v3.26.3
Loans Held for Investment (Tables)
 9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
Schedule of Loan Sales
The following table summarizes our Private Education Loan sales to unaffiliated third parties for the periods presented.
Three Months Ended September 30,Nine Months Ended September 30,

(Dollars in millions)		2026202520262025
Loan principal$300 $1,769 $3,830 $3,609 
Capitalized interest
18 167 240 330 
Total Private Education Loans sold$318 $1,936 $4,070 $3,939 
Gain on sale of loans, net
$4 $136 $165 $324 
Schedule of Loans Held for Investment
Loans held for investment are summarized as follows:
September 30,December 31,
(Dollars in thousands)20262025
Loans Held for Investment, net:
Fixed-rate$17,192,505 $16,952,620 
Variable-rate4,773,512 4,707,814 
Total Private Education Loans, gross21,966,017 21,660,434 
Deferred origination costs and unamortized premium/(discount)109,767 102,008 
Allowance for credit losses(1,449,614)(1,430,318)
Loans held for investment, net$20,626,170 $20,332,124 
The average balance (net of unamortized premium/(discount)) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:

20262025
Three Months Ended September 30,
(dollars in thousands)
Average BalanceWeighted Average Interest RateAverage BalanceWeighted Average Interest Rate
Private Education Loans$21,687,091 10.22 %$22,263,445 10.58 %
Total portfolio$21,687,091 $22,263,445 


20262025
Nine Months Ended September 30,
(dollars in thousands)
Average BalanceWeighted Average Interest RateAverage BalanceWeighted Average Interest Rate
Private Education Loans$22,044,533 10.31 %$22,578,272 10.60 %
Total portfolio$22,044,533 $22,578,272