v3.26.1
Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest income:        
Cash and investments $ 18 $ 22 $ 35 $ 43
Total interest income 682 778 1,376 1,580
Total interest expense 560 650 1,123 1,322
Net interest income (loss) 122 128 253 258
Less: provisions for loan losses 26 37 54 67
Net interest income (loss) after provisions for loan losses 96 91 199 191
Other income (loss):        
Servicing revenue 10 14 21 27
Asset recovery and business processing revenue 0 0 0 23
Other income 17 19 22 33
Gains (losses) on derivative and hedging activities, net 1 (5) 6 (30)
Total other income (loss) 28 28 49 53
Expenses:        
Salaries and benefits 27 35 59 84
Other operating expenses 55 65 112 143
Total operating expenses 82 100 171 227
Goodwill and acquired intangible asset impairment and amortization expense 0 1 4 2
Restructuring/other reorganization expenses 3 0 2 3
Total expenses 85 101 177 232
Income before income tax expense 39 18 71 12
Income tax expense 14 4 29 1
Net income $ 25 $ 14 $ 42 $ 11
Basic earnings per common share $ 0.27 $ 0.14 $ 0.44 $ 0.11
Average common shares outstanding 94 100 94 101
Diluted earnings per common share $ 0.26 $ 0.13 $ 0.44 $ 0.11
Average common and common equivalent shares outstanding 95 101 95 102
Dividends per common share $ 0.16 $ 0.16 $ 0.32 $ 0.32
FFELP Loans [Member]        
Interest income:        
Total interest income $ 391 $ 483 $ 791 $ 975
Less: provisions for loan losses 8 8 17 16
Private Education Loans [Member]        
Interest income:        
Total interest income 273 273 550 562
Less: provisions for loan losses $ 17 $ 29 $ 35 $ 51