Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Revenue and Expenses of PEAKS Trust

Revenue and Expenses of PEAKS Trust. The following table sets forth the revenue and expenses of the PEAKS Trust, excluding the loss on consolidation of the PEAKS Trust, which were included in our Condensed Consolidated Statements of Income for the periods indicated:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Revenue	$	2,727		$	4,072		$	9,099		$	9,536
Student services and administrative expenses		987			1,535			3,624			3,613
Provision for PEAKS Trust student loan losses		4,511			16,382			13,582			20,701
Interest expense		5,261			6,275			16,875			14,953

(Loss) before provision for income taxes	$	(8,032	)	$	(20,120	)	$	(24,982	)	$	(29,731	)

Aggregate Amount of Guarantee and Other Payments

PEAKS Guarantee Payments and Payments on Behalf of Borrowers. The following table sets forth the PEAKS Guarantee payments and Payments on Behalf of Borrowers that were made in the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
PEAKS Guarantee	$	52,517	$	138	$	94,318	$	1,377	⁽¹⁾
Payments on Behalf of Borrowers		0		2,502		1,832		7,647	⁽²⁾

Total	$	52,517	$	2,640	$	96,150	$	9,024

(1)	Of this amount, $854 was paid prior to the PEAKS Consolidation.

(2)	Of this amount, $532 was paid prior to the PEAKS Consolidation.

Schedule of Payments Made to Entity Related to Guarantee Obligations

The following table sets forth the payments that we made to the 2009 Entity related to our guarantee obligations under the 2009 RSA and the amount of recoveries from charged-off loans paid to us by the 2009 Entity in the periods indicated:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Regular Payments	$	1,809	⁽¹⁾	$	458	$	4,556	⁽¹⁾	$	841
Discharge Payments		0			0		0			0
Recoveries from Charged-Off Loans		0			0		0			(103	)

Total	$	1,809		$	458	$	4,556		$	738

(1)	This amount is net of $156 of recoveries from charged-off loans owed to us that we offset against the amount we owed under the 2009 RSA.

PEAKS Trust [Member]

Schedule of Fair Value and Carrying Value of Assets and Liabilities

The following table sets forth the fair value of the assets and liabilities of the PEAKS Trust as of February 28, 2013 that were included on our consolidated balance sheet on that date:


	As of February 28, 2013
	Assets		Liabilities
Restricted cash	$	1,703
Current portion of PEAKS Trust student loans		7,282
PEAKS Trust student loans, excluding current portion		104,834
Current portion of PEAKS Trust senior debt			$	103,356
Other current liabilities				471
PEAKS Trust senior debt, excluding current portion				122,740

Total	$	113,819	$	226,567

The following table sets forth the carrying value of assets and liabilities of the PEAKS Trust that were included on our Condensed Consolidated Balance Sheets as of the dates indicated:


	As of September 30, 2014		As of December 31, 2013		As of September 30, 2013
Assets
Restricted cash	$	1,450	$	2,593	$	1,237
Current portion of PEAKS Trust student loans		6,933		7,730		7,598
PEAKS Trust student loans, excluding current portion, less allowance for loan losses of $42,931, $29,349 and $20,701		60,479		76,479		85,340

Total assets	$	68,862	$	86,802	$	94,175

Liabilities
Current portion of PEAKS Trust senior debt	$	96,516	$	157,883	$	134,075
Other current liabilities		287		697		496
PEAKS Trust senior debt, excluding current portion		44,000		71,341		94,420

Total liabilities	$	140,803	$	229,921	$	228,991

Schedule of Carrying Value of Assets and Liabilities Eliminated from Financial Statement

The following table sets forth the carrying value of the assets and liabilities related to the PEAKS Program as of February 28, 2013 that we eliminated from our consolidated balance sheet when we consolidated the PEAKS Trust in our consolidated financial statements, and the line items within which those assets and liabilities were included:


	As of February 28, 2013
	Assets		Liabilities
Other assets	$	6,614
Other current liabilities			$	3,060
Other liabilities				43,054

Total	$	6,614	$	46,114

2009 Entity [Member]

Schedule of Fair Value and Carrying Value of Assets and Liabilities

The following table sets forth the fair value and the carrying value of the assets and liabilities of the 2009 Entity as of September 30, 2014 that were included on our Condensed Consolidated Balance Sheet on that date:


	As of September 30, 2014
	Assets		Liabilities
Restricted cash	$	2,738
Current portion of 2009 Entity Student Loans		3,406
2009 Entity Student Loans, excluding current portion		23,793
Other assets		199
Current portion of 2009 Entity Secured Borrowing Obligation			$	20,662
Other current liabilities				624
2009 Entity Secured Borrowing Obligation, excluding current portion				101,880
Other liabilities				1,940

Total	$	30,136	$	125,106

Schedule of Carrying Value of Assets and Liabilities Eliminated from Financial Statement

The following table sets forth the carrying value of the assets and liabilities related to the 2009 Entity as of September 30, 2014 that we eliminated from our consolidated balance sheet when we consolidated the 2009 Entity in our consolidated financial statements, and the line items within which those assets and liabilities were included:


	As of September 30, 2014
	Assets		Liabilities
Prepaid expenses and other current assets	$	3,260
Other current liabilities			$	23,887
Other liabilities				90,974

Total	$	3,260	$	114,861