Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2015

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 CUSO 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 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 Condensed Consolidated Balance Sheets as of the dates indicated:


	As of March 31, 2015		As of December 31, 2014
Assets
Restricted cash	$	2,790	$	2,517
Current portion of CUSO Student Loans		3,066		3,415
CUSO Student Loans, excluding current portion, less allowance for loan losses of $2,480 and $2,039		18,932		20,390
Other assets		202		284

Total assets	$	24,990	$	26,606

Liabilities
Current portion of CUSO Secured Borrowing Obligation	$	20,963	$	20,813
Other current liabilities		182		179
CUSO Secured Borrowing Obligation, excluding current portion		96,226		100,194
Other liabilities		1,776		1,073

Total liabilities	$	119,147	$	122,259

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 Condensed Consolidated Statement of Income for the period indicated:


	Three Months Ended March 31, 2015
Revenue	$	1,064
Student services and administrative expenses		396
Provision for private education loan losses		441
Interest expense		3,641

(Loss) before provision for income taxes	$	(3,414	)

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 in the periods indicated:


	Three Months Ended March 31,
	2015			2014
Regular Payments	$	2,280	⁽¹⁾	$	1,158
Discharge Payments		2,709			0

Total	$	4,989		$	1,158

(1)	This amount is net of $290 of recoveries from charged-off loans owed to us that we offset against the amount we owed under the CUSO RSA.

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

PEAKS Trust [Member]

Schedule of Fair Value and Carrying Value of Assets and Liabilities

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 March 31, 2015		As of December 31, 2014		As of March 31, 2014
Assets
Restricted cash	$	1,727	$	1,556	$	1,640
Current portion of PEAKS Trust student loans		6,475		7,169		7,713
PEAKS Trust student loans, excluding current portion, less allowance for loan losses of $39,596, $42,353 and $29,349		57,596		59,902		75,619

Total assets	$	65,798	$	68,627	$	84,972

Liabilities
Current portion of PEAKS Trust senior debt	$	26,533	$	37,545	$	130,692
Other current liabilities		175		199		449
PEAKS Trust senior debt, excluding current portion		45,127		48,166		63,693

Total liabilities	$	71,835	$	85,910	$	194,834

Schedule of Revenue and Expenses of VIE

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


	Three Months Ended March 31,
	2015			2014
Revenue	$	2,413			3,133
Student services and administrative expenses		541			1,416
Provision for private education loan losses		803			0
Interest expense		3,259			11,017

(Loss) before provision for income taxes	$	(2,190	)	$	(9,300	)

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 March 31,
	2015		2014
PEAKS Guarantee	$	13,637	$	40,713
Payments on Behalf of Borrowers		0		1,832

Total	$	13,637	$	42,545