0001564590-22-026690 | 10-Q | XBRL Viewer

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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2022 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	Navient Corporation
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	141,878,703
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36228
Entity Tax Identification Number	46-4054283
Entity Address, Address Line One	123 Justison Street
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19801
City Area Code	(302)
Local Phone Number	283-8000
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Common Stock Par Value. 01 Per Share [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $.01 per share
Trading Symbol	NAVI
Security Exchange Name	NASDAQ
Senior Notes Due December 15, 2043 [Member]
Document Information [Line Items]
Title of 12(b) Security	6% Senior Notes due December 15, 2043
Trading Symbol	JSM
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments
Held-to-maturity	$ 65	$ 74
Other	136	193
Total investments	201	267
Cash and cash equivalents	976	905
Restricted cash and cash equivalents	2,460	2,673
Goodwill and acquired intangible assets, net	718	725
Other assets	2,828	3,223
Total assets	76,065	80,605
Liabilities
Short-term borrowings	4,609	2,490
Long-term borrowings	67,738	74,488
Other liabilities	791	1,019
Total liabilities	73,138	77,997
Commitments and contingencies
Equity
Series A Junior Participating Preferred Stock, par value $0.20 per share; 2 million shares authorized at December 31, 2021; no shares issued or outstanding
Common stock, par value $0.01 per share, 1.125 billion shares authorized: 461 million and 459 million shares issued, respectively	4	4
Additional paid-in capital	3,305	3,282
Accumulated other comprehensive income (loss) (net of tax expense (benefit) of $10 and $(45), respectively)	30	(133)
Retained earnings	4,323	3,939
Total Navient Corporation stockholders’ equity before treasury stock	7,662	7,092
Less: Common stock held in treasury at cost: 319 million and 305 million shares, respectively	(4,735)	(4,495)
Total Navient Corporation stockholders’ equity	2,927	2,597
Noncontrolling interest		11
Total equity	2,927	2,608
Total liabilities and equity	76,065	80,605
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	67,156	70,649
Investments
Restricted cash	2,422	2,649
Other assets, net	1,410	1,522
Total assets	70,988	74,820
Liabilities
Short-term borrowings	3,453	2,188
Long-term borrowings	61,832	67,107
Net assets of consolidated variable interest entities	5,703	5,525
FFELP Loans [Member]
Assets
Loans, net	49,214	52,641
FFELP Loans [Member] \| Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	49,109	52,502
Private Education Loans [Member]
Assets
Loans, net	19,668	20,171
Private Education Loans [Member] \| Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	$ 18,047	$ 18,147

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Allowance for loans losses	$ 1,166	$ 1,271
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	461,000,000	459,000,000
Tax expense (benefit) for accumulated other comprehensive income (loss)	$ 10	$ (45)
Common stock held in treasury	319,000,000	305,000,000
Series A Junior Participate [Member]
Preferred stock, par value		$ 0.20
Preferred stock shares authorized		2,000,000
Preferred stock shares issued		0
Preferred stock shares outstanding		0
FFELP Loans [Member]
Allowance for loans losses	$ 245	$ 262
Private Education Loans [Member]
Allowance for loans losses	$ 921	$ 1,009

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest income:
Cash and investments	$ 5	$ 1	$ 6	$ 1
Total interest income	692	661	1,318	1,352
Total interest expense	371	339	660	667
Net interest income	321	322	658	685
Less: provisions for loan losses	18	(1)	34	(88)
Net interest income after provisions for loan losses	303	323	624	773
Other income (loss):
Servicing revenue	17	50	36	102
Asset recovery and business processing revenue	88	142	185	281
Other income	7	4	16	5
Gains on sales of loans		2		78
Gains (losses) on debt repurchases		(12)		(12)
Gains (losses) on derivative and hedging activities, net	22	(10)	120	26
Total other income	134	176	357	480
Expenses:
Salaries and benefits	110	142	231	292
Other operating expenses	80	110	164	218
Total operating expenses	190	252	395	510
Goodwill and acquired intangible asset impairment and amortization expense	3	5	7	10
Restructuring/other reorganization expenses		2	3	8
Total expenses	193	259	405	528
Income before income tax expense	244	240	576	725
Income tax expense	64	55	141	170
Net income	$ 180	$ 185	$ 435	$ 555
Basic earnings per common share	$ 1.23	$ 1.07	$ 2.93	$ 3.12
Average common shares outstanding	146	174	149	178
Diluted earnings per common share	$ 1.22	$ 1.05	$ 2.90	$ 3.08
Average common and common equivalent shares outstanding	147	176	150	180
Dividends per common share	$ 0.16	$ 0.16	$ 0.32	$ 0.32
FFELP Loans [Member]
Interest income:
Total interest income	$ 410	$ 365	$ 759	$ 737
Private Education Loans [Member]
Interest income:
Total interest income	277	295	553	614
Less: provisions for loan losses	$ 18	$ (1)	$ 34	$ (88)

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Statement Of Income And Comprehensive Income [Abstract]

Net income

$ 180

$ 185

$ 435

$ 555

Net changes in cash flow hedges, net of taxes

^[1]

163

Total comprehensive income

$ 229

$ 202

$ 598

$ 620

[1]	See “Note 4 – Derivative Financial Instruments.”

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Open Market Repurchases [Member]	Common Stock [Member]	Treasury Stock [Member]	Treasury Stock [Member] Open Market Repurchases [Member]	Common Stock Shares Outstanding [Member]	Common Stock Shares Outstanding [Member] Open Market Repurchases [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member] Open Market Repurchases [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2020	$ 2,447		$ 4	$ (3,854)				$ 3,226	$ (274)	$ 3,331	$ 2,433		$ 14
Beginning Balance, Shares at Dec. 31, 2020			453,778,975	(267,476,521)		186,302,454
Comprehensive income (loss):
Net income	555									555	555
Other comprehensive income (loss), net of tax	65								65		65
Total comprehensive income (loss)	620										620
Cash dividends:
Common stock	(56)									(56)	(56)
Dividend equivalent units related to employee stock-based compensation plans	(2)									(2)	(2)
Issuance of common shares	$ 29							29			29
Issuance of common shares, Shares	4,300,000		4,265,712			4,265,712
Stock-based compensation expense	$ 13							13			13
Common stock repurchased		$ (300)			$ (300)	$ (300)						$ (300)
Common stock repurchased, Shares					(19,932,740)	(19,900,000)	(19,932,740)
Shares repurchased related to employee stock-based compensation plans	$ (36)			$ (36)							(36)
Shares repurchased related to employee stock-based compensation plans, Shares	(2,800,000)			(2,795,238)		(2,795,238)
Net activity in noncontrolling interest	$ (3)												(3)
Ending Balance, Value at Jun. 30, 2021	2,712		$ 4	$ (4,190)				3,268	(209)	3,828	2,701		11
Ending Balance, Shares at Jun. 30, 2021			458,044,687	(290,204,499)		167,840,188
Beginning Balance, Value at Mar. 31, 2021	2,737		$ 4	$ (3,980)				3,255	(226)	3,670	2,723		14
Beginning Balance, Shares at Mar. 31, 2021			457,403,561	(277,890,279)		179,513,282
Comprehensive income (loss):
Net income	185									185	185
Other comprehensive income (loss), net of tax	17								17		17
Total comprehensive income (loss)	202										202
Cash dividends:
Common stock	(27)									(27)	(27)
Issuance of common shares	$ 10							10			10
Issuance of common shares, Shares	600,000		641,126			641,126
Stock-based compensation expense	$ 3							3			3
Common stock repurchased		(200)			$ (200)	$ (200)						(200)
Common stock repurchased, Shares					(11,754,640)	(11,800,000)	(11,754,640)
Shares repurchased related to employee stock-based compensation plans	$ (10)			$ (10)							(10)
Shares repurchased related to employee stock-based compensation plans, Shares	(600,000)			(559,580)		(559,580)
Net activity in noncontrolling interest	$ (3)												(3)
Ending Balance, Value at Jun. 30, 2021	2,712		$ 4	$ (4,190)				3,268	(209)	3,828	2,701		11
Ending Balance, Shares at Jun. 30, 2021			458,044,687	(290,204,499)		167,840,188
Beginning Balance, Value at Dec. 31, 2021	2,608		$ 4	$ (4,495)				3,282	(133)	3,939	2,597		11
Beginning Balance, Shares at Dec. 31, 2021			458,629,384	(304,886,613)		153,742,771
Comprehensive income (loss):
Net income	435									435	435
Other comprehensive income (loss), net of tax	163								163		163
Total comprehensive income (loss)	598										598
Cash dividends:
Common stock	(47)									(47)	(47)
Dividend equivalent units related to employee stock-based compensation plans	(4)									(4)	(4)
Issuance of common shares	$ 11							11			11
Issuance of common shares, Shares	2,400,000		2,383,652			2,383,652
Stock-based compensation expense	$ 12							12			12
Common stock repurchased		(220)			$ (220)	$ (220)						(220)
Common stock repurchased, Shares					(13,133,241)	(13,100,000)	(13,133,241)
Shares repurchased related to employee stock-based compensation plans	$ (20)			$ (20)							(20)
Shares repurchased related to employee stock-based compensation plans, Shares	(1,100,000)			(1,114,479)		(1,114,479)
Net activity in noncontrolling interest	$ (11)												(11)
Ending Balance, Value at Jun. 30, 2022	2,927		$ 4	$ (4,735)				3,305	30	4,323	2,927
Ending Balance, Shares at Jun. 30, 2022			461,013,036	(319,134,333)		141,878,703
Beginning Balance, Value at Mar. 31, 2022	2,830		$ 4	$ (4,630)				3,302	(19)	4,167	2,824		6
Beginning Balance, Shares at Mar. 31, 2022			460,989,285	(312,244,634)		148,744,651
Comprehensive income (loss):
Net income	180									180	180
Other comprehensive income (loss), net of tax	49								49		49
Total comprehensive income (loss)	229										229
Cash dividends:
Common stock	(23)									(23)	(23)
Dividend equivalent units related to employee stock-based compensation plans	(1)									(1)	(1)
Issuance of common shares, Shares			23,751			23,751
Stock-based compensation expense	3							3			3
Common stock repurchased		$ (105)			$ (105)	$ (105)						$ (105)
Common stock repurchased, Shares					(6,885,804)	(6,900,000)	(6,885,804)
Shares repurchased related to employee stock-based compensation plans, Shares				(3,895)		(3,895)
Net activity in noncontrolling interest	(6)												$ (6)
Ending Balance, Value at Jun. 30, 2022	$ 2,927		$ 4	$ (4,735)				$ 3,305	$ 30	$ 4,323	$ 2,927
Ending Balance, Shares at Jun. 30, 2022			461,013,036	(319,134,333)		141,878,703

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Dividends per common share	$ 0.16	$ 0.16	$ 0.32	$ 0.32
Retained Earnings [Member]
Dividends per common share	0.16	0.16	0.32	0.32
Total Stockholders' Equity [Member]
Dividends per common share	$ 0.16	$ 0.16	$ 0.32	$ 0.32

Consolidated Statements of Cash Flows (Unaudited) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Cash flows from operating activities
Net income	$ 185	$ 435	$ 555
Adjustments to reconcile net income to net cash provided by operating activities:
(Gains) on sales of education loans	(2)		(78)
Losses on debt repurchases	12		12
Goodwill and acquired intangible asset impairment and amortization expense	5	7	10
Stock-based compensation expense		12	13
Mark-to-market (gains) losses on derivative and hedging activities, net		(465)	(234)
Provisions for loan losses	(1)	34	(88)
Decrease in accrued interest receivable		12	33
Increase (decrease) in accrued interest payable		49	(27)
Decrease in other assets		256	126
(Decrease) increase in other liabilities		(310)	11
Total adjustments		(405)	(222)
Net cash provided by operating activities		30	333
Cash flows from investing activities
Education loans originated and acquired		(1,516)	(3,050)
Proceeds from payments on education loans		5,416	5,643
Proceeds from sales of education loans			1,588
Other investing activities, net		56	38
Net cash provided by investing activities		3,956	4,219
Cash flows from financing activities
Borrowings collateralized by loans in trust - issued		1,706	3,971
Borrowings collateralized by loans in trust - repaid		(6,090)	(5,577)
Long-term unsecured notes issued			495
Long-term unsecured notes repaid		(15)	(782)
Other financing activities, net		56	123
Common stock repurchased		(220)	(300)
Common dividends paid		(47)	(56)
Net cash used in financing activities		(4,128)	(4,327)
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents		(142)	225
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period		3,578	3,537
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	3,762	3,436	3,762
Supplemental disclosure of cash flow information:
Interest paid		648	723
Income taxes paid		27	96
Income taxes refunds received		(5)
Noncash activity:
Investing activity - Held-to-maturity asset backed securities retained related to sales of education loans			83
Operating activity - Servicing assets recognized upon sales of education loans			21
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	1,453	976	1,453
Restricted cash and restricted cash equivalents	2,309	2,460	2,309
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 3,762	3,436	3,762
Asset-backed Securities, Securitized Loans and Receivables [Member]
Cash flows from financing activities
Asset-backed commercial paper conduits, net		$ 482	$ (2,201)

Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

1. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited, consolidated financial statements of Navient have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2021 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the 2021 Form 10-K). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2021 Form 10-K.

Recently Issued Accounting Pronouncements

In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the troubled debt restructurings (TDRs) recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The ASU also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty. This guidance is effective on January 1, 2023. Early adoption is permissible. The Company is currently assessing the potential impact of this amendment.

Allowance for Loan Losses

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Allowance for Loan Losses

2. Allowance for Loan Losses

Allowance for Loan Losses Metrics

	Three Months Ended June 30, 2022
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Allowance at beginning of period	$	255		$	964		$	1,219
Total provision		—			18			18
Charge-offs⁽¹⁾		(10	)		(70	)		(80	)
Decrease in expected future recoveries on charged-off loans⁽²⁾		—			9			9
Allowance at end of period		245			921			1,166
Charge-offs as a percentage of average loans in repayment (annualized)		.09	%		1.40	%
Ending total loans	$	49,459		$	20,589
Average loans in repayment	$	42,163		$	20,162
Ending loans in repayment	$	41,168		$	19,938

⁽¹⁾

Charge-offs are reported net of expected recoveries. For Private Education Loans, at the time of charge-off, the expected recovery amount is transferred from the education loan balance to the allowance for loan loss and is referred to as the expected future recoveries on charged-off loans. For FFELP Loans, the recovery is received at the time of charge-off.

⁽²⁾

At the end of each month, for Private Education Loans that are 212 or more days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this as the expected future recoveries on charged-off loans. If actual periodic recoveries are less than expected, the difference is immediately charged off through the allowance for Private Education Loan losses with an offsetting reduction in the expected future recoveries for charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on charged-off loans:

	Three Months Ended June 30,
(Dollars in millions)	2022
Beginning of period expected recoveries	$	321
Expected future recoveries of current period defaults		12
Recoveries		(15	)
Charge-offs		(6	)
End of period expected recoveries	$	312
Change in balance during period	$	(9	)

2. Allowance for Loan Losses (Continued)

	Three Months Ended June 30, 2021
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Allowance at beginning of period	$	282		$	992		$	1,274
Provision:
Reversal of allowance related to loan sales⁽¹⁾		—			(5	)		(5	)
Remaining provision		—			4			4
Total provision		—			(1	)		(1	)
Charge-offs⁽²⁾		(5	)		(35	)		(40	)
Decrease in expected future recoveries on charged-off loans⁽³⁾		—			20			20
Allowance at end of period		277			976			1,253
Charge-offs as a percentage of average loans in repayment (annualized)		.04	%		.71	%
Ending total loans	$	55,827		$	20,701
Average loans in repayment	$	46,348		$	19,667
Ending loans in repayment	$	45,854		$	19,692

⁽¹⁾	In connection with the sale of approximately $30 million of Private Education Loans.

⁽²⁾

⁽³⁾

	Three Months Ended June 30,
(Dollars in millions)	2021
Beginning of period expected recoveries	$	454
Expected future recoveries of current period defaults		5
Recoveries		(22	)
Charge-offs		(3	)
End of period expected recoveries	$	434
Change in balance during period	$	(20	)

2. Allowance for Loan Losses (Continued)

	Six Months Ended June 30, 2022
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Allowance at beginning of period	$	262		$	1,009		$	1,271
Total provision		—			34			34
Charge-offs⁽¹⁾		(17	)		(139	)		(156	)
Decrease in expected future recoveries on charged-off loans⁽²⁾		—			17			17
Allowance at end of period		245			921			1,166
Charge-offs as a percentage of average loans in repayment (annualized)		.08	%		1.39	%
Ending total loans	$	49,459		$	20,589
Average loans in repayment	$	42,922		$	20,274
Ending loans in repayment	$	41,168		$	19,938

⁽¹⁾

⁽²⁾

	Six Months Ended June 30,
(Dollars in millions)	2022
Beginning of period expected recoveries	$	329
Expected future recoveries of current period defaults		25
Recoveries		(30	)
Charge-offs		(12	)
End of period expected recoveries	$	312
Change in balance during period	$	(17	)

2. Allowance for Loan Losses (Continued)

	Six Months Ended June 30, 2021
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans
Allowance at beginning of period	$	288		$	1,089		$	1,377
Provision:
Reversal of allowance related to loan sales⁽¹⁾		—			(107	)		(107	)
Remaining provision		—			19			19
Total provision		—			(88	)		(88	)
Charge-offs⁽²⁾		(11	)		(70	)		(81	)
Decrease in expected future recoveries on charged-off loans⁽³⁾		—			45			45
Allowance at end of period		277			976			1,253
Charge-offs as a percentage of average loans in repayment (annualized)		.05	%		.70	%
Ending total loans	$	55,827		$	20,701
Average loans in repayment	$	46,694		$	20,272
Ending loans in repayment	$	45,854		$	19,692

⁽¹⁾	In connection with the sale of approximately $1.6 billion of Private Education Loans.

⁽²⁾

⁽³⁾

	Six Months Ended June 30,
(Dollars in millions)	2021
Beginning of period expected recoveries	$	479
Expected future recoveries of current period defaults		10
Recoveries		(47	)
Charge-offs		(8	)
End of period expected recoveries	$	434
Change in balance during period	$	(45	)

2. Allowance for Loan Losses (Continued)

Troubled Debt Restructurings (“TDRs”)

We sometimes modify the terms of loans for customers experiencing financial difficulty. Certain Private Education Loans for which we have granted either a forbearance of greater than three months, an interest rate reduction or an extended repayment plan are classified as TDRs. Approximately 76% and 75% of the loans granted forbearance have qualified as a TDR loan at June 30, 2022 and December 31, 2021, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction program as of June 30, 2022 and December 31, 2021 was $890 million and $831 million, respectively.

The following table provides the amount of loans modified in the periods presented that resulted in a TDR. Additionally, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure.

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2022		2021		2022		2021
Modified loans	$	62	$	29	$	117	$	69
Charge-offs	$	59	$	27	$	115	$	53
Payment default	$	9	$	4	$	18	$	9

2. Allowance for Loan Losses (Continued)

Key Credit Quality Indicators

We assess and determine the collectability of our education loan portfolios by evaluating certain risk characteristics we refer to as key credit quality indicators. Key credit quality indicators are incorporated into the allowance for loan losses calculation.

FFELP Loans

FFELP Loans are substantially insured and guaranteed as to their principal and accrued interest in the event of default. The key credit quality indicators are loan status and loan type.

	FFELP Loan Delinquencies
	June 30, 2022						December 31, 2021						June 30, 2021
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	2,064					$	2,220					$	2,576
Loans in forbearance⁽²⁾		6,227						6,292						7,397
Loans in repayment and percentage of each status:
Loans current		34,627			84.1	%		39,679			89.4	%		42,026			91.7	%
Loans delinquent 31-60 days⁽³⁾		2,163			5.3			1,696			3.8			1,398			3.0
Loans delinquent 61-90 days⁽³⁾		1,323			3.2			904			2.0			685			1.5
Loans delinquent greater than 90 days⁽³⁾		3,055			7.4			2,112			4.8			1,745			3.8
Total FFELP Loans in repayment		41,168			100	%		44,391			100	%		45,854			100	%
Total FFELP Loans		49,459						52,903						55,827
FFELP Loan allowance for losses		(245	)					(262	)					(277	)
FFELP Loans, net	$	49,214					$	52,641					$	55,550
Percentage of FFELP Loans in repayment					83.2	%					83.9	%					82.1	%
Delinquencies as a percentage of FFELP Loans in repayment					15.9	%					10.6	%					8.3	%
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					13.1	%					12.4	%					13.9	%

⁽¹⁾

Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships.

⁽²⁾

Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures.

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

Loan type:

(Dollars in millions)	June 30, 2022		June 30, 2021		Change
Stafford Loans	$	15,538	$	16,996	$	(1,458	)
Consolidation Loans		29,396		34,011		(4,615	)
Rehab Loans		4,525		4,820		(295	)
Total loans, gross	$	49,459	$	55,827	$	(6,368	)

2. Allowance for Loan Losses (Continued)

Private Education Loans

The key credit quality indicators are credit scores (FICO scores), loan status, loan seasoning, whether a loan is a TDR, the existence of a cosigner and school type. The FICO score is the higher of the borrower or co-borrower score and is updated at least every six months while school type is assessed at origination. The other Private Education Loan key quality indicators are updated quarterly.

	Private Education Loan Credit Quality Indicators by Origination Year
	June 30, 2022
(Dollars in millions)	June 30, 2022		2021		2020		2019		2018		Prior		Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	1,307	$	4,875	$	1,672	$	1,583	$	587	$	8,925	$	18,949			92	%
Below 640		11		57		18		34		20		1,500	$	1,640			8
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	18	$	79	$	29	$	32	$	13	$	480	$	651			3	%
Current/90 days or less delinquent		1,300		4,848		1,659		1,580		591		9,559	$	19,537			95
Greater than 90 days delinquent		—		5		2		5		3		386		401			2
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
Seasoning⁽¹⁾:
1-12 payments	$	1,304	$	3,452	$	17	$	15	$	3	$	105	$	4,896			24	%
13-24 payments		—		1,433		981		52		9		119	$	2,594		12
25-36 payments		—		—		676		1,282		26		203	$	2,187			11
37-48 payments		—		—		—		251		437		330	$	1,018		5
More than 48 payments		—		—		—		—		126		9,420	$	9,546			46
Loans in-school/ grace/deferment		14		47		16		17		6		248		348		2
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
TDR Status:
TDR	$	1	$	24	$	22	$	54	$	32	$	6,830	$	6,963			34	%
Non-TDR		1,317		4,908		1,668		1,563		575		3,595		13,626			66
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
Cosigners:
With cosigner⁽²⁾	$	19	$	112	$	29	$	11	$	—	$	6,710	$	6,881			33	%
Without cosigner		1,299		4,820		1,661		1,606		607		3,715		13,708			67
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
School Type:
Not-for-profit	$	1,237	$	4,647	$	1,615	$	1,507	$	558	$	8,701	$	18,265			89	%
For-profit		81		285		75		110		49		1,724		2,324			11
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
Allowance for loan losses														(921	)
Total loans, net													$	19,668

⁽¹⁾	Number of months in active repayment for which a scheduled payment was received.

⁽²⁾	Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65% for total loans at June 30, 2022.

2. Allowance for Loan Losses (Continued)

	Private Education Loan Credit Quality Indicators by Origination Year
	June 30, 2021
(Dollars in millions)	June 30, 2021		2020		2019		2018		2017		Prior		Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	2,713	$	2,517	$	2,291	$	839	$	259	$	10,467	$	19,086			92	%
Below 640		15		9		31		20		8		1,532	$	1,615			8
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	12	$	29	$	37	$	19	$	7	$	905	$	1,009			5	%
Current/90 days or less delinquent		2,716		2,496		2,283		839		259		10,906		19,499			94
Greater than 90 days delinquent		—		1		2		1		1		188		193			1
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
Seasoning⁽¹⁾:
1-12 payments	$	2,720	$	1,497	$	50	$	6	$	2	$	152	$	4,427			22	%
13-24 payments		—		1,010		1,869		27		4		181		3,091		15
25-36 payments		—		—		381		621		16		297		1,315			6
37-48 payments		—		—		—		195		197		463		855		4
More than 48 payments		—		—		—		—		46		10,564		10,610			51
Loans in-school/ grace/deferment		8		19		22		10		2		342		403		2
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
TDR Status:
TDR	$	—	$	3	$	20	$	26	$	30	$	7,504	$	7,583			37	%
Non-TDR		2,728		2,523		2,302		833		237		4,495		13,118			63
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
Cosigners:
With cosigner⁽²⁾	$	8	$	36	$	13	$	1	$	39	$	7,883	$	7,980			39	%
Without cosigner		2,720		2,490		2,309		858		228		4,116		12,721			61
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
School Type:
Not-for-profit	$	2,583	$	2,412	$	2,166	$	792	$	256	$	9,960	$	18,169			88	%
For-profit		145		114		156		67		11		2,039		2,532			12
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
Allowance for loan losses														(976	)
Total loans, net													$	19,725

⁽¹⁾	Number of months in active repayment for which a scheduled payment was received.

⁽²⁾	Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65% for total loans at June 30, 2021.

2. Allowance for Loan Losses (Continued)

	Private Education Loan Delinquencies
	TDRs
	June 30, 2022						December 31, 2021						June 30, 2021
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	166					$	194					$	220
Loans in forbearance⁽²⁾		230						446						517
Loans in repayment and percentage of each status:
Loans current		5,823			88.7	%		6,023			91.0	%		6,387			93.3	%
Loans delinquent 31-60 days⁽³⁾		238			3.6			199			3.0			186			2.7
Loans delinquent 61-90 days⁽³⁾		135			2.1			120			1.8			95			1.4
Loans delinquent greater than 90 days⁽³⁾		371			5.6			274			4.2			178			2.6
Total TDR loans in repayment		6,567			100	%		6,616			100	%		6,846			100	%
Total TDR loans		6,963						7,256						7,583
TDR loans allowance for losses		(736	)					(829	)					(826	)
TDR loans, net	$	6,227					$	6,427					$	6,757
Percentage of TDR loans in repayment					94.3	%					91.2	%					90.3	%
Delinquencies as a percentage of TDR loans in repayment					11.3	%					9.0	%					6.7	%
Loans in forbearance as a percentage of TDR loans in repayment and forbearance					3.4	%					6.3	%					7.0	%

⁽¹⁾

Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments.

⁽²⁾

Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures.

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

2. Allowance for Loan Losses (Continued)

	Private Education Loan Delinquencies
	Non-TDRs
	June 30, 2022						December 31, 2021						June 30, 2021
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	182					$	167					$	183
Loans in forbearance⁽²⁾		73						89						89
Loans in repayment and percentage of each status:
Loans current		13,293			99.4	%		13,611			99.6	%		12,800			99.6	%
Loans delinquent 31-60 days⁽³⁾		31			.3			23			.2			22			.2
Loans delinquent 61-90 days⁽³⁾		17			.1			11			.1			9			.1
Loans delinquent greater than 90 days⁽³⁾		30			.2			23			.1			15			.1
Total non-TDR loans in repayment		13,371			100	%		13,668			100	%		12,846			100	%
Total non-TDR loans		13,626						13,924						13,118
Non-TDR loans allowance for losses		(185	)					(180	)					(150	)
Non-TDR loans, net	$	13,441					$	13,744					$	12,968
Percentage of non-TDR loans in repayment					98.1	%					98.2	%					97.9	%
Delinquencies as a percentage of non-TDR loans in repayment					.6	%					.4	%					.4	%
Loans in forbearance as a percentage of non-TDR loans in repayment and forbearance					.5	%					.6	%					.7	%

⁽¹⁾

⁽²⁾

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

Borrowings

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Borrowings

3. Borrowings

The following table summarizes our borrowings.

	June 30, 2022									December 31, 2021
(Dollars in millions)	Short Term			Long Term			Total			Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt⁽¹⁾	$	1,000		$	6,005		$	7,005		$	—	$	7,014	$	7,014
Total unsecured borrowings		1,000			6,005			7,005			—		7,014		7,014
Secured borrowings:
FFELP Loan securitizations⁽²⁾⁽³⁾		—			47,869			47,869			—		51,841		51,841
Private Education Loan securitizations⁽⁴⁾		328			13,915			14,243			543		14,074		14,617
FFELP Loan ABCP facilities		646			305			951			282		150		432
Private Education Loan ABCP facilities		2,479			—			2,479			1,363		1,152		2,515
Other⁽⁵⁾		161			—			161			302		—		302
Total secured borrowings		3,614			62,089			65,703			2,490		67,217		69,707
Total before hedge accounting adjustments		4,614			68,094			72,708			2,490		74,231		76,721
Hedge accounting adjustments		(5	)		(356	)		(361	)		—		257		257
Total	$	4,609		$	67,738		$	72,347		$	2,490	$	74,488	$	76,978

⁽¹⁾	Includes principal amount of $1 billion and $0 of short-term debt as of June 30, 2022 and December 31, 2021, respectively. Includes principal amount of $6 billion and $7 billion of long-term debt as of June 30, 2022 and December 31, 2021, respectively.

⁽²⁾	Includes $88 million and $49 million of long-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (FFELP Loan Repurchase Facilities) as of June 30, 2022 and December 31, 2021, respectively.

⁽³⁾

Includes defaulted FFELP secured debt tranches with a remaining principal amount of $661 million as of June 30, 2022 as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2029 and 2036. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date.

⁽⁴⁾	Includes $328 million and $543 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (Private Education Loan Repurchase Facilities) as of June 30, 2022 and December 31, 2021, respectively.

⁽⁵⁾	“Other” primarily includes the obligation to return cash collateral held related to derivative exposures.

3. Borrowings (Continued)

Variable Interest Entities

We consolidated the following financing VIEs as of June 30, 2022 and December 31, 2021, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.

	June 30, 2022
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	47,869		$	47,869		$	48,152	$	1,939	$	1,525		$	51,616
Private Education Loan securitizations		328		13,915			14,243			15,335		384		107			15,826
FFELP Loan ABCP facilities		646		305			951			957		15		30			1,002
Private Education Loan ABCP facilities		2,479		—			2,479			2,712		84		30			2,826
Total before hedge accounting adjustments		3,453		62,089			65,542			67,156		2,422		1,692			71,270
Hedge accounting adjustments		—		(257	)		(257	)		—		—		(282	)		(282	)
Total	$	3,453	$	61,832		$	65,285		$	67,156	$	2,422	$	1,410		$	70,988

	December 31, 2021
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	51,841		$	51,841		$	52,066	$	2,073	$	1,520		$	55,659
Private Education Loan securitizations		543		14,074			14,617			15,506		505		150			16,161
FFELP Loan ABCP facilities		282		150			432			436		8		15			459
Private Education Loan ABCP facilities		1,363		1,152			2,515			2,641		63		32			2,736
Total before hedge accounting adjustments		2,188		67,217			69,405			70,649		2,649		1,717			75,015
Hedge accounting adjustments		—		(110	)		(110	)		—		—		(195	)		(195	)
Total	$	2,188	$	67,107		$	69,295		$	70,649	$	2,649	$	1,522		$	74,820

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1C
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

4. Derivative Financial Instruments

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts of all derivative instruments and their impact on net income and other comprehensive income.

Impact of Derivatives on Balance Sheet

		Cash Flow				Fair Value⁽³⁾						Trading						Total
(Dollars in millions)	Hedged Risk Exposure	Jun 30, 2022		Dec 31, 2021		Jun 30, 2022			Dec 31, 2021			Jun 30, 2022			Dec 31, 2021			Jun 30, 2022			Dec 31, 2021
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps	Interest rate	$	—	$	—	$	101		$	222		$	—		$	2		$	101		$	224
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		—			—			—			—			—			—
Total derivative assets⁽²⁾			—		—		101			222			—			2			101			224
Derivative Liabilities:
Interest rate swaps	Interest rate		—		—		(6	)		—			(3	)		(5	)		(9	)		(5	)
Floor Income Contracts	Interest rate		—		—		—			—			(1	)		(65	)		(1	)		(65	)
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		(279	)		(190	)		—			—			(279	)		(190	)
Total derivative liabilities⁽²⁾			—		—		(285	)		(190	)		(4	)		(70	)		(289	)		(260	)
Net total derivatives		$	—	$	—	$	(184	)	$	32		$	(4	)	$	(68	)	$	(188	)	$	(36	)

⁽¹⁾

Fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position.

⁽²⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

	Other Assets						Other Liabilities
(Dollar in millions)	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
Gross position	$	101		$	224		$	(289	)	$	(260	)
Impact of master netting agreements		—			(6	)		—			6
Derivative values with impact of master netting agreements (as carried on balance sheet)		101			218			(289	)		(254	)
Cash collateral (held) pledged		(113	)		(244	)		90			147
Net position	$	(12	)	$	(26	)	$	(199	)	$	(107	)

⁽³⁾	^{The following table shows the carrying value of liabilities in fair value hedges and the related fair value hedging adjustments to these liabilities:}

	As of June 30, 2022					As of December 31, 2021
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	993	$	(5	)	$	—	$	—
Long-term borrowings	$	6,770	$	(360	)	$	8,503	$	252

4. Derivative Financial Instruments (Continued)

The above fair values include adjustments when necessary for counterparty credit risk for both when we are exposed to the counterparty, net of collateral postings, and when the counterparty is exposed to us, net of collateral postings. The net adjustments decreased the asset position at June 30, 2022 and December 31, 2021 by $12 million and $8 million, respectively. In addition, the above fair values reflect adjustments for illiquid derivatives as indicated by a wide bid/ask spread in the interest rate indices to which the derivatives are indexed. These adjustments decreased the overall net asset positions at June 30, 2022 and December 31, 2021 by $2 million and $2 million, respectively.

	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Jun 30, 2022		Dec 31, 2021		Jun 30, 2022		Dec 31, 2021		Jun 30, 2022		Dec 31, 2021		Jun 30, 2022		Dec 31, 2021
Notional Values:
Interest rate swaps	$	9.9	$	12.1	$	6.2	$	6.2	$	26.4	$	28.4	$	42.5	$	46.7
Floor Income Contracts		—		—		—		—		6.1		12.5		6.1		12.5
Cross-currency interest rate swaps		—		—		2.0		2.1		—		—		2.0		2.1
Total derivatives	$	9.9	$	12.1	$	8.2	$	8.3	$	32.5	$	40.9	$	50.6	$	61.3

Mark-to-Market Impact of Derivatives on Statements of Income

	Total Gains (Losses)
	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in millions)	2022			2021			2022			2021
Fair Value Hedges:
Interest Rate Swaps
Gains (losses) recognized in net income on derivatives	$	(148	)	$	22		$	(437	)	$	(175	)
Gains (losses) recognized in net income on hedged items		158			(21	)		471			191
Net fair value hedge ineffectiveness gains (losses)		10			1			34			16
Cross currency interest rate swaps
Gains (losses) recognized in net income on derivatives		(54	)		117			(89	)		186
Gains (losses) recognized in net income on hedged items		94			(102	)		146			(141	)
Net fair value hedge ineffectiveness gains (losses)		40			15			57			45
Total fair value hedges⁽¹⁾⁽²⁾		50			16			91			61
Cash Flow Hedges:
Total cash flow hedges⁽²⁾		—			—			—			—
Trading:
Interest rate swaps		17			(7	)		80			15
Floor income contracts		5			(3	)		40			11
Cross currency interest rate swaps		—			—			—			—
Other		—			—			—			—
Total trading derivatives⁽³⁾		22			(10	)		120			26
Mark-to-market gains (losses) recognized	$	72		$	6		$	211		$	87

⁽¹⁾	Recorded in interest expense in the consolidated statements of income.

⁽²⁾	The accrued interest income (expense) on fair value hedges and cash flow hedges is recorded in interest expense and is excluded from this table.

⁽³⁾	Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.

4. Derivative Financial Instruments (Continued)

Impact of Derivatives on Other Comprehensive Income (Equity)

	Three Months Ended June 30,					Six Months Ended June 30,
(Dollars in millions)	2022		2021			2022		2021
Total gains (losses) on cash flow hedges	$	34	$	(5	)	$	127	$	22
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)⁽¹⁾		15		22			36		43
Net changes in cash flow hedges, net of tax	$	49	$	17		$	163	$	65

⁽¹⁾

Includes net settlement income/expense.

Collateral

The following table details collateral held and pledged related to derivative exposure between us and our derivative counterparties:

(Dollars in millions)	June 30, 2022		December 31, 2021
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	113	$	244
Securities at fair value — corporate derivatives (not recorded in financial statements)⁽¹⁾		—		—
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽²⁾		—		1
Total collateral held	$	113	$	245
Derivative asset at fair value including accrued interest	$	130	$	242
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	90	$	147
Total collateral pledged	$	90	$	147
Derivative liability at fair value including accrued interest and premium receivable	$	294	$	271

⁽¹⁾	The Company has the ability to sell or re-pledge securities it holds as collateral.

⁽²⁾	The trusts do not have the ability to sell or re-pledge securities they hold as collateral.

4. Derivative Financial Instruments (Continued)

Our corporate derivatives contain credit contingent features. At our current unsecured credit rating, we have fully collateralized our corporate derivative liability position (including accrued interest and net of premiums receivable) of $5 million with our counterparties. Downgrades in our unsecured credit rating would not result in any additional collateral requirements. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings. At June 30, 2022 and December 31, 2021, we had a net positive exposure (derivative gain positions to us less collateral which has been posted by counterparties to us) related to Navient Corporation derivatives of $24 million and $9 million, respectively. The trusts are not required to post collateral to the counterparties. At June 30, 2022 and December 31, 2021, the net positive exposure on swaps in securitization trusts was $0 and $0, respectively

The table below highlights credit exposure related to our derivative counterparties at June 30, 2022.

(Dollars in millions)	Corporate Contracts			Securitization Trust Contracts
Exposure, net of collateral	$	24		$	—
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3		100	%		—	%
Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3		—	%		—	%

Other Assets

6 Months Ended

Jun. 30, 2022

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Assets

5. Other Assets

The following table provides the detail of our other assets.

(Dollars in millions)	June 30, 2022		December 31, 2021
Accrued interest receivable	$	1,871	$	1,881
Benefit and insurance-related investments		452		462
Income tax asset, net		196		369
Derivatives at fair value		101		218
Accounts receivable		103		159
Fixed assets		91		95
Other		14		39
Total	$	2,828	$	3,223

Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

The following table summarizes common share repurchases, issuances and dividends paid.

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars and shares in millions, except per share amounts)	2022		2021		2022		2021
Common stock repurchased⁽¹⁾		6.9		11.8		13.1		19.9
Common stock repurchased (in dollars)⁽¹⁾	$	105	$	200	$	220	$	300
Average purchase price per share⁽¹⁾	$	15.26	$	17.02	$	16.76	$	15.05
Remaining common stock repurchase authority⁽¹⁾	$	780	$	300	$	780	$	300
Shares repurchased related to employee stock- based compensation plans⁽²⁾		—		.6		1.1		2.8
Average purchase price per share⁽²⁾	$	—	$	17.28	$	17.92	$	12.99
Common shares issued⁽³⁾		—		.6		2.4		4.3
Dividends paid	$	23	$	27	$	47	$	56
Dividends per share	$	.16	$	.16	$	.32	$	.32

⁽¹⁾	Common shares purchased under our share repurchase program. Our board of directors authorized a $1 billion multi-year share repurchase program in December 2021.

⁽²⁾	Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

⁽³⁾	Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on June 30, 2022 was $13.99.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 13
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings (Loss) per Common Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings (Loss) per Common Share

7. Earnings (Loss) per Common Share

Basic earnings (loss) per common share (EPS) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2022		2021		2022		2021
Numerator:
Net income	$	180	$	185	$	435	$	555
Denominator:
Weighted average shares used to compute basic EPS		146		174		149		178
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP)⁽¹⁾		1		2		1		2
Dilutive potential common shares⁽²⁾		1		2		1		2
Weighted average shares used to compute diluted EPS		147		176		150		180
Basic earnings per common share	$	1.23	$	1.07	$	2.93	$	3.12
Diluted earnings per common share	$	1.22	$	1.05	$	2.90	$	3.08

⁽¹⁾	Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

⁽²⁾

For the three months ended June 30, 2022 and 2021, securities covering approximately 0 million and 0 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the six months ended June 30, 2022 and 2021, securities covering approximately 0 million and 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. Fair Value Measurements

We use estimates of fair value in applying various accounting standards in our financial statements. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. See “Note 11 – Fair Value Measurements” in our 2021 Form 10-K for a full discussion.

During the three and six months ended June 30, 2022, there were no significant transfers of financial instruments between levels, or changes in our methodology used to value our financial instruments.

8. Fair Value Measurements (Continued)

The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During the second quarters of 2022 and 2021, there were no significant transfers of financial instruments between levels.

	Fair Value Measurements on a Recurring Basis
	June 30, 2022											December 31, 2021
(Dollars in millions)	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3			Total
Assets
Derivative instruments:⁽¹⁾
Interest rate swaps		—		101			—			101			—		223			1			224
Cross-currency interest rate swaps		—		—			—			—			—		—			—			—
Total derivative assets⁽²⁾		—		101			—			101			—		223			1			224
Total	$	—	$	101		$	—		$	101		$	—	$	223		$	1		$	224
Liabilities⁽³⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(6	)	$	(3	)	$	(9	)	$	—	$	—		$	(5	)	$	(5	)
Floor Income Contracts		—		(1	)		—			(1	)		—		(65	)		—			(65	)
Cross-currency interest rate swaps		—		—			(279	)		(279	)		—		—			(190	)		(190	)
Total derivative liabilities⁽²⁾		—		(7	)		(282	)		(289	)		—		(65	)		(195	)		(260	)
Total	$	—	$	(7	)	$	(282	)	$	(289	)	$	—	$	(65	)	$	(195	)	$	(260	)

⁽¹⁾	Fair value of derivative instruments excludes accrued interest and the value of collateral.

⁽²⁾	See "Note 4 – Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

⁽³⁾	Borrowings which are the hedged item in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and not reflected in this table.

8. Fair Value Measurements (Continued)

The following tables summarize the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis.

	Three Months Ended June 30,
	2022											2021
	Derivative instruments											Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(3	)	$	(226	)	$	—	$	(229	)	$	(7	)	$	(225	)	$	—	$	(232	)
Total gains/(losses):
Included in earnings⁽¹⁾		—			(62	)		—		(62	)		1			111			—		112
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			9			—		9			—			6			—		6
Transfers in and/or out of level 3		—			—			—		—			—			—			—		—
Balance, end of period	$	(3	)	$	(279	)	$	—	$	(282	)	$	(6	)	$	(108	)	$	—	$	(114	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	—		$	(53	)	$	—	$	(53	)	$	1		$	21		$	—	$	22

	Six Months Ended June 30,
	2022											2021
	Derivative instruments											Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(4	)	$	(190	)	$	—	$	(194	)	$	(8	)	$	(294	)	$	—	$	(302	)
Total gains/(losses):
Included in earnings⁽¹⁾		1			(103	)		—		(102	)		2			173			—		175
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			14			—		14			—			13			—		13
Transfers in and/or out of level 3		—			—			—		—			—			—			—		—
Balance, end of period	$	(3	)	$	(279	)	$	—	$	(282	)	$	(6	)	$	(108	)	$	—	$	(114	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	1		$	(89	)	$	—	$	(88	)	$	2		$	(76	)	$	—	$	(74	)

⁽¹⁾	“Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income:

	Three Months Ended June 30,					Six Months Ended June 30,
(Dollars in millions)	2022			2021		2022			2021
Gains (losses) on derivative and hedging activities, net	$	—		$	1	$	1		$	2
Interest expense		(62	)		111		(103	)		173
Total	$	(62	)	$	112	$	(102	)	$	175

⁽²⁾	Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.

8. Fair Value Measurements (Continued)

The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above.

(Dollars in millions)	Fair Value at June 30, 2022			Valuation Technique	Input	Range and Weighted Average
Derivatives
Prime/LIBOR basis swaps	$	(3	)	Discounted cash flow	Constant Prepayment Rate	9%
					Bid/ask adjustment to discount rate	.08%
Cross-currency interest rate swaps		(279	)	Discounted cash flow	Constant Prepayment Rate	5%
Other		—
Total	$	(282	)

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.

	June 30, 2022									December 31, 2021
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	47,443		$	49,214		$	(1,771	)	$	53,632		$	52,641		$	991
Private Education Loans		19,379			19,668			(289	)		21,140			20,171			969
Cash and investments		3,637			3,637			—			3,845			3,845			—
Total earning assets		70,459			72,519			(2,060	)		78,617			76,657			1,960
Interest-bearing liabilities
Short-term borrowings		4,597			4,609			12			2,492			2,490			(2	)
Long-term borrowings		64,484			67,738			3,254			74,548			74,488			(60	)
Total interest-bearing liabilities		69,081			72,347			3,266			77,040			76,978			(62	)
Derivative financial instruments
Floor Income Contracts		(1	)		(1	)		—			(65	)		(65	)		—
Interest rate swaps		92			92			—			219			219			—
Cross-currency interest rate swaps		(279	)		(279	)		—			(190	)		(190	)		—
Other		—			—			—			—			—			—
Excess of net asset fair value over carrying value							$	1,206								$	1,898

Commitment and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Legal Proceedings

We and our subsidiaries and affiliates are subject to various claims, lawsuits and other actions that arise in the normal course of business. We believe that these claims, lawsuits and other actions will not, individually or in the aggregate, have a material adverse effect on our business, financial condition or results of operations, except as otherwise disclosed. Most of these matters are claims including individual and class action lawsuits against our servicing or business processing subsidiaries alleging the violation of state or federal laws in connection with servicing or collection activities on their education loans and other debts.

In the ordinary course of our business, the Company and our subsidiaries and affiliates receive information and document requests and investigative demands from various entities including State Attorneys General, U.S. Attorneys, legislative committees, individual members of Congress and administrative agencies. These requests may be informational, regulatory or enforcement in nature and may relate to our business practices, the industries in which we operate, or companies with whom we conduct business. Generally, our practice has been and continues to be to cooperate with these bodies and to be responsive to any such requests.

The number of these inquiries and the volume of related information demands continue to increase and therefore continue to increase the time, costs and resources we must dedicate to timely respond to these requests and may, depending on their outcome, result in payments of restitution, fines and penalties.

Certain Cases

During the first quarter of 2016, Navient Corporation, certain Navient officers and directors, and the underwriters of certain Navient securities offerings were sued in three putative securities class action lawsuits filed on behalf of certain investors in Navient stock or Navient unsecured debt. These three cases, which were filed in the U.S. District Court for the District of Delaware, were consolidated by the District Court, with Lord Abbett Funds appointed as Lead Plaintiff. The caption of the consolidated case is Lord Abbett Affiliated Fund, Inc., et al. v. Navient Corporation, et al. Additionally, two putative class actions have been filed in the U.S. District Court for the District of New Jersey captioned Eli Pope v. Navient Corporation, John F. Remondi, Somsak Chivavibul and Christian Lown, and Melvin Gross v. Navient Corporation, John F. Remondi, Somsak Chivavibul and Christian M. Lown, both of which allege violations of the federal securities laws under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The cases were consolidated by the Court in February 2018 under the caption In Re Navient Corporation Securities Litigation and the plaintiffs filed a consolidated amended complaint in April 2018. In the third quarter of 2021, the Company reached tentative agreements to settle both cases. The settlements, in which the Company and other defendants expressly deny any admission or concession of wrongdoing or fault, have received final court approval and are covered by insurance.

In January 2017, the Consumer Financial Protection Bureau (the CFPB) and Attorneys General for the State of Illinois and the State of Washington initiated civil actions naming Navient Corporation and several of its subsidiaries as defendants alleging violations of certain Federal and State consumer protection statutes, including the CFPA, FCRA, FDCPA and various state consumer protection laws. The Attorneys General for the States of Pennsylvania, California, Mississippi, and New Jersey also initiated actions against the Company and certain subsidiaries alleging violations of various state and federal consumer protection laws based upon similar alleged acts or failures to act. In addition to these matters, a number of lawsuits have been filed by nongovernmental parties or, in the future, may be filed by additional governmental or nongovernmental parties seeking damages or other remedies related to similar issues raised by the CFPB and the State Attorneys General. In January 2022, we entered into a series of Consent Judgment and Orders (the “Agreements”) with 40 State Attorneys General to resolve all matters in dispute related to the State Attorneys General cases as well as the related investigations, subpoenas, civil investigative demands and inquiries from various other state regulators. These Agreements do not resolve the litigation involving the Company and the CFPB. The Company will cancel the loan balance of approximately 66,000 borrowers with qualifying Private Education Loans that were originated largely between 2002 and 2010 and later defaulted and charged off. The loans to be cancelled have aggregate outstanding balances of approximately $1.7 billion. The expense to the Company to cancel these loans is approximately $50 million which represents the amount of expected future recoveries of these charged-off loans on the balance sheet. In addition, the Company agreed to make a one-time payment of approximately $145 million to the states. In the fourth quarter of 2021 when such loss became probable, the Company recognized total regulatory expenses of approximately $205 million related to this matter.

9. Commitments and Contingencies (Continued)

As the Company has previously stated, we believe the allegations in the CFPB suit are false and that they improperly seek to impose penalties on Navient based on new, previously unannounced servicing standards applied retroactively against only one servicer. We therefore have denied these allegations and are vigorously defending against the allegations in that case. At this point in time, it is reasonably possible that a loss contingency exists; however, the Company is unable to anticipate the timing of a resolution or the impact that an adverse ruling in the CFPB case may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with this matter and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company.

The Company has been named as defendant in a number of putative class action cases alleging violations of various state and federal consumer protection laws including the Telephone Consumer Protection Act (TCPA), the Consumer Financial Protection Act of 2010 (CFPA), the Fair Credit Reporting Act (FCRA), the Fair Debt Collection Practices Act (FDCPA), in adversarial proceedings under the U.S. Bankruptcy Code, and various state consumer protection laws. At this point in time, the Company is unable to anticipate the timing of a resolution or the impact that these legal proceedings may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with these matters and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company.

Regulatory Matters

In addition, Navient and its subsidiaries are subject to examination or regulation by various federal regulatory, state licensing or other regulatory agencies as part of its ordinary course of business including the SEC, CFPB, FFIEC and ED. Items or matters similar to or different from those described above may arise during the course of those examinations. We also routinely receive inquiries or requests from various regulatory entities or bodies or government agencies concerning our business or our assets. Generally, the Company endeavors to cooperate with each such inquiry or request. The Company has received separate CIDs or subpoenas from multiple State Attorneys General, including for the District of Columbia, Kansas, Oregon, Colorado, New Jersey, New York and Indiana that are similar to the CIDs or subpoenas that preceded the lawsuits referenced above. Those CIDs and subpoenas have been resolved as part of the Company’s settlement with the State Attorneys General. Nevertheless, we have and, in the future, may receive additional CIDs or subpoenas and other inquiries from these or other Attorneys General with respect to similar or different matters.

Under the terms of the Separation and Distribution Agreement between the Company and SLM BankCo, Navient agreed to indemnify SLM BankCo for claims, actions, damages, losses or expenses that may arise from the conduct of activities of pre-Spin-Off SLM BankCo occurring prior to the Spin-Off other than those specifically excluded in that agreement. Also, as part of the Separation and Distribution Agreement, SLM BankCo agreed to indemnify Navient for certain claims, actions, damages, losses or expenses subject to the terms, conditions and limitations set forth in that agreement. As a result, subject to the terms, conditions and limitations set forth in that agreement, Navient agreed to indemnify and hold harmless Sallie Mae and its subsidiaries, including Sallie Mae Bank from liabilities arising out of the regulatory matters and CFPB and State Attorneys General lawsuits mentioned above. In addition, we asserted various claims for indemnification against Sallie Mae and Sallie Mae Bank for such specifically excluded items arising out of the CFPB and the State Attorneys General lawsuits if and to the extent any indemnified liabilities exist now or in the future. Navient has no reserves related to indemnification matters with SLM BankCo as of June 30, 2022.

9. Commitments and Contingencies (Continued)

OIG Audit

The Office of the Inspector General (the OIG) of ED commenced an audit regarding Special Allowance Payments (SAP) on September 10, 2007. In September 2013, we received the final audit determination of Federal Student Aid (the Final Audit Determination) on the final audit report issued by the OIG in August 2009 related to this audit. The Final Audit Determination concurred with the final audit report issued by the OIG and instructed us to make adjustment to our government billing to reflect the policy determination. In August 2016, we filed our notice of appeal to the Administrative Actions and Appeals Service Group of ED, and a hearing was held in April 2017. In March 2019, the administrative law judge hearing the appeal affirmed the audit’s findings, holding the then-existing Dear Colleague letter relied upon by the Company and other industry participants was inconsistent with the statutory framework creating the SAP rules applicable to loans funded by certain types of debt obligations at issue. We appealed the administrative law judge’s decision to the Secretary of Education given Navient’s adherence to ED-issued guidance and the potential impact on participants in any ED program student loan servicers if such guidance is deemed unreliable and may not be relied upon. In January 2021, the Acting Secretary of Education upheld the decision of the administrative law judge. In March 2021, we filed a complaint for declaratory judgment in federal court seeking to set aside the Acting Secretary’s decision. We continue to believe that our SAP billing practices were proper, considering then-existing ED guidance and lack of applicable regulations. We filed a lawsuit in federal court challenging the Acting Secretary’s decision. That case is pending. The Company first established a reserve for this matter in 2014 and increased the reserve in 2020 in response to the decision by the Acting Secretary. We do not believe, at this time, that an adverse ruling will have a material effect on the Company as a whole.

Contingencies

In the ordinary course of business, we and our subsidiaries are defendants in or parties to pending and threatened legal actions and proceedings including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment and other laws. In certain of these actions and proceedings, claims for substantial monetary damage are asserted against us and our subsidiaries. We and our subsidiaries are also subject to potential unasserted claims by third parties.

In the ordinary course of business, we and our subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. In connection with formal and informal inquiries in these cases, we and our subsidiaries receive requests, subpoenas and orders for documents, testimony and information in connection with various aspects of our regulated activities.

We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves.

In view of the inherent difficulty of predicting the outcome of litigation and regulatory matters, we may not be able to predict what the eventual outcome of the pending matters will be, what the timing or the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties, if any, related to each pending matter may be.

Based on current knowledge, reserves have been established for certain litigation, regulatory matters, and unasserted contract claims where the loss is both probable and estimable. Based on current knowledge, management does not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our consolidated financial position, liquidity, results of operations or cash flows, except as otherwise disclosed.

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606

6 Months Ended

Jun. 30, 2022

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606

10. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606

The following tables illustrate the disaggregation of revenue from contracts accounted for under ASC 606 with customers according to service type and client type by reportable operating segment.

Revenue by Service Type

	Three Months Ended June 30,
	2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	—	$	—	$	—	$	4	$	—	$	4
Government services		—		53		53		—		66		66
Healthcare services		—		34		34		—		64		64
Total	$	—	$	87	$	87	$	4	$	130	$	134

	Six Months Ended June 30,
	2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	1	$	—	$	1	$	9	$	—	$	9
Government services		—		102		102		—		129		129
Healthcare services		—		79		79		—		126		126
Total	$	1	$	181	$	182	$	9	$	255	$	264

10. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Continued)

Revenue by Client Type

	Three Months Ended June 30,
	2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	2	$	2	$	—	$	6	$	6
Guarantor agencies		—		—		—		4		—		4
Other institutions		—		—		—		—		—		—
State and local government		—		35		35		—		46		46
Tolling authorities		—		16		16		—		14		14
Hospitals and other healthcare providers		—		34		34		—		64		64
Total	$	—	$	87	$	87	$	4	$	130	$	134

	Six Months Ended June 30,
	2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue

Federal government	$	—	$	4	$	4	$	1	$	14	$	15
Guarantor agencies		1		—		1		8		—		8
Other institutions		—		—		—		—		—		—
State and local government		—		68		68		—		88		88
Tolling authorities		—		30		30		—		27		27
Hospitals and other healthcare providers		—		79		79		—		126		126
Total	$	1	$	181	$	182	$	9	$	255	$	264

As of June 30, 2022 and June 30, 2021, there was $94 million and $97 million respectively, of net accounts receivable related to these contracts. Navient had no material contract assets or contract liabilities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

11. Segment Reporting

We monitor and assess our ongoing operations and results based on the following four reportable operating segments: Federal Education Loans, Consumer Lending, Business Processing and Other.

These segments meet the quantitative thresholds for reportable operating segments. Accordingly, the results of operations of these reportable operating segments are presented separately. The underlying operating segments are used by the Company’s chief operating decision maker to manage the business, review operating performance and allocate resources, and qualify to be aggregated as part of the primary reportable operating segments. As discussed further below, we measure the profitability of our operating segments based on Core Earnings net income. Accordingly, information regarding our reportable operating segments net income is provided on a Core Earnings basis.

Federal Education Loans Segment

In this segment, Navient owns FFELP Loans and performs servicing and asset recovery services on this portfolio. We also service and perform asset recovery services on FFELP Loans owned by other institutions. Our servicing quality, data-driven strategies and omnichannel education about federal repayment options translate into positive results for the millions of borrowers we serve.

We generate revenue primarily through net interest income on the FFELP Loan portfolio as well as servicing and asset recovery services revenue. This segment is expected to generate significant earnings and cash flow over the remaining life of the portfolio.

The following table includes asset information for our Federal Education Loans segment.

(Dollars in millions)	June 30, 2022		December 31, 2021
FFELP Loans, net	$	49,214	$	52,641
Cash and investments⁽¹⁾		1,959		2,071
Other		2,034		2,183
Total assets	$	53,207	$	56,895

⁽¹⁾

Includes restricted cash and investments.

Consumer Lending Segment

In this segment, Navient owns, originates, acquires and services high-quality refinance and in-school Private Education Loans. We believe our more than 45 years of experience, product design, digital marketing strategies, and origination and servicing platform provide a unique competitive advantage. We see meaningful growth opportunities in originating Private Education Loans to financially responsible consumers, generating attractive long-term, risk-adjusted returns. We generate revenue primarily through net interest income on our Private Education Loan portfolio.

The following table includes asset information for our Consumer Lending segment

(Dollars in millions)	June 30, 2022		December 31, 2021
Private Education Loans, net	$	19,668	$	20,171
Cash and investments⁽¹⁾		612		824
Other		583		815
Total assets	$	20,863	$	21,810

⁽¹⁾

Includes restricted cash and investments.

11. Segment Reporting (Continued)

Business Processing Segment

In this segment, Navient performs business processing services for over 600 government and healthcare clients.

•

Government services: We provide state governments, agencies, court systems, municipalities, and parking and tolling authorities with leveraging our scale, integrated technology solutions, decades of differentiated customer experience expertise and evidence-based approach. Our support enables our clients to better serve their constituents, meet rapidly changing needs, improve technology, reduce operating expenses, manage risk and optimize revenue opportunities.

•

Healthcare services: We perform revenue cycle outsourcing, accounts receivable management, extended business office support, consulting engagements and public health programs. We offer customizable solutions for our clients that include hospitals, hospital systems, medical centers, large physician groups, other healthcare providers and public health departments.

At June 30, 2022 and December 31, 2021, the Business Processing segment had total assets of $409 million and $397 million, respectively.

Other Segment

This segment consists of our corporate liquidity portfolio, gains and losses incurred on the repurchase of debt, unallocated expenses of shared services (which includes regulatory expenses) and restructuring/other reorganization expenses.

Unallocated shared services expenses are comprised of costs primarily related to information technology costs related to infrastructure and operations, stock-based compensation expense, accounting, finance, legal, compliance and risk management, regulatory-related expenses, human resources, certain executive management and the board of directors. Regulatory-related expenses include actual settlement amounts as well as third-party professional fees we incur in connection with such regulatory matters and are presented net of any insurance reimbursements for covered costs related to such matters.

At June 30, 2022 and December 31, 2021, the Other segment had total assets of $1.6 billion and $1.5 billion, respectively.

11. Segment Reporting (Continued)

Measure of Profitability

We prepare financial statements and present financial results in accordance with GAAP. However, we also evaluate our business segments and present financial results on a basis that differs from GAAP. We refer to this different basis of presentation as Core Earnings. We provide this Core Earnings basis of presentation on a consolidated basis and for each business segment because this is what we review internally when making management decisions regarding our performance and how we allocate resources. We also refer to this information in our presentations with credit rating agencies, lenders and investors. Because our Core Earnings basis of presentation corresponds to our segment financial presentations, we are required by GAAP to provide Core Earnings disclosure in the notes to our consolidated financial statements for our business segments.

Core Earnings are not a substitute for reported results under GAAP. We use Core Earnings to manage our business segments because Core Earnings reflect adjustments to GAAP financial results for two items, discussed below, that can create significant volatility mostly due to timing factors generally beyond the control of management. Accordingly, we believe that Core Earnings provide management with a useful basis from which to better evaluate results from ongoing operations against the business plan or against results from prior periods. Consequently, we disclose this information because we believe it provides investors with additional information regarding the operational and performance indicators that are most closely assessed by management. When compared to GAAP results, the two items we remove to result in our Core Earnings presentations are:

Mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks that do not qualify for hedge accounting treatment or do qualify for hedge accounting treatment but result in ineffectiveness; and

The accounting for goodwill and acquired intangible assets.

While GAAP provides a uniform, comprehensive basis of accounting, for the reasons described above, our Core Earnings basis of presentation does not. Core Earnings are subject to certain general and specific limitations that investors should carefully consider. For example, there is no comprehensive, authoritative guidance for management reporting. Our Core Earnings are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Accordingly, our Core Earnings presentation does not represent a comprehensive basis of accounting. Investors, therefore, may not be able to compare our performance with that of other financial services companies based upon Core Earnings. Core Earnings results are only meant to supplement GAAP results by providing additional information regarding the operational and performance indicators that are most closely used by management, our board of directors, credit rating agencies, lenders and investors to assess performance.

11. Segment Reporting (Continued)

Segment Results and Reconciliations to GAAP

	Three Months Ended June 30, 2022
												Adjustments
(Dollars in millions)	Federal Education Loans		Consumer Lending		Business Processing		Other			Total Core Earnings		Reclassi- fications		Additions/ (Subtractions)			Total Adjustments⁽¹⁾			Total GAAP
Interest income:
Education loans	$	409	$	277	$	—	$	—		$	686	$	4	$	(3	)	$	1		$	687
Cash and investments		3		1		—		1			5		—		—			—			5
Total interest income		412		278		—		1			691		4		(3	)		1			692
Total interest expense		266		136		—		18			420		4		(53	)		(49	)		371
Net interest income (loss)		146		142		—		(17	)		271		—		50			50			321
Less: provisions for loan losses		—		18		—		—			18		—		—			—			18
Net interest income (loss) after provisions for loan losses		146		124		—		(17	)		253		—		50			50			303
Other income (loss):
Servicing revenue		14		3		—		—			17		—		—			—			17
Asset recovery and business processing revenue		1		—		87		—			88		—		—			—			88
Other income (loss)		8		1		—		(2	)		7		—		22			22			29
Total other income (loss)		23		4		87		(2	)		112		—		22			22			134
Expenses:
Direct operating expenses		25		35		74		—			134		—		—			—			134
Unallocated shared services expenses		—		—		—		56			56		—		—			—			56
Operating expenses		25		35		74		56			190		—		—			—			190
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—		—		3			3			3
Restructuring/other reorganization expenses		—		—		—		—			—		—		—			—			—
Total expenses		25		35		74		56			190		—		3			3			193
Income (loss) before income tax expense (benefit)		144		93		13		(75	)		175		—		69			69			244
Income tax expense (benefit)⁽²⁾		34		22		3		(18	)		41		—		23			23			64
Net income (loss)	$	110	$	71	$	10	$	(57	)	$	134	$	—	$	46		$	46		$	180

⁽¹⁾	Core Earnings adjustments to GAAP:

	Three Months Ended June 30, 2022
(Dollars in millions)	Net Impact of Derivative Accounting		Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	50	$	—		$	50
Total other income (loss)		22		—			22
Goodwill and acquired intangible asset impairment and amortization		—		3			3
Total Core Earnings adjustments to GAAP	$	72	$	(3	)		69
Income tax expense (benefit)							23
Net income (loss)						$	46

⁽²⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

11. Segment Reporting (Continued)

	Three Months Ended June 30, 2021
														Adjustments
(Dollars in millions)	Federal Education Loans		Consumer Lending			Business Processing		Other			Total Core Earnings			Reclassi- fications			Additions/ (Subtractions)			Total Adjustments⁽¹⁾			Total GAAP
Interest income:
Education loans	$	351	$	295		$	—	$	—		$	646		$	24		$	(10	)	$	14		$	660
Cash and investments		—		—			—		1			1			—			—			—			1
Total interest income		351		295			—		1			647			24			(10	)		14			661
Total interest expense		210		137			—		18			365			(2	)		(24	)		(26	)		339
Net interest income (loss)		141		158			—		(17	)		282			26			14			40			322
Less: provisions for loan losses		—		(1	)		—		—			(1	)		—			—			—			(1	)
Net interest income (loss) after provisions for loan losses		141		159			—		(17	)		283			26			14			40			323
Other income (loss):
Servicing revenue		47		3			—		—			50			—			—			—			50
Asset recovery and business processing revenue		12		—			130		—			142			—			—			—			142
Other income (loss)		2		—			—		2			4			(26	)		16			(10	)		(6	)
Gains on sales of loans		—		2			—		—			2			—			—			—			2
Losses on debt repurchases		—		—			—		(12	)		(12	)		—			—			—			(12	)
Total other income (loss)		61		5			130		(10	)		186			(26	)		16			(10	)		176
Expenses:
Direct operating expenses		55		39			92		—			186			—			—			—			186
Unallocated shared services expenses		—		—			—		66			66			—			—			—			66
Operating expenses		55		39			92		66			252			—			—			—			252
Goodwill and acquired intangible asset impairment and amortization		—		—			—		—			—			—			5			5			5
Restructuring/other reorganization expenses		—		—			—		2			2			—			—			—			2
Total expenses		55		39			92		68			254			—			5			5			259
Income (loss) before income tax expense (benefit)		147		125			38		(95	)		215			—			25			25			240
Income tax expense (benefit)⁽²⁾		34		29			9		(22	)		50			—			5			5			55
Net income (loss)	$	113	$	96		$	29	$	(73	)	$	165		$	—		$	20		$	20		$	185

⁽¹⁾	Core Earnings adjustments to GAAP:

	Three Months Ended June 30, 2021
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	40		$	—		$	40
Total other income (loss)		(10	)		—			(10	)
Goodwill and acquired intangible asset impairment and amortization		—			5			5
Total Core Earnings adjustments to GAAP	$	30		$	(5	)		25
Income tax expense (benefit)								5
Net income (loss)							$	20

⁽²⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

11. Segment Reporting (Continued)

	Six Months Ended June 30, 2022
												Adjustments
(Dollars in millions)	Federal Education Loans		Consumer Lending		Business Processing		Other			Total Core Earnings		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments⁽¹⁾			Total GAAP
Interest income:
Education loans	$	743	$	553	$	—	$	—		$	1,296	$	23		$	(7	)	$	16		$	1,312
Cash and investments		3		2		—		1			6		—			—			—			6
Total interest income		746		555		—		1			1,302		23			(7	)		16			1,318
Total interest expense		461		262		—		32			755		4			(99	)		(95	)		660
Net interest income (loss)		285		293		—		(31	)		547		19			92			111			658
Less: provisions for loan losses		—		34		—		—			34		—			—			—			34
Net interest income (loss) after provisions for loan losses		285		259		—		(31	)		513		19			92			111			624
Other income (loss):
Servicing revenue		30		6		—		—			36		—			—			—			36
Asset recovery and business processing revenue		4		—		181		—			185		—			—			—			185
Other income (loss)		18		1		—		(3	)		16		(19	)		139			120			136
Total other income (loss)		52		7		181		(3	)		237		(19	)		139			120			357
Expenses:
Direct operating expenses		54		69		150		—			273		—			—			—			273
Unallocated shared services expenses		—		—		—		122			122		—			—			—			122
Operating expenses		54		69		150		122			395		—			—			—			395
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—		—			7			7			7
Restructuring/other reorganization expenses		—		—		—		3			3		—			—			—			3
Total expenses		54		69		150		125			398		—			7			7			405
Income (loss) before income tax expense (benefit)		283		197		31		(159	)		352		—			224			224			576
Income tax expense (benefit)⁽²⁾		67		47		7		(38	)		83		—			58			58			141
Net income (loss)	$	216	$	150	$	24	$	(121	)	$	269	$	—		$	166		$	166		$	435

⁽¹⁾	Core Earnings adjustments to GAAP:

	Six Months Ended June 30, 2022
(Dollars in millions)	Net Impact of Derivative Accounting		Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	111	$	—		$	111
Total other income (loss)		120		—			120
Goodwill and acquired intangible asset impairment and amortization		—		7			7
Total Core Earnings adjustments to GAAP	$	231	$	(7	)		224
Income tax expense (benefit)							58
Net income (loss)						$	166

⁽²⁾ Income taxes are based on a percentage of net income before tax for the individual reportable segment.

11. Segment Reporting (Continued)

	Six Months Ended June 30, 2021
														Adjustments
(Dollars in millions)	Federal Education Loans		Consumer Lending			Business Processing		Other			Total Core Earnings			Reclassi- fications			Additions/ (Subtractions)			Total Adjustments⁽¹⁾			Total GAAP
Interest income:
Education loans	$	709	$	614		$	—	$	—		$	1,323		$	48		$	(20	)	$	28		$	1,351
Cash and investments		—		—			—		1			1			—			—			—			1
Total interest income		709		614			—		1			1,324			48			(20	)		28			1,352
Total interest expense		424		287			—		36			747			(3	)		(77	)		(80	)		667
Net interest income (loss)		285		327			—		(35	)		577			51			57			108			685
Less: provisions for loan losses		—		(88	)		—		—			(88	)		—			—			—			(88	)
Net interest income (loss) after provisions for loan losses		285		415			—		(35	)		665			51			57			108			773
Other income (loss):
Servicing revenue		99		3			—		—			102			—			—			—			102
Asset recovery and business processing revenue		26		—			255		—			281			—			—			—			281
Other income (loss)		2		1			—		2			5			(38	)		64			26			31
Gains on sales of loans		—		91			—		—			91			(13	)		—			(13	)		78
Losses on debt repurchases		—		—			—		(12	)		(12	)		—			—			—			(12	)
Total other income (loss)		127		95			255		(10	)		467			(51	)		64			13			480
Expenses:
Direct operating expenses		117		79			183		—			379			—			—			—			379
Unallocated shared services expenses		—		—			—		131			131			—			—			—			131
Operating expenses		117		79			183		131			510			—			—			—			510
Goodwill and acquired intangible asset impairment and amortization		—		—			—		—			—			—			10			10			10
Restructuring/other reorganization expenses		—		—			—		8			8			—			—			—			8
Total expenses		117		79			183		139			518			—			10			10			528
Income (loss) before income tax expense (benefit)		295		431			72		(184	)		614			—			111			111			725
Income tax expense (benefit)⁽²⁾		70		101			17		(43	)		145			—			25			25			170
Net income (loss)	$	225	$	330		$	55	$	(141	)	$	469		$	—		$	86		$	86		$	555

⁽¹⁾	Core Earnings adjustments to GAAP:

	Six Months Ended June 30, 2021
(Dollars in millions)	Net Impact of Derivative Accounting		Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	108	$	—		$	108
Total other income (loss)		13		—			13
Goodwill and acquired intangible asset impairment and amortization		—		10			10
Total Core Earnings adjustments to GAAP	$	121	$	(10	)		111
Income tax expense (benefit)							25
Net income (loss)						$	86

⁽²⁾ Income taxes are based on a percentage of net income before tax for the individual reportable segment.

11. Segment Reporting (Continued)

Summary of Core Earnings Adjustments to GAAP

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in millions)	2022			2021			2022			2021
Core Earnings net income	$	134		$	165		$	269		$	469
Core Earnings adjustments to GAAP:
Net impact of derivative accounting⁽¹⁾		72			30			231			121
Net impact of goodwill and acquired intangible assets⁽²⁾		(3	)		(5	)		(7	)		(10	)
Net tax effect⁽³⁾		(23	)		(5	)		(58	)		(25	)
Total Core Earnings adjustments to GAAP		46			20			166			86
GAAP net income	$	180		$	185		$	435		$	555

⁽¹⁾

Derivative accounting: Core Earnings exclude periodic gains and losses that are caused by the mark-to-market valuations on derivatives that do not qualify for hedge accounting treatment under GAAP as well as the periodic mark-to-market gains and losses that are a result of ineffectiveness recognized related to effective hedges under GAAP. Under GAAP, for our derivatives that are held to maturity, the mark-to-market gain or loss over the life of the contract will equal $0 except for Floor Income Contracts where the mark-to-market gain will equal the amount for which we sold the contract. In our Core Earnings presentation, we recognize the economic effect of these hedges, which generally results in any net settlement cash paid or received being recognized ratably as an interest expense or revenue over the hedged item’s life.

⁽²⁾

Goodwill and acquired intangible assets: Our Core Earnings exclude goodwill and intangible asset impairment and amortization of acquired intangible assets.

⁽³⁾

Net tax effect: Such tax effect is based upon our Core Earnings effective tax rate for the year.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, consolidated financial statements of Navient have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2021 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the 2021 Form 10-K). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2021 Form 10-K.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the troubled debt restructurings (TDRs) recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The ASU also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty. This guidance is effective on January 1, 2023. Early adoption is permissible. The Company is currently assessing the potential impact of this amendment.

Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2022

Financing Receivable Allowance For Credit Losses [Line Items]

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Loan Losses Metrics

	Three Months Ended June 30, 2022
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Allowance at beginning of period	$	255		$	964		$	1,219
Total provision		—			18			18
Charge-offs⁽¹⁾		(10	)		(70	)		(80	)
Decrease in expected future recoveries on charged-off loans⁽²⁾		—			9			9
Allowance at end of period		245			921			1,166
Charge-offs as a percentage of average loans in repayment (annualized)		.09	%		1.40	%
Ending total loans	$	49,459		$	20,589
Average loans in repayment	$	42,163		$	20,162
Ending loans in repayment	$	41,168		$	19,938

⁽¹⁾

⁽²⁾

	Three Months Ended June 30,
(Dollars in millions)	2022
Beginning of period expected recoveries	$	321
Expected future recoveries of current period defaults		12
Recoveries		(15	)
Charge-offs		(6	)
End of period expected recoveries	$	312
Change in balance during period	$	(9	)

2. Allowance for Loan Losses (Continued)

	Three Months Ended June 30, 2021
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Allowance at beginning of period	$	282		$	992		$	1,274
Provision:
Reversal of allowance related to loan sales⁽¹⁾		—			(5	)		(5	)
Remaining provision		—			4			4
Total provision		—			(1	)		(1	)
Charge-offs⁽²⁾		(5	)		(35	)		(40	)
Decrease in expected future recoveries on charged-off loans⁽³⁾		—			20			20
Allowance at end of period		277			976			1,253
Charge-offs as a percentage of average loans in repayment (annualized)		.04	%		.71	%
Ending total loans	$	55,827		$	20,701
Average loans in repayment	$	46,348		$	19,667
Ending loans in repayment	$	45,854		$	19,692

⁽¹⁾	In connection with the sale of approximately $30 million of Private Education Loans.

⁽²⁾

⁽³⁾

	Three Months Ended June 30,
(Dollars in millions)	2021
Beginning of period expected recoveries	$	454
Expected future recoveries of current period defaults		5
Recoveries		(22	)
Charge-offs		(3	)
End of period expected recoveries	$	434
Change in balance during period	$	(20	)

2. Allowance for Loan Losses (Continued)

	Six Months Ended June 30, 2022
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Allowance at beginning of period	$	262		$	1,009		$	1,271
Total provision		—			34			34
Charge-offs⁽¹⁾		(17	)		(139	)		(156	)
Decrease in expected future recoveries on charged-off loans⁽²⁾		—			17			17
Allowance at end of period		245			921			1,166
Charge-offs as a percentage of average loans in repayment (annualized)		.08	%		1.39	%
Ending total loans	$	49,459		$	20,589
Average loans in repayment	$	42,922		$	20,274
Ending loans in repayment	$	41,168		$	19,938

⁽¹⁾

⁽²⁾

	Six Months Ended June 30,
(Dollars in millions)	2022
Beginning of period expected recoveries	$	329
Expected future recoveries of current period defaults		25
Recoveries		(30	)
Charge-offs		(12	)
End of period expected recoveries	$	312
Change in balance during period	$	(17	)

2. Allowance for Loan Losses (Continued)

	Six Months Ended June 30, 2021
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans
Allowance at beginning of period	$	288		$	1,089		$	1,377
Provision:
Reversal of allowance related to loan sales⁽¹⁾		—			(107	)		(107	)
Remaining provision		—			19			19
Total provision		—			(88	)		(88	)
Charge-offs⁽²⁾		(11	)		(70	)		(81	)
Decrease in expected future recoveries on charged-off loans⁽³⁾		—			45			45
Allowance at end of period		277			976			1,253
Charge-offs as a percentage of average loans in repayment (annualized)		.05	%		.70	%
Ending total loans	$	55,827		$	20,701
Average loans in repayment	$	46,694		$	20,272
Ending loans in repayment	$	45,854		$	19,692

⁽¹⁾	In connection with the sale of approximately $1.6 billion of Private Education Loans.

⁽²⁾

⁽³⁾

	Six Months Ended June 30,
(Dollars in millions)	2021
Beginning of period expected recoveries	$	479
Expected future recoveries of current period defaults		10
Recoveries		(47	)
Charge-offs		(8	)
End of period expected recoveries	$	434
Change in balance during period	$	(45	)

Loans Modified Accounts for TDR

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2022		2021		2022		2021
Modified loans	$	62	$	29	$	117	$	69
Charge-offs	$	59	$	27	$	115	$	53
Payment default	$	9	$	4	$	18	$	9

Age Analysis of Past Due Loans Delinquencies

	FFELP Loan Delinquencies
	June 30, 2022						December 31, 2021						June 30, 2021
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	2,064					$	2,220					$	2,576
Loans in forbearance⁽²⁾		6,227						6,292						7,397
Loans in repayment and percentage of each status:
Loans current		34,627			84.1	%		39,679			89.4	%		42,026			91.7	%
Loans delinquent 31-60 days⁽³⁾		2,163			5.3			1,696			3.8			1,398			3.0
Loans delinquent 61-90 days⁽³⁾		1,323			3.2			904			2.0			685			1.5
Loans delinquent greater than 90 days⁽³⁾		3,055			7.4			2,112			4.8			1,745			3.8
Total FFELP Loans in repayment		41,168			100	%		44,391			100	%		45,854			100	%
Total FFELP Loans		49,459						52,903						55,827
FFELP Loan allowance for losses		(245	)					(262	)					(277	)
FFELP Loans, net	$	49,214					$	52,641					$	55,550
Percentage of FFELP Loans in repayment					83.2	%					83.9	%					82.1	%
Delinquencies as a percentage of FFELP Loans in repayment					15.9	%					10.6	%					8.3	%
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					13.1	%					12.4	%					13.9	%

⁽¹⁾

⁽²⁾

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

	Private Education Loan Delinquencies
	TDRs
	June 30, 2022						December 31, 2021						June 30, 2021
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	166					$	194					$	220
Loans in forbearance⁽²⁾		230						446						517
Loans in repayment and percentage of each status:
Loans current		5,823			88.7	%		6,023			91.0	%		6,387			93.3	%
Loans delinquent 31-60 days⁽³⁾		238			3.6			199			3.0			186			2.7
Loans delinquent 61-90 days⁽³⁾		135			2.1			120			1.8			95			1.4
Loans delinquent greater than 90 days⁽³⁾		371			5.6			274			4.2			178			2.6
Total TDR loans in repayment		6,567			100	%		6,616			100	%		6,846			100	%
Total TDR loans		6,963						7,256						7,583
TDR loans allowance for losses		(736	)					(829	)					(826	)
TDR loans, net	$	6,227					$	6,427					$	6,757
Percentage of TDR loans in repayment					94.3	%					91.2	%					90.3	%
Delinquencies as a percentage of TDR loans in repayment					11.3	%					9.0	%					6.7	%
Loans in forbearance as a percentage of TDR loans in repayment and forbearance					3.4	%					6.3	%					7.0	%

⁽¹⁾

⁽²⁾

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

2. Allowance for Loan Losses (Continued)

	Private Education Loan Delinquencies
	Non-TDRs
	June 30, 2022						December 31, 2021						June 30, 2021
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	182					$	167					$	183
Loans in forbearance⁽²⁾		73						89						89
Loans in repayment and percentage of each status:
Loans current		13,293			99.4	%		13,611			99.6	%		12,800			99.6	%
Loans delinquent 31-60 days⁽³⁾		31			.3			23			.2			22			.2
Loans delinquent 61-90 days⁽³⁾		17			.1			11			.1			9			.1
Loans delinquent greater than 90 days⁽³⁾		30			.2			23			.1			15			.1
Total non-TDR loans in repayment		13,371			100	%		13,668			100	%		12,846			100	%
Total non-TDR loans		13,626						13,924						13,118
Non-TDR loans allowance for losses		(185	)					(180	)					(150	)
Non-TDR loans, net	$	13,441					$	13,744					$	12,968
Percentage of non-TDR loans in repayment					98.1	%					98.2	%					97.9	%
Delinquencies as a percentage of non-TDR loans in repayment					.6	%					.4	%					.4	%
Loans in forbearance as a percentage of non-TDR loans in repayment and forbearance					.5	%					.6	%					.7	%

⁽¹⁾

⁽²⁾

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

Loans Type

Loan type:

(Dollars in millions)	June 30, 2022		June 30, 2021		Change
Stafford Loans	$	15,538	$	16,996	$	(1,458	)
Consolidation Loans		29,396		34,011		(4,615	)
Rehab Loans		4,525		4,820		(295	)
Total loans, gross	$	49,459	$	55,827	$	(6,368	)

Private Education Loans [Member]

Financing Receivable Allowance For Credit Losses [Line Items]

Private Education Loan Portfolio Stratified by Key Credit Quality Indicators

	Private Education Loan Credit Quality Indicators by Origination Year
	June 30, 2022
(Dollars in millions)	June 30, 2022		2021		2020		2019		2018		Prior		Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	1,307	$	4,875	$	1,672	$	1,583	$	587	$	8,925	$	18,949			92	%
Below 640		11		57		18		34		20		1,500	$	1,640			8
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	18	$	79	$	29	$	32	$	13	$	480	$	651			3	%
Current/90 days or less delinquent		1,300		4,848		1,659		1,580		591		9,559	$	19,537			95
Greater than 90 days delinquent		—		5		2		5		3		386		401			2
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
Seasoning⁽¹⁾:
1-12 payments	$	1,304	$	3,452	$	17	$	15	$	3	$	105	$	4,896			24	%
13-24 payments		—		1,433		981		52		9		119	$	2,594		12
25-36 payments		—		—		676		1,282		26		203	$	2,187			11
37-48 payments		—		—		—		251		437		330	$	1,018		5
More than 48 payments		—		—		—		—		126		9,420	$	9,546			46
Loans in-school/ grace/deferment		14		47		16		17		6		248		348		2
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
TDR Status:
TDR	$	1	$	24	$	22	$	54	$	32	$	6,830	$	6,963			34	%
Non-TDR		1,317		4,908		1,668		1,563		575		3,595		13,626			66
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
Cosigners:
With cosigner⁽²⁾	$	19	$	112	$	29	$	11	$	—	$	6,710	$	6,881			33	%
Without cosigner		1,299		4,820		1,661		1,606		607		3,715		13,708			67
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
School Type:
Not-for-profit	$	1,237	$	4,647	$	1,615	$	1,507	$	558	$	8,701	$	18,265			89	%
For-profit		81		285		75		110		49		1,724		2,324			11
Total	$	1,318	$	4,932	$	1,690	$	1,617	$	607	$	10,425	$	20,589			100	%
Allowance for loan losses														(921	)
Total loans, net													$	19,668

⁽¹⁾	Number of months in active repayment for which a scheduled payment was received.

⁽²⁾	Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65% for total loans at June 30, 2022.

2. Allowance for Loan Losses (Continued)

	Private Education Loan Credit Quality Indicators by Origination Year
	June 30, 2021
(Dollars in millions)	June 30, 2021		2020		2019		2018		2017		Prior		Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	2,713	$	2,517	$	2,291	$	839	$	259	$	10,467	$	19,086			92	%
Below 640		15		9		31		20		8		1,532	$	1,615			8
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	12	$	29	$	37	$	19	$	7	$	905	$	1,009			5	%
Current/90 days or less delinquent		2,716		2,496		2,283		839		259		10,906		19,499			94
Greater than 90 days delinquent		—		1		2		1		1		188		193			1
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
Seasoning⁽¹⁾:
1-12 payments	$	2,720	$	1,497	$	50	$	6	$	2	$	152	$	4,427			22	%
13-24 payments		—		1,010		1,869		27		4		181		3,091		15
25-36 payments		—		—		381		621		16		297		1,315			6
37-48 payments		—		—		—		195		197		463		855		4
More than 48 payments		—		—		—		—		46		10,564		10,610			51
Loans in-school/ grace/deferment		8		19		22		10		2		342		403		2
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
TDR Status:
TDR	$	—	$	3	$	20	$	26	$	30	$	7,504	$	7,583			37	%
Non-TDR		2,728		2,523		2,302		833		237		4,495		13,118			63
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
Cosigners:
With cosigner⁽²⁾	$	8	$	36	$	13	$	1	$	39	$	7,883	$	7,980			39	%
Without cosigner		2,720		2,490		2,309		858		228		4,116		12,721			61
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
School Type:
Not-for-profit	$	2,583	$	2,412	$	2,166	$	792	$	256	$	9,960	$	18,169			88	%
For-profit		145		114		156		67		11		2,039		2,532			12
Total	$	2,728	$	2,526	$	2,322	$	859	$	267	$	11,999	$	20,701			100	%
Allowance for loan losses														(976	)
Total loans, net													$	19,725

⁽¹⁾	Number of months in active repayment for which a scheduled payment was received.

⁽²⁾	Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65% for total loans at June 30, 2021.

Borrowings (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.

	June 30, 2022									December 31, 2021
(Dollars in millions)	Short Term			Long Term			Total			Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt⁽¹⁾	$	1,000		$	6,005		$	7,005		$	—	$	7,014	$	7,014
Total unsecured borrowings		1,000			6,005			7,005			—		7,014		7,014
Secured borrowings:
FFELP Loan securitizations⁽²⁾⁽³⁾		—			47,869			47,869			—		51,841		51,841
Private Education Loan securitizations⁽⁴⁾		328			13,915			14,243			543		14,074		14,617
FFELP Loan ABCP facilities		646			305			951			282		150		432
Private Education Loan ABCP facilities		2,479			—			2,479			1,363		1,152		2,515
Other⁽⁵⁾		161			—			161			302		—		302
Total secured borrowings		3,614			62,089			65,703			2,490		67,217		69,707
Total before hedge accounting adjustments		4,614			68,094			72,708			2,490		74,231		76,721
Hedge accounting adjustments		(5	)		(356	)		(361	)		—		257		257
Total	$	4,609		$	67,738		$	72,347		$	2,490	$	74,488	$	76,978

⁽¹⁾	Includes principal amount of $1 billion and $0 of short-term debt as of June 30, 2022 and December 31, 2021, respectively. Includes principal amount of $6 billion and $7 billion of long-term debt as of June 30, 2022 and December 31, 2021, respectively.

⁽²⁾	Includes $88 million and $49 million of long-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (FFELP Loan Repurchase Facilities) as of June 30, 2022 and December 31, 2021, respectively.

⁽³⁾

⁽⁴⁾	Includes $328 million and $543 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (Private Education Loan Repurchase Facilities) as of June 30, 2022 and December 31, 2021, respectively.

⁽⁵⁾	“Other” primarily includes the obligation to return cash collateral held related to derivative exposures.

Financing VIEs

We consolidated the following financing VIEs as of June 30, 2022 and December 31, 2021, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.

	June 30, 2022
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	47,869		$	47,869		$	48,152	$	1,939	$	1,525		$	51,616
Private Education Loan securitizations		328		13,915			14,243			15,335		384		107			15,826
FFELP Loan ABCP facilities		646		305			951			957		15		30			1,002
Private Education Loan ABCP facilities		2,479		—			2,479			2,712		84		30			2,826
Total before hedge accounting adjustments		3,453		62,089			65,542			67,156		2,422		1,692			71,270
Hedge accounting adjustments		—		(257	)		(257	)		—		—		(282	)		(282	)
Total	$	3,453	$	61,832		$	65,285		$	67,156	$	2,422	$	1,410		$	70,988

	December 31, 2021
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	51,841		$	51,841		$	52,066	$	2,073	$	1,520		$	55,659
Private Education Loan securitizations		543		14,074			14,617			15,506		505		150			16,161
FFELP Loan ABCP facilities		282		150			432			436		8		15			459
Private Education Loan ABCP facilities		1,363		1,152			2,515			2,641		63		32			2,736
Total before hedge accounting adjustments		2,188		67,217			69,405			70,649		2,649		1,717			75,015
Hedge accounting adjustments		—		(110	)		(110	)		—		—		(195	)		(195	)
Total	$	2,188	$	67,107		$	69,295		$	70,649	$	2,649	$	1,522		$	74,820

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Impact of Derivatives on Balance Sheet

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts of all derivative instruments and their impact on net income and other comprehensive income.

Impact of Derivatives on Balance Sheet

		Cash Flow				Fair Value⁽³⁾						Trading						Total
(Dollars in millions)	Hedged Risk Exposure	Jun 30, 2022		Dec 31, 2021		Jun 30, 2022			Dec 31, 2021			Jun 30, 2022			Dec 31, 2021			Jun 30, 2022			Dec 31, 2021
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps	Interest rate	$	—	$	—	$	101		$	222		$	—		$	2		$	101		$	224
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		—			—			—			—			—			—
Total derivative assets⁽²⁾			—		—		101			222			—			2			101			224
Derivative Liabilities:
Interest rate swaps	Interest rate		—		—		(6	)		—			(3	)		(5	)		(9	)		(5	)
Floor Income Contracts	Interest rate		—		—		—			—			(1	)		(65	)		(1	)		(65	)
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		(279	)		(190	)		—			—			(279	)		(190	)
Total derivative liabilities⁽²⁾			—		—		(285	)		(190	)		(4	)		(70	)		(289	)		(260	)
Net total derivatives		$	—	$	—	$	(184	)	$	32		$	(4	)	$	(68	)	$	(188	)	$	(36	)

⁽¹⁾

⁽²⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

	Other Assets						Other Liabilities
(Dollar in millions)	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
Gross position	$	101		$	224		$	(289	)	$	(260	)
Impact of master netting agreements		—			(6	)		—			6
Derivative values with impact of master netting agreements (as carried on balance sheet)		101			218			(289	)		(254	)
Cash collateral (held) pledged		(113	)		(244	)		90			147
Net position	$	(12	)	$	(26	)	$	(199	)	$	(107	)

⁽³⁾	^{The following table shows the carrying value of liabilities in fair value hedges and the related fair value hedging adjustments to these liabilities:}

	As of June 30, 2022					As of December 31, 2021
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	993	$	(5	)	$	—	$	—
Long-term borrowings	$	6,770	$	(360	)	$	8,503	$	252

Gross Positions with Impact of Master Netting Agreements

The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

	Other Assets						Other Liabilities
(Dollar in millions)	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
Gross position	$	101		$	224		$	(289	)	$	(260	)
Impact of master netting agreements		—			(6	)		—			6
Derivative values with impact of master netting agreements (as carried on balance sheet)		101			218			(289	)		(254	)
Cash collateral (held) pledged		(113	)		(244	)		90			147
Net position	$	(12	)	$	(26	)	$	(199	)	$	(107	)

⁽³⁾	^{The following table shows the carrying value of liabilities in fair value hedges and the related fair value hedging adjustments to these liabilities:}

Carrying Value and Related Fair Value Hedging Adjustments of Liabilities

The following table shows the carrying value of liabilities in fair value hedges and the related fair value hedging adjustments to these liabilities:

	As of June 30, 2022					As of December 31, 2021
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	993	$	(5	)	$	—	$	—
Long-term borrowings	$	6,770	$	(360	)	$	8,503	$	252

Derivative Notional Values

	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Jun 30, 2022		Dec 31, 2021		Jun 30, 2022		Dec 31, 2021		Jun 30, 2022		Dec 31, 2021		Jun 30, 2022		Dec 31, 2021
Notional Values:
Interest rate swaps	$	9.9	$	12.1	$	6.2	$	6.2	$	26.4	$	28.4	$	42.5	$	46.7
Floor Income Contracts		—		—		—		—		6.1		12.5		6.1		12.5
Cross-currency interest rate swaps		—		—		2.0		2.1		—		—		2.0		2.1
Total derivatives	$	9.9	$	12.1	$	8.2	$	8.3	$	32.5	$	40.9	$	50.6	$	61.3

Mark-to-Market Impact of Derivatives on Statements of Income

	Total Gains (Losses)
	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in millions)	2022			2021			2022			2021
Fair Value Hedges:
Interest Rate Swaps
Gains (losses) recognized in net income on derivatives	$	(148	)	$	22		$	(437	)	$	(175	)
Gains (losses) recognized in net income on hedged items		158			(21	)		471			191
Net fair value hedge ineffectiveness gains (losses)		10			1			34			16
Cross currency interest rate swaps
Gains (losses) recognized in net income on derivatives		(54	)		117			(89	)		186
Gains (losses) recognized in net income on hedged items		94			(102	)		146			(141	)
Net fair value hedge ineffectiveness gains (losses)		40			15			57			45
Total fair value hedges⁽¹⁾⁽²⁾		50			16			91			61
Cash Flow Hedges:
Total cash flow hedges⁽²⁾		—			—			—			—
Trading:
Interest rate swaps		17			(7	)		80			15
Floor income contracts		5			(3	)		40			11
Cross currency interest rate swaps		—			—			—			—
Other		—			—			—			—
Total trading derivatives⁽³⁾		22			(10	)		120			26
Mark-to-market gains (losses) recognized	$	72		$	6		$	211		$	87

⁽¹⁾	Recorded in interest expense in the consolidated statements of income.

⁽²⁾	The accrued interest income (expense) on fair value hedges and cash flow hedges is recorded in interest expense and is excluded from this table.

⁽³⁾	Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.

Impact of Derivatives on Other Comprehensive Income (Equity)

	Three Months Ended June 30,					Six Months Ended June 30,
(Dollars in millions)	2022		2021			2022		2021
Total gains (losses) on cash flow hedges	$	34	$	(5	)	$	127	$	22
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)⁽¹⁾		15		22			36		43
Net changes in cash flow hedges, net of tax	$	49	$	17		$	163	$	65

⁽¹⁾

Includes net settlement income/expense.

Collateral Held and Pledged

The following table details collateral held and pledged related to derivative exposure between us and our derivative counterparties:

(Dollars in millions)	June 30, 2022		December 31, 2021
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	113	$	244
Securities at fair value — corporate derivatives (not recorded in financial statements)⁽¹⁾		—		—
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽²⁾		—		1
Total collateral held	$	113	$	245
Derivative asset at fair value including accrued interest	$	130	$	242
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	90	$	147
Total collateral pledged	$	90	$	147
Derivative liability at fair value including accrued interest and premium receivable	$	294	$	271

⁽¹⁾	The Company has the ability to sell or re-pledge securities it holds as collateral.

⁽²⁾	The trusts do not have the ability to sell or re-pledge securities they hold as collateral.

Schedule of Credit Exposure Related to Our Derivative Counterparties

The table below highlights credit exposure related to our derivative counterparties at June 30, 2022.

(Dollars in millions)	Corporate Contracts			Securitization Trust Contracts
Exposure, net of collateral	$	24		$	—
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3		100	%		—	%
Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3		—	%		—	%

Other Assets (Tables)

6 Months Ended

Jun. 30, 2022

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Assets

The following table provides the detail of our other assets.

(Dollars in millions)	June 30, 2022		December 31, 2021
Accrued interest receivable	$	1,871	$	1,881
Benefit and insurance-related investments		452		462
Income tax asset, net		196		369
Derivatives at fair value		101		218
Accounts receivable		103		159
Fixed assets		91		95
Other		14		39
Total	$	2,828	$	3,223

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Common Share Repurchases, Issuances and Dividends Paid

The following table summarizes common share repurchases, issuances and dividends paid.

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars and shares in millions, except per share amounts)	2022		2021		2022		2021
Common stock repurchased⁽¹⁾		6.9		11.8		13.1		19.9
Common stock repurchased (in dollars)⁽¹⁾	$	105	$	200	$	220	$	300
Average purchase price per share⁽¹⁾	$	15.26	$	17.02	$	16.76	$	15.05
Remaining common stock repurchase authority⁽¹⁾	$	780	$	300	$	780	$	300
Shares repurchased related to employee stock- based compensation plans⁽²⁾		—		.6		1.1		2.8
Average purchase price per share⁽²⁾	$	—	$	17.28	$	17.92	$	12.99
Common shares issued⁽³⁾		—		.6		2.4		4.3
Dividends paid	$	23	$	27	$	47	$	56
Dividends per share	$	.16	$	.16	$	.32	$	.32

⁽¹⁾	Common shares purchased under our share repurchase program. Our board of directors authorized a $1 billion multi-year share repurchase program in December 2021.

⁽²⁾	Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

⁽³⁾	Common shares issued under our various compensation and benefit plans.

Earnings (Loss) per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) per Common Share

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2022		2021		2022		2021
Numerator:
Net income	$	180	$	185	$	435	$	555
Denominator:
Weighted average shares used to compute basic EPS		146		174		149		178
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP)⁽¹⁾		1		2		1		2
Dilutive potential common shares⁽²⁾		1		2		1		2
Weighted average shares used to compute diluted EPS		147		176		150		180
Basic earnings per common share	$	1.23	$	1.07	$	2.93	$	3.12
Diluted earnings per common share	$	1.22	$	1.05	$	2.90	$	3.08

⁽¹⁾	Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

⁽²⁾

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis

	Fair Value Measurements on a Recurring Basis
	June 30, 2022											December 31, 2021
(Dollars in millions)	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3			Total
Assets
Derivative instruments:⁽¹⁾
Interest rate swaps		—		101			—			101			—		223			1			224
Cross-currency interest rate swaps		—		—			—			—			—		—			—			—
Total derivative assets⁽²⁾		—		101			—			101			—		223			1			224
Total	$	—	$	101		$	—		$	101		$	—	$	223		$	1		$	224
Liabilities⁽³⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(6	)	$	(3	)	$	(9	)	$	—	$	—		$	(5	)	$	(5	)
Floor Income Contracts		—		(1	)		—			(1	)		—		(65	)		—			(65	)
Cross-currency interest rate swaps		—		—			(279	)		(279	)		—		—			(190	)		(190	)
Total derivative liabilities⁽²⁾		—		(7	)		(282	)		(289	)		—		(65	)		(195	)		(260	)
Total	$	—	$	(7	)	$	(282	)	$	(289	)	$	—	$	(65	)	$	(195	)	$	(260	)

⁽¹⁾	Fair value of derivative instruments excludes accrued interest and the value of collateral.

⁽²⁾	See "Note 4 – Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

⁽³⁾	Borrowings which are the hedged item in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and not reflected in this table.

Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis

The following tables summarize the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis.

	Three Months Ended June 30,
	2022											2021
	Derivative instruments											Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(3	)	$	(226	)	$	—	$	(229	)	$	(7	)	$	(225	)	$	—	$	(232	)
Total gains/(losses):
Included in earnings⁽¹⁾		—			(62	)		—		(62	)		1			111			—		112
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			9			—		9			—			6			—		6
Transfers in and/or out of level 3		—			—			—		—			—			—			—		—
Balance, end of period	$	(3	)	$	(279	)	$	—	$	(282	)	$	(6	)	$	(108	)	$	—	$	(114	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	—		$	(53	)	$	—	$	(53	)	$	1		$	21		$	—	$	22

	Six Months Ended June 30,
	2022											2021
	Derivative instruments											Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(4	)	$	(190	)	$	—	$	(194	)	$	(8	)	$	(294	)	$	—	$	(302	)
Total gains/(losses):
Included in earnings⁽¹⁾		1			(103	)		—		(102	)		2			173			—		175
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			14			—		14			—			13			—		13
Transfers in and/or out of level 3		—			—			—		—			—			—			—		—
Balance, end of period	$	(3	)	$	(279	)	$	—	$	(282	)	$	(6	)	$	(108	)	$	—	$	(114	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	1		$	(89	)	$	—	$	(88	)	$	2		$	(76	)	$	—	$	(74	)

⁽¹⁾	“Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income:

	Three Months Ended June 30,					Six Months Ended June 30,
(Dollars in millions)	2022			2021		2022			2021
Gains (losses) on derivative and hedging activities, net	$	—		$	1	$	1		$	2
Interest expense		(62	)		111		(103	)		173
Total	$	(62	)	$	112	$	(102	)	$	175

⁽²⁾	Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.

Included in Earnings

	Six Months Ended June 30,
	2022											2021
	Derivative instruments											Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(4	)	$	(190	)	$	—	$	(194	)	$	(8	)	$	(294	)	$	—	$	(302	)
Total gains/(losses):
Included in earnings⁽¹⁾		1			(103	)		—		(102	)		2			173			—		175
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			14			—		14			—			13			—		13
Transfers in and/or out of level 3		—			—			—		—			—			—			—		—
Balance, end of period	$	(3	)	$	(279	)	$	—	$	(282	)	$	(6	)	$	(108	)	$	—	$	(114	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	1		$	(89	)	$	—	$	(88	)	$	2		$	(76	)	$	—	$	(74	)

⁽¹⁾	“Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income:

	Three Months Ended June 30,					Six Months Ended June 30,
(Dollars in millions)	2022			2021		2022			2021
Gains (losses) on derivative and hedging activities, net	$	—		$	1	$	1		$	2
Interest expense		(62	)		111		(103	)		173
Total	$	(62	)	$	112	$	(102	)	$	175

Unobservable Data Used in Recurring Valuations of Level 3

The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above.

(Dollars in millions)	Fair Value at June 30, 2022			Valuation Technique	Input	Range and Weighted Average
Derivatives
Prime/LIBOR basis swaps	$	(3	)	Discounted cash flow	Constant Prepayment Rate	9%
					Bid/ask adjustment to discount rate	.08%
Cross-currency interest rate swaps		(279	)	Discounted cash flow	Constant Prepayment Rate	5%
Other		—
Total	$	(282	)

Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.

	June 30, 2022									December 31, 2021
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	47,443		$	49,214		$	(1,771	)	$	53,632		$	52,641		$	991
Private Education Loans		19,379			19,668			(289	)		21,140			20,171			969
Cash and investments		3,637			3,637			—			3,845			3,845			—
Total earning assets		70,459			72,519			(2,060	)		78,617			76,657			1,960
Interest-bearing liabilities
Short-term borrowings		4,597			4,609			12			2,492			2,490			(2	)
Long-term borrowings		64,484			67,738			3,254			74,548			74,488			(60	)
Total interest-bearing liabilities		69,081			72,347			3,266			77,040			76,978			(62	)
Derivative financial instruments
Floor Income Contracts		(1	)		(1	)		—			(65	)		(65	)		—
Interest rate swaps		92			92			—			219			219			—
Cross-currency interest rate swaps		(279	)		(279	)		—			(190	)		(190	)		—
Other		—			—			—			—			—			—
Excess of net asset fair value over carrying value							$	1,206								$	1,898

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Tables)

6 Months Ended

Jun. 30, 2022

Revenue From Contract With Customer [Abstract]

Summary of Disaggregation of Revenue from Contracts with Customers Accounted Under ASC 606

The following tables illustrate the disaggregation of revenue from contracts accounted for under ASC 606 with customers according to service type and client type by reportable operating segment.

Revenue by Service Type

	Three Months Ended June 30,
	2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	—	$	—	$	—	$	4	$	—	$	4
Government services		—		53		53		—		66		66
Healthcare services		—		34		34		—		64		64
Total	$	—	$	87	$	87	$	4	$	130	$	134

	Six Months Ended June 30,
	2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	1	$	—	$	1	$	9	$	—	$	9
Government services		—		102		102		—		129		129
Healthcare services		—		79		79		—		126		126
Total	$	1	$	181	$	182	$	9	$	255	$	264

Revenue by Client Type

	Three Months Ended June 30,
	2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	2	$	2	$	—	$	6	$	6
Guarantor agencies		—		—		—		4		—		4
Other institutions		—		—		—		—		—		—
State and local government		—		35		35		—		46		46
Tolling authorities		—		16		16		—		14		14
Hospitals and other healthcare providers		—		34		34		—		64		64
Total	$	—	$	87	$	87	$	4	$	130	$	134

	Six Months Ended June 30,
	2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue

Federal government	$	—	$	4	$	4	$	1	$	14	$	15
Guarantor agencies		1		—		1		8		—		8
Other institutions		—		—		—		—		—		—
State and local government		—		68		68		—		88		88
Tolling authorities		—		30		30		—		27		27
Hospitals and other healthcare providers		—		79		79		—		126		126
Total	$	1	$	181	$	182	$	9	$	255	$	264

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Results and Reconciliations to GAAP

	Three Months Ended June 30, 2022
												Adjustments
(Dollars in millions)	Federal Education Loans		Consumer Lending		Business Processing		Other			Total Core Earnings		Reclassi- fications		Additions/ (Subtractions)			Total Adjustments⁽¹⁾			Total GAAP
Interest income:
Education loans	$	409	$	277	$	—	$	—		$	686	$	4	$	(3	)	$	1		$	687
Cash and investments		3		1		—		1			5		—		—			—			5
Total interest income		412		278		—		1			691		4		(3	)		1			692
Total interest expense		266		136		—		18			420		4		(53	)		(49	)		371
Net interest income (loss)		146		142		—		(17	)		271		—		50			50			321
Less: provisions for loan losses		—		18		—		—			18		—		—			—			18
Net interest income (loss) after provisions for loan losses		146		124		—		(17	)		253		—		50			50			303
Other income (loss):
Servicing revenue		14		3		—		—			17		—		—			—			17
Asset recovery and business processing revenue		1		—		87		—			88		—		—			—			88
Other income (loss)		8		1		—		(2	)		7		—		22			22			29
Total other income (loss)		23		4		87		(2	)		112		—		22			22			134
Expenses:
Direct operating expenses		25		35		74		—			134		—		—			—			134
Unallocated shared services expenses		—		—		—		56			56		—		—			—			56
Operating expenses		25		35		74		56			190		—		—			—			190
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—		—		3			3			3
Restructuring/other reorganization expenses		—		—		—		—			—		—		—			—			—
Total expenses		25		35		74		56			190		—		3			3			193
Income (loss) before income tax expense (benefit)		144		93		13		(75	)		175		—		69			69			244
Income tax expense (benefit)⁽²⁾		34		22		3		(18	)		41		—		23			23			64
Net income (loss)	$	110	$	71	$	10	$	(57	)	$	134	$	—	$	46		$	46		$	180

⁽¹⁾	Core Earnings adjustments to GAAP:

	Three Months Ended June 30, 2022
(Dollars in millions)	Net Impact of Derivative Accounting		Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	50	$	—		$	50
Total other income (loss)		22		—			22
Goodwill and acquired intangible asset impairment and amortization		—		3			3
Total Core Earnings adjustments to GAAP	$	72	$	(3	)		69
Income tax expense (benefit)							23
Net income (loss)						$	46

⁽²⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

	Three Months Ended June 30, 2021
														Adjustments
(Dollars in millions)	Federal Education Loans		Consumer Lending			Business Processing		Other			Total Core Earnings			Reclassi- fications			Additions/ (Subtractions)			Total Adjustments⁽¹⁾			Total GAAP
Interest income:
Education loans	$	351	$	295		$	—	$	—		$	646		$	24		$	(10	)	$	14		$	660
Cash and investments		—		—			—		1			1			—			—			—			1
Total interest income		351		295			—		1			647			24			(10	)		14			661
Total interest expense		210		137			—		18			365			(2	)		(24	)		(26	)		339
Net interest income (loss)		141		158			—		(17	)		282			26			14			40			322
Less: provisions for loan losses		—		(1	)		—		—			(1	)		—			—			—			(1	)
Net interest income (loss) after provisions for loan losses		141		159			—		(17	)		283			26			14			40			323
Other income (loss):
Servicing revenue		47		3			—		—			50			—			—			—			50
Asset recovery and business processing revenue		12		—			130		—			142			—			—			—			142
Other income (loss)		2		—			—		2			4			(26	)		16			(10	)		(6	)
Gains on sales of loans		—		2			—		—			2			—			—			—			2
Losses on debt repurchases		—		—			—		(12	)		(12	)		—			—			—			(12	)
Total other income (loss)		61		5			130		(10	)		186			(26	)		16			(10	)		176
Expenses:
Direct operating expenses		55		39			92		—			186			—			—			—			186
Unallocated shared services expenses		—		—			—		66			66			—			—			—			66
Operating expenses		55		39			92		66			252			—			—			—			252
Goodwill and acquired intangible asset impairment and amortization		—		—			—		—			—			—			5			5			5
Restructuring/other reorganization expenses		—		—			—		2			2			—			—			—			2
Total expenses		55		39			92		68			254			—			5			5			259
Income (loss) before income tax expense (benefit)		147		125			38		(95	)		215			—			25			25			240
Income tax expense (benefit)⁽²⁾		34		29			9		(22	)		50			—			5			5			55
Net income (loss)	$	113	$	96		$	29	$	(73	)	$	165		$	—		$	20		$	20		$	185

⁽¹⁾	Core Earnings adjustments to GAAP:

	Three Months Ended June 30, 2021
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	40		$	—		$	40
Total other income (loss)		(10	)		—			(10	)
Goodwill and acquired intangible asset impairment and amortization		—			5			5
Total Core Earnings adjustments to GAAP	$	30		$	(5	)		25
Income tax expense (benefit)								5
Net income (loss)							$	20

⁽²⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

	Six Months Ended June 30, 2022
												Adjustments
(Dollars in millions)	Federal Education Loans		Consumer Lending		Business Processing		Other			Total Core Earnings		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments⁽¹⁾			Total GAAP
Interest income:
Education loans	$	743	$	553	$	—	$	—		$	1,296	$	23		$	(7	)	$	16		$	1,312
Cash and investments		3		2		—		1			6		—			—			—			6
Total interest income		746		555		—		1			1,302		23			(7	)		16			1,318
Total interest expense		461		262		—		32			755		4			(99	)		(95	)		660
Net interest income (loss)		285		293		—		(31	)		547		19			92			111			658
Less: provisions for loan losses		—		34		—		—			34		—			—			—			34
Net interest income (loss) after provisions for loan losses		285		259		—		(31	)		513		19			92			111			624
Other income (loss):
Servicing revenue		30		6		—		—			36		—			—			—			36
Asset recovery and business processing revenue		4		—		181		—			185		—			—			—			185
Other income (loss)		18		1		—		(3	)		16		(19	)		139			120			136
Total other income (loss)		52		7		181		(3	)		237		(19	)		139			120			357
Expenses:
Direct operating expenses		54		69		150		—			273		—			—			—			273
Unallocated shared services expenses		—		—		—		122			122		—			—			—			122
Operating expenses		54		69		150		122			395		—			—			—			395
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—		—			7			7			7
Restructuring/other reorganization expenses		—		—		—		3			3		—			—			—			3
Total expenses		54		69		150		125			398		—			7			7			405
Income (loss) before income tax expense (benefit)		283		197		31		(159	)		352		—			224			224			576
Income tax expense (benefit)⁽²⁾		67		47		7		(38	)		83		—			58			58			141
Net income (loss)	$	216	$	150	$	24	$	(121	)	$	269	$	—		$	166		$	166		$	435

⁽¹⁾	Core Earnings adjustments to GAAP:

	Six Months Ended June 30, 2022
(Dollars in millions)	Net Impact of Derivative Accounting		Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	111	$	—		$	111
Total other income (loss)		120		—			120
Goodwill and acquired intangible asset impairment and amortization		—		7			7
Total Core Earnings adjustments to GAAP	$	231	$	(7	)		224
Income tax expense (benefit)							58
Net income (loss)						$	166

⁽²⁾ Income taxes are based on a percentage of net income before tax for the individual reportable segment.

	Six Months Ended June 30, 2021
														Adjustments
(Dollars in millions)	Federal Education Loans		Consumer Lending			Business Processing		Other			Total Core Earnings			Reclassi- fications			Additions/ (Subtractions)			Total Adjustments⁽¹⁾			Total GAAP
Interest income:
Education loans	$	709	$	614		$	—	$	—		$	1,323		$	48		$	(20	)	$	28		$	1,351
Cash and investments		—		—			—		1			1			—			—			—			1
Total interest income		709		614			—		1			1,324			48			(20	)		28			1,352
Total interest expense		424		287			—		36			747			(3	)		(77	)		(80	)		667
Net interest income (loss)		285		327			—		(35	)		577			51			57			108			685
Less: provisions for loan losses		—		(88	)		—		—			(88	)		—			—			—			(88	)
Net interest income (loss) after provisions for loan losses		285		415			—		(35	)		665			51			57			108			773
Other income (loss):
Servicing revenue		99		3			—		—			102			—			—			—			102
Asset recovery and business processing revenue		26		—			255		—			281			—			—			—			281
Other income (loss)		2		1			—		2			5			(38	)		64			26			31
Gains on sales of loans		—		91			—		—			91			(13	)		—			(13	)		78
Losses on debt repurchases		—		—			—		(12	)		(12	)		—			—			—			(12	)
Total other income (loss)		127		95			255		(10	)		467			(51	)		64			13			480
Expenses:
Direct operating expenses		117		79			183		—			379			—			—			—			379
Unallocated shared services expenses		—		—			—		131			131			—			—			—			131
Operating expenses		117		79			183		131			510			—			—			—			510
Goodwill and acquired intangible asset impairment and amortization		—		—			—		—			—			—			10			10			10
Restructuring/other reorganization expenses		—		—			—		8			8			—			—			—			8
Total expenses		117		79			183		139			518			—			10			10			528
Income (loss) before income tax expense (benefit)		295		431			72		(184	)		614			—			111			111			725
Income tax expense (benefit)⁽²⁾		70		101			17		(43	)		145			—			25			25			170
Net income (loss)	$	225	$	330		$	55	$	(141	)	$	469		$	—		$	86		$	86		$	555

⁽¹⁾	Core Earnings adjustments to GAAP:

	Six Months Ended June 30, 2021
(Dollars in millions)	Net Impact of Derivative Accounting		Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	108	$	—		$	108
Total other income (loss)		13		—			13
Goodwill and acquired intangible asset impairment and amortization		—		10			10
Total Core Earnings adjustments to GAAP	$	121	$	(10	)		111
Income tax expense (benefit)							25
Net income (loss)						$	86

⁽²⁾ Income taxes are based on a percentage of net income before tax for the individual reportable segment.

Core Earnings Adjustments to GAAP

11. Segment Reporting (Continued)

Summary of Core Earnings Adjustments to GAAP

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in millions)	2022			2021			2022			2021
Core Earnings net income	$	134		$	165		$	269		$	469
Core Earnings adjustments to GAAP:
Net impact of derivative accounting⁽¹⁾		72			30			231			121
Net impact of goodwill and acquired intangible assets⁽²⁾		(3	)		(5	)		(7	)		(10	)
Net tax effect⁽³⁾		(23	)		(5	)		(58	)		(25	)
Total Core Earnings adjustments to GAAP		46			20			166			86
GAAP net income	$	180		$	185		$	435		$	555

⁽¹⁾

⁽²⁾

Goodwill and acquired intangible assets: Our Core Earnings exclude goodwill and intangible asset impairment and amortization of acquired intangible assets.

⁽³⁾

Net tax effect: Such tax effect is based upon our Core Earnings effective tax rate for the year.

Federal Education Loans [Member]

Asset Information for Loans Segment

The following table includes asset information for our Federal Education Loans segment.

(Dollars in millions)	June 30, 2022		December 31, 2021
FFELP Loans, net	$	49,214	$	52,641
Cash and investments⁽¹⁾		1,959		2,071
Other		2,034		2,183
Total assets	$	53,207	$	56,895

⁽¹⁾

Includes restricted cash and investments.

Consumer Lending [Member]

Asset Information for Loans Segment

The following table includes asset information for our Consumer Lending segment

(Dollars in millions)	June 30, 2022		December 31, 2021
Private Education Loans, net	$	19,668	$	20,171
Cash and investments⁽¹⁾		612		824
Other		583		815
Total assets	$	20,863	$	21,810

⁽¹⁾

Includes restricted cash and investments.

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Allowance for Loan Losses
Allowance at beginning of period	$ 1,219	$ 1,274	$ 1,271	$ 1,377
Provision:
Reversal of allowance related to loan sales		(5)		(107)
Remaining provision		4		19
Total provision	18	(1)	34	(88)
Charge-offs	(80)	(40)	(156)	(81)
Decrease in expected future recoveries on charged-off loans	9	20	17	45
Allowance at end of period	1,166	1,253	1,166	1,253
FFELP Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period	255	282	262	288
Provision:
Charge-offs	(10)	(5)	(17)	(11)
Allowance at end of period	$ 245	$ 277	$ 245	$ 277
Charge-offs as a percentage of average loans in repayment (annualized)	0.09%	0.04%	0.08%	0.05%
Ending total loans	$ 49,459	$ 55,827	$ 49,459	$ 55,827
Average loans in repayment	42,163	46,348	42,922	46,694
Ending loans in repayment	41,168	45,854	41,168	45,854
Private Education Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period	964	992	1,009	1,089
Provision:
Reversal of allowance related to loan sales		(5)		(107)
Remaining provision		4		19
Total provision	18	(1)	34	(88)
Charge-offs	(70)	(35)	(139)	(70)
Decrease in expected future recoveries on charged-off loans	9	20	17	45
Allowance at end of period	$ 921	$ 976	$ 921	$ 976
Charge-offs as a percentage of average loans in repayment (annualized)	1.40%	0.71%	1.39%	0.70%
Ending total loans	$ 20,589	$ 20,701	$ 20,589	$ 20,701
Average loans in repayment	20,162	19,667	20,274	20,272
Ending loans in repayment	$ 19,938	$ 19,692	$ 19,938	$ 19,692

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounts Notes And Loans Receivable [Line Items]
Change in balance during period	$ (9)	$ (20)	$ (17)	$ (45)
Sale of private education loan		30		1,600
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning of period expected recoveries	321	454	329	479
Expected future recoveries of current period defaults	12	5	25	10
Recoveries	(15)	(22)	(30)	(47)
Charge-offs	(6)	(3)	(12)	(8)
End of period expected recoveries	312	434	312	434
Change in balance during period	$ (9)	$ (20)	$ (17)	$ (45)

Allowance for Loan Losses - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Losses [Line Items]
Percentage of loans granted forbearance that migrated to TDR classification	76.00%	75.00%
Payment default period for TDRs	60 days past due
Interest Rate Reduction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
TDR loans, Unpaid Principal Balance	$ 890	$ 831

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Receivables [Abstract]
Modified loans	$ 62	$ 29	$ 117	$ 69
Charge-offs	59	27	115	53
Payment-default	$ 9	$ 4	$ 18	$ 9

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
Loans in repayment and percentage of each status:
Loan allowance for losses	$ (1,166)	$ (1,253)	$ (1,271)	$ (1,219)	$ (1,274)	$ (1,377)
FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	49,459	55,827
Loan allowance for losses	(245)	(277)	(262)	$ (255)	$ (282)	$ (288)
Loans, net	49,214		52,641
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	6,963	7,583	7,256
Loan allowance for losses	(736)	(826)	(829)
Loans, net	$ 6,227	$ 6,757	$ 6,427
Dimensions of concentration risk	100.00%	100.00%	100.00%
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 13,626	$ 13,118	$ 13,924
Loan allowance for losses	(185)	(150)	(180)
Loans, net	$ 13,441	$ 12,968	$ 13,744
Dimensions of concentration risk	100.00%	100.00%	100.00%
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 49,459	$ 55,827	$ 52,903
Loan allowance for losses	(245)	(277)	(262)
Loans, net	$ 49,214	$ 55,550	$ 52,641
Dimensions of concentration risk	100.00%	100.00%	100.00%
Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	88.70%	93.30%	91.00%
Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	99.40%	99.60%	99.60%
Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	84.10%	91.70%	89.40%
Credit Concentration Risk [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	3.60%	2.70%	3.00%
Credit Concentration Risk [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	0.30%	0.20%	0.20%
Credit Concentration Risk [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	5.30%	3.00%	3.80%
Credit Concentration Risk [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	2.10%	1.40%	1.80%
Credit Concentration Risk [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	0.10%	0.10%	0.10%
Credit Concentration Risk [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	3.20%	1.50%	2.00%
Credit Concentration Risk [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	5.60%	2.60%	4.20%
Credit Concentration Risk [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	0.20%	0.10%	0.10%
Credit Concentration Risk [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	7.40%	3.80%	4.80%
Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	94.30%	90.30%	91.20%
Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	98.10%	97.90%	98.20%
Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	83.20%	82.10%	83.90%
Credit Concentration Risk [Member] \| Financing Receivables, Delinquent Loans in Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	11.30%	6.70%	9.00%
Credit Concentration Risk [Member] \| Financing Receivables, Delinquent Loans in Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	0.60%	0.40%	0.40%
Credit Concentration Risk [Member] \| Financing Receivables, Delinquent Loans in Repayment [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	15.90%	8.30%	10.60%
Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	3.40%	7.00%	6.30%
Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	0.50%	0.70%	0.60%
Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	13.10%	13.90%	12.40%
School/Grace/Deferment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 166	$ 220	$ 194
School/Grace/Deferment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	182	183	167
School/Grace/Deferment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	2,064	2,576	2,220
Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	230	517	446
Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	73	89	89
Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	6,227	7,397	6,292
Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	6,567	6,846	6,616
Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	13,371	12,846	13,668
Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	41,168	45,854	44,391
Repayment [Member] \| Credit Concentration Risk [Member] \| Financing Asset, Not Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	5,823	6,387	6,023
Repayment [Member] \| Credit Concentration Risk [Member] \| Financing Asset, Not Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	13,293	12,800	13,611
Repayment [Member] \| Credit Concentration Risk [Member] \| Financing Asset, Not Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	34,627	42,026	39,679
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	238	186	199
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	31	22	23
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	2,163	1,398	1,696
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	135	95	120
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	17	9	11
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	1,323	685	904
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	371	178	274
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans - Non-TDRs [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	30	15	23
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 3,055	$ 1,745	$ 2,112

Allowance for Loan Losses - Loan Type (Detail) - FFELP Loans [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	$ 49,459	$ 55,827
Change	(6,368)
Stafford Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	15,538	16,996
Change	(1,458)
Consolidation Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	29,396	34,011
Change	(4,615)
Rehab Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	4,525	$ 4,820
Change	$ (295)

- Definition

Amount, before allowance for credit loss, of financing receivable.

+ References + Details

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Loan allowance for losses	$ (1,166)	$ (1,219)	$ (1,271)	$ (1,253)	$ (1,274)	$ (1,377)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year	20,589			20,701
Loan allowance for losses	(921)	$ (964)	(1,009)	(976)	$ (992)	$ (1,089)
Loans, net	19,668		$ 20,171	19,725
FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	1,318			2,728
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,932			2,526
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,690			2,322
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,617			859
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	607			267
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	10,425			11,999
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,589			$ 20,701
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
FICO Scores [Member] \| 640 and Above [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,307			$ 2,713
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,875			2,517
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,672			2,291
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,583			839
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	587			259
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,925			10,467
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 18,949			$ 19,086
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	92.00%			92.00%
FICO Scores [Member] \| Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 11			$ 15
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	57			9
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	18			31
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	34			20
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	20			8
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,500			1,532
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 1,640			$ 1,615
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	8.00%			8.00%
Loan Status [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,318			$ 2,728
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,932			2,526
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,690			2,322
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,617			859
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	607			267
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	10,425			11,999
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,589			$ 20,701
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
Loan Status [Member] \| School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 18			$ 12
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	79			29
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	29			37
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	32			19
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	13			7
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	480			905
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 651			$ 1,009
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	3.00%			5.00%
Loan Status [Member] \| Current/90 Days or Less Delinquent [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,300			$ 2,716
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,848			2,496
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,659			2,283
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,580			839
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	591			259
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,559			10,906
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 19,537			$ 19,499
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	95.00%			94.00%
Loan Status [Member] \| Greater than 90 days Delinquent [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 5			$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	2			2
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	5			1
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	3			1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	386			188
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 401			$ 193
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2.00%			1.00%
School Type [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,318			$ 2,728
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,932			2,526
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,690			2,322
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,617			859
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	607			267
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	10,425			11,999
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,589			$ 20,701
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
School Type [Member] \| Not For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,237			$ 2,583
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,647			2,412
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,615			2,166
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,507			792
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	558			256
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,701			9,960
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 18,265			$ 18,169
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	89.00%			88.00%
School Type [Member] \| For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 81			$ 145
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	285			114
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	75			156
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	110			67
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	49			11
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,724			2,039
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 2,324			$ 2,532
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	11.00%			12.00%
Cosigners [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,318			$ 2,728
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,932			2,526
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,690			2,322
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,617			859
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	607			267
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	10,425			11,999
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,589			$ 20,701
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
Cosigners [Member] \| With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 19			$ 8
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	112			36
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	29			13
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	11			1
Total Private Education Loan Credit Quality Indicators by Origination Year 2018				39
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	6,710			7,883
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 6,881			$ 7,980
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	33.00%			39.00%
Cosigners [Member] \| Without Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,299			$ 2,720
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,820			2,490
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,661			2,309
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,606			858
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	607			228
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,715			4,116
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 13,708			$ 12,721
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	67.00%			61.00%
Private Education Loans Troubled Debt Restructuring Status
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,318			$ 2,728
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,932			2,526
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,690			2,322
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,617			859
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	607			267
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	10,425			11,999
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,589			$ 20,701
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
Private Education Loans Troubled Debt Restructuring Status \| Private Education Loans - TDRs [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	24			$ 3
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	22			20
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	54			26
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	32			30
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	6,830			7,504
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 6,963			$ 7,583
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	34.00%			37.00%
Private Education Loans Troubled Debt Restructuring Status \| Private Education Loans - Non-TDRs [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,317			$ 2,728
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,908			2,523
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,668			2,302
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,563			833
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	575			237
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,595			4,495
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 13,626			$ 13,118
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	66.00%			63.00%
Seasoning [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,318			$ 2,728
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	4,932			2,526
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	1,690			2,322
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,617			859
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	607			267
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	10,425			11,999
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 20,589			$ 20,701
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
Seasoning [Member] \| 1-12 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 1,304			$ 2,720
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	3,452			1,497
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	17			50
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	15			6
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	3			2
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	105			152
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 4,896			$ 4,427
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	24.00%			22.00%
Seasoning [Member] \| 13-24 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	$ 1,433			$ 1,010
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	981			1,869
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	52			27
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	9			4
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	119			181
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 2,594			$ 3,091
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	12.00%			15.00%
Seasoning [Member] \| 25-36 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	$ 676			$ 381
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	1,282			621
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	26			16
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	203			297
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 2,187			$ 1,315
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	11.00%			6.00%
Seasoning [Member] \| 37-48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	$ 251			$ 195
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	437			197
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	330			463
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 1,018			$ 855
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	5.00%			4.00%
Seasoning [Member] \| More than 48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	$ 126			$ 46
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	9,420			10,564
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 9,546			$ 10,610
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	46.00%			51.00%
Seasoning [Member] \| School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year 2022	$ 14			$ 8
Total Private Education Loan Credit Quality Indicators by Origination Year 2021	47			19
Total Private Education Loan Credit Quality Indicators by Origination Year 2020	16			22
Total Private Education Loan Credit Quality Indicators by Origination Year 2019	17			10
Total Private Education Loan Credit Quality Indicators by Origination Year 2018	6			2
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	248			342
Total Private Education Loan Credit Quality Indicators by Origination Year	$ 348			$ 403
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2.00%			2.00%

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Parenthetical) (Detail)	Jun. 30, 2022	Jun. 30, 2021
With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators, Excluding Refinance Loans, Percent	65.00%	65.00%

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Short-term borrowings	$ 4,609	$ 2,490
Long-term borrowings	67,738	74,488
Total	72,347	76,978
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	4,614	2,490
Long-term borrowings	68,094	74,231
Total	72,708	76,721
Total Before Hedge Accounting Adjustments [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,000
Long-term borrowings	6,005	7,014
Total	7,005	7,014
Total Before Hedge Accounting Adjustments [Member] \| Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,000
Long-term borrowings	6,005	7,014
Total	7,005	7,014
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	47,869	51,841
Total	47,869	51,841
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	328	543
Long-term borrowings	13,915	14,074
Total	14,243	14,617
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	646	282
Long-term borrowings	305	150
Total	951	432
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,479	1,363
Long-term borrowings		1,152
Total	2,479	2,515
Total Before Hedge Accounting Adjustments [Member] \| Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	161	302
Total	161	302
Total Before Hedge Accounting Adjustments [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	3,614	2,490
Long-term borrowings	62,089	67,217
Total	65,703	69,707
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	(5)
Long-term borrowings	(356)	257
Total	$ (361)	$ 257

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 67,738	$ 74,488
Short-term Debt	4,609	2,490
FFELP Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Debt tranches default amount	661
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	68,094	74,231
Short-term Debt	4,614	2,490
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	88	49
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term Debt	328	543
Total Before Hedge Accounting Adjustments [Member] \| Short Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	1,000	0
Total Before Hedge Accounting Adjustments [Member] \| Long Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	$ 6,000	$ 7,000

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 4,609	$ 2,490
Long-term borrowings	67,738	74,488
Total	72,347	76,978
Total assets	76,065	80,605
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,614	2,490
Long-term borrowings	68,094	74,231
Total	72,708	76,721
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	(5)
Long-term borrowings	(356)	257
Total	(361)	257
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	3,453	2,188
Long-term borrowings	61,832	67,107
Total	65,285	69,295
Loans	67,156	70,649
Cash	2,422	2,649
Other assets	1,410	1,522
Total assets	70,988	74,820
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	47,869	51,841
Total	47,869	51,841
Loans	48,152	52,066
Cash	1,939	2,073
Other assets	1,525	1,520
Total assets	51,616	55,659
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	328	543
Long-term borrowings	13,915	14,074
Total	14,243	14,617
Loans	15,335	15,506
Cash	384	505
Other assets	107	150
Total assets	15,826	16,161
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	646	282
Long-term borrowings	305	150
Total	951	432
Loans	957	436
Cash	15	8
Other assets	30	15
Total assets	1,002	459
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,479	1,363
Long-term borrowings		1,152
Total	2,479	2,515
Loans	2,712	2,641
Cash	84	63
Other assets	30	32
Total assets	2,826	2,736
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	3,453	2,188
Long-term borrowings	62,089	67,217
Total	65,542	69,405
Loans	67,156	70,649
Cash	2,422	2,649
Other assets	1,692	1,717
Total assets	71,270	75,015
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	(257)	(110)
Total	(257)	(110)
Other assets	(282)	(195)
Total assets	$ (282)	$ (195)

Derivative Financial Instruments - Impact of Derivatives on Balance Sheet (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative Assets:
Derivative assets	$ 101	$ 224
Derivative Liabilities:
Derivative liabilities	(289)	(260)
Net total derivatives	(188)	(36)
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	101	222
Derivative Liabilities:
Derivative liabilities	(285)	(190)
Net total derivatives	(184)	32
Trading [Member]
Derivative Assets:
Derivative assets		2
Derivative Liabilities:
Derivative liabilities	(4)	(70)
Net total derivatives	(4)	(68)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	101	224
Derivative Liabilities:
Derivative liabilities	(9)	(5)
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	101	222
Derivative Liabilities:
Derivative liabilities	(6)
Interest Rate Swaps [Member] \| Trading [Member]
Derivative Assets:
Derivative assets		2
Derivative Liabilities:
Derivative liabilities	(3)	(5)
Cross-Currency Interest Rate Swaps [Member]
Derivative Liabilities:
Derivative liabilities	(279)	(190)
Cross-Currency Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Liabilities:
Derivative liabilities	(279)	(190)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(1)	(65)
Floor Income Contracts [Member] \| Trading [Member]
Derivative Liabilities:
Derivative liabilities	$ (1)	$ (65)

Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Derivative assets	$ 101	$ 224
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	101	218
Cash collateral (held) pledged, Assets	(113)	(244)
Derivative liabilities	(289)	(260)
Cash collateral (held) pledged, Liabilities	90	147
Other Assets [Member]
Derivatives Fair Value [Line Items]
Derivative assets	101	224
Impact of master netting agreements, Assets		(6)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	101	218
Cash collateral (held) pledged, Assets	(113)	(244)
Net position, Assets	(12)	(26)
Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Derivative liabilities	(289)	(260)
Impact of master netting agreements, Liabilities		6
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(289)	(254)
Cash collateral (held) pledged, Liabilities	90	147
Net position, Liabilities	$ (199)	$ (107)

Derivative Financial Instruments - Carrying Value and Related Fair Value Hedging Adjustments of Liabilities (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Short-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	$ 993
Hedge Basis Adjustments	(5)
Long-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	6,770	$ 8,503
Hedge Basis Adjustments	$ (360)	$ 252

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Decrease in valuation due to net credit risk adjustments	$ 12	$ 8
Decrease in valuation due to liquidity adjustments	2	2
Derivative liability at fair value including accrued interest and premium receivable	294	271
Net positive exposure related to corporate derivatives	24	9
Net positive exposure on foreign currency swaps	0	$ 0
Counterparty [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	$ 5

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Total Derivative Notional Values	$ 50,600,000,000	$ 61,300,000,000
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	9,900,000,000	12,100,000,000
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	8,200,000,000	8,300,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	32,500,000,000	40,900,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	42,500,000,000	46,700,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	9,900,000,000	12,100,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,200,000,000	6,200,000,000
Interest Rate Swaps [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	26,400,000,000	28,400,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,100,000,000	12,500,000,000
Floor Income Contracts [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,100,000,000	12,500,000,000
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	2,000,000,000.0	2,100,000,000
Cross-Currency Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 2,000,000,000.0	$ 2,100,000,000

Derivative Financial Instruments - Mark-to-Market Impact of Derivatives on Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ 22	$ (10)	$ 120	$ 26
Interest Expense and Derivative Instruments Hedging Activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	72	6	211	87
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	50	16	91	61
Designated as Hedging Instrument [Member] \| Fair Value [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in net income on derivatives	(148)	22	(437)	(175)
Gains (losses) recognized in net income on hedged items	158	(21)	471	191
Net fair value hedge ineffectiveness gains (losses)	10	1	34	16
Designated as Hedging Instrument [Member] \| Fair Value [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in net income on derivatives	(54)	117	(89)	186
Gains (losses) recognized in net income on hedged items	94	(102)	146	(141)
Net fair value hedge ineffectiveness gains (losses)	40	15	57	45
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	22	(10)	120	26
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	17	(7)	80	15
Trading [Member] \| Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ 5	$ (3)	$ 40	$ 11

Derivative Financial Instruments - Impact of Derivatives on Other Comprehensive Income (Equity) (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Derivative Instruments Gain Loss [Line Items]

Total gains (losses) on cash flow hedges

$ 34

$ (5)

$ 127

$ 22

Net changes in cash flow hedges, net of tax

^[1]

163

Interest Expense [Member]

Derivative Instruments Gain Loss [Line Items]

Reclassification adjustments for derivative (gains) losses included in net income (interest expense)

$ 15

$ 22

$ 36

$ 43

[1]	See “Note 4 – Derivative Financial Instruments.”

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 113	$ 244
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)		1
Total collateral held	113	245
Derivative asset at fair value including accrued interest	130	242
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	90	147
Total collateral pledged	90	147
Derivative liability at fair value including accrued interest and premium receivable	$ 294	$ 271

Derivative Financial Instruments - Credit Exposure Related Counterparties (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Exposure, net of collateral	$ 24	$ 9
Exposure, net of collateral	0	$ 0
Corporate Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Exposure, net of collateral	$ 24
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3	100.00%

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 1,871	$ 1,881
Benefit and insurance-related investments	452	462
Income tax asset, net	196	369
Derivatives at fair value	101	218
Accounts receivable	103	159
Fixed assets	91	95
Other	14	39
Total	$ 2,828	$ 3,223

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 15.26	$ 17.02	$ 16.76	$ 15.05
Remaining common stock repurchase authority	$ 780	$ 300	$ 780	$ 300
Shares repurchased related to employee stock-based compensation plans		600,000	1,100,000	2,800,000
Average purchase price per share		$ 17.28	$ 17.92	$ 12.99
Common shares issued		600,000	2,400,000	4,300,000
Dividends paid	$ 23	$ 27	$ 47	$ 56
Dividends per share	$ 0.16	$ 0.16	$ 0.32	$ 0.32
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, shares	6,900,000	11,800,000	13,100,000	19,900,000
Common stock repurchased, value	$ 105	$ 200	$ 220	$ 300
Shares repurchased related to employee stock-based compensation plans	3,895	559,580	1,114,479	2,795,238
Common shares issued	23,751	641,126	2,383,652	4,265,712

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Parenthetical) (Detail) $ in Billions	Dec. 31, 2021 USD ($)
Equity [Abstract]
Authorized multi-year share repurchased program amount	$ 1

Stockholders' Equity - Additional Information (Detail)	Jun. 30, 2022 $ / shares
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock	$ 13.99

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income	$ 180	$ 185	$ 435	$ 555
Denominator:
Weighted average shares used to compute basic EPS	146	174	149	178
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan ("ESPP")	1	2	1	2
Dilutive potential common shares	1	2	1	2
Weighted average shares used to compute diluted EPS	147	176	150	180
Basic earnings per common share	$ 1.23	$ 1.07	$ 2.93	$ 3.12
Diluted earnings per common share	$ 1.22	$ 1.05	$ 2.90	$ 3.08

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Securities not included in the computation of diluted earnings per share	0	0	0	1

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 101	$ 224
Derivative liabilities	(289)	(260)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	101	224
Derivative liabilities	(9)	(5)
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(279)	(190)
Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(1)	(65)
Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	101	224
Total	101	224
Derivative liabilities	(289)	(260)
Total	(289)	(260)
Fair Value Measurements Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	101	223
Total	101	223
Derivative liabilities	(7)	(65)
Total	(7)	(65)
Fair Value Measurements Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		1
Total		1
Derivative liabilities	(282)	(195)
Total	(282)	(195)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	101	224
Derivative liabilities	(9)	(5)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	101	223
Derivative liabilities	(6)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		1
Derivative liabilities	(3)	(5)
Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(279)	(190)
Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(279)	(190)
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(1)	(65)
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ (1)	$ (65)

Fair Value Measurements - Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (229)	$ (232)	$ (194)	$ (302)
Total gains/(losses):
Included in earnings	(62)	112	(102)	175
Included in other comprehensive income	0	0	0	0
Settlements	9	6	14	13
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(282)	(114)	(282)	(114)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	(53)	22	(88)	(74)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(3)	(7)	(4)	(8)
Total gains/(losses):
Included in earnings	0	1	1	2
Included in other comprehensive income	0	0	0	0
Settlements	0		0
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(3)	(6)	(3)	(6)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	0	1	1	2
Cross-Currency Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(226)	(225)	(190)	(294)
Total gains/(losses):
Included in earnings	(62)	111	(103)	173
Included in other comprehensive income	0	0	0	0
Settlements	9	6	14	13
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(279)	(108)	(279)	(108)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	(53)	21	(89)	(76)
Other [Member]
Total gains/(losses):
Included in earnings	0		0
Included in other comprehensive income	0	0	0	0
Settlements	0		0
Transfers in and/or out of level 3	0	$ 0	0	$ 0
Balance, end of period	0		0
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	$ 0		$ 0

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ (62)	$ 112	$ (102)	$ 175
Gain (Losses) on Derivative Instruments [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net		1	1	2
Interest Expense [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ (62)	$ 111	$ (103)	$ 173

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 92	$ 219
Cross-Currency Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(279)	$ (190)
Level 3 [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(282)
Level 3 [Member] \| Cross-Currency Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (279)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivatives	0.05
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (3)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Constant Prepayment Rate [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivatives	0.09
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Bid/ask adjustment to discount rate [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivatives	0.0008

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Carrying Value	$ 72,519	$ 76,657
Short-term borrowings, Carrying Value	4,609	2,490
Long-term borrowings, Carrying Value	67,738	74,488
Total	72,347	76,978
Total earning assets, Fair Value	70,459	78,617
Short-term borrowings, Fair Value	4,597	2,492
Long-term borrowings, Fair Value	64,484	74,548
Total interest-bearing liabilities, Fair Value	69,081	77,040
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	49,214	52,641
Loans receivable, Fair Value	47,443	53,632
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(1)	(65)
Derivative financial instruments, Fair Value	(1)	(65)
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	92	219
Derivative financial instruments, Fair Value	92	219
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(279)	(190)
Derivative financial instruments, Fair Value	(279)	(190)
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	19,668	20,171	$ 19,725
Loans receivable, Fair Value	19,379	21,140
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Fair Value	(2,060)	1,960
Short-term borrowings, Fair Value	12	(2)
Long-term borrowings, Fair Value	3,254	(60)
Total interest-bearing liabilities, Fair Value	3,266	(62)
Excess of net asset fair value over carrying value	1,206	1,898
Difference [Member] \| FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(1,771)	991
Difference [Member] \| Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(289)	969
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	3,637	3,845
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 3,637	$ 3,845

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Jan. 31, 2022 USD ($) StateAttorneysGeneral Borrower	Dec. 31, 2021 USD ($)	Mar. 31, 2016 Case	Jun. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Number of cases filed \| Case			3
Number of State Attorneys General under Agreement \| StateAttorneysGeneral	40
Number of borrowers involved in cancellation of loan balance \| Borrower	66,000
Aggregate outstanding balance of loans cancelled	$ 1,700,000,000
Expense on cancellation of loans	50,000,000
One-time payment	$ 145,000,000
Regulatory expenses		$ 205,000,000
SLM BankCo [Member] \| Indemnification Matters [Member]
Loss Contingencies [Line Items]
Reserve for estimated amounts and costs incurred				$ 0

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Summary of Disaggregation of Revenue from Contracts with Customers Accounted Under ASC 606 (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 87	$ 134	$ 182	$ 264
Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	2	6	4	15
Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue		4	1	8
State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	35	46	68	88
Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	16	14	30	27
Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	34	64	79	126
Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue		4	1	9
Federal Education Loans [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue				1
Federal Education Loans [Member] \| Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue		4	1	8
Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	87	130	181	255
Business Processing [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	2	6	4	14
Business Processing [Member] \| State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	35	46	68	88
Business Processing [Member] \| Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	16	14	30	27
Business Processing [Member] \| Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	34	64	79	126
Federal Education Loan Asset Recovery Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue		4	1	9
Federal Education Loan Asset Recovery Services [Member] \| Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue		4	1	9
Government Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	53	66	102	129
Government Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	53	66	102	129
Healthcare Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	34	64	79	126
Healthcare Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 34	$ 64	$ 79	$ 126

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Additional Information (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 103,000,000	$ 159,000,000
ASU 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable	94,000,000		$ 97,000,000
Contract assets	0
Contract liability	$ 0

Segment Reporting - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) Segment Client	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment	4
Total assets	$ 76,065	$ 80,605
Business Processing [Member]
Segment Reporting Information [Line Items]
Total assets	$ 409	397
Business Processing [Member] \| Minimum [Member]
Segment Reporting Information [Line Items]
Number of clients for business processing services \| Client	600
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,600	$ 1,500

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 944
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Other	$ 2,828	$ 3,223
Total assets	76,065	80,605
Federal Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	49,214	52,641
Cash and investments	1,959	2,071
Other	2,034	2,183
Total assets	53,207	56,895
Consumer Lending [Member]
Segment Reporting Information [Line Items]
Loans, net	19,668	20,171
Cash and investments	612	824
Other	583	815
Total assets	$ 20,863	$ 21,810

- Definition

+ References

+ Details

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest income:
Cash and investments	$ 5	$ 1	$ 6	$ 1
Total interest income	692	661	1,318	1,352
Total interest expense	371	339	660	667
Net interest income	321	322	658	685
Less: provisions for loan losses	18	(1)	34	(88)
Net interest income after provisions for loan losses	303	323	624	773
Other income (loss):
Servicing revenue	17	50	36	102
Asset recovery and business processing revenue	88	142	185	281
Other income (loss)	29	(6)	136	31
Gains on sales of loans		2		78
Gains (losses) on debt repurchases		(12)		(12)
Total other income	134	176	357	480
Expenses:
Direct operating expenses	134	186	273	379
Unallocated shared services expenses	56	66	122	131
Total operating expenses	190	252	395	510
Goodwill and acquired intangible asset impairment and amortization	3	5	7	10
Restructuring/other reorganization expenses		2	3	8
Total expenses	193	259	405	528
Income before income tax expense	244	240	576	725
Income tax expense (benefit)	64	55	141	170
Net income	180	185	435	555
Operating Segments [Member]
Interest income:
Cash and investments	5	1	6	1
Total interest income	691	647	1,302	1,324
Total interest expense	420	365	755	747
Net interest income	271	282	547	577
Less: provisions for loan losses	18	(1)	34	(88)
Net interest income after provisions for loan losses	253	283	513	665
Other income (loss):
Servicing revenue	17	50	36	102
Asset recovery and business processing revenue	88	142	185	281
Other income (loss)	7	4	16	5
Gains on sales of loans		2		91
Gains (losses) on debt repurchases		(12)		(12)
Total other income	112	186	237	467
Expenses:
Direct operating expenses	134	186	273	379
Unallocated shared services expenses	56	66	122	131
Total operating expenses	190	252	395	510
Restructuring/other reorganization expenses		2	3	8
Total expenses	190	254	398	518
Income before income tax expense	175	215	352	614
Income tax expense (benefit)	41	50	83	145
Net income	134	165	269	469
Operating Segments [Member] \| Federal Education Loans [Member]
Interest income:
Cash and investments	3		3
Total interest income	412	351	746	709
Total interest expense	266	210	461	424
Net interest income	146	141	285	285
Net interest income after provisions for loan losses	146	141	285	285
Other income (loss):
Servicing revenue	14	47	30	99
Asset recovery and business processing revenue	1	12	4	26
Other income (loss)	8	2	18	2
Total other income	23	61	52	127
Expenses:
Direct operating expenses	25	55	54	117
Total operating expenses	25	55	54	117
Total expenses	25	55	54	117
Income before income tax expense	144	147	283	295
Income tax expense (benefit)	34	34	67	70
Net income	110	113	216	225
Operating Segments [Member] \| Consumer Lending [Member]
Interest income:
Cash and investments	1		2
Total interest income	278	295	555	614
Total interest expense	136	137	262	287
Net interest income	142	158	293	327
Less: provisions for loan losses	18	(1)	34	(88)
Net interest income after provisions for loan losses	124	159	259	415
Other income (loss):
Servicing revenue	3	3	6	3
Other income (loss)	1		1	1
Gains on sales of loans		2		91
Total other income	4	5	7	95
Expenses:
Direct operating expenses	35	39	69	79
Total operating expenses	35	39	69	79
Total expenses	35	39	69	79
Income before income tax expense	93	125	197	431
Income tax expense (benefit)	22	29	47	101
Net income	71	96	150	330
Operating Segments [Member] \| Business Processing [Member]
Other income (loss):
Asset recovery and business processing revenue	87	130	181	255
Total other income	87	130	181	255
Expenses:
Direct operating expenses	74	92	150	183
Total operating expenses	74	92	150	183
Total expenses	74	92	150	183
Income before income tax expense	13	38	31	72
Income tax expense (benefit)	3	9	7	17
Net income	10	29	24	55
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Cash and investments	1	1	1	1
Total interest income	1	1	1	1
Total interest expense	18	18	32	36
Net interest income	(17)	(17)	(31)	(35)
Net interest income after provisions for loan losses	(17)	(17)	(31)	(35)
Other income (loss):
Other income (loss)	(2)	2	(3)	2
Gains (losses) on debt repurchases		(12)		(12)
Total other income	(2)	(10)	(3)	(10)
Expenses:
Unallocated shared services expenses	56	66	122	131
Total operating expenses	56	66	122	131
Restructuring/other reorganization expenses		2	3	8
Total expenses	56	68	125	139
Income before income tax expense	(75)	(95)	(159)	(184)
Income tax expense (benefit)	(18)	(22)	(38)	(43)
Net income	(57)	(73)	(121)	(141)
Adjustments [Member] \| Reclassifications [Member]
Interest income:
Total interest income	4	24	23	48
Total interest expense	4	(2)	4	(3)
Net interest income		26	19	51
Net interest income after provisions for loan losses		26	19	51
Other income (loss):
Other income (loss)		(26)	(19)	(38)
Gains on sales of loans				(13)
Total other income		(26)	(19)	(51)
Adjustments [Member] \| Additions (Subtractions) [Member]
Interest income:
Total interest income	(3)	(10)	(7)	(20)
Total interest expense	(53)	(24)	(99)	(77)
Net interest income	50	14	92	57
Net interest income after provisions for loan losses	50	14	92	57
Other income (loss):
Other income (loss)	22	16	139	64
Total other income	22	16	139	64
Expenses:
Goodwill and acquired intangible asset impairment and amortization	3	5	7	10
Total expenses	3	5	7	10
Income before income tax expense	69	25	224	111
Income tax expense (benefit)	23	5	58	25
Net income	46	20	166	86
Adjustments [Member] \| Total Adjustments [Member]
Interest income:
Total interest income	1	14	16	28
Total interest expense	(49)	(26)	(95)	(80)
Net interest income	50	40	111	108
Net interest income after provisions for loan losses	50	40	111	108
Other income (loss):
Other income (loss)	22	(10)	120	26
Gains on sales of loans				(13)
Total other income	22	(10)	120	13
Expenses:
Goodwill and acquired intangible asset impairment and amortization	3	5	7	10
Total expenses	3	5	7	10
Income before income tax expense	69	25	224	111
Income tax expense (benefit)	23	5	58	25
Net income	46	20	166	86
Education Loan Portfolio [Member]
Interest income:
Total interest income	687	660	1,312	1,351
Education Loan Portfolio [Member] \| Operating Segments [Member]
Interest income:
Total interest income	686	646	1,296	1,323
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Federal Education Loans [Member]
Interest income:
Total interest income	409	351	743	709
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Consumer Lending [Member]
Interest income:
Total interest income	277	295	553	614
Education Loan Portfolio [Member] \| Adjustments [Member] \| Reclassifications [Member]
Interest income:
Total interest income	4	24	23	48
Education Loan Portfolio [Member] \| Adjustments [Member] \| Additions (Subtractions) [Member]
Interest income:
Total interest income	(3)	(10)	(7)	(20)
Education Loan Portfolio [Member] \| Adjustments [Member] \| Total Adjustments [Member]
Interest income:
Total interest income	$ 1	$ 14	$ 16	$ 28

Segment Reporting - Segment Results and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 303	$ 323	$ 624	$ 773
Total other income (loss)	134	176	357	480
Goodwill and acquired intangible asset impairment and amortization	3	5	7	10
Income tax expense (benefit)	64	55	141	170
Net income	180	185	435	555
Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	50	40	111	108
Total other income (loss)	22	(10)	120	13
Goodwill and acquired intangible asset impairment and amortization	3	5	7	10
Total Core Earnings adjustments to GAAP	69	25	224	111
Income tax expense (benefit)	23	5	58	25
Net income	46	20	166	86
Net Impact of Goodwill and Acquired Intangible Assets [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill and acquired intangible asset impairment and amortization	3	5	7	10
Total Core Earnings adjustments to GAAP	(3)	(5)	(7)	(10)
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	50	40	111	108
Total other income (loss)	22	(10)	120	13
Total Core Earnings adjustments to GAAP	$ 72	$ 30	$ 231	$ 121

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income	$ 180	$ 185	$ 435	$ 555
Net tax effect	(64)	(55)	(141)	(170)
Operating Segments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income	134	165	269	469
Net tax effect	(41)	(50)	(83)	(145)
Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net income	46	20	166	86
Core Earnings adjustments to GAAP	69	25	224	111
Net tax effect	(23)	(5)	(58)	(25)
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	72	30	231	121
Net Impact of Goodwill and Acquired Intangible Assets [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	$ (3)	$ (5)	$ (7)	$ (10)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2022 USD ($)
Segment Reporting [Abstract]
Amount that will be equal to mark-to-market gain or loss over the life of the contract	$ 0