v3.25.2
Bonds and Notes Payable (Tables)
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of June 30, 2025
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,611,844 
4.69% - 6.43%
8/26/30 - 9/25/69
Bonds and notes based on auction321,880 
5.42% - 6.92%
3/22/32 - 11/1/47
Total FFELP variable-rate bonds and notes6,933,724 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
324,392 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities553,313 
5.19% - 5.31%
7/31/26 / 5/1/27
Consumer loan warehouse facilities68,026 
5.69% - 6.43%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations44,793 
5.90% / 6.56%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations35,152 
7.15%
11/25/53
Unsecured line of credit— 9/22/26
Participation agreements2,051 
5.06% - 5.82%
5/4/26 / 7/28/32
7,961,451   
Discount on bonds and notes payable and debt issuance costs(57,890)
Total$7,903,561 
 As of December 31, 2024
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,923,824 
4.89% - 6.45%
8/26/30 - 9/25/69
Bonds and notes based on auction36,395 
5.71% - 5.72%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,960,219 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
346,359 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities853,165 
4.41% - 4.69%
1/31/26 / 4/1/26
Consumer loan warehouse facilities90,000 
4.46% / 4.57%
8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations54,973 
5.90% / 6.82%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations50,415 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— 9/22/26
Participation agreements3,320 
5.27% - 5.82%
5/4/25 / 1/30/33
8,358,451   
Discount on bonds and notes payable and debt issuance costs(48,654)
Total$8,309,797 
Schedule of Outstanding Line of Credit Facilities The following table summarizes the Company's warehouse facilities as of June 30, 2025:
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$600,000 403,872 196,128 7/31/20257/31/2026note (b)$30,511 
FFELP (c)375,000 149,441 225,559 5/1/20265/1/202792 %12,574 
$975,000 553,313 421,687 $43,085 
Consumer$100,000 3,001 96,999 11/13/202611/13/202770 %$1,394 
Consumer (d)125,000 65,000 60,000 7/31/20272/29/2028
60% - 80%
21,071 
Consumer (e)2,000 25 1,975 7/15/20271/15/2028
50% - 90%
$227,000 68,026 158,974 $22,470 
(a)    On January 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2025 and July 31, 2026, respectively. On July 17, 2025, the Company increased the maximum financing amount from $600 million to $800 million and extended the liquidity provisions and final maturity date to January 30, 2026 and January 29, 2027, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On March 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to May 1, 2025 and May 1, 2026, respectively, and on April 10, 2025, extended the liquidity provisions and final maturity to May 1, 2026 and May 1, 2027, respectively.
(d)    On June 16, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2027 and February 29, 2028, respectively.
(e)    The Company closed on this facility on May 15, 2025.
Schedule Of Debt Repurchased
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
Three months ended June 30,Six months ended June 30,
2025202420252024
Purchase price$(141,998)(4,199)(142,869)(4,199)
Par value142,396 4,190 143,320 4,190 
Remaining unamortized cost of issuance(10)— (12)— 
Gain (loss), net$388 (9)439 (9)