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Fair Value (Tables)
6 Months Ended
Jun. 30, 2021
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.

 As of June 30, 2021As of December 31, 2020
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
FFELP loan asset-backed debt securities - available-for-sale$— 371,433 371,433 — 346,502 346,502 
Private education loan asset-backed debt securities - available-for-sale— 307,293 307,293 — — — 
Other debt securities - available-for-sale100 2,001 2,101 103 2,002 2,105 
Equity securities (a)34,550 — 34,550 10,114 — 10,114 
Equity securities measured at net asset value (b)34,573 31,927 
Total investments 34,650 680,727 749,950 10,217 348,504 390,648 
Total assets$34,650 680,727 749,950 10,217 348,504 390,648 
(a) As of June 30, 2021, $14.8 million and $19.8 million of equity securities were classified as trading and available-for-sale, respectively. All equity securities as of December 31, 2020 were classified as available-for-sale.
(b) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value, by Balance Sheet Grouping
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of June 30, 2021
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$20,712,564 19,352,681 — — 20,712,564 
Accrued loan interest receivable834,989 834,989 — 834,989 — 
Cash and cash equivalents212,989 212,989 212,989 — — 
Investments (at fair value)749,950 749,950 34,650 680,727 — 
Beneficial interest in loan securitizations123,329 105,017 — — 123,329 
Restricted cash616,711 616,711 616,711 — — 
Restricted cash – due to customers247,673 247,673 247,673 — — 
Financial liabilities:  
Bonds and notes payable19,639,727 19,381,835 — 19,639,727 — 
Accrued interest payable4,922 4,922 — 4,922 — 
Bank deposits201,957 202,841 44,632 157,325 — 
Due to customers303,173 303,173 303,173 — — 
 As of December 31, 2020
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$20,454,132 19,391,045 — — 20,454,132 
Accrued loan interest receivable794,611 794,611 — 794,611 — 
Cash and cash equivalents121,249 121,249 121,249 — — 
Investments (at fair value)390,648 390,648 10,217 348,504 — 
Beneficial interest in loan securitizations58,709 58,331 — — 58,709 
Restricted cash553,175 553,175 553,175 — — 
Restricted cash – due to customers283,971 283,971 283,971 — — 
Financial liabilities:  
Bonds and notes payable19,270,810 19,320,726 — 19,270,810 — 
Accrued interest payable28,701 28,701 — 28,701 — 
Bank deposits54,599 54,633 48,422 6,177 — 
Due to customers301,471 301,471 301,471 — —