Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2014

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 values of assets and liabilities of the PEAKS Trust that were included on our Consolidated Balance Sheet as of the dates indicated:


	As of December 31,
	2014		2013
Assets
Restricted cash	$	1,556	$	2,593
Current portion of PEAKS Trust student loans		7,169		7,730
PEAKS Trust student loans, excluding current portion, less allowance for loan losses of $42,353 and $29,349		59,902		76,479

Total assets	$	68,627	$	86,802

Liabilities
Current portion of PEAKS Trust senior debt	$	37,545	$	157,883
Other current liabilities		199		697
PEAKS Trust senior debt, excluding current portion		38,658		71,341

Total liabilities	$	76,402	$	229,921

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

Schedule of Revenue and Expenses of VIE

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, that were included in our Consolidated Statements of Operations for the periods indicated:


	Year Ended December 31,
	2014			2013
Revenue	$	11,471		$	12,996
Student services and administrative expenses		4,479			5,288
Provision for private education loan losses		12,111			29,349
Interest expense		20,814			21,288

(Loss) before provision for income taxes	$	(25,933	)	$	(42,929	)

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:


	Year Ended December 31,
Type of Payment	2014		2013
PEAKS Guarantee	$	159,255	$	2,413	⁽¹⁾
Payments on Behalf of Borrowers		1,832		11,499	⁽²⁾

Total	$	161,087	$	13,912

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

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

CUSO [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 CUSO as of September 30, 2014 that were included on our consolidated balance sheet on that date:


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

Total	$	30,136	$	125,106

The following table sets forth the carrying values of assets and liabilities of the CUSO that were included on our Consolidated Balance Sheet as of the date indicated:


	As of December 31,
	2014
Assets
Restricted cash	$	2,517
Current portion of CUSO Student Loans		3,415
CUSO Student Loans, excluding current portion, less allowance for loan losses of $2,039		20,390
Other assets		284

Total assets	$	26,606

Liabilities
Current portion of CUSO Secured Borrowing Obligation	$	20,813
Other current liabilities		179
CUSO Secured Borrowing Obligation, excluding current portion		100,194
Other liabilities		1,073

Total liabilities	$	122,259

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 CUSO Program as of September 30, 2014 that we eliminated from our consolidated balance sheet when we consolidated the CUSO 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

Schedule of Revenue and Expenses of VIE

Revenue and Expenses of the CUSO. The following table sets forth the revenue and expenses of the CUSO, excluding the gain on consolidation of the CUSO, which were included in our Consolidated Statement of Operations for the period indicated:


	Year Ended December 31, 2014
Revenue	$	1,136
Student services and administrative expenses		437
Provision for private education loan losses		2,039
Interest expense		3,725

(Loss) before provision for income taxes	$	(5,065	)

Aggregate Amount of Guarantee and Other Payments

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


	Year Ended December 31,
	2014			2013
Regular Payments	$	6,562	^(1) (2)	$	1,791
Discharge Payments		2,577			912
Recoveries from Charged-Off Loans		0			(103	)

	$	9,139		$	2,600

(1)	This amount is net of $466 of recoveries from charged-off loans owed to us that we offset against the amount we owed under the CUSO RSA.

(2)	Of this amount, $4,556 was paid prior to the CUSO Consolidation.