Fair Value (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the nine months ended September 30, 2016.

	As of September 30, 2016				As of December 31, 2015
	Level 1		Level 2	Total	Level 1	Level 2	Total
Assets:
Investments (available-for-sale and trading):
Student loan asset-backed securities	$	—	109,783	109,783	—	147,925	147,925
Equity securities	2,719		—	2,719	7,337	—	7,337
Debt securities	122		—	122	130	—	130
Total investments (available-for-sale and trading)	2,841		109,783	112,624	7,467	147,925	155,392
Fair value of derivative instruments	—		14,476	14,476	—	28,690	28,690
Total assets	$	2,841	124,259	127,100	7,467	176,615	184,082
Liabilities:
Fair value of derivative instruments	$	—	65,053	65,053	—	74,881	74,881
Total liabilities	$	—	65,053	65,053	—	74,881	74,881

Fair Value, by Balance Sheet Grouping

Cash and cash equivalents	$	334
Restricted cash and investments	850
Accounts receivable	1,935
Property and equipment	32,479
Other assets	371
Intangible assets	11,410
Excess cost over fair value of net assets acquired (goodwill)	21,112
Other liabilities	(4,587		)
Bonds and notes payable	(13,904		)
Net assets acquired	50,000
Minority interest	(3,750		)
Total consideration paid by the Company	$	46,250

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:

	As of September 30, 2016
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Student loans receivable	$	26,145,847	25,615,434	—	—	26,145,847
Cash and cash equivalents	67,154		67,154	67,154	—	—
Investments (available-for-sale and trading)	112,624		112,624	2,841	109,783	—
Notes receivable	17,031		17,031	—	17,031	—
Restricted cash	866,582		866,582	866,582	—	—
Restricted cash – due to customers	91,505		91,505	91,505	—	—
Restricted investments	6,292		6,292	6,292	—	—
Accrued interest receivable	381,804		381,804	—	381,804	—
Derivative instruments	14,476		14,476	—	14,476	—
Financial liabilities:
Bonds and notes payable	24,750,721		25,320,878	—	24,750,721	—
Accrued interest payable	42,840		42,840	—	42,840	—
Due to customers	91,505		91,505	91,505	—	—
Derivative instruments	65,053		65,053	—	65,053	—

	As of December 31, 2015
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Student loans receivable	$	28,611,350	28,324,552	—	—	28,611,350
Cash and cash equivalents	63,529		63,529	63,529	—	—
Investments (available-for-sale and trading)	155,392		155,392	7,467	147,925	—
Notes receivable	18,067		18,473	—	18,067	—
Restricted cash	823,450		823,450	823,450	—	—
Restricted cash – due to customers	144,771		144,771	144,771	—	—
Restricted investments	9,174		9,174	9,174	—	—
Accrued interest receivable	383,825		383,825	—	383,825	—
Derivative instruments	28,690		28,690	—	28,690	—
Financial liabilities:
Bonds and notes payable	27,150,775		28,105,921	—	27,150,775	—
Accrued interest payable	31,507		31,507	—	31,507	—
Due to customers	144,771		144,771	144,771	—	—
Derivative instruments	74,881		74,881	—	74,881	—