Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 Carrying Value of Assets and Liabilities of PEAKS Trust

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
PEAKS Trust student loans, less allowance for loan losses of $0		7,282
PEAKS Trust student loans, excluding current portion, less allowance for loan losses of $0		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 June 30,
	2014		2013
Assets
Restricted cash	$	1,423	$	2,203
PEAKS Trust student loans, less allowance for loan losses of $0 and $0		7,420		7,307
PEAKS Trust student loans, excluding current portion, less allowance for loan losses of $38,420 and $4,319		65,997		101,375

Total assets	$	74,840	$	110,885

Liabilities
Current portion of PEAKS Trust senior debt	$	132,429	$	102,695
Other current liabilities		395		559
PEAKS Trust senior debt, excluding current portion		64,301		124,983

Total liabilities	$	197,125	$	228,237

Schedule of 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 Condensed Consolidated Statements of Income for the periods indicated:


	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Revenue	$	3,239		$	4,104		$	6,372		$	5,464
Student services and administrative expenses		1,221			1,559			2,637			2,078
Provision for PEAKS Trust student loan losses		9,071			4,319			9,071			4,319
Interest expense		6,456			6,256			17,473			8,678

(Loss) before provision for income taxes	$	(13,509	)	$	(8,030	)	$	(22,809	)	$	(9,611	)

Aggregate Amount of Guarantee and Other Payments

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 June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
PEAKS Guarantee	$	1,088	$	0	$	41,801	$	1,239	⁽¹⁾
Payments on Behalf of Borrowers		0		3,290		1,832		5,145	⁽²⁾

Total	$	1,088	$	3,290	$	43,633	$	6,384

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

⁽²⁾	Of this amount, $532 was paid prior to the 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 June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Regular Payments	$	1,589	$	77	$	2,747	$	383
Discharge Payments		0		0		0		0
Recoveries from Charged-Off Loans		0		0		0		(103	)

Total	$	1,589	$	77	$	2,747	$	280