0000950170-23-055266 | 10-Q | XBRL Viewer

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Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Amount that will be equal to mark-to-market gain or loss over the life of the contract	$ 0

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Parenthetical) (Details) - Private Education Loans [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 65	$ 123
Interest Rate Reduction [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	44	78
More Than an Insignificant Payment Delay [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	18	39
Combination Rate Reduction and Term Extension [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 3	$ 6

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term debt	$ 4,662	$ 5,870
Long-term debt	54,907	61,026
FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Debt tranches default principal amount	1,700
Long Term Senior Unsecured Debt [Member] \| FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	127	0
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term debt	4,672	5,880
Long-term debt	55,437	61,516
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term debt	62	76
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term debt	498	725
Total Before Hedge Accounting Adjustments [Member] \| Short Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	856	1,300
Total Before Hedge Accounting Adjustments [Member] \| Long Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	$ 5,400	$ 5,700

Derivative Financial Instruments - Credit Exposure Related Counterparties (Detail) $ in Millions	Sep. 30, 2023 USD ($)
Corporate Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Exposure, net of collateral	$ 11
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3	100.00%
Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3	0.00%
Securitization Trust Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Exposure, net of collateral	$ 0
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3	0.00%
Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3	0.00%

Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2023

Financing Receivable Allowance For Credit Losses [Line Items]

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Loan Losses Roll Forward


	Three Months Ended September 30, 2023
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	200		$	657		$	857
Total provision		36			36			72
Charge-offs:
Gross charge-offs		(16	)		(85	)		(101	)
Expected future recoveries on current period gross charge-offs		—			12			12
Total(1)		(16	)		(73	)		(89	)
Adjustment resulting from the change in charge-off rate(2)		—			(25	)		(25	)
Net charge-offs		(16	)		(98	)		(114	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			30			30
Allowance at end of period	$	220		$	625		$	845
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized) (2)		.19	%		1.66	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.56	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.19	%		2.22	%
Ending total loans	$	39,801		$	17,958
Average loans in repayment	$	32,696		$	17,470
Ending loans in repayment	$	31,917		$	17,249

(1)

Charge-offs are reported net of expected recoveries. For Private Education Loans, we charge off the estimated loss of a defaulted loan balance by charging off the entire defaulted loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as "expected future recoveries on previously fully charged-off loans." For FFELP Loans, the recovery is received at the time of charge-off.

(2)

In third-quarter 2023, the net charge-off rate on defaulted Private Education Loans increased from 81.9% to 82.3%. This change resulted in a $25 million reduction to the balance of the expected future recoveries on previously fully charged-off loans.

(3)

At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance by charging off the entire loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately reflected as a reduction to expected future recoveries on previously fully 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 previously fully charged-off loans:


	Three Months Ended September 30,
(Dollars in millions)	2023
Beginning of period expected future recoveries on previously fully charged-off loans	$	262
Expected future recoveries of current period defaults		12
Recoveries (cash collected)		(11	)
Charge-offs (as a result of lower recovery expectations)		(31	)
End of period expected future recoveries on previously fully charged-off loans	$	232
Change in balance during period	$	(30	)

2. Allowance for Loan Losses (Continued)


	Three Months Ended September 30, 2022
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	245		$	921		$	1,166
Total provision		—			28			28
Charge-offs:
Gross charge-offs		(12	)		(118	)		(130	)
Expected future recoveries on current period gross charge-offs		—			19			19
Total(1)		(12	)		(99	)		(111	)
Adjustment resulting from the change in charge-off rate(2)		—			(30	)		(30	)
Net charge-offs		(12	)		(129	)		(141	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			32			32
Allowance at end of period	$	233		$	852		$	1,085
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized) (2)		.12	%		2.01	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.60	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.12	%		2.61	%
Ending total loans	$	47,124		$	20,003
Average loans in repayment	$	39,573		$	19,628
Ending loans in repayment	$	37,731		$	19,284

(1)

(2)

In third-quarter 2022, the net charge-off rate on defaulted Private Education Loans increased from 81.7% to 81.9%. This change resulted in a $30 million reduction to the balance of the expected future recoveries on previously fully charged-off loans.

(3)


	Three Months Ended September 30,
(Dollars in millions)	2022
Beginning of period expected future recoveries on previously fully charged-off loans	$	312
Expected future recoveries of current period defaults		19
Recoveries (cash collected)		(14	)
Charge-offs (as a result of lower recovery expectations)		(37	)
End of period expected future recoveries on previously fully charged-off loans	$	280
Change in balance during period	$	(32	)

2. Allowance for Loan Losses (Continued)


	Nine Months Ended September 30, 2023
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	222		$	800		$	1,022
Total provision		51			17			68
Charge-offs:
Gross charge-offs		(53	)		(245	)		(298	)
Expected future recoveries on current period gross charge-offs		—			36			36
Total(1)		(53	)		(209	)		(262	)
Adjustment resulting from the change in charge-off rate(2)		—			(25	)		(25	)
Net charge-offs		(53	)		(234	)		(287	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			42			42
Allowance at end of period	$	220		$	625		$	845
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized)(2)		.21	%		1.56	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.18	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.21	%		1.74	%
Ending total loans	$	39,801		$	17,958
Average loans in repayment	$	33,591		$	18,000
Ending loans in repayment	$	31,917		$	17,249

(1)

(2)

(3)


	Nine Months Ended September 30,
(Dollars in millions)	2023
Beginning of period expected future recoveries on previously fully charged-off loans	$	274
Expected future recoveries of current period defaults		36
Recoveries (cash collected)		(35	)
Charge-offs (as a result of lower recovery expectations)		(43	)
End of period expected future recoveries on previously fully charged-off loans	$	232
Change in balance during period	$	(42	)

2. Allowance for Loan Losses (Continued)


	Nine Months Ended September 30, 2022
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	262		$	1,009		$	1,271
Total provision		—			62			62
Charge-offs:
Gross charge-offs		(29	)		(281	)		(310	)
Expected future recoveries on current period gross charge-offs		—			43			43
Total(1)		(29	)		(238	)		(267	)
Adjustment resulting from the change in charge-off rate(2)		—			(30	)		(30	)
Net charge-offs		(29	)		(268	)		(297	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			49			49
Allowance at end of period	$	233		$	852		$	1,085
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized)(2)		.09	%		1.59	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.20	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.09	%		1.79	%
Ending total loans	$	47,124		$	20,003
Average loans in repayment	$	41,793		$	20,056
Ending loans in repayment	$	37,731		$	19,284

(1)

(2)

(3)


	Nine Months Ended September 30,
(Dollars in millions)	2022
Beginning of period expected future recoveries on previously fully charged-off loans	$	329
Expected future recoveries of current period defaults		43
Recoveries (cash collected)		(43	)
Charge-offs (as a result of lower recovery expectations)		(49	)
End of period expected future recoveries on previously fully charged-off loans	$	280
Change in balance during period	$	(49	)

Age Analysis of Past Due Loans Delinquencies


	FFELP Loan Delinquencies
	September 30, 2023						December 31, 2022						September 30, 2022
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	1,636					$	1,772					$	1,983
Loans in forbearance(2)		6,248						7,603						7,410
Loans in repayment and percentage of each status:
Loans current		26,566			83.2	%		29,004			84.4	%		30,720			81.4	%
Loans delinquent 31-60 days(3)		1,481			4.6			1,247			3.6			1,917			5.1
Loans delinquent 61-90 days(3)		949			3.0			833			2.4			1,291			3.4
Loans delinquent greater than 90 days(3)		2,921			9.2			3,288			9.6			3,803			10.1
Total FFELP Loans in repayment		31,917			100	%		34,372			100	%		37,731			100	%
Total FFELP Loans		39,801						43,747						47,124
FFELP Loan allowance for losses		(220	)					(222	)					(233	)
FFELP Loans, net	$	39,581					$	43,525					$	46,891
Percentage of FFELP Loans in repayment					80.2	%					78.6	%					80.1	%
Delinquencies as a percentage of FFELP Loans in repayment					16.8	%					15.6	%					18.6	%
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					16.4	%					18.1	%					16.4	%

(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.


	Private Education Loan Delinquencies
	September 30, 2023						December 31, 2022						September 30, 2022
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	365					$	354					$	348
Loans in forbearance(2)		344						401						371
Loans in repayment and percentage of each status:
Loans current		16,435			95.3	%		17,838			95.0	%		18,426			95.6	%
Loans delinquent 31-60 days(3)		304			1.8			335			1.8			305			1.6
Loans delinquent 61-90 days(3)		176			1.0			186			1.0			159			.8
Loans delinquent greater than 90 days(3)		334			1.9			411			2.2			394			2.0
Total loans in repayment		17,249			100	%		18,770			100	%		19,284			100	%
Total loans		17,958						19,525						20,003
Allowance for losses		(625	)					(800	)					(852	)
Loans, net	$	17,333					$	18,725					$	19,151
Percentage of loans in repayment					96.1	%					96.1	%					96.4	%
Delinquencies as a percentage of loans in repayment					4.7	%					5.0	%					4.4	%
Loans in forbearance as a percentage of loans in repayment and forbearance					2.0	%					2.1	%					1.9	%

(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.

Loans Type

Loan type:


(Dollars in millions)	September 30, 2023		September 30, 2022		Change
Stafford Loans	$	12,781	$	14,956	$	(2,175	)
Consolidation Loans		23,199		27,766		(4,567	)
Rehab Loans		3,821		4,402		(581	)
Total loans, gross	$	39,801	$	47,124	$	(7,323	)

Summary of Amortized Cost Basis of Loans to Borrowers

The following tables show the amortized cost basis as of September 30, 2023 of the loans to borrowers experiencing financial difficulty that were modified in the three and nine months ended September 30, 2023.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Three Months Ended September 30, 2023
(Dollars in millions)	Interest Rate Reductions(1)					More Than an Insignificant Payment Delay (2)					Combination Rate Reduction and Term Extension
Loan Type	Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type
Private Education Loans	$	592		3.3	%	$	305		1.7	%	$	42		.2	%

	Nine Months Ended September 30, 2023
(Dollars in millions)	Interest Rate Reductions(1)					More Than an Insignificant Payment Delay (2)					Combination Rate Reduction and Term Extension
Loan Type	Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type
Private Education Loans	$	1,488		8.3	%	$	773		4.3	%	$	119		.7	%

(1)

As of September 30, 2023, there was $1.2 billion of loans in the interest rate reduction program.

(2)

More Than an Insignificant Payment Delay includes loans granted more than 3 months of short-term interest only payments or hardship forbearance.

2. Allowance for Loan Losses (Continued)

For those loans modified in the three and nine months ended September 30, 2023, the following tables show the impact of such modification.


Three Months Ended September 30, 2023
Loan Type	Interest Rate Reductions	More Than an Insignificant Payment Delay	Combination Rate Reduction and Term Extension
Private Education Loans	Reduced the weighted average contractual rate from 13.4% to 5.5%	Added an average 6 months to the remaining life of the loans	Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 13% to 5.4%.

Nine Months Ended September 30, 2023
Loan Type	Interest Rate Reductions	More Than an Insignificant Payment Delay	Combination Rate Reduction and Term Extension
Private Education Loans	Reduced the weighted average contractual rate from 13.1% to 5.2%	Added an average 6 months to the remaining life of the loans	Added an average 8 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.6% to 5.2%.

Schedule of Amount of Loans Modified and Payment Default


(Dollars in millions)
	Three Months Ended September 30, 2023				Nine Months Ended September 30, 2023
Loan Type	Modified Loans (Amortized Cost)		Payment Default (Par)		Modified Loans (Amortized Cost)		Payment Default (Par)
Private Education Loans(1)	$	65	$	67	$	123	$	126

(1)

For the three months ended September 30, 2023, the modified loans include $44 million of Interest Rate Reduction, $3 million of Combination Rate Reduction and Term Extension, and $18 million of More Than Insignificant Payment Delay. For the nine months ended September 30, 2023, the modified loans include $78 million of Interest Rate Reduction, $6 million of Combination Rate Reduction and Term Extension, and $39 million of More Than Insignificant Payment Delay.

Summary of Performance and Related Loan Status of Loans Modified

The following table provides the performance and related loan status as of September 30, 2023 of loans that were modified in the nine months ended September 30, 2023.


(Dollars in millions)
Loan Type:
Private Education Loans	Status	Payment status (Amortized Cost)
	Loans in School/Deferment	$	16
	Loans in Forbearance		67
	Loans current		2,039
	Loans delinquent 31 - 60 days		133
	Loans delinquent 61 - 90 days		61
	Loans delinquent greater than 90 days		64
	Total Modified Loans	$	2,380

(1)

For the nine months ended September 30, 2023, $5 million of loans modified during the period were charged off.

Loans Modified Accounts for TDR

The following table provides the amount of loans modified in the period 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 September 30,		Nine Months Ended September 30,
(Dollars in millions)	2022		2022
Modified loans	$	68	$	186
Charge-offs	$	101	$	217
Payment default	$	13	$	31

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
	September 30, 2023
(Dollars in millions)	2023		2022			2021			2020			2019			Prior			Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	603	$	1,641		$	4,056		$	1,303		$	1,226		$	7,471		$	16,300			91	%
Below 640		10		53			105			26			43			1,421			1,658			9
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	40	$	73		$	87		$	20		$	27		$	462		$	709			4	%
Current/90 days or less delinquent		572		1,614			4,062			1,305			1,236			8,126			16,915			94
Greater than 90 days delinquent		1		7			12			4			6			304			334			2
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
Seasoning(1):
1-12 payments	$	576	$	451		$	36		$	8		$	4		$	59		$	1,134			7	%
13-24 payments		—		1,185			1,948			17			15			68			3,233			18
25-36 payments		—		—			2,123			624			44			124			2,915			16
37-48 payments		—		—			—			669			791			202			1,662			9
More than 48 payments		—		—			—			—			402			8,247			8,649			48
Loans in-school/ grace/deferment		37		58			54			11			13			192			365			2
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
Certain Loan Modifications(2):
Modified	$	—	$	28		$	116		$	43		$	78		$	5,926		$	6,191			34	%
Non-Modified		613		1,666			4,045			1,286			1,191			2,966			11,767			66
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
Cosigners:
With cosigner(3)	$	159	$	183		$	97		$	24		$	8		$	5,410		$	5,881			33	%
Without cosigner		454		1,511			4,064			1,305			1,261			3,482			12,077			67
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
School Type:
Not-for-profit	$	576	$	1,604		$	3,919		$	1,270		$	1,181		$	7,483		$	16,033			89	%
For-profit		37		90			242			59			88			1,409			1,925			11
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
Allowance for loan losses																			(625	)
Total loans, net																		$	17,333

Charge-Offs	$	—	$	(5	)	$	(7	)	$	(4	)	$	(5	)	$	(213	)	$	(234	)		100	%

(1)

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

(2)

Loan Modifications represents the historical definition of a troubled debt restructuring (“TDR”) prior to the implementation of ASU 2022-02 on January 1, 2023. Any loan that meets the historical definition of a TDR retains that classification for the life of the loan (including loans that meet that definition in 2023). This includes loans given rate modifications, term extensions or forbearance greater than 3 months in the prior 24-month period. This classification is not intended to reconcile in any way to the new modification disclosures required under ASU 2022-02.

(3)

Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65% for total loans at September 30, 2023.

2. Allowance for Loan Losses (Continued)


	Private Education Loan Credit Quality Indicators by Origination Year
	September 30, 2022
(Dollars in millions)	2022		2021		2020		2019		2018		Prior		Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	1,503	$	4,708	$	1,593	$	1,502	$	556	$	8,485	$	18,347			92	%
Below 640		17		64		19		37		20		1,499		1,656			8
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	31	$	88	$	28	$	34	$	13	$	525	$	719			4	%
Current/90 days or less delinquent		1,488		4,678		1,582		1,499		560		9,083		18,890			94
Greater than 90 days delinquent		1		6		2		6		3		376		394			2
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
Seasoning(1):
1-12 payments	$	1,499	$	2,186	$	14	$	10	$	2	$	95	$	3,806			19	%
13-24 payments		—		2,534		736		39		8		102		3,419			17
25-36 payments		—		—		846		968		19		177		2,010			10
37-48 payments		—		—		—		503		287		293		1,083			5
More than 48 payments		—		—		—		—		254		9,083		9,337			47
Loans in-school/ grace/deferment		21		52		16		19		6		234		348			2
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
Certain Loan Modifications(2):
Modified	$	6	$	48	$	28	$	62	$	35	$	6,617	$	6,796			34	%
Non-Modified		1,514		4,724		1,584		1,477		541		3,367		13,207			66
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
Cosigners:
With cosigner(3)	$	24	$	109	$	28	$	11	$	—	$	6,425	$	6,597			33	%
Without cosigner		1,496		4,663		1,584		1,528		576		3,559		13,406			67
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
School Type:
Not-for-profit	$	1,427	$	4,496	$	1,541	$	1,434	$	529	$	8,338	$	17,765			89	%
For-profit		93		276		71		105		47		1,646		2,238			11
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
Allowance for loan losses														(852	)
Total loans, net													$	19,151

(1)

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

(2)

(3)

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

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 16	$ 51
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	(250)	(253)
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	0	$ 0
Level 3 [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(251)
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	$ (250)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivatives	5
Derivative Asset (Liability) Net, Measurement Input [Extensible Enumeration]	Constant Prepayment Rate [Member]
Level 3 [Member] \| Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 0
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	$ (1)
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	10
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	0.08

Derivative Financial Instruments - Mark-to-Market Impact of Derivatives on Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ 26	$ 40	$ 44	$ 161
Interest Expense and Derivative Instruments Hedging Activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	45	34	21	246
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	19	(6)	(23)	85
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	(65)	(193)	(66)	(629)
Gains (losses) recognized in net income on hedged items	68	210	53	680
Net fair value hedge ineffectiveness gains (losses)	3	17	(13)	51
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	(15)	(127)	4	(217)
Gains (losses) recognized in net income on hedged items	31	104	(14)	251
Net fair value hedge ineffectiveness gains (losses)	16	(23)	(10)	34
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	0	0	0	0
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	26	40	44	161
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	26	40	44	120
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	0	0	0	0
Trading [Member] \| Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	0	0	0	41
Trading [Member] \| Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Mark-to-market gains (losses) recognized	$ 0	$ 0	$ 0	$ 0

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income:
Cash and investments	$ 41	$ 19	$ 111	$ 25
Total interest income	1,170	881	3,338	2,199
Total interest expense	879	641	2,636	1,301
Net interest income	291	240	702	898
Less: provisions for loan losses	72	28	68	62
Net interest income after provisions for loan losses	219	212	634	836
Other income (loss):
Servicing revenue	15	24	48	60
Asset recovery and business processing revenue	85	80	240	264
Other revenue	5	6	15	22
Gains (losses) on derivative and hedging activities, net	26	40	44	161
Total other income	131	150	347	507
Expenses:
Salaries and benefits	99	106	302	337
Other operating expenses	134	88	299	251
Total operating expenses	233	194	601	588
Goodwill and acquired intangible asset impairment and amortization expense	3	10	8	17
Restructuring/other reorganization expenses	4	21	23	25
Total expenses	240	225	632	630
Income before income tax expense	110	137	349	713
Income tax expense	31	32	93	173
Net income	$ 79	$ 105	$ 256	$ 540
Basic earnings per common share	$ 0.66	$ 0.75	$ 2.06	$ 3.71
Average common shares outstanding	120	139	124	145
Diluted earnings per common share	$ 0.65	$ 0.75	$ 2.04	$ 3.67
Average common and common equivalent shares outstanding	121	141	125	147
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
FFELP Loans [Member]
Interest income:
Total interest income	$ 778	$ 553	$ 2,191	$ 1,312
Less: provisions for loan losses	36	0	51	0
Private Education Loans [Member]
Interest income:
Total interest income	351	309	1,036	862
Less: provisions for loan losses	$ 36	$ 28	$ 17	$ 62

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Receivables [Abstract]
Modified loans	$ 68	$ 186
Charge-offs	101	217
Payment default	$ 13	$ 31

Allowance for Loan Losses - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Period of hardship forbearance of payments	12 months
Period of hardship forbearance of payments for borrowers of substantial payments	24 months
Percentage guaranteed as to principal and accrued interest by federal goverment in event of default	97.00%

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Statement of Comprehensive Income [Abstract]

Net income

$ 79

$ 105

$ 256

$ 540

Net changes in cash flow hedges, net of taxes

^[1]

(22)

(44)

217

Total comprehensive income

$ 57

$ 159

$ 212

$ 757

[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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Allowance for loans losses	$ 845	$ 1,022
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	464,000,000	461,000,000
Tax expense (benefit) for accumulated other comprehensive income (loss)	$ 14	$ 29
Common stock held in treasury	346,000,000	331,000,000
Series A Junior Participate [Member]
Preferred stock, par value	$ 0.2	$ 0.2
Preferred stock shares authorized	2,000,000	2,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
FFELP Loans [Member]
Allowance for loans losses	$ 220	$ 222
Private Education Loans [Member]
Allowance for loans losses	$ 625	$ 800

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, 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	540									540	540
Other comprehensive income (loss), net of tax	217								217		217
Total comprehensive income (loss)	757										757
Cash dividends:
Common stock	(69)									(69)	(69)
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		2,386,817			2,386,817
Stock-based compensation expense	$ 16							16			16
Common stock repurchased		$ (315)			$ (315)	$ (315)						$ (315)
Common stock repurchased, Shares					(19,394,977)	(19,400,000)	(19,394,977)
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)			(1,120,438)		(1,120,438)
Net activity in noncontrolling interest	$ (11)												$ (11)
Ending Balance, Value at Sep. 30, 2022	2,973		$ 4	$ (4,830)				3,309	84	4,406	2,973
Ending Balance, Shares at Sep. 30, 2022			461,016,201	(325,402,028)		135,614,173
Beginning Balance, Value at Jun. 30, 2022	2,927		$ 4	$ (4,735)				3,305	30	4,323	2,927
Beginning Balance, Shares at Jun. 30, 2022			461,013,036	(319,134,333)		141,878,703
Comprehensive income (loss):
Net income	105									105	105
Other comprehensive income (loss), net of tax	54								54		54
Total comprehensive income (loss)	159										159
Cash dividends:
Common stock	$ (22)									(22)	(22)
Issuance of common shares, Shares	0		3,165			3,165
Stock-based compensation expense	$ 4							4			4
Common stock repurchased		(95)			$ (95)	$ (95)						(95)
Common stock repurchased, Shares					(6,261,736)	(6,300,000)	(6,261,736)
Shares repurchased related to employee stock-based compensation plans, Shares	0			(5,959)		(5,959)
Ending Balance, Value at Sep. 30, 2022	$ 2,973		$ 4	$ (4,830)				3,309	84	4,406	2,973
Ending Balance, Shares at Sep. 30, 2022			461,016,201	(325,402,028)		135,614,173
Beginning Balance, Value at Dec. 31, 2022	2,977		$ 4	$ (4,917)				3,313	87	4,490	2,977
Beginning Balance, Shares at Dec. 31, 2022			461,087,590	(330,878,152)		130,209,438
Comprehensive income (loss):
Net income	256									256	256
Other comprehensive income (loss), net of tax	(44)								(44)		(44)
Total comprehensive income (loss)	212										212
Cash dividends:
Common stock	(59)									(59)	(59)
Dividend equivalent units related to employee stock-based compensation plans	(2)									(2)	(2)
Issuance of common shares	$ 15							15			15
Issuance of common shares, Shares	2,600,000		2,594,688				2,594,688
Stock-based compensation expense	$ 21							21			21
Common stock repurchased		(240)			$ (240)	$ (240)						(240)
Common stock repurchased, Shares					(13,940,160)	(13,900,000)	(13,940,160)
Shares repurchased related to employee stock-based compensation plans	$ (24)			$ (24)							(24)
Shares repurchased related to employee stock-based compensation plans, Shares	(1,300,000)			(1,292,875)		(1,292,875)
Other	$ (2)			$ (2)							(2)
Ending Balance, Value at Sep. 30, 2023	2,898		$ 4	$ (5,183)				3,349	43	4,685	2,898
Ending Balance, Shares at Sep. 30, 2023			463,682,278	(346,111,187)		117,571,091
Beginning Balance, Value at Jun. 30, 2023	2,930		$ 4	$ (5,107)				3,343	65	4,625	2,930
Beginning Balance, Shares at Jun. 30, 2023			463,534,781	(341,932,917)		121,601,864
Comprehensive income (loss):
Net income	79									79	79
Other comprehensive income (loss), net of tax	(22)								(22)		(22)
Total comprehensive income (loss)	57										57
Cash dividends:
Common stock	(19)									(19)	(19)
Issuance of common shares	$ 2							2			2
Issuance of common shares, Shares	100,000		147,497			147,497
Stock-based compensation expense	$ 4							4			4
Common stock repurchased		$ (75)			$ (75)	$ (75)						$ (75)
Common stock repurchased, Shares					(4,164,937)	(4,200,000)	(4,164,937)
Shares repurchased related to employee stock-based compensation plans, Shares	0			(13,333)		(13,333)
Other	$ (1)			$ (1)							(1)
Ending Balance, Value at Sep. 30, 2023	$ 2,898		$ 4	$ (5,183)				$ 3,349	$ 43	$ 4,685	$ 2,898
Ending Balance, Shares at Sep. 30, 2023			463,682,278	(346,111,187)		117,571,091

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the computation of diluted earnings per share	0	0	0	0

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income:
Cash and investments	$ 41	$ 19	$ 111	$ 25
Total interest income	1,170	881	3,338	2,199
Total interest expense	879	641	2,636	1,301
Net interest income	291	240	702	898
Less: provisions for loan losses	72	28	68	62
Net interest income after provisions for loan losses	219	212	634	836
Other income (loss):
Servicing revenue	15	24	48	60
Asset recovery and business processing revenue	85	80	240	264
Other revenue	31	46	59	183
Total other income	131	150	347	507
Expenses:
Direct operating expenses	134	135	394	408
Unallocated shared services expenses	99	59	207	180
Total operating expenses	233	194	601	588
Goodwill and acquired intangible asset impairment and amortization	3	10	8	17
Restructuring/other reorganization expenses	4	21	23	25
Total expenses	240	225	632	630
Income before income tax expense	110	137	349	713
Income tax expense (benefit)	31	32	93	173
Net income	79	105	256	540
Operating Segments [Member]
Interest income:
Net interest income	280	247	753	794
Less: provisions for loan losses	72	28	68	62
Other income (loss):
Total other income	105	110	303	346
Expenses:
Total operating expenses	233	194	601	588
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	4	21	23	25
Total expenses	237	215	624	613
Income before income tax expense	76	114	364	465
Income tax expense (benefit)	19	27	86	109
Net income	57	87	278	356
Operating Segments [Member] \| Federal Education Loans [Member]
Interest income:
Cash and investments	19	9	56	12
Total interest income	797	564	2,250	1,310
Total interest expense	636	444	1,859	905
Net interest income	161	120	391	405
Less: provisions for loan losses	36	0	51	0
Net interest income after provisions for loan losses	125	120	340	405
Other income (loss):
Servicing revenue	12	21	39	51
Asset recovery and business processing revenue	0	1	0	4
Other revenue	3	6	10	24
Total other income	15	28	49	79
Expenses:
Direct operating expenses	17	25	55	79
Unallocated shared services expenses	0	0	0	0
Total operating expenses	17	25	55	79
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	17	25	55	79
Income before income tax expense	123	123	334	405
Income tax expense (benefit)	29	29	78	95
Net income	94	94	256	310
Operating Segments [Member] \| Consumer Lending [Member]
Interest income:
Cash and investments	7	3	20	5
Total interest income	358	312	1,056	867
Total interest expense	208	159	610	421
Net interest income	150	153	446	446
Less: provisions for loan losses	36	28	17	62
Net interest income after provisions for loan losses	114	125	429	384
Other income (loss):
Servicing revenue	3	3	9	9
Asset recovery and business processing revenue	0	0	0	0
Other revenue	1	0	2	1
Total other income	4	3	11	10
Expenses:
Direct operating expenses	44	43	124	113
Unallocated shared services expenses	0	0	0	0
Total operating expenses	44	43	124	113
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	44	43	124	113
Income before income tax expense	74	85	316	281
Income tax expense (benefit)	18	20	75	66
Net income	56	65	241	215
Operating Segments [Member] \| Business Processing [Member]
Interest income:
Cash and investments	0	0	0	0
Total interest income	0	0	0	0
Total interest expense	0	0	0	0
Net interest income	0	0	0	0
Less: provisions for loan losses	0	0	0	0
Net interest income after provisions for loan losses	0	0	0	0
Other income (loss):
Servicing revenue	0	0	0	0
Asset recovery and business processing revenue	85	79	240	260
Other revenue	0	0	0	0
Total other income	85	79	240	260
Expenses:
Direct operating expenses	73	67	215	216
Unallocated shared services expenses	0	0	0	0
Total operating expenses	73	67	215	216
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	73	67	215	216
Income before income tax expense	12	12	25	44
Income tax expense (benefit)	3	3	6	11
Net income	9	9	19	33
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Cash and investments	15	7	35	8
Total interest income	15	7		8
Total interest expense	46	33	119	65
Net interest income	(31)	(26)	(84)	(57)
Less: provisions for loan losses	0	0	0	0
Net interest income after provisions for loan losses	(31)	(26)	(84)	(57)
Other income (loss):
Servicing revenue	0	0	0	0
Asset recovery and business processing revenue	0	0	0	0
Other revenue	1	0	3	(3)
Total other income	1	0	3	(3)
Expenses:
Direct operating expenses	0	0	0	0
Unallocated shared services expenses	99	59	207	180
Total operating expenses	99	59	207	180
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	4	21	23	25
Total expenses	103	80	230	205
Income before income tax expense	(133)	(106)	(311)	(265)
Income tax expense (benefit)	(31)	(25)	(73)	(63)
Net income	(102)	(81)	(238)	(202)
Adjustments [Member] \| Reclassifications [Member]
Interest income:
Net interest income	7	(1)	24	(20)
Other income (loss):
Total other income	(7)	1	(24)	20
Expenses:
Total operating expenses	0	0	0	0
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	0	0	0	0
Income before income tax expense	0	0	0	0
Income tax expense (benefit)	0	0	0	0
Net income	0	0	0	0
Adjustments [Member] \| Additions (Subtractions) [Member]
Interest income:
Net interest income	(18)	8	27	(84)
Other income (loss):
Total other income	(19)	(41)	(20)	(181)
Expenses:
Total operating expenses	0	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(10)	(8)	(17)
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	(3)	(10)	(8)	(17)
Income before income tax expense	(34)	(23)	15	(248)
Income tax expense (benefit)	(12)	(5)	(7)	(64)
Net income	(22)	(18)	22	(184)
Adjustments [Member] \| Total Adjustments [Member]
Interest income:
Net interest income	(11)	7	51	(104)
Net interest income after provisions for loan losses	(11)	7	51	(104)
Other income (loss):
Total other income	(26)	(40)	(44)	(161)
Expenses:
Total operating expenses	0	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(10)	(8)	(17)
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	(3)	(10)	(8)	(17)
Income before income tax expense	(34)	(23)	15	(248)
Income tax expense (benefit)	(12)	(5)	(7)	(64)
Net income	(22)	(18)	22	(184)
Education Loan Portfolio [Member]
Interest income:
Total interest income	1,129	862	3,227	2,174
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Federal Education Loans [Member]
Interest income:
Total interest income	778	555	2,194	1,298
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Consumer Lending [Member]
Interest income:
Total interest income	351	309	1,036	862
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Business Processing [Member]
Interest income:
Total interest income	0	0	0	0
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Other Segment [Member]
Interest income:
Total interest income	$ 0	$ 0	$ 0	$ 0

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 2,102	$ 2,031
Benefit and insurance-related investments	456	452
Income tax asset, net	85	132
Derivatives at fair value	17	56
Accounts receivable	97	83
Fixed assets	67	74
Other	29	38
Total	$ 2,853	$ 2,866

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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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/2009/role/commonPracticeRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
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-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Other Assets

9 Months Ended

Sep. 30, 2023

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)	September 30, 2023		December 31, 2022
Accrued interest receivable	$	2,102	$	2,031
Benefit and insurance-related investments		456		452
Income tax asset, net		85		132
Derivatives at fair value		17		56
Accounts receivable		97		83
Fixed assets		67		74
Other		29		38
Total	$	2,853	$	2,866

Allowance for Loan Losses - Summary of Performance and Related Loan Status of Loans Modified (Parenthetical) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans modified, charged off	$ 5

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2023
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 nine months ended September 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2022 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, 2022 (the 2022 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 2022 Form 10-K. Recently Issued Accounting Pronouncements Effective in 2020 and Forward Rate Reform In March 2020 (and as amended in December 2022), the FASB issued ASU No. 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional temporary relief for companies who were preparing for the discontinuation of interest rates indexed to the London Interbank Offered Rate (LIBOR). The ASU provides companies with guidance in the form of expedients and exceptions related to contract modifications and hedge accounting to ease the burden of and simplify the accounting associated with transitioning away from LIBOR. Modifications of qualifying contracts are accounted for as the continuation of an existing contract rather than as a new contract. Modifications of qualifying hedging relationships will not require discontinuation of the existing hedge accounting relationships. One-month and three-month LIBOR were discontinued as of June 30, 2023. Our hedging instruments that were indexed to one-month and three-month LIBOR are now indexed to SOFR. There was $12 billion of debt as of June 30, 2023, that was in either a fair value or cash flow hedge relationship using LIBOR swaps. We used the hedge accounting expedients in this ASU when those swaps transitioned to SOFR on July 1, 2023. As a result, these hedges did not result in the discontinuation of the existing hedge accounting relationships. Troubled Debt Restructurings 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 was effective on January 1, 2023. Prior to adopting this new guidance on January 1, 2023, as it relates to interest rate concessions granted as part of our Private Education Loan modification program, a discounted cash flow model was used to calculate the amount of interest forgiven for loans that were in the program and the present value of that interest rate concession was included as a part of the allowance for loan loss. This new guidance no longer allows the measurement and recognition of this element of our allowance for loan loss for new modifications that occur subsequent to January 1, 2023. As of December 31, 2022, the allowance for loan loss included $77 million related to this interest rate concession component of the allowance for loan loss. We elected to adopt this amendment using a prospective transition method which results in the $77 million releasing in 2023 and 2024 as the borrowers exit their current modification programs. $63 million of the $77 million was released in the nine months ended September 30, 2023.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During the third quarters of 2023 and 2022, there were no significant transfers of financial instruments between levels.


	Fair Value Measurements on a Recurring Basis
	September 30, 2023										December 31, 2022
(Dollars in millions)	Level 1		Level 2		Level 3			Total			Level 1		Level 2			Level 3			Total
Assets
Derivative instruments:(1)
Interest rate swaps		—		17		—			17			—		55			1			56
Cross-currency interest rate swaps		—		—		—			—			—		—			—			—
Total derivative assets(2)		—		17		—			17			—		55			1			56
Total	$	—	$	17	$	—		$	17		$	—	$	55		$	1		$	56
Liabilities(3)
Derivative instruments(1)
Interest rate swaps	$	—	$	—	$	(1	)	$	(1	)	$	—	$	(2	)	$	(3	)	$	(5	)
Floor Income Contracts		—		—		—			—			—		—			—			—
Cross-currency interest rate swaps		—		—		(250	)		(250	)		—		—			(253	)		(253	)
Total derivative liabilities(2)		—		—		(251	)		(251	)		—		(2	)		(256	)		(258	)
Total	$	—	$	—	$	(251	)	$	(251	)	$	—	$	(2	)	$	(256	)	$	(258	)

(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.

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 September 30,
	2023											2022
	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	$	(2	)	$	(234	)	$	—	$	(236	)	$	(3	)	$	(279	)	$	—	$	(282	)
Total gains/(losses):
Included in earnings(1)		1			(27	)		—		(26	)		1			(141	)		—		(140	)
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			11			—		11			—			13			—		13
Transfers in and/or out of level 3		—			—			—		—			—			—			—		—
Balance, end of period	$	(1	)	$	(250	)	$	—	$	(251	)	$	(2	)	$	(407	)	$	—	$	(409	)
Change in mark-to- market gains/(losses) relating to instruments still held at the reporting date(2)	$	1		$	(16	)	$	—	$	(15	)	$	1		$	(128	)	$	—	$	(127	)


	Nine Months Ended September 30,
	2023											2022
	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	$	(2	)	$	(253	)	$	—	$	(255	)	$	(4	)	$	(190	)	$	—	$	(194	)
Total gains/(losses):
Included in earnings(1)		1			(33	)		—		(32	)		1			(244	)		—		(243	)
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			36			—		36			1			27			—		28
Transfers in and/or out of level 3		—			—			—		—			—			—			—		—
Balance, end of period	$	(1	)	$	(250	)	$	—	$	(251	)	$	(2	)	$	(407	)	$	—	$	(409	)
Change in mark-to- market gains/(losses) relating to instruments still held at the reporting date(2)	$	1		$	3		$	—	$	4		$	1		$	(217	)	$	—	$	(216	)

(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 September 30,						Nine Months Ended September 30,
(Dollars in millions)	2023			2022			2023			2022
Gains (losses) on derivative and hedging activities, net	$	1		$	1		$	1		$	1
Interest expense		(27	)		(141	)		(33	)		(244	)
Total	$	(26	)	$	(140	)	$	(32	)	$	(243	)

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

Included in Earnings

(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 September 30,						Nine Months Ended September 30,
(Dollars in millions)	2023			2022			2023			2022
Gains (losses) on derivative and hedging activities, net	$	1		$	1		$	1		$	1
Interest expense		(27	)		(141	)		(33	)		(244	)
Total	$	(26	)	$	(140	)	$	(32	)	$	(243	)

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 September 30, 2023			Valuation Technique	Input	Range and Weighted Average
Derivatives
Prime/LIBOR basis swaps	$	(1	)	Discounted cash flow	Constant Prepayment Rate	10%
					Bid/ask adjustment to discount rate	.08%
Cross-currency interest rate swaps		(250	)	Discounted cash flow	Constant Prepayment Rate	5%
Other		—
Total	$	(251	)

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.


	September 30, 2023									December 31, 2022
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	38,180		$	39,581		$	(1,401	)	$	41,426		$	43,525		$	(2,099	)
Private Education Loans		16,418			17,333			(915	)		17,880			18,725			(845	)
Cash and investments		2,950			2,950			—			4,974			4,974			—
Total earning assets		57,548			59,864			(2,316	)		64,280			67,224			(2,944	)
Interest-bearing liabilities
Short-term borrowings		4,670			4,662			(8	)		5,879			5,870			(9	)
Long-term borrowings		52,570			54,907			2,337			57,652			61,026			3,374
Total interest-bearing liabilities		57,240			59,569			2,329			63,531			66,896			3,365
Derivative financial instruments
Floor Income Contracts		—			—			—			—			—			—
Interest rate swaps		16			16			—			51			51			—
Cross-currency interest rate swaps		(250	)		(250	)		—			(253	)		(253	)		—
Other		—			—			—			—			—			—
Excess of net asset fair value over carrying value							$	13								$	421

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Additional Information (Detail) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 97,000,000	$ 83,000,000
ASU 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable	88,000,000		$ 76,000,000
Contract assets	0
Contract liability	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Carrying Value	$ 59,864	$ 67,224
Short-term borrowings, Carrying Value	4,662	5,870
Long-term borrowings, Carrying Value	54,907	61,026
Total	59,569	66,896
Total earning assets, Fair Value	57,548	64,280
Short-term borrowings, Fair Value	4,670	5,879
Long-term borrowings, Fair Value	52,570	57,652
Total interest-bearing liabilities, Fair Value	57,240	63,531
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	39,581	43,525
Loans receivable, Fair Value	38,180	41,426
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	0	0
Derivative financial instruments, Fair Value	0	0
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	16	51
Derivative financial instruments, Fair Value	16	51
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(250)	(253)
Derivative financial instruments, Fair Value	(250)	(253)
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	0	0
Derivative financial instruments, Fair Value	0	0
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	17,333	18,725	$ 19,151
Loans receivable, Fair Value	16,418	17,880
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	0	0
Total earning assets, Fair Value	(2,316)	(2,944)
Short-term borrowings, Fair Value	(8)	(9)
Long-term borrowings, Fair Value	2,337	3,374
Total interest-bearing liabilities, Fair Value	2,329	3,365
Excess of net asset fair value over carrying value	13	421
Difference [Member] \| FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(1,401)	(2,099)
Difference [Member] \| Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Fair Value	0	0
Difference [Member] \| Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Fair Value	0	0
Difference [Member] \| Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Fair Value	0	0
Difference [Member] \| Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Fair Value	0	0
Difference [Member] \| Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(915)	(845)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	2,950	4,974
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 2,950	$ 4,974

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounts Notes And Loans Receivable [Line Items]
Payment Default (Par)		$ 13		$ 31
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 65		$ 123
Payment Default (Par)	$ 67		$ 126

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2023 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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	117,571,091
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	13865 Sunrise Valley Drive
Entity Address, City or Town	Herndon
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20171
City Area Code	(703)
Local Phone Number	810-3000
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
Preferred Stock Purchase Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 17	$ 56
Derivative liabilities	(251)	(258)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	17	56
Derivative liabilities	(1)	(5)
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	(250)	(253)
Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	17	56
Total	17	56
Derivative liabilities	(251)	(258)
Total	(251)	(258)
Fair Value Measurements Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Total	0	0
Derivative liabilities	0	0
Total	0	0
Fair Value Measurements Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	17	55
Total	17	55
Derivative liabilities	0	(2)
Total	0	(2)
Fair Value Measurements Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	1
Total		1
Derivative liabilities	(251)	(256)
Total	(251)	(256)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	17	56
Derivative liabilities	(1)	(5)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
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	17	55
Derivative liabilities	0	(2)
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	0	1
Derivative liabilities	(1)	(3)
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 assets	0	0
Derivative liabilities	(250)	(253)
Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
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 assets	0	0
Derivative liabilities	(250)	(253)
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
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	0	0
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 0	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 85	$ 79	$ 240	$ 261
Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	20	2	43	6
Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	1
State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	17	27	52	95
Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	20	18	54	48
Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	28	32	91	111
Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	1
Federal Education Loans [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Federal Education Loans [Member] \| Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	1
Federal Education Loans [Member] \| State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Federal Education Loans [Member] \| Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Federal Education Loans [Member] \| Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	85	79	240	260
Business Processing [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	20	2	43	6
Business Processing [Member] \| Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Business Processing [Member] \| State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	17	27	52	95
Business Processing [Member] \| Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	20	18	54	48
Business Processing [Member] \| Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	28	32	91	111
Federal Education Loan Asset Recovery Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	1
Federal Education Loan Asset Recovery Services [Member] \| Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	1
Federal Education Loan Asset Recovery Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Government Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	57	47	149	149
Government Services [Member] \| Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Government Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	57	47	149	149
Healthcare Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	28	32	91	111
Healthcare Services [Member] \| Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Healthcare Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 28	$ 32	$ 91	$ 111

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 4,662	$ 5,870
Long-term borrowings	54,907	61,026
Total	59,569	66,896
Total assets	63,414	70,795
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,672	5,880
Long-term borrowings	55,437	61,516
Total	60,109	67,396
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	(10)	(10)
Long-term borrowings	(530)	(490)
Total	(540)	(500)
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	3,772	4,458
Long-term borrowings	49,849	55,598
Total	53,621	60,056
Loans	55,682	60,672
Cash	1,798	3,233
Other assets	1,615	1,356
Total assets	59,095	65,261
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	62	76
Long-term borrowings	36,961	42,675
Total	37,023	42,751
Loans	37,509	42,148
Cash	1,313	2,705
Other assets	1,624	1,544
Total assets	40,446	46,397
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	498	725
Long-term borrowings	11,766	12,744
Total	12,264	13,469
Loans	13,294	14,168
Cash	349	367
Other assets	106	105
Total assets	13,749	14,640
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,510	923
Long-term borrowings	456	386
Total	1,966	1,309
Loans	1,984	1,317
Cash	36	39
Other assets	79	44
Total assets	2,099	1,400
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,702	2,734
Long-term borrowings	859	0
Total	2,561	2,734
Loans	2,895	3,039
Cash	100	122
Other assets	57	(81)
Total assets	3,052	3,080
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	3,772	4,458
Long-term borrowings	50,042	55,805
Total	53,814	60,263
Loans	55,682	60,672
Cash	1,798	3,233
Other assets	1,866	1,612
Total assets	59,346	65,517
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	0	0
Long-term borrowings	(193)	(207)
Total	(193)	(207)
Loans	0	0
Cash	0	0
Other assets	(251)	(256)
Total assets	$ (251)	$ (256)

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term borrowings	$ 4,662	$ 5,870
Long-term borrowings	54,907	61,026
Total	59,569	66,896
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	4,672	5,880
Long-term borrowings	55,437	61,516
Total	60,109	67,396
Total Before Hedge Accounting Adjustments [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	856	1,301
Long-term borrowings	5,355	5,711
Total	6,211	7,012
Total Before Hedge Accounting Adjustments [Member] \| Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	856	1,301
Long-term borrowings	5,355	5,711
Total	6,211	7,012
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	62	76
Long-term borrowings	36,961	42,675
Total	37,023	42,751
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	498	725
Long-term borrowings	11,766	12,744
Total	12,264	13,469
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,510	923
Long-term borrowings	456	386
Total	1,966	1,309
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,702	2,734
Long-term borrowings	859	0
Total	2,561	2,734
Total Before Hedge Accounting Adjustments [Member] \| Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	44	121
Long-term borrowings	40	0
Total	84	121
Total Before Hedge Accounting Adjustments [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	3,816	4,579
Long-term borrowings	50,082	55,805
Total	53,898	60,384
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	(10)	(10)
Long-term borrowings	(530)	(490)
Total	$ (540)	$ (500)

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Segment Results and Reconciliations to GAAP


	Three Months Ended September 30, 2023
			Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Federal Education Loans		Consumer Lending		Business Processing		Other
Interest income:
Education loans	$	1,129												$	778	$	351	$	—	$	—
Cash and investments		41													19		7		—		15
Total interest income		1,170													797		358		—		15
Total interest expense		879													636		208		—		46
Net interest income (loss)		291	$	7		$	(18	)	$	(11	)	$	280		161		150		—		(31	)
Less: provisions for loan losses		72											72		36		36		—		—
Net interest income (loss) after provisions for loan losses		219													125		114		—		(31	)
Other income (loss):
Servicing revenue		15													12		3		—		—
Asset recovery and business processing revenue		85													—		—		85		—
Other revenue		31													3		1		—		1
Total other income (loss)		131		(7	)		(19	)		(26	)		105		15		4		85		1
Expenses:
Direct operating expenses		134													17		44		73		—
Unallocated shared services expenses		99													—		—		—		99
Operating expenses		233		—			—			—			233		17		44		73		99
Goodwill and acquired intangible asset impairment and amortization		3		—			(3	)		(3	)		—		—		—		—		—
Restructuring/other reorganization expenses		4		—			—			—			4		—		—		—		4
Total expenses		240		—			(3	)		(3	)		237		17		44		73		103
Income (loss) before income tax expense (benefit)		110		—			(34	)		(34	)		76		123		74		12		(133	)
Income tax expense (benefit)(2)		31		—			(12	)		(12	)		19		29		18		3		(31	)
Net income (loss)	$	79	$	—		$	(22	)	$	(22	)	$	57	$	94	$	56	$	9	$	(102	)

(1)

Core Earnings adjustments to GAAP:


	Three Months Ended September 30, 2023
(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	$	(11	)	$	—		$	(11	)
Total other income (loss)		(26	)		—			(26	)
Goodwill and acquired intangible asset impairment and amortization		—			(3	)		(3	)
Total Core Earnings adjustments to GAAP	$	(37	)	$	3			(34	)
Income tax expense (benefit)								(12	)
Net income (loss)							$	(22	)

(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 September 30, 2022
			Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Federal Education Loans		Consumer Lending		Business Processing		Other
Interest income:
Education loans	$	862												$	555	$	309	$	—	$	—
Cash and investments		19													9		3		—		7
Total interest income		881													564		312		—		7
Total interest expense		641													444		159		—		33
Net interest income (loss)		240	$	(1	)	$	8		$	7		$	247		120		153		—		(26	)
Less: provisions for loan losses		28											28		—		28		—		—
Net interest income (loss) after provisions for loan losses		212													120		125		—		(26	)
Other income (loss):
Servicing revenue		24													21		3		—		—
Asset recovery and business processing revenue		80													1		—		79		—
Other revenue		46													6		—		—		—
Total other income (loss)		150		1			(41	)		(40	)		110		28		3		79		—
Expenses:
Direct operating expenses		135													25		43		67		—
Unallocated shared services expenses		59													—		—		—		59
Operating expenses		194		—			—			—			194		25		43		67		59
Goodwill and acquired intangible asset impairment and amortization		10		—			(10	)		(10	)		—		—		—		—		—
Restructuring/other reorganization expenses		21		—			—			—			21		—		—		—		21
Total expenses		225		—			(10	)		(10	)		215		25		43		67		80
Income (loss) before income tax expense (benefit)		137		—			(23	)		(23	)		114		123		85		12		(106	)
Income tax expense (benefit)(2)		32		—			(5	)		(5	)		27		29		20		3		(25	)
Net income (loss)	$	105	$	—		$	(18	)	$	(18	)	$	87	$	94	$	65	$	9	$	(81	)

(1)

Core Earnings adjustments to GAAP:


	Three Months Ended September 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	$	7		$	—		$	7
Total other income (loss)		(40	)		—			(40	)
Goodwill and acquired intangible asset impairment and amortization		—			(10	)		(10	)
Total Core Earnings adjustments to GAAP	$	(33	)	$	10			(23	)
Income tax expense (benefit)								(5	)
Net income (loss)							$	(18	)

(2)

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

11. Segment Reporting (Continued)


	Nine Months Ended September 30, 2023
			Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Federal Education Loans		Consumer Lending		Business Processing		Other
Interest income:
Education loans	$	3,227												$	2,194	$	1,036	$	—	$	—
Cash and investments		111													56		20		—		35
Total interest income		3,338													2,250		1,056		—		35
Total interest expense		2,636													1,859		610		—		119
Net interest income (loss)		702	$	24		$	27		$	51		$	753		391		446		—		(84	)
Less: provisions for loan losses		68											68		51		17		—		—
Net interest income (loss) after provisions for loan losses		634													340		429		—		(84	)
Other income (loss):
Servicing revenue		48													39		9		—		—
Asset recovery and business processing revenue		240													—		—		240		—
Other revenue		59													10		2		—		3
Total other income (loss)		347		(24	)		(20	)		(44	)		303		49		11		240		3
Expenses:
Direct operating expenses		394													55		124		215		—
Unallocated shared services expenses		207													—		—		—		207
Operating expenses		601		—			—			—			601		55		124		215		207
Goodwill and acquired intangible asset impairment and amortization		8		—			(8	)		(8	)		—		—		—		—		—
Restructuring/other reorganization expenses		23		—			—			—			23		—		—		—		23
Total expenses		632		—			(8	)		(8	)		624		55		124		215		230
Income (loss) before income tax expense (benefit)		349		—			15			15			364		334		316		25		(311	)
Income tax expense (benefit)(2)		93		—			(7	)		(7	)		86		78		75		6		(73	)
Net income (loss)	$	256	$	—		$	22		$	22		$	278	$	256	$	241	$	19	$	(238	)

(1)

Core Earnings adjustments to GAAP:


	Nine Months Ended September 30, 2023
(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	$	51		$	—		$	51
Total other income (loss)		(44	)		—			(44	)
Goodwill and acquired intangible asset impairment and amortization		—			(8	)		(8	)
Total Core Earnings adjustments to GAAP	$	7		$	8			15
Income tax expense (benefit)								(7	)
Net income (loss)							$	22

(2)

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

11. Segment Reporting (Continued)


	Nine Months Ended September 30, 2022
			Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Federal Education Loans		Consumer Lending		Business Processing		Other
Interest income:
Education loans	$	2,174												$	1,298	$	862	$	—	$	—
Cash and investments		25													12		5		—		8
Total interest income		2,199													1,310		867		—		8
Total interest expense		1,301													905		421		—		65
Net interest income (loss)		898	$	(20	)	$	(84	)	$	(104	)	$	794		405		446		—		(57	)
Less: provisions for loan losses		62											62		—		62		—		—
Net interest income (loss) after provisions for loan losses		836													405		384		—		(57	)
Other income (loss):
Servicing revenue		60													51		9		—		—
Asset recovery and business processing revenue		264													4		—		260		—
Other revenue		183													24		1		—		(3	)
Total other income (loss)		507		20			(181	)		(161	)		346		79		10		260		(3	)
Expenses:
Direct operating expenses		408													79		113		216		—
Unallocated shared services expenses		180													—		—		—		180
Operating expenses		588		—			—			—			588		79		113		216		180
Goodwill and acquired intangible asset impairment and amortization		17		—			(17	)		(17	)		—		—		—		—		—
Restructuring/other reorganization expenses		25		—			—			—			25		—		—		—		25
Total expenses		630		—			(17	)		(17	)		613		79		113		216		205
Income (loss) before income tax expense (benefit)		713		—			(248	)		(248	)		465		405		281		44		(265	)
Income tax expense (benefit)(2)		173		—			(64	)		(64	)		109		95		66		11		(63	)
Net income (loss)	$	540	$	—		$	(184	)	$	(184	)	$	356	$	310	$	215	$	33	$	(202	)

(1)

Core Earnings adjustments to GAAP:


	Nine Months Ended September 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	$	(104	)	$	—		$	(104	)
Total other income (loss)		(161	)		—			(161	)
Goodwill and acquired intangible asset impairment and amortization		—			(17	)		(17	)
Total Core Earnings adjustments to GAAP	$	(265	)	$	17			(248	)
Income tax expense (benefit)								(64	)
Net income (loss)							$	(184	)

(2)

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

Core Earnings Adjustments to GAAP

Summary of Core Earnings Adjustments to GAAP


	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in millions)	2023			2022			2023		2022
GAAP net income	$	79		$	105		$	256	$	540
Core Earnings adjustments to GAAP:
Net impact of derivative accounting(1)		(37	)		(33	)		7		(265	)
Net impact of goodwill and acquired intangible assets(2)		3			10			8		17
Net tax effect(3)		12			5			7		64
Total Core Earnings adjustments to GAAP		(22	)		(18	)		22		(184	)
Core Earnings net income	$	57		$	87		$	278	$	356

(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.

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)	September 30, 2023		December 31, 2022
FFELP Loans, net	$	39,581	$	43,525
Cash and investments(1)		1,350		2,746
Other		2,116		2,229
Total assets	$	43,047	$	48,500

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)	September 30, 2023		December 31, 2022
Private Education Loans, net	$	17,333	$	18,725
Cash and investments(1)		532		617
Other		541		453
Total assets	$	18,406	$	19,795

Includes restricted cash and investments.

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Parenthetical) (Detail)	Sep. 30, 2023	Sep. 30, 2022
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%

Allowance for Loan Losses - Loan Type (Detail) - FFELP Loans [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	$ 39,801	$ 47,124
Change	(7,323)
Stafford Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	12,781	14,956
Change	(2,175)
Consolidation Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	23,199	27,766
Change	(4,567)
Rehab Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	3,821	$ 4,402
Change	$ (581)

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-79

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)
-Publisher SEC

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-SubTopic 10
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5

+ Details

Segment Reporting - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment	4
Total assets	$ 63,414	$ 70,795
Business Processing [Member]
Segment Reporting Information [Line Items]
Total assets	390	390
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,600	$ 2,100

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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+ Details

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Other	$ 2,853	$ 2,866
Total assets	63,414	70,795
Federal Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	39,581	43,525
Cash and investments	1,350	2,746
Other	2,116	2,229
Total assets	43,047	48,500
Consumer Lending [Member]
Segment Reporting Information [Line Items]
Loans, net	17,333	18,725
Cash and investments	532	617
Other	541	453
Total assets	$ 18,406	$ 19,795

- Definition

+ References

+ Details

Segment Reporting

9 Months Ended

Sep. 30, 2023

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

Navient owns FFELP Loans and performs servicing on this portfolio. We also service 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 our FFELP Loans and servicing-related fee income.

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


(Dollars in millions)	September 30, 2023		December 31, 2022
FFELP Loans, net	$	39,581	$	43,525
Cash and investments(1)		1,350		2,746
Other		2,116		2,229
Total assets	$	43,047	$	48,500

(1)

Includes restricted cash and investments.

Consumer Lending Segment

Navient owns, originates and services in-school and refinance Private Education Loans. "In-school" Private Education Loans are loans originally made to borrowers while they are attending school whereas "Refinance" Private Education Loans are loans where a borrower has refinanced their education loans. We generate revenue primarily through net interest income on our Private Education Loan portfolio.

Navient helps students and families through the going-to and paying-for-college journey. Our digital tools empower people to find grants and scholarships, compare financial aid offers and complete the FAFSA. Our Private Education Loans offer easy-to-understand payment options. After graduation, we offer student loan refinancing to help people simplify their repayment and earn a better rate. We believe our 50 years of experience, product design, digital marketing strategies, and origination and servicing platform provide a unique competitive advantage.

The following table includes asset information for our Consumer Lending segment.


(Dollars in millions)	September 30, 2023		December 31, 2022
Private Education Loans, net	$	17,333	$	18,725
Cash and investments(1)		532		617
Other		541		453
Total assets	$	18,406	$	19,795

(1)

Includes restricted cash and investments.

11. Segment Reporting (Continued)

Business Processing Segment

Navient provides business processing solutions such as omnichannel contact center services, workflow processing, and revenue cycle optimization. We leverage the same expertise and intelligent tools we use to deliver successful results for portfolios we own. Our support enables our clients to ensure better constituent outcomes, meet rapidly changing needs, improve technology, reduce operating expenses, manage risk and optimize revenue opportunities. Our clients include:

•

Government: We offer our solutions to federal agencies, state governments, tolling and parking authorities, and other public sector clients.

•

Healthcare: Our clients include hospitals, hospital systems, medical centers, large physician groups, other healthcare providers and public health departments.

At September 30, 2023 and December 31, 2022, the Business Processing segment had total assets of $390 million and $390 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 September 30, 2023 and December 31, 2022, the Other segment had total assets of $1.6 billion and $2.1 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 September 30, 2023
			Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Federal Education Loans		Consumer Lending		Business Processing		Other
Interest income:
Education loans	$	1,129												$	778	$	351	$	—	$	—
Cash and investments		41													19		7		—		15
Total interest income		1,170													797		358		—		15
Total interest expense		879													636		208		—		46
Net interest income (loss)		291	$	7		$	(18	)	$	(11	)	$	280		161		150		—		(31	)
Less: provisions for loan losses		72											72		36		36		—		—
Net interest income (loss) after provisions for loan losses		219													125		114		—		(31	)
Other income (loss):
Servicing revenue		15													12		3		—		—
Asset recovery and business processing revenue		85													—		—		85		—
Other revenue		31													3		1		—		1
Total other income (loss)		131		(7	)		(19	)		(26	)		105		15		4		85		1
Expenses:
Direct operating expenses		134													17		44		73		—
Unallocated shared services expenses		99													—		—		—		99
Operating expenses		233		—			—			—			233		17		44		73		99
Goodwill and acquired intangible asset impairment and amortization		3		—			(3	)		(3	)		—		—		—		—		—
Restructuring/other reorganization expenses		4		—			—			—			4		—		—		—		4
Total expenses		240		—			(3	)		(3	)		237		17		44		73		103
Income (loss) before income tax expense (benefit)		110		—			(34	)		(34	)		76		123		74		12		(133	)
Income tax expense (benefit)(2)		31		—			(12	)		(12	)		19		29		18		3		(31	)
Net income (loss)	$	79	$	—		$	(22	)	$	(22	)	$	57	$	94	$	56	$	9	$	(102	)

(1)

Core Earnings adjustments to GAAP:


	Three Months Ended September 30, 2023
(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	$	(11	)	$	—		$	(11	)
Total other income (loss)		(26	)		—			(26	)
Goodwill and acquired intangible asset impairment and amortization		—			(3	)		(3	)
Total Core Earnings adjustments to GAAP	$	(37	)	$	3			(34	)
Income tax expense (benefit)								(12	)
Net income (loss)							$	(22	)

(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 September 30, 2022
			Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Federal Education Loans		Consumer Lending		Business Processing		Other
Interest income:
Education loans	$	862												$	555	$	309	$	—	$	—
Cash and investments		19													9		3		—		7
Total interest income		881													564		312		—		7
Total interest expense		641													444		159		—		33
Net interest income (loss)		240	$	(1	)	$	8		$	7		$	247		120		153		—		(26	)
Less: provisions for loan losses		28											28		—		28		—		—
Net interest income (loss) after provisions for loan losses		212													120		125		—		(26	)
Other income (loss):
Servicing revenue		24													21		3		—		—
Asset recovery and business processing revenue		80													1		—		79		—
Other revenue		46													6		—		—		—
Total other income (loss)		150		1			(41	)		(40	)		110		28		3		79		—
Expenses:
Direct operating expenses		135													25		43		67		—
Unallocated shared services expenses		59													—		—		—		59
Operating expenses		194		—			—			—			194		25		43		67		59
Goodwill and acquired intangible asset impairment and amortization		10		—			(10	)		(10	)		—		—		—		—		—
Restructuring/other reorganization expenses		21		—			—			—			21		—		—		—		21
Total expenses		225		—			(10	)		(10	)		215		25		43		67		80
Income (loss) before income tax expense (benefit)		137		—			(23	)		(23	)		114		123		85		12		(106	)
Income tax expense (benefit)(2)		32		—			(5	)		(5	)		27		29		20		3		(25	)
Net income (loss)	$	105	$	—		$	(18	)	$	(18	)	$	87	$	94	$	65	$	9	$	(81	)

(1)

Core Earnings adjustments to GAAP:


	Three Months Ended September 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	$	7		$	—		$	7
Total other income (loss)		(40	)		—			(40	)
Goodwill and acquired intangible asset impairment and amortization		—			(10	)		(10	)
Total Core Earnings adjustments to GAAP	$	(33	)	$	10			(23	)
Income tax expense (benefit)								(5	)
Net income (loss)							$	(18	)

(2)

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

11. Segment Reporting (Continued)


	Nine Months Ended September 30, 2023
			Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Federal Education Loans		Consumer Lending		Business Processing		Other
Interest income:
Education loans	$	3,227												$	2,194	$	1,036	$	—	$	—
Cash and investments		111													56		20		—		35
Total interest income		3,338													2,250		1,056		—		35
Total interest expense		2,636													1,859		610		—		119
Net interest income (loss)		702	$	24		$	27		$	51		$	753		391		446		—		(84	)
Less: provisions for loan losses		68											68		51		17		—		—
Net interest income (loss) after provisions for loan losses		634													340		429		—		(84	)
Other income (loss):
Servicing revenue		48													39		9		—		—
Asset recovery and business processing revenue		240													—		—		240		—
Other revenue		59													10		2		—		3
Total other income (loss)		347		(24	)		(20	)		(44	)		303		49		11		240		3
Expenses:
Direct operating expenses		394													55		124		215		—
Unallocated shared services expenses		207													—		—		—		207
Operating expenses		601		—			—			—			601		55		124		215		207
Goodwill and acquired intangible asset impairment and amortization		8		—			(8	)		(8	)		—		—		—		—		—
Restructuring/other reorganization expenses		23		—			—			—			23		—		—		—		23
Total expenses		632		—			(8	)		(8	)		624		55		124		215		230
Income (loss) before income tax expense (benefit)		349		—			15			15			364		334		316		25		(311	)
Income tax expense (benefit)(2)		93		—			(7	)		(7	)		86		78		75		6		(73	)
Net income (loss)	$	256	$	—		$	22		$	22		$	278	$	256	$	241	$	19	$	(238	)

(1)

Core Earnings adjustments to GAAP:


	Nine Months Ended September 30, 2023
(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	$	51		$	—		$	51
Total other income (loss)		(44	)		—			(44	)
Goodwill and acquired intangible asset impairment and amortization		—			(8	)		(8	)
Total Core Earnings adjustments to GAAP	$	7		$	8			15
Income tax expense (benefit)								(7	)
Net income (loss)							$	22

(2)

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

11. Segment Reporting (Continued)


	Nine Months Ended September 30, 2022
			Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Federal Education Loans		Consumer Lending		Business Processing		Other
Interest income:
Education loans	$	2,174												$	1,298	$	862	$	—	$	—
Cash and investments		25													12		5		—		8
Total interest income		2,199													1,310		867		—		8
Total interest expense		1,301													905		421		—		65
Net interest income (loss)		898	$	(20	)	$	(84	)	$	(104	)	$	794		405		446		—		(57	)
Less: provisions for loan losses		62											62		—		62		—		—
Net interest income (loss) after provisions for loan losses		836													405		384		—		(57	)
Other income (loss):
Servicing revenue		60													51		9		—		—
Asset recovery and business processing revenue		264													4		—		260		—
Other revenue		183													24		1		—		(3	)
Total other income (loss)		507		20			(181	)		(161	)		346		79		10		260		(3	)
Expenses:
Direct operating expenses		408													79		113		216		—
Unallocated shared services expenses		180													—		—		—		180
Operating expenses		588		—			—			—			588		79		113		216		180
Goodwill and acquired intangible asset impairment and amortization		17		—			(17	)		(17	)		—		—		—		—		—
Restructuring/other reorganization expenses		25		—			—			—			25		—		—		—		25
Total expenses		630		—			(17	)		(17	)		613		79		113		216		205
Income (loss) before income tax expense (benefit)		713		—			(248	)		(248	)		465		405		281		44		(265	)
Income tax expense (benefit)(2)		173		—			(64	)		(64	)		109		95		66		11		(63	)
Net income (loss)	$	540	$	—		$	(184	)	$	(184	)	$	356	$	310	$	215	$	33	$	(202	)

(1)

Core Earnings adjustments to GAAP:


	Nine Months Ended September 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	$	(104	)	$	—		$	(104	)
Total other income (loss)		(161	)		—			(161	)
Goodwill and acquired intangible asset impairment and amortization		—			(17	)		(17	)
Total Core Earnings adjustments to GAAP	$	(265	)	$	17			(248	)
Income tax expense (benefit)								(64	)
Net income (loss)							$	(184	)

(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 September 30,						Nine Months Ended September 30,
(Dollars in millions)	2023			2022			2023		2022
GAAP net income	$	79		$	105		$	256	$	540
Core Earnings adjustments to GAAP:
Net impact of derivative accounting(1)		(37	)		(33	)		7		(265	)
Net impact of goodwill and acquired intangible assets(2)		3			10			8		17
Net tax effect(3)		12			5			7		64
Total Core Earnings adjustments to GAAP		(22	)		(18	)		22		(184	)
Core Earnings net income	$	57		$	87		$	278	$	356

(1)

(2)

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

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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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-Subparagraph (d)
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+ Details

Borrowings (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.


	September 30, 2023									December 31, 2022
(Dollars in millions)	Short Term			Long Term			Total			Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt(1)	$	856		$	5,355		$	6,211		$	1,301		$	5,711		$	7,012
Total unsecured borrowings		856			5,355			6,211			1,301			5,711			7,012
Secured borrowings:
FFELP Loan securitizations(2)(3)		62			36,961			37,023			76			42,675			42,751
Private Education Loan securitizations(4)		498			11,766			12,264			725			12,744			13,469
FFELP Loan ABCP facilities		1,510			456			1,966			923			386			1,309
Private Education Loan ABCP facilities		1,702			859			2,561			2,734			—			2,734
Other(5)		44			40			84			121			—			121
Total secured borrowings		3,816			50,082			53,898			4,579			55,805			60,384
Total before hedge accounting adjustments		4,672			55,437			60,109			5,880			61,516			67,396
Hedge accounting adjustments		(10	)		(530	)		(540	)		(10	)		(490	)		(500	)
Total	$	4,662		$	54,907		$	59,569		$	5,870		$	61,026		$	66,896

(1)

Includes principal amount of $856 million and $1.3 billion of short-term debt as of September 30, 2023 and December 31, 2022, respectively. Includes principal amount of $5.4 billion and $5.7 billion of long-term debt as of September 30, 2023 and December 31, 2022, respectively.

(2)

Includes $62 million and $76 million of short-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) and as of September 30, 2023 and December 31, 2022, respectively. Includes $127 million and $0 million of long-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of September 30, 2023 and December 31, 2022, respectively.

(3)

Includes defaulted FFELP secured debt tranches with a remaining principal amount of $1.7 billion as of September 30, 2023 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 2030 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 $498 million and $725 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of September 30, 2023 and December 31, 2022, respectively.

(5)

“Other” primarily includes the obligation to return cash collateral held related to derivative exposure.

Financing VIEs

We consolidated the following financing VIEs as of September 30, 2023 and December 31, 2022, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	September 30, 2023
	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	$	62	$	36,961		$	37,023		$	37,509	$	1,313	$	1,624		$	40,446
Private Education Loan securitizations		498		11,766			12,264			13,294		349		106			13,749
FFELP Loan ABCP facilities		1,510		456			1,966			1,984		36		79			2,099
Private Education Loan ABCP facilities		1,702		859			2,561			2,895		100		57			3,052
Total before hedge accounting adjustments		3,772		50,042			53,814			55,682		1,798		1,866			59,346
Hedge accounting adjustments		—		(193	)		(193	)		—		—		(251	)		(251	)
Total	$	3,772	$	49,849		$	53,621		$	55,682	$	1,798	$	1,615		$	59,095


	December 31, 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	$	76	$	42,675		$	42,751		$	42,148	$	2,705	$	1,544		$	46,397
Private Education Loan securitizations		725		12,744			13,469			14,168		367		105			14,640
FFELP Loan ABCP facilities		923		386			1,309			1,317		39		44			1,400
Private Education Loan ABCP facilities		2,734		—			2,734			3,039		122		(81	)		3,080
Total before hedge accounting adjustments		4,458		55,805			60,263			60,672		3,233		1,612			65,517
Hedge accounting adjustments		—		(207	)		(207	)		—		—		(256	)		(256	)
Total	$	4,458	$	55,598		$	60,056		$	60,672	$	3,233	$	1,356		$	65,261

- 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

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

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	$ 79	$ 105	$ 256	$ 540
Net tax effect	(31)	(32)	(93)	(173)
Operating Segments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	57	87	278	356
Net tax effect	(19)	(27)	(86)	(109)
Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	(22)	(18)	22	(184)
Core Earnings adjustments to GAAP	(34)	(23)	15	(248)
Net tax effect	12	5	7	64
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	(37)	(33)	7	(265)
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	$ 10	$ 8	$ 17

- 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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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Total Stockholders' Equity [Member]
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48

Derivative Financial Instruments - Impact of Derivatives on Balance Sheet (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative Assets:
Derivative assets	$ 17	$ 56
Derivative Liabilities:
Derivative liabilities	(251)	(258)
Net total derivatives	(234)	(202)
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	0
Net total derivatives	0	0
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	17	55
Derivative Liabilities:
Derivative liabilities	(250)	(255)
Net total derivatives	(233)	(200)
Trading [Member]
Derivative Assets:
Derivative assets	0	1
Derivative Liabilities:
Derivative liabilities	(1)	(3)
Net total derivatives	(1)	(2)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	17	56
Derivative Liabilities:
Derivative liabilities	(1)	(5)
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	0
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	17	55
Derivative Liabilities:
Derivative liabilities	0	(2)
Interest Rate Swaps [Member] \| Trading [Member]
Derivative Assets:
Derivative assets	0	1
Derivative Liabilities:
Derivative liabilities	(1)	(3)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	(250)	(253)
Cross-Currency Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	0
Cross-Currency Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	(250)	(253)
Cross-Currency Interest Rate Swaps [Member] \| Trading [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	0
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	0	0
Floor Income Contracts [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Liabilities:
Derivative liabilities	0	0
Floor Income Contracts [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Liabilities:
Derivative liabilities	0	0
Floor Income Contracts [Member] \| Trading [Member]
Derivative Liabilities:
Derivative liabilities	$ 0	$ 0

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses	$ 845	$ 857	$ 1,022	$ 1,085	$ 1,166	$ 1,271
ASU 2020-04 [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt		$ 12,000
ASU 2022-02 [Member] \| Interest Rate Reduction [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses	77		$ 77
Allowance for loans losses released	$ 63

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Loan allowance for losses	$ (845)	$ (857)	$ (1,022)	$ (1,085)	$ (1,166)	$ (1,271)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Loans, gross	17,958			20,003
Loan allowance for losses	(625)	$ (657)	(800)	(852)	$ (921)	$ (1,009)
Loans, net	17,333		$ 18,725	19,151
Loan, Net Charge-Offs in Year One	0
Loan, Net Charge-Offs in Year Two	(5)
Loan, Net Charge-Offs in Year Three	(7)
Loan, Net Charge-Offs in Year Four	(4)
Loan, Net Charge-Offs in Year Five	(5)
Loan, Net Charge-Offs in Year Prior	(213)
Total Net Charge-Offs	$ (234)
Percentage of Loan, Net Charge-Offs	100.00%
FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 613			1,520
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,694			4,772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,161			1,612
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,329			1,539
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,269			576
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,892			9,984
Total Loans, gross	$ 17,958			$ 20,003
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 One	$ 603			$ 1,503
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,641			4,708
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,056			1,593
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,303			1,502
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,226			556
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,471			8,485
Total Loans, gross	$ 16,300			$ 18,347
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	91.00%			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 One	$ 10			$ 17
Total Private Education Loan Credit Quality Indicators by Origination Year Two	53			64
Total Private Education Loan Credit Quality Indicators by Origination Year Three	105			19
Total Private Education Loan Credit Quality Indicators by Origination Year Four	26			37
Total Private Education Loan Credit Quality Indicators by Origination Year Five	43			20
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,421			1,499
Total Loans, gross	$ 1,658			$ 1,656
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	9.00%			8.00%
Loan Status [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 613			$ 1,520
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,694			4,772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,161			1,612
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,329			1,539
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,269			576
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,892			9,984
Total Loans, gross	$ 17,958			$ 20,003
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 One	$ 40			$ 31
Total Private Education Loan Credit Quality Indicators by Origination Year Two	73			88
Total Private Education Loan Credit Quality Indicators by Origination Year Three	87			28
Total Private Education Loan Credit Quality Indicators by Origination Year Four	20			34
Total Private Education Loan Credit Quality Indicators by Origination Year Five	27			13
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	462			525
Total Loans, gross	$ 709			$ 719
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	4.00%			4.00%
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 One	$ 572			$ 1,488
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,614			4,678
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,062			1,582
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,305			1,499
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,236			560
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,126			9,083
Total Loans, gross	$ 16,915			$ 18,890
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	94.00%			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 One	$ 1			$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year Two	7			6
Total Private Education Loan Credit Quality Indicators by Origination Year Three	12			2
Total Private Education Loan Credit Quality Indicators by Origination Year Four	4			6
Total Private Education Loan Credit Quality Indicators by Origination Year Five	6			3
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	304			376
Total Loans, gross	$ 334			$ 394
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2.00%			2.00%
Seasoning [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 613			$ 1,520
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,694			4,772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,161			1,612
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,329			1,539
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,269			576
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,892			9,984
Total Loans, gross	$ 17,958			$ 20,003
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 One	$ 576			$ 1,499
Total Private Education Loan Credit Quality Indicators by Origination Year Two	451			2,186
Total Private Education Loan Credit Quality Indicators by Origination Year Three	36			14
Total Private Education Loan Credit Quality Indicators by Origination Year Four	8			10
Total Private Education Loan Credit Quality Indicators by Origination Year Five	4			2
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	59			95
Total Loans, gross	$ 1,134			$ 3,806
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	7.00%			19.00%
Seasoning [Member] \| 13-24 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0			$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,185			2,534
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,948			736
Total Private Education Loan Credit Quality Indicators by Origination Year Four	17			39
Total Private Education Loan Credit Quality Indicators by Origination Year Five	15			8
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	68			102
Total Loans, gross	$ 3,233			$ 3,419
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	18.00%			17.00%
Seasoning [Member] \| 25-36 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0			$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	0			0
Total Private Education Loan Credit Quality Indicators by Origination Year Three	2,123			846
Total Private Education Loan Credit Quality Indicators by Origination Year Four	624			968
Total Private Education Loan Credit Quality Indicators by Origination Year Five	44			19
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	124			177
Total Loans, gross	$ 2,915			$ 2,010
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	16.00%			10.00%
Seasoning [Member] \| 37-48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0			$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	0			0
Total Private Education Loan Credit Quality Indicators by Origination Year Three	0			0
Total Private Education Loan Credit Quality Indicators by Origination Year Four	669			503
Total Private Education Loan Credit Quality Indicators by Origination Year Five	791			287
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	202			293
Total Loans, gross	$ 1,662			$ 1,083
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	9.00%			5.00%
Seasoning [Member] \| More than 48 Payments [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0			$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	0			0
Total Private Education Loan Credit Quality Indicators by Origination Year Three	0			0
Total Private Education Loan Credit Quality Indicators by Origination Year Four	0			0
Total Private Education Loan Credit Quality Indicators by Origination Year Five	402			254
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,247			9,083
Total Loans, gross	$ 8,649			$ 9,337
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	48.00%			47.00%
Seasoning [Member] \| School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 37			$ 21
Total Private Education Loan Credit Quality Indicators by Origination Year Two	58			52
Total Private Education Loan Credit Quality Indicators by Origination Year Three	54			16
Total Private Education Loan Credit Quality Indicators by Origination Year Four	11			19
Total Private Education Loan Credit Quality Indicators by Origination Year Five	13			6
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	192			234
Total Loans, gross	$ 365			$ 348
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	2.00%			2.00%
Certain Loan Modifications [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 613			$ 1,520
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,694			4,772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,161			1,612
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,329			1,539
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,269			576
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,892			9,984
Total Loans, gross	$ 17,958			$ 20,003
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
Certain Loan Modifications [Member] \| Modified [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0			$ 6
Total Private Education Loan Credit Quality Indicators by Origination Year Two	28			48
Total Private Education Loan Credit Quality Indicators by Origination Year Three	116			28
Total Private Education Loan Credit Quality Indicators by Origination Year Four	43			62
Total Private Education Loan Credit Quality Indicators by Origination Year Five	78			35
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,926			6,617
Total Loans, gross	$ 6,191			$ 6,796
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	34.00%			34.00%
Certain Loan Modifications [Member] \| Non-Modified [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 613			$ 1,514
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,666			4,724
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,045			1,584
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,286			1,477
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,191			541
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	2,966			3,367
Total Loans, gross	$ 11,767			$ 13,207
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	66.00%			66.00%
Cosigners [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 613			$ 1,520
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,694			4,772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,161			1,612
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,329			1,539
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,269			576
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,892			9,984
Total Loans, gross	$ 17,958			$ 20,003
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 One	$ 159			$ 24
Total Private Education Loan Credit Quality Indicators by Origination Year Two	183			109
Total Private Education Loan Credit Quality Indicators by Origination Year Three	97			28
Total Private Education Loan Credit Quality Indicators by Origination Year Four	24			11
Total Private Education Loan Credit Quality Indicators by Origination Year Five	8			0
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,410			6,425
Total Loans, gross	$ 5,881			$ 6,597
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	33.00%			33.00%
Cosigners [Member] \| Without Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 454			$ 1,496
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,511			4,663
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,064			1,584
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,305			1,528
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,261			576
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,482			3,559
Total Loans, gross	$ 12,077			$ 13,406
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	67.00%			67.00%
School Type [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 613			$ 1,520
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,694			4,772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,161			1,612
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,329			1,539
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,269			576
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,892			9,984
Total Loans, gross	17,958			$ 20,003
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent				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 One	576			$ 1,427
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,604			4,496
Total Private Education Loan Credit Quality Indicators by Origination Year Three	3,919			1,541
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,270			1,434
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,181			529
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,483			8,338
Total Loans, gross	$ 16,033			$ 17,765
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	89.00%			89.00%
School Type [Member] \| For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 37			$ 93
Total Private Education Loan Credit Quality Indicators by Origination Year Two	90			276
Total Private Education Loan Credit Quality Indicators by Origination Year Three	242			71
Total Private Education Loan Credit Quality Indicators by Origination Year Four	59			105
Total Private Education Loan Credit Quality Indicators by Origination Year Five	88			47
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,409			1,646
Total Loans, gross	$ 1,925			$ 2,238
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	11.00%			11.00%

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

9 Months Ended

Sep. 30, 2023

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 September 30,
	2023						2022
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	—	$	—	$	—	$	—	$	—	$	—
Government services		—		57		57		—		47		47
Healthcare services		—		28		28		—		32		32
Total	$	—	$	85	$	85	$	—	$	79	$	79

	Nine Months Ended September 30,
	2023						2022
(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
Government services		—		149		149		—		149		149
Healthcare services		—		91		91		—		111		111
Total	$	—	$	240	$	240	$	1	$	260	$	261

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

Revenue by Client Type


	Three Months Ended September 30,
	2023						2022
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	20	$	20	$	—	$	2	$	2
Guarantor agencies		—		—		—		—		—		—
State and local government		—		17		17		—		27		27
Tolling authorities		—		20		20		—		18		18
Hospitals and other healthcare providers		—		28		28		—		32		32
Total	$	—	$	85	$	85	$	—	$	79	$	79

	Nine Months Ended September 30,
	2023						2022
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	43	$	43	$	—	$	6	$	6
Guarantor agencies		—		—		—		1		—		1
State and local government		—		52		52		—		95		95
Tolling authorities		—		54		54		—		48		48
Hospitals and other healthcare providers		—		91		91		—		111		111
Total	$	—	$	240	$	240	$	1	$	260	$	261

Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 17	$ 56
Impact of master netting agreements, Assets	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	$ 17	$ 56
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Cash collateral (held) pledged, Assets	$ (8)	$ (80)
Net position, Assets	9	(24)
Derivative liabilities	(251)	(258)
Impact of master netting agreements, Liabilities	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	$ (251)	$ (258)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Cash collateral (held) pledged, Liabilities	$ 51	$ 62
Net position, Liabilities	$ (200)	$ (196)

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Impact of Derivatives on Balance Sheet

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	Sep 30, 2023		Dec 31, 2022		Sep 30, 2023			Dec 31, 2022			Sep 30, 2023			Dec 31, 2022			Sep 30, 2023			Dec 31, 2022
Fair Values(1)
Derivative Assets:
Interest rate swaps	Interest rate	$	—	$	—	$	17		$	55		$	—		$	1		$	17		$	56
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		—			—			—			—			—			—
Total derivative assets(2)			—		—		17			55			—			1			17			56
Derivative Liabilities:
Interest rate swaps	Interest rate		—		—		—			(2	)		(1	)		(3	)		(1	)		(5	)
Floor Income Contracts	Interest rate		—		—		—			—			—			—			—			—
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		(250	)		(253	)		—			—			(250	)		(253	)
Total derivative liabilities(2)			—		—		(250	)		(255	)		(1	)		(3	)		(251	)		(258	)
Net total derivatives		$	—	$	—	$	(233	)	$	(200	)	$	(1	)	$	(2	)	$	(234	)	$	(202	)

(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)	September 30, 2023			December 31, 2022			September 30, 2023			December 31, 2022
Gross position	$	17		$	56		$	(251	)	$	(258	)
Impact of master netting agreements		—			—			—			—
Derivative values with impact of master netting agreements (as carried on balance sheet)		17			56			(251	)		(258	)
Cash collateral (held) pledged		(8	)		(80	)		51			62
Net position	$	9		$	(24	)	$	(200	)	$	(196	)

(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 September 30, 2023					As of December 31, 2022
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	839	$	(10	)	$	1,289	$	(10	)
Long-term borrowings	$	5,624	$	(533	)	$	6,188	$	(494	)

Gross Positions with Impact of Master Netting Agreements

(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)	September 30, 2023			December 31, 2022			September 30, 2023			December 31, 2022
Gross position	$	17		$	56		$	(251	)	$	(258	)
Impact of master netting agreements		—			—			—			—
Derivative values with impact of master netting agreements (as carried on balance sheet)		17			56			(251	)		(258	)
Cash collateral (held) pledged		(8	)		(80	)		51			62
Net position	$	9		$	(24	)	$	(200	)	$	(196	)

Carrying Value and Related Fair Value Hedging Adjustments of Liabilities

(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 September 30, 2023					As of December 31, 2022
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	839	$	(10	)	$	1,289	$	(10	)
Long-term borrowings	$	5,624	$	(533	)	$	6,188	$	(494	)

Derivative Notional Values


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Sep 30, 2023		Dec 31, 2022		Sep 30, 2023		Dec 31, 2022		Sep 30, 2023		Dec 31, 2022		Sep 30, 2023		Dec 31, 2022
Notional Values:
Interest rate swaps	$	4.2	$	8.3	$	5.4	$	6.2	$	1.7	$	17.4	$	11.3	$	31.9
Floor Income Contracts		—		—		—		—		—		6.0		—		6.0
Cross-currency interest rate swaps		—		—		1.7		1.8		—		—		1.7		1.8
Total derivatives	$	4.2	$	8.3	$	7.1	$	8.0	$	1.7	$	23.4	$	13.0	$	39.7

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


	Total Gains (Losses)
	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in millions)	2023			2022			2023			2022
Fair Value Hedges:
Interest Rate Swaps
Gains (losses) recognized in net income on derivatives	$	(65	)	$	(193	)	$	(66	)	$	(629	)
Gains (losses) recognized in net income on hedged items		68			210			53			680
Net fair value hedge ineffectiveness gains (losses)		3			17			(13	)		51
Cross currency interest rate swaps
Gains (losses) recognized in net income on derivatives		(15	)		(127	)		4			(217	)
Gains (losses) recognized in net income on hedged items		31			104			(14	)		251
Net fair value hedge ineffectiveness gains (losses)		16			(23	)		(10	)		34
Total fair value hedges(1)(2)		19			(6	)		(23	)		85
Cash Flow Hedges:
Total cash flow hedges(2)		—			—			—			—
Trading:
Interest rate swaps		26			40			44			120
Floor income contracts		—			—			—			41
Cross currency interest rate swaps		—			—			—			—
Other		—			—			—			—
Total trading derivatives(3)		26			40			44			161
Mark-to-market gains (losses) recognized	$	45		$	34		$	21		$	246

(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 September 30,					Nine Months Ended September 30,
(Dollars in millions)	2023			2022		2023			2022
Total gains (losses) on cash flow hedges	$	4		$	52	$	19		$	179
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)(1)		(26	)		2		(63	)		38
Net changes in cash flow hedges, net of tax	$	(22	)	$	54	$	(44	)	$	217

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)	September 30, 2023		December 31, 2022
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	8	$	80
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)		—		—
Total collateral held	$	8	$	80
Derivative asset at fair value including accrued interest	$	16	$	85
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	51	$	62
Total collateral pledged	$	51	$	62
Derivative liability at fair value including accrued interest and premium receivable	$	258	$	266

(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 September 30, 2023.


(Dollars in millions)	Corporate Contracts			Securitization Trust Contracts
Exposure, net of collateral	$	11		$	—
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		—	%		—	%

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

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. The fair value of the items discussed below are separately disclosed in this footnote.

During the three and nine months ended September 30, 2023, there were no significant transfers of financial instruments between levels, or changes in our methodology used to value our financial instruments.


	Fair Value Measurements on a Recurring Basis
	September 30, 2023										December 31, 2022
(Dollars in millions)	Level 1		Level 2		Level 3			Total			Level 1		Level 2			Level 3			Total
Assets
Derivative instruments:(1)
Interest rate swaps		—		17		—			17			—		55			1			56
Cross-currency interest rate swaps		—		—		—			—			—		—			—			—
Total derivative assets(2)		—		17		—			17			—		55			1			56
Total	$	—	$	17	$	—		$	17		$	—	$	55		$	1		$	56
Liabilities(3)
Derivative instruments(1)
Interest rate swaps	$	—	$	—	$	(1	)	$	(1	)	$	—	$	(2	)	$	(3	)	$	(5	)
Floor Income Contracts		—		—		—			—			—		—			—			—
Cross-currency interest rate swaps		—		—		(250	)		(250	)		—		—			(253	)		(253	)
Total derivative liabilities(2)		—		—		(251	)		(251	)		—		(2	)		(256	)		(258	)
Total	$	—	$	—	$	(251	)	$	(251	)	$	—	$	(2	)	$	(256	)	$	(258	)

(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)

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 September 30,
	2023											2022
	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	$	(2	)	$	(234	)	$	—	$	(236	)	$	(3	)	$	(279	)	$	—	$	(282	)
Total gains/(losses):
Included in earnings(1)		1			(27	)		—		(26	)		1			(141	)		—		(140	)
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			11			—		11			—			13			—		13
Transfers in and/or out of level 3		—			—			—		—			—			—			—		—
Balance, end of period	$	(1	)	$	(250	)	$	—	$	(251	)	$	(2	)	$	(407	)	$	—	$	(409	)
Change in mark-to- market gains/(losses) relating to instruments still held at the reporting date(2)	$	1		$	(16	)	$	—	$	(15	)	$	1		$	(128	)	$	—	$	(127	)


	Nine Months Ended September 30,
	2023											2022
	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	$	(2	)	$	(253	)	$	—	$	(255	)	$	(4	)	$	(190	)	$	—	$	(194	)
Total gains/(losses):
Included in earnings(1)		1			(33	)		—		(32	)		1			(244	)		—		(243	)
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			36			—		36			1			27			—		28
Transfers in and/or out of level 3		—			—			—		—			—			—			—		—
Balance, end of period	$	(1	)	$	(250	)	$	—	$	(251	)	$	(2	)	$	(407	)	$	—	$	(409	)
Change in mark-to- market gains/(losses) relating to instruments still held at the reporting date(2)	$	1		$	3		$	—	$	4		$	1		$	(217	)	$	—	$	(216	)

(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 September 30,						Nine Months Ended September 30,
(Dollars in millions)	2023			2022			2023			2022
Gains (losses) on derivative and hedging activities, net	$	1		$	1		$	1		$	1
Interest expense		(27	)		(141	)		(33	)		(244	)
Total	$	(26	)	$	(140	)	$	(32	)	$	(243	)

(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 September 30, 2023			Valuation Technique	Input	Range and Weighted Average
Derivatives
Prime/LIBOR basis swaps	$	(1	)	Discounted cash flow	Constant Prepayment Rate	10%
					Bid/ask adjustment to discount rate	.08%
Cross-currency interest rate swaps		(250	)	Discounted cash flow	Constant Prepayment Rate	5%
Other		—
Total	$	(251	)

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


	September 30, 2023									December 31, 2022
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	38,180		$	39,581		$	(1,401	)	$	41,426		$	43,525		$	(2,099	)
Private Education Loans		16,418			17,333			(915	)		17,880			18,725			(845	)
Cash and investments		2,950			2,950			—			4,974			4,974			—
Total earning assets		57,548			59,864			(2,316	)		64,280			67,224			(2,944	)
Interest-bearing liabilities
Short-term borrowings		4,670			4,662			(8	)		5,879			5,870			(9	)
Long-term borrowings		52,570			54,907			2,337			57,652			61,026			3,374
Total interest-bearing liabilities		57,240			59,569			2,329			63,531			66,896			3,365
Derivative financial instruments
Floor Income Contracts		—			—			—			—			—			—
Interest rate swaps		16			16			—			51			51			—
Cross-currency interest rate swaps		(250	)		(250	)		—			(253	)		(253	)		—
Other		—			—			—			—			—			—
Excess of net asset fair value over carrying value							$	13								$	421

Commitment, Contingencies and Guarantees

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitment, Contingencies and Guarantees

9. Commitments, Contingencies and Guarantees

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 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 have normalized at elevated levels and therefore the Company must continue to expend time and resources to timely respond to these requests which may, depending on their outcome, result in payments of restitution, fines and penalties.

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.

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.

The Company accrues a liability for litigation, regulatory matters, and unasserted contract claims when those matters present loss contingencies that are both probable and reasonably estimable. When loss contingencies are not both probable and reasonably estimable, we do not accrue a liability. 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.

The Company evaluates its outstanding legal and regulatory matters each reporting period, and makes adjustments to the accrued liabilities for such matters, upward or downward, as appropriate, based on the relevant facts and circumstances. The Company's accrued liabilities and estimated range of possible losses pertaining to certain matters can involve significant judgment given factors such as: the varying stages of the proceedings; the existence of numerous yet to be resolved issues; the breadth of the claims (often spanning multiple years and wide ranges of business activities); unspecified damages, civil money penalties or fines and/or the novelty of the legal issues presented; and the attendant uncertainty of the various potential outcomes of such proceedings, including where the Company has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities. Various aspects of the legal proceedings underlying these estimates will change from time to time. Actual losses therefore may vary significantly from any estimates.

Due to recent developments in connection with the Company's CFPB matter, the Company accrued a probable incurred loss of $45 million in the third quarter of 2023. The litigation process is not predictable and can lead to unexpected results. Therefore, it is reasonably possible that the Company’s exposure to loss may exceed any amounts accrued.

9. Commitments, Contingencies and Guarantees (Continued)

The Company believes the estimate of the aggregate range of reasonably possible losses (meaning the likelihood of losses is more than remote but less than likely) in connection with this matter, is from $0 to $250 million. This estimated range of reasonably possible losses was based on currently available information for this matter. This estimate does not represent the Company's maximum potential loss exposure, and further developments could result in the matter being resolved for more or less than the amount currently accrued. It is possible that an adverse outcome may have a material impact on the Company.

Set forth below are descriptions of the Company’s material legal proceedings.

Certain Cases

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.

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.

On April 12, 2023, the Company reached an agreement in principle (“Settlement”) with certain plaintiffs for a nationwide settlement of claims raised in the following bankruptcy adversary actions: Coyle v. Navient Solutions, LLC, No. 22-80018 (Bankr. W.D. Mich.); Homaidan v. SLM Corp., No. 1:17-ap-01085 (Bankr. E.D.N.Y.); Mazloom v. Navient Solutions, LLC, No. 20-80033-6 (Bankr. N.D.N.Y.); and Woodard v. Navient Solutions, LLC, No. 08-81442 (Bankr. D. Neb.) collectively referred to as the “Bankruptcy Cases.” This settlement in principle is subject, among other things, to final documentation and final court approval. Under the Settlement, Navient will forego the collection of defined balances for borrowers or co-borrowers of certain private loans — all of which were originated prior to our company separation — who have received a discharge in bankruptcy during the periods covered by the agreements. As a result, we recorded a $23 million additional private loan provision for loan losses in the first quarter of 2023 related to the estimated future charge offs that are expected to occur. The Company has also agreed to fund settlement funds. It anticipates that any cash contribution it will be required to make to these funds will not exceed $44 million in the aggregate and will be fully covered by insurance. The net impact to operating expense for this element of the settlement for the first quarter of 2023 was $0 due to the accrual of the offsetting insurance reimbursements.

9. Commitments, Contingencies and Guarantees (Continued)

Regulatory Matters

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 loss contingency accruals have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company.

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 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 received 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 accrued liabilities related to indemnification matters with SLM BankCo as of September 30, 2023.

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Decrease in valuation due to net credit risk adjustments	$ 4,000,000	$ 6,000,000
Decrease in valuation due to liquidity adjustments	1,000,000	1,000,000
Derivative liability at fair value including accrued interest and premium receivable	258,000,000	$ 266,000,000
Counterparty [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	$ 0

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 256	$ 540
Adjustments to reconcile net income to net cash provided by operating activities:
Goodwill and acquired intangible asset impairment and amortization expense	8	17
Stock-based compensation expense	21	16
Mark-to-market (gains) losses on derivative and hedging activities, net	(8)	(607)
Provisions for loan losses	68	62
Increase in accrued interest receivable	(71)	(51)
(Decrease) increase in accrued interest payable	(10)	56
Decrease in other assets	56	334
Increase (decrease) in other liabilities	46	(269)
Total adjustments	110	(442)
Net cash provided by operating activities	366	98
Cash flows from investing activities
Education loans originated and acquired	(741)	(1,765)
Proceeds from payments on education loans	6,068	8,488
Other investing activities, net	6	89
Net cash provided by investing activities	5,333	6,812
Cash flows from financing activities
Borrowings collateralized by loans in trust - issued	844	2,243
Borrowings collateralized by loans in trust - repaid	(7,813)	(9,225)
Long-term unsecured notes issued	495	0
Long-term unsecured notes repaid	(1,302)	(15)
Other financing activities, net	(115)	70
Common stock repurchased	(240)	(315)
Common dividends paid	(59)	(69)
Net cash used in financing activities	(7,705)	(6,576)
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	(2,006)	334
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	4,807	3,578
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,801	3,912
Supplemental disclosure of cash flow information:
Interest paid	2,568	1,208
Income taxes paid	33	29
Income taxes refunds received	(2)	(6)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	977	1,364
Restricted cash and cash equivalents	1,824	2,548
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,801	3,912
Asset-backed Securities, Securitized Loans and Receivables [Member]
Cash flows from financing activities
Asset-backed commercial paper conduits, net	$ 485	$ 735

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 0	$ 0	$ 18.44	$ 17.91
Remaining common stock repurchase authority	$ 360	$ 685	$ 360	$ 685
Shares repurchased related to employee stock-based compensation plans	0	0	1,300,000	1,100,000
Average purchase price per share	$ 18.01	$ 15.19	$ 17.22	$ 16.25
Common shares issued	100,000	0	2,600,000	2,400,000
Dividends paid	$ 19	$ 22	$ 59	$ 69
Dividends per share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, shares	4,200,000	6,300,000	13,900,000	19,400,000
Common stock repurchased, value	$ 75	$ 95	$ 240	$ 315
Shares repurchased related to employee stock-based compensation plans	13,333	5,959	1,292,875	1,120,438
Common shares issued	147,497	3,165		2,386,817

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2023

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	Sep 30, 2023		Dec 31, 2022		Sep 30, 2023			Dec 31, 2022			Sep 30, 2023			Dec 31, 2022			Sep 30, 2023			Dec 31, 2022
Fair Values(1)
Derivative Assets:
Interest rate swaps	Interest rate	$	—	$	—	$	17		$	55		$	—		$	1		$	17		$	56
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		—			—			—			—			—			—
Total derivative assets(2)			—		—		17			55			—			1			17			56
Derivative Liabilities:
Interest rate swaps	Interest rate		—		—		—			(2	)		(1	)		(3	)		(1	)		(5	)
Floor Income Contracts	Interest rate		—		—		—			—			—			—			—			—
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		(250	)		(253	)		—			—			(250	)		(253	)
Total derivative liabilities(2)			—		—		(250	)		(255	)		(1	)		(3	)		(251	)		(258	)
Net total derivatives		$	—	$	—	$	(233	)	$	(200	)	$	(1	)	$	(2	)	$	(234	)	$	(202	)

(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)	September 30, 2023			December 31, 2022			September 30, 2023			December 31, 2022
Gross position	$	17		$	56		$	(251	)	$	(258	)
Impact of master netting agreements		—			—			—			—
Derivative values with impact of master netting agreements (as carried on balance sheet)		17			56			(251	)		(258	)
Cash collateral (held) pledged		(8	)		(80	)		51			62
Net position	$	9		$	(24	)	$	(200	)	$	(196	)

(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 September 30, 2023					As of December 31, 2022
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	839	$	(10	)	$	1,289	$	(10	)
Long-term borrowings	$	5,624	$	(533	)	$	6,188	$	(494	)

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 September 30, 2023 and December 31, 2022 by $4 million and $6 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 September 30, 2023 and December 31, 2022 by $1 million and $1 million, respectively.


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Sep 30, 2023		Dec 31, 2022		Sep 30, 2023		Dec 31, 2022		Sep 30, 2023		Dec 31, 2022		Sep 30, 2023		Dec 31, 2022
Notional Values:
Interest rate swaps	$	4.2	$	8.3	$	5.4	$	6.2	$	1.7	$	17.4	$	11.3	$	31.9
Floor Income Contracts		—		—		—		—		—		6.0		—		6.0
Cross-currency interest rate swaps		—		—		1.7		1.8		—		—		1.7		1.8
Total derivatives	$	4.2	$	8.3	$	7.1	$	8.0	$	1.7	$	23.4	$	13.0	$	39.7

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


	Total Gains (Losses)
	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in millions)	2023			2022			2023			2022
Fair Value Hedges:
Interest Rate Swaps
Gains (losses) recognized in net income on derivatives	$	(65	)	$	(193	)	$	(66	)	$	(629	)
Gains (losses) recognized in net income on hedged items		68			210			53			680
Net fair value hedge ineffectiveness gains (losses)		3			17			(13	)		51
Cross currency interest rate swaps
Gains (losses) recognized in net income on derivatives		(15	)		(127	)		4			(217	)
Gains (losses) recognized in net income on hedged items		31			104			(14	)		251
Net fair value hedge ineffectiveness gains (losses)		16			(23	)		(10	)		34
Total fair value hedges(1)(2)		19			(6	)		(23	)		85
Cash Flow Hedges:
Total cash flow hedges(2)		—			—			—			—
Trading:
Interest rate swaps		26			40			44			120
Floor income contracts		—			—			—			41
Cross currency interest rate swaps		—			—			—			—
Other		—			—			—			—
Total trading derivatives(3)		26			40			44			161
Mark-to-market gains (losses) recognized	$	45		$	34		$	21		$	246

(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 September 30,					Nine Months Ended September 30,
(Dollars in millions)	2023			2022		2023			2022
Total gains (losses) on cash flow hedges	$	4		$	52	$	19		$	179
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)(1)		(26	)		2		(63	)		38
Net changes in cash flow hedges, net of tax	$	(22	)	$	54	$	(44	)	$	217

(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)	September 30, 2023		December 31, 2022
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	8	$	80
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)		—		—
Total collateral held	$	8	$	80
Derivative asset at fair value including accrued interest	$	16	$	85
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	51	$	62
Total collateral pledged	$	51	$	62
Derivative liability at fair value including accrued interest and premium receivable	$	258	$	266

(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.

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 $0 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.

The table below highlights credit exposure related to our derivative counterparties at September 30, 2023.


(Dollars in millions)	Corporate Contracts			Securitization Trust Contracts
Exposure, net of collateral	$	11		$	—
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		—	%		—	%

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (236)	$ (282)	$ (255)	$ (194)
Total gains/(losses):
Included in earnings	$ (26)	$ (140)	$ (32)	$ (243)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax
Included in other comprehensive income	$ 0	$ 0	$ 0	$ 0
Settlements	11	13	36	28
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(251)	(409)	(251)	(409)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	(15)	(127)	4	(216)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(2)	(3)	(2)	(4)
Total gains/(losses):
Included in earnings	1	1	1	1
Included in other comprehensive income	0	0	0	0
Settlements	0	0	0	1
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(1)	(2)	(1)	(2)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	1	1	1	1
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	(234)	(279)	(253)	(190)
Total gains/(losses):
Included in earnings	(27)	(141)	(33)	(244)
Included in other comprehensive income	0	0	0	0
Settlements	11	13	36	27
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(250)	(407)	(250)	(407)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	(16)	(128)	3	(217)
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	0	0	0	0
Total gains/(losses):
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Settlements	0	0	0	0
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	0	0	0	0
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	$ 0	$ 0	$ 0	$ 0

Earnings (Loss) per Common Share

9 Months Ended

Sep. 30, 2023

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 September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2023		2022		2023		2022
Numerator:
Net income	$	79	$	105	$	256	$	540
Denominator:
Weighted average shares used to compute basic EPS		120		139		124		145
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		121		141		125		147
Basic earnings per common share	$	.66	$	.75	$	2.06	$	3.71
Diluted earnings per common share	$	.65	$	.75	$	2.04	$	3.67

(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 applicable ESPPs, determined by the treasury stock method.

(2)

For the three months ended September 30, 2023 and 2022, 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 nine months ended September 30, 2023 and 2022, 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

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Common Share Repurchases, Issuances and Dividends Paid

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars and shares in millions, except per share amounts)	2023		2022		2023		2022
Common stock repurchased(1)		4.2		6.3		13.9		19.4
Common stock repurchased (in dollars)(1)	$	75	$	95	$	240	$	315
Average purchase price per share(1)	$	18.01	$	15.19	$	17.22	$	16.25
Remaining common stock repurchase authority(1)	$	360	$	685	$	360	$	685
Shares repurchased related to employee stock- based compensation plans(2)		—		—		1.3		1.1
Average purchase price per share(2)	$	—	$	—	$	18.44	$	17.91
Common shares issued(3)		.1		—		2.6		2.4
Dividends paid	$	19	$	22	$	59	$	69
Dividends per share	$	.16	$	.16	$	.48	$	.48

(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.

Derivative Financial Instruments - Carrying Value and Related Fair Value Hedging Adjustments of Liabilities (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Short-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	$ 839	$ 1,289
Hedge Basis Adjustments	(10)	(10)
Long-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	5,624	6,188
Hedge Basis Adjustments	$ (533)	$ (494)

Allowance for Loan Losses

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Allowance for Loan Losses

2. Allowance for Loan Losses

Allowance for Loan Losses Roll Forward


	Three Months Ended September 30, 2023
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	200		$	657		$	857
Total provision		36			36			72
Charge-offs:
Gross charge-offs		(16	)		(85	)		(101	)
Expected future recoveries on current period gross charge-offs		—			12			12
Total(1)		(16	)		(73	)		(89	)
Adjustment resulting from the change in charge-off rate(2)		—			(25	)		(25	)
Net charge-offs		(16	)		(98	)		(114	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			30			30
Allowance at end of period	$	220		$	625		$	845
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized) (2)		.19	%		1.66	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.56	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.19	%		2.22	%
Ending total loans	$	39,801		$	17,958
Average loans in repayment	$	32,696		$	17,470
Ending loans in repayment	$	31,917		$	17,249

(1)

(2)

(3)


	Three Months Ended September 30,
(Dollars in millions)	2023
Beginning of period expected future recoveries on previously fully charged-off loans	$	262
Expected future recoveries of current period defaults		12
Recoveries (cash collected)		(11	)
Charge-offs (as a result of lower recovery expectations)		(31	)
End of period expected future recoveries on previously fully charged-off loans	$	232
Change in balance during period	$	(30	)

2. Allowance for Loan Losses (Continued)


	Three Months Ended September 30, 2022
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	245		$	921		$	1,166
Total provision		—			28			28
Charge-offs:
Gross charge-offs		(12	)		(118	)		(130	)
Expected future recoveries on current period gross charge-offs		—			19			19
Total(1)		(12	)		(99	)		(111	)
Adjustment resulting from the change in charge-off rate(2)		—			(30	)		(30	)
Net charge-offs		(12	)		(129	)		(141	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			32			32
Allowance at end of period	$	233		$	852		$	1,085
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized) (2)		.12	%		2.01	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.60	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.12	%		2.61	%
Ending total loans	$	47,124		$	20,003
Average loans in repayment	$	39,573		$	19,628
Ending loans in repayment	$	37,731		$	19,284

(1)

(2)

(3)


	Three Months Ended September 30,
(Dollars in millions)	2022
Beginning of period expected future recoveries on previously fully charged-off loans	$	312
Expected future recoveries of current period defaults		19
Recoveries (cash collected)		(14	)
Charge-offs (as a result of lower recovery expectations)		(37	)
End of period expected future recoveries on previously fully charged-off loans	$	280
Change in balance during period	$	(32	)

2. Allowance for Loan Losses (Continued)


	Nine Months Ended September 30, 2023
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	222		$	800		$	1,022
Total provision		51			17			68
Charge-offs:
Gross charge-offs		(53	)		(245	)		(298	)
Expected future recoveries on current period gross charge-offs		—			36			36
Total(1)		(53	)		(209	)		(262	)
Adjustment resulting from the change in charge-off rate(2)		—			(25	)		(25	)
Net charge-offs		(53	)		(234	)		(287	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			42			42
Allowance at end of period	$	220		$	625		$	845
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized)(2)		.21	%		1.56	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.18	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.21	%		1.74	%
Ending total loans	$	39,801		$	17,958
Average loans in repayment	$	33,591		$	18,000
Ending loans in repayment	$	31,917		$	17,249

(1)

(2)

(3)


	Nine Months Ended September 30,
(Dollars in millions)	2023
Beginning of period expected future recoveries on previously fully charged-off loans	$	274
Expected future recoveries of current period defaults		36
Recoveries (cash collected)		(35	)
Charge-offs (as a result of lower recovery expectations)		(43	)
End of period expected future recoveries on previously fully charged-off loans	$	232
Change in balance during period	$	(42	)

2. Allowance for Loan Losses (Continued)


	Nine Months Ended September 30, 2022
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	262		$	1,009		$	1,271
Total provision		—			62			62
Charge-offs:
Gross charge-offs		(29	)		(281	)		(310	)
Expected future recoveries on current period gross charge-offs		—			43			43
Total(1)		(29	)		(238	)		(267	)
Adjustment resulting from the change in charge-off rate(2)		—			(30	)		(30	)
Net charge-offs		(29	)		(268	)		(297	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			49			49
Allowance at end of period	$	233		$	852		$	1,085
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized)(2)		.09	%		1.59	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.20	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.09	%		1.79	%
Ending total loans	$	47,124		$	20,003
Average loans in repayment	$	41,793		$	20,056
Ending loans in repayment	$	37,731		$	19,284

(1)

(2)

(3)


	Nine Months Ended September 30,
(Dollars in millions)	2022
Beginning of period expected future recoveries on previously fully charged-off loans	$	329
Expected future recoveries of current period defaults		43
Recoveries (cash collected)		(43	)
Charge-offs (as a result of lower recovery expectations)		(49	)
End of period expected future recoveries on previously fully charged-off loans	$	280
Change in balance during period	$	(49	)

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
	September 30, 2023						December 31, 2022						September 30, 2022
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	1,636					$	1,772					$	1,983
Loans in forbearance(2)		6,248						7,603						7,410
Loans in repayment and percentage of each status:
Loans current		26,566			83.2	%		29,004			84.4	%		30,720			81.4	%
Loans delinquent 31-60 days(3)		1,481			4.6			1,247			3.6			1,917			5.1
Loans delinquent 61-90 days(3)		949			3.0			833			2.4			1,291			3.4
Loans delinquent greater than 90 days(3)		2,921			9.2			3,288			9.6			3,803			10.1
Total FFELP Loans in repayment		31,917			100	%		34,372			100	%		37,731			100	%
Total FFELP Loans		39,801						43,747						47,124
FFELP Loan allowance for losses		(220	)					(222	)					(233	)
FFELP Loans, net	$	39,581					$	43,525					$	46,891
Percentage of FFELP Loans in repayment					80.2	%					78.6	%					80.1	%
Delinquencies as a percentage of FFELP Loans in repayment					16.8	%					15.6	%					18.6	%
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					16.4	%					18.1	%					16.4	%

(1)

(2)

(3)

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

Loan type:


(Dollars in millions)	September 30, 2023		September 30, 2022		Change
Stafford Loans	$	12,781	$	14,956	$	(2,175	)
Consolidation Loans		23,199		27,766		(4,567	)
Rehab Loans		3,821		4,402		(581	)
Total loans, gross	$	39,801	$	47,124	$	(7,323	)

2. Allowance for Loan Losses (Continued)

Private Education Loans

The key credit quality indicators are credit scores (FICO scores), loan status, loan seasoning, certain loan modifications, 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
	September 30, 2023
(Dollars in millions)	2023		2022			2021			2020			2019			Prior			Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	603	$	1,641		$	4,056		$	1,303		$	1,226		$	7,471		$	16,300			91	%
Below 640		10		53			105			26			43			1,421			1,658			9
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	40	$	73		$	87		$	20		$	27		$	462		$	709			4	%
Current/90 days or less delinquent		572		1,614			4,062			1,305			1,236			8,126			16,915			94
Greater than 90 days delinquent		1		7			12			4			6			304			334			2
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
Seasoning(1):
1-12 payments	$	576	$	451		$	36		$	8		$	4		$	59		$	1,134			7	%
13-24 payments		—		1,185			1,948			17			15			68			3,233			18
25-36 payments		—		—			2,123			624			44			124			2,915			16
37-48 payments		—		—			—			669			791			202			1,662			9
More than 48 payments		—		—			—			—			402			8,247			8,649			48
Loans in-school/ grace/deferment		37		58			54			11			13			192			365			2
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
Certain Loan Modifications(2):
Modified	$	—	$	28		$	116		$	43		$	78		$	5,926		$	6,191			34	%
Non-Modified		613		1,666			4,045			1,286			1,191			2,966			11,767			66
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
Cosigners:
With cosigner(3)	$	159	$	183		$	97		$	24		$	8		$	5,410		$	5,881			33	%
Without cosigner		454		1,511			4,064			1,305			1,261			3,482			12,077			67
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
School Type:
Not-for-profit	$	576	$	1,604		$	3,919		$	1,270		$	1,181		$	7,483		$	16,033			89	%
For-profit		37		90			242			59			88			1,409			1,925			11
Total	$	613	$	1,694		$	4,161		$	1,329		$	1,269		$	8,892		$	17,958			100	%
Allowance for loan losses																			(625	)
Total loans, net																		$	17,333

Charge-Offs	$	—	$	(5	)	$	(7	)	$	(4	)	$	(5	)	$	(213	)	$	(234	)		100	%

(1)

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

(2)

(3)

Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65% for total loans at September 30, 2023.

2. Allowance for Loan Losses (Continued)


	Private Education Loan Credit Quality Indicators by Origination Year
	September 30, 2022
(Dollars in millions)	2022		2021		2020		2019		2018		Prior		Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	1,503	$	4,708	$	1,593	$	1,502	$	556	$	8,485	$	18,347			92	%
Below 640		17		64		19		37		20		1,499		1,656			8
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	31	$	88	$	28	$	34	$	13	$	525	$	719			4	%
Current/90 days or less delinquent		1,488		4,678		1,582		1,499		560		9,083		18,890			94
Greater than 90 days delinquent		1		6		2		6		3		376		394			2
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
Seasoning(1):
1-12 payments	$	1,499	$	2,186	$	14	$	10	$	2	$	95	$	3,806			19	%
13-24 payments		—		2,534		736		39		8		102		3,419			17
25-36 payments		—		—		846		968		19		177		2,010			10
37-48 payments		—		—		—		503		287		293		1,083			5
More than 48 payments		—		—		—		—		254		9,083		9,337			47
Loans in-school/ grace/deferment		21		52		16		19		6		234		348			2
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
Certain Loan Modifications(2):
Modified	$	6	$	48	$	28	$	62	$	35	$	6,617	$	6,796			34	%
Non-Modified		1,514		4,724		1,584		1,477		541		3,367		13,207			66
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
Cosigners:
With cosigner(3)	$	24	$	109	$	28	$	11	$	—	$	6,425	$	6,597			33	%
Without cosigner		1,496		4,663		1,584		1,528		576		3,559		13,406			67
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
School Type:
Not-for-profit	$	1,427	$	4,496	$	1,541	$	1,434	$	529	$	8,338	$	17,765			89	%
For-profit		93		276		71		105		47		1,646		2,238			11
Total	$	1,520	$	4,772	$	1,612	$	1,539	$	576	$	9,984	$	20,003			100	%
Allowance for loan losses														(852	)
Total loans, net													$	19,151

(1)

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

(2)

(3)

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

2. Allowance for Loan Losses (Continued)


	Private Education Loan Delinquencies
	September 30, 2023						December 31, 2022						September 30, 2022
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	365					$	354					$	348
Loans in forbearance(2)		344						401						371
Loans in repayment and percentage of each status:
Loans current		16,435			95.3	%		17,838			95.0	%		18,426			95.6	%
Loans delinquent 31-60 days(3)		304			1.8			335			1.8			305			1.6
Loans delinquent 61-90 days(3)		176			1.0			186			1.0			159			.8
Loans delinquent greater than 90 days(3)		334			1.9			411			2.2			394			2.0
Total loans in repayment		17,249			100	%		18,770			100	%		19,284			100	%
Total loans		17,958						19,525						20,003
Allowance for losses		(625	)					(800	)					(852	)
Loans, net	$	17,333					$	18,725					$	19,151
Percentage of loans in repayment					96.1	%					96.1	%					96.4	%
Delinquencies as a percentage of loans in repayment					4.7	%					5.0	%					4.4	%
Loans in forbearance as a percentage of loans in repayment and forbearance					2.0	%					2.1	%					1.9	%

(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)

Loan Modifications to Borrowers Experiencing Financial Difficulty

We adjust the terms of Private Education Loans for certain borrowers when we believe such changes will help our customers better manage their student loan obligations, achieve better outcomes and increase the collectability of the loans. These changes generally take the form of a temporary interest rate reduction, a temporary forbearance of payments, a temporary interest only payment, and a temporary interest rate reduction with a permanent extension of the loan term. The effect of modifications of loans made to borrowers who are experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance. The model design predicts borrowers that will have financial difficulty in the future and require loan modification and increased life of loan default risk.

Under our current forbearance practices, temporary hardship forbearance of payments generally cannot exceed 12 months over the life of the loan. However, exceptions can be made in cases where borrowers have shown the ability to make a substantial number of monthly principal and interest payments and in those cases borrowers can be granted up to 24 months of hardship forbearance over the life of the loan. We offer other administrative forbearances (e.g., death and disability, bankruptcy, military service, and disaster forbearance) that are either required by law (such as the Servicemembers Civil Relief Act) or are considered separate from our active loss mitigation programs and therefore are not considered to be loan modifications requiring disclosure under ASU No. 2022-02.

FFELP loans are at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default and, therefore, we do not deem FFELP loans as nonperforming from a credit risk perspective at any point in their life cycle prior to claim payment and continue to accrue interest on those loans through the date of claim. Further, FFELP loan modification events are either legal entitlements subject to regulatory-driven eligibility criteria or addressed in the promissory note terms, so we do not consider these events as a component of our loan modification programs.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Three Months Ended September 30, 2023
(Dollars in millions)	Interest Rate Reductions(1)					More Than an Insignificant Payment Delay (2)					Combination Rate Reduction and Term Extension
Loan Type	Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type
Private Education Loans	$	592		3.3	%	$	305		1.7	%	$	42		.2	%

	Nine Months Ended September 30, 2023
(Dollars in millions)	Interest Rate Reductions(1)					More Than an Insignificant Payment Delay (2)					Combination Rate Reduction and Term Extension
Loan Type	Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type
Private Education Loans	$	1,488		8.3	%	$	773		4.3	%	$	119		.7	%

(1)

As of September 30, 2023, there was $1.2 billion of loans in the interest rate reduction program.

(2)

More Than an Insignificant Payment Delay includes loans granted more than 3 months of short-term interest only payments or hardship forbearance.

2. Allowance for Loan Losses (Continued)

For those loans modified in the three and nine months ended September 30, 2023, the following tables show the impact of such modification.


Three Months Ended September 30, 2023
Loan Type	Interest Rate Reductions	More Than an Insignificant Payment Delay	Combination Rate Reduction and Term Extension
Private Education Loans	Reduced the weighted average contractual rate from 13.4% to 5.5%	Added an average 6 months to the remaining life of the loans	Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 13% to 5.4%.

Nine Months Ended September 30, 2023
Loan Type	Interest Rate Reductions	More Than an Insignificant Payment Delay	Combination Rate Reduction and Term Extension
Private Education Loans	Reduced the weighted average contractual rate from 13.1% to 5.2%	Added an average 6 months to the remaining life of the loans	Added an average 8 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.6% to 5.2%.

2. Allowance for Loan Losses (Continued)

The following table provides the amount of loan modifications for which a payment default occurred in the three and nine months ended September 30, 2023 and receiving a loan modification since January 1, 2023, the effective date of adoption for ASU No. 2022-02. We define payment default as 60 days or more past due for purposes of this disclosure. We closely monitor performance of the loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of the modification efforts.


(Dollars in millions)
	Three Months Ended September 30, 2023				Nine Months Ended September 30, 2023
Loan Type	Modified Loans (Amortized Cost)		Payment Default (Par)		Modified Loans (Amortized Cost)		Payment Default (Par)
Private Education Loans(1)	$	65	$	67	$	123	$	126

(1)

The following table provides the performance and related loan status as of September 30, 2023 of loans that were modified in the nine months ended September 30, 2023.


(Dollars in millions)
Loan Type:
Private Education Loans	Status	Payment status (Amortized Cost)
	Loans in School/Deferment	$	16
	Loans in Forbearance		67
	Loans current		2,039
	Loans delinquent 31 - 60 days		133
	Loans delinquent 61 - 90 days		61
	Loans delinquent greater than 90 days		64
	Total Modified Loans	$	2,380

(1)

For the nine months ended September 30, 2023, $5 million of loans modified during the period were charged off.

2. Allowance for Loan Losses (Continued)

Prior to our adoption of ASU 2022-02 on January 1, 2023, we accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. 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 were classified as TDRs.


	Three Months Ended September 30,		Nine Months Ended September 30,
(Dollars in millions)	2022		2022
Modified loans	$	68	$	186
Charge-offs	$	101	$	217
Payment default	$	13	$	31

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Investments	$ 149	$ 167
Cash and cash equivalents	977	1,535
Restricted cash and cash equivalents	1,824	3,272
Goodwill and acquired intangible assets, net	697	705
Other assets	2,853	2,866
Total assets	63,414	70,795
Liabilities
Short-term borrowings	4,662	5,870
Long-term borrowings	54,907	61,026
Other liabilities	947	922
Total liabilities	60,516	67,818
Commitments and contingencies
Equity
Common stock, par value $0.01 per share, 1.125 billion shares authorized: 464 million and 461 million shares issued, respectively	4	4
Additional paid-in capital	3,349	3,313
Accumulated other comprehensive income (net of tax expense of 346 and $29, respectively)	43	87
Retained earnings	4,685	4,490
Total Navient Corporation stockholders’ equity before treasury stock	8,081	7,894
Less: Common stock held in treasury at cost: 0 million and 331 million shares, respectively	(5,183)	(4,917)
Total equity	2,898	2,977
Total liabilities and equity	63,414	70,795
Series A Junior Participating Preferred Stock [Member]
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	0	0
FFELP Loans [Member]
Assets
Loans, net	39,581	43,525
Private Education Loans [Member]
Assets
Loans, net	$ 17,333	$ 18,725

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2023
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 nine months ended September 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2022 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, 2022 (the 2022 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 2022 Form 10-K.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Effective in 2020 and Forward Rate Reform In March 2020 (and as amended in December 2022), the FASB issued ASU No. 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional temporary relief for companies who were preparing for the discontinuation of interest rates indexed to the London Interbank Offered Rate (LIBOR). The ASU provides companies with guidance in the form of expedients and exceptions related to contract modifications and hedge accounting to ease the burden of and simplify the accounting associated with transitioning away from LIBOR. Modifications of qualifying contracts are accounted for as the continuation of an existing contract rather than as a new contract. Modifications of qualifying hedging relationships will not require discontinuation of the existing hedge accounting relationships. One-month and three-month LIBOR were discontinued as of June 30, 2023. Our hedging instruments that were indexed to one-month and three-month LIBOR are now indexed to SOFR. There was $12 billion of debt as of June 30, 2023, that was in either a fair value or cash flow hedge relationship using LIBOR swaps. We used the hedge accounting expedients in this ASU when those swaps transitioned to SOFR on July 1, 2023. As a result, these hedges did not result in the discontinuation of the existing hedge accounting relationships. Troubled Debt Restructurings 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 was effective on January 1, 2023. Prior to adopting this new guidance on January 1, 2023, as it relates to interest rate concessions granted as part of our Private Education Loan modification program, a discounted cash flow model was used to calculate the amount of interest forgiven for loans that were in the program and the present value of that interest rate concession was included as a part of the allowance for loan loss. This new guidance no longer allows the measurement and recognition of this element of our allowance for loan loss for new modifications that occur subsequent to January 1, 2023. As of December 31, 2022, the allowance for loan loss included $77 million related to this interest rate concession component of the allowance for loan loss. We elected to adopt this amendment using a prospective transition method which results in the $77 million releasing in 2023 and 2024 as the borrowers exit their current modification programs. $63 million of the $77 million was released in the nine months ended September 30, 2023.

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounts Notes And Loans Receivable [Line Items]
Adjustment resulting from the change in charge-off rate	$ (25)	$ 30	$ (25)	$ 30
Expected future recoveries of current period defaults	12	19	36	43
Change in balance during period	(30)	(32)	(42)	(49)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Adjustment resulting from the change in charge-off rate	(25)	30	(25)	30
Beginning of period expected future recoveries on previously fully charged-off loans	262	312	274	329
Expected future recoveries of current period defaults	12	19	36	43
Recoveries (cash collected)	(11)	(14)	(35)	(43)
Charge-offs (as a result of lower recovery expectations)	(31)	(37)	(43)	(49)
End of period expected future recoveries on previously fully charged-off loans	232	280	232	280
Change in balance during period	(30)	(32)	$ (42)	$ (49)
Private Education Loans [Member] \| Loans Receivable For Previously Fully Charged Off Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Adjustment resulting from the change in charge-off rate	$ (25)	$ 30
Private Education Loans [Member] \| Minimum [Member]
Accounts Notes And Loans Receivable [Line Items]
Net charge off rate on defaulted loans	81.90%	81.70%
Private Education Loans [Member] \| Maximum [Member]
Accounts Notes And Loans Receivable [Line Items]
Net charge off rate on defaulted loans	82.30%	81.90%

Segment Reporting - Segment Results and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 219	$ 212	$ 634	$ 836
Goodwill and acquired intangible asset impairment and amortization	3	10	8	17
Income tax expense (benefit)	31	32	93	173
Net income	79	105	256	540
Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	(11)	7	51	(104)
Total other income (loss)	(26)	(40)	(44)	(161)
Goodwill and acquired intangible asset impairment and amortization	(3)	(10)	(8)	(17)
Total Core Earnings adjustments to GAAP	(34)	(23)	15	(248)
Income tax expense (benefit)	(12)	(5)	(7)	(64)
Net income	(22)	(18)	22	(184)
Net Impact of Goodwill and Acquired Intangible Assets [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	0	0	0	0
Total other income (loss)	0	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(10)	(8)	(17)
Total Core Earnings adjustments to GAAP	3	10	8	17
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	(11)	7	51	(104)
Total other income (loss)	(26)	(40)	(44)	(161)
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Total Core Earnings adjustments to GAAP	$ (37)	$ (33)	$ 7	$ (265)

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
Loans in repayment and percentage of each status:
Loan allowance for losses	$ (845)	$ (1,085)	$ (1,022)	$ (857)	$ (1,166)	$ (1,271)
FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	39,801	47,124
Loan allowance for losses	(220)	(233)	(222)	(200)	(245)	(262)
Loans, net	39,581		43,525
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	39,801	47,124	43,747
Loan allowance for losses	(220)	(233)	(222)
Loans, net	$ 39,581	$ 46,891	$ 43,525
Dimensions of concentration risk	100.00%	100.00%	100.00%
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	83.20%	81.40%	84.40%
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	4.60%	5.10%	3.60%
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	3.00%	3.40%	2.40%
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	9.20%	10.10%	9.60%
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	80.20%	80.10%	78.60%
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	16.80%	18.60%	15.60%
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	16.40%	16.40%	18.10%
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	$ 1,636	$ 1,983	$ 1,772
Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	6,248	7,410	7,603
Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	31,917	37,731	34,372
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	26,566	30,720	29,004
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	1,481	1,917	1,247
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	949	1,291	833
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	2,921	3,803	3,288
Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	17,958	20,003
Loan allowance for losses	(625)	(852)	(800)	$ (657)	$ (921)	$ (1,009)
Loans, net	17,333	19,151	18,725
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	17,958	20,003	19,525
Loan allowance for losses	(625)	(852)	(800)
Loans, net	$ 17,333	$ 19,151	$ 18,725
Dimensions of concentration risk	100.00%	100.00%	100.00%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	95.30%	95.60%	95.00%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.80%	1.60%	1.80%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.00%	0.80%	1.00%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.90%	2.00%	2.20%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	96.10%	96.40%	96.10%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Delinquent Loans in Repayment [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	4.70%	4.40%	5.00%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	2.00%	1.90%	2.10%
Private Education Loans [Member] \| School/Grace/Deferment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 365	$ 348	$ 354
Private Education Loans [Member] \| Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	344	371	401
Private Education Loans [Member] \| Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	17,249	19,284	18,770
Private Education Loans [Member] \| Repayment [Member] \| Credit Concentration Risk [Member] \| Financing Asset, Not Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	16,435	18,426	17,838
Private Education Loans [Member] \| Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	304	305	335
Private Education Loans [Member] \| Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	176	159	186
Private Education Loans [Member] \| Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 90 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 334	$ 394	$ 411

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost			$ 68		$ 186
Private Education Loans [Member] \| Interest Rate Reduction [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 592			$ 1,488
Loan Modifications, % of Loan Type	3.30%			8.30%
Loans receivable, weighted average rate of interest	5.50%	13.40%		5.20%		13.10%
Private Education Loans [Member] \| More Than an Insignificant Payment Delay [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 305			$ 773
Loan Modifications, % of Loan Type	1.70%			4.30%
Loans receivable, weighted average period added to remaining life of loan	6 months			6 months
Private Education Loans [Member] \| Combination Rate Reduction and Term Extension [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 42			$ 119
Loan Modifications, % of Loan Type	0.20%			0.70%
Loans receivable, weighted average rate of interest	5.40%	13.00%		5.20%		12.60%
Loans receivable, weighted average period added to remaining life of loan	7 years			8 years

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 79	$ 105	$ 256	$ 540

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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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
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Borrowings

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings

3. Borrowings

The following table summarizes our borrowings.


	September 30, 2023									December 31, 2022
(Dollars in millions)	Short Term			Long Term			Total			Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt(1)	$	856		$	5,355		$	6,211		$	1,301		$	5,711		$	7,012
Total unsecured borrowings		856			5,355			6,211			1,301			5,711			7,012
Secured borrowings:
FFELP Loan securitizations(2)(3)		62			36,961			37,023			76			42,675			42,751
Private Education Loan securitizations(4)		498			11,766			12,264			725			12,744			13,469
FFELP Loan ABCP facilities		1,510			456			1,966			923			386			1,309
Private Education Loan ABCP facilities		1,702			859			2,561			2,734			—			2,734
Other(5)		44			40			84			121			—			121
Total secured borrowings		3,816			50,082			53,898			4,579			55,805			60,384
Total before hedge accounting adjustments		4,672			55,437			60,109			5,880			61,516			67,396
Hedge accounting adjustments		(10	)		(530	)		(540	)		(10	)		(490	)		(500	)
Total	$	4,662		$	54,907		$	59,569		$	5,870		$	61,026		$	66,896

(1)

(2)

(3)

(4)

(5)

“Other” primarily includes the obligation to return cash collateral held related to derivative exposure.

3. Borrowings (Continued)

Variable Interest Entities

We consolidated the following financing VIEs as of September 30, 2023 and December 31, 2022, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	September 30, 2023
	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	$	62	$	36,961		$	37,023		$	37,509	$	1,313	$	1,624		$	40,446
Private Education Loan securitizations		498		11,766			12,264			13,294		349		106			13,749
FFELP Loan ABCP facilities		1,510		456			1,966			1,984		36		79			2,099
Private Education Loan ABCP facilities		1,702		859			2,561			2,895		100		57			3,052
Total before hedge accounting adjustments		3,772		50,042			53,814			55,682		1,798		1,866			59,346
Hedge accounting adjustments		—		(193	)		(193	)		—		—		(251	)		(251	)
Total	$	3,772	$	49,849		$	53,621		$	55,682	$	1,798	$	1,615		$	59,095


	December 31, 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	$	76	$	42,675		$	42,751		$	42,148	$	2,705	$	1,544		$	46,397
Private Education Loan securitizations		725		12,744			13,469			14,168		367		105			14,640
FFELP Loan ABCP facilities		923		386			1,309			1,317		39		44			1,400
Private Education Loan ABCP facilities		2,734		—			2,734			3,039		122		(81	)		3,080
Total before hedge accounting adjustments		4,458		55,805			60,263			60,672		3,233		1,612			65,517
Hedge accounting adjustments		—		(207	)		(207	)		—		—		(256	)		(256	)
Total	$	4,458	$	55,598		$	60,056		$	60,672	$	3,233	$	1,356		$	65,261

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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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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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Allowance for Loan Losses
Beginning balance	$ 857	$ 1,166	$ 1,022	$ 1,271
Provision:
Total provision	72	28	68	62
Charge-offs:
Gross charge-offs	(101)	130	(298)	310
Expected future recoveries on current period gross charge-offs	12	19	36	43
Total	(89)	(111)	(262)	(267)
Adjustment resulting from the change in charge-off rate	(25)	30	(25)	30
Net charge-offs	(114)	(141)	(287)	(297)
Decrease in expected future recoveries on previously fully charged-off loans	30	32	42	49
Allowance at end of period	845	1,085	845	1,085
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance	200	245	222	262
Provision:
Total provision	36	0	51	0
Charge-offs:
Gross charge-offs	(16)	12	(53)	29
Expected future recoveries on current period gross charge-offs	0	0	0	0
Total	(16)	(12)	(53)	(29)
Adjustment resulting from the change in charge-off rate	0	0	0
Net charge-offs	(16)	(12)	(53)	(29)
Decrease in expected future recoveries on previously fully charged-off loans	0	0	0	0
Allowance at end of period	$ 220	$ 233	$ 220	$ 233
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized)	0.19%	0.12%	0.21%	0.09%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)	0.00%	0.00%	0.00%	0.00%
Net charge-offs as a percentage of average loans in repayment (annualized)	0.19%	0.12%	0.21%	0.09%
Ending total loans	$ 39,801	$ 47,124	$ 39,801	$ 47,124
Average loans in repayment	32,696	39,573	33,591	41,793
Ending loans in repayment	31,917	37,731	31,917	37,731
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance	657	921	800	1,009
Provision:
Total provision	36	28	17	62
Charge-offs:
Gross charge-offs	(85)	118	(245)	281
Expected future recoveries on current period gross charge-offs	12	19	36	43
Total	(73)	(99)	(209)	(238)
Adjustment resulting from the change in charge-off rate	(25)	30	(25)	30
Net charge-offs	(98)	(129)	(234)	(268)
Decrease in expected future recoveries on previously fully charged-off loans	30	32	42	49
Allowance at end of period	$ 625	$ 852	$ 625	$ 852
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized)	1.66%	2.01%	0.00%	1.59%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)	0.56%	0.60%	0.18%	0.20%
Net charge-offs as a percentage of average loans in repayment (annualized)	2.22%	2.61%	1.74%	1.79%
Ending total loans	$ 17,958	$ 20,003	$ 17,958	$ 20,003
Average loans in repayment	17,470	19,628	18,000	20,056
Ending loans in repayment	$ 17,249	$ 19,284	$ 17,249	$ 19,284

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 8	$ 80
Securities at fair value - corporate derivatives (not recorded in financial statements)	0	0
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	0	0
Total collateral held	8	80
Derivative asset at fair value including accrued interest	16	85
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	51	62
Total collateral pledged	51	62
Derivative liability at fair value including accrued interest and premium receivable	$ 258	$ 266

Earnings (Loss) per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) per Common Share


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2023		2022		2023		2022
Numerator:
Net income	$	79	$	105	$	256	$	540
Denominator:
Weighted average shares used to compute basic EPS		120		139		124		145
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		121		141		125		147
Basic earnings per common share	$	.66	$	.75	$	2.06	$	3.71
Diluted earnings per common share	$	.65	$	.75	$	2.04	$	3.67

(1)

(2)

Stockholders' Equity - Additional Information (Detail)	Sep. 29, 2023 $ / shares
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock	$ 17.22

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Assets (Tables)

9 Months Ended

Sep. 30, 2023

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)	September 30, 2023		December 31, 2022
Accrued interest receivable	$	2,102	$	2,031
Benefit and insurance-related investments		456		452
Income tax asset, net		85		132
Derivatives at fair value		17		56
Accounts receivable		97		83
Fixed assets		67		74
Other		29		38
Total	$	2,853	$	2,866

Commitments, Contingencies and Guarantees - Additional Information (Detail)		1 Months Ended	3 Months Ended
	Apr. 12, 2023 USD ($)	Jan. 31, 2022 StateAttorneysGeneral	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Accrued probable incurred loss				$ 45,000,000
Number of State Attorneys General under Agreement \| StateAttorneysGeneral		40
Additional private loan provision for loan losses			$ 23,000,000
Aggregate cash fund contribution	$ 44,000,000
Net impact to operating expense			$ 0
Minimum [Member]
Loss Contingencies [Line Items]
Accrued probable incurred loss				0
Maximum [Member]
Loss Contingencies [Line Items]
Accrued probable incurred loss				250,000,000
SLM BankCo [Member] \| Indemnification Matters [Member]
Loss Contingencies [Line Items]
Accrued liabilities related to indemnification matters				$ 0

Insider Trading Arrangements

9 Months Ended

Sep. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Director and Officer Trading Arrangements

During the quarter ended September 30, 2023, none of the Company’s directors or officers who are subject to the filing requirements of Section 16 of the Securities Exchange Act adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below:


Name (Title)	Adoption/ Termination Date	Type of Trading Arrangement	Duration of Trading Arrangement(1)	Aggregate Number of Shares to be Purchased or Sold
Mark Heleen (Executive Vice President and Chief Legal Officer)	Adopted August 9, 2023	Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c).	August 9, 2023 – May 15, 2024 (subject to early termination for certain specified events set forth in the plan)	Sale of up to 30,000 shares
John Kane (Executive Vice President and Group President, Business Processing Solutions)	Adopted August 23, 2023	Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c).	August 23, 2023 – November 21, 2024 (subject to early termination for certain specified events set forth in the plan)	Sale of up to 150,132 shares

(1)

Trading arrangements may expire on an earlier date upon the completion of all trades under the applicable trading arrangement (or the expiration of the orders relating to such trades without execution) or the occurrence of such other termination events as specified in the applicable trading arrangement.

Mark Heleen [Member]

Trading Arrangements, by Individual

Name

Mark Heleen

Title

Executive Vice President and Chief Legal Officer

Rule 10b5-1 Arrangement Adopted

true

August 9, 2023

280 days

30,000

Trading Arrangements, by Individual

Name

John Kane

Title

Executive Vice President and Group President, Business Processing Solutions

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 23, 2023

Arrangement Duration

456 days

Aggregate Available

150,132

Directors or Officers [Member]

Trading Arrangements, by Individual

Title

directors or officers

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Parenthetical) (Details) - Private Education Loans [Member] - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 17,333	$ 18,725	$ 19,151
Interest Rate Reduction [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 1,200

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Total Derivative Notional Values	$ 13,000,000,000	$ 39,700,000,000
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	4,200,000,000	8,300,000,000
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	7,100,000,000	8,000,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,700,000,000	23,400,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	11,300,000,000	31,900,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	4,200,000,000	8,300,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	5,400,000,000	6,200,000,000
Interest Rate Swaps [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,700,000,000	17,400,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	0	6,000,000,000
Floor Income Contracts [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	0	0
Floor Income Contracts [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	0	0
Floor Income Contracts [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	0	6,000,000,000
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,700,000,000	1,800,000,000
Cross-Currency Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	0	0
Cross-Currency Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,700,000,000	1,800,000,000
Cross-Currency Interest Rate Swaps [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 0	$ 0

Consolidated Balance Sheets - Supplemental Information (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Short-term borrowings	$ 4,662	$ 5,870
Long-term borrowings	54,907	61,026
FFELP Loans [Member]
Loans, net	39,581	43,525
Private Education Loans [Member]
Loans, net	17,333	18,725
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Loans, net	55,682	60,672
Restricted cash	1,798	3,233
Other assets, net	1,615	1,356
Short-term borrowings	3,772	4,458
Long-term borrowings	49,849	55,598
Net assets of consolidated variable interest entities	5,474	5,205
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loans [Member]
Loans, net	39,493	43,465
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loans [Member]
Loans, net	$ 16,189	$ 17,207

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Allowance for Loan Losses - Summary of Performance and Related Loan Status of Loans Modified (Details) - Private Education Loans [Member] $ in Millions	Sep. 30, 2023 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	$ 2,380
Financing Asset, Not Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	2,039
Financial Asset, 31 to 60 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	133
Financial Asset, 61 to 90 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	61
Financial Asset, 90 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	64
School/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	16
Forbearance [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	$ 67

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Derivative Instruments Gain Loss [Line Items]

Total gains (losses) on cash flow hedges

$ 4

$ 52

$ 19

$ 179

Net changes in cash flow hedges, net of tax

^[1]

(22)

(44)

217

Interest Expense [Member]

Derivative Instruments Gain Loss [Line Items]

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

$ (26)

$ 2

$ (63)

$ 38

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

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

9 Months Ended

Sep. 30, 2023

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 September 30,
	2023						2022
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	—	$	—	$	—	$	—	$	—	$	—
Government services		—		57		57		—		47		47
Healthcare services		—		28		28		—		32		32
Total	$	—	$	85	$	85	$	—	$	79	$	79

	Nine Months Ended September 30,
	2023						2022
(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
Government services		—		149		149		—		149		149
Healthcare services		—		91		91		—		111		111
Total	$	—	$	240	$	240	$	1	$	260	$	261

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

Revenue by Client Type


	Three Months Ended September 30,
	2023						2022
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	20	$	20	$	—	$	2	$	2
Guarantor agencies		—		—		—		—		—		—
State and local government		—		17		17		—		27		27
Tolling authorities		—		20		20		—		18		18
Hospitals and other healthcare providers		—		28		28		—		32		32
Total	$	—	$	85	$	85	$	—	$	79	$	79

	Nine Months Ended September 30,
	2023						2022
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	43	$	43	$	—	$	6	$	6
Guarantor agencies		—		—		—		1		—		1
State and local government		—		52		52		—		95		95
Tolling authorities		—		54		54		—		48		48
Hospitals and other healthcare providers		—		91		91		—		111		111
Total	$	—	$	240	$	240	$	1	$	260	$	261

As of September 30, 2023 and September 30, 2022, there was $88 million and $76 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

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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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income	$ 79	$ 105	$ 256	$ 540
Denominator:
Weighted average shares used to compute basic EPS	120	139	124	145
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	121	141	125	147
Basic earnings per common share	$ 0.66	$ 0.75	$ 2.06	$ 3.71
Diluted earnings per common share	$ 0.65	$ 0.75	$ 2.04	$ 3.67

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ (26)	$ (140)	$ (32)	$ (243)
Fair Value Recurring Basis Unobservable Input Reconciliation Net Derivative Asset Liability Gain Loss Statement Of Income Extensible List	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net
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	$ 1	$ 1
Fair Value Recurring Basis Unobservable Input Reconciliation Net Derivative Asset Liability Gain Loss Statement Of Income Extensible List	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net
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	$ (27)	$ (141)	$ (33)	$ (244)
Fair Value Recurring Basis Unobservable Input Reconciliation Net Derivative Asset Liability Gain Loss Statement Of Income Extensible List	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars and shares in millions, except per share amounts)	2023		2022		2023		2022
Common stock repurchased(1)		4.2		6.3		13.9		19.4
Common stock repurchased (in dollars)(1)	$	75	$	95	$	240	$	315
Average purchase price per share(1)	$	18.01	$	15.19	$	17.22	$	16.25
Remaining common stock repurchase authority(1)	$	360	$	685	$	360	$	685
Shares repurchased related to employee stock- based compensation plans(2)		—		—		1.3		1.1
Average purchase price per share(2)	$	—	$	—	$	18.44	$	17.91
Common shares issued(3)		.1		—		2.6		2.4
Dividends paid	$	19	$	22	$	59	$	69
Dividends per share	$	.16	$	.16	$	.48	$	.48

(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 September 29, 2023 was $17.22.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details