Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2016

CUSO [Member]

Schedule of Fair Value and Carrying Value of Assets and Liabilities

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, 2016		December 31, 2015		March 31, 2015
Assets
Restricted cash	$	3,244	$	3,968	$	2,790
Current portion of CUSO Student Loans		4,251		2,734		3,066
CUSO Student Loans, excluding current portion, less allowance for loan losses of $2,412, $1,796 and $2,480		12,716		16,174		18,932
Other assets		285		257		202
Total assets	$	20,496	$	23,133	$	24,990
Liabilities
Current portion of CUSO Secured Borrowing Obligation	$	18,065	$	23,591	$	20,963
Other current liabilities		153		154		182
CUSO Secured Borrowing Obligation, excluding current portion		89,695		91,728		98,002
Total liabilities	$	107,913	$	115,473	$	119,147

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

	Three Months Ended March 31,
	2016			2015
Revenue	$	1,082		$	1,064
Student services and administrative expenses		360			396
Provision for private education loan losses		395			441
Interest expense		3,167			3,641
(Loss) before provision for income taxes	$	(2,840	)	$	(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,
	2016			2015
Regular Payments	$	2,597	(1)	$	2,280	(2)
Deferred Payment		5,331	(3)		0
Discharge Payments		0			2,709
Total	$	7,928		$	4,989

(1) This amount is net of $294 of recoveries from charged-off loans owed to us that we offset against amounts we owed under the CUSO RSA.

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

(3) This amount is net of $761 of recoveries from charged-off loans received by the CUSO from June 8, 2015 through December 31, 2015 that were not paid to us that we offset against amounts owed by us under the CUSO RSA in January 2016.

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, 2016		December 31, 2015		March 31, 2015
Assets
Restricted cash	$	1,820	$	1,462	$	1,727
Current portion of PEAKS Trust student loans		5,536		5,746		6,475
PEAKS Trust student loans, excluding current portion, less allowance for loan losses of $17,122, $21,816 and $39,596		42,196		45,987		57,596
Total assets	$	49,552	$	53,195	$	65,798
Liabilities
Current portion of PEAKS Trust senior debt	$	15,634	$	20,105	$	26,533
Other current liabilities		0		191		175
PEAKS Trust senior debt, excluding current portion		28,916		30,701		45,127
Total liabilities	$	44,550	$	50,997	$	71,835

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 Operations for the periods indicated:

	Three Months Ended March 31,
	2016			2015
Revenue	$	2,002		$	2,413
Student services and administrative expenses		495			541
Provision for private education loan losses		1,483			803
Interest expense		1,758			3,259
(Loss) before provision for income taxes	$	(1,734	)	$	(2,190	)

Aggregate Amount of Guarantee and Other Payments

The following table sets forth the PEAKS Guarantee payments that were made in the periods indicated:

	Three Months Ended March 31,
	2016		2015
PEAKS Guarantee	$	4,534	$	13,637