v3.26.3
Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Interest income:        
Cash and investments $ 17 $ 21 $ 51 $ 64
Total interest income 669 781 2,045 2,361
Total interest expense 554 639 1,677 1,961
Net interest income (loss) 115 142 368 400
Less: provisions for loan losses 227 168 281 236
Net interest income (loss) after provisions for loan losses (112) (26) 87 164
Other income (loss):        
Servicing revenue 10 13 31 40
Asset recovery and business processing revenue 0 0 0 23
Other income 2 10 23 44
Gains on sales of loans 162 0 162 0
Net fair value changes of loans 23 0 23 0
Gains (losses) on derivative and hedging activities, net 5 (4) 11 (34)
Total other income (loss) 202 19 250 73
Expenses:        
Salaries and benefits 24 32 83 116
Other operating expenses 51 73 163 217
Total operating expenses 75 105 246 333
Goodwill and acquired intangible asset impairment and amortization expense 0 1 5 2
Restructuring/other reorganization expenses 2 4 4 6
Total expenses 77 110 255 341
Income (loss) before income tax expense (benefit) 13 (117) 82 (104)
Income tax expense (benefit) (2) (31) 26 (29)
Net income (loss) $ 15 $ (86) $ 56 $ (75)
Basic earnings (loss) per common share $ 0.16 $ (0.87) $ 0.6 $ (0.75)
Average common shares outstanding 93 98 94 100
Diluted earnings (loss) per common share $ 0.16 $ (0.87) $ 0.59 $ (0.75)
Average common and common equivalent shares outstanding 94 98 95 100
Dividends per common share $ 0.16 $ 0.16 $ 0.48 $ 0.48
FFELP Loans [Member]        
Interest income:        
Total interest income $ 381 $ 484 $ 1,173 $ 1,459
Less: provisions for loan losses 13 13 30 29
Personal Loans [Member]        
Interest income:        
Total interest income 1 0 1 0
Private Education Loans [Member]        
Interest income:        
Total interest income 270 276 820 838
Less: provisions for loan losses $ 210 $ 155 $ 245 $ 207