SLM (SLM) 10-Q24 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover page

Cover page	6 Months Ended
Cover page	Jun. 30, 2024 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	217,461,360
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001032033
Current Fiscal Year End Date	--12-31
Common stock, par value $.20 per share
Entity 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
Entity 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

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 5,262,448	$ 4,149,838
Investments:
Trading investments at fair value (cost of $45,171 and $43,412, respectively)	60,473	54,481
Available-for-sale investments at fair value (cost of $2,428,037 and $2,563,984, respectively)	2,283,262	2,411,622
Other investments	107,064	91,567
Total investments	2,450,799	2,557,670
Loans held for investment (net of allowance for losses of $1,269,652 and $1,339,772, respectively)	18,915,333	20,306,357
Restricted cash	142,230	149,669
Other interest-earning assets	6,362	9,229
Accrued interest receivable	1,391,081	1,379,904
Premises and equipment, net	126,440	129,501
Goodwill and acquired intangible assets, net	66,102	68,711
Income taxes receivable, net	351,126	366,247
Other assets	56,923	52,342
Total assets	28,768,844	29,169,468
Liabilities
Deposits	20,744,030	21,653,188
Long-term borrowings	5,403,012	5,227,512
Other liabilities	338,564	407,971
Total liabilities	26,485,606	27,288,671
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: 440.3 million and 438.2 million shares issued, respectively	88,056	87,647
Additional paid-in capital	1,173,735	1,148,689
Accumulated other comprehensive loss (net of tax benefit of ($25,378) and ($24,176), respectively)	(78,809)	(75,104)
Retained earnings	4,107,980	3,624,859
Total SLM Corporation stockholders’ equity before treasury stock	5,542,032	5,037,161
Less: Common stock held in treasury at cost: 222.8 million and 217.9 million shares, respectively	(3,258,794)	(3,156,364)
Total equity	2,283,238	1,880,797
Total liabilities and equity	$ 28,768,844	$ 29,169,468

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trading investments, cost	$ 45,171	$ 43,412
Available-for sale investments at fair value, cost	2,428,037	2,563,984
Allowance for credit losses	$ 1,269,652	$ 1,339,772
Preferred stock, par or stated value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20	20
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	1,125
Common stock, shares issued (in shares)	440.3	438.2
Tax benefit on accumulated other comprehensive loss	$ 25,378	$ 24,176
Common stock held in treasury (in shares)	222.8	217.9

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income:
Loans	$ 565,338	$ 568,342	$ 1,161,945	$ 1,151,126
Investments	15,139	12,037	29,646	23,368
Cash and cash equivalents	60,999	53,526	113,443	97,009
Total interest income	641,476	633,905	1,305,034	1,271,503
Interest expense:
Deposits	211,286	191,407	431,731	374,938
Interest expense on short-term borrowings	3,310	3,299	6,872	6,317
Interest expense on long-term borrowings	54,708	52,568	107,243	98,549
Total interest expense	269,304	247,274	545,846	479,804
Net interest income	372,172	386,631	759,188	791,699
Less: provisions for credit losses	16,830	17,729	28,871	131,841
Net interest income after provisions for credit losses	355,342	368,902	730,317	659,858
Non-interest income:
Gains on sales of loans, net	111,929	124,754	254,968	124,745
Gains (losses) on securities, net	2,103	(1,213)	4,221	498
Other income	27,773	20,513	56,774	40,522
Total non-interest income	141,805	144,054	315,963	165,765
Operating expenses:
Compensation and benefits	85,261	78,233	181,737	165,882
FDIC assessment fees	11,727	9,851	25,039	21,380
Other operating expenses	60,218	66,080	110,863	121,441
Total operating expenses	157,206	154,164	317,639	308,703
Acquired intangible assets amortization expense	1,394	2,245	2,609	4,517
Total non-interest expenses	158,600	156,409	320,248	313,220
Income before income tax expense	338,547	356,547	726,032	512,403
Income tax expense	86,554	91,482	184,108	128,820
Net income	251,993	265,065	541,924	383,583
Preferred stock dividends	4,628	4,274	9,281	8,337
Net income attributable to SLM Corporation common stock	$ 247,365	$ 260,791	$ 532,643	$ 375,246
Basic earnings per common share (in dollars per share)	$ 1.13	$ 1.11	$ 2.42	$ 1.57
Average common shares outstanding (in shares)	218,924	235,061	219,670	238,261
Diluted earnings per common share (in dollars per share)	$ 1.11	$ 1.10	$ 2.39	$ 1.56
Average common and common equivalent shares outstanding (in shares)	222,467	237,592	223,156	240,554
Declared dividends per common share (in dollars per share)	$ 0.11	$ 0.11	$ 0.22	$ 0.22

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 251,993	$ 265,065	$ 541,924	$ 383,583
Other comprehensive income (loss):
Unrealized gains (losses) on investments	7,116	(14,512)	7,402	21,044
Unrealized gains (losses) on cash flow hedges	(9,260)	7,575	(12,309)	(7,424)
Total unrealized gains (losses)	(2,144)	(6,937)	(4,907)	13,620
Income tax (expense) benefit	626	1,706	1,202	(3,314)
Other comprehensive income (loss), net of tax (expense) benefit	(1,518)	(5,231)	(3,705)	10,306
Total comprehensive income	$ 250,475	$ 259,834	$ 538,219	$ 393,889

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Series B Preferred Stock	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Retained Earnings Series B Preferred Stock	Treasury Stock
Beginning balance, shares issued (in shares) at Dec. 31, 2022			2,510,696	435,121,140
Beginning balance (in shares) at Dec. 31, 2022									(194,445,696)
Beginning balance (in shares) at Dec. 31, 2022				240,675,444
Beginning 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	383,583						383,583
Other comprehensive loss, net of tax	10,306					10,306
Total comprehensive income	393,889
Cash dividends declared:
Common Stock	$ (51,938)						(51,938)
Preferred Stock		$ (8,337)						$ (8,337)
Issuance of common shares (in shares)	2,872,753			2,872,753
Issuance of common shares	$ (5)			$ 574	637		(1,216)
Stock-based compensation expense	$ 19,828				19,828
Common stock repurchased (in shares)	(16,389,696)			(16,389,696)					(16,389,696)
Common stock repurchased	$ (257,402)								$ (257,402)
Shares repurchased related to employee stock-based compensation plans (in shares)	(1,077,643)			(1,077,643)					(1,077,643)
Shares repurchased related to employee stock-based compensation plans	$ (16,641)								$ (16,641)
Ending balance, shares issued (in shares) at Jun. 30, 2023			2,510,696	437,993,893
Ending balance (in shares) at Jun. 30, 2023									(211,913,035)
Ending balance (in shares) at Jun. 30, 2023				226,080,858
Ending balance at Jun. 30, 2023	1,806,364		$ 251,070	$ 87,599	1,129,537	(83,564)	3,485,732		$ (3,064,010)
Beginning balance, shares issued (in shares) at Mar. 31, 2023			2,510,696	437,644,884
Beginning balance (in shares) at Mar. 31, 2023									(195,395,127)
Beginning balance (in shares) at Mar. 31, 2023				242,249,757
Beginning balance at Mar. 31, 2023	1,827,095		$ 251,070	$ 87,530	1,121,082	(78,333)	3,250,478		$ (2,804,732)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	265,065						265,065
Other comprehensive loss, net of tax	(5,231)					(5,231)
Total comprehensive income	259,834
Cash dividends declared:
Common Stock	$ (25,303)						(25,303)
Preferred Stock		(4,274)						(4,274)
Issuance of common shares (in shares)	349,009			349,009
Issuance of common shares	$ (2)			$ 69	163		(234)
Stock-based compensation expense	$ 8,292				8,292		0
Common stock repurchased (in shares)	(16,389,696)			(16,389,696)					(16,389,696)
Common stock repurchased	$ (257,402)								$ (257,402)
Shares repurchased related to employee stock-based compensation plans (in shares)	(128,212)			(128,212)					(128,212)
Shares repurchased related to employee stock-based compensation plans	$ (1,876)								$ (1,876)
Ending balance, shares issued (in shares) at Jun. 30, 2023			2,510,696	437,993,893
Ending balance (in shares) at Jun. 30, 2023									(211,913,035)
Ending balance (in shares) at Jun. 30, 2023				226,080,858
Ending balance at Jun. 30, 2023	$ 1,806,364		$ 251,070	$ 87,599	1,129,537	(83,564)	3,485,732		$ (3,064,010)
Beginning balance, shares issued (in shares) at Dec. 31, 2023			2,510,696	438,230,416
Beginning balance (in shares) at Dec. 31, 2023	(217,900,000)								(217,886,532)
Beginning balance (in shares) at Dec. 31, 2023				220,343,884
Beginning balance at Dec. 31, 2023	$ 1,880,797		$ 251,070	$ 87,647	1,148,689	(75,104)	3,624,859		$ (3,156,364)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	541,924						541,924
Other comprehensive loss, net of tax	(3,705)					(3,705)
Total comprehensive income	538,219
Cash dividends declared:
Common Stock	$ (48,305)						(48,305)
Preferred Stock		(9,281)						(9,281)
Issuance of common shares (in shares)	2,049,231			2,049,231
Issuance of common shares	$ 871			$ 409	1,679		(1,217)
Stock-based compensation expense	$ 23,367				23,367
Common stock repurchased (in shares)	(4,240,369)			(4,240,369)					(4,240,369)
Common stock repurchased	$ (88,658)								$ (88,658)
Shares repurchased related to employee stock-based compensation plans (in shares)	(691,386)			(691,386)					(691,386)
Shares repurchased related to employee stock-based compensation plans	$ (13,772)								$ (13,772)
Ending balance, shares issued (in shares) at Jun. 30, 2024			2,510,696	440,279,647
Ending balance (in shares) at Jun. 30, 2024	(222,800,000)								(222,818,287)
Ending balance (in shares) at Jun. 30, 2024				217,461,360
Ending balance at Jun. 30, 2024	$ 2,283,238		$ 251,070	$ 88,056	1,173,735	(78,809)	4,107,980		$ (3,258,794)
Beginning balance, shares issued (in shares) at Mar. 31, 2024			2,510,696	440,156,336
Beginning balance (in shares) at Mar. 31, 2024									(219,880,502)
Beginning balance (in shares) at Mar. 31, 2024				220,275,834
Beginning balance at Mar. 31, 2024	2,113,739		$ 251,070	$ 88,032	1,163,838	(77,291)	3,884,694		$ (3,196,604)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	251,993						251,993
Other comprehensive loss, net of tax	(1,518)					(1,518)
Total comprehensive income	250,475
Cash dividends declared:
Common Stock	$ (24,027)						(24,027)
Preferred Stock		$ (4,628)						$ (4,628)
Issuance of common shares (in shares)	123,311			123,311
Issuance of common shares	$ 292			$ 24	320		(52)
Stock-based compensation expense	$ 9,577				9,577
Common stock repurchased (in shares)	(2,929,646)			(2,929,646)					(2,929,646)
Common stock repurchased	$ (62,019)								$ (62,019)
Shares repurchased related to employee stock-based compensation plans (in shares)	(8,139)			(8,139)					(8,139)
Shares repurchased related to employee stock-based compensation plans	$ (171)								$ (171)
Ending balance, shares issued (in shares) at Jun. 30, 2024			2,510,696	440,279,647
Ending balance (in shares) at Jun. 30, 2024	(222,800,000)								(222,818,287)
Ending balance (in shares) at Jun. 30, 2024				217,461,360
Ending balance at Jun. 30, 2024	$ 2,283,238		$ 251,070	$ 88,056	$ 1,173,735	$ (78,809)	$ 4,107,980		$ (3,258,794)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Common stock dividend (in dollars per share)	$ 0.11	$ 0.11	$ 0.22	$ 0.22
Series B Preferred Stock
Preferred stock dividend rate (in dollars per share)	$ 1.84	$ 1.70	$ 3.70	$ 3.32

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 541,924	$ 383,583
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses	28,871	131,841
Income tax expense	184,108	128,820
Amortization of brokered deposit placement fee	5,484	5,986
Amortization of Secured Borrowing Facility upfront fee	1,174	1,441
Amortization of deferred loan origination costs and loan premium/(discounts), net	6,260	6,402
Net amortization of discount on investments	(1,047)	(1,317)
Increase in tax indemnification receivable	0	(86)
Depreciation of premises and equipment	9,267	9,145
Acquired intangible assets amortization expense	2,609	4,517
Stock-based compensation expense	23,367	19,828
Unrealized (gains) losses on derivatives and hedging activities, net	43	(339)
Gains on sales of loans, net	(254,968)	(124,745)
Gains on securities, net	(4,221)	(498)
Other adjustments to net income, net	5,602	8,883
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(550,931)	(511,089)
Increase in non-marketable securities	(283)	(691)
Decrease (increase) in other interest-earning assets	2,867	(790)
Increase in other assets	(23,389)	(37,573)
Decrease in income taxes payable, net	(163,936)	(74,596)
(Decrease) increase in accrued interest payable	(5,572)	10,433
Decrease in other liabilities	(27,742)	(17,301)
Total adjustments	(762,437)	(441,729)
Total net cash used in operating activities	(220,513)	(58,146)
Investing activities
Loans acquired and originated	(3,291,778)	(3,132,075)
Net proceeds from sales of loans held for investment and loans held for sale	3,761,722	2,157,028
Proceeds from FFELP Loan claim payments	20,034	26,477
Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales)	1,380,714	1,605,292
Purchases of available-for-sale securities	(60,012)	(44,782)
Proceeds from sales and maturities of available-for-sale securities	410,835	148,092
Total net cash provided by investing activities	2,221,515	760,032
Financing activities
Brokered deposit placement fee	0	(2,634)
Net decrease in certificates of deposit	(175,483)	(303,027)
Net decrease in other deposits	(744,832)	(793,068)
Borrowings collateralized by loans in securitization trusts - issued	665,069	569,513
Borrowings collateralized by loans in securitization trusts - repaid	(494,161)	(596,692)
Issuance costs for unsecured debt offering	0	(15)
Fees paid on Secured Borrowing Facility	(2,333)	(2,850)
Common stock dividends paid	(48,305)	(51,938)
Preferred stock dividends paid	(9,281)	(8,337)
Common stock repurchased	(86,505)	(259,331)
Total net cash used in financing activities	(895,831)	(1,448,379)
Net decrease in cash, cash equivalents and restricted cash	1,105,171	(746,493)
Cash, cash equivalents and restricted cash at beginning of period	4,299,507	4,772,836
Cash, cash equivalents and restricted cash at end of period	5,404,678	4,026,343
Cash disbursements made for:
Interest	535,146	449,268
Income taxes paid	164,710	82,307
Income taxes refunded	(1,251)	(8,157)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	5,262,448	3,875,758
Restricted cash	142,230	150,585
Total cash, cash equivalents and restricted cash	$ 5,404,678	$ 4,026,343

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. 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. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). Consolidation The consolidated financial statements include the accounts of the Company 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. 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 statistical loan-level models that consider life of loan expectations for defaults, prepayments, recoveries, and any other qualitative 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. We estimate future default rates used in our current expected credit losses at a loan level using historical loss experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages. We estimate future prepayment speeds used in our current expected credit losses at a loan level using historical prepayment experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages. 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. 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 future default rates and prepayment speeds in 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. 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 in 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; and • Recovery rates. Of the model inputs outlined above, economic forecasts, weighting of economic forecasts, and recovery rates are subject to estimation uncertainty, and changes in these inputs could have a material impact to our allowance for credit losses and the related provision for credit losses. In the second quarter of 2024, we implemented a loan-level future default rate model that includes current portfolio characteristics and forecasts of real gross domestic product and college graduate unemployment. In the second quarter of 2024, we also implemented a future prepayment speeds model to include forecasts of real gross domestic product, retail sales, SOFR, and the U.S. 10-year treasury rate. These models reduce the reliance on certain qualitative overlays compared to the previous default rate and prepayment speeds models. Prior to these changes, our loss models used forecasts of college graduate unemployment, retail sales, home price index, and median family income. Both the future default rate model and the future prepayment speeds model are used in determining the adequacy of the allowance for credit losses. The combined impact of these model enhancements and the changes in the related qualitative overlays did not have a material impact on the overall level of our allowance for credit losses.

Investments

Investments	6 Months Ended
Investments	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Trading Investments We periodically sell Private Education Loans (as hereinafter defined) 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. At June 30, 2024 and December 31, 2023, we had $60 million and $54 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 June 30, 2024 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 509,861 $ — $ 206 $ (73,956) $ 436,111 Utah Housing Corporation bonds 3,201 — — (320) 2,881 U.S. government-sponsored enterprises and Treasuries 1,296,942 — — (55,211) 1,241,731 Other securities 618,033 — 3,722 (19,216) 602,539 Total $ 2,428,037 $ — $ 3,928 $ (148,703) $ 2,283,262 As of December 31, 2023 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 (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: (Dollars in thousands) Less than 12 months 12 months or more Total Gross Estimated Gross Estimated Gross Estimated As of June 30, 2024: Mortgage-backed securities $ (1,739) $ 106,041 $ (72,217) $ 313,289 $ (73,956) $ 419,330 Utah Housing Corporation bonds — — (320) 2,881 (320) 2,881 U.S. government-sponsored enterprises and Treasuries — — (55,211) 1,241,731 (55,211) 1,241,731 Other securities (1,158) 77,628 (18,058) 244,502 (19,216) 322,130 Total $ (2,897) $ 183,669 $ (145,806) $ 1,802,403 $ (148,703) $ 1,986,072 As of December 31, 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 At June 30, 2024 and December 31, 2023, 246 of 276 and 213 of 248, 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 are met, the security’s amortized cost basis is written down to fair value through net 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. 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 June 30, 2024, 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 June 30, 2024 Year of Maturity (dollars in thousands) Amortized Cost Estimated Fair Value 2024 349,887 346,293 2025 299,312 292,886 2026 548,929 507,701 2027 98,814 94,851 2038 67 67 2039 570 552 2042 2,201 1,870 2043 3,864 3,396 2044 4,297 3,846 2045 4,615 4,011 2046 7,389 6,370 2047 7,359 6,424 2048 1,731 1,650 2049 15,114 13,095 2050 103,837 80,824 2051 149,872 115,523 2052 60,026 52,066 2053 323,017 315,286 2054 120,309 112,740 2055 78,597 75,905 2056 205,354 204,708 2058 42,876 43,198 Total $ 2,428,037 $ 2,283,262 Some of the mortgage-backed securities and a portion of the government securities have been pledged to the Federal Reserve Bank (the “FRB”) as collateral against any advances and accrued interest under the Primary Credit lending program sponsored by the FRB. We had $604 million and $612 million par value of securities pledged to this borrowing facility at June 30, 2024 and December 31, 2023, respectively, as discussed further in Notes to Consolidated Financial Statements, Note 8, “Borrowings” in this Form 10-Q. 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. As of June 30, 2024 and December 31, 2023, our total investment in these securities was $14 million and $14 million, respectively. Low Income Housing Tax Credit Investments We 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 and tax benefits from net operating losses on the underlying properties. Total carrying value of the LIHTC investments was $87 million at June 30, 2024 and $72 million at December 31, 2023. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $39 million at June 30, 2024 and $30 million at December 31, 2023. Related to these investments, we recognized tax credits and other tax benefits through tax expense of $2 million at June 30, 2024 and $11 million at December 31, 2023. Tax credits and other tax benefits are recognized as part of our annual effective tax rate used to determine tax expense in a given quarter. Accordingly, the portion of a year’s expected tax benefits recognized in any given quarter may differ from 25 percent.

Loans Held for Investment

Loans Held for Investment	6 Months Ended
Loans Held for Investment	Jun. 30, 2024
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment Loans held for investment consist of Private Education Loans and FFELP Loans. 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”). 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 June 30, 2024 and December 31, 2023, 28 percent and 33 percent, respectively, of all of our Private Education Loans were indexed to 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 the first six months of 2024, we recognized $255 million in gains from the sale of approximately $3.69 billion of Private Education Loans, including $3.42 billion of principal and $274 million in capitalized interest, to unaffiliated third parties. In the first six months of 2023, we recognized $128 million in gains from the sale of approximately $2.10 billion of Private Education Loans, including $1.96 billion of principal and $144 million in capitalized interest, to an unaffiliated 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 those VIEs. Those 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 those loans pursuant to applicable servicing agreements executed in connection with the sales. For additional information, see Notes to Consolidated Financial Statements, Note 8, “Borrowings - Unconsolidated VIEs” in this Form 10-Q. Loans held for investment are summarized as follows: June 30, December 31, (Dollars in thousands) 2024 2023 Private Education Loans: Fixed-rate $ 14,124,662 $ 13,985,791 Variable-rate 5,494,869 7,040,053 Total Private Education Loans, gross 19,619,531 21,025,844 Deferred origination costs and unamortized premium/(discount) 78,661 81,554 Allowance for credit losses (1,265,592) (1,335,105) Total Private Education Loans, net 18,432,600 19,772,293 FFELP Loans 485,608 537,401 Deferred origination costs and unamortized premium/(discount) 1,185 1,330 Allowance for credit losses (4,060) (4,667) Total FFELP Loans, net 482,733 534,064 Loans held for investment, net $ 18,915,333 $ 20,306,357 The estimated weighted average life of education loans in our portfolio was approximately 5.3 years and 5.0 years at June 30, 2024 and December 31, 2023, respectively. 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: 2024 2023 Three Months Ended June 30, (dollars in thousands) Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,480,805 10.91 % $ 20,704,907 10.79 % FFELP Loans 501,439 7.73 585,131 7.10 Total portfolio $ 20,982,244 $ 21,290,038 2024 2023 Six Months Ended June 30, Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,961,775 10.96 % $ 21,227,153 10.72 % FFELP Loans 514,225 7.48 593,555 6.98 Total portfolio $ 21,476,000 $ 21,820,708

Allowance for Credit Losses

Allowance for Credit Losses	6 Months Ended
Allowance for Credit Losses	Jun. 30, 2024
Receivables [Abstract]
Allowance for Credit Losses	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 losses expected to be incurred in the loan portfolios. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Allowance for Private Education Loan Losses, — Allowance for FFELP Loan Losses” in our 2023 Form 10-K for a more detailed discussion. Allowance for Credit Losses Metrics Three Months Ended June 30, 2024 (dollars in thousands) FFELP Private Education Total Allowance for Credit Losses Beginning balance $ 4,627 $ 1,345,431 $ 1,350,058 Transfer from unfunded commitment liability (1) — 29,715 29,715 Provisions: Provision for current period (441) 72,862 72,421 Loan sale reduction to provision — (102,751) (102,751) Total provisions (2) (441) (29,889) (30,330) Net charge-offs: Charge-offs (126) (91,042) (91,168) Recoveries — 11,377 11,377 Net charge-offs (126) (79,665) (79,791) Ending Balance $ 4,060 $ 1,265,592 $ 1,269,652 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,060 $ 1,265,592 $ 1,269,652 Loans (3) : Ending balance: collectively evaluated for impairment $ 485,608 $ 19,619,531 $ 20,105,139 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,231,754 $ 1,231,754 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.13 % 2.19 % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.84 % 6.07 % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.10 % 8.62 % Allowance coverage of net charge-offs (annualized) 8.06 3.97 Ending total loans, gross $ 485,608 $ 19,619,531 Average loans in repayment (4) $ 378,667 $ 14,543,669 Ending loans in repayment (4) $ 369,681 $ 14,231,581 Accrued interest to be capitalized on loans in repayment (6) $ — $ 453,150 (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Three Months Ended June 30, 2024 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (29,889) Provisions for unfunded loan commitments 47,160 Total Private Education Loan provisions for credit losses 17,271 Other impacts to the provisions for credit losses: FFELP Loans (441) Total (441) Provisions for credit losses reported in consolidated statements of income $ 16,830 (3) For the three months ended June 30, 2024, 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 the interest on those loans while they are in forbearance). Three Months Ended June 30, 2023 (dollars in thousands) FFELP Private Credit Cards (7) Total Allowance for Credit Losses Beginning balance $ 3,927 $ 1,475,379 $ — $ 1,479,306 Transfer from unfunded commitment liability (1) — 28,188 — 28,188 Provisions: Provision for current period 820 96,102 (730) 96,192 Loan sale reduction to provision — (136,531) — (136,531) Total provisions (2) 820 (40,429) (730) (40,339) Net charge-offs: Charge-offs (325) (114,550) 741 (114,134) Recoveries — 11,706 (11) 11,695 Net charge-offs (325) (102,844) 730 (102,439) Ending Balance $ 4,422 $ 1,360,294 $ — $ 1,364,716 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,422 $ 1,360,294 $ — $ 1,364,716 Loans (3) : Ending balance: collectively evaluated for impairment $ 573,597 $ 19,938,363 $ — $ 20,511,960 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,136,973 $ — $ 1,136,973 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.29 % 2.69 % — % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.77 % 6.45 % — % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.02 % 9.03 % — % Allowance coverage of net charge-offs (annualized) 3.40 3.31 — Ending total loans, gross $ 573,597 $ 19,938,363 $ — Average loans in repayment (4) $ 441,749 $ 15,269,101 $ — Ending loans in repayment (4) $ 431,543 $ 14,652,527 $ — Accrued interest to be capitalized on loans in repayment (6) $ — $ 408,923 $ — (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Three Months Ended June 30, 2023 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (40,429) Provisions for unfunded loan commitments 58,068 Total Private Education Loan provisions for credit losses 17,639 Other impacts to the provisions for credit losses: FFELP Loans 820 Credit Cards (730) Total 90 Provisions for credit losses reported in consolidated statements of income $ 17,729 (3) For the three months ended June 30, 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 the interest on those loans while they are in forbearance). (7) We use “Credit Cards” to refer to the suite of Credit Card loans that we previously held; we sold the Credit Card portfolio to a third party in May 2023. l Six Months Ended June 30, 2024 (dollars in thousands) FFELP Private Education Total Allowance for Credit Losses Beginning balance $ 4,667 $ 1,335,105 $ 1,339,772 Transfer from unfunded commitment liability (1) — 161,329 161,329 Provisions: Provision for current period (358) 167,338 166,980 Loan sale reduction to provision — (235,955) (235,955) Total provisions (2) (358) (68,617) (68,975) Net charge-offs: Charge-offs (249) (184,916) (185,165) Recoveries — 22,691 22,691 Net charge-offs (249) (162,225) (162,474) Ending Balance $ 4,060 $ 1,265,592 $ 1,269,652 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,060 $ 1,265,592 $ 1,269,652 Loans (3) : Ending balance: collectively evaluated for impairment $ 485,608 $ 19,619,531 $ 20,105,139 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,231,754 $ 1,231,754 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.13 % 2.17 % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.84 % 6.07 % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.10 % 8.62 % Allowance coverage of net charge-offs (annualized) 8.15 3.90 Ending total loans, gross $ 485,608 $ 19,619,531 Average loans in repayment (4) $ 388,510 $ 14,977,567 Ending loans in repayment (4) $ 369,681 $ 14,231,581 Accrued interest to be capitalized on loans in repayment (6) $ — $ 453,150 (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Six Months Ended June 30, 2024 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (68,617) Provisions for unfunded loan commitments 97,846 Total Private Education Loan provisions for credit losses 29,229 Other impacts to the provisions for credit losses: FFELP Loans (358) Total (358) Provisions for credit losses reported in consolidated statements of income $ 28,871 (3) For the six months ended June 30, 2024, 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 the interest on those loans while they are in forbearance). Six Months Ended June 30, 2023 (dollars in thousands) FFELP Private Total Allowance for Credit Losses Beginning balance $ 3,444 $ 1,353,631 $ 1,357,075 Transfer from unfunded commitment liability (1) — 176,701 176,701 Provisions: Provision for current period 1,559 152,436 153,995 Loan sale reduction to provision — (136,531) (136,531) Total provisions (2) 1,559 15,905 17,464 Net charge-offs: Charge-offs (581) (209,635) (210,216) Recoveries — 23,692 23,692 Net charge-offs (581) (185,943) (186,524) Ending Balance $ 4,422 $ 1,360,294 $ 1,364,716 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,422 $ 1,360,294 $ 1,364,716 Loans (3) : Ending balance: collectively evaluated for impairment $ 573,597 $ 19,938,363 $ 20,511,960 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,136,973 $ 1,136,973 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.26 % 2.41 % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.77 % 6.45 % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.02 % 9.03 % Allowance coverage of net charge-offs (annualized) 3.81 3.66 Ending total loans, gross $ 573,597 $ 19,938,363 Average loans in repayment (4) $ 446,655 $ 15,448,931 Ending loans in repayment (4) $ 431,543 $ 14,652,527 Accrued interest to be capitalized on loans in repayment (6) $ — $ 408,923 (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Six Months Ended June 30, 2023 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ 15,905 Provisions for unfunded loan commitments 114,377 Total Private Education Loan provisions for credit losses 130,282 Other impacts to the provisions for credit losses: FFELP Loans $ 1,559 Total 1,559 Provisions for credit losses reported in consolidated statements of income $ 131,841 (3) For the six months ended June 30, 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 the interest on those loans while they are in forbearance). Allowance for Credit Losses In the second quarter of 2024, we implemented a loan-level future default rate model that includes current portfolio characteristics and forecasts of real gross domestic product and college graduate unemployment. In the second quarter of 2024, we also implemented a future prepayment speeds model to include forecasts of real gross domestic product, retail sales, SOFR, and the U.S. 10-year treasury rate. These models reduce the reliance on certain qualitative overlays compared to the previous default rate and prepayment speeds models. Prior to these changes, our loss models used forecasts of college graduate unemployment, retail sales, home price index, and median family income. Both the future default rate model and the future prepayment speeds model are used in determining the adequacy of the allowance for credit losses. The combined impact of these model enhancements and the changes in the related qualitative overlays did not have a material impact on the overall level of our allowance for credit losses. We obtain forecasts for our loss model inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurrence. 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 June 30, 2024, December 31, 2023, and June 30, 2023, we used the Baseline (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario - 10 percent likelihood of occurring)/S3 (unfavorable (or downside) scenario - 10 percent likelihood of occurring) 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 six months ended June 30, 2024 decreased by $103 million compared with the year-ago period. During the six months ended June 30, 2024, the provision for credit losses was primarily affected by $236 million in negative provisions recorded as a result of the $3.69 billion Private Education Loan sales during the first six months of 2024, an improved economic outlook, and changes in management overlays and recovery rates, offset by new loan commitments, net of expired commitments, and increases to the provision as a result of decreases in our estimates of the historical long-term average prepayment speeds used after the two-year reasonable and supportable period. In the year-ago period, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, slower prepayment rates, and changes in economic outlook, which were offset by $137 million in negative provisions recorded as a result of the $2.10 billion Private Education Loan sales during the first six months of 2023 and an increase in recovery rates. 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. 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. 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, as of the end of the reporting period, the borrower was required to make three consecutive monthly payments at the reduced payment amount in order to qualify for enrollment in a modification program and, if applicable, for the loan to re-age. Any loan that has received a previous rate reduction or permanent extension is generally not re-age eligible following a modification. In that case, following the modification, the loan will remain in delinquency unless and until all past due amounts are paid and the loan is brought current. Under our programs, we limit the granting of a permanent extension of the final maturity date of a loan to one time over the life of the loan, and limit the number of interest rate reductions to twice over the life of the loan. Where appropriate, we will permit two consecutive rate reductions so long as the borrower qualifies. 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. 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 Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies —Allowance for Credit Losses,” and Note 7, “Allowance for Credit Losses” in our 2023 Form 10-K. Under our current forbearance practices, temporary forbearance of payments is generally granted in one 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. 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 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 percent, and up to 8 percent, for a temporary period of two As part of the additional modification programs that were launched in the fourth quarter of 2023, we also offered for a short period of time a permanent term extension with no interest rate reduction program. This program ended in the fourth quarter of 2023. The amortized cost of this program totaled $9.3 million, representing 0.04 percent of the total Private Education Loan portfolio. This program added a weighted average of 6.7 years to the life of loans in the program. As of June 30, 2024, $7.9 million of these loans were in a current or deferred status, $0.6 million of these loans were 30-59 days past due, $0.5 million of these loans were 60-89 days past due, and $0.3 million of these loans were 90 days or greater past due. For the three months ended June 30, 2024, there were $0.9 million modified loans 1 (with $0.8 million of unpaid principal balance at the time of default) in this program that defaulted within 12 months of receiving the term extension and no loans charged off within the 12 months of receiving the term extension. For the six months ended June 30, 2024, there were $1.0 million modified loans 1 (with $0.9 million of unpaid principal balance at the time of default) in this prog ram that defaulted within 12 months of receiving the term extension and no loans charged off within 12 months of receiving the term extension. We define payment default as 60 days past due for purposes of this disclosure. The following tables show the amortized cost basis at the end of the respective reporting periods 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 Three Months Ended June 30, 2024 (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 $ 5,571 0.03 % $ 272,125 1.29 % Total $ 5,571 0.03 % $ 272,125 1.29 % Loan Modifications Made to Borrowers Experiencing Financial Difficulty Three Months Ended June 30, 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 $ 14,809 0.07 % $ 94,485 0.44 % Total $ 14,809 0.07 % $ 94,485 0.44 % Loan Modifications Made to Borrowers Experiencing Financial Difficulty Six Months Ended June 30, 2024 (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 $ 9,005 0.04 % $ 504,366 2.39 % Total $ 9,005 0.04 % $ 504,366 2.39 % Loan Modifications Made to Borrowers Experiencing Financial Difficulty Six Months Ended June 30, 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 $ 23,995 0.11 % $ 166,882 0.78 % Total $ 23,995 0.11 % $ 166,882 0.78 % The following tables describe the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty: Three Months Ended June 30, 2024 Interest Rate Reduction Combination - Interest Rate Loan Type Financial Effect Loan Type Financial Effect Private Education Loans Reduced average contractual rate from 13.31% to 3.46% Private Education Loans Added a weighted average 9.32 years to the life of loans Reduced average contractual rate from 12.72% to 3.70% Three Months Ended June 30, 2023 Interest Rate Reduction Combination - Interest Rate Loan Type Financial Effect Loan Type Financial Effect Private Education Loans Reduced average contractual rate from 13.30% to 4.00% Private Education Loans Added a weighted average 10.23 years to the life of loans Reduced average contractual rate from 12.84% to 4.00% Six Months Ended June 30, 2024 Interest Rate Reduction Combination - Interest Rate Loan Type Financial Effect Loan Type Financial Effect Private Education Loans Reduced average contractual rate from 13.25% to 3.62% Private Education Loans Added a weighted average 9.01 years to the life of loans Reduced average contractual rate from 12.66% to 3.71% Six Months Ended June 30, 2023 Interest Rate Reduction Combination - Interest Rate Loan Type Financial Effect Loan Type Financial Effect Private Education Loans Reduced average contractual rate from 13.06% to 4.00% Private Education Loans Added a weighted average 10.23 years to the life of loans Reduced average contractual rate from 12.69% to 4.00% Private Education Loans are generally 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 Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Allowance for Private Education Loan Losses, and — Allowance for FFELP Loan Losses” in our 2023 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 or more past due for purposes of this disclosure. Three Months Ended Three Months Ended (Dollars in thousands) Modified Loans (1)(2) Payment Default (4) Charge-Offs (5) Modified Loans (1)(2) Payment Default (4) Charge-Offs (5) Loan Type: Private Education Loans $ 27,322 $ 26,760 $ 4,304 $ 12,360 $ 12,099 $ 3,348 Total $ 27,322 $ 26,760 $ 4,304 $ 12,360 $ 12,099 $ 3,348 Six Months Ended Six Months Ended (Dollars in thousands) Modified Loans (1)(3) Payment Default (4) Charge-Offs (5) Modified Loans (1)(3) Payment Default (4) Charge-Offs (5) Loan Type: Private Education Loans $ 39,634 $ 40,128 $ 6,371 $ 19,374 $ 20,304 $ 5,279 Total $ 39,634 $ 40,128 $ 6,371 $ 19,374 $ 20,304 $ 5,279 (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. (2) For the three months ended June 30, 2024, the modified loans include $25.7 million of interest rate reduction and term extension loan modifications and $1.6 million of interest rate reduction only loan modifications. For the three months ended June 30, 2023, the modified loans include $11.0 million of interest rate reduction and term extension loan modifications and $1.4 million of interest rate reduction only loan modifications. (3) For the six months ended June 30, 2024, the modified loans include $37.5 million of interest rate reduction and term extension loan modifications and $2.1 million of interest rate reduction only loan modifications. For the six months ended June 30, 2023, the modified loans include $17.0 million of interest rate reduction and term extension loan modifications and $2.4 million of interest rate reduction only loan modifications. (4) Represents the unpaid principal balance at the time of payment default. (5) 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 tables depict the performance of loans that have been modified during the respective reporting periods (first six months of 2024 and full year 2023, respectively). Payment Status (Amortized Cost Basis) At June 30, 2024 (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 $ 7,527 $ 468,384 $ 17,356 $ 8,605 $ 11,499 $ 513,371 Total $ 7,527 $ 468,384 $ 17,356 $ 8,605 $ 11,499 $ 513,371 Payment Status (Amortized Cost Basis) At Decemb

Unfunded Loan Commitments

Unfunded Loan Commitments	6 Months Ended
Unfunded Loan Commitments	Jun. 30, 2024
Credit Loss [Abstract]
Unfunded Loan Commitments	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 Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2023 Form 10-K for additional information. At June 30, 2024, we had $1.3 billion of outstanding contractual loan commitments that we expect to fund during the upcoming 2024/2025 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. 2024 2023 Three Months Ended June 30, (dollars in thousands) Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 32,034 $ 673,492 $ 32,720 $ 684,353 Provision/New commitments - net (1) 47,160 1,317,770 58,068 1,529,368 Transfer - funded loans (2) (29,715) (690,869) (28,188) (650,865) Ending Balance $ 49,479 $ 1,300,393 $ 62,600 $ 1,562,856 2024 2023 Six Months Ended June 30, (dollars in thousands) Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 112,962 $ 2,221,077 $ 124,924 $ 1,995,808 Provision/New commitments - net (1) 97,846 2,352,228 114,377 2,654,184 Transfer - funded loans (2) (161,329) (3,272,912) (176,701) (3,087,136) Ending Balance $ 49,479 $ 1,300,393 $ 62,600 $ 1,562,856 (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. 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.

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	6 Months Ended
Goodwill and Acquired Intangible Assets	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Acquired Intangible Assets	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 acquisition of the assets primarily used or held for use of Epic Research Education Services, LLC, which did business as Nitro College (“Nitro”), in the first quarter of 2022, and the acquisition of the key assets of Scholly Inc. (“Scholly”) in the third quarter of 2023. 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. At both June 30, 2024 and December 31, 2023, we had $56 million in total goodwill. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Business Combinations” in our 2023 Form 10-K for additional details on our acquisitions of Nitro and Scholly. 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. Acquired intangible assets include the following: June 30, 2024 December 31, 2023 (Dollars in thousands) Weighted Average Useful Life (in years) (1) Cost Basis Accumulated Amortization Net Cost Basis Accumulated Amortization Net Trade name and trademarks (2) 4.0 $ 6,040 $ (1,384) $ 4,656 $ 6,040 $ (629) $ 5,411 Customer relationships 4.6 8,920 (5,344) 3,576 8,920 (4,013) 4,907 Developed technology 3.5 2,590 (1,285) 1,305 2,590 (908) 1,682 Partner relationships 2.5 730 (268) 462 730 (122) 608 Total acquired intangible assets $ 18,280 $ (8,281) $ 9,999 $ 18,280 $ (5,672) $ 12,608 (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) In 2023, we fully impaired the Nitro trade name and trademarks asset for $56 million.

Deposits

Deposits	6 Months Ended
Deposits	Jun. 30, 2024
Banking and Thrift, Other Disclosure [Abstract]
Deposits	Deposits The following table summarizes total deposits at June 30, 2024 and December 31, 2023. June 30, December 31, (Dollars in thousands) 2024 2023 Deposits - interest-bearing $ 20,741,110 $ 21,651,657 Deposits - non-interest-bearing 2,920 1,531 Total deposits $ 20,744,030 $ 21,653,188 Our total deposits of $20.7 billion were comprised of $10.0 billion in brokered deposits and $10.7 billion in retail and other deposits at June 30, 2024, compared to total deposits of $21.7 billion, which were comprised of $10.3 billion in brokered deposits and $11.4 billion in retail and other deposits, at December 31, 2023. Interest-bearing deposits as of June 30, 2024 and December 31, 2023 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”), and retail and brokered certificates of deposit (“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 $6.9 billion and $7.6 billion of our deposit total as of June 30, 2024 and December 31, 2023, respectively. The omnibus accounts are structured in such a way that entitles the individual depositor pass-through deposit insurance (subject to Federal Deposit Insurance Corporation (“FDIC”) rules and limitations), and the majority of these deposits have contractual minimum balances and maturity terms. 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 $2 million and $3 million in the three months ended June 30, 2024 and 2023, respectively, and placement fee expense of $5 million and $6 million in the six months ended June 30, 2024 and 2023, respectively. There were no fees paid to third-party brokers related to brokered CDs for the three months ended June 30, 2024 and June 30, 2023. There were no fees paid to third-party brokers related to brokered CDs for the six months ended June 30, 2024. Fees paid to third-party brokers related to brokered CDs were $3 million for the six months ended June 30, 2023. Interest bearing deposits at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, 2024 December 31, 2023 (Dollars in thousands) Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 9,485,016 4.64 % $ 10,258,292 4.85 % Savings 976,727 4.34 945,000 4.35 Certificates of deposit 10,279,367 3.81 10,448,365 3.69 Deposits - interest bearing $ 20,741,110 $ 21,651,657 (1) Includes the effect of interest rate swaps in effective hedge relationships. Certificates of deposit remaining maturities are summarized as follows: (Dollars in thousands) June 30, 2024 December 31, 2023 One year or less $ 5,441,046 $ 3,937,766 After one year to two years 2,876,645 4,112,902 After two years to three years 1,575,845 1,881,371 After three years to four years 258,306 327,295 After four years to five years 127,484 188,802 After five years 41 229 Total $ 10,279,367 $ 10,448,365

Borrowings

Borrowings	6 Months Ended
Borrowings	Jun. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term asset-backed securitization (“ABS”) program and our Private Education Loan multi-lender secured borrowing facility (the “Secured Borrowing Facility”). For additional information regarding our borrowings, see Notes to Consolidated Financial Statements, Note 12, “Borrowings” in our 2023 Form 10-K. The following table summarizes our borrowings at June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 (Dollars in thousands) Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ — $ 993,810 $ 993,810 $ — $ 992,200 $ 992,200 Total unsecured borrowings — 993,810 993,810 — 992,200 992,200 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 3,691,111 3,691,111 — 3,585,254 3,585,254 Variable-rate — 718,091 718,091 — 650,058 650,058 Total Private Education Loan term securitizations — 4,409,202 4,409,202 — 4,235,312 4,235,312 Secured Borrowing Facility — — — — — — Total secured borrowings — 4,409,202 4,409,202 — 4,235,312 4,235,312 Total $ — $ 5,403,012 $ 5,403,012 $ — $ 5,227,512 $ 5,227,512 Short-term Borrowings On May 7, 2024 and June 14, 2024, 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 June 13, 2025. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on June 13, 2026 (or earlier, if certain material adverse events occur). At both June 30, 2024, and December 31, 2023, there were no secured borrowings outstanding under the Secured Borrowing Facility. Long-term Borrowings Secured Financings 2024 Transactions On May 15, 2024, we executed our $668 million SMB Private Education Loan Trust 2024-C term ABS transaction, which was accounted for as a secured financing. We sold $668 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $668 million of gross proceeds. The Class A and Class B notes had a weighted average life of 5.36 years and priced at a weighted average SOFR equivalent cost of SOFR plus 1.19 percent. On June 30, 2024, $727 million of our Private Education Loans, including $670 million of principal and $57 million in capitalized interest, were encumbered because of this transaction. Secured Financings at Issuance The following table summarizes our secured financings issued in the year ended December 31, 2023 and in the six months ended June 30, 2024. Issue Date Issued Total Issued Weighted Average Cost of Funds (1) Weighted Average Life (Dollars in thousands) Private Education Loans: 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 (2) $ 1,292,507 2024-C May 2024 $ 668,000 SOFR plus 1.19% 5.36 Total notes issued in 2024 $ 668,000 Total loan and accrued interest amount securitized at inception in 2024 (3) $ 733,644 (1) Represents SOFR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs. (2) At June 30, 2024, $1.14 billion of our Private Education Loans, including $1.06 billion of principal and $84 million in capitalized interest, were encumbered related to these transactions. (3) At June 30, 2024, $727 million of our Private Education Loans, including $670 million of principal and $57 million in capitalized interest, were encumbered related to this transaction. 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 June 30, 2024 (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 $ — $ 4,409,202 $ 4,409,202 $ 5,724,958 $ 142,228 $ 347,389 $ 6,214,575 Secured Borrowing Facility — — — — — 2,225 2,225 Total $ — $ 4,409,202 $ 4,409,202 $ 5,724,958 $ 142,228 $ 349,614 $ 6,216,800 As of December 31, 2023 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 (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. 2024-A Transaction On March 13, 2024, we closed an SMB Private Education Loan Trust 2024-A term ABS transaction (the “2024-A 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 February 1, 2024. Sallie Mae Bank sponsored the 2024-A 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 2024-A Transaction and we recorded a $7 million gain on sale associated with this transaction. In connection with the 2024-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 2024-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. 2024-R1 Transaction On April 9, 2024, we closed an SMB Private Education Loan Trust 2024-R1 term ABS transaction (the “2024-R1 Transaction”), in which an unaffiliated third party sold to the trust approximately $69 million of Private Education Loans residual flows from our 2020-PTA and 2020-PTB transactions through a re-securitization. Sallie Mae Bank sponsored the 2024-R1 Transaction and is the administrator of the trust. In connection with the 2024-R1 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 2024-R1 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. 2024-B Transaction On April 11, 2024, we closed an SMB Private Education Loan Trust 2024-B term ABS transaction (the “2024-B Transaction”), in which unaffiliated third parties sold to the trust approximately $191 million of Private Education Loans that the third-party sellers previously purchased from us in 2020 and 2021. Sallie Mae Bank sponsored the 2024-B Transaction, is the servicer and administrator, and was the seller of an additional $10 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 2024-B Transaction and we recorded a less than $1 million gain on sale associated with this transaction. In connection with the 2024-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 2024-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. 2024-D Transaction On June 28, 2024, we closed an SMB Private Education Loan Trust 2024-D term ABS transaction (the “2024-D Transaction”), in which an unaffiliated third party sold to the trust approximately $1.5 billion of Private Education Loans that the third-party seller previously purchased from us on May 23, 2024. Sallie Mae Bank sponsored the 2024-D Transaction, is the servicer and administrator, and was the seller of an additional $79 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 2024-D Transaction and we recorded a $6 million gain on sale associated with this transaction. In connection with the 2024-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 2024-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. June 30, 2024 December 31, 2023 (Dollars in thousands) Debt Interests (1) Equity Interests (2) Total Exposure Debt Interests (1) Equity Interests (2) Total Exposure Private Education Loan term securitizations $ 602,539 $ 60,473 $ 663,012 $ 423,327 $ 54,481 $ 477,808 (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 June 30, 2024. 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 six months ended June 30, 2024 nor in the year ended December 31, 2023. 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 June 30, 2024 and December 31, 2023, the value of our pledged collateral at the FRB totaled $1.2 billion and $1.6 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the six months ended June 30, 2024 nor in the year ended December 31, 2023.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	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. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2023 Form 10-K for a full discussion of our risk management strategy. Title VII of 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 (“CME”) and the London Clearing House (“LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of June 30, 2024, $1.3 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 $1.4 billion at June 30, 2024. 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 June 30, 2024 was $(30) million and $(2) 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 to the counterparty 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 June 30, 2024 and December 31, 2023, we had a net positive exposure (derivative gain/loss positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $6 million and $9 million, respectively. Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments at June 30, 2024 and December 31, 2023, and their impact on earnings and other comprehensive income for the six months ended June 30, 2024 and June 30, 2023. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2023 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities. Impact of Derivatives on the Consolidated Balance Sheets Cash Flow Hedges Fair Value Hedges Trading Total June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, (Dollars in thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ — $ — $ — $ — $ — $ — $ — $ — Derivative Liabilities: (2) Interest rate swaps Interest rate (87) (339) (29) (31) — (116) (370) Total net derivatives $ (87) $ (339) $ (29) $ (31) $ — $ — $ (116) $ (370) (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: Other Assets Other Liabilities June 30, December 31, June 30, December 31, (Dollars in thousands) 2024 2023 2024 2023 Gross position (1) $ — $ — $ (116) $ (370) Impact of master netting agreement — — — — Derivative values with impact of master netting agreements (as carried on balance sheet) — — (116) (370) Cash collateral pledged (2) 6,362 9,228 — — Net position $ 6,362 $ 9,228 $ (116) $ (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 (Dollars in thousands) June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Interest rate swaps $ 1,157,621 $ 1,203,783 $ 281,520 $ 702,309 $ — $ — $ 1,439,141 $ 1,906,092 Net total notional $ 1,157,621 $ 1,203,783 $ 281,520 $ 702,309 $ — $ — $ 1,439,141 $ 1,906,092 As of June 30, 2024 and December 31, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges: (Dollars in thousands) Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included: June 30, December 31, June 30, December 31, 2024 2023 2024 2023 Deposits $ (274,091) $ (689,137) $ 7,237 $ 12,910 Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Six Months Ended (Dollars in thousands) 2024 2023 2024 2023 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ (3,566) $ (5,980) $ (9,104) $ (12,385) Hedged items recorded in interest expense (2,468) 877 (5,673) (6,158) Derivatives recorded in interest expense 2,480 (765) 5,709 6,331 Total $ (3,554) $ (5,868) $ (9,068) $ (12,212) Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ 12,295 $ 11,826 $ 24,756 $ 22,104 Total $ 12,295 $ 11,826 $ 24,756 $ 22,104 Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ — $ — $ — $ — Total — — — — Total $ 8,741 $ 5,958 $ 15,688 $ 9,892 Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Amount of gain (loss) recognized in other comprehensive income (loss) $ 3,035 $ 19,401 $ 12,447 $ 14,680 Less: amount of gain (loss) reclassified in interest expense 12,295 11,826 24,756 22,104 Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ (9,260) $ 7,575 $ (12,309) $ (7,424) Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate deposits. During the next 12 months, we estimate that $29 million will be reclassified as a decrease to interest expense. Cash Collateral As of June 30, 2024, 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 June 30, 2024 and December 31, 2023, respectively. Collateral held is recorded in “Other Liabilities” on the consolidated balance sheets. Cash collateral pledged by us related to derivative exposure between us and our derivatives counterparties was $6 million and $9 million at June 30, 2024 and December 31, 2023, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The following table summarizes our common share repurchases and issuances. Three Months Ended Six Months Ended (Shares and per share amounts in actuals) 2024 2023 2024 2023 Common stock repurchased under repurchase programs (1) 2,929,646 16,389,696 4,240,369 16,389,696 Average purchase price per share (2) $ 21.17 $ 15.71 $ 20.91 $ 15.71 Shares repurchased related to employee stock-based compensation plans (3) 8,139 128,212 691,386 1,077,643 Average purchase price per share $ 21.02 $ 14.64 $ 19.92 $ 15.44 Common shares issued (4) 123,311 349,009 2,049,231 2,872,753 (1) Common shares purchased under our share repurchase programs. The 2022 Share Repurchase Program expired on January 25, 2024. There was $562 million of capacity remaining under the 2024 Share Repurchase Program at June 30, 2024. (2) Average purchase price per share includes purchase commission costs and excise taxes. (3) Comprised of shares withheld from stock option exercises and the vesting of restricted stock, restricted stock units, and performance stock units for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (4) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on the NASDAQ Global Select Market on June 28, 2024 was $20.79. Common Stock Dividends In both June 2024 and June 2023, we paid a common stock dividend of $0.11 per common share. Share Repurchases On January 26, 2022, we announced a 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. We did not repurchase shares of common stock under the 2022 Share Repurchase Program in the six months ended June 30, 2024. Under the 2022 Share Repurchase Program, we repurchased 16.4 million shares of common stock for $257 million in both the three and six months ended June 30, 2023. 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, we repurchased 2.9 million shares of common stock for $62 million in the three months ended June 30, 2024, and 4.2 million shares of common stock for $89 million in the six months ended June 30, 2024. We had $562 million of capacity remaining under the 2024 Share Repurchase Program at June 30, 2024. 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. Share Repurchases under Rule 10b5-1 trading plans

Earnings per Common Share

Earnings per Common Share	6 Months Ended
Earnings per Common Share	Jun. 30, 2024
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. Three Months Ended Six Months Ended (Dollars in thousands, except per share data) 2024 2023 2024 2023 Numerator: Net income $ 251,993 $ 265,065 $ 541,924 $ 383,583 Preferred stock dividends 4,628 4,274 9,281 8,337 Net income attributable to SLM Corporation common stock $ 247,365 $ 260,791 $ 532,643 $ 375,246 Denominator: Weighted average shares used to compute basic EPS 218,924 235,061 219,670 238,261 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) 3,543 2,531 3,486 2,293 Weighted average shares used to compute diluted EPS 222,467 237,592 223,156 240,554 Basic earnings per common share $ 1.13 $ 1.11 $ 2.42 $ 1.57 Diluted earnings per common share $ 1.11 $ 1.10 $ 2.39 $ 1.56 (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)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We use estimates of fair value in applying various accounting standards for our 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 Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Fair Value Measurement” in our 2023 Form 10-K. During the six months ended June 30, 2024, there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments. 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 June 30, 2024 December 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Trading investments $ — $ — $ 60,473 $ 60,473 $ — $ — $ 54,481 $ 54,481 Available-for-sale investments — 2,280,155 3,107 2,283,262 — 2,411,622 — 2,411,622 Derivative instruments — — — — — — — — Total $ — $ 2,280,155 $ 63,580 $ 2,343,735 $ — $ 2,411,622 $ 54,481 $ 2,466,103 Liabilities: Derivative instruments $ — $ (116) $ — $ (116) $ — $ (370) $ — $ (370) Total $ — $ (116) $ — $ (116) $ — $ (370) $ — $ (370) The following table summarizes the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis. Six Months Ended June 30, 2024 2023 Investments Investments (Dollars in thousands) Available For Sale - Trading - Total Available For Sale - Trading - Total Balance, beginning of period $ — $ 54,481 $ 54,481 $ — $ 50,786 $ 50,786 Total gains/(losses): Included in earnings (or changes in net assets) (1) 8 4,233 4,241 — 537 537 Included in other comprehensive income 48 — 48 — — — Settlements 3,051 1,759 4,810 — 823 823 Transfers into level 3 — — — — — — Transfers out of level 3 — — — — — — Balance, end of period $ 3,107 $ 60,473 $ 63,580 $ — $ 52,146 $ 52,146 Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period $ 48 $ — $ 48 $ — $ — $ — Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period (2) $ — $ 4,233 $ 4,233 $ — $ 537 $ 537 (1) Included in earnings (or changes in net assets) is comprised of the amounts recorded in the specified line item in the consolidated statements of income: Six Months Ended June 30, (Dollars in thousands) 2024 2023 Interest Income - Investments $ 8 $ — Gains (losses) on securities, net 4,233 537 Total $ 4,241 $ 537 (2) Recorded in "gains (losses) on securities, net" in the consolidated statements of income. The following table presents the significant unobservable inputs used in the recurring valuations of the level 3 financial instruments detailed above. (Dollars in thousands) Fair Value at Valuation Technique Unobservable Input Range (Average) Debt Securities $ 3,107 Discounted cash flow Constant Prepayment Rate 7.1%-11.1% (8.49%) Probability of default 4.0%-17.4% (11.26%) Residual Interests 60,473 Discounted cash flow Constant Prepayment Rate 7.1%-11.1% (8.49%) Probability of default 4.0%-17.4% (11.26%) Total $ 63,580 The significant inputs detailed in the above table 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. The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. June 30, 2024 December 31, 2023 (Dollars in thousands) Fair Carrying Difference Fair Carrying Difference Earning assets: Loans held for investment, net: Private Education Loans $ 20,976,381 $ 18,432,600 $ 2,543,781 $ 22,229,045 $ 19,772,293 $ 2,456,752 FFELP Loans 480,752 482,733 (1,981) 542,775 534,064 8,711 Cash and cash equivalents 5,262,448 5,262,448 — 4,149,838 4,149,838 — Trading investments 60,473 60,473 — 54,481 54,481 — Available-for-sale investments 2,283,262 2,283,262 — 2,411,622 2,411,622 — Accrued interest receivable 1,476,267 1,391,081 85,186 1,448,766 1,379,904 68,862 Derivative instruments — — — — — — Total earning assets $ 30,539,583 $ 27,912,597 $ 2,626,986 $ 30,836,527 $ 28,302,202 $ 2,534,325 Interest-bearing liabilities: Money-market and savings accounts $ 10,388,501 $ 10,461,743 $ 73,242 $ 11,134,883 $ 11,203,292 $ 68,409 Certificates of deposit 10,259,979 10,279,367 19,388 10,380,684 10,448,365 67,681 Long-term borrowings 5,151,728 5,403,012 251,284 4,873,690 5,227,512 353,822 Accrued interest payable 99,493 99,493 — 105,066 105,066 — Derivative instruments 116 116 — 370 370 — Total interest-bearing liabilities $ 25,899,817 $ 26,243,731 $ 343,914 $ 26,494,693 $ 26,984,605 $ 489,912 Excess of net asset fair value over carrying value $ 2,970,900 $ 3,024,237 Please refer to Notes to Consolidated Financial Statements, Note 17, “Fair Value Measurements” in our 2023 Form 10-K for a full discussion of the methods and assumptions used to estimate the fair value of each class of financial instruments.

Regulatory Capital

Regulatory Capital	6 Months Ended
Regulatory Capital	Jun. 30, 2024
Banking and Thrift, Other Disclosure [Abstract]
Regulatory Capital	Regulatory Capital Sallie Mae Bank (the “Bank”) is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. 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 Ill 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 each of January 1, 2022, 2023, and 2024, 25 percent of the adjusted transition amounts were 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 June 30, 2024, 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 Phase-In Amounts for the Six Months Ended Remaining Adjusted Transition Amounts to be Phased-In (Dollars in thousands) December 31, 2021 December 31, 2022 December 31, 2023 June 30, 2024 June 30, 2024 Retained earnings $ 836,351 $ (209,088) $ (209,088) $ (209,088) $ 209,087 Allowance for credit losses 1,038,145 (259,536) (259,536) (259,536) 259,537 Liability for unfunded commitments 104,377 (26,094) (26,094) (26,095) 26,094 Deferred tax asset 306,171 (76,542) (76,542) (76,543) 76,544 The Bank’s required and actual regulatory capital amounts and ratios, including applicable capital conservation buffers, 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 June 30, 2024 and December 31, 2023, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $110 million and $115 million, net of tax of $35 million and $37 million, respectively. The capital ratios would remain above the well capitalized thresholds, including applicable capital conservation buffers, 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 June 30, 2024 (3) : Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,122,582 13.4 % $ 1,631,764 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,122,582 13.4 % $ 1,981,427 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,423,131 14.7 % $ 2,447,645 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,122,582 10.8 % $ 1,154,807 > 4.0 % 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 % (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 June 30, 2024 and December 31, 2023, the actual amounts and the actual ratios include the adjusted transition amounts discussed above that were phased in at the beginning of 2024 and 2023. 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 Bank declared $138 million and $298 million in dividends to the Company for the three and six months ended June 30, 2024, respectively, and $300 million and $300 million in dividends to the Company for the three and six months ended June 30, 2023, 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

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	6 Months Ended
Commitments, Contingencies and Guarantees	Jun. 30, 2024
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 June 30, 2024, we had $1.3 billion of outstanding contractual loan commitments that we expect to fund during the upcoming 2024/2025 academic year. At June 30, 2024, we had a $49 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 our 2023 Form 10-K and Note 5, “Unfunded Loan Commitments” in this Form 10-Q for additional information. Regulatory Matters For additional information regarding our regulatory matters, see Notes to Consolidated Financial Statements, Note 21, “Commitments, Contingencies and Guarantees” in our 2023 Form 10-K. 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 251,993	$ 265,065	$ 541,924	$ 383,583

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. 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. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).
Consolidation	Consolidation The consolidated financial statements include the accounts of the Company 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.
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 statistical loan-level models that consider life of loan expectations for defaults, prepayments, recoveries, and any other qualitative 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. We estimate future default rates used in our current expected credit losses at a loan level using historical loss experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages. We estimate future prepayment speeds used in our current expected credit losses at a loan level using historical prepayment experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages. 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. 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 future default rates and prepayment speeds in 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. 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 in 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; and • Recovery rates.

Investments (Tables)

Investments (Tables)	6 Months Ended
Investments (Tables)	Jun. 30, 2024
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 June 30, 2024 Amortized Cost Allowance for credit losses (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Mortgage-backed securities $ 509,861 $ — $ 206 $ (73,956) $ 436,111 Utah Housing Corporation bonds 3,201 — — (320) 2,881 U.S. government-sponsored enterprises and Treasuries 1,296,942 — — (55,211) 1,241,731 Other securities 618,033 — 3,722 (19,216) 602,539 Total $ 2,428,037 $ — $ 3,928 $ (148,703) $ 2,283,262 As of December 31, 2023 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 (1)
Schedule of Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value	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: (Dollars in thousands) Less than 12 months 12 months or more Total Gross Estimated Gross Estimated Gross Estimated As of June 30, 2024: Mortgage-backed securities $ (1,739) $ 106,041 $ (72,217) $ 313,289 $ (73,956) $ 419,330 Utah Housing Corporation bonds — — (320) 2,881 (320) 2,881 U.S. government-sponsored enterprises and Treasuries — — (55,211) 1,241,731 (55,211) 1,241,731 Other securities (1,158) 77,628 (18,058) 244,502 (19,216) 322,130 Total $ (2,897) $ 183,669 $ (145,806) $ 1,802,403 $ (148,703) $ 1,986,072 As of December 31, 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
Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturities	As of June 30, 2024, 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 June 30, 2024 Year of Maturity (dollars in thousands) Amortized Cost Estimated Fair Value 2024 349,887 346,293 2025 299,312 292,886 2026 548,929 507,701 2027 98,814 94,851 2038 67 67 2039 570 552 2042 2,201 1,870 2043 3,864 3,396 2044 4,297 3,846 2045 4,615 4,011 2046 7,389 6,370 2047 7,359 6,424 2048 1,731 1,650 2049 15,114 13,095 2050 103,837 80,824 2051 149,872 115,523 2052 60,026 52,066 2053 323,017 315,286 2054 120,309 112,740 2055 78,597 75,905 2056 205,354 204,708 2058 42,876 43,198 Total $ 2,428,037 $ 2,283,262

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	6 Months Ended
Loans Held for Investment (Tables)	Jun. 30, 2024
Receivables [Abstract]
Schedule of Loans Held for Investment	Loans held for investment are summarized as follows: June 30, December 31, (Dollars in thousands) 2024 2023 Private Education Loans: Fixed-rate $ 14,124,662 $ 13,985,791 Variable-rate 5,494,869 7,040,053 Total Private Education Loans, gross 19,619,531 21,025,844 Deferred origination costs and unamortized premium/(discount) 78,661 81,554 Allowance for credit losses (1,265,592) (1,335,105) Total Private Education Loans, net 18,432,600 19,772,293 FFELP Loans 485,608 537,401 Deferred origination costs and unamortized premium/(discount) 1,185 1,330 Allowance for credit losses (4,060) (4,667) Total FFELP Loans, net 482,733 534,064 Loans held for investment, net $ 18,915,333 $ 20,306,357 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: 2024 2023 Three Months Ended June 30, (dollars in thousands) Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,480,805 10.91 % $ 20,704,907 10.79 % FFELP Loans 501,439 7.73 585,131 7.10 Total portfolio $ 20,982,244 $ 21,290,038 2024 2023 Six Months Ended June 30, Average Balance Weighted Average Interest Rate Average Balance Weighted Average Interest Rate Private Education Loans $ 20,961,775 10.96 % $ 21,227,153 10.72 % FFELP Loans 514,225 7.48 593,555 6.98 Total portfolio $ 21,476,000 $ 21,820,708

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	6 Months Ended
Allowance for Credit Losses (Tables)	Jun. 30, 2024
Receivables [Abstract]
Schedule of Allowance for Credit Losses and Recorded Investments in Loans	Allowance for Credit Losses Metrics Three Months Ended June 30, 2024 (dollars in thousands) FFELP Private Education Total Allowance for Credit Losses Beginning balance $ 4,627 $ 1,345,431 $ 1,350,058 Transfer from unfunded commitment liability (1) — 29,715 29,715 Provisions: Provision for current period (441) 72,862 72,421 Loan sale reduction to provision — (102,751) (102,751) Total provisions (2) (441) (29,889) (30,330) Net charge-offs: Charge-offs (126) (91,042) (91,168) Recoveries — 11,377 11,377 Net charge-offs (126) (79,665) (79,791) Ending Balance $ 4,060 $ 1,265,592 $ 1,269,652 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,060 $ 1,265,592 $ 1,269,652 Loans (3) : Ending balance: collectively evaluated for impairment $ 485,608 $ 19,619,531 $ 20,105,139 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,231,754 $ 1,231,754 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.13 % 2.19 % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.84 % 6.07 % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.10 % 8.62 % Allowance coverage of net charge-offs (annualized) 8.06 3.97 Ending total loans, gross $ 485,608 $ 19,619,531 Average loans in repayment (4) $ 378,667 $ 14,543,669 Ending loans in repayment (4) $ 369,681 $ 14,231,581 Accrued interest to be capitalized on loans in repayment (6) $ — $ 453,150 (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Three Months Ended June 30, 2024 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (29,889) Provisions for unfunded loan commitments 47,160 Total Private Education Loan provisions for credit losses 17,271 Other impacts to the provisions for credit losses: FFELP Loans (441) Total (441) Provisions for credit losses reported in consolidated statements of income $ 16,830 (3) For the three months ended June 30, 2024, 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 the interest on those loans while they are in forbearance). Three Months Ended June 30, 2023 (dollars in thousands) FFELP Private Credit Cards (7) Total Allowance for Credit Losses Beginning balance $ 3,927 $ 1,475,379 $ — $ 1,479,306 Transfer from unfunded commitment liability (1) — 28,188 — 28,188 Provisions: Provision for current period 820 96,102 (730) 96,192 Loan sale reduction to provision — (136,531) — (136,531) Total provisions (2) 820 (40,429) (730) (40,339) Net charge-offs: Charge-offs (325) (114,550) 741 (114,134) Recoveries — 11,706 (11) 11,695 Net charge-offs (325) (102,844) 730 (102,439) Ending Balance $ 4,422 $ 1,360,294 $ — $ 1,364,716 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,422 $ 1,360,294 $ — $ 1,364,716 Loans (3) : Ending balance: collectively evaluated for impairment $ 573,597 $ 19,938,363 $ — $ 20,511,960 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,136,973 $ — $ 1,136,973 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.29 % 2.69 % — % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.77 % 6.45 % — % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.02 % 9.03 % — % Allowance coverage of net charge-offs (annualized) 3.40 3.31 — Ending total loans, gross $ 573,597 $ 19,938,363 $ — Average loans in repayment (4) $ 441,749 $ 15,269,101 $ — Ending loans in repayment (4) $ 431,543 $ 14,652,527 $ — Accrued interest to be capitalized on loans in repayment (6) $ — $ 408,923 $ — (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Three Months Ended June 30, 2023 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (40,429) Provisions for unfunded loan commitments 58,068 Total Private Education Loan provisions for credit losses 17,639 Other impacts to the provisions for credit losses: FFELP Loans 820 Credit Cards (730) Total 90 Provisions for credit losses reported in consolidated statements of income $ 17,729 (3) For the three months ended June 30, 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 the interest on those loans while they are in forbearance). (7) We use “Credit Cards” to refer to the suite of Credit Card loans that we previously held; we sold the Credit Card portfolio to a third party in May 2023. l Six Months Ended June 30, 2024 (dollars in thousands) FFELP Private Education Total Allowance for Credit Losses Beginning balance $ 4,667 $ 1,335,105 $ 1,339,772 Transfer from unfunded commitment liability (1) — 161,329 161,329 Provisions: Provision for current period (358) 167,338 166,980 Loan sale reduction to provision — (235,955) (235,955) Total provisions (2) (358) (68,617) (68,975) Net charge-offs: Charge-offs (249) (184,916) (185,165) Recoveries — 22,691 22,691 Net charge-offs (249) (162,225) (162,474) Ending Balance $ 4,060 $ 1,265,592 $ 1,269,652 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,060 $ 1,265,592 $ 1,269,652 Loans (3) : Ending balance: collectively evaluated for impairment $ 485,608 $ 19,619,531 $ 20,105,139 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,231,754 $ 1,231,754 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.13 % 2.17 % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.84 % 6.07 % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.10 % 8.62 % Allowance coverage of net charge-offs (annualized) 8.15 3.90 Ending total loans, gross $ 485,608 $ 19,619,531 Average loans in repayment (4) $ 388,510 $ 14,977,567 Ending loans in repayment (4) $ 369,681 $ 14,231,581 Accrued interest to be capitalized on loans in repayment (6) $ — $ 453,150 (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Six Months Ended June 30, 2024 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (68,617) Provisions for unfunded loan commitments 97,846 Total Private Education Loan provisions for credit losses 29,229 Other impacts to the provisions for credit losses: FFELP Loans (358) Total (358) Provisions for credit losses reported in consolidated statements of income $ 28,871 (3) For the six months ended June 30, 2024, 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 the interest on those loans while they are in forbearance). Six Months Ended June 30, 2023 (dollars in thousands) FFELP Private Total Allowance for Credit Losses Beginning balance $ 3,444 $ 1,353,631 $ 1,357,075 Transfer from unfunded commitment liability (1) — 176,701 176,701 Provisions: Provision for current period 1,559 152,436 153,995 Loan sale reduction to provision — (136,531) (136,531) Total provisions (2) 1,559 15,905 17,464 Net charge-offs: Charge-offs (581) (209,635) (210,216) Recoveries — 23,692 23,692 Net charge-offs (581) (185,943) (186,524) Ending Balance $ 4,422 $ 1,360,294 $ 1,364,716 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,422 $ 1,360,294 $ 1,364,716 Loans (3) : Ending balance: collectively evaluated for impairment $ 573,597 $ 19,938,363 $ 20,511,960 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,136,973 $ 1,136,973 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.26 % 2.41 % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.77 % 6.45 % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.02 % 9.03 % Allowance coverage of net charge-offs (annualized) 3.81 3.66 Ending total loans, gross $ 573,597 $ 19,938,363 Average loans in repayment (4) $ 446,655 $ 15,448,931 Ending loans in repayment (4) $ 431,543 $ 14,652,527 Accrued interest to be capitalized on loans in repayment (6) $ — $ 408,923 (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Six Months Ended June 30, 2023 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ 15,905 Provisions for unfunded loan commitments 114,377 Total Private Education Loan provisions for credit losses 130,282 Other impacts to the provisions for credit losses: FFELP Loans $ 1,559 Total 1,559 Provisions for credit losses reported in consolidated statements of income $ 131,841 (3) For the six months ended June 30, 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 the interest on those loans while they are in forbearance). 2024 2023 Three Months Ended June 30, (dollars in thousands) Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 32,034 $ 673,492 $ 32,720 $ 684,353 Provision/New commitments - net (1) 47,160 1,317,770 58,068 1,529,368 Transfer - funded loans (2) (29,715) (690,869) (28,188) (650,865) Ending Balance $ 49,479 $ 1,300,393 $ 62,600 $ 1,562,856 2024 2023 Six Months Ended June 30, (dollars in thousands) Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 112,962 $ 2,221,077 $ 124,924 $ 1,995,808 Provision/New commitments - net (1) 97,846 2,352,228 114,377 2,654,184 Transfer - funded loans (2) (161,329) (3,272,912) (176,701) (3,087,136) Ending Balance $ 49,479 $ 1,300,393 $ 62,600 $ 1,562,856 (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.
Schedule of Amortized Cost Basis of Financing Receivables	The following tables show the amortized cost basis at the end of the respective reporting periods 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 Three Months Ended June 30, 2024 (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 $ 5,571 0.03 % $ 272,125 1.29 % Total $ 5,571 0.03 % $ 272,125 1.29 % Loan Modifications Made to Borrowers Experiencing Financial Difficulty Three Months Ended June 30, 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 $ 14,809 0.07 % $ 94,485 0.44 % Total $ 14,809 0.07 % $ 94,485 0.44 % Loan Modifications Made to Borrowers Experiencing Financial Difficulty Six Months Ended June 30, 2024 (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 $ 9,005 0.04 % $ 504,366 2.39 % Total $ 9,005 0.04 % $ 504,366 2.39 % Loan Modifications Made to Borrowers Experiencing Financial Difficulty Six Months Ended June 30, 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 $ 23,995 0.11 % $ 166,882 0.78 % Total $ 23,995 0.11 % $ 166,882 0.78 % The following tables describe the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty: Three Months Ended June 30, 2024 Interest Rate Reduction Combination - Interest Rate Loan Type Financial Effect Loan Type Financial Effect Private Education Loans Reduced average contractual rate from 13.31% to 3.46% Private Education Loans Added a weighted average 9.32 years to the life of loans Reduced average contractual rate from 12.72% to 3.70% Three Months Ended June 30, 2023 Interest Rate Reduction Combination - Interest Rate Loan Type Financial Effect Loan Type Financial Effect Private Education Loans Reduced average contractual rate from 13.30% to 4.00% Private Education Loans Added a weighted average 10.23 years to the life of loans Reduced average contractual rate from 12.84% to 4.00% Six Months Ended June 30, 2024 Interest Rate Reduction Combination - Interest Rate Loan Type Financial Effect Loan Type Financial Effect Private Education Loans Reduced average contractual rate from 13.25% to 3.62% Private Education Loans Added a weighted average 9.01 years to the life of loans Reduced average contractual rate from 12.66% to 3.71% Six Months Ended June 30, 2023 Interest Rate Reduction Combination - Interest Rate Loan Type Financial Effect Loan Type Financial Effect Private Education Loans Reduced average contractual rate from 13.06% to 4.00% Private Education Loans Added a weighted average 10.23 years to the life of loans Reduced average contractual rate from 12.69% to 4.00% Three Months Ended Three Months Ended (Dollars in thousands) Modified Loans (1)(2) Payment Default (4) Charge-Offs (5) Modified Loans (1)(2) Payment Default (4) Charge-Offs (5) Loan Type: Private Education Loans $ 27,322 $ 26,760 $ 4,304 $ 12,360 $ 12,099 $ 3,348 Total $ 27,322 $ 26,760 $ 4,304 $ 12,360 $ 12,099 $ 3,348 Six Months Ended Six Months Ended (Dollars in thousands) Modified Loans (1)(3) Payment Default (4) Charge-Offs (5) Modified Loans (1)(3) Payment Default (4) Charge-Offs (5) Loan Type: Private Education Loans $ 39,634 $ 40,128 $ 6,371 $ 19,374 $ 20,304 $ 5,279 Total $ 39,634 $ 40,128 $ 6,371 $ 19,374 $ 20,304 $ 5,279 (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. (2) For the three months ended June 30, 2024, the modified loans include $25.7 million of interest rate reduction and term extension loan modifications and $1.6 million of interest rate reduction only loan modifications. For the three months ended June 30, 2023, the modified loans include $11.0 million of interest rate reduction and term extension loan modifications and $1.4 million of interest rate reduction only loan modifications. (3) For the six months ended June 30, 2024, the modified loans include $37.5 million of interest rate reduction and term extension loan modifications and $2.1 million of interest rate reduction only loan modifications. For the six months ended June 30, 2023, the modified loans include $17.0 million of interest rate reduction and term extension loan modifications and $2.4 million of interest rate reduction only loan modifications. (4) Represents the unpaid principal balance at the time of payment default. (5) Represents the unpaid principal balance at the time of charge off.
Age Analysis of Past Due Loans Delinquencies	The following tables depict the performance of loans that have been modified during the respective reporting periods (first six months of 2024 and full year 2023, respectively). Payment Status (Amortized Cost Basis) At June 30, 2024 (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 $ 7,527 $ 468,384 $ 17,356 $ 8,605 $ 11,499 $ 513,371 Total $ 7,527 $ 468,384 $ 17,356 $ 8,605 $ 11,499 $ 513,371 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 (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) Represents loans in repayment which 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. 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 June 30, 2024 (dollars in thousands) 2024 2023 2022 2021 2020 2019 and Prior Total Loans in-school/grace/deferment (1) $ 708,196 $ 2,254,427 $ 955,723 $ 452,970 $ 231,555 $ 525,887 $ 5,128,758 Loans in forbearance (2) 2,295 33,722 60,256 35,789 25,101 102,029 259,192 Loans in repayment: Loans current 765,729 3,100,292 2,215,133 1,630,195 1,172,591 4,872,598 13,756,538 Loans delinquent 30-59 days (3) 2,542 18,637 29,618 27,766 19,455 126,427 224,445 Loans delinquent 60-89 days (3) 759 9,069 19,011 15,343 11,809 69,393 125,384 Loans 90 days or greater past due (3) 827 6,872 18,028 15,657 11,728 72,102 125,214 Total Private Education Loans in repayment 769,857 3,134,870 2,281,790 1,688,961 1,215,583 5,140,520 14,231,581 Total Private Education Loans, gross 1,480,348 5,423,019 3,297,769 2,177,720 1,472,239 5,768,436 19,619,531 Private Education Loans deferred origination costs and unamortized premium/(discount) 17,774 27,568 11,897 6,845 4,575 10,002 78,661 Total Private Education Loans 1,498,122 5,450,587 3,309,666 2,184,565 1,476,814 5,778,438 19,698,192 Private Education Loans allowance for losses (80,912) (304,066) (228,421) (152,123) (94,330) (405,740) (1,265,592) Private Education Loans, net $ 1,417,210 $ 5,146,521 $ 3,081,245 $ 2,032,442 $ 1,382,484 $ 5,372,698 $ 18,432,600 Percentage of Private Education Loans in repayment 52.0 % 57.8 % 69.2 % 77.6 % 82.6 % 89.1 % 72.5 % Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment 0.5 % 1.1 % 2.9 % 3.5 % 3.5 % 5.2 % 3.3 % Loans in forbearance as a percentage of loans in repayment and forbearance 0.3 % 1.1 % 2.6 % 2.1 % 2.0 % 1.9 % 1.8 % (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, 2023 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.
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 June 30, 2024 (dollars in thousands) Private Education Loans Held for Investment - Credit Quality Indicators Year of Origination Approval 2024 (1) 2023 (1) 2022 (1) 2021 (1) 2020 (1) 2019 and Prior (1) Total (1) % of Balance Cosigners: With cosigner $ 1,263,118 $ 4,792,996 $ 2,830,170 $ 1,844,136 $ 1,229,753 $ 5,084,224 $ 17,044,397 87 % Without cosigner 217,230 630,023 467,599 333,584 242,486 684,212 2,575,134 13 Total $ 1,480,348 $ 5,423,019 $ 3,297,769 $ 2,177,720 $ 1,472,239 $ 5,768,436 $ 19,619,531 100 % FICO at Origination Approval (2) : Less than 670 $ 90,651 $ 396,047 $ 265,203 $ 158,763 $ 99,015 $ 515,518 $ 1,525,197 8 % 670-699 197,505 757,395 457,439 294,690 209,037 979,895 2,895,961 15 700-749 463,674 1,663,571 1,030,601 693,019 480,075 1,948,940 6,279,880 32 Greater than or equal to 750 728,518 2,606,006 1,544,526 1,031,248 684,112 2,324,083 8,918,493 45 Total $ 1,480,348 $ 5,423,019 $ 3,297,769 $ 2,177,720 $ 1,472,239 $ 5,768,436 $ 19,619,531 100 % FICO Refreshed (2)(3) : Less than 670 $ 139,717 $ 648,278 $ 471,147 $ 307,412 $ 195,258 $ 883,767 $ 2,645,579 13 % 670-699 198,681 719,888 412,143 262,386 152,440 631,641 2,377,179 12 700-749 449,714 1,559,804 919,511 590,474 390,302 1,538,382 5,448,187 28 Greater than or equal to 750 692,236 2,495,049 1,494,968 1,017,448 734,239 2,714,646 9,148,586 47 Total $ 1,480,348 $ 5,423,019 $ 3,297,769 $ 2,177,720 $ 1,472,239 $ 5,768,436 $ 19,619,531 100 % Seasoning (4) : 1-12 payments $ 772,152 $ 2,750,486 $ 448,319 $ 286,029 $ 173,738 $ 411,072 $ 4,841,796 25 % 13-24 payments — 418,106 1,635,135 190,611 135,833 412,987 2,792,672 14 25-36 payments — — 258,592 1,094,789 116,401 528,339 1,998,121 10 37-48 payments — — — 153,321 687,962 472,389 1,313,672 7 More than 48 payments — — — — 126,750 3,417,762 3,544,512 18 Not yet in repayment 708,196 2,254,427 955,723 452,970 231,555 525,887 5,128,758 26 Total $ 1,480,348 $ 5,423,019 $ 3,297,769 $ 2,177,720 $ 1,472,239 $ 5,768,436 $ 19,619,531 100 % 2024 Current period (5) gross charge-offs $ (163) $ (8,669) $ (32,873) $ (26,921) $ (18,886) $ (97,404) $ (184,916) 2024 Current period (5) recoveries — 700 3,257 2,941 2,011 13,782 22,691 2024 Current period (5) net charge-offs $ (163) $ (7,969) $ (29,616) $ (23,980) $ (16,875) $ (83,622) $ (162,225) Total accrued interest by origination vintage $ 43,576 $ 357,479 $ 329,161 $ 221,437 $ 128,373 $ 287,456 $ 1,367,482 (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 second-quarter 2024. (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, 2024 through June 30, 2024. As of December 31, 2023 Private Education Loans Held for Investment - Credit Quality Indicators Year of Origination Approval 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)
Schedule of 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)(2) June 30, 2024 $ 1,367,482 $ 6,602 $ 8,500 December 31, 2023 $ 1,354,565 $ 8,373 $ 9,897 (1) The allowance for uncollectible interest at June 30, 2024 represents the expected losses related to the portion of accrued interest receivable on those loans that are in repayment ($136 million of accrued interest receivable) that is not expected to be capitalized. The accrued interest receivable that is expected to be capitalized ($1.2 billion) is reserved in the allowance for credit losses. The accrued interest receivable for the loans delinquent 90 days or greater includes $5.8 million of accrued interest receivable on those loans that are in repayment that is not expected to be capitalized and $0.8 million that is expected to be capitalized. (2)

Unfunded Loan Commitments (Tabl

Unfunded Loan Commitments (Tables)	6 Months Ended
Unfunded Loan Commitments (Tables)	Jun. 30, 2024
Credit Loss [Abstract]
Schedule of Allowance for Credit Losses and Recorded Investments in Loans	Allowance for Credit Losses Metrics Three Months Ended June 30, 2024 (dollars in thousands) FFELP Private Education Total Allowance for Credit Losses Beginning balance $ 4,627 $ 1,345,431 $ 1,350,058 Transfer from unfunded commitment liability (1) — 29,715 29,715 Provisions: Provision for current period (441) 72,862 72,421 Loan sale reduction to provision — (102,751) (102,751) Total provisions (2) (441) (29,889) (30,330) Net charge-offs: Charge-offs (126) (91,042) (91,168) Recoveries — 11,377 11,377 Net charge-offs (126) (79,665) (79,791) Ending Balance $ 4,060 $ 1,265,592 $ 1,269,652 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,060 $ 1,265,592 $ 1,269,652 Loans (3) : Ending balance: collectively evaluated for impairment $ 485,608 $ 19,619,531 $ 20,105,139 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,231,754 $ 1,231,754 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.13 % 2.19 % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.84 % 6.07 % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.10 % 8.62 % Allowance coverage of net charge-offs (annualized) 8.06 3.97 Ending total loans, gross $ 485,608 $ 19,619,531 Average loans in repayment (4) $ 378,667 $ 14,543,669 Ending loans in repayment (4) $ 369,681 $ 14,231,581 Accrued interest to be capitalized on loans in repayment (6) $ — $ 453,150 (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Three Months Ended June 30, 2024 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (29,889) Provisions for unfunded loan commitments 47,160 Total Private Education Loan provisions for credit losses 17,271 Other impacts to the provisions for credit losses: FFELP Loans (441) Total (441) Provisions for credit losses reported in consolidated statements of income $ 16,830 (3) For the three months ended June 30, 2024, 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 the interest on those loans while they are in forbearance). Three Months Ended June 30, 2023 (dollars in thousands) FFELP Private Credit Cards (7) Total Allowance for Credit Losses Beginning balance $ 3,927 $ 1,475,379 $ — $ 1,479,306 Transfer from unfunded commitment liability (1) — 28,188 — 28,188 Provisions: Provision for current period 820 96,102 (730) 96,192 Loan sale reduction to provision — (136,531) — (136,531) Total provisions (2) 820 (40,429) (730) (40,339) Net charge-offs: Charge-offs (325) (114,550) 741 (114,134) Recoveries — 11,706 (11) 11,695 Net charge-offs (325) (102,844) 730 (102,439) Ending Balance $ 4,422 $ 1,360,294 $ — $ 1,364,716 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,422 $ 1,360,294 $ — $ 1,364,716 Loans (3) : Ending balance: collectively evaluated for impairment $ 573,597 $ 19,938,363 $ — $ 20,511,960 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,136,973 $ — $ 1,136,973 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.29 % 2.69 % — % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.77 % 6.45 % — % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.02 % 9.03 % — % Allowance coverage of net charge-offs (annualized) 3.40 3.31 — Ending total loans, gross $ 573,597 $ 19,938,363 $ — Average loans in repayment (4) $ 441,749 $ 15,269,101 $ — Ending loans in repayment (4) $ 431,543 $ 14,652,527 $ — Accrued interest to be capitalized on loans in repayment (6) $ — $ 408,923 $ — (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Three Months Ended June 30, 2023 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (40,429) Provisions for unfunded loan commitments 58,068 Total Private Education Loan provisions for credit losses 17,639 Other impacts to the provisions for credit losses: FFELP Loans 820 Credit Cards (730) Total 90 Provisions for credit losses reported in consolidated statements of income $ 17,729 (3) For the three months ended June 30, 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 the interest on those loans while they are in forbearance). (7) We use “Credit Cards” to refer to the suite of Credit Card loans that we previously held; we sold the Credit Card portfolio to a third party in May 2023. l Six Months Ended June 30, 2024 (dollars in thousands) FFELP Private Education Total Allowance for Credit Losses Beginning balance $ 4,667 $ 1,335,105 $ 1,339,772 Transfer from unfunded commitment liability (1) — 161,329 161,329 Provisions: Provision for current period (358) 167,338 166,980 Loan sale reduction to provision — (235,955) (235,955) Total provisions (2) (358) (68,617) (68,975) Net charge-offs: Charge-offs (249) (184,916) (185,165) Recoveries — 22,691 22,691 Net charge-offs (249) (162,225) (162,474) Ending Balance $ 4,060 $ 1,265,592 $ 1,269,652 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,060 $ 1,265,592 $ 1,269,652 Loans (3) : Ending balance: collectively evaluated for impairment $ 485,608 $ 19,619,531 $ 20,105,139 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,231,754 $ 1,231,754 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.13 % 2.17 % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.84 % 6.07 % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.10 % 8.62 % Allowance coverage of net charge-offs (annualized) 8.15 3.90 Ending total loans, gross $ 485,608 $ 19,619,531 Average loans in repayment (4) $ 388,510 $ 14,977,567 Ending loans in repayment (4) $ 369,681 $ 14,231,581 Accrued interest to be capitalized on loans in repayment (6) $ — $ 453,150 (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Six Months Ended June 30, 2024 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ (68,617) Provisions for unfunded loan commitments 97,846 Total Private Education Loan provisions for credit losses 29,229 Other impacts to the provisions for credit losses: FFELP Loans (358) Total (358) Provisions for credit losses reported in consolidated statements of income $ 28,871 (3) For the six months ended June 30, 2024, 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 the interest on those loans while they are in forbearance). Six Months Ended June 30, 2023 (dollars in thousands) FFELP Private Total Allowance for Credit Losses Beginning balance $ 3,444 $ 1,353,631 $ 1,357,075 Transfer from unfunded commitment liability (1) — 176,701 176,701 Provisions: Provision for current period 1,559 152,436 153,995 Loan sale reduction to provision — (136,531) (136,531) Total provisions (2) 1,559 15,905 17,464 Net charge-offs: Charge-offs (581) (209,635) (210,216) Recoveries — 23,692 23,692 Net charge-offs (581) (185,943) (186,524) Ending Balance $ 4,422 $ 1,360,294 $ 1,364,716 Allowance (3) : Ending balance: collectively evaluated for impairment $ 4,422 $ 1,360,294 $ 1,364,716 Loans (3) : Ending balance: collectively evaluated for impairment $ 573,597 $ 19,938,363 $ 20,511,960 Accrued interest to be capitalized (3) : Ending balance: collectively evaluated for impairment $ — $ 1,136,973 $ 1,136,973 Net charge-offs as a percentage of average loans in repayment (annualized) (4) 0.26 % 2.41 % Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized (5) 0.77 % 6.45 % Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment (4)(5) 1.02 % 9.03 % Allowance coverage of net charge-offs (annualized) 3.81 3.66 Ending total loans, gross $ 573,597 $ 19,938,363 Average loans in repayment (4) $ 446,655 $ 15,448,931 Ending loans in repayment (4) $ 431,543 $ 14,652,527 Accrued interest to be capitalized on loans in repayment (6) $ — $ 408,923 (1) See Note 5, “Unfunded Loan Commitments,” in this Form 10-Q 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 Six Months Ended June 30, 2023 (dollars in thousands) Private Education Loan provisions for credit losses: Provisions for loan losses $ 15,905 Provisions for unfunded loan commitments 114,377 Total Private Education Loan provisions for credit losses 130,282 Other impacts to the provisions for credit losses: FFELP Loans $ 1,559 Total 1,559 Provisions for credit losses reported in consolidated statements of income $ 131,841 (3) For the six months ended June 30, 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 the interest on those loans while they are in forbearance). 2024 2023 Three Months Ended June 30, (dollars in thousands) Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 32,034 $ 673,492 $ 32,720 $ 684,353 Provision/New commitments - net (1) 47,160 1,317,770 58,068 1,529,368 Transfer - funded loans (2) (29,715) (690,869) (28,188) (650,865) Ending Balance $ 49,479 $ 1,300,393 $ 62,600 $ 1,562,856 2024 2023 Six Months Ended June 30, (dollars in thousands) Allowance Unfunded Commitments Allowance Unfunded Commitments Beginning Balance $ 112,962 $ 2,221,077 $ 124,924 $ 1,995,808 Provision/New commitments - net (1) 97,846 2,352,228 114,377 2,654,184 Transfer - funded loans (2) (161,329) (3,272,912) (176,701) (3,087,136) Ending Balance $ 49,479 $ 1,300,393 $ 62,600 $ 1,562,856 (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.

Goodwill and Acquired Intangi_2

Goodwill and Acquired Intangible Assets (Tables)	6 Months Ended
Goodwill and Acquired Intangible Assets (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Intangible Assets	Acquired intangible assets include the following: June 30, 2024 December 31, 2023 (Dollars in thousands) Weighted Average Useful Life (in years) (1) Cost Basis Accumulated Amortization Net Cost Basis Accumulated Amortization Net Trade name and trademarks (2) 4.0 $ 6,040 $ (1,384) $ 4,656 $ 6,040 $ (629) $ 5,411 Customer relationships 4.6 8,920 (5,344) 3,576 8,920 (4,013) 4,907 Developed technology 3.5 2,590 (1,285) 1,305 2,590 (908) 1,682 Partner relationships 2.5 730 (268) 462 730 (122) 608 Total acquired intangible assets $ 18,280 $ (8,281) $ 9,999 $ 18,280 $ (5,672) $ 12,608 (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) In 2023, we fully impaired the Nitro trade name and trademarks asset for $56 million.

Deposits (Tables)

Deposits (Tables)	6 Months Ended
Deposits (Tables)	Jun. 30, 2024
Banking and Thrift, Other Disclosure [Abstract]
Schedule of Deposits	The following table summarizes total deposits at June 30, 2024 and December 31, 2023. June 30, December 31, (Dollars in thousands) 2024 2023 Deposits - interest-bearing $ 20,741,110 $ 21,651,657 Deposits - non-interest-bearing 2,920 1,531 Total deposits $ 20,744,030 $ 21,653,188
Schedule of Interest Bearing Deposits	Interest bearing deposits at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, 2024 December 31, 2023 (Dollars in thousands) Amount Qtr.-End Weighted Average Stated Rate (1) Amount Year-End Weighted Average Stated Rate (1) Money market $ 9,485,016 4.64 % $ 10,258,292 4.85 % Savings 976,727 4.34 945,000 4.35 Certificates of deposit 10,279,367 3.81 10,448,365 3.69 Deposits - interest bearing $ 20,741,110 $ 21,651,657 (1) Includes the effect of interest rate swaps in effective hedge relationships.
Schedule of Certificates of Deposit Maturities	Certificates of deposit remaining maturities are summarized as follows: (Dollars in thousands) June 30, 2024 December 31, 2023 One year or less $ 5,441,046 $ 3,937,766 After one year to two years 2,876,645 4,112,902 After two years to three years 1,575,845 1,881,371 After three years to four years 258,306 327,295 After four years to five years 127,484 188,802 After five years 41 229 Total $ 10,279,367 $ 10,448,365

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
Borrowings (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes our borrowings at June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 (Dollars in thousands) Short-Term Long-Term Total Short-Term Long-Term Total Unsecured borrowings: Unsecured debt (fixed-rate) $ — $ 993,810 $ 993,810 $ — $ 992,200 $ 992,200 Total unsecured borrowings — 993,810 993,810 — 992,200 992,200 Secured borrowings: Private Education Loan term securitizations: Fixed-rate — 3,691,111 3,691,111 — 3,585,254 3,585,254 Variable-rate — 718,091 718,091 — 650,058 650,058 Total Private Education Loan term securitizations — 4,409,202 4,409,202 — 4,235,312 4,235,312 Secured Borrowing Facility — — — — — — Total secured borrowings — 4,409,202 4,409,202 — 4,235,312 4,235,312 Total $ — $ 5,403,012 $ 5,403,012 $ — $ 5,227,512 $ 5,227,512
Schedule of Securities Financing Transactions	The following table summarizes our secured financings issued in the year ended December 31, 2023 and in the six months ended June 30, 2024. Issue Date Issued Total Issued Weighted Average Cost of Funds (1) Weighted Average Life (Dollars in thousands) Private Education Loans: 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 (2) $ 1,292,507 2024-C May 2024 $ 668,000 SOFR plus 1.19% 5.36 Total notes issued in 2024 $ 668,000 Total loan and accrued interest amount securitized at inception in 2024 (3) $ 733,644 (1) Represents SOFR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs. (2) At June 30, 2024, $1.14 billion of our Private Education Loans, including $1.06 billion of principal and $84 million in capitalized interest, were encumbered related to these transactions. (3)
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 June 30, 2024 (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 $ — $ 4,409,202 $ 4,409,202 $ 5,724,958 $ 142,228 $ 347,389 $ 6,214,575 Secured Borrowing Facility — — — — — 2,225 2,225 Total $ — $ 4,409,202 $ 4,409,202 $ 5,724,958 $ 142,228 $ 349,614 $ 6,216,800 As of December 31, 2023 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 (1) Other assets primarily represent accrued interest receivable. The table below provides a summary of our exposure related to our unconsolidated VIEs. June 30, 2024 December 31, 2023 (Dollars in thousands) Debt Interests (1) Equity Interests (2) Total Exposure Debt Interests (1) Equity Interests (2) Total Exposure Private Education Loan term securitizations $ 602,539 $ 60,473 $ 663,012 $ 423,327 $ 54,481 $ 477,808 (1) Vertical risk retention interest classified as available-for-sale investment.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023, and their impact on earnings and other comprehensive income for the six months ended June 30, 2024 and June 30, 2023. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2023 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities. Impact of Derivatives on the Consolidated Balance Sheets Cash Flow Hedges Fair Value Hedges Trading Total June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, (Dollars in thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Fair Values (1) Hedged Risk Exposure Derivative Assets: (2) Interest rate swaps Interest rate $ — $ — $ — $ — $ — $ — $ — $ — Derivative Liabilities: (2) Interest rate swaps Interest rate (87) (339) (29) (31) — (116) (370) Total net derivatives $ (87) $ (339) $ (29) $ (31) $ — $ — $ (116) $ (370) (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: Other Assets Other Liabilities June 30, December 31, June 30, December 31, (Dollars in thousands) 2024 2023 2024 2023 Gross position (1) $ — $ — $ (116) $ (370) Impact of master netting agreement — — — — Derivative values with impact of master netting agreements (as carried on balance sheet) — — (116) (370) Cash collateral pledged (2) 6,362 9,228 — — Net position $ 6,362 $ 9,228 $ (116) $ (370) (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract. (2)
Schedule of Offsetting Assets	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, (Dollars in thousands) 2024 2023 2024 2023 Gross position (1) $ — $ — $ (116) $ (370) Impact of master netting agreement — — — — Derivative values with impact of master netting agreements (as carried on balance sheet) — — (116) (370) Cash collateral pledged (2) 6,362 9,228 — — Net position $ 6,362 $ 9,228 $ (116) $ (370) (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract. (2)
Schedule of Offsetting Liabilities	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities June 30, December 31, June 30, December 31, (Dollars in thousands) 2024 2023 2024 2023 Gross position (1) $ — $ — $ (116) $ (370) Impact of master netting agreement — — — — Derivative values with impact of master netting agreements (as carried on balance sheet) — — (116) (370) Cash collateral pledged (2) 6,362 9,228 — — Net position $ 6,362 $ 9,228 $ (116) $ (370) (1) Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract. (2)
Schedule of Notional Amounts of Outstanding Derivative Positions	Notional Values Cash Flow Fair Value Trading Total (Dollars in thousands) June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Interest rate swaps $ 1,157,621 $ 1,203,783 $ 281,520 $ 702,309 $ — $ — $ 1,439,141 $ 1,906,092 Net total notional $ 1,157,621 $ 1,203,783 $ 281,520 $ 702,309 $ — $ — $ 1,439,141 $ 1,906,092
Schedule of Cumulative Basis Adjustments for Fair Value Hedges	As of June 30, 2024 and December 31, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges: (Dollars in thousands) Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included: June 30, December 31, June 30, December 31, 2024 2023 2024 2023 Deposits $ (274,091) $ (689,137) $ 7,237 $ 12,910
Schedule of Impact of Derivatives on the Consolidated Statements of Income	Impact of Derivatives on the Consolidated Statements of Income Three Months Ended Six Months Ended (Dollars in thousands) 2024 2023 2024 2023 Fair Value Hedges Interest rate swaps: Interest recognized on derivatives $ (3,566) $ (5,980) $ (9,104) $ (12,385) Hedged items recorded in interest expense (2,468) 877 (5,673) (6,158) Derivatives recorded in interest expense 2,480 (765) 5,709 6,331 Total $ (3,554) $ (5,868) $ (9,068) $ (12,212) Cash Flow Hedges Interest rate swaps: Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ 12,295 $ 11,826 $ 24,756 $ 22,104 Total $ 12,295 $ 11,826 $ 24,756 $ 22,104 Trading Interest rate swaps: Change in fair value of future interest payments recorded in earnings $ — $ — $ — $ — Total — — — — Total $ 8,741 $ 5,958 $ 15,688 $ 9,892
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	Impact of Derivatives on the Statements of Changes in Stockholders’ Equity Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Amount of gain (loss) recognized in other comprehensive income (loss) $ 3,035 $ 19,401 $ 12,447 $ 14,680 Less: amount of gain (loss) reclassified in interest expense 12,295 11,826 24,756 22,104 Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit $ (9,260) $ 7,575 $ (12,309) $ (7,424)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Common Share Repurchases	The following table summarizes our common share repurchases and issuances. Three Months Ended Six Months Ended (Shares and per share amounts in actuals) 2024 2023 2024 2023 Common stock repurchased under repurchase programs (1) 2,929,646 16,389,696 4,240,369 16,389,696 Average purchase price per share (2) $ 21.17 $ 15.71 $ 20.91 $ 15.71 Shares repurchased related to employee stock-based compensation plans (3) 8,139 128,212 691,386 1,077,643 Average purchase price per share $ 21.02 $ 14.64 $ 19.92 $ 15.44 Common shares issued (4) 123,311 349,009 2,049,231 2,872,753 (1) Common shares purchased under our share repurchase programs. The 2022 Share Repurchase Program expired on January 25, 2024. There was $562 million of capacity remaining under the 2024 Share Repurchase Program at June 30, 2024. (2) Average purchase price per share includes purchase commission costs and excise taxes. (3) Comprised of shares withheld from stock option exercises and the vesting of restricted stock, restricted stock units, and performance stock units for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (4)

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
Earnings per Common Share (Tables)	Jun. 30, 2024
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. Three Months Ended Six Months Ended (Dollars in thousands, except per share data) 2024 2023 2024 2023 Numerator: Net income $ 251,993 $ 265,065 $ 541,924 $ 383,583 Preferred stock dividends 4,628 4,274 9,281 8,337 Net income attributable to SLM Corporation common stock $ 247,365 $ 260,791 $ 532,643 $ 375,246 Denominator: Weighted average shares used to compute basic EPS 218,924 235,061 219,670 238,261 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) 3,543 2,531 3,486 2,293 Weighted average shares used to compute diluted EPS 222,467 237,592 223,156 240,554 Basic earnings per common share $ 1.13 $ 1.11 $ 2.42 $ 1.57 Diluted earnings per common share $ 1.11 $ 1.10 $ 2.39 $ 1.56 (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)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Trading investments $ — $ — $ 60,473 $ 60,473 $ — $ — $ 54,481 $ 54,481 Available-for-sale investments — 2,280,155 3,107 2,283,262 — 2,411,622 — 2,411,622 Derivative instruments — — — — — — — — Total $ — $ 2,280,155 $ 63,580 $ 2,343,735 $ — $ 2,411,622 $ 54,481 $ 2,466,103 Liabilities: Derivative instruments $ — $ (116) $ — $ (116) $ — $ (370) $ — $ (370) Total $ — $ (116) $ — $ (116) $ — $ (370) $ — $ (370)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis. Six Months Ended June 30, 2024 2023 Investments Investments (Dollars in thousands) Available For Sale - Trading - Total Available For Sale - Trading - Total Balance, beginning of period $ — $ 54,481 $ 54,481 $ — $ 50,786 $ 50,786 Total gains/(losses): Included in earnings (or changes in net assets) (1) 8 4,233 4,241 — 537 537 Included in other comprehensive income 48 — 48 — — — Settlements 3,051 1,759 4,810 — 823 823 Transfers into level 3 — — — — — — Transfers out of level 3 — — — — — — Balance, end of period $ 3,107 $ 60,473 $ 63,580 $ — $ 52,146 $ 52,146 Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period $ 48 $ — $ 48 $ — $ — $ — Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period (2) $ — $ 4,233 $ 4,233 $ — $ 537 $ 537 (1) Included in earnings (or changes in net assets) is comprised of the amounts recorded in the specified line item in the consolidated statements of income: Six Months Ended June 30, (Dollars in thousands) 2024 2023 Interest Income - Investments $ 8 $ — Gains (losses) on securities, net 4,233 537 Total $ 4,241 $ 537 (2) Recorded in "gains (losses) on securities, net" in the consolidated statements of income.
Fair Value Measurement Inputs and Valuation Techniques	The following table presents the significant unobservable inputs used in the recurring valuations of the level 3 financial instruments detailed above. (Dollars in thousands) Fair Value at Valuation Technique Unobservable Input Range (Average) Debt Securities $ 3,107 Discounted cash flow Constant Prepayment Rate 7.1%-11.1% (8.49%) Probability of default 4.0%-17.4% (11.26%) Residual Interests 60,473 Discounted cash flow Constant Prepayment Rate 7.1%-11.1% (8.49%) Probability of default 4.0%-17.4% (11.26%) Total $ 63,580
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. June 30, 2024 December 31, 2023 (Dollars in thousands) Fair Carrying Difference Fair Carrying Difference Earning assets: Loans held for investment, net: Private Education Loans $ 20,976,381 $ 18,432,600 $ 2,543,781 $ 22,229,045 $ 19,772,293 $ 2,456,752 FFELP Loans 480,752 482,733 (1,981) 542,775 534,064 8,711 Cash and cash equivalents 5,262,448 5,262,448 — 4,149,838 4,149,838 — Trading investments 60,473 60,473 — 54,481 54,481 — Available-for-sale investments 2,283,262 2,283,262 — 2,411,622 2,411,622 — Accrued interest receivable 1,476,267 1,391,081 85,186 1,448,766 1,379,904 68,862 Derivative instruments — — — — — — Total earning assets $ 30,539,583 $ 27,912,597 $ 2,626,986 $ 30,836,527 $ 28,302,202 $ 2,534,325 Interest-bearing liabilities: Money-market and savings accounts $ 10,388,501 $ 10,461,743 $ 73,242 $ 11,134,883 $ 11,203,292 $ 68,409 Certificates of deposit 10,259,979 10,279,367 19,388 10,380,684 10,448,365 67,681 Long-term borrowings 5,151,728 5,403,012 251,284 4,873,690 5,227,512 353,822 Accrued interest payable 99,493 99,493 — 105,066 105,066 — Derivative instruments 116 116 — 370 370 — Total interest-bearing liabilities $ 25,899,817 $ 26,243,731 $ 343,914 $ 26,494,693 $ 26,984,605 $ 489,912 Excess of net asset fair value over carrying value $ 2,970,900 $ 3,024,237

Regulatory Capital (Tables)

Regulatory Capital (Tables)	6 Months Ended
Regulatory Capital (Tables)	Jun. 30, 2024
Banking and Thrift, Other Disclosure [Abstract]
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations	At June 30, 2024, 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 Phase-In Amounts for the Six Months Ended Remaining Adjusted Transition Amounts to be Phased-In (Dollars in thousands) December 31, 2021 December 31, 2022 December 31, 2023 June 30, 2024 June 30, 2024 Retained earnings $ 836,351 $ (209,088) $ (209,088) $ (209,088) $ 209,087 Allowance for credit losses 1,038,145 (259,536) (259,536) (259,536) 259,537 Liability for unfunded commitments 104,377 (26,094) (26,094) (26,095) 26,094 Deferred tax asset 306,171 (76,542) (76,542) (76,543) 76,544 (Dollars in thousands) Actual U.S. Basel III Minimum Requirements Plus Buffer (1)(2) Amount Ratio Amount Ratio As of June 30, 2024 (3) : Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 3,122,582 13.4 % $ 1,631,764 > 7.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 3,122,582 13.4 % $ 1,981,427 > 8.5 % Total Capital (to Risk-Weighted Assets) $ 3,423,131 14.7 % $ 2,447,645 > 10.5 % Tier 1 Capital (to Average Assets) $ 3,122,582 10.8 % $ 1,154,807 > 4.0 % 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 % (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)

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	6 Months Ended	12 Months Ended
Investments - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Investments, Debt and Equity Securities [Abstract]
Vertical risk retention interest	5%
Trading investments	$ 60,473	$ 54,481
Number of government sponsored securities with unrealized losses \| security	246	213
Number of mortgage-backed securities \| security	276	248
Par value of mortgage-backed securities pledged to FRB	$ 604,000	$ 612,000
Non-marketable securities investment	14,000	14,000
Low income housing tax credit investments	87,000	72,000
Liability for unfunded commitments	39,000	30,000
Low income housing tax credit investments, tax credits and benefits (less than)	$ 2,000	$ 11,000
Low income housing tax credit investments, expected tax benefits recognized	25%

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,428,037	$ 2,563,984
Allowance for credit losses	0	0
Gross Unrealized Gains	3,928	1,306
Gross Unrealized Losses	(148,703)	(153,668)
Estimated Fair Value	2,283,262	2,411,622
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	509,861	468,204
Allowance for credit losses	0	0
Gross Unrealized Gains	206	703
Gross Unrealized Losses	(73,956)	(62,480)
Estimated Fair Value	436,111	406,427
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,201	3,408
Allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(320)	(279)
Estimated Fair Value	2,881	3,129
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,296,942	1,645,609
Allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(55,211)	(66,870)
Estimated Fair Value	1,241,731	1,578,739
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	618,033	446,763
Allowance for credit losses	0	0
Gross Unrealized Gains	3,722	603
Gross Unrealized Losses	(19,216)	(24,039)
Estimated Fair Value	$ 602,539	$ 423,327

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Less than 12 months
Gross Unrealized Losses	$ (2,897)	$ (2,752)
Estimated Fair Value	183,669	142,116
12 months or more
Gross Unrealized Losses	(145,806)	(150,916)
Estimated Fair Value	1,802,403	2,123,439
Total
Gross Unrealized Losses	(148,703)	(153,668)
Estimated Fair Value	1,986,072	2,265,555
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(1,739)	(531)
Estimated Fair Value	106,041	51,391
12 months or more
Gross Unrealized Losses	(72,217)	(61,949)
Estimated Fair Value	313,289	300,318
Total
Gross Unrealized Losses	(73,956)	(62,480)
Estimated Fair Value	419,330	351,709
Utah Housing Corporation bonds
Less than 12 months
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
12 months or more
Gross Unrealized Losses	(320)	(279)
Estimated Fair Value	2,881	3,129
Total
Gross Unrealized Losses	(320)	(279)
Estimated Fair Value	2,881	3,129
U.S. government-sponsored enterprises and Treasuries
Less than 12 months
Gross Unrealized Losses	0	0
Estimated Fair Value	0	0
12 months or more
Gross Unrealized Losses	(55,211)	(66,870)
Estimated Fair Value	1,241,731	1,578,739
Total
Gross Unrealized Losses	(55,211)	(66,870)
Estimated Fair Value	1,241,731	1,578,739
Other securities
Less than 12 months
Gross Unrealized Losses	(1,158)	(2,221)
Estimated Fair Value	77,628	90,725
12 months or more
Gross Unrealized Losses	(18,058)	(21,818)
Estimated Fair Value	244,502	241,253
Total
Gross Unrealized Losses	(19,216)	(24,039)
Estimated Fair Value	$ 322,130	$ 331,978

Investments - Maturity Table (D

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,428,037	$ 2,563,984
Estimated Fair Value	2,283,262	$ 2,411,622
2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	349,887
Estimated Fair Value	346,293
2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	299,312
Estimated Fair Value	292,886
2026
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	548,929
Estimated Fair Value	507,701
2027
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,814
Estimated Fair Value	94,851
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	67
Estimated Fair Value	67
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	570
Estimated Fair Value	552
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,201
Estimated Fair Value	1,870
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,864
Estimated Fair Value	3,396
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,297
Estimated Fair Value	3,846
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,615
Estimated Fair Value	4,011
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,389
Estimated Fair Value	6,370
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,359
Estimated Fair Value	6,424
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,731
Estimated Fair Value	1,650
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,114
Estimated Fair Value	13,095
2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	103,837
Estimated Fair Value	80,824
2051
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	149,872
Estimated Fair Value	115,523
2052
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	60,026
Estimated Fair Value	52,066
2053
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	323,017
Estimated Fair Value	315,286
2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	120,309
Estimated Fair Value	112,740
2055
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	78,597
Estimated Fair Value	75,905
2056
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	205,354
Estimated Fair Value	204,708
2058
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	42,876
Estimated Fair Value	$ 43,198

Loans Held for Investment - Nar

Loans Held for Investment - Narrative (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent of private loans indexed to LIBOR	28%		33%
Tier 1 of government guarantee (at least)	97%			97%
Tier 2 of government guarantee					98%
Tier 3 of government guarantee						100%
Estimated weighted average life of student loans	5 years 3 months 18 days		5 years
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain on sales of loans, net	$ 255	$ 128
Proceeds from sale of loans receivable	3,690	2,100
Net proceeds from sales of loans held for investment, principal	3,420	1,960
Net proceeds from sales of loans held for investment, capitalized interest	$ 274	$ 144

Loans Held for Investment - Stu

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,269,652)	$ (1,350,058)	$ (1,339,772)	$ (1,364,716)	$ (1,479,306)	$ (1,357,075)
Private Education Loans, net	18,915,333		20,306,357
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	19,619,531		21,025,844
Deferred origination costs and unamortized premium/(discount)	78,661		81,554
Allowance for credit losses	(1,265,592)		(1,335,105)
Private Education Loans, net	18,432,600		19,772,293
Private Education Loans \| Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	14,124,662		13,985,791
Private Education Loans \| Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	5,494,869		7,040,053
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	485,608		537,401
Deferred origination costs and unamortized premium/(discount)	1,185		1,330
Allowance for credit losses	(4,060)		(4,667)
Private Education Loans, net	$ 482,733		$ 534,064

Loans Held for Investment - S_2

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 20,982,244	$ 21,290,038	$ 21,476,000	$ 21,820,708
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 20,480,805	$ 20,704,907	$ 20,961,775	$ 21,227,153
Weighted Average Interest Rate	10.91%	10.79%	10.96%	10.72%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 501,439	$ 585,131	$ 514,225	$ 593,555
Weighted Average Interest Rate	7.73%	7.10%	7.48%	6.98%

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Allowance for Credit Losses
Beginning balance	$ 1,350,058	$ 1,479,306	$ 1,339,772	$ 1,357,075	$ 1,357,075
Transfer from unfunded commitment liability	29,715	28,188	161,329	176,701
Provision for current period	72,421	96,192	166,980	153,995
Loan sale reduction to provision	(102,751)	(136,531)	(235,955)	(136,531)
Total provisions	(30,330)	(40,339)	(68,975)	17,464
Net charge-offs:
Charge-offs	(91,168)	(114,134)	(185,165)	(210,216)
Recoveries	11,377	11,695	22,691	23,692
Net charge-offs	(79,791)	(102,439)	(162,474)	(186,524)
Ending Balance	1,269,652	1,364,716	1,269,652	1,364,716	1,339,772
Allowance
Ending balance: collectively evaluated for impairment	1,269,652	1,364,716	1,269,652	1,364,716
Loans
Ending balance: collectively evaluated for impairment	20,105,139	20,511,960	20,105,139	20,511,960
Accrued Interest to be Capitalized
Ending balance: collectively evaluated for impairment	1,231,754	1,136,973	1,231,754	1,136,973
Other impacts to the provisions for credit losses:	(441)	90	(358)	1,559
Provisions for credit losses reported in consolidated statements of income	16,830	17,729	28,871	131,841
FFELP Loans
Allowance for Credit Losses
Beginning balance	4,627	3,927	4,667	3,444	3,444
Transfer from unfunded commitment liability	0	0	0	0
Provision for current period	(441)	820	(358)	1,559
Loan sale reduction to provision	0	0	0	0
Total provisions	(441)	820	(358)	1,559
Net charge-offs:
Charge-offs	(126)	(325)	(249)	(581)
Recoveries	0	0	0	0
Net charge-offs	(126)	(325)	(249)	(581)
Ending Balance	4,060	4,422	4,060	4,422	4,667
Allowance
Ending balance: collectively evaluated for impairment	4,060	4,422	4,060	4,422
Loans
Ending balance: collectively evaluated for impairment	485,608	573,597	485,608	573,597
Accrued Interest to be Capitalized
Ending balance: collectively evaluated for impairment	$ 0	$ 0	$ 0	$ 0
Net charge-offs as a percentage of average loans in repayment (annualized)	0.13%	0.29%	0.13%	0.26%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized	0.84%	0.77%	0.84%	0.77%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment	1.10%	1.02%	1.10%	1.02%
Allowance coverage of net charge-offs (annualized)	8.06	3.40	8.15	3.81
Ending total loans, gross	$ 485,608	$ 573,597	$ 485,608	$ 573,597
Average loans in repayment	378,667	441,749	388,510	446,655
Ending loans in repayment	369,681	431,543	369,681	431,543
Accrued interest to be capitalized on loans in repayment	0	0	0	0
Other impacts to the provisions for credit losses:	(441)	820	(358)	1,559
Private Education Loans
Allowance for Credit Losses
Beginning balance	1,345,431	1,475,379	1,335,105	1,353,631	1,353,631
Transfer from unfunded commitment liability	29,715	28,188	161,329	176,701
Provision for current period	72,862	96,102	167,338	152,436
Loan sale reduction to provision	(102,751)	(136,531)	(235,955)	(136,531)
Total provisions	(29,889)	(40,429)	(68,617)	15,905
Net charge-offs:
Charge-offs	(91,042)	(114,550)	(184,916)	(209,635)
Recoveries	11,377	11,706	22,691	23,692
Net charge-offs	(79,665)	(102,844)	(162,225)	(185,943)
Ending Balance	1,265,592	1,360,294	1,265,592	1,360,294	$ 1,335,105
Allowance
Ending balance: collectively evaluated for impairment	1,265,592	1,360,294	1,265,592	1,360,294
Loans
Ending balance: collectively evaluated for impairment	19,619,531	19,938,363	19,619,531	19,938,363
Accrued Interest to be Capitalized
Ending balance: collectively evaluated for impairment	$ 1,231,754	$ 1,136,973	$ 1,231,754	$ 1,136,973
Net charge-offs as a percentage of average loans in repayment (annualized)	2.19%	2.69%	2.17%	2.41%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized	6.07%	6.45%	6.07%	6.45%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment	8.62%	9.03%	8.62%	9.03%
Allowance coverage of net charge-offs (annualized)	3.97	3.31	3.90	3.66
Ending total loans, gross	$ 19,619,531	$ 19,938,363	$ 19,619,531	$ 19,938,363
Average loans in repayment	14,543,669	15,269,101	14,977,567	15,448,931
Ending loans in repayment	14,231,581	14,652,527	14,231,581	14,652,527
Accrued interest to be capitalized on loans in repayment	453,150	408,923	453,150	408,923
Provisions for loan losses	(29,889)	(40,429)	(68,617)	15,905
Provisions for unfunded loan commitments	47,160	58,068	97,846	114,377
Total Private Education Loan provisions for credit losses	$ 17,271	17,639	$ 29,229	130,282
Credit Cards
Allowance for Credit Losses
Beginning balance		0
Transfer from unfunded commitment liability		0
Provision for current period		(730)
Loan sale reduction to provision		0
Total provisions		(730)
Net charge-offs:
Charge-offs		741
Recoveries		(11)
Net charge-offs		730
Ending Balance		0		0
Allowance
Ending balance: collectively evaluated for impairment		0		0
Loans
Ending balance: collectively evaluated for impairment		0		0
Accrued Interest to be Capitalized
Ending balance: collectively evaluated for impairment		$ 0		0
Net charge-offs as a percentage of average loans in repayment (annualized)		0%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized		0%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment		0%
Allowance coverage of net charge-offs (annualized)		0
Ending total loans, gross		$ 0		0
Average loans in repayment		0
Ending loans in repayment		0		0
Accrued interest to be capitalized on loans in repayment		0		$ 0
Other impacts to the provisions for credit losses:		$ (730)

Allowance for Credit Losses - N

Allowance for Credit Losses - Narrative (Details)	3 Months Ended			6 Months Ended
Allowance for Credit Losses - Narrative (Details)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) payment	Jun. 30, 2023 USD ($)	Jul. 01, 2006
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable allowance period increase (decrease)				$ (103,000,000)
Loan sale reduction to provision	$ 102,751,000		$ 136,531,000	$ 235,955,000	$ 136,531,000
Criteria for loans to be considered as nonperforming (greater than)				90 days
Tier 1 of government guarantee (at least)	97%			97%		97%
Maximum amount of forbearance granted				12 months
Number of monthly payments required by a borrower between successive grants of forbearance \| payment				12
Interest rate reduction		2%
Threshold period for payment default				60 days
Period of loans past due that have accrued interest				90 days
Monthly payment that is smaller than the interest accrued on the loan in that month				$ 25
Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, excluding accrued interest, modified, charged off \| payment				0
Private Education Loans \| Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financial receivable, excluding accrued interest, modified, accumulated		$ 9,300,000
Financial receivable, excluding accrued interest, modified in period, to total financing receivables, percentage		0.04%
Financing receivable, modified, weighted average term increase from modification		6 years 8 months 12 days
Financial receivable, excluding accrued interest, modified, subsequent default	$ 900,000			$ 1,000,000
Financing receivable, excluding accrued interest, modified, subsequent default, unpaid principal balance	800,000			$ 900,000
Threshold period for payment default				60 days
Loan delinquent 30-59 days \| Private Education Loans \| Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financial receivable, excluding accrued interest, modified, accumulated	600,000			$ 600,000
Loan delinquent 60-89 days \| Private Education Loans \| Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financial receivable, excluding accrued interest, modified, accumulated	500,000			500,000
Loan delinquent 90 days or greater past due \| Private Education Loans \| Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financial receivable, excluding accrued interest, modified, accumulated	300,000			300,000
Loan delinquent, current \| Private Education Loans \| Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financial receivable, excluding accrued interest, modified, accumulated	7,900,000			7,900,000
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan sale reduction to provision	102,751,000		136,531,000	235,955,000	136,531,000
Loans sold				$ 3,690,000,000	2,100,000,000
Threshold period when delinquent loans are written off				120 days
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan sale reduction to provision	$ 0		$ 0	$ 0	$ 0
Percentage of FFELP loans insured and guaranteed (at least)				97%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increments in which forbearance is granted				2 months
Interest rate offered to borrowers facing financial difficulty		8%
Temporary interest rate reduction, period		4 years
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increments in which forbearance is granted				1 month
Interest rate offered to borrowers facing financial difficulty		2%
Temporary interest rate reduction, period		2 years

Allowance for Credit Losses -_2

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables with Loan Modifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 5,571	$ 14,809	$ 9,005	$ 23,995
% of Total Class of Financing Receivable	0.03%	0.07%	0.04%	0.11%
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 272,125	$ 94,485	$ 504,366	$ 166,882
% of Total Class of Financing Receivable	1.29%	0.44%	2.39%	0.78%
Private Education Loans \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 5,571	$ 14,809	$ 9,005	$ 23,995
% of Total Class of Financing Receivable	0.03%	0.07%	0.04%	0.11%
Private Education Loans \| Interest Rate Reduction \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	13.31%	13.30%	13.25%	13.06%
Private Education Loans \| Interest Rate Reduction \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	3.46%	4%	3.62%	4%
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 272,125	$ 94,485	$ 504,366	$ 166,882
% of Total Class of Financing Receivable	1.29%	0.44%	2.39%	0.78%
Weighted average life of loans	9 years 3 months 25 days	10 years 2 months 23 days	9 years 3 days	10 years 2 months 23 days
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	12.72%	12.84%	12.66%	12.69%
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	3.70%	4%	3.71%	4%

Allowance for Credit Losses -_3

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables that Subsequently Defaulted (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified loans		$ 513,371				$ 380,526
60 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified loans	$ 27,322		$ 12,360	$ 39,634	$ 19,374
Payment Default	26,760		12,099	40,128	20,304
Charge-Offs	4,304		3,348	6,371	5,279
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified loans	25,700		11,000	37,500	17,000
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified loans	1,600		1,400	2,100	2,400
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified loans		$ 513,371				$ 380,526
Private Education Loans \| 60 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified loans	27,322		12,360	39,634	19,374
Payment Default	26,760		12,099	40,128	20,304
Charge-Offs	$ 4,304		$ 3,348	$ 6,371	$ 5,279

Allowance for Credit Losses - P

Allowance for Credit Losses - Payment Status (Amortized Cost Basis) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 513,371	$ 380,526
Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	7,527	6,843
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	468,384	334,967
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	17,356	17,205
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	8,605	7,689
90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	11,499	13,822
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	513,371	380,526
Private Education Loans \| Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	7,527	6,843
Private Education Loans \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	468,384	334,967
Private Education Loans \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	17,356	17,205
Private Education Loans \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	8,605	7,689
Private Education Loans \| 90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 11,499	$ 13,822

Allowance for Credit Losses - L

Allowance for Credit Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
% of Balance
Current period gross charge-offs, total	$ (91,168)	$ (114,134)	$ (185,165)	$ (210,216)
Current period recoveries, total	11,377	11,695	22,691	23,692
Current period net charge-offs, total	(79,791)	$ (102,439)	(162,474)	$ (186,524)
Consumer Portfolio Segment \| Student Loan
% of Balance
Current period gross charge-offs, Year 1			(163)		$ (1,812)
Current period gross charge-offs, Year 2			(8,669)		(31,032)
Current period gross charge-offs, Year 3			(32,873)		(70,331)
Current period gross charge-offs, Year 4			(26,921)		(49,624)
Current period gross charge-offs, Year 5			(18,886)		(50,585)
Current period gross charge-offs, After Year 5			(97,404)		(216,711)
Current period gross charge-offs, total			(184,916)		(420,095)
Current period recoveries, Year 1			0		172
Current period recoveries, Year 2			700		2,342
Current period recoveries, Year 3			3,257		6,496
Current period recoveries, Year 4			2,941		4,923
Current period recoveries, Year 5			2,011		5,260
Current period recoveries, After Year 5			13,782		27,175
Current period recoveries, total			22,691		46,368
Current period net charge-offs, Year 1			(163)		(1,640)
Current period net charge-offs, Year 2			(7,969)		(28,690)
Current period recoveries, Year 3			(29,616)		(63,835)
Current period recoveries, Year 4			(23,980)		(44,701)
Current period recoveries, Year 5			(16,875)		(45,325)
Current period recoveries, After Year 5			(83,622)		(189,536)
Current period net charge-offs, total			(162,225)		(373,727)
Total accrued interest by origination vintage, Year 1	43,576		43,576		177,959
Total accrued interest by origination vintage, Year 2	357,479		357,479		408,800
Total accrued interest by origination vintage, Year 3	329,161		329,161		269,978
Total accrued interest by origination vintage, Year 4	221,437		221,437		152,094
Total accrued interest by origination vintage, Year 5	128,373		128,373		116,618
Total accrued interest by origination vintage, After Year 5	287,456		287,456		229,116
Total accrued interest by origination vintage	1,367,482		1,367,482		1,354,565
Consumer Portfolio Segment \| Student Loan \| With and without cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	1,480,348		1,480,348		4,490,119
Year 2	5,423,019		5,423,019		5,088,739
Year 3	3,297,769		3,297,769		2,937,422
Year 4	2,177,720		2,177,720		1,819,089
Year 5	1,472,239		1,472,239		1,632,300
After Year 5	5,768,436		5,768,436		5,058,175
Loan type	$ 19,619,531		$ 19,619,531		$ 21,025,844
% of Balance
Total in percent	100%		100%		100%
Consumer Portfolio Segment \| Student Loan \| With cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,263,118		$ 1,263,118		$ 3,903,676
Year 2	4,792,996		4,792,996		4,428,163
Year 3	2,830,170		2,830,170		2,516,380
Year 4	1,844,136		1,844,136		1,535,308
Year 5	1,229,753		1,229,753		1,378,699
After Year 5	5,084,224		5,084,224		4,529,768
Loan type	$ 17,044,397		$ 17,044,397		$ 18,291,994
% of Balance
Private education loans	87%		87%		87%
Consumer Portfolio Segment \| Student Loan \| Without cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 217,230		$ 217,230		$ 586,443
Year 2	630,023		630,023		660,576
Year 3	467,599		467,599		421,042
Year 4	333,584		333,584		283,781
Year 5	242,486		242,486		253,601
After Year 5	684,212		684,212		528,407
Loan type	$ 2,575,134		$ 2,575,134		$ 2,733,850
% of Balance
Private education loans	13%		13%		13%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,480,348		$ 1,480,348		$ 4,490,119
Year 2	5,423,019		5,423,019		5,088,739
Year 3	3,297,769		3,297,769		2,937,422
Year 4	2,177,720		2,177,720		1,819,089
Year 5	1,472,239		1,472,239		1,632,300
After Year 5	5,768,436		5,768,436		5,058,175
Loan type	$ 19,619,531		$ 19,619,531		$ 21,025,844
% of Balance
Total in percent	100%		100%		100%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 90,651		$ 90,651		$ 328,199
Year 2	396,047		396,047		395,526
Year 3	265,203		265,203		208,696
Year 4	158,763		158,763		118,935
Year 5	99,015		99,015		137,494
After Year 5	515,518		515,518		451,613
Loan type	$ 1,525,197		$ 1,525,197		$ 1,640,463
% of Balance
Private education loans at origination	8%		8%		8%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 197,505		$ 197,505		$ 635,642
Year 2	757,395		757,395		704,642
Year 3	457,439		457,439		400,744
Year 4	294,690		294,690		254,762
Year 5	209,037		209,037		257,840
After Year 5	979,895		979,895		868,777
Loan type	$ 2,895,961		$ 2,895,961		$ 3,122,407
% of Balance
Private education loans at origination	15%		15%		15%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 463,674		$ 463,674		$ 1,383,779
Year 2	1,663,571		1,663,571		1,586,783
Year 3	1,030,601		1,030,601		934,033
Year 4	693,019		693,019		590,401
Year 5	480,075		480,075		545,333
After Year 5	1,948,940		1,948,940		1,709,299
Loan type	$ 6,279,880		$ 6,279,880		$ 6,749,628
% of Balance
Private education loans at origination	32%		32%		32%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 728,518		$ 728,518		$ 2,142,499
Year 2	2,606,006		2,606,006		2,401,788
Year 3	1,544,526		1,544,526		1,393,949
Year 4	1,031,248		1,031,248		854,991
Year 5	684,112		684,112		691,633
After Year 5	2,324,083		2,324,083		2,028,486
Loan type	$ 8,918,493		$ 8,918,493		$ 9,513,346
% of Balance
Private education loans at origination	45%		45%		45%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,480,348		$ 1,480,348		$ 4,490,119
Year 2	5,423,019		5,423,019		5,088,739
Year 3	3,297,769		3,297,769		2,937,422
Year 4	2,177,720		2,177,720		1,819,089
Year 5	1,472,239		1,472,239		1,632,300
After Year 5	5,768,436		5,768,436		5,058,175
Loan type	$ 19,619,531		$ 19,619,531		$ 21,025,844
% of Balance
Total in percent	100%		100%		100%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 139,717		$ 139,717		$ 495,451
Year 2	648,278		648,278		638,381
Year 3	471,147		471,147		379,738
Year 4	307,412		307,412		217,956
Year 5	195,258		195,258		214,665
After Year 5	883,767		883,767		791,875
Loan type	$ 2,645,579		$ 2,645,579		$ 2,738,066
% of Balance
Private education loans at origination	13%		13%		13%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 198,681		$ 198,681		$ 616,684
Year 2	719,888		719,888		672,777
Year 3	412,143		412,143		365,674
Year 4	262,386		262,386		193,462
Year 5	152,440		152,440		176,963
After Year 5	631,641		631,641		564,245
Loan type	$ 2,377,179		$ 2,377,179		$ 2,589,805
% of Balance
Private education loans at origination	12%		12%		12%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 449,714		$ 449,714		$ 1,347,094
Year 2	1,559,804		1,559,804		1,477,310
Year 3	919,511		919,511		836,747
Year 4	590,474		590,474		498,414
Year 5	390,302		390,302		445,244
After Year 5	1,538,382		1,538,382		1,361,073
Loan type	$ 5,448,187		$ 5,448,187		$ 5,965,882
% of Balance
Private education loans at origination	28%		28%		28%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 692,236		$ 692,236		$ 2,030,890
Year 2	2,495,049		2,495,049		2,300,271
Year 3	1,494,968		1,494,968		1,355,263
Year 4	1,017,448		1,017,448		909,257
Year 5	734,239		734,239		795,428
After Year 5	2,714,646		2,714,646		2,340,982
Loan type	$ 9,148,586		$ 9,148,586		$ 9,732,091
% of Balance
Private education loans at origination	47%		47%		47%
Consumer Portfolio Segment \| Student Loan \| Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 1,480,348		$ 1,480,348		$ 4,490,119
Year 2	5,423,019		5,423,019		5,088,739
Year 3	3,297,769		3,297,769		2,937,422
Year 4	2,177,720		2,177,720		1,819,089
Year 5	1,472,239		1,472,239		1,632,300
After Year 5	5,768,436		5,768,436		5,058,175
Loan type	$ 19,619,531		$ 19,619,531		$ 21,025,844
% of Balance
Total in percent	100%		100%		100%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 772,152		$ 772,152		$ 2,514,079
Year 2	2,750,486		2,750,486		740,450
Year 3	448,319		448,319		440,293
Year 4	286,029		286,029		245,631
Year 5	173,738		173,738		208,941
After Year 5	411,072		411,072		332,608
Loan type	$ 4,841,796		$ 4,841,796		$ 4,482,002
% of Balance
Seasoning based on monthly scheduled payments due from 1-12 payments	25%		25%		21%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0		$ 0
Year 2	418,106		418,106		2,675,956
Year 3	1,635,135		1,635,135		303,045
Year 4	190,611		190,611		167,532
Year 5	135,833		135,833		165,577
After Year 5	412,987		412,987		384,760
Loan type	$ 2,792,672		$ 2,792,672		$ 3,696,870
% of Balance
Seasoning based on monthly scheduled payments due from 13 - 24 payments	14%		14%		18%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0		$ 0
Year 2	0		0		0
Year 3	258,592		258,592		1,524,834
Year 4	1,094,789		1,094,789		195,091
Year 5	116,401		116,401		129,571
After Year 5	528,339		528,339		456,448
Loan type	$ 1,998,121		$ 1,998,121		$ 2,305,944
% of Balance
Seasoning based on monthly scheduled payments due from 25 - 36 payments	10%		10%		11%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0		$ 0
Year 2	0		0		0
Year 3	0		0		0
Year 4	153,321		153,321		902,938
Year 5	687,962		687,962		208,521
After Year 5	472,389		472,389		446,350
Loan type	$ 1,313,672		$ 1,313,672		$ 1,557,809
% of Balance
Seasoning based on monthly scheduled payments due from 37 - 48 payments	7%		7%		7%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0		$ 0
Year 2	0		0		0
Year 3	0		0		0
Year 4	0		0		116
Year 5	126,750		126,750		706,097
After Year 5	3,417,762		3,417,762		2,985,015
Loan type	$ 3,544,512		$ 3,544,512		$ 3,691,228
% of Balance
Seasoning based on monthly scheduled payments due from more than 48 payments	18%		18%		18%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 708,196		$ 708,196		$ 1,976,040
Year 2	2,254,427		2,254,427		1,672,333
Year 3	955,723		955,723		669,250
Year 4	452,970		452,970		307,781
Year 5	231,555		231,555		213,593
After Year 5	525,887		525,887		452,994
Loan type	$ 5,128,758		$ 5,128,758		$ 5,291,991
% of Balance
Seasoning based on monthly scheduled payments due from not yet in repayment	26%		26%		25%

Allowance for Credit Losses -_4

Allowance for Credit Losses - Age Analysis of Past Due Loans Delinquencies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans allowance for losses	$ (1,269,652)	$ (1,350,058)	$ (1,339,772)	$ (1,364,716)	$ (1,479,306)	$ (1,357,075)
Private Education Loans, net	$ 18,915,333		$ 20,306,357
Percentage of Private Education Loans in repayment, Year 1	52%		55.60%
Percentage of Private Education Loans in repayment, Year 2	57.80%		65.30%
Percentage of Private Education Loans in repayment, Year 3	69.20%		75.20%
Percentage of Private Education Loans in repayment, Year 4	77.60%		81.10%
Percentage of Private Education Loans in repayment, Year 5	82.60%		85%
Percentage of Private Education Loans in repayment, After Year 5	89.10%		89.30%
Percentage of Private Education Loans in repayment	72.50%		73.30%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 1	0.50%		1%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 2	1.10%		2.10%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 3	2.90%		3.60%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 4	3.50%		4.10%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, Year 5	3.50%		4.50%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment, After Year 5	5.20%		6.80%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	3.30%		3.90%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 1	0.30%		0.80%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 2	1.10%		2.70%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 3	2.60%		2.60%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 4	2.10%		2.30%
Loans in forbearance as a percentage of loans in repayment and forbearance, Year 5	2%		2.20%
Loans in forbearance as a percentage of loans in repayment and forbearance, After Year 5	1.90%		1.90%
Loans in forbearance as a percentage of loans in repayment and forbearance	1.80%		2.10%
Consumer Portfolio Segment \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in Repayment, Year 1	$ 769,857		$ 2,494,814
Total Private Education Loans in Repayment, Year 2	3,134,870		3,323,327
Total Private Education Loans in Repayment, Year 3	2,281,790		2,209,734
Total Private Education Loans in Repayment, Year 4	1,688,961		1,475,858
Total Private Education Loans in Repayment, Year 5	1,215,583		1,386,889
Total Private Education Loans in Repayment, After Year 5	5,140,520		4,519,192
Total Private Education Loans in repayment	14,231,581		15,409,814
Total Private Education Loans, gross, Year 1	1,480,348		4,490,119
Total Private Education Loans, gross, Year 2	5,423,019		5,088,739
Total Private Education Loans, gross, Year 3	3,297,769		2,937,422
Total Private Education Loans, gross, Year 4	2,177,720		1,819,089
Total Private Education Loans, gross, Year 5	1,472,239		1,632,300
Total Private Education Loans, gross, After Year 5	5,768,436		5,058,175
Total Private Education Loans, gross	19,619,531		21,025,844
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 1	17,774		35,616
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 2	27,568		18,556
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 3	11,897		9,465
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 4	6,845		5,809
Private Education Loans deferred origination costs and unamortized premium/(discount), Year 5	4,575		3,556
Private Education Loans deferred origination costs and unamortized premium/(discount), After Year 5	10,002		8,552
Private Education Loans deferred origination costs and unamortized premium/(discount)	78,661		81,554
Total Private Education Loans, Year 1	1,498,122		4,525,735
Total Private Education Loans, Year 2	5,450,587		5,107,295
Total Private Education Loans, Year 3	3,309,666		2,946,887
Total Private Education Loans, Year 4	2,184,565		1,824,898
Total Private Education Loans, Year 5	1,476,814		1,635,856
Total Private Education Loans, After Year 5	5,778,438		5,066,727
Total Private Education Loans	19,698,192		21,107,398
Private Education Loans allowance for losses, Year 1	(80,912)		(269,642)
Private Education Loans allowance for losses, Year 2	(304,066)		(335,090)
Private Education Loans allowance for losses, Year 3	(228,421)		(194,104)
Private Education Loans allowance for losses, Year 4	(152,123)		(118,755)
Private Education Loans allowance for losses, Year 5	(94,330)		(100,111)
Private Education Loans allowance for losses, After Year 5	(405,740)		(317,403)
Private Education Loans allowance for losses	(1,265,592)		(1,335,105)
Private Education Loans, net, Year 1	1,417,210		4,256,093
Private Education Loans, net, Year 2	5,146,521		4,772,205
Private Education Loans, net, Year 3	3,081,245		2,752,783
Private Education Loans, net, Year 4	2,032,442		1,706,143
Private Education Loans, net, Year 5	1,382,484		1,535,745
Private Education Loans, net, After Year 5	5,372,698		4,749,324
Private Education Loans, net	18,432,600		19,772,293
Consumer Portfolio Segment \| Student Loan \| Loan delinquent, current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	765,729		2,469,817
Year 2	3,100,292		3,254,534
Year 3	2,215,133		2,131,040
Year 4	1,630,195		1,416,069
Year 5	1,172,591		1,323,825
After Year 5	4,872,598		4,213,986
Loan type	13,756,538		14,809,271
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 30-59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	2,542		17,599
Year 2	18,637		34,627
Year 3	29,618		37,147
Year 4	27,766		28,020
Year 5	19,455		31,432
After Year 5	126,427		149,926
Loan type	224,445		298,751
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 60-89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	759		5,720
Year 2	9,069		17,227
Year 3	19,011		20,077
Year 4	15,343		16,614
Year 5	11,809		15,482
After Year 5	69,393		75,897
Loan type	125,384		151,017
Consumer Portfolio Segment \| Student Loan \| Loan delinquent 90 days or greater past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	827		1,678
Year 2	6,872		16,939
Year 3	18,028		21,470
Year 4	15,657		15,155
Year 5	11,728		16,150
After Year 5	72,102		79,383
Loan type	125,214		150,775
Loans In-School/Grace/Deferment \| Consumer Portfolio Segment \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	708,196		1,976,040
Year 2	2,254,427		1,672,333
Year 3	955,723		669,250
Year 4	452,970		307,781
Year 5	231,555		213,593
After Year 5	525,887		452,994
Loan type	5,128,758		5,291,991
Loans In Forbearance \| Consumer Portfolio Segment \| Student Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans in forbearance, Year 1	2,295		19,265
Total Private Education Loans in forbearance, Year 2	33,722		93,079
Total Private Education Loans in forbearance, Year 3	60,256		58,438
Total Private Education Loans in forbearance, Year 4	35,789		35,450
Total Private Education Loans in forbearance, Year 5	25,101		31,818
Total Private Education Loans in forbearance, After Year 5	102,029		85,989
Total Private Education Loans in forbearance	$ 259,192		$ 324,039

Allowance for Credit Losses -_5

Allowance for Credit Losses - Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total Interest Receivable	$ 1,367,482	$ 1,354,565
90 Days or Greater Past Due	6,602	8,373
Allowance for Uncollectible Interest	8,500	9,897
Accrued interest receivable not expected to be capitalized	136,000	151,000
Accrued interest receivable expected to be capitalized reserved	1,200,000	1,200,000
Loan delinquent 90 days or greater past due
Financing Receivable, Past Due [Line Items]
Accrued interest receivable not expected to be capitalized	5,800	7,700
Accrued interest receivable expected to be capitalized reserved	$ 800	$ 600

Unfunded Loan Commitments - Nar

Unfunded Loan Commitments - Narrative (Details) $ in Billions	Jun. 30, 2024 USD ($)
Credit Loss [Abstract]
Contractual obligation	$ 1.3

Unfunded Loan Commitments - Sch

Unfunded Loan Commitments - Schedule of Allowance for Credit Losses and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance
Beginning balance	$ 32,034	$ 32,720	$ 112,962	$ 124,924
Provision/New commitments - net	47,160	58,068	97,846	114,377
Transfer - funded loans	(29,715)	(28,188)	(161,329)	(176,701)
Ending balance	49,479	62,600	49,479	62,600
Unfunded Commitments
Beginning balance	673,492	684,353	2,221,077	1,995,808
Provision/New commitments - net	1,317,770	1,529,368	2,352,228	2,654,184
Transfer - funded loans	(690,869)	(650,865)	(3,272,912)	(3,087,136)
Ending balance	$ 1,300,393	$ 1,562,856	$ 1,300,393	$ 1,562,856

Goodwill and Acquired Intangi_3

Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 56,000		$ 56,000		$ 56,000
Acquired intangible assets amortization expense	1,394	$ 2,245	2,609	$ 4,517
Expected amortization of 2024	5,000		5,000
Expected amortization of 2025	4,000		4,000
Expected amortization of 2026	3,000		3,000
Expected amortization of 2027	$ 1,000		$ 1,000

Goodwill and Acquired Intangi_4

Goodwill and Acquired Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Cost Basis	$ 18,280	$ 18,280
Accumulated Amortization	(5,672)	(8,281)
Net	12,608	$ 9,999
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
Cost Basis	6,040	$ 6,040
Accumulated Amortization	(629)	(1,384)
Net	5,411	$ 4,656
Tradename and trademarks \| Nitro
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	56,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)		4 years 7 months 6 days
Cost Basis	8,920	$ 8,920
Accumulated Amortization	(4,013)	(5,344)
Net	4,907	$ 3,576
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)		3 years 6 months
Cost Basis	2,590	$ 2,590
Accumulated Amortization	(908)	(1,285)
Net	1,682	$ 1,305
Partner relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)		2 years 6 months
Cost Basis	730	$ 730
Accumulated Amortization	(122)	(268)
Net	$ 608	$ 462

Deposits - Summary of Total Dep

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Banking and Thrift, Other Disclosure [Abstract]
Deposits - interest-bearing	$ 20,741,110	$ 21,651,657
Deposits - non-interest-bearing	2,920	1,531
Total deposits	$ 20,744,030	$ 21,653,188

Deposits - Narrative (Details)

Deposits - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Deposits - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Banking and Thrift, Other Disclosure [Abstract]
Deposits	$ 20,744,030		$ 20,744,030		$ 21,653,188
Brokered deposits	10,000,000		10,000,000		10,300,000
Retail and other deposits	10,700,000		10,700,000		11,400,000
Stable interest-bearing deposits, total	6,900,000		6,900,000		7,600,000
Brokered deposit placement fee	2,000	$ 3,000	5,000	$ 6,000
Third party broker fees paid	0	$ 0	0	$ 3,000
Deposits exceeding FDIC insurance limits	495,000		495,000		478,000
Accrued interest on deposits	$ 85,000		$ 85,000		$ 91,000

Deposits - Interest Bearing Dep

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amount
Money market	$ 9,485,016	$ 10,258,292
Savings	976,727	945,000
Certificates of deposit	10,279,367	10,448,365
Deposits - interest bearing	$ 20,741,110	$ 21,651,657
Qtr.-End Weighted Average Stated Rate
Money market	4.64%	4.85%
Savings	4.34%	4.35%
Certificates of deposit	3.81%	3.69%

Deposits - Schedule of Remainin

Deposits - Schedule of Remaining Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Banking and Thrift, Other Disclosure [Abstract]
One year or less	$ 5,441,046	$ 3,937,766
After one year to two years	2,876,645	4,112,902
After two years to three years	1,575,845	1,881,371
After three years to four years	258,306	327,295
After four years to five years	127,484	188,802
After five years	41	229
Total	$ 10,279,367	$ 10,448,365

Borrowings - Company Borrowings

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-Term	$ 0	$ 0
Long-Term	5,403,012	5,227,512
Total	5,403,012	5,227,512
Unsecured borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	993,810	992,200
Total	993,810	992,200
Secured Borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,409,202	4,235,312
Total	4,409,202	4,235,312
Secured Borrowings \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,409,202	4,235,312
Total	4,409,202	4,235,312
Secured Borrowings \| Secured Borrowing Facility
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	0	0
Total	0	0
Secured Borrowings \| Fixed-rate \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	3,691,111	3,585,254
Total	3,691,111	3,585,254
Secured Borrowings \| Variable-rate \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	718,091	650,058
Total	$ 718,091	$ 650,058

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)						6 Months Ended	12 Months Ended
Borrowings - Narrative (Details) - USD ($)	Jun. 28, 2024	May 15, 2024	Apr. 11, 2024	Apr. 09, 2024	Mar. 13, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 14, 2024	May 07, 2024
Line of Credit Facility [Line Items]
Short-term borrowings						$ 0	$ 0
Estimated weighted average life of student loans						5 years 3 months 18 days	5 years
Vertical risk retention interest						5%
Uncommitted federal funds						$ 125,000,000
Lendable value of collateral						1,200,000,000	$ 1,600,000,000
Secured Borrowings \| Line of Credit
Line of Credit Facility [Line Items]
Secured borrowing facility maximum borrowing capacity								$ 2,000,000,000	$ 2,000,000,000
Line of credit facility, interest holding percentage								100%	100%
Short-term borrowings						0	$ 0
2023-C
Line of Credit Facility [Line Items]
Private education loan term accounted for as a secured financing		$ 668,000,000
Loans sold to third parties		$ 668,000,000
Ownership interest percentage on asset-backed financing		100%
Unsecured debt issued		$ 668,000,000
Estimated weighted average life of student loans		5 years 4 months 9 days
Basis spread on variable rate		1.19%
Loans pledged as collateral						727,000,000
Principal amount of collateral						670,000,000
Capitalized interest						$ 57,000,000
2023-A
Line of Credit Facility [Line Items]
Vertical risk retention interest						5%
2023-A \| Private Education Loans
Line of Credit Facility [Line Items]
Private education loans sold					$ 2,000,000,000
Additional proceeds from sale					105,000,000
Gain on sale					$ 7,000,000
2024-R1
Line of Credit Facility [Line Items]
Vertical risk retention interest				5%
2024-R1 \| Private Education Loans
Line of Credit Facility [Line Items]
Private education loans sold				$ 69,000,000
2024-B
Line of Credit Facility [Line Items]
Vertical risk retention interest						5%
2024-B \| Private Education Loans
Line of Credit Facility [Line Items]
Private education loans sold			$ 191,000,000
Additional proceeds from sale			10,000,000
Gain on sale			$ 1,000,000
2024-D
Line of Credit Facility [Line Items]
Vertical risk retention interest						5%
2024-D \| Private Education Loans
Line of Credit Facility [Line Items]
Private education loans sold	$ 1,500,000,000
Additional proceeds from sale	79,000,000
Gain on sale	$ 6,000,000

Borrowings - Secured Financing

Borrowings - Secured Financing (Details) - USD ($)	1 Months Ended
Borrowings - Secured Financing (Details) - USD ($)	May 31, 2024	Aug. 31, 2023	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Securities Financing Transaction [Line Items]
Total Issued				$ 668,000,000	$ 1,147,000,000
Total loans and accrued interest amount securitized at inception				733,644,000	$ 1,292,507,000
2023-A
Securities Financing Transaction [Line Items]
Total Issued			$ 579,000,000
Weighted Average Cost of Funds (as a percent)			1.53%
Weighted Average Life (in years)			5 years 21 days
2023-C
Securities Financing Transaction [Line Items]
Total Issued		$ 568,000,000
Weighted Average Cost of Funds (as a percent)		1.69%
Weighted Average Life (in years)		4 years 11 months 4 days
Principal amount of collateral				670,000,000
Capitalized interest				57,000,000
2024-C
Securities Financing Transaction [Line Items]
Total Issued	$ 668,000,000
Weighted Average Cost of Funds (as a percent)	1.19%
Weighted Average Life (in years)	5 years 4 months 9 days
Private Education Loans Securitized In 2023
Securities Financing Transaction [Line Items]
Loans				1,140,000,000
Principal amount of collateral				1,060,000,000
Capitalized interest				84,000,000
Private Education Loans Securitized In 2024
Securities Financing Transaction [Line Items]
Loans				727,000,000
Principal amount of collateral				670,000,000
Capitalized interest				$ 57,000,000

Borrowings - Financing VIEs (De

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Debt Outstanding
Short-Term	$ 0	$ 0
Long-Term	5,403,012	5,227,512
Total	5,403,012	5,227,512
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	142,230	149,669	$ 150,585
Other Assets	56,923	52,342
Total assets	28,768,844	29,169,468
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	0
Long-Term	4,409,202	4,235,312
Total	4,409,202	4,235,312
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,724,958	5,539,964
Restricted Cash	142,228	149,412
Other Assets	349,614	312,763
Total assets	6,216,800	6,002,139
Variable Interest Entity, Primary Beneficiary \| Private Education Loan term securitizations
Debt Outstanding
Short-Term	0	0
Long-Term	4,409,202	4,235,312
Total	4,409,202	4,235,312
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,724,958	5,539,964
Restricted Cash	142,228	149,412
Other Assets	347,389	311,697
Total assets	6,214,575	6,001,073
Variable Interest Entity, Primary Beneficiary \| Secured Borrowing Facility
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	2,225	1,066
Total assets	$ 2,225	$ 1,066

Borrowings - Summary of Exposur

Borrowings - Summary of Exposure Related To Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Estimated Fair Value	$ 2,283,262		$ 2,411,622
Total Exposure	49,479	$ 32,034	112,962	$ 62,600	$ 32,720	$ 124,924
Variable Interest Entity, Not Primary Beneficiary \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Estimated Fair Value	602,539		423,327
Equity Interests	60,473		54,481
Total Exposure	$ 663,012		$ 477,808

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details)	6 Months Ended
Derivative Financial Instruments - Narrative (Details)	Jun. 30, 2024 USD ($) counterparty	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Number of central counterparties \| counterparty	2
Notional value	$ 1,439,141,000	$ 1,906,092,000
Derivative, fair value, amount offset against collateral, net	6,000,000	9,000,000
Estimated accumulated gain (loss) to be reclassified in next 12 months	(29,000,000)
Cash collateral held relative to derivative exposure	0	0
Cash collateral pledged	6,000,000	$ 9,000,000
CME
Derivative [Line Items]
Notional value	$ 1,300,000,000
Percent of total notional derivative contracts	92.60%
Amount of variation margin included as settlement	$ (30,000,000)
LCH
Derivative [Line Items]
Notional value	$ 100,000,000
Percent of total notional derivative contracts	7.40%
Amount of variation margin included as settlement	$ (2,000,000)

Derivative Financial Instrume_4

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets	$ 0	$ 0
Derivative liabilities	(116)	(370)
Total net derivatives	(116)	(370)
Trading
Derivatives, Fair Value [Line Items]
Total net derivatives	0	0
Cash Flow Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(87)	(339)
Fair Value Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total net derivatives	(29)	(31)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities	(116)	(370)
Interest rate swaps \| Trading
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities		0
Interest rate swaps \| Cash Flow Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities	(87)	(339)
Interest rate swaps \| Fair Value Hedges \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities	$ (29)	$ (31)

Derivative Financial Instrume_5

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets
Gross position	$ 0	$ 0
Impact of master netting agreement	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet)	0	0
Cash collateral pledged	6,362	9,228
Net position	6,362	9,228
Other Liabilities
Gross position	(116)	(370)
Impact of master netting agreement	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet)	(116)	(370)
Cash collateral pledged	0	0
Net position	$ (116)	$ (370)

Derivative Financial Instrume_6

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Notional Values	$ 1,439,141	$ 1,906,092
Trading
Derivatives, Fair Value [Line Items]
Notional Values	0	0
Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	1,157,621	1,203,783
Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	281,520	702,309
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Values	1,439,141	1,906,092
Interest rate swaps \| Trading
Derivatives, Fair Value [Line Items]
Notional Values	0	0
Interest rate swaps \| Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	1,157,621	1,203,783
Interest rate swaps \| Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	$ 281,520	$ 702,309

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (274,091)	$ (689,137)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ 7,237	$ 12,910

Derivative Financial Instrume_8

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Trading
Total	$ 8,741	$ 5,958	$ 15,688	$ 9,892
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	(3,566)	(5,980)	(9,104)	(12,385)
Hedged items recorded in interest expense	(2,468)	877	(5,673)	(6,158)
Derivatives recorded in interest expense	2,480	(765)	5,709	6,331
Trading
Total	(3,554)	(5,868)	(9,068)	(12,212)
Designated as Hedging Instrument \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	12,295	11,826	24,756	22,104
Trading
Trading
Change in fair value of future interest payments recorded in earnings	0	0	0	0
Total	$ 0	$ 0	$ 0	$ 0

Derivative Financial Instrume_9

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ 3,035	$ 19,401	$ 12,447	$ 14,680
Less: amount of gain (loss) reclassified in interest expense	12,295	11,826	24,756	22,104
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ (9,260)	$ 7,575	$ (12,309)	$ (7,424)

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Common stock repurchased (in shares)	2,929,646	16,389,696	4,240,369	16,389,696
Average purchase price per share (in dollars per share)	$ 21.17	$ 15.71	$ 20.91	$ 15.71
Shares repurchased related to employee stock-based compensation plans (in shares)	8,139	128,212	691,386	1,077,643
Average purchase price per share (in dollars per share)	$ 21.02	$ 14.64	$ 19.92	$ 15.44
Common shares issued (in shares)	123,311	349,009	2,049,231	2,872,753
Remaining authority under the share repurchase program	$ 562		$ 562

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 28, 2024	Jan. 24, 2024	Jan. 26, 2022
Class of Stock [Line Items]
Common stock dividend (in dollars per share)	$ 0.11	$ 0.11
Common stock repurchased (in shares)			2,929,646	16,389,696	4,240,369	16,389,696
Remaining authority under the share repurchase program	$ 562,000		$ 562,000		$ 562,000
Common stock repurchased, price			$ 62,019	$ 257,402	$ 88,658	$ 257,402
Common Stock
Class of Stock [Line Items]
Common stock closing price (in dollars per share)							$ 20.79
Common Stock \| 2022 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)									$ 1,250,000
Common stock repurchased (in shares)				16,400,000	0	16,400,000
Common stock repurchased, amount				$ 257,000		$ 257,000
Common Stock \| 2024 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)								$ 650,000
Common stock repurchased (in shares)			2,900,000		4,200,000
Remaining authority under the share repurchase program	$ 562,000		$ 562,000		$ 562,000
Common stock repurchased, price			$ 62,000		$ 89,000
Common Stock \| Rule 10b5-1 Trading Plan
Class of Stock [Line Items]
Common stock repurchased (in shares)			2,900,000	16,400,000	4,200,000	16,400,000
Common stock repurchased, amount			$ 62,000	$ 257,000	$ 89,000	$ 257,000

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 251,993	$ 265,065	$ 541,924	$ 383,583
Preferred stock dividends	4,628	4,274	9,281	8,337
Net income attributable to SLM Corporation common stock	247,365	260,791	532,643	375,246
Net income attributable to SLM Corporation common stock	$ 247,365	$ 260,791	$ 532,643	$ 375,246
Denominator:
Weighted average shares used to compute basic EPS (in shares)	218,924	235,061	219,670	238,261
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (in shares)	3,543	2,531	3,486	2,293
Weighted average shares used to compute diluted EPS (in shares)	222,467	237,592	223,156	240,554
Basic earnings per common share (in dollars per share)	$ 1.13	$ 1.11	$ 2.42	$ 1.57
Diluted earnings per common share (in dollars per share)	$ 1.11	$ 1.10	$ 2.39	$ 1.56
Antidilutive securities excluded from computation of earnings per share (less than) (in shares)	1,000	1,000	1,000	1,000

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Financial Instruments That are Marked-to-Market on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Trading investments	$ 60,473	$ 54,481
Available-for-sale investments	2,283,262	2,411,622
Derivative instruments	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Liabilities:
Derivative instruments	$ (116)	$ (370)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Fair Value Measurements on a Recurring Basis
Assets:
Trading investments	$ 60,473	$ 54,481
Available-for-sale investments	2,283,262	2,411,622
Derivative instruments	0	0
Total earning assets	2,343,735	2,466,103
Liabilities:
Derivative instruments	(116)	(370)
Fair Value Measurements on a Recurring Basis \| Level 1
Assets:
Trading investments	0	0
Available-for-sale investments	0	0
Derivative instruments	0	0
Total earning assets	0	0
Liabilities:
Derivative instruments	0	0
Fair Value Measurements on a Recurring Basis \| Level 2
Assets:
Trading investments	0	0
Available-for-sale investments	2,280,155	2,411,622
Derivative instruments	0	0
Total earning assets	2,280,155	2,411,622
Liabilities:
Derivative instruments	(116)	(370)
Fair Value Measurements on a Recurring Basis \| Level 3
Assets:
Trading investments	60,473	54,481
Available-for-sale investments	3,107	0
Derivative instruments	0	0
Total earning assets	63,580	54,481
Liabilities:
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading investments	$ 60,473	$ 54,481

Fair Value Measurements - Fair

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Earning assets:
Trading investments	$ 60,473	$ 54,481
Accrued interest receivable, difference	85,186	68,862
Tax indemnification receivable	351,126	366,247
Derivative instruments	0	0
Total earning assets, difference	2,626,986	2,534,325
Interest-bearing liabilities:
Long-term borrowings, difference	251,284	353,822
Derivative instruments	116	370
Total interest-bearing liabilities, difference	343,914	489,912
Excess of net asset fair value over carrying value	2,970,900	3,024,237
Money-market and savings accounts
Interest-bearing liabilities:
Deposits, difference	73,242	68,409
Certificates of deposit
Interest-bearing liabilities:
Deposits, difference	19,388	67,681
Fair Value
Earning assets:
Cash and cash equivalents	5,262,448	4,149,838
Trading investments	60,473	54,481
Available-for-sale investments	2,283,262	2,411,622
Accrued interest receivable	1,476,267	1,448,766
Derivative instruments	0	0
Total earning assets	30,539,583	30,836,527
Interest-bearing liabilities:
Long-term borrowings	5,151,728	4,873,690
Accrued interest payable	99,493	105,066
Derivative instruments	116	370
Total interest-bearing liabilities	25,899,817	26,494,693
Fair Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	10,388,501	11,134,883
Fair Value \| Certificates of deposit
Interest-bearing liabilities:
Deposits	10,259,979	10,380,684
Carrying Value
Earning assets:
Cash and cash equivalents	5,262,448	4,149,838
Trading investments	60,473	54,481
Available-for-sale investments	2,283,262	2,411,622
Accrued interest receivable	1,391,081	1,379,904
Derivative instruments	0	0
Total earning assets	27,912,597	28,302,202
Interest-bearing liabilities:
Long-term borrowings	5,403,012	5,227,512
Accrued interest payable	99,493	105,066
Derivative instruments	116	370
Total interest-bearing liabilities	26,243,731	26,984,605
Carrying Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	10,461,743	11,203,292
Carrying Value \| Certificates of deposit
Interest-bearing liabilities:
Deposits	10,279,367	10,448,365
Private Education Loans
Earning assets:
Loans held for investment, net, difference	2,543,781	2,456,752
Private Education Loans \| Fair Value
Earning assets:
Loans held for investment, net	20,976,381	22,229,045
Private Education Loans \| Carrying Value
Earning assets:
Loans held for investment, net	18,432,600	19,772,293
FFELP Loans
Earning assets:
Loans held for investment, net, difference	(1,981)	8,711
FFELP Loans \| Fair Value
Earning assets:
Loans held for investment, net	480,752	542,775
FFELP Loans \| Carrying Value
Earning assets:
Loans held for investment, net	$ 482,733	$ 534,064

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 54,481	$ 50,786
Included in earnings (or changes in net assets)	4,241	537
Included in other comprehensive income	48	0
Settlements	4,810	823
Transfers into level 3	0	0
Transfers out of level 3	0	0
Balance, end of period	63,580	52,146
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	48	0
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period	4,233	537
Interest Income - Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (or changes in net assets)	8	0
Gains (losses) on securities, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (or changes in net assets)	4,233	537
Available For Sale - Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0
Included in earnings (or changes in net assets)	8	0
Included in other comprehensive income	48	0
Settlements	3,051	0
Transfers into level 3	0	0
Transfers out of level 3	0	0
Balance, end of period	3,107	0
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	48	0
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period	0	0
Trading - Residual Interests
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	54,481	50,786
Included in earnings (or changes in net assets)	4,233	537
Included in other comprehensive income	0	0
Settlements	1,759	823
Transfers into level 3	0	0
Transfers out of level 3	0	0
Balance, end of period	60,473	52,146
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	0	0
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period	$ 4,233	$ 537

Fair Value Measurements - Fai_3

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated Fair Value	$ 2,283,262	$ 2,411,622
Trading investments	60,473	$ 54,481
Level 3 \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated Fair Value	3,107
Trading investments	60,473
Total	$ 63,580
Level 3 \| Valuation Technique, Discounted Cash Flow \| Minimum \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.071
Residual Interests	0.071
Level 3 \| Valuation Technique, Discounted Cash Flow \| Minimum \| Measurement Input, Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.040
Residual Interests	0.040
Level 3 \| Valuation Technique, Discounted Cash Flow \| Maximum \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.111
Residual Interests	0.111
Level 3 \| Valuation Technique, Discounted Cash Flow \| Maximum \| Measurement Input, Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.174
Residual Interests	0.174
Level 3 \| Valuation Technique, Discounted Cash Flow \| Weighted Average \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.0849
Residual Interests	0.0849
Level 3 \| Valuation Technique, Discounted Cash Flow \| Weighted Average \| Measurement Input, Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	0.1126
Residual Interests	0.1126

Regulatory Capital - Narrative

Regulatory Capital - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 01, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses		$ 1,269,652	$ 1,364,716	$ 1,269,652	$ 1,364,716	$ 1,339,772	$ 1,350,058	$ 1,479,306	$ 1,357,075
Liability for unfunded commitments		49,479	62,600	49,479	62,600	112,962	$ 32,034	$ 32,720	124,924
Retained earnings		4,107,980		4,107,980		3,624,859
Unrealized gain (loss)				(110,000)		(115,000)
Unrealized gain (loss), tax benefit				(35,000)		(37,000)
Dividends		138,000	$ 300,000	298,000	$ 300,000
Adjustments
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Period of deferment	2 years
Percentage amount deferred per year	25%
Percentage amount phased in during year	25%
Allowance for credit losses	$ 1,100,000	(259,536)		(259,536)		(259,536)			(259,536)
Liability for unfunded commitments	116,000	(26,095)		(26,095)		(26,094)			(26,094)
Deferred tax asset	306,000	(76,543)		(76,543)		(76,542)			(76,542)
Retained earnings	$ 953,000	$ (209,088)		$ (209,088)		$ (209,088)			$ (209,088)

Regulatory Capital - Adjusted T

Regulatory Capital - Adjusted Transition Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	$ 4,107,980		$ 3,624,859
Allowance for credit losses	1,269,652	$ 1,350,058	1,339,772	$ 1,364,716	$ 1,479,306	$ 1,357,075
Liability for unfunded commitments	49,479	$ 32,034	112,962	$ 62,600	$ 32,720	124,924
Adjusted Phase-In Amounts Remaining
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	209,087						$ 836,351
Allowance for credit losses	259,537						1,038,145
Liability for unfunded commitments	26,094						104,377
Deferred tax asset	76,544						$ 306,171
Adjustments
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	(209,088)		(209,088)			(209,088)		$ 953,000
Allowance for credit losses	(259,536)		(259,536)			(259,536)		1,100,000
Liability for unfunded commitments	(26,095)		(26,094)			(26,094)		116,000
Deferred tax asset	$ (76,543)		$ (76,542)			$ (76,542)		$ 306,000

Regulatory Capital - U.S. Basel

Regulatory Capital - U.S. Basel III Regulatory Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 3,122,582	$ 3,019,973
Tier 1 Capital (to Risk-Weighted Assets)	3,122,582	3,019,973
Total Capital (to Risk-Weighted Assets)	3,423,131	3,334,140
Tier 1 Capital (to Average Assets)	$ 3,122,582	$ 3,019,973
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	13.40%	12.30%
Tier 1 Capital (to Risk-Weighted Assets)	0.134	0.123
Total Capital (to Risk-Weighted Assets)	0.147	0.136
Tier 1 Capital (to Average Assets)	0.108	0.102
U.S. Basel III Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,631,764	$ 1,719,621
Tier 1 Capital (to Risk-Weighted Assets)	1,981,427	2,088,111
Total Capital (to Risk-Weighted Assets)	2,447,645	2,579,432
Tier 1 Capital (to Average Assets)	$ 1,154,807	$ 1,184,213
U.S. Basel III Regulatory Requirements, Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	7%	7%
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

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 1,300
Other liabilities reserve	$ 49
Loss emergence period	1 year