Schedule of Accounts, Notes, Loans and Financing Receivable |
Student loans receivable consisted of the following: | | | | | | | | | As of | | As of | | March 31, 2016 | | December 31, 2015 | Federally insured loans: | | | | Stafford and other | $ | 5,934,834 |
| | 6,202,064 |
| Consolidation | 21,514,363 |
| | 22,086,043 |
| Total | 27,449,197 |
| | 28,288,107 |
| Private education loans | 294,621 |
| | 267,642 |
| | 27,743,818 |
| | 28,555,749 |
| Loan discount, net of unamortized loan premiums and deferred origination costs (a) | (174,682 | ) | | (180,699 | ) | Allowance for loan losses – federally insured loans | (34,441 | ) | | (35,490 | ) | Allowance for loan losses – private education loans | (15,643 | ) | | (15,008 | ) | | $ | 27,519,052 |
| | 28,324,552 |
|
| | (a) | As of March 31, 2016 and December 31, 2015, "loan discount, net of unamortized loan premiums and deferred origination costs" included $29.7 million and $33.0 million, respectively, of non-accretable discount associated with purchased loans of $10.5 billion and $10.8 billion, respectively. |
|
|
Allowance for Credit Losses on Financing Receivables |
|
Activity in the Allowance for Loan Losses
The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below. | | | | | | | | | Three months ended March 31, | | 2016 | | 2015 | Balance at beginning of period | $ | 50,498 |
| | 48,900 |
| Provision for loan losses: | | | | Federally insured loans | 2,000 |
| | 2,000 |
| Private education loans | 500 |
| | — |
| Total provision for loan losses | 2,500 |
| | 2,000 |
| Charge-offs: | |
| | |
| Federally insured loans | (3,049 | ) | | (3,149 | ) | Private education loans | (401 | ) | | (676 | ) | Total charge-offs | (3,450 | ) | | (3,825 | ) | Recoveries - private education loans | 276 |
| | 254 |
| Purchase (sale) of federally insured and private education loans, net | 160 |
| | (230 | ) | Transfer from repurchase obligation related to private education loans repurchased, net | 100 |
| | 4,062 |
| Balance at end of period | $ | 50,084 |
| | 51,161 |
| | | | | Allocation of the allowance for loan losses: | | | |
| Federally insured loans | $ | 34,441 |
| | 38,021 |
| Private education loans | 15,643 |
| | 13,140 |
| Total allowance for loan losses | $ | 50,084 |
| | 51,161 |
|
|
Financing Receivable Credit Quality Indicators |
Student Loan Status and Delinquencies
Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan delinquency amounts.
| | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2016 | | As of December 31, 2015 | | As of March 31, 2015 | Federally insured loans: | | | | | | | | | | | | Loans in-school/grace/deferment | $ | 2,198,559 |
| | | | $ | 2,292,941 |
| | | | $ | 2,781,537 |
| | | Loans in forbearance | 2,736,472 |
| | | | 2,979,357 |
| | | | 3,244,255 |
| | | Loans in repayment status: | | | | | | | | | | | | Loans current | 19,375,813 |
| | 86.0 | % | | 19,447,541 |
| | 84.4 | % | | 18,672,471 |
| | 85.0 | % | Loans delinquent 31-60 days | 866,207 |
| | 3.8 |
| | 1,028,396 |
| | 4.5 |
| | 911,653 |
| | 4.2 |
| Loans delinquent 61-90 days | 538,284 |
| | 2.4 |
| | 566,953 |
| | 2.5 |
| | 571,759 |
| | 2.6 |
| Loans delinquent 91-120 days | 329,425 |
| | 1.5 |
| | 415,747 |
| | 1.8 |
| | 346,857 |
| | 1.6 |
| Loans delinquent 121-270 days | 1,008,157 |
| | 4.5 |
| | 1,166,940 |
| | 5.1 |
| | 1,030,645 |
| | 4.7 |
| Loans delinquent 271 days or greater | 396,280 |
| | 1.8 |
| | 390,232 |
| | 1.7 |
| | 416,398 |
| | 1.9 |
| Total loans in repayment | 22,514,166 |
| | 100.0 | % | | 23,015,809 |
| | 100.0 | % | | 21,949,783 |
| | 100.0 | % | Total federally insured loans | $ | 27,449,197 |
| | |
| | $ | 28,288,107 |
| | |
| | $ | 27,975,575 |
| | | | | | | | | | | | | | | Private education loans: | | | | | | | | | | | Loans in-school/grace/deferment | $ | 55,668 |
| | | | $ | 30,795 |
| | | | $ | 5,006 |
| | | Loans in forbearance | 722 |
| | | | 350 |
| | | | 20 |
| | | Loans in repayment status: | | | | | | | | | | | | Loans current | 231,556 |
| | 97.2 | % | | 228,464 |
| | 96.7 | % | | 118,278 |
| | 93.5 | % | Loans delinquent 31-60 days | 968 |
| | 0.4 |
| | 1,771 |
| | 0.7 |
| | 1,200 |
| | 0.9 |
| Loans delinquent 61-90 days | 1,144 |
| | 0.5 |
| | 1,283 |
| | 0.5 |
| | 1,753 |
| | 1.4 |
| Loans delinquent 91 days or greater | 4,563 |
| | 1.9 |
| | 4,979 |
| | 2.1 |
| | 5,256 |
| | 4.2 |
| Total loans in repayment | 238,231 |
| | 100.0 | % | | 236,497 |
| | 100.0 | % | | 126,487 |
| | 100.0 | % | Total private education loans | $ | 294,621 |
| | |
| | $ | 267,642 |
| | |
| | $ | 131,513 |
| | |
|
|