relationships	2.5	730		(122)		608		—		—		—
Total acquired intangible assets		$	18,280	$	(5,672)	$	12,608	$	75,400	$	(7,779)	$	67,621

(2) Trade name and trademarks, customer relationships, and developed technology at December 31, 2023 include $6 million, $3 million, and $1 million, respectively, related to the Scholly acquisition.

(3) In 2023, we fully impaired the Nitro trade name and trademarks asset for $56 million.

We recorded amortization of acquired intangible assets totaling approximately $10 million and $8 million in the years ended December 31, 2023 and 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 $5 million, $4 million, $3 million, and $1 million in 2024, 2025, 2026, and 2027.

Fair Value Measurements - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading investments	$ 54,481	$ 55,903
Vertical risk retention, amount	$ 54,000	$ 51,000
Vertical risk retention interest	5.00%	5.00%
Gain (loss) debt securities	$ 3,000	$ (1,000)
Gain (loss) on investment	4,000	13,000
Debt Securities, Trading
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Settlement debt securities	1,000	13,000
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading investments	$ 54,000	$ 56,000
Minimum \| Measurement Input CPR Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.081
Minimum \| Measurement Input, Default Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input		0.051
Maximum \| Measurement Input CPR Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.122
Maximum \| Measurement Input, Default Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input		0.207
Weighted Average \| Measurement Input CPR Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0949
Weighted Average \| Measurement Input, Default Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input		0.1103
Convertible Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading investments		$ 5,000
Interest income, debt securities, trading	$ 1,000	$ 1,000

Stockholders' Equity - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		11 Months Ended	12 Months Ended
	Mar. 16, 2021	Jan. 28, 2021	Mar. 11, 2020	Mar. 10, 2020	Mar. 31, 2022	Mar. 31, 2021	Jan. 28, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 24, 2024	Dec. 29, 2023	Jan. 26, 2022	Oct. 31, 2021	Oct. 20, 2021	Feb. 02, 2021	Jan. 27, 2021	Jan. 22, 2020
Class of Stock [Line Items]
Common stock repurchased under repurchase programs (in shares)								22,341,595	40,253,548	98,748,905
Average purchase price per share (in dollars per share)								$ 15.46	$ 18.36	$ 14.70
Repurchase amount								$ 349,397	$ 707,742	$ 1,067,583
Common stock, par value (in dollars per share)								$ 0.20	$ 0.20
Common stock repurchased								$ 350,264	$ 713,197	$ 1,530,683
Shares cancelled (in shares)	28,500,000
Subsequent Event
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)											$ 650,000
Common Stock
Class of Stock [Line Items]
Common stock repurchased under repurchase programs (in shares)								22,341,595	40,253,548	70,246,445
Additional Paid-In Capital
Class of Stock [Line Items]
Repurchase amount								$ 0	$ 0	$ (174,684)
Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)								$ 0.20
Share price (in dollars per share)												$ 19.12
2020 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)																		$ 600,000
2020 Share Repurchase Program \| Common Stock
Class of Stock [Line Items]
Payment for delivery of common stock				$ 525,000		$ 75,000
Common stock repurchased under repurchase programs (in shares)			45,000,000			4,000,000	58,000,000
Additional shares repurchased (in shares)		13,000,000
Average purchase price per share (in dollars per share)							$ 9.01
2021 Share Repurchase Program \| Common Stock
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)															$ 1,500,000		$ 1,250,000
Payment for delivery of common stock					$ 38,000					$ 1,460,000
Common stock repurchased under repurchase programs (in shares)					2,000,000					81,100,000
Number of additional shares authorized to be repurchased														$ 250,000
2022 Share Repurchase Program
Class of Stock [Line Items]
Remaining authority under the share repurchase program									$ 236,000
2022 Share Repurchase Program \| Common Stock
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)													$ 1,250,000
Common stock repurchased under repurchase programs (in shares)								22,300,000	38,200,000
Average purchase price per share (in dollars per share)							$ 17.52	$ 15.64
Repurchase amount								$ 349,000	$ 669,000
Remaining authority under the share repurchase program								236,000
Tender Offer \| Common Stock
Class of Stock [Line Items]
Decrease to balance of common stock								6,000
Tender Offer \| Additional Paid-In Capital
Class of Stock [Line Items]
Decrease to balance of common stock								466,000
Tender Offer \| Common Stock
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)																$ 1,000,000
Common stock repurchased under repurchase programs (in shares)	28,500,000
Average purchase price per share (in dollars per share)	$ 16.50
Common stock, par value (in dollars per share)																$ 0.20
Common stock repurchased	$ 472,000
Rule 10b5-1 Trading Plan \| Common Stock
Class of Stock [Line Items]
Payment for delivery of common stock								$ 349,000	$ 708,000	$ 1,100,000
Common stock repurchased under repurchase programs (in shares)								22,000,000	40,000,000	57,000,000

Concentrations of Risk	12 Months Ended
Concentrations of Risk	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentrations of Risk	Concentrations of Risk Our business is primarily focused on helping students and their families save, plan, and pay for college. We primarily originate, service, and/or collect loans made to students and their families to finance the cost of their education. We provide funding, delivery, and servicing support for education loans in the United States through our Private Education Loan program. Because of this concentration in one industry, we are exposed to credit, legislative/political/reputational, operational, regulatory, liquidity, capital, and interest rate risks associated with the student loan industry. Concentration Risk in the Revenues Associated with Private Education Loans We compete in the Private Education Loan market with banks and other consumer lending institutions, some with strong consumer brand name recognition and greater financial resources. We compete based on our products, origination capability, and customer service. To the extent our competitors compete aggressively or more effectively, we could lose market share to them or subject our existing loans to refinancing risk. Our product offerings may not prove to be profitable and may result in higher-than-expected losses. We are a leading provider of saving- and paying-for-college products and programs. This concentration gives us a competitive advantage in the marketplace. This concentration also creates risks in our business, particularly in light of our concentration as a Private Education Loan lender. If population demographics result in a decrease in college-age individuals, if demand for higher education decreases, if the cost of attendance of higher education decreases, if consumers increase their targeted savings for higher education, if public resistance to higher education costs strengthens, if certain proposals for new federal and state spending on education gain broader appeal or momentum, or if the demand for higher education loans decreases, our consumer lending business could be negatively affected. In addition, the federal government, through the Federal Direct Student Loan Program (the “DSLP”), poses significant competition to our private credit loan products. If loan limits under the DSLP increase, DSLP loans could be more widely available to students and their families and DSLP loans could increase, resulting in further decreases in the size of the Private Education Loan market and demand for our Private Education Loan products. Also, competition from banks and other consumer lenders, many of whom may have a greater level of diversification in their mix of assets or may have lower return hurdles, could lead to decreases in demand for our Private Education Loan products. Concentration Risk Associated with Deposit Products Our ability to achieve our business goals, including funding our Private Education Loans, is heavily reliant on our ability to obtain deposits. We expect to compete for deposits based primarily on a combination of reputation, rate, and availability of information about our deposit products. Our competitors, many of whom have greater financial resources or lower costs than we do, may be more effective in attracting new deposits and retaining existing deposits such as by offering more competitive rates, dedicating more resources for advertising, or engaging in more effective forms of marketing. At December 31, 2023, our brokered deposits represented 47 percent of our total deposits. Brokered deposits may be more price sensitive than other types of deposits and may become less available if alternative investments offer higher returns. In addition, our ability to maintain existing balances of all deposit types or obtain additional deposits of any type may be affected by factors, including those beyond our control, such as a rising stock market, more attractive returns on alternative investments, perceptions about our existing and future financial strength, quality of deposit servicing or online banking generally, changes in monetary or fiscal policies that influence deposit or other rates, general economic conditions, including high unemployment and decreased savings rates, and adverse developments in the financial services industry generally. Also, our ability to maintain our current level of deposits or grow our deposit base could be affected by regulatory restrictions, including the possible imposition by our regulators of prior approval requirements or restrictions on our offered rates, brokered deposit growth, or other areas.