0000950170-24-020149 | 10-K | XBRL Viewer

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Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 55	$ 56
Impact of master netting agreements, Assets	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	$ 55	$ 56
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Cash collateral (held) pledged, Assets	$ (60)	$ (80)
Net position, Assets	(5)	(24)
Derivative liabilities	(190)	(258)
Impact of master netting agreements, Liabilities	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	$ (190)	$ (258)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Cash collateral (held) pledged, Liabilities	$ 46	$ 62
Net position, Liabilities	$ (144)	$ (196)

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Valuation allowance, Operating loss and credit carryovers	$ 98	$ 79
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statute of limitation period for open tax reviews	3 years
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statute of limitation period for open tax reviews	4 years

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 54,827	$ 62,250
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans	16,902	$ 18,725
Interest Rate Reduction [Member] \| Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 1,200

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Other Information Director and Officer Trading Arrangements None of our directors or officers (as defined in Rule 16a–1(f)) adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the fourth quarter of 2023.
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 - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Loan allowance for losses	$ (832)	$ (1,022)	$ (1,271)	$ (1,377)
Loans, net	54,827	62,250
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Loans, gross	17,519	19,525	21,180
Loan allowance for losses	(617)	(800)	$ (1,009)	$ (1,089)
Loans, net	16,902	18,725
Loan, Net Charge-Offs in Year One	0
Loan, Net Charge-Offs in Year Two	(7)
Loan, Net Charge-Offs in Year Three	(10)
Loan, Net Charge-Offs in Year Four	(5)
Loan, Net Charge-Offs in Year Five	(7)
Loan, Net Charge-Offs in Year Prior	(269)
Total Charge-Offs	$ (298)
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	$ 826	1,756
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,642	4,614
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,020	1,538
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,269	1,467
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,211	548
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,551	9,602
Total Loans, gross	$ 17,519	$ 19,525
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	$ 815	$ 1,721
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,575	4,529
Total Private Education Loan Credit Quality Indicators by Origination Year Three	3,898	1,515
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,240	1,426
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,162	529
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,132	8,107
Total Loans, gross	$ 15,822	$ 17,827
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	90.00%	91.00%
FICO Scores [Member] \| Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 11	$ 35
Total Private Education Loan Credit Quality Indicators by Origination Year Two	67	85
Total Private Education Loan Credit Quality Indicators by Origination Year Three	122	23
Total Private Education Loan Credit Quality Indicators by Origination Year Four	29	41
Total Private Education Loan Credit Quality Indicators by Origination Year Five	49	19
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,419	1,495
Total Loans, gross	$ 1,697	$ 1,698
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	10.00%	9.00%
Loan Status [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 826	$ 1,756
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,642	4,614
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,020	1,538
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,269	1,467
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,211	548
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,551	9,602
Total Loans, gross	$ 17,519	$ 19,525
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	$ 51	$ 56
Total Private Education Loan Credit Quality Indicators by Origination Year Two	79	91
Total Private Education Loan Credit Quality Indicators by Origination Year Three	87	29
Total Private Education Loan Credit Quality Indicators by Origination Year Four	21	33
Total Private Education Loan Credit Quality Indicators by Origination Year Five	27	13
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	458	533
Total Loans, gross	$ 723	$ 755
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	$ 774	$ 1,697
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,554	4,514
Total Private Education Loan Credit Quality Indicators by Origination Year Three	3,917	1,506
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,244	1,428
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,177	533
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,750	8,681
Total Loans, gross	$ 16,416	$ 18,359
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	$ 3
Total Private Education Loan Credit Quality Indicators by Origination Year Two	9	9
Total Private Education Loan Credit Quality Indicators by Origination Year Three	16	3
Total Private Education Loan Credit Quality Indicators by Origination Year Four	4	6
Total Private Education Loan Credit Quality Indicators by Origination Year Five	7	2
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	343	388
Total Loans, gross	$ 380	$ 411
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	$ 826	$ 1,756
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,642	4,614
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,020	1,538
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,269	1,467
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,211	548
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,551	9,602
Total Loans, gross	$ 17,519	$ 19,525
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	$ 781	$ 1,714
Total Private Education Loan Credit Quality Indicators by Origination Year Two	130	860
Total Private Education Loan Credit Quality Indicators by Origination Year Three	28	10
Total Private Education Loan Credit Quality Indicators by Origination Year Four	7	9
Total Private Education Loan Credit Quality Indicators by Origination Year Five	4	1
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	54	83
Total Loans, gross	$ 1,004	$ 2,677
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	6.00%	14.00%
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	1,453	3,699
Total Private Education Loan Credit Quality Indicators by Origination Year Three	812	147
Total Private Education Loan Credit Quality Indicators by Origination Year Four	12	31
Total Private Education Loan Credit Quality Indicators by Origination Year Five	13	6
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	62	91
Total Loans, gross	$ 2,352	$ 3,974
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	13.00%	20.00%
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	3,127	1,365
Total Private Education Loan Credit Quality Indicators by Origination Year Four	142	452
Total Private Education Loan Credit Quality Indicators by Origination Year Five	35	15
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	113	161
Total Loans, gross	$ 3,417	$ 1,993
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	20.00%	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	1,097	957
Total Private Education Loan Credit Quality Indicators by Origination Year Five	388	132
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	179	260
Total Loans, gross	$ 1,664	$ 1,349
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	9.00%	7.00%
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	759	388
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,963	8,790
Total Loans, gross	$ 8,722	$ 9,178
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	50.00%	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	$ 45	$ 42
Total Private Education Loan Credit Quality Indicators by Origination Year Two	59	55
Total Private Education Loan Credit Quality Indicators by Origination Year Three	53	16
Total Private Education Loan Credit Quality Indicators by Origination Year Four	11	18
Total Private Education Loan Credit Quality Indicators by Origination Year Five	12	6
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	180	217
Total Loans, gross	$ 360	$ 354
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	$ 826	$ 1,756
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,642	4,614
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,020	1,538
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,269	1,467
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,211	548
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,551	9,602
Total Loans, gross	$ 17,519	$ 19,525
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%	100.00%
Certain Loan Modifications [Member] \| Modified Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0	$ 11
Total Private Education Loan Credit Quality Indicators by Origination Year Two	41	71
Total Private Education Loan Credit Quality Indicators by Origination Year Three	130	34
Total Private Education Loan Credit Quality Indicators by Origination Year Four	46	68
Total Private Education Loan Credit Quality Indicators by Origination Year Five	82	37
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,775	6,447
Total Loans, gross	$ 6,074	$ 6,668
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	35.00%	34.00%
Certain Loan Modifications [Member] \| Non-modified Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 826	$ 1,745
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,601	4,543
Total Private Education Loan Credit Quality Indicators by Origination Year Three	3,890	1,504
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,223	1,399
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,129	511
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	2,776	3,155
Total Loans, gross	$ 11,445	$ 12,857
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	65.00%	66.00%
Cosigners [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 826	$ 1,756
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,642	4,614
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,020	1,538
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,269	1,467
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,211	548
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,551	9,602
Total Loans, gross	$ 17,519	$ 19,525
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	$ 202	$ 122
Total Private Education Loan Credit Quality Indicators by Origination Year Two	179	106
Total Private Education Loan Credit Quality Indicators by Origination Year Three	93	27
Total Private Education Loan Credit Quality Indicators by Origination Year Four	23	10
Total Private Education Loan Credit Quality Indicators by Origination Year Five	9	0
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,206	6,184
Total Loans, gross	$ 5,712	$ 6,449
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	$ 624	$ 1,634
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,463	4,508
Total Private Education Loan Credit Quality Indicators by Origination Year Three	3,927	1,511
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,246	1,457
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,202	548
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,345	3,418
Total Loans, gross	$ 11,807	$ 13,076
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	$ 826	$ 1,756
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,642	4,614
Total Private Education Loan Credit Quality Indicators by Origination Year Three	4,020	1,538
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,269	1,467
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,211	548
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,551	9,602
Total Loans, gross	$ 17,519	$ 19,525
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%	100.00%
School Type [Member] \| Not For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 777	$ 1,655
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,555	4,347
Total Private Education Loan Credit Quality Indicators by Origination Year Three	3,786	1,470
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,213	1,366
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,126	503
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,225	8,026
Total Loans, gross	$ 15,682	$ 17,367
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	90.00%	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	$ 49	$ 101
Total Private Education Loan Credit Quality Indicators by Origination Year Two	87	267
Total Private Education Loan Credit Quality Indicators by Origination Year Three	234	68
Total Private Education Loan Credit Quality Indicators by Origination Year Four	56	101
Total Private Education Loan Credit Quality Indicators by Origination Year Five	85	45
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,326	1,576
Total Loans, gross	$ 1,837	$ 2,158
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	10.00%	11.00%

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at beginning of year	$ 50.7	$ 58.8	$ 57.9
Increases resulting from tax positions taken during a prior period	3.8	10.8	6.4
Decreases resulting from tax positions taken during a prior period	(4.5)	(18.6)	(4.2)
Increases resulting from tax positions taken during the current period	7.4	6.7	6.4
Decreases related to settlements with taxing authorities	(3.8)	(1.0)	(0.3)
Increases related to settlements with taxing authorities	0.0	0.0	0.0
Reductions related to the lapse of statute of limitations	(5.1)	(6.0)	(7.4)
Unrecognized tax benefits at end of year	$ 48.5	$ 50.7	$ 58.8

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions	Dec. 31, 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	$ 54	$ 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	(189)	(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	(190)
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	$ (189)
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 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 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 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

Allowance for Loan Losses - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Financing Receivable, Allowance for Credit Losses [Line Items]
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%

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Parenthetical) (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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

Income Taxes - Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Regulatory expenses related to resolution of state attorneys general litigation and investigations	$ 205.0
Regulatory expenses non deductible for income tax purposes	$ 50.7

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Net positive exposure related to corporate derivatives	$ 6,000,000	$ 11,000,000
Euro and British Pound Sterling denominated bonds outstanding in securitization trusts	1,600,000
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	10,300,000,000	39,700,000,000
Net positive exposure on foreign currency swaps	0	0
Decrease in valuation due to net credit risk adjustments	5,000,000	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	197,000,000	266,000,000
Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	8,700,000,000	$ 31,900,000,000
Interest Rate Swaps [Member] \| Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Derivative Instruments Gain Loss [Line Items]
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	$ 298,000,000

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow:


	Years Ended December 31,
	2023			2022			2021
Statutory rate		21.0	%		21.0	%		21.0	%
Non-deductible regulatory-related expenses (1)		—			—			1.4
Unrecognized tax benefits, state, net of federal benefit		.8			(1.3	)		.2
Valuation allowance on disallowed interest expense carryovers, state, net of federal benefit		6.6			1.0			.7
State tax, net of federal benefit		(1.9	)		1.2			.2
Other, net		.6			.1			(.1	)
Effective tax rate		27.1	%		22.0	%		23.4	%

(1)

Regulatory expenses for 2021 include $205 million related to the resolution of State Attorneys General litigation and investigations, of which approximately $50.7 million is non-deductible for income tax purposes. See "Note 12 — Commitments, Contingencies and Guarantees" for further discussion.

Income tax expense consists of:


	December 31,
(Dollars in millions)	2023			2022			2021
Current provision/(benefit):
Federal	$	63		$	(2	)	$	147
State		24			(25	)		19
Foreign		—			1			—
Total current provision/(benefit)		87			(26	)		166
Deferred provision/(benefit):
Federal		—			173			56
State		(2	)		35			(3	)
Foreign		—			—			—
Total deferred provision/(benefit)		(2	)		208			53
Provision for income tax expense/(benefit)	$	85		$	182		$	219

13. Income Taxes (Continued)

The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following:


	December 31,
(Dollars in millions)	2023		2022
Deferred tax assets:
Loan reserves	$	237	$	297
Accrued expenses not currently deductible		39		33
Education loan premiums and discounts, net		32		41
Operating loss and credit carryovers		11		12
Stock-based compensation plans		5		5
Other		18		19
Total deferred tax assets		342		407
Deferred tax liabilities:
Market value adjustments on education loans, investments and derivatives		114		201
Acquired intangible assets		23		22
Original issue discount on borrowings		13		13
Other		7		11
Total deferred tax liabilities		157		247
Net deferred tax assets	$	185	$	160

Included in operating loss and credit carryovers is a valuation allowance of $98 million and $79 million as of December 31, 2023 and 2022, respectively, against a portion of the Company’s federal and state deferred tax assets. The valuation allowance is primarily attributable to deferred tax assets for federal and state net operating loss carryovers and state IRC § 163(j) disallowed interest expense carryovers that management believes it is more likely than not will expire prior to being realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income of the appropriate character (i.e. capital or ordinary) during the period in which the temporary differences become deductible. Factors generally considered by management include (but are not limited to): any changes in economic conditions, the scheduled reversals of deferred tax liabilities, and the history of positive taxable income in evaluating the realizability of the deferred tax assets.

The operating loss and credit carryovers consist of:


	December 31, 2023
(Dollars in millions)	Gross		Tax-Effected		Expiration	Corresponding Valuation Allowance(1)		Operating Loss and Credit Carryovers
Federal operating loss carryovers	$	34	$	7	Begins in 2032	$	1	$	6
State operating loss carryovers		559		37	Began in 2023		32		5
State IRC § 163(j) disallowed interest expense carryovers		4,173		65	Indefinite		65		—
			$	109		$	98	$	11

(1)

The valuation allowance attributable to deferred tax assets for federal and state net operating loss carryovers, and state IRC § 163(j) disallowed interest expense carryovers, are amounts that management believes more likely than not will expire prior to being realized.

13. Income Taxes (Continued)

Accounting for Uncertainty in Income Taxes

The following table summarizes changes in unrecognized tax benefits:


	December 31,
(Dollars in millions)	2023			2022			2021
Unrecognized tax benefits at beginning of year	$	50.7		$	58.8		$	57.9
Increases resulting from tax positions taken during a prior period		3.8			10.8			6.4
Decreases resulting from tax positions taken during a prior period		(4.5	)		(18.6	)		(4.2	)
Increases resulting from tax positions taken during the current period		7.4			6.7			6.4
Decreases related to settlements with taxing authorities		(3.8	)		(1.0	)		(.3	)
Increases related to settlements with taxing authorities		—			—			—
Reductions related to the lapse of statute of limitations		(5.1	)		(6.0	)		(7.4	)
Unrecognized tax benefits at end of year (1)	$	48.5		$	50.7		$	58.8

(1)

Included in the $48.5 million of gross unrecognized tax benefits at December 31, 2023 are $38.3 million of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate.

The Company or one of its subsidiaries files income tax returns at the U.S. federal level, in most U.S. states, and various foreign jurisdictions. All periods prior to 2020 are closed for federal examinations purposes. Various combinations of subsidiaries, tax years, and jurisdictions remain open for review, subject to statute of limitations periods (typically 3 to 4 prior years). We do not expect the resolution of open audits to have a material impact on our unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Business Combinations, Goodwill and Acquired Intangible - Acquired Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	$ 377	$ 377
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(352)	(342)
Intangible assets subject to amortization, Net	25	35
Customer, Services and Lending Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	218	218
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(212)	(207)
Intangible assets subject to amortization, Net	6	11
Software and Technology [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	119	119
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(110)	(108)
Intangible assets subject to amortization, Net	9	11
Trade Names and Trademarks [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	40	40
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(30)	(27)
Intangible assets subject to amortization, Net	$ 10	$ 13

Borrowings - Summary of Activity Related to Senior Unsecured Debt Repurchases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt principal repurchased	$ 850	$ 0	$ 2,577
Losses on debt repurchases	$ (8)	$ 0	$ (73)

Income Taxes - Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%	21.00%
Non-deductible regulatory-related expenses	0.00%	0.00%	1.40%
Unrecognized tax benefits, state, net of federal benefit	0.80%	(1.30%)	0.20%
Valuation allowance on disallowed interest expense carryovers, state, net of federal benefit	6.60%	1.00%	0.70%
State tax, net of federal benefit	(1.90%)	1.20%	0.20%
Other, net	0.60%	0.10%	(0.10%)
Effective tax rate	27.10%	22.00%	23.40%

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Parenthetical) (Details) - Private Education Loans [Member] $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 272
Interest Rate Reduction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans (Amortized Cost)	175
Combination Rate Reduction and Term Extension [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans (Amortized Cost)	14
More Than an Insignificant Payment Delay [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 83

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Loans, net	$ 54,827	$ 62,250
Investments
Investments	146	167
Cash and cash equivalents	839	1,535
Restricted cash and cash equivalents	1,954	3,272
Goodwill and acquired intangible assets, net	695	705
Other assets	2,914	2,866
Total assets	61,375	70,795
Liabilities
Short-term borrowings	4,226	5,870
Long-term borrowings	53,402	61,026
Other liabilities	987	922
Total liabilities	58,615	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	3,353	3,313
Accumulated other comprehensive income (net of tax expense of $6 and $29, respectively)	19	87
Retained earnings	4,638	4,490
Total Navient Corporation stockholders’ equity before treasury stock	8,014	7,894
Less: Common stock held in treasury at cost: 350 million and 331 million shares, respectively	(5,254)	(4,917)
Total equity	2,760	2,977
Total liabilities and equity	61,375	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	37,925	43,525
Private Education Loans [Member]
Assets
Loans, net	$ 16,902	$ 18,725

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ 4,226	$ 5,870
Short-term Weighted Average Interest Rate	6.67%	5.78%
Long-term borrowings, Carrying Value	$ 53,402	$ 61,026
Long-term Weighted Average Interest Rate	5.62%	4.70%
Total	$ 57,628	$ 66,896
FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Total	1,900
Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Total	2,100
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ 4,235	$ 5,880
Short-term Weighted Average Interest Rate	6.66%	5.78%
Long-term borrowings, Carrying Value	$ 53,680	$ 61,516
Long-term Weighted Average Interest Rate	5.59%	4.66%
Total	$ 57,915	$ 67,396
Total Before Hedge Accounting Adjustments [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ 506	$ 1,301
Short-term Weighted Average Interest Rate	5.88%	5.90%
Long-term borrowings, Carrying Value	$ 5,351	$ 5,711
Long-term Weighted Average Interest Rate	6.61%	5.82%
Total	$ 5,857	$ 7,012
Total Before Hedge Accounting Adjustments [Member] \| Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ 506	$ 1,301
Short-term Weighted Average Interest Rate	5.88%	5.90%
Long-term borrowings, Carrying Value	$ 5,351	$ 5,711
Long-term Weighted Average Interest Rate	6.61%	5.82%
Total	$ 5,857	$ 7,012
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ 59	$ 76
Short-term Weighted Average Interest Rate	6.84%	6.01%
Long-term borrowings, Carrying Value	$ 35,626	$ 42,675
Long-term Weighted Average Interest Rate	6.06%	4.96%
Total	$ 35,685	$ 42,751
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ 435	$ 725
Short-term Weighted Average Interest Rate	8.14%	7.17%
Long-term borrowings, Carrying Value	$ 11,754	$ 12,744
Long-term Weighted Average Interest Rate	3.59%	3.11%
Total	$ 12,189	$ 13,469
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ 1,854	$ 923
Short-term Weighted Average Interest Rate	6.60%	5.31%
Long-term borrowings, Carrying Value	$ 89	$ 386
Long-term Weighted Average Interest Rate	6.29%	5.33%
Total	$ 1,943	$ 1,309
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ 1,286	$ 2,734
Short-term Weighted Average Interest Rate	6.62%	5.55%
Long-term borrowings, Carrying Value	$ 821	$ 0
Long-term Weighted Average Interest Rate	6.84%	0.00%
Total	$ 2,107	$ 2,734
Total Before Hedge Accounting Adjustments [Member] \| Other [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ 95	$ 121
Short-term Weighted Average Interest Rate	5.61%	4.61%
Long-term borrowings, Carrying Value	$ 39	$ 0
Long-term Weighted Average Interest Rate	5.50%	0.00%
Total	$ 134	$ 121
Total Before Hedge Accounting Adjustments [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ 3,729	$ 4,579
Short-term Weighted Average Interest Rate	6.76%	5.74%
Long-term borrowings, Carrying Value	$ 48,329	$ 55,805
Long-term Weighted Average Interest Rate	5.47%	4.54%
Total	$ 52,058	$ 60,384
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying Value	$ (9)	$ (10)
Short-term Weighted Average Interest Rate	0.01%	0.01%
Long-term borrowings, Carrying Value	$ (278)	$ (490)
Long-term Weighted Average Interest Rate	0.03%	0.04%
Total	$ (287)	$ (500)

Organization and Business - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Client	Dec. 31, 2022 USD ($)
Organization And Business [Line Items]
Loans, net	$ 54,827	$ 62,250
Private Education Loans [Member]
Organization And Business [Line Items]
Loans, net	16,902	18,725
FFELP Loans [Member]
Organization And Business [Line Items]
Loans, net	37,925	43,525
Federal Education Loans [Member]
Organization And Business [Line Items]
Loans, net	37,925	43,525
Federal Education Loans [Member] \| FFELP Loans [Member]
Organization And Business [Line Items]
Loans, net	38,000
Consumer Lending [Member]
Organization And Business [Line Items]
Loans, net	16,902	$ 18,725
Consumer Lending [Member] \| Private Education Loans [Member]
Organization And Business [Line Items]
Loans, net	17,000
Loans originated	$ 1,000
Business Processing [Member] \| Minimum [Member]
Organization And Business [Line Items]
Number of clients for business processing services \| Client	500

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Parenthetical) (Detail) $ in Billions	Dec. 29, 2023 USD ($)
Equity [Abstract]
Authorized multi-year share repurchased program amount	$ 1

Allowance for Loan Losses - Summary of Performance and Related Loan Status of Loans Modified (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans modified, charged off	$ 15

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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

11. Fair Value Measurements (Continued)

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


	Fair Value Measurements on a Recurring Basis
	December 31, 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		—		55		—			55			—		55			1			56
Cross-currency interest rate swaps		—		—		—			—			—		—			—			—
Total derivative assets(2)		—		55		—			55			—		55			1			56
Total	$	—	$	55	$	—		$	55		$	—	$	55		$	1		$	56
Liabilities(3)
Derivative instruments(1)
Interest rate swaps	$	—	$	—	$	(1	)	$	(1	)	$	—	$	(2	)	$	(3	)	$	(5	)
Floor Income Contracts		—		—		—			—			—		—			—			—
Cross-currency interest rate swaps		—		—		(189	)		(189	)		—		—			(253	)		(253	)
Total derivative liabilities(2)		—		—		(190	)		(190	)		—		(2	)		(256	)		(258	)
Total	$	—	$	—	$	(190	)	$	(190	)	$	—	$	(2	)	$	(256	)	$	(258	)

(1)

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

(2)

See “Note 7 — 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

11. 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.


	Year Ended December 31, 2023
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(2	)	$	(253	)	$	—	$	(255	)
Total gains/(losses):
Included in earnings(1)		1			17			—		18
Included in other comprehensive income		—			—			—		—
Settlements		—			47			—		47
Transfers in and/or out of level 3		—			—			—		—
Balance, end of period	$	(1	)	$	(189	)	$	—	$	(190	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date(2)	$	1		$	64		$	—	$	65


	Year Ended December 31, 2022
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(4	)	$	(190	)	$	—	$	(194	)
Total gains/(losses):
Included in earnings(1)		1			(105	)		—		(104	)
Included in other comprehensive income		—			—			—		—
Settlements		1			42			—		43
Transfers in and/or out of level 3		—			—			—		—
Balance, end of period	$	(2	)	$	(253	)	$	—	$	(255	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date(2)	$	1		$	(63	)	$	—	$	(62	)


	Year Ended December 31, 2021
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(8	)	$	(294	)	$	—	$	(302	)
Total gains/(losses):
Included in earnings(1)		3			81			—		84
Included in other comprehensive income		—			—			—		—
Settlements		1			23			—		24
Transfers in and/or out of level 3		—			—			—		—
Balance, end of period	$	(4	)	$	(190	)	$	—	$	(194	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date(2)	$	3		$	(157	)	$	—	$	(154	)

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

Included in Earnings


	Years Ended December 31,
(Dollars in millions)	2023		2022			2021
Gains (losses) on derivative and hedging activities, net	$	1	$	1		$	3
Interest expense		17		(105	)		81
Total	$	18	$	(104	)	$	84

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

Unobservable Data Used in Recurring Valuations of Level 3

11. 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 December 31, 2023			Valuation Technique	Input	Range and Weighted Average
Derivatives
Prime basis swaps	$	(1	)	Discounted cash flow	Constant Prepayment Rate	10%
					Bid/ask adjustment to discount rate	0.08%
Cross-currency interest rate swaps		(189	)	Discounted cash flow	Constant Prepayment Rate	5%
Other		—
Total	$	(190	)

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.


	December 31, 2023									December 31, 2022
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	36,590		$	37,925		$	(1,335	)	$	41,426		$	43,525		$	(2,099	)
Private Education Loans		16,287			16,902			(615	)		17,880			18,725			(845	)
Cash and investments		2,939			2,939			—			4,974			4,974			—
Total earning assets		55,816			57,766			(1,950	)		64,280			67,224			(2,944	)
Interest-bearing liabilities
Short-term borrowings		4,237			4,226			(11	)		5,879			5,870			(9	)
Long-term borrowings		51,566			53,402			1,836			57,652			61,026			3,374
Total interest-bearing liabilities		55,803			57,628			1,825			63,531			66,896			3,365
Derivative financial instruments
Floor Income Contracts		—			—			—			—			—			—
Interest rate swaps		54			54			—			51			51			—
Cross-currency interest rate swaps		(189	)		(189	)		—			(253	)		(253	)		—
Other		—			—			—			—			—			—
Excess of net asset fair value over carrying value							$	(125	)							$	421

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Parenthetical) (Detail)	Dec. 31, 2023	Dec. 31, 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%

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Open Market Repurchases [Member]	Common Stock [Member]	Treasury Stock [Member]	Treasury Stock [Member] Open Market Repurchases [Member]	Common Stock Shares Outstanding [Member]	Common Stock Shares Outstanding [Member] Open Market Repurchases [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member] Open Market Repurchases [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2020	$ 2,447		$ 4	$ (3,854)				$ 3,226	$ (274)	$ 3,331	$ 2,433		$ 14
Beginning Balance, Shares at Dec. 31, 2020			453,778,975	(267,476,521)		186,302,454
Comprehensive income (loss):
Net income	717									717	717
Other comprehensive income (loss), net of tax	141								141		141
Total comprehensive income (loss)	858										858
Cash dividends:
Common stock	(107)									(107)	(107)
Dividend equivalent units related to employee stock-based compensation plans	(2)									(2)	(2)
Issuance of common shares	$ 34							34			34
Issuance of common shares, Shares	4,900,000		4,850,409			4,850,409
Stock-based compensation expense	$ 22							22			22
Common stock repurchased		$ (600)			$ (600)	$ (600)						$ (600)
Common stock repurchased, shares					(34,371,073)	(34,400,000)	(34,371,073)
Shares repurchased related to employee stock-based compensation plans	$ (41)			$ (41)							(41)
Shares repurchased related to employee stock-based compensation plans, Shares	(3,000,000.0)			(3,039,019)		(3,039,019)
Net activity in noncontrolling interest	$ (3)												(3)
Ending Balance, Value at Dec. 31, 2021	2,608		$ 4	$ (4,495)				3,282	(133)	3,939	2,597		11
Ending Balance, Shares at Dec. 31, 2021			458,629,384	(304,886,613)		153,742,771
Comprehensive income (loss):
Net income	645									645	645
Other comprehensive income (loss), net of tax	220								220		220
Total comprehensive income (loss)	865										865
Cash dividends:
Common stock	(91)									(91)	(91)
Dividend equivalent units related to employee stock-based compensation plans	(3)									(3)	(3)
Issuance of common shares	$ 12							12			12
Issuance of common shares, Shares	2,500,000		2,458,206			2,458,206
Stock-based compensation expense	$ 19							19			19
Common stock repurchased		(400)			$ (400)	$ (400)						(400)
Common stock repurchased, shares					(24,811,009)	(24,800,000)	(24,811,009)
Shares repurchased related to employee stock-based compensation plans	$ (22)			$ (22)							(22)
Shares repurchased related to employee stock-based compensation plans, Shares	(1,200,000)			(1,180,530)		(1,180,530)
Net activity in noncontrolling interest	$ (11)												$ (11)
Ending Balance, Value at Dec. 31, 2022	2,977		$ 4	$ (4,917)				3,313	87	4,490	2,977
Ending Balance, Shares at Dec. 31, 2022			461,087,590	(330,878,152)		130,209,438
Comprehensive income (loss):
Net income	228									228	228
Other comprehensive income (loss), net of tax	(68)								(68)		(68)
Total comprehensive income (loss)	160										160
Cash dividends:
Common stock	(78)									(78)	(78)
Dividend equivalent units related to employee stock-based compensation plans	(2)									(2)	(2)
Issuance of common shares	$ 16							16			16
Issuance of common shares, Shares	2,600,000		2,627,458				2,627,458
Stock-based compensation expense	$ 24							24			24
Common stock repurchased		$ (310)			$ (310)	$ (310)						$ (310)
Common stock repurchased, shares					(18,016,941)	(18,000,000)	(18,016,941)
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)			(1,315,644)		(1,315,644)
Other	$ (3)			$ (3)							(3)
Ending Balance, Value at Dec. 31, 2023	$ 2,760		$ 4	$ (5,254)				$ 3,353	$ 19	$ 4,638	$ 2,760
Ending Balance, Shares at Dec. 31, 2023			463,715,048	(350,210,737)		113,504,311

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans in repayment and percentage of each status:
Loan allowance for losses	$ (832)	$ (1,022)	$ (1,271)	$ (1,377)
Loans, net	54,827	62,250
Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	17,519	19,525	21,180
Loan allowance for losses	(617)	(800)	(1,009)	(1,089)
Loans, net	16,902	18,725
FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	38,140	43,747	52,903
Loan allowance for losses	(215)	(222)	$ (262)	$ (288)
Loans, net	37,925	43,525
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	17,519	19,525
Loan allowance for losses	(617)	(800)
Loans, net	16,902	18,725
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	38,140	43,747
Loan allowance for losses	(215)	(222)
Loans, net	$ 37,925	$ 43,525
Dimensions of concentration risk	100.00%	100.00%
Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	94.90%	95.00%
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	86.10%	84.40%
Credit Concentration Risk [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.80%	1.80%
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	3.90%	3.60%
Credit Concentration Risk [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.00%	1.00%
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	2.50%	2.40%
Credit Concentration Risk [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	2.30%	2.20%
Credit Concentration Risk [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	7.50%	9.60%
Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	95.90%	96.10%
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	79.80%	78.60%
Credit Concentration Risk [Member] \| Financing Receivables, Delinquent Loans in Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	5.10%	5.00%
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	13.90%	15.60%
Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	2.10%	2.10%
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	16.80%	18.10%
School/Grace/Deferment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 360	$ 354
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	1,557	1,772
Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	363	401
Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	6,147	7,603
Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 16,796	$ 18,770
Dimensions of concentration risk	100.00%	100.00%
Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 30,436	$ 34,372
Repayment [Member] \| Credit Concentration Risk [Member] \| Financing Asset, Not Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	15,935	17,838
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	26,204	29,004
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	308	335
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	1,193	1,247
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	173	186
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	746	833
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	380	411
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	$ 2,293	$ 3,288

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

15. 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. We generate revenue primarily through net interest income on our FFELP Loans.

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


	December 31,
(Dollars in millions)	2023		2022
FFELP Loans, net	$	37,925	$	43,525
Cash and investments(1)		1,520		2,746
Other		2,128		2,229
Total assets	$	41,573	$	48,500

(1)

Includes restricted cash and investments.

Consumer Lending Segment

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

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


	December 31,
(Dollars in millions)	2023		2022
Private Education Loans, net	$	16,902	$	18,725
Cash and investments(1)		497		617
Other		577		453
Total assets	$	17,976	$	19,795

(1)

Includes restricted cash and investments.

15. Segment Reporting (Continued)

Business Processing Segment

Navient provides business processing solutions such as omnichannel contact center services, workflow processing, and revenue cycle optimization. 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 December 31, 2023 and 2022, the Business Processing segment had total assets of $380 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 December 31, 2023 and 2022, the Other segment had total assets of $1.4 billion and $2.1 billion, respectively.

15. 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.

15. Segment Reporting (Continued)

Segment Results and Reconciliations to GAAP


	Year Ended December 31, 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	$	4,266													$	2,901	$	1,369	$	—	$	—
Cash and investments		153														76		27		—		50
Total interest income		4,419														2,977		1,396		—		50
Total interest expense		3,557														2,497		816		—		164
Net interest income (loss)		862		$	32		$	52		$	84		$	946		480		580		—		(114	)
Less: provisions for loan losses		123												123		56		67		—		—
Net interest income (loss) after provisions for loan losses		739														424		513		—		(114	)
Other income (loss):
Servicing revenue		64														52		12		—		—
Asset recovery and business processing revenue		321														—		—		321		—
Other revenue		32														14		2		—		5
Losses on debt repurchases		(8	)		—			—			—			—		—		—		—		(8	)
Total other income (loss)		409			(32	)		21			(11	)		398		66		14		321		(3	)
Expenses:
Direct operating expenses		508														72		151		285		—
Unallocated shared services expenses		292														—		—		—		292
Operating expenses		800			—			—			—			800		72		151		285		292
Goodwill and acquired intangible asset impairment and amortization		10			—			(10	)		(10	)		—		—		—		—		—
Restructuring/other reorganization expenses		25			—			—			—			25		—		—		—		25
Total expenses		835			—			(10	)		(10	)		825		72		151		285		317
Income (loss) before income tax expense (benefit)		313			—			83			83			396		418		376		36		(434	)
Income tax expense (benefit)(2)		85			—			8			8			93		99		89		8		(103	)
Net income (loss)	$	228		$	—		$	75		$	75		$	303	$	319	$	287	$	28	$	(331	)

(1)

Core Earnings adjustments to GAAP:


	Year Ended December 31, 2023
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	84		$	—		$	84
Total other income (loss)		(11	)		—			(11	)
Goodwill and acquired intangible asset impairment and amortization		—			(10	)		(10	)
Total Core Earnings adjustments to GAAP	$	73		$	10			83
Income tax expense (benefit)								8
Net income (loss)							$	75

(2)

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

15. Segment Reporting (Continued)


	Year Ended December 31, 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	$	3,161												$	1,955	$	1,195	$	—	$	—
Cash and investments		62													32		10		—		20
Total interest income		3,223													1,987		1,205		—		20
Total interest expense		2,102													1,468		611		—		107
Net interest income (loss)		1,121	$	(15	)	$	(80	)	$	(95	)	$	1,026		519		594		—		(87	)
Less: provisions for loan losses		79											79		—		79		—		—
Net interest income (loss) after provisions for loan losses		1,042													519		515		—		(87	)
Other income (loss):
Servicing revenue		77													65		12		—		—
Asset recovery and business processing revenue		336													6		—		330		—
Other revenue		203													31		1		—		—
Total other income (loss)		616		15			(186	)		(171	)		445		102		13		330		—
Expenses:
Direct operating expenses		534													106		148		280		—
Unallocated shared services expenses		242													—		—		—		242
Operating expenses		776		—			—			—			776		106		148		280		242
Goodwill and acquired intangible asset impairment and amortization		19		—			(19	)		(19	)		—		—		—		—		—
Restructuring/other reorganization expenses		36		—			—			—			36		—		—		—		36
Total expenses		831		—			(19	)		(19	)		812		106		148		280		278
Income (loss) before income tax expense (benefit)		827		—			(247	)		(247	)		580		515		380		50		(365	)
Income tax expense (benefit)(2)		182		—			(60	)		(60	)		122		108		80		10		(76	)
Net income (loss)	$	645	$	—		$	(187	)	$	(187	)	$	458	$	407	$	300	$	40	$	(289	)

(1)

Core Earnings adjustments to GAAP:


	Year Ended December 31, 2022
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	(95	)	$	—		$	(95	)
Total other income (loss)		(171	)		—			(171	)
Goodwill and acquired intangible asset impairment and amortization		—			(19	)		(19	)
Total Core Earnings adjustments to GAAP	$	(266	)	$	19			(247	)
Income tax expense (benefit)								(60	)
Net income (loss)							$	(187	)

(2)

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

15. Segment Reporting (Continued)


	Year Ended December 31, 2021
				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	$	2,645														$	1,405	$	1,181		$	—	$	—
Cash and investments		3															—		2			—		1
Total interest income		2,648															1,405		1,183			—		1
Total interest expense		1,316															830		541			—		70
Net interest income (loss)		1,332		$	(106	)	$	(78	)	$	(184	)	$	1,148			575		642			—		(69	)
Less: provisions for loan losses		(61	)											(61	)		—		(61	)		—		—
Net interest income (loss) after provisions for loan losses		1,393															575		703			—		(69	)
Other income (loss):
Servicing revenue		168															162		6			—		—
Asset recovery and business processing revenue		539															51		—			488		—
Other revenue		94															25		—			—		5
Gains on sales of loans		78															—		91			—		—
Losses on debt repurchases		(73	)														—		—			—		(73	)
Total other income (loss)		806			106			(157	)		(51	)		755			238		97			488		(68	)
Expenses:
Direct operating expenses		745															223		162			360		—
Unallocated shared services expenses		462															—		—			—		462
Operating expenses		1,207			—			—			—			1,207			223		162			360		462
Goodwill and acquired intangible asset impairment and amortization		30			—			(30	)		(30	)		—			—		—			—		—
Restructuring/other reorganization expenses		26			—			—			—			26			—		—			—		26
Total expenses		1,263			—			(30	)		(30	)		1,233			223		162			360		488
Income (loss) before income tax expense (benefit)		936			—			(205	)		(205	)		731			590		638			128		(625	)
Income tax expense (benefit)(2)		219			—			(39	)		(39	)		180			136		146			29		(131	)
Net income (loss)	$	717		$	—		$	(166	)	$	(166	)	$	551		$	454	$	492		$	99	$	(494	)

(1)

Core Earnings adjustments to GAAP:


	Year Ended December 31, 2021
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	(184	)	$	—		$	(184	)
Total other income (loss)		(51	)		—			(51	)
Goodwill and acquired intangible asset impairment and amortization		—			(30	)		(30	)
Total Core Earnings adjustments to GAAP	$	(235	)	$	30			(205	)
Income tax expense (benefit)								(39	)
Net income (loss)							$	(166	)

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

15. Segment Reporting (Continued)

Summary of Core Earnings Adjustments to GAAP


	Years Ended December 31,
(Dollars in millions)	2023			2022			2021
GAAP net income	$	228		$	645		$	717
Core Earnings adjustments to GAAP:
Net impact of derivative accounting(1)		73			(266	)		(235	)
Net impact of goodwill and acquired intangible assets(2)		10			19			30
Net income tax effect(3)		(8	)		60			39
Total Core Earnings adjustments to GAAP		75			(187	)		(166	)
Core Earnings net income	$	303		$	458		$	551

(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.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends per common share	$ 0.64	$ 0.64	$ 0.64
Retained Earnings [Member]
Dividends per common share	0.64	0.64	0.64
Total Stockholders' Equity [Member]
Dividends per common share	$ 0.64	$ 0.64	$ 0.64

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Allowance for loans losses	$ 832	$ 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 for accumulated other comprehensive loss	$ 6	$ 29
Common stock held in treasury	350,000,000	331,000,000
Series A Junior Participating Preferred Stock [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	$ 215	$ 222
Private Education Loans [Member]
Allowance for loans losses	$ 617	$ 800

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 17.21	$ 16.13	$ 17.46
Remaining common stock repurchase authority	$ 290	$ 600	$ 1,000
Shares repurchased related to employee stock-based compensation plans	1,300,000	1,200,000	3,000,000.0
Average purchase price per share	$ 18.44	$ 17.84	$ 13.65
Common shares issued	2,600,000	2,500,000	4,900,000
Dividends paid	$ 78	$ 91	$ 107
Dividends per share	$ 0.64	$ 0.64	$ 0.64
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, shares	18,000,000	24,800,000	34,400,000
Common stock repurchased, value	$ 310	$ 400	$ 600
Shares repurchased related to employee stock-based compensation plans	1,315,644	1,180,530	3,039,019
Common shares issued		2,458,206	4,850,409

Education Loans (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Education Loan Portfolio by Program

The estimated weighted average life of education loans in our portfolio was approximately 5 years and 6 years at December 31, 2023 and 2022, respectively. The following table reflects the distribution of our education loan portfolio by program.


	December 31, 2023					Year Ended December 31, 2023
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford Loans, net	$	13,564		25	%	$	14,949		7.44	%
FFELP Consolidation Loans, net		24,361		44			26,242		6.80
Private Education Loans, net		16,902		31			18,463		7.42
Total education loans, net	$	54,827		100	%	$	59,654		7.15	%


	December 31, 2022					Year Ended December 31, 2022
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford Loans, net	$	15,691		25	%	$	17,475		3.93	%
FFELP Consolidation Loans, net		27,834		45			31,708		4.04
Private Education Loans, net		18,725		30			20,524		5.82
Total education loans, net	$	62,250		100	%	$	69,707		4.53	%

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income	$ 228	$ 645	$ 717
Adjustments to reconcile net income to net cash provided by operating activities:
Gains on sale of education loans	0	0	(78)
Losses on debt repurchases	8	0	73
Goodwill and acquired intangible asset impairment and amortization expense	10	19	30
Stock-based compensation expense	24	19	22
Mark-to-market (gains)/losses on derivative and hedging activities, net	147	(590)	(433)
Provisions for loan losses	123	79	(61)
(Increase) decrease in accrued interest receivable	(50)	(147)	47
Increase (decrease) in accrued interest payable	29	159	(55)
Decrease in other assets	52	387	145
Increase (decrease) in other liabilities	105	(266)	295
Total adjustments	448	(340)	(15)
Total net cash provided by operating activities	676	305	702
Investing activities
Education loans originated and acquired	(970)	(2,051)	(6,104)
Principal payments on education loans	8,322	12,540	11,137
Proceeds from sales of education loans	0	0	1,588
Other investing activities, net	5	96	68
Purchase of subsidiary, net of cash acquired	0	0	(16)
Total net cash provided by investing activities	7,357	10,585	6,673
Financing activities
Borrowings collateralized by loans in trust - issued	1,357	2,243	7,973
Borrowings collateralized by loans in trust - repaid	(9,753)	(12,581)	(11,163)
Long-term unsecured notes issued	989	0	1,237
Long-term unsecured notes repaid	(2,159)	(15)	(2,702)
Other financing activities, net	(101)	89	197
Common stock repurchased	(310)	(400)	(600)
Common dividends paid	(78)	(91)	(107)
Total net cash used in financing activities	(10,047)	(9,661)	(7,334)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	(2,014)	1,229	41
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	4,807	3,578	3,537
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,793	4,807	3,578
Cash disbursements made (refunds received) for:
Interest	3,431	1,904	1,378
Income taxes paid	57	30	190
Income taxes received	(5)	(12)	(11)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	839	1,535	905
Restricted cash and restricted cash equivalents	1,954	3,272	2,673
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,793	4,807	3,578
Non-cash activities
Investing activity - Held-to-maturity asset backed securities retained related to sales of education loans	0	0	83
Operating activity - Servicing assets recognized upon sales of education loans	0	0	21
Asset-backed Securities, Securitized Loans and Receivables [Member]
Financing activities
Asset-backed commercial paper conduits, net	$ 8	$ 1,094	$ (2,169)

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 53,402	$ 61,026
Short-term Debt	4,226	5,870
FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Debt tranches default principal amount	1,600
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	53,680	61,516
Short-term Debt	4,235	5,880
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	122	0
Short-term Debt	59	76
Total Before Hedge Accounting Adjustments [Member] \| Non-U.S. Doller Denominated Debt [Member]
Debt Instrument [Line Items]
Long-term debt	1,600	1,800
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term Debt	435	725
Total Before Hedge Accounting Adjustments [Member] \| Long-Term Floating Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt	38,200	44,900
Total Before Hedge Accounting Adjustments [Member] \| Long-Term Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt	15,500	16,600
Total Before Hedge Accounting Adjustments [Member] \| Short Term Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt principal amount	506	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

Allowance for Loan Losses

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Allowance for Loan Losses

4. Allowance for Loan Losses

Allowance for Loan Losses Rollforward


	Year Ended December 31, 2023
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	222		$	800		$	1,022
Total provision		56			67			123
Charge-offs:
Gross charge-offs		(63	)		(320	)		(383	)
Expected future recoveries on current period gross charge-offs		—			47			47
Total(1)		(63	)		(273	)		(336	)
Adjustment resulting from the change in charge-off rate(2)		—			(25	)		(25	)
Net charge-offs		(63	)		(298	)		(361	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			48			48
Allowance at end of period	$	215		$	617		$	832
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	%		1.54	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.14	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.19	%		1.68	%
Ending total loans	$	38,140		$	17,519
Average loans in repayment	$	33,047		$	17,749
Ending loans in repayment	$	30,436		$	16,796

(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)

An increase in the net charge-off rate on defaulted Private Education Loans in 2023 resulted in a $25 million reduction in the balance of 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:


	Year Ended December 31,
(Dollars in millions)	2023
Beginning of period expected future recoveries on previously fully charged-off loans	$	274
Expected future recoveries of current period defaults		47
Recoveries (cash collected)		(46	)
Charge-offs (as a result of lower recovery expectations)		(49	)
End of period expected future recoveries on previously fully charged-off loans	$	226
Change in balance during period	$	(48	)

4. Allowance for Loan Losses (Continued)


	Year Ended December 31, 2022
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	262		$	1,009		$	1,271
Total provision		—			79			79
Charge-offs:
Gross charge-offs		(40	)		(370	)		(410	)
Expected future recoveries on current period gross charge-offs		—			57			57
Total(1)		(40	)		(313	)		(353	)
Adjustment resulting from the change in charge-off rate(2)		—			(30	)		(30	)
Net charge-offs		(40	)		(343	)		(383	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			55			55
Allowance at end of period	$	222		$	800		$	1,022
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)		.10	%		1.59	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.15	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.10	%		1.74	%
Ending total loans	$	43,747		$	19,525
Average loans in repayment	$	40,332		$	19,796
Ending loans in repayment	$	34,372		$	18,770

(1)

(2)

An increase in the net charge-off rate on defaulted Private Education Loans in 2022 resulted in a $30 million reduction in the balance of expected future recoveries on previously fully charged-off loans.

(3)


	Year Ended December 31,
(Dollars in millions)	2022
Beginning of period expected future recoveries on previously fully charged-off loans	$	329
Expected future recoveries of current period defaults		57
Recoveries (cash collected)		(56	)
Charge-offs (as a result of lower recovery expectations)		(56	)
End of period expected future recoveries on previously fully charged-off loans	$	274
Change in balance during period	$	(55	)

4. Allowance for Loan Losses (Continued)


	Year Ended December 31, 2021
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Allowance at beginning of period	$	288		$	1,089		$	1,377
Provision:
Reversal of allowance related to loan sales(1)		—			(107	)		(107	)
Remaining provision		—			46			46
Total provision		—			(61	)		(61	)
Charge-offs:
Gross charge-offs		(26	)		(175	)		(201	)
Expected future recoveries on current period gross charge-offs		—			22			22
Total(2)		(26	)		(153	)		(179	)
Adjustment resulting from the change in charge-off rate(3)		—			(16	)		(16	)
Net charge-offs		(26	)		(169	)		(195	)
Decrease in expected future recoveries on previously fully charged-off loans(4)		—			150			150
Allowance at end of period	$	262		$	1,009		$	1,271
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate(3)		.06	%		.76	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment(3)		—	%		.08	%
Net charge-offs as a percentage of average loans in repayment		.06	%		.84	%
Ending total loans	$	52,903		$	21,180
Average loans in repayment	$	45,781		$	20,150
Ending loans in repayment	$	44,390		$	20,284

(1)

In connection with the sale of approximately $1.6 billion of Private Education Loans in 2021.

(2)

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.

(3)

An increase in the net charge-off rate on defaulted Private Education Loans in 2021 resulted in a $16 million reduction in the balance of expected future recoveries on previously fully charged-off loans.

(4)


	Year Ended December 31,
(Dollars in millions)	2021
Beginning of period expected future recoveries on previously fully charged-off loans	$	479
Expected future recoveries of current period defaults		22
Recoveries (cash collected)		(87	)
Charge-offs (as a result of lower recovery expectations)		(35	)
Reduction in expected recoveries related to regulatory settlement(5)		(50	)
End of period expected future recoveries on previously fully charged-off loans	$	329
Change in balance during period	$	(150	)

(5)

Related to the resolution of previously disclosed litigation.

4. 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
	December 31, 2023						December 31, 2022
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	1,557					$	1,772
Loans in forbearance(2)		6,147						7,603
Loans in repayment and percentage of each status:
Loans current		26,204			86.1	%		29,004			84.4	%
Loans delinquent 31-60 days(3)		1,193			3.9			1,247			3.6
Loans delinquent 61-90 days(3)		746			2.5			833			2.4
Loans delinquent greater than 90 days(3)		2,293			7.5			3,288			9.6
Total FFELP Loans in repayment		30,436			100	%		34,372			100	%
Total FFELP Loans		38,140						43,747
FFELP Loan allowance for losses		(215	)					(222	)
FFELP Loans, net	$	37,925					$	43,525
Percentage of FFELP Loans in repayment					79.8	%					78.6	%
Delinquencies as a percentage of FFELP Loans in repayment					13.9	%					15.6	%
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					16.8	%					18.1	%

(1)

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

(2)

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

(3)

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

Loan type:


(Dollars in millions)	December 31, 2023		December 31, 2022		Change
Stafford Loans	$	12,171	$	14,019	$	(1,848	)
Consolidation Loans		22,272		25,522		(3,250	)
Rehab Loans		3,697		4,206		(509	)
Total loans, gross	$	38,140	$	43,747	$	(5,607	)

4. 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
	December 31, 2023
(Dollars in millions)	2023		2022			2021			2020			2019			Prior			Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	815	$	1,575		$	3,898		$	1,240		$	1,162		$	7,132		$	15,822			90	%
Below 640		11		67			122			29			49			1,419			1,697			10
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	51	$	79		$	87		$	21		$	27		$	458		$	723			4	%
Current/90 days or less delinquent		774		1,554			3,917			1,244			1,177			7,750			16,416			94
Greater than 90 days delinquent		1		9			16			4			7			343			380			2
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
Seasoning(1):
1-12 payments	$	781	$	130		$	28		$	7		$	4		$	54		$	1,004			6	%
13-24 payments		—		1,453			812			12			13			62			2,352			13
25-36 payments		—		—			3,127			142			35			113			3,417			20
37-48 payments		—		—			—			1,097			388			179			1,664			9
More than 48 payments		—		—			—			—			759			7,963			8,722			50
Loans in-school/ grace/deferment		45		59			53			11			12			180			360			2
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
Certain Loan Modifications(2):
Modified	$	—	$	41		$	130		$	46		$	82		$	5,775		$	6,074			35	%
Non-Modified		826		1,601			3,890			1,223			1,129			2,776			11,445			65
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
Cosigners:
With cosigner(3)	$	202	$	179		$	93		$	23		$	9		$	5,206		$	5,712			33	%
Without cosigner		624		1,463			3,927			1,246			1,202			3,345			11,807			67
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
School Type:
Not-for-profit	$	777	$	1,555		$	3,786		$	1,213		$	1,126		$	7,225		$	15,682			90	%
For-profit		49		87			234			56			85			1,326			1,837			10
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
Allowance for loan losses																			(617	)
Total loans, net																		$	16,902

Charge-Offs	$	—	$	(7	)	$	(10	)	$	(5	)	$	(7	)	$	(269	)	$	(298	)		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 No. 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 No. 2022-02.

(3)

Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65% for total loans at December 31, 2023.

4. Allowance for Loan Losses (Continued)


	Private Education Loan Credit Quality Indicators by Origination Year
	December 31, 2022
(Dollars in millions)	2022		2021		2020		2019		2018		Prior		Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	1,721	$	4,529	$	1,515	$	1,426	$	529	$	8,107	$	17,827			91	%
Below 640		35		85		23		41		19		1,495		1,698			9
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	56	$	91	$	29	$	33	$	13	$	533	$	755			4	%
Current/90 days or less delinquent		1,697		4,514		1,506		1,428		533		8,681		18,359			94
Greater than 90 days delinquent		3		9		3		6		2		388		411			2
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
Seasoning(1):
1-12 payments	$	1,714	$	860	$	10	$	9	$	1	$	83	$	2,677			14	%
13-24 payments		—		3,699		147		31		6		91		3,974			20
25-36 payments		—		—		1,365		452		15		161		1,993			10
37-48 payments		—		—		—		957		132		260		1,349			7
More than 48 payments		—		—		—		—		388		8,790		9,178			47
Loans in-school/ grace/deferment		42		55		16		18		6		217		354			2
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
Certain Loan Modifications(2):
Modified	$	11	$	71	$	34	$	68	$	37	$	6,447	$	6,668			34	%
Non-Modified		1,745		4,543		1,504		1,399		511		3,155		12,857			66
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
Cosigners:
With cosigner(3)	$	122	$	106	$	27	$	10	$	—	$	6,184	$	6,449			33	%
Without cosigner		1,634		4,508		1,511		1,457		548		3,418		13,076			67
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
School Type:
Not-for-profit	$	1,655	$	4,347	$	1,470	$	1,366	$	503	$	8,026	$	17,367			89	%
For-profit		101		267		68		101		45		1,576		2,158			11
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
Allowance for loan losses														(800	)
Total loans, net													$	18,725

(1)

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

(2)

Loan Modifications represents the historical definition of a TDR prior to the implementation of ASU No. 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 No. 2022-02.

(3)

Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 65% for total loans at December 31, 2022.

4. Allowance for Loan Losses (Continued)


	Private Education Loan Delinquencies
	December 31, 2023						December 31, 2022
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	360					$	354
Loans in forbearance(2)		363						401
Loans in repayment and percentage of each status:
Loans current		15,935			94.9	%		17,838			95.0	%
Loans delinquent 31-60 days(3)		308			1.8			335			1.8
Loans delinquent 61-90 days(3)		173			1.0			186			1.0
Loans delinquent greater than 90 days(3)		380			2.3			411			2.2
Total loans in repayment		16,796			100	%		18,770			100	%
Total loans		17,519						19,525
Allowance for losses		(617	)					(800	)
Loans, net	$	16,902					$	18,725
Percentage of loans in repayment					95.9	%					96.1	%
Delinquencies as a percentage of loans in repayment					5.1	%					5.0	%
Loans in forbearance as a percentage of loans in repayment and forbearance					2.1	%					2.1	%

(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.

4. 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.

The following table shows the amortized cost basis as of December 31, 2023 of the loans to borrowers experiencing financial difficulty that were modified in 2023.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Year Ended December 31, 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	$	1,668		9.5	%	$	923		5.3	%	$	138		.8	%

(1)

As of December 31, 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.

For those loans modified in 2023, the following table shows the impact of such modification.


Year Ended December 31, 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 13.2% to 5.3%	Added an average 7 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 12.7% to 5.2%.

4. Allowance for Loan Losses (Continued)

The following table provides the amount of loan modifications for which a payment default occurred in the year ended December 31, 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)
	Year Ended December 31, 2023
Loan Type	Modified Loans (Amortized Cost)		Payment Default (Par)
Private Education Loans(1)	$	272	$	278

(1)

For the year ended December 31, 2023, the modified loans include $175 million of Interest Rate Reduction, $14 million of Combination Rate Reduction and Term Extension, and $83 million of More Than Insignificant Payment Delay.

The following table provides the performance and related loan status as of December 31, 2023 of loans that were modified in 2023.


(Dollars in millions)
Loan Type:
Private Education Loans	Status	Payment status (Amortized Cost)
	Loans in School/Deferment	$	22
	Loans in Forbearance		93
	Loans current		2,199
	Loans delinquent 31 - 60 days		160
	Loans delinquent 61 - 90 days		96
	Loans delinquent greater than 90 days		159
	Total Modified Loans	$	2,729

(1)

For the year ended December 31, 2023, $15 million of loans modified during the period were charged off.

Prior to our adoption of ASU No. 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.

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.


	Years Ended December 31,
(Dollars in millions)	2022		2021
Modified loans	$	250	$	149
Charge-offs	$	280	$	124
Payment default	$	46	$	21

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Loan reserves	$ 237	$ 297
Accrued expenses not currently deductible	39	33
Education loan premiums and discounts, net	32	41
Operating loss and credit carryovers	11	12
Stock-based compensation plans	5	5
Other	18	19
Total deferred tax assets	342	407
Deferred tax liabilities:
Market value adjustments on education loans, investments and derivatives	114	201
Acquired intangible assets	23	22
Original issue discount on borrowings	13	13
Other	7	11
Total deferred tax liabilities	157	247
Net deferred tax assets	$ 185	$ 160

Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2023

Financing Receivable Allowance For Credit Losses [Line Items]

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Loan Losses Rollforward


	Year Ended December 31, 2023
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	222		$	800		$	1,022
Total provision		56			67			123
Charge-offs:
Gross charge-offs		(63	)		(320	)		(383	)
Expected future recoveries on current period gross charge-offs		—			47			47
Total(1)		(63	)		(273	)		(336	)
Adjustment resulting from the change in charge-off rate(2)		—			(25	)		(25	)
Net charge-offs		(63	)		(298	)		(361	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			48			48
Allowance at end of period	$	215		$	617		$	832
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	%		1.54	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.14	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.19	%		1.68	%
Ending total loans	$	38,140		$	17,519
Average loans in repayment	$	33,047		$	17,749
Ending loans in repayment	$	30,436		$	16,796

(1)

(2)

(3)


	Year Ended December 31,
(Dollars in millions)	2023
Beginning of period expected future recoveries on previously fully charged-off loans	$	274
Expected future recoveries of current period defaults		47
Recoveries (cash collected)		(46	)
Charge-offs (as a result of lower recovery expectations)		(49	)
End of period expected future recoveries on previously fully charged-off loans	$	226
Change in balance during period	$	(48	)

4. Allowance for Loan Losses (Continued)


	Year Ended December 31, 2022
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	262		$	1,009		$	1,271
Total provision		—			79			79
Charge-offs:
Gross charge-offs		(40	)		(370	)		(410	)
Expected future recoveries on current period gross charge-offs		—			57			57
Total(1)		(40	)		(313	)		(353	)
Adjustment resulting from the change in charge-off rate(2)		—			(30	)		(30	)
Net charge-offs		(40	)		(343	)		(383	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			55			55
Allowance at end of period	$	222		$	800		$	1,022
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)		.10	%		1.59	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.15	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.10	%		1.74	%
Ending total loans	$	43,747		$	19,525
Average loans in repayment	$	40,332		$	19,796
Ending loans in repayment	$	34,372		$	18,770

(1)

(2)

(3)


	Year Ended December 31,
(Dollars in millions)	2022
Beginning of period expected future recoveries on previously fully charged-off loans	$	329
Expected future recoveries of current period defaults		57
Recoveries (cash collected)		(56	)
Charge-offs (as a result of lower recovery expectations)		(56	)
End of period expected future recoveries on previously fully charged-off loans	$	274
Change in balance during period	$	(55	)

4. Allowance for Loan Losses (Continued)


	Year Ended December 31, 2021
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Allowance at beginning of period	$	288		$	1,089		$	1,377
Provision:
Reversal of allowance related to loan sales(1)		—			(107	)		(107	)
Remaining provision		—			46			46
Total provision		—			(61	)		(61	)
Charge-offs:
Gross charge-offs		(26	)		(175	)		(201	)
Expected future recoveries on current period gross charge-offs		—			22			22
Total(2)		(26	)		(153	)		(179	)
Adjustment resulting from the change in charge-off rate(3)		—			(16	)		(16	)
Net charge-offs		(26	)		(169	)		(195	)
Decrease in expected future recoveries on previously fully charged-off loans(4)		—			150			150
Allowance at end of period	$	262		$	1,009		$	1,271
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate(3)		.06	%		.76	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment(3)		—	%		.08	%
Net charge-offs as a percentage of average loans in repayment		.06	%		.84	%
Ending total loans	$	52,903		$	21,180
Average loans in repayment	$	45,781		$	20,150
Ending loans in repayment	$	44,390		$	20,284

(1)

In connection with the sale of approximately $1.6 billion of Private Education Loans in 2021.

(2)

(3)

(4)


	Year Ended December 31,
(Dollars in millions)	2021
Beginning of period expected future recoveries on previously fully charged-off loans	$	479
Expected future recoveries of current period defaults		22
Recoveries (cash collected)		(87	)
Charge-offs (as a result of lower recovery expectations)		(35	)
Reduction in expected recoveries related to regulatory settlement(5)		(50	)
End of period expected future recoveries on previously fully charged-off loans	$	329
Change in balance during period	$	(150	)

(5)

Related to the resolution of previously disclosed litigation.

Age Analysis of Past Due Loans Delinquencies


	FFELP Loan Delinquencies
	December 31, 2023						December 31, 2022
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	1,557					$	1,772
Loans in forbearance(2)		6,147						7,603
Loans in repayment and percentage of each status:
Loans current		26,204			86.1	%		29,004			84.4	%
Loans delinquent 31-60 days(3)		1,193			3.9			1,247			3.6
Loans delinquent 61-90 days(3)		746			2.5			833			2.4
Loans delinquent greater than 90 days(3)		2,293			7.5			3,288			9.6
Total FFELP Loans in repayment		30,436			100	%		34,372			100	%
Total FFELP Loans		38,140						43,747
FFELP Loan allowance for losses		(215	)					(222	)
FFELP Loans, net	$	37,925					$	43,525
Percentage of FFELP Loans in repayment					79.8	%					78.6	%
Delinquencies as a percentage of FFELP Loans in repayment					13.9	%					15.6	%
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					16.8	%					18.1	%

(1)

(2)

(3)

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


	Private Education Loan Delinquencies
	December 31, 2023						December 31, 2022
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	360					$	354
Loans in forbearance(2)		363						401
Loans in repayment and percentage of each status:
Loans current		15,935			94.9	%		17,838			95.0	%
Loans delinquent 31-60 days(3)		308			1.8			335			1.8
Loans delinquent 61-90 days(3)		173			1.0			186			1.0
Loans delinquent greater than 90 days(3)		380			2.3			411			2.2
Total loans in repayment		16,796			100	%		18,770			100	%
Total loans		17,519						19,525
Allowance for losses		(617	)					(800	)
Loans, net	$	16,902					$	18,725
Percentage of loans in repayment					95.9	%					96.1	%
Delinquencies as a percentage of loans in repayment					5.1	%					5.0	%
Loans in forbearance as a percentage of loans in repayment and forbearance					2.1	%					2.1	%

(1)

(2)

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

Loans Type

Loan type:


(Dollars in millions)	December 31, 2023		December 31, 2022		Change
Stafford Loans	$	12,171	$	14,019	$	(1,848	)
Consolidation Loans		22,272		25,522		(3,250	)
Rehab Loans		3,697		4,206		(509	)
Total loans, gross	$	38,140	$	43,747	$	(5,607	)

Schedule of Amount of Loans Modified and Payment Default


(Dollars in millions)
	Year Ended December 31, 2023
Loan Type	Modified Loans (Amortized Cost)		Payment Default (Par)
Private Education Loans(1)	$	272	$	278

Summary of Performance and Related Loan Status of Loans Modified

The following table provides the performance and related loan status as of December 31, 2023 of loans that were modified in 2023.


(Dollars in millions)
Loan Type:
Private Education Loans	Status	Payment status (Amortized Cost)
	Loans in School/Deferment	$	22
	Loans in Forbearance		93
	Loans current		2,199
	Loans delinquent 31 - 60 days		160
	Loans delinquent 61 - 90 days		96
	Loans delinquent greater than 90 days		159
	Total Modified Loans	$	2,729

(1)

For the year ended December 31, 2023, $15 million of loans modified during the period were charged off.

Summary of Amortized Cost Basis of Loans to Borrowers

The following table shows the amortized cost basis as of December 31, 2023 of the loans to borrowers experiencing financial difficulty that were modified in 2023.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Year Ended December 31, 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	$	1,668		9.5	%	$	923		5.3	%	$	138		.8	%

(1)

As of December 31, 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.

For those loans modified in 2023, the following table shows the impact of such modification.


Year Ended December 31, 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 13.2% to 5.3%	Added an average 7 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 12.7% to 5.2%.

Loans Modified Accounts for TDR


	Years Ended December 31,
(Dollars in millions)	2022		2021
Modified loans	$	250	$	149
Charge-offs	$	280	$	124
Payment default	$	46	$	21

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
	December 31, 2023
(Dollars in millions)	2023		2022			2021			2020			2019			Prior			Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	815	$	1,575		$	3,898		$	1,240		$	1,162		$	7,132		$	15,822			90	%
Below 640		11		67			122			29			49			1,419			1,697			10
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	51	$	79		$	87		$	21		$	27		$	458		$	723			4	%
Current/90 days or less delinquent		774		1,554			3,917			1,244			1,177			7,750			16,416			94
Greater than 90 days delinquent		1		9			16			4			7			343			380			2
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
Seasoning(1):
1-12 payments	$	781	$	130		$	28		$	7		$	4		$	54		$	1,004			6	%
13-24 payments		—		1,453			812			12			13			62			2,352			13
25-36 payments		—		—			3,127			142			35			113			3,417			20
37-48 payments		—		—			—			1,097			388			179			1,664			9
More than 48 payments		—		—			—			—			759			7,963			8,722			50
Loans in-school/ grace/deferment		45		59			53			11			12			180			360			2
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
Certain Loan Modifications(2):
Modified	$	—	$	41		$	130		$	46		$	82		$	5,775		$	6,074			35	%
Non-Modified		826		1,601			3,890			1,223			1,129			2,776			11,445			65
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
Cosigners:
With cosigner(3)	$	202	$	179		$	93		$	23		$	9		$	5,206		$	5,712			33	%
Without cosigner		624		1,463			3,927			1,246			1,202			3,345			11,807			67
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
School Type:
Not-for-profit	$	777	$	1,555		$	3,786		$	1,213		$	1,126		$	7,225		$	15,682			90	%
For-profit		49		87			234			56			85			1,326			1,837			10
Total	$	826	$	1,642		$	4,020		$	1,269		$	1,211		$	8,551		$	17,519			100	%
Allowance for loan losses																			(617	)
Total loans, net																		$	16,902

Charge-Offs	$	—	$	(7	)	$	(10	)	$	(5	)	$	(7	)	$	(269	)	$	(298	)		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 December 31, 2023.

4. Allowance for Loan Losses (Continued)


	Private Education Loan Credit Quality Indicators by Origination Year
	December 31, 2022
(Dollars in millions)	2022		2021		2020		2019		2018		Prior		Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	1,721	$	4,529	$	1,515	$	1,426	$	529	$	8,107	$	17,827			91	%
Below 640		35		85		23		41		19		1,495		1,698			9
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	56	$	91	$	29	$	33	$	13	$	533	$	755			4	%
Current/90 days or less delinquent		1,697		4,514		1,506		1,428		533		8,681		18,359			94
Greater than 90 days delinquent		3		9		3		6		2		388		411			2
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
Seasoning(1):
1-12 payments	$	1,714	$	860	$	10	$	9	$	1	$	83	$	2,677			14	%
13-24 payments		—		3,699		147		31		6		91		3,974			20
25-36 payments		—		—		1,365		452		15		161		1,993			10
37-48 payments		—		—		—		957		132		260		1,349			7
More than 48 payments		—		—		—		—		388		8,790		9,178			47
Loans in-school/ grace/deferment		42		55		16		18		6		217		354			2
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
Certain Loan Modifications(2):
Modified	$	11	$	71	$	34	$	68	$	37	$	6,447	$	6,668			34	%
Non-Modified		1,745		4,543		1,504		1,399		511		3,155		12,857			66
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
Cosigners:
With cosigner(3)	$	122	$	106	$	27	$	10	$	—	$	6,184	$	6,449			33	%
Without cosigner		1,634		4,508		1,511		1,457		548		3,418		13,076			67
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
School Type:
Not-for-profit	$	1,655	$	4,347	$	1,470	$	1,366	$	503	$	8,026	$	17,367			89	%
For-profit		101		267		68		101		45		1,576		2,158			11
Total	$	1,756	$	4,614	$	1,538	$	1,467	$	548	$	9,602	$	19,525			100	%
Allowance for loan losses														(800	)
Total loans, net													$	18,725

(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 December 31, 2022.

Derivative Financial Instruments - Mark-to-Market Impact of Derivatives on Statements of Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	$ 11	$ 171	$ 64
Interest Expense and Derivative Instruments Hedging Activities [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	(35)	254	152
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	(46)	83	88
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	104	(610)	(310)
Gains (losses) recognized in net income on hedged items	(86)	96	(55)
Net fair value hedge ineffectiveness gains (losses)	(24)	50	39
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	64	(63)	104
Gains (losses) recognized in net income on hedged items	(128)	660	349
Net fair value hedge ineffectiveness gains (losses)	(22)	33	49
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	0	0	0
Trading [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	11	171	64
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	11	130	30
Trading [Member] \| Floor Income Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	$ 0	$ 41	$ 34

Earnings (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of 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.


	Years Ended December 31,
(In millions, except per share data)	2023		2022		2021
Numerator:
Net income	$	228	$	645	$	717
Denominator:
Weighted average shares used to compute basic EPS		122		142		170
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		2
Dilutive potential common shares(2)		1		2		2
Weighted average shares used to compute diluted EPS		123		144		172
Basic earnings per common share	$	1.87	$	4.54	$	4.23
Diluted earnings per common share	$	1.85	$	4.49	$	4.18

(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 years ended December 31, 2023, 2022 and 2021, there were 0 million shares outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 2,081	$ 2,031
Benefit and insurance-related investments	460	452
Income tax asset, net	122	132
Derivatives at fair value	55	56
Accounts receivable	101	83
Fixed assets	62	74
Other	33	38
Total	$ 2,914	$ 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.

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+ Details

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Loans, net	$ 54,827	$ 62,250
Other	2,914	2,866
Total assets	61,375	70,795
Federal Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	37,925	43,525
Cash and investments	1,520	2,746
Other	2,128	2,229
Total assets	41,573	48,500
Consumer Lending [Member]
Segment Reporting Information [Line Items]
Loans, net	16,902	18,725
Cash and investments	497	617
Other	577	453
Total assets	$ 17,976	$ 19,795

- 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.

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+ Details

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	$ 228	$ 645	$ 717
Net income tax effect	(85)	(182)	(219)
Operating Segments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	303	458	551
Net income tax effect	(93)	(122)	(180)
Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	75	(187)	(166)
Core Earnings adjustments to GAAP	83	(247)	(205)
Net income tax effect	(8)	60	39
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	73	(266)	(235)
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	$ 10	$ 19	$ 30

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

7. Derivative Financial Instruments

Risk Management Strategy

We maintain an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize the economic effect of interest rate changes. Our goal is to manage interest rate sensitivity by modifying the repricing frequency and underlying index characteristics of certain balance sheet assets and liabilities so the net interest margin is not, on a material basis, adversely affected by movements in interest rates. We do not use derivative instruments to hedge credit risk. As a result of interest rate fluctuations, hedged assets and liabilities will appreciate or depreciate in market value. Income or loss on the derivative instruments that are linked to the hedged assets and liabilities will generally offset the effect of this unrealized appreciation or depreciation for the period the item is being hedged. We view this strategy as a prudent management of interest rate sensitivity. In addition, we utilize derivative contracts to minimize the economic impact of changes in foreign currency exchange rates on certain debt obligations that are denominated in foreign currencies. As foreign currency exchange rates fluctuate, these liabilities will appreciate and depreciate in value. These fluctuations, to the extent the hedge relationship is effective, are offset by changes in the value of the cross-currency interest rate swaps executed to hedge these instruments. Management believes certain derivative transactions entered into as hedges, primarily Floor Income Contracts, basis swaps and, at times, certain other interest rate swaps, are economically effective; however, those transactions do not qualify for hedge accounting under GAAP and thus may adversely impact earnings.

Although we use derivatives to minimize the risk of interest rate and foreign currency changes, the use of derivatives does expose us to both market and credit risk. Market risk is the chance of financial loss resulting from changes in interest rates, foreign exchange rates and market liquidity. Credit risk is the risk that a counterparty will not perform its obligations under a contract and it is limited to the loss of the fair value gain in a derivative that the counterparty owes us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, have no credit risk exposure to the counterparty; however, the counterparty has exposure to us. We minimize the credit risk in derivative instruments by entering into transactions with highly rated counterparties that are reviewed regularly by our Credit Department. We also maintain a policy of requiring that all derivative contracts be governed by an International Swaps and Derivative Association Master Agreement. Depending on the nature of the derivative transaction, bilateral collateral arrangements related to Navient Corporation contracts generally are required as well. When we have more than one outstanding derivative transaction with the counterparty, and there exists legally enforceable netting provisions with the counterparty (i.e. a legal right to offset receivable and payable derivative contracts), the "net" mark to market exposure, less collateral the counterparty has posted to us, represents exposure with the counterparty. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At December 31, 2023 and 2022, we have a net positive exposure (derivative gain positions to us less collateral which has been posted by counterparties to us) related to Navient Corporation derivatives of $6 million and $11 million, respectively.

Our on-balance sheet securitization trusts have $1.6 billion of Euro denominated bonds outstanding as of December 31, 2023. To convert these non-US dollar denominated bonds into US dollar liabilities, the trusts have entered into foreign-currency swaps with highly-rated counterparties. In addition, the trusts have entered into $298 million notional of interest rate swaps which are primarily used to convert Prime received on securitized education loans to SOFR paid on the bonds. Our securitization trusts with swaps have ISDA documentation with protections against counterparty risk. The collateral calculations contemplated in the ISDA documentation of our securitization trusts require collateral based on the fair value of the derivative which may be adjusted for additional collateral based on rating agency criteria requirements considered within the collateral agreement. The trusts are not required to post collateral to the counterparties. At December 31, 2023 and 2022, the net positive exposure on swaps in securitization trusts was $0 and $0 million, respectively.

7. Derivative Financial Instruments (Continued)

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	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2023			Dec. 31, 2022			Dec. 31, 2023			Dec. 31, 2022			Dec. 31, 2023			Dec. 31, 2022
Fair Values(1)
Derivative Assets:
Interest rate swaps	Interest rate	$	—	$	—	$	55		$	55		$	—		$	1		$	55		$	56
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		—			—			—			—			—			—
Total derivative assets(2)			—		—		55			55			—			1			55			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		—		—		(189	)		(253	)		—			—			(189	)		(253	)
Total derivative liabilities(2)			—		—		(189	)		(255	)		(1	)		(3	)		(190	)		(258	)
Net total derivatives		$	—	$	—	$	(134	)	$	(200	)	$	(1	)	$	(2	)	$	(135	)	$	(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)	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Gross position	$	55		$	56		$	(190	)	$	(258	)
Impact of master netting agreements		—			—			—			—
Derivative values with impact of master netting agreements (as carried on balance sheet)		55			56			(190	)		(258	)
Cash collateral (held) pledged		(60	)		(80	)		46			62
Net position	$	(5	)	$	(24	)	$	(144	)	$	(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 December 31, 2023					As of December 31, 2022
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	490	$	(9	)	$	1,289	$	(10	)
Long-term borrowings	$	5,341	$	(281	)	$	6,188	$	(494	)

7. 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 December 31, 2023 and December 31, 2022 by $5 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 position at December 31, 2023 and December 31, 2022 by $1 million and $1 million, respectively.


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022
Notional Values:
Interest rate swaps	$	2.2	$	8.3	$	4.6	$	6.2	$	1.9	$	17.4	$	8.7	$	31.9
Floor Income Contracts		—		—		—		—		—		6.0		—		6.0
Cross-currency interest rate swaps		—		—		1.6		1.8		—		—		1.6		1.8
Total derivatives	$	2.2	$	8.3	$	6.2	$	8.0	$	1.9	$	23.4	$	10.3	$	39.7

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


	Total Gains (Losses)
	Years Ended December 31,
(Dollars in millions)	2023			2022			2021
Fair Value Hedges:
Interest Rate Swaps
Gains (losses) recognized in net income on derivatives	$	104		$	(610	)	$	(310	)
Gains (losses) recognized in net income on hedged items		(128	)		660			349
Net fair value hedge ineffectiveness gains (losses)		(24	)		50			39
Cross currency interest rate swaps
Gains (losses) recognized in net income on derivatives		64			(63	)		104
Gains (losses) recognized in net income on hedged items		(86	)		96			(55	)
Net fair value hedge ineffectiveness gains (losses)		(22	)		33			49
Total fair value hedges(1)(2)		(46	)		83			88
Cash Flow Hedges:
Total cash flow hedges(2)		—			—			—
Trading:
Interest rate swaps		11			130			30
Floor income contracts		—			41			34
Total trading derivatives(3)		11			171			64
Mark-to-market gains (losses) recognized	$	(35	)	$	254		$	152

(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.

7. Derivative Financial Instruments (Continued)

Impact of Derivatives on Other Comprehensive Income (Equity)


	Years Ended December 31,
(Dollars in millions)	2023			2022		2021
Total gains (losses) on cash flow hedges	$	16		$	194	$	55
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)(1)		(84	)		26		86
Net changes in cash flow hedges, net of tax	$	(68	)	$	220	$	141

(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)	December 31, 2023		December 31, 2022
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	60	$	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	$	60	$	80
Derivative asset at fair value including accrued interest	$	62	$	85
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	46	$	62
Total collateral pledged	$	46	$	62
Derivative liability at fair value including accrued interest and premium receivable	$	197	$	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.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates Our financial reporting and accounting policies conform to generally accepted accounting principles in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Uncertain and volatile market and economic conditions increase the risk and complexity of the judgments in these estimates and actual results could differ from estimates. Accounting policies that include the most significant judgments, estimates and assumptions include the allowance for loan losses, goodwill and intangible asset impairment assessment and the amortization of loan premiums and discounts using the effective interest rate method.
Consolidation	Consolidation The consolidated financial statements include the accounts of Navient Corporation 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. We consolidate any VIEs where we have determined we are the primary beneficiary. A VIE is a legal entity that does not have sufficient equity at risk to finance its own operations, or whose equity holders do not have the power to direct the activities that most significantly affect the economic performance of the entity, or whose equity holders do not share proportionately in the losses or benefits of the entity. The primary beneficiary of the VIE is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As it relates to our securitizations and other secured borrowing facilities that are VIEs as of December 31, 2023 that we consolidate, we are the primary beneficiary as we are the servicer of the related education loan assets and own the Residual Interest of the securitization trusts and secured borrowing facilities.
Fair Value Measurement	Fair Value Measurement We use estimates of fair value in applying various accounting standards for our financial statements. Fair value measurements are used in one of four ways: • In the balance sheet with changes in fair value recorded in the statement of income; • In the balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the statement of changes in stockholders’ equity; • In the balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the statement of income; and • In the notes to the financial statements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, our policy in estimating fair value is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit spreads, relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity and credit spreads. Transaction costs are not included in the determination of fair value. When possible, we seek to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. 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. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The types of financial instruments included in level 1 are highly liquid instruments with quoted prices. • Level 2 — Inputs from active markets, other than quoted prices for identical instruments, are used to determine fair value. Significant inputs are directly observable from active markets for substantially the full term of the asset or liability being valued. • Level 3 — Pricing inputs significant to the valuation are unobservable. Inputs are developed based on the best information available. However, significant judgment is required by us in developing the inputs.
Loans	Loans Loans, consisting of federally insured education loans and Private Education Loans, that we have the ability and intent to hold for the foreseeable future are classified as held-for-investment and are carried at amortized cost. Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as further discussed below. Loans which are held-for-investment also have an allowance for loan loss. Any loans we have not classified as held-for-investment are classified as held-for-sale and carried at the lower of cost or fair value. Loans are classified as held-for-sale when we have the intent and ability to sell such loans. Loans which are held-for-sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. In addition, once a loan is classified as held-for-sale, any allowance for loan losses that existed immediately prior to the reclassification to held-for-sale is reversed through provision.
Allowance for Loan Losses	Allowance for Loan Losses We account for our FFELP and Private Education Loans' allowance for loan losses under ASU No. 2016-13, “Financial Instruments — Credit Losses,” which requires measurement and recognition of an allowance for loan loss that estimates the remaining current expected credit losses (CECL) for financial assets measured at amortized cost held at the reporting date. We have determined that, for modeling current expected credit losses, we can reasonably estimate expected losses that incorporate current and forecasted economic conditions over a “reasonable and supportable” period. For Private Education Loans, we incorporate a reasonable and supportable forecast of various macro-economic variables over the remaining life of the loans. The development of the reasonable and supportable forecast incorporates an assumption that each macro-economic variable will revert to a long-term expectation starting in years 2-4 of the forecast and largely completing within the first five years of the forecast. For FFELP Loans, after a three-year reasonable and supportable period, there is an immediate reversion to a long-term expectation. The models used to project losses utilize key credit quality indicators of the loan portfolio and predict how those attributes are expected to perform in connection with the forecasted economic conditions. These losses are calculated on an undiscounted basis. For Private Education Loans, we utilize a transition rate model that estimates the probability of prepayment and default and apply the loss given default. For FFELP Loans, we use historical transition rates to determine prepayments and defaults. The forecasted economic conditions used in our modeling of expected losses are provided by a third party. The primary economic metrics we use in the economic forecast are unemployment, GDP, interest rates, consumer loan delinquency rates and consumer income. Several forecast scenarios are provided which represent the baseline economic expectations as well as favorable and adverse scenarios. We analyze and evaluate the alternative scenarios for reasonableness and determine the appropriate weighting of these alternative scenarios based upon the current economic conditions and our view of the likelihood and risks of the alternative scenarios. We project losses at the loan level and make estimates regarding prepayments and recoveries on defaults. Charge-offs include the discount or premium related to such defaulted loan. Once our loss model calculations are performed, we determine if qualitative adjustments are needed for factors not reflected in the quantitative model. These adjustments may include, but are not limited to, changes in lending and servicing and collection policies and practices, as well as the effect of other external factors such as the economy and changes in legal or regulatory requirements that impact the amount of future credit losses. 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. FFELP Loans are insured as to their principal and accrued interest in the event of default subject to a Risk Sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98% reimbursement on all qualifying default claims. For loans disbursed on or after July 1, 2006, we receive 97% reimbursement. For loans disbursed prior to October 1, 1993, we receive 100% reimbursement. We charge off the amount for which we do not receive reimbursement on the defaulted loan balance.
Investments	Investments Investments are primarily receivables for cash collateral posted to derivative counterparties.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents can include term federal funds, Eurodollar deposits, commercial paper, asset-backed commercial paper (ABCP), CDs, treasuries and money market funds with original terms to maturity of less than three months.
Restricted Cash and Investments	Restricted Cash and Investments Restricted cash primarily includes amounts held in education loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities. Securities pledged as collateral related to our derivative portfolio, where the counterparty has rights to replace the securities, are classified as restricted. When the counterparty does not have these rights, the security is recorded in investments and disclosed as pledged collateral in the notes. Additionally, certain counterparties require cash collateral pledged to us to be segregated and held in restricted cash accounts.
Goodwill and Acquired Intangible Assets	Goodwill and Acquired Intangible Assets Acquisitions are accounted for under the acquisition method of accounting which results in the Company allocating the purchase price to the fair value of the acquired assets, liabilities and non-controlling interests, if any, with the remaining purchase price allocated to goodwill. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually as of October 1 at the reporting unit level, which is the same as or one level below a business segment. Goodwill is also tested at interim periods if an event occurs or circumstances change that would indicate the carrying amount may be impaired. We complete a goodwill impairment analysis which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50%. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit not to exceed the goodwill amount attributed to the reporting unit. Acquired intangible assets include, but are not limited to, trade names, customer and other relationships, and non-compete agreements. Acquired intangible assets with finite lives are amortized over their estimated useful lives in proportion to their estimated economic benefit. Finite-lived acquired intangible assets are reviewed for impairment using an undiscounted cash flow analysis when an event occurs or circumstances change indicating the carrying amount of a finite-lived asset or asset group may not be recoverable. If the carrying amount of the asset or asset group exceeds the undiscounted cash flows, the fair value of the asset or asset group is determined using an acceptable valuation technique. An impairment loss would be recognized if the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. The impairment loss recognized would be the difference between the carrying amount and fair value.
Securitization Accounting	Securitization Accounting Our securitizations use a two-step structure with a special purpose entity that legally isolates the transferred assets from us, even in the event of bankruptcy. Transactions receiving sale treatment are also structured to ensure that the holders of the beneficial interests issued are not constrained from pledging or exchanging their interests, and that we do not maintain effective control over the transferred assets. If these criteria are not met, then the transaction is accounted for as an on-balance sheet secured borrowing. In all cases, irrespective of whether they qualify as accounting sales our securitizations are legally structured to be sales of assets that isolate the transferred assets from us. If a securitization qualifies as a sale, we then assess whether we are the primary beneficiary of the securitization trust (VIE) and are required to consolidate such trust. If we are the primary beneficiary, then no gain or loss is recognized. See “Consolidation” of this Note 2 for additional information regarding the accounting rules for consolidation when we are the primary beneficiary of these trusts. Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to: • Owning equity certificates or other certificates of certain trusts and, in certain cases, securities retained for the purpose of complying with risk retention requirements under securities laws. • Lending to certain trusts, under a revolving credit, amounts necessary to cover temporary cash flow needs of the trust. These amounts are repaid to us on subordinated basis with interest at a market rate. • The servicing of the education loan assets within the securitization trusts, on both a pre- and post-default basis. • Our acting as administrator for the securitization transactions we sponsored, which includes remarketing certain bonds at future dates. • Our responsibilities relative to representation and warranty violations. • Temporarily advancing to the trust certain borrower benefits afforded the borrowers of education loans that have been securitized. These advances subsequently are returned to us in the next quarter. • Certain back-to-back derivatives entered into by us contemporaneously with the execution of derivatives by certain Private Education Loan securitization trusts. • The option held by us to buy certain delinquent loans from certain Private Education Loan securitization trusts. • The option to exercise the clean-up call and purchase the education loans from the trust when the asset balance is 10% or less of the original loan balance. • The option, on some trusts, to purchase education loans aggregating up to 10% of the trust’s initial pool balance. • The option (in certain trusts) to call rate reset notes in instances where the remarketing process has failed. The investors of the securitization trusts have no recourse to our other assets should there be a failure of the trusts to pay when due. Generally, the only arrangements under which we have to provide financial support to the trusts are representation and warranty violations requiring the buyback of loans. Under the terms of the transaction documents of certain trusts, we have, from time to time, exercised our options to purchase delinquent loans from Private Education Loan trusts, to purchase the remaining loans from trusts once the loan balance falls below 10% of the original amount, to purchase education loans up to 10% of the trust’s initial balance, or to call rate reset notes. Certain trusts maintain financial arrangements with third parties also typical of securitization transactions, such as derivative contracts (swaps). We do not record servicing assets or servicing liabilities when our securitization trusts are consolidated. As of December 31, 2023, we had $11 million of servicing assets on our balance sheet, recorded in connection with asset sales where we retained the servicing.
Education Loan Interest Income	Education Loan Interest Income For loans classified as held-for-investment, we recognize education loan interest income as earned, adjusted for the amortization of premiums (which includes premiums from loan purchases and capitalized direct origination costs), discounts and Repayment Borrower Benefits. These adjustments result in income being recognized based upon the expected yield of the loan over its life after giving effect to expected prepayments (i.e., the effective interest rate method). We amortize premium and discount on education loans using a Constant Prepayment Rate (CPR) which measures the rate at which loans in the portfolio pay down principal compared to their stated terms. In determining the CPR, we only consider payments made in excess of contractually required payments. This would include loan refinancing and consolidations and other early payoff activity. For Repayment Borrower Benefits, the estimates of their effect on education loan yield are based on analyses of historical payment behavior of customers who are eligible for the incentives and its effect on the ultimate qualification rate for these incentives. We regularly evaluate the assumptions used to estimate the prepayment speeds and the qualification rates used for Repayment Borrower Benefits. In instances where there are changes to the assumptions, amortization is adjusted on a cumulative basis to reflect the change since the acquisition of the loan. We do not amortize any premiums, discounts or other adjustments to the basis of education loans when they are classified as held-for-sale.
Interest Expense	Interest Expense Interest expense is based upon contractual interest rates adjusted for the amortization of debt issuance costs, premiums and discounts. Our interest expense is also adjusted for net payments/receipts related to interest rate and foreign currency swap agreements that qualify and are designated as hedges, as well as the mark-to-market impact of derivatives and debt in fair value hedge relationships. Interest expense also includes the amortization of deferred gains and losses on closed hedge transactions that qualified as hedges. Amortization of debt issuance costs, premiums, discounts and terminated hedge-basis adjustments are recognized using the effective interest rate method.
Servicing Revenue	Servicing Revenue We perform loan servicing functions for third parties in return for a servicing fee. Our compensation is typically based on a per-unit fee arrangement or a percentage of the loans outstanding. We recognize servicing revenues associated with these activities based upon the contractual arrangements as the services are rendered. We recognize late fees on third-party serviced loans as well as on loans in our portfolio according to the contractual provisions of the promissory notes, as well as our expectation of collectability.
Asset Recovery And Business Processing Revenue Policy Text Block	Asset Recovery and Business Processing Revenue We account for certain asset recovery and business processing contract revenue (herein referred to as revenue from contracts with customers) in accordance with ASC 606, “Revenue from Contracts with Customers.” (All Business Processing segment and the majority of the Federal Education Loan segment asset recovery and business processing revenue is accounted for under ASC 606.) Revenue earned by our Federal Education Loans segment is derived from asset recovery activities related to the collection of delinquent education loans on behalf of third parties. Revenue earned by our Business Processing segment is derived from government services, which includes receivables management services and account processing solutions, and healthcare services, which includes revenue cycle management services. 2. Significant Accounting Policies (Continued) Most of our revenue from contracts with customers is derived from long-term contracts, the duration of which is expected to span more than one year. These contracts are billable monthly, as services are rendered, based on a percentage of the balance collected or the transaction processed, a flat fee per transaction or a stated rate per the service performed. In accordance with ASC 606, the unit of account is a contractual performance obligation, a promise to provide a distinct good or service to a customer. The transaction price is allocated to each distinct performance obligation when or as the good or service is transferred to the customer and the obligation is satisfied. Distinct performance obligations are identified based on the services specified in the contract that are capable of being distinct such that the customer can benefit from the service on its own or together with other resources that are available from the Company or a third party, and are also distinct in the context of the contract such that the transfer of the services is separately identifiable from other services promised in the contract. Most of our contracts include integrated service offerings that include obligations that are not separately identifiable and distinct in the context of our contracts. Accordingly, our contracts generally have a single performance obligation. A limited number of full-service offerings include multiple performance obligations. Substantially all our revenue is variable revenue which is recognized over time as our customers receive and consume the benefit of our services in an amount consistent with monthly billings. Accordingly, we do not disclose variable consideration associated with the remaining performance obligation as we have recognized revenue in the amount we have the right to invoice for services performed. Our fees correspond to the value the customer has realized from our performance of each increment of the service (for example, an individual transaction processed or collection of a past due balance).
Transfer of Financial Assets and Extinguishments of Liabilities	Transfer of Financial Assets and Extinguishments of Liabilities Our securitizations and other secured borrowings are generally accounted for as on-balance sheet secured borrowings. See “Securitization Accounting” of this Note 2 for further discussion on the criteria assessed to determine whether a transfer of financial assets is a sale or a secured borrowing. If a transfer of loans qualifies as a sale, we derecognize the loan and recognize a gain or loss as the difference between the carrying basis of the loan sold and liabilities retained and the compensation received. We periodically repurchase our outstanding debt in the open market or through public tender offers. We record a gain or loss on the early extinguishment of debt based upon the difference between the carrying cost of the debt and the amount paid to the third party and net of hedging gains and losses when the debt is in a qualifying hedge relationship. We recognize the results of a transfer of loans and the extinguishment of debt based upon the settlement date of the transaction.
Derivative Accounting	Derivative Accounting Derivative instruments that are used as part of our interest rate and foreign currency risk management strategy include interest rate swaps, cross-currency interest rate swaps, and interest rate floor contracts. The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at its fair value. As more fully described below, if certain criteria are met, derivative instruments are classified and accounted for by us as either fair value or cash flow hedges. If these criteria are not met, the derivative financial instruments are accounted for as trading. Derivative positions are recorded as net positions by counterparty based on master netting arrangements exclusive of accrued interest and cash collateral held or pledged. Many of our derivatives, mainly fixed to variable or variable to fixed interest rate swaps and cross-currency interest rate swaps, qualify as effective hedges. For these derivatives, at the inception of the hedge relationship, the following is documented: the relationship between the hedging instrument and the hedged items (including the hedged risk, the method for assessing effectiveness, and the results of the upfront effectiveness testing), and the risk management objective and strategy for undertaking the hedge transaction. Each derivative is designated to either a specific (or pool of) asset(s) or liability(ies) on the balance sheet or expected future cash flows and designated as either a “fair value” or a “cash flow” hedge. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, generally using regression testing. For hedges of a pool of assets or liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in value of the derivative with no offsetting mark-to-market of the hedged item for the current period. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively, cease recording changes in the fair value of the hedged item, and begin amortization of any basis adjustments that exist related to the hedged item. 2. Significant Accounting Policies (Continued) Fair Value Hedges Fair value hedges are generally used by us to hedge the exposure to changes in the fair value of a recognized fixed rate asset or liability. We enter into interest rate swaps to economically convert fixed rate assets into variable rate assets and fixed rate debt into variable rate debt. We also enter into cross-currency interest rate swaps to economically convert foreign currency denominated fixed and floating debt to U.S. dollar denominated variable debt. For fair value hedges, we generally consider all components of the derivative’s gain and/or loss when assessing hedge effectiveness and generally hedge changes in fair values due to interest rates or interest rates and foreign currency exchange rates. For fair value hedges, both the derivative and the hedged item (for the risk being hedged) are marked-to-market through net interest income with any difference reflecting ineffectiveness. Cash Flow Hedges We use cash flow hedges to hedge the exposure to variability in cash flows for a forecasted debt issuance and for exposure to variability in cash flows of floating rate debt or assets. This strategy is used primarily to minimize the exposure to volatility from future changes in interest rates. For cash flow hedges, the change in the fair value of the derivative is recorded in other comprehensive income, net of tax, and recognized in earnings in the same period as the earnings effects of the hedged item. In the case of a forecasted debt issuance, gains and losses are reclassified to earnings over the period which the stated hedged transaction affects earnings. If we determine it is not probable that the anticipated transaction will occur, gains and losses are reclassified immediately to earnings. In assessing hedge effectiveness, generally all components of each derivative’s gains or losses are included in the assessment. We generally hedge exposure to changes in cash flows due to changes in interest rates or total changes in cash flow. Trading Activities When derivative instruments do not qualify as hedges, they are accounted for as trading instruments where all changes in fair value are recorded through earnings with no consideration for the corresponding change in fair value of the economically hedged item. Some of our derivatives, primarily Floor Income Contracts, basis swaps and certain other interest rate swaps do not qualify for hedge accounting treatment. Regardless of the accounting treatment, we consider these derivatives to be economic hedges for risk management purposes. We use this strategy to minimize our exposure to changes in interest rates. The “gains (losses) on derivative and hedging activities, net” line item in the consolidated statements of income includes the mark-to-market gains and losses of our derivatives that do not qualify for hedge accounting, as well as the realized changes in fair value related to derivative net settlements and dispositions that do not qualify for hedge accounting.
Accounting for Stock-Based Compensation	Accounting for Stock-Based Compensation We recognize stock-based compensation cost in our statements of income using the fair value-based method. Under this method we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the grant’s vesting period. We record stock-based compensation expense net of estimated forfeitures and as such, only those stock-based awards that we expect to vest are recorded. We estimate the forfeiture rate based on historical forfeitures of equity awards and adjust the rate to reflect changes in facts and circumstances, if any. Ultimately, the total expense recognized over the vesting period will equal the fair value of awards that actually vest.
Restructuring and Other Reorganization Expenses	Restructuring and Other Reorganization Expenses From time to time we implement plans to restructure our business. In conjunction with these restructuring plans, involuntary benefit arrangements, disposal costs (including contract termination costs and other exit costs), as well as certain other costs that are incremental and incurred as a direct result of our restructuring plans, are classified as restructuring expenses in the consolidated statements of income. The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, the Severance Plan). The Severance Plan provides severance benefits in the event of termination of the Company’s full-time employees and part-time employees who work at least 24 hours per week. The Severance Plan establishes specified benefits based on base salary, job level immediately preceding termination and years of service upon involuntary termination of employment. The benefits payable under the Severance Plan relate to past service, and they accumulate and vest. Accordingly, we recognize severance expenses to be paid pursuant to the Severance Plan when payment of such benefits is probable and can be reasonably estimated. Such benefits include severance pay calculated based on the Severance Plan, medical and dental benefits, and outplacement services expenses. Contract termination costs are expensed at the earlier of (1) the contract termination date or (2) the cease use date under the contract. Other exit costs are expensed as incurred and classified as restructuring expenses if (1) the cost is incremental to and incurred as a direct result of planned restructuring activities and (2) the cost is not associated with or incurred to generate revenues subsequent to our consummation of the related restructuring activities. Other reorganization expenses include certain internal costs and third-party costs incurred in connection with our cost reduction initiatives. During 2023 and 2022, the Company incurred $25 million and $36 million, respectively, of restructuring/other reorganization expenses. In 2023, these expenses relate primarily to severance costs incurred in connection with the CEO transition as well as a facility lease termination and impairment of a facility held for sale in conjunction with the implementation of certain efficiency initiatives. Expense in 2022 primarily relates to costs for severance and facility lease terminations in connection with the Company's decision to exit the FFELP asset recovery business and consolidate certain business lines.
Income Taxes	Income Taxes We account for income taxes under the asset and liability approach which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of our assets and liabilities. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. “Income tax expense/(benefit)” includes (i) deferred tax expense/(benefit), which represents the net change in the deferred tax asset or liability balance during the year plus any change in a valuation allowance and (ii) current tax expense/(benefit), which represents the amount of tax currently payable to or receivable from a tax authority plus amounts accrued for unrecognized tax benefits. Income tax expense/(benefit) excludes the tax effects related to adjustments recorded in equity. If we have an uncertain tax position, then that tax position is recognized only if it is more likely than not to be sustained upon examination based on the technical merits of the position. The amount of tax benefit recognized in the financial statements is the largest amount of benefit that is more than 50% likely of being sustained upon ultimate settlement of the uncertain tax position. We recognize interest related to unrecognized tax benefits in income tax expense/(benefit) and penalties, if any, in operating expenses.
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share We compute earnings (loss) per common share (EPS) by dividing net income allocated to common shareholders by the weighted average common shares outstanding. Diluted earnings per common share is computed by dividing income allocated to common shareholders by the weighted average common shares outstanding plus amounts representing the dilutive effect of stock options outstanding, restricted stock, restricted stock units, and the outstanding commitment to issue shares under the Employee Stock Purchase Plan. See “Note 10 — Earnings (Loss) per Common Share” for further discussion.
Reclassifications	Reclassifications Certain reclassifications have been made to the balances as of and for the years ended December 31, 2022 and 2021, to be consistent with classifications adopted for 2023, which had no effect on net income, total assets or total liabilities.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Effective in 2023 and Forward Rate Reform In March 2020 (and as amended in December 2022), the Financial Accounting Standards Board (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, the indexing to SOFR 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 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 has resulted and will continue to result in the $77 million releasing between 2023 and 2024 as the borrowers exit their current modification programs. $67 million of the $77 million was released in 2023, and we expect that the remaining $10 million will release in 2024. Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting – Improvements to Reportable Segment Disclosures,” which requires expanded disclosures regarding significant segment expenses for each reportable segment. Significant segment expenses include expenses that are regularly provided to the chief operating decision maker (CODM) and included in each reported measure of segment profit or loss. The ASU also requires disclosure of the CODM’s title and position and permits companies to disclose multiple segment profit or loss measures if the CODM uses these measures to allocate resources and assess segment performance. Companies must reconcile each measure of profit or loss quarterly to the consolidated income statement. This guidance became effective beginning after January 1, 2024, for fiscal years, and beginning after January 1, 2025, for interim periods. The Company continues to assess the impact of the reportable segment disclosure requirements.

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Maximum remaining term for investment purchased for estimating at cost	90 days
Decrease in valuation due to net credit risk adjustments	$ 5	$ 6
Decrease in valuation due to liquidity adjustments	$ 1	$ 1

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Securities Financing Transaction [Line Items]
Short-term borrowings, Carrying Value	$ 4,226	$ 5,870
Long-term borrowings, Carrying Value	53,402	61,026
Total	57,628	66,896
Ending Balance of education loans	54,827	62,250
Total assets	61,375	70,795
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings, Carrying Value	4,235	5,880
Long-term borrowings, Carrying Value	53,680	61,516
Total	57,915	67,396
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings, Carrying Value	(9)	(10)
Long-term borrowings, Carrying Value	(278)	(490)
Total	(287)	(500)
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings, Carrying Value	3,634	4,458
Long-term borrowings, Carrying Value	48,169	55,598
Total	51,803	60,056
Ending Balance of education loans	53,591	60,672
Cash	1,937	3,233
Other assets, Net	1,744	1,356
Total assets	57,272	65,261
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings, Carrying Value	59	76
Long-term borrowings, Carrying Value	35,626	42,675
Total	35,685	42,751
Ending Balance of education loans	35,935	42,148
Cash	1,441	2,705
Other assets, Net	1,673	1,544
Total assets	39,049	46,397
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings, Carrying Value	435	725
Long-term borrowings, Carrying Value	11,754	12,744
Total	12,189	13,469
Ending Balance of education loans	13,396	14,168
Cash	350	367
Other assets, Net	119	105
Total assets	13,865	14,640
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings, Carrying Value	1,854	923
Long-term borrowings, Carrying Value	89	386
Total	1,943	1,309
Ending Balance of education loans	1,897	1,317
Cash	77	39
Other assets, Net	92	44
Total assets	2,066	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, Carrying Value	1,286	2,734
Long-term borrowings, Carrying Value	821	0
Total	2,107	2,734
Ending Balance of education loans	2,363	3,039
Cash	69	122
Other assets, Net	50	(81)
Total assets	2,482	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, Carrying Value	3,634	4,458
Long-term borrowings, Carrying Value	48,290	55,805
Total	51,924	60,263
Ending Balance of education loans	53,591	60,672
Cash	1,937	3,233
Other assets, Net	1,934	1,612
Total assets	57,462	65,517
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings, Carrying Value	0	0
Long-term borrowings, Carrying Value	(121)	(207)
Total	(121)	(207)
Ending Balance of education loans	0	0
Cash	0	0
Other assets, Net	(190)	(256)
Total assets	$ (190)	$ (256)

Commitments, Contingencies and Guarantees

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

12. 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 developments in the second half of 2023 in connection with the Company's CFPB matter, the Company concluded a loss was probable and reasonably estimable and accrued a $73 million contingency loss. 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.

12. 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. The Company has cancelled the loan balance of approximately 66,000 borrowers with qualifying Private Education Loans that were originated largely between 2002 and 2010 and later defaulted and charged off. The loans cancelled have aggregate outstanding balances of approximately $1.7 billion. The expense to the Company to cancel these loans was approximately $50 million which represents the amount of expected future recoveries of these charged-off loans on the balance sheet. In addition, the Company agreed to make a one-time payment of approximately $145 million to the states. In the fourth quarter of 2021 when such loss became probable, the Company recognized total regulatory expenses of approximately $205 million related to this matter.

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.” The Settlement has received 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. We anticipate that any cash contribution we 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.

12. Commitments, Contingencies and Guarantees (Continued)

Regulatory Matters

The Company has been named as defendant in a number of putative class action and other 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 December 31, 2023.

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Total Derivative Notional Values	$ 10,300,000,000	$ 39,700,000,000
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	2,200,000,000	8,300,000,000
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,200,000,000	8,000,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,900,000,000	23,400,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	8,700,000,000	31,900,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	2,200,000,000	8,300,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	4,600,000,000	6,200,000,000
Interest Rate Swaps [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,900,000,000	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	1,600,000,000	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	1,600,000,000	1,800,000,000
Cross-Currency Interest Rate Swaps [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 0	$ 0

Business Combinations, Goodwill and Acquired Intangible

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Business Combinations, Goodwill and Acquired Intangible

5. Business Combinations, Goodwill and Acquired Intangible

Goodwill

The following table summarizes our goodwill for our reporting units and reportable segments.


	As of December 31,
(Dollars in millions)	2023		2022
Federal Education Loans reportable segment:
FFELP Loans	$	227	$	227
Federal Education Loan Servicing		5		5
Total		232		232
Consumer Lending reportable segment:
Private Education Legacy In-School Loans		106		106
Private Education Refinance Loans		77		77
Private Education Recent In-School Loans		13		13
Total		196		196
Business Processing reportable segment:
Government Services		136		136
Healthcare Services		106		106
Total		242		242
Total goodwill	$	670	$	670

Annual Goodwill Impairment Testing – October 1, 2023

We perform our goodwill impairment testing annually in the fourth quarter as of October 1. As part of the 2023 annual impairment testing for each of our reporting units with goodwill, we assessed relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of an individual reporting unit is less than it’s carrying value. We considered the amount of excess fair value for our FFELP Loans, Federal Education Loan Servicing, Private Education Legacy In-School Loans, Private Education Recent In-School Loans, and Private Education Refinance Loans reporting units over their carrying values as of October 1, 2022 when we last performed a quantitative goodwill impairment test by engaging an independent appraiser to estimate the fair values of these reporting units since the fair values of these reporting units were substantially in excess of their carrying amounts. The current outlook and cash flows for the FFELP Loans, Federal Education Loan Servicing and Private Education Legacy In-School Loans reporting units have not changed significantly since our 2022 assessment. The cash flows for these reporting units continue to decline consistent with our expectations as the underlying portfolios amortize. The negative macroeconomic conditions, primarily the high interest rate environment in 2023, have not significantly impacted these estimates. For the Private Education Refinance Loans reporting unit, we considered the performance of the current portfolio, which continues to maintain high credit quality, future origination volume, which is expected to increase in 2024 given the expectation of a declining interest rate environment, and Navient’s strong liquidity position with its ability to issue Private Education Loan ABS comprised entirely of the reporting unit’s refinance loans. For the Private Education Recent In-School Loans reporting unit, we considered the increase in brand awareness in 2023 of Earnest, a wholly owned subsidiary of Navient, through development and rollout of new programs and product offerings and Navient’s continued success utilizing its Going Merry platform to enable students to match to and apply for scholarships, institutional aid and government grants. Strong in-school origination growth is expected in 2024 with sustained growth expected in the future. No goodwill was deemed impaired for these reporting units as of October 1, 2023 after assessing these relevant qualitative factors. For the FFELP Loans reporting unit, due to the runoff nature of the portfolio and the passage of time, our current projections of future cash flows would result in goodwill being partially impaired in 2025. This is based on estimated cash flows and, as a result, this future impairment date may change.

5. Business Combinations, Goodwill and Acquired Intangible Assets

As part of our annual impairment testing associated with our Government Services and Healthcare Services reporting units, we also considered the amount of excess fair value over the carrying values of these reporting units as of October 1, 2022 when we last performed a quantitative goodwill impairment test by engaging an independent appraiser to estimate the fair values of these reporting units since the fair values of these reporting units were substantially in excess of their carrying values. The outlook and long-term cash flow projections for these reporting units remain favorable and have not changed significantly since our 2022 quantitative impairment assessment despite the expected wind down of significant contracts acquired in 2020 and 2021 to implement and administer programs under the CARES act and perform contact tracing and vaccine administration services during the COVID-19 pandemic. In 2023 there was a $9 million aggregate decrease in revenue from 2022, as expected and forecasted for the Business Processing reporting units. This decline was the result of an $83 million aggregate reduction in revenue from the wind-down of the pandemic-related contracts; however, this reduction was largely offset by a $74 million aggregate increase in revenue from services for our traditional clients. The cash flows from traditional service offerings increased significantly, returning to and in some instances exceeding pre-pandemic levels despite inflationary pressures in certain sectors. These reporting units also acquired new contracts in 2023, which are expected to yield significant benefit in future periods. No goodwill was deemed impaired for these reporting units after assessing these relevant qualitative factors.

For each of our reporting units, we also considered the current regulatory and legislative environment, the current economic environment, our 2023 earnings, 2024 expected earnings, market expectations regarding our stock price, and our market capitalization in relation to book equity and concluded that no goodwill associated with our reporting units was impaired. Although our market capitalization was less than our book equity at October 1 and December 31, 2023, we have concluded that our market capitalization in relation to our book equity does not indicate impairment of our reporting units’ respective goodwill at October 1 and December 31, 2023. Our market capitalization is not indicative of the value of our reporting units with goodwill on a standalone basis. Additionally, the implied control premium at October 1 and December 31, 2023 is a reasonable control premium above the then current stock price.

If the regulatory environment changes such that it negatively impacts our reporting units or future economic conditions are significantly worse than what was assumed as a part of our annual impairment testing for each of our reporting units, goodwill attributed to our reporting units could be impaired in future periods.

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of December 31, 2023							As of December 31, 2022
(Dollars in millions)	Cost Basis		Accumulated Impairment and Amortization(2)(3)			Net		Cost Basis(2)		Accumulated Impairment and Amortization(2)(3)			Net
Customer, services and lending relationships(1)	$	218	$	(212	)	$	6	$	218	$	(207	)	$	11
Software and technology		119		(110	)		9		119		(108	)		11
Trade names and trademarks		40		(30	)		10		40		(27	)		13
Total acquired intangible assets	$	377	$	(352	)	$	25	$	377	$	(342	)	$	35

(1)

In 2022 we impaired a customer relationship asset in the Business Processing reportable segment for $6 million as a result of exiting a line of business.

(2)

Accumulated impairment and amortization include impairment amounts only if the acquired intangible asset has been deemed partially impaired. When an acquired intangible asset is considered fully impaired and no longer in use, the cost basis and any accumulated amortization related to the asset is written off.

(3)

We recorded amortization of acquired intangible assets of $10 million, $14 million and $19 million in 2023, 2022 and 2021, respectively. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be $9 million, $6 million, $5 million, $3 million and $1 million in 2024, 2025, 2026, 2027 and after 2027, respectively.

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	$ 54,827	$ 62,250
Total earning assets, Carrying Value	57,766	67,224
Short-term borrowings, Carrying Value	4,226	5,870
Long-term borrowings, Carrying Value	53,402	61,026
Total	57,628	66,896
Total earning assets, Fair Value	55,816	64,280
Short-term borrowings, Fair Value	4,237	5,879
Long-term borrowings, Fair Value	51,566	57,652
Total interest-bearing liabilities, Fair Value	55,803	63,531
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	37,925	43,525
Loans receivable, Fair Value	36,590	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	54	51
Derivative financial instruments, Fair Value	54	51
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(189)	(253)
Derivative financial instruments, Fair Value	(189)	(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	16,902	18,725
Loans receivable, Fair Value	16,287	17,880
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	0	0
Total earning assets, Fair Value	(1,950)	(2,944)
Short-term borrowings, Fair Value	(11)	(9)
Long-term borrowings, Fair Value	1,836	3,374
Total interest-bearing liabilities, Fair Value	1,825	3,365
Excess of net asset fair value over carrying value	(125)	421
Difference [Member] \| FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(1,335)	(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	(615)	(845)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	2,939	4,974
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 2,939	$ 4,974

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2024	Jun. 30, 2023	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses	$ 832	$ 1,022	$ 1,271			$ 1,377
Percentage of threshold	50.00%
Goodwill impaired method for fair value determination	We complete a goodwill impairment analysis which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50%. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit not to exceed the goodwill amount attributed to the reporting unit.
Option to exercise clean-up call and purchase education loans from trust of original loan balance	10% or less of the original loan balance
Percentage of trust's asset balance needed to trigger clean-up call	10.00%
Option to purchase education loan of the trust's initial pool balance	up to 10% of the trust’s initial pool balance
Assets	$ 61,375	70,795
Description of post employment benefits	The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, the Severance Plan). The Severance Plan provides severance benefits in the event of termination of the Company’s full-time employees and part-time employees who work at least 24 hours per week.
Restructuring/other reorganization expenses	$ 25	36	26
Securitization Trust [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets	11
FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses	$ 215	222	262			288
Loans Disbursed after October 1, 1993, and before July 1, 2006 [Member] \| FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage reimbursement on all qualifying default claims period	98.00%
Loans Disbursed on or after July 1, 2006 [Member] \| FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage reimbursement on all qualifying default claims period	97.00%
Loans Disbursed prior to October 1, 1993 [Member] \| FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage reimbursement on all qualifying default claims period	100.00%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of aggregate education loan to purchase	10.00%
Private Education Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses	$ 617	800	$ 1,009			$ 1,089
Private Education Loans [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Delinquency period (in days)	212 days
ASU 2022-02 [Member] \| Interest Rate Concession [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses	$ 77	$ 77
Allowance for loans losses released	$ 67
ASU 2022-02 [Member] \| Interest Rate Concession [Member] \| Forecast [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for loans losses				$ 10
ASU 2020-04 [Member
Summary Of Significant Accounting Policies [Line Items]
Debt					$ 12,000

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

Net income

$ 228

$ 645

$ 717

Net changes in cash flow hedges, net of tax

^[1]

(68)

220

141

Total comprehensive income

$ 160

$ 865

$ 858

[1]	See “Note 7 — 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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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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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-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (b)(2)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.7-04(16))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.6-07(9))
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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/2009/role/commonPracticeRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/exampleRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income:
Cash and investments	$ 153	$ 62	$ 3
Total interest income	4,419	3,223	2,648
Total interest expense	3,557	2,102	1,316
Net interest income	862	1,121	1,332
Less: provisions for loan losses	123	79	(61)
Net interest income after provisions for loan losses	739	1,042	1,393
Other income (loss):
Servicing revenue	64	77	168
Asset recovery and business processing revenue	321	336	539
Other income	21	32	30
Gains on sales of loans	0	0	78
Losses on debt repurchases	(8)	0	(73)
Gains (losses) on derivative and hedging activities, net	11	171	64
Total other income	409	616	806
Expenses:
Salaries and benefits	401	444	569
Other operating expenses	399	332	638
Total operating expenses	800	776	1,207
Goodwill and acquired intangible asset impairment and amortization expense	10	19	30
Restructuring/other reorganization expenses	25	36	26
Total expenses	835	831	1,263
Income before income tax expense	313	827	936
Income tax expense	85	182	219
Net income	$ 228	$ 645	$ 717
Basic earnings per common share	$ 1.87	$ 4.54	$ 4.23
Average common shares outstanding	122	142	170
Diluted earnings per common share	$ 1.85	$ 4.49	$ 4.18
Average common and common equivalent shares outstanding	123	144	172
Dividends per common share	$ 0.64	$ 0.64	$ 0.64
FFELP Loans [Member]
Interest income:
Total interest income	$ 2,897	$ 1,966	$ 1,464
Less: provisions for loan losses	56	0	0
Private Education Loans [Member]
Interest income:
Total interest income	1,369	1,195	1,181
Less: provisions for loan losses	$ 67	$ 79	$ (61)

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Default (Par)		$ 46	$ 21
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 272
Payment Default (Par)	$ 278

Consolidated Balance Sheets - Supplemental Information - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Loans, net	$ 54,827	$ 62,250
Short-term borrowings, Carrying Value	4,226	5,870
Long-term borrowings, Carrying Value	53,402	61,026
FFELP Loans [Member]
Loans, net	37,925	43,525
Private Education Loans [Member]
Loans, net	16,902	18,725
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Loans, net	53,591	60,672
Restricted cash	1,937	3,233
Other assets, net	1,744	1,356
Short-term borrowings, Carrying Value	3,634	4,458
Long-term borrowings, Carrying Value	48,169	55,598
Net assets of consolidated variable interest entities	5,469	5,205
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loans [Member]
Loans, net	37,832	43,465
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loans [Member]
Loans, net	$ 15,759	$ 17,207

- Definition

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

+ References + Details

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Use of Estimates

Our financial reporting and accounting policies conform to generally accepted accounting principles in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Uncertain and volatile market and economic conditions increase the risk and complexity of the judgments in these estimates and actual results could differ from estimates. Accounting policies that include the most significant judgments, estimates and assumptions include the allowance for loan losses, goodwill and intangible asset impairment assessment and the amortization of loan premiums and discounts using the effective interest rate method.

Consolidation

The consolidated financial statements include the accounts of Navient Corporation 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.

We consolidate any VIEs where we have determined we are the primary beneficiary. A VIE is a legal entity that does not have sufficient equity at risk to finance its own operations, or whose equity holders do not have the power to direct the activities that most significantly affect the economic performance of the entity, or whose equity holders do not share proportionately in the losses or benefits of the entity. The primary beneficiary of the VIE is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As it relates to our securitizations and other secured borrowing facilities that are VIEs as of December 31, 2023 that we consolidate, we are the primary beneficiary as we are the servicer of the related education loan assets and own the Residual Interest of the securitization trusts and secured borrowing facilities.

2. Significant Accounting Policies (Continued)

Fair Value Measurement

We use estimates of fair value in applying various accounting standards for our financial statements. Fair value measurements are used in one of four ways:

•

In the balance sheet with changes in fair value recorded in the statement of income;

•

In the balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the statement of changes in stockholders’ equity;

•

In the balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the statement of income; and

•

In the notes to the financial statements.

Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, our policy in estimating fair value is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit spreads, relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity and credit spreads. Transaction costs are not included in the determination of fair value. When possible, we seek to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable.

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. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows:

•

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The types of financial instruments included in level 1 are highly liquid instruments with quoted prices.

•

Level 2 — Inputs from active markets, other than quoted prices for identical instruments, are used to determine fair value. Significant inputs are directly observable from active markets for substantially the full term of the asset or liability being valued.

•

Level 3 — Pricing inputs significant to the valuation are unobservable. Inputs are developed based on the best information available. However, significant judgment is required by us in developing the inputs.

Loans

Loans, consisting of federally insured education loans and Private Education Loans, that we have the ability and intent to hold for the foreseeable future are classified as held-for-investment and are carried at amortized cost. Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as further discussed below. Loans which are held-for-investment also have an allowance for loan loss. Any loans we have not classified as held-for-investment are classified as held-for-sale and carried at the lower of cost or fair value. Loans are classified as held-for-sale when we have the intent and ability to sell such loans. Loans which are held-for-sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. In addition, once a loan is classified as held-for-sale, any allowance for loan losses that existed immediately prior to the reclassification to held-for-sale is reversed through provision.

2. Significant Accounting Policies (Continued)

Allowance for Loan Losses

We account for our FFELP and Private Education Loans' allowance for loan losses under ASU No. 2016-13, “Financial Instruments — Credit Losses,” which requires measurement and recognition of an allowance for loan loss that estimates the remaining current expected credit losses (CECL) for financial assets measured at amortized cost held at the reporting date.

We have determined that, for modeling current expected credit losses, we can reasonably estimate expected losses that incorporate current and forecasted economic conditions over a “reasonable and supportable” period. For Private Education Loans, we incorporate a reasonable and supportable forecast of various macro-economic variables over the remaining life of the loans. The development of the reasonable and supportable forecast incorporates an assumption that each macro-economic variable will revert to a long-term expectation starting in years 2-4 of the forecast and largely completing within the first five years of the forecast. For FFELP Loans, after a three-year reasonable and supportable period, there is an immediate reversion to a long-term expectation. The models used to project losses utilize key credit quality indicators of the loan portfolio and predict how those attributes are expected to perform in connection with the forecasted economic conditions. These losses are calculated on an undiscounted basis. For Private Education Loans, we utilize a transition rate model that estimates the probability of prepayment and default and apply the loss given default. For FFELP Loans, we use historical transition rates to determine prepayments and defaults. The forecasted economic conditions used in our modeling of expected losses are provided by a third party. The primary economic metrics we use in the economic forecast are unemployment, GDP, interest rates, consumer loan delinquency rates and consumer income. Several forecast scenarios are provided which represent the baseline economic expectations as well as favorable and adverse scenarios. We analyze and evaluate the alternative scenarios for reasonableness and determine the appropriate weighting of these alternative scenarios based upon the current economic conditions and our view of the likelihood and risks of the alternative scenarios. We project losses at the loan level and make estimates regarding prepayments and recoveries on defaults. Charge-offs include the discount or premium related to such defaulted loan.

Once our loss model calculations are performed, we determine if qualitative adjustments are needed for factors not reflected in the quantitative model. These adjustments may include, but are not limited to, changes in lending and servicing and collection policies and practices, as well as the effect of other external factors such as the economy and changes in legal or regulatory requirements that impact the amount of future credit losses.

FFELP Loans are insured as to their principal and accrued interest in the event of default subject to a Risk Sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98% reimbursement on all qualifying default claims. For loans disbursed on or after July 1, 2006, we receive 97% reimbursement. For loans disbursed prior to October 1, 1993, we receive 100% reimbursement. We charge off the amount for which we do not receive reimbursement on the defaulted loan balance.

2. Significant Accounting Policies (Continued)

Investments

Investments are primarily receivables for cash collateral posted to derivative counterparties.

Cash and Cash Equivalents

Cash and cash equivalents can include term federal funds, Eurodollar deposits, commercial paper, asset-backed commercial paper (ABCP), CDs, treasuries and money market funds with original terms to maturity of less than three months.

Restricted Cash and Investments

Restricted cash primarily includes amounts held in education loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities.

Securities pledged as collateral related to our derivative portfolio, where the counterparty has rights to replace the securities, are classified as restricted. When the counterparty does not have these rights, the security is recorded in investments and disclosed as pledged collateral in the notes. Additionally, certain counterparties require cash collateral pledged to us to be segregated and held in restricted cash accounts.

Goodwill and Acquired Intangible Assets

Acquisitions are accounted for under the acquisition method of accounting which results in the Company allocating the purchase price to the fair value of the acquired assets, liabilities and non-controlling interests, if any, with the remaining purchase price allocated to goodwill.

Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually as of October 1 at the reporting unit level, which is the same as or one level below a business segment. Goodwill is also tested at interim periods if an event occurs or circumstances change that would indicate the carrying amount may be impaired.

We complete a goodwill impairment analysis which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50%. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit not to exceed the goodwill amount attributed to the reporting unit.

Acquired intangible assets include, but are not limited to, trade names, customer and other relationships, and non-compete agreements. Acquired intangible assets with finite lives are amortized over their estimated useful lives in proportion to their estimated economic benefit. Finite-lived acquired intangible assets are reviewed for impairment using an undiscounted cash flow analysis when an event occurs or circumstances change indicating the carrying amount of a finite-lived asset or asset group may not be recoverable. If the carrying amount of the asset or asset group exceeds the undiscounted cash flows, the fair value of the asset or asset group is determined using an acceptable valuation technique. An impairment loss would be recognized if the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. The impairment loss recognized would be the difference between the carrying amount and fair value.

2. Significant Accounting Policies (Continued)

Securitization Accounting

Our securitizations use a two-step structure with a special purpose entity that legally isolates the transferred assets from us, even in the event of bankruptcy. Transactions receiving sale treatment are also structured to ensure that the holders of the beneficial interests issued are not constrained from pledging or exchanging their interests, and that we do not maintain effective control over the transferred assets. If these criteria are not met, then the transaction is accounted for as an on-balance sheet secured borrowing. In all cases, irrespective of whether they qualify as accounting sales our securitizations are legally structured to be sales of assets that isolate the transferred assets from us. If a securitization qualifies as a sale, we then assess whether we are the primary beneficiary of the securitization trust (VIE) and are required to consolidate such trust. If we are the primary beneficiary, then no gain or loss is recognized. See “Consolidation” of this Note 2 for additional information regarding the accounting rules for consolidation when we are the primary beneficiary of these trusts.

Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to:

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Owning equity certificates or other certificates of certain trusts and, in certain cases, securities retained for the purpose of complying with risk retention requirements under securities laws.

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Lending to certain trusts, under a revolving credit, amounts necessary to cover temporary cash flow needs of the trust. These amounts are repaid to us on subordinated basis with interest at a market rate.

•

The servicing of the education loan assets within the securitization trusts, on both a pre- and post-default basis.

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Our acting as administrator for the securitization transactions we sponsored, which includes remarketing certain bonds at future dates.

•

Our responsibilities relative to representation and warranty violations.

•

Temporarily advancing to the trust certain borrower benefits afforded the borrowers of education loans that have been securitized. These advances subsequently are returned to us in the next quarter.

•

Certain back-to-back derivatives entered into by us contemporaneously with the execution of derivatives by certain Private Education Loan securitization trusts.

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The option held by us to buy certain delinquent loans from certain Private Education Loan securitization trusts.

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The option to exercise the clean-up call and purchase the education loans from the trust when the asset balance is 10% or less of the original loan balance.

•

The option, on some trusts, to purchase education loans aggregating up to 10% of the trust’s initial pool balance.

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The option (in certain trusts) to call rate reset notes in instances where the remarketing process has failed.

The investors of the securitization trusts have no recourse to our other assets should there be a failure of the trusts to pay when due. Generally, the only arrangements under which we have to provide financial support to the trusts are representation and warranty violations requiring the buyback of loans.

Under the terms of the transaction documents of certain trusts, we have, from time to time, exercised our options to purchase delinquent loans from Private Education Loan trusts, to purchase the remaining loans from trusts once the loan balance falls below 10% of the original amount, to purchase education loans up to 10% of the trust’s initial balance, or to call rate reset notes. Certain trusts maintain financial arrangements with third parties also typical of securitization transactions, such as derivative contracts (swaps).

We do not record servicing assets or servicing liabilities when our securitization trusts are consolidated. As of December 31, 2023, we had $11 million of servicing assets on our balance sheet, recorded in connection with asset sales where we retained the servicing.

2. Significant Accounting Policies (Continued)

Education Loan Interest Income

For loans classified as held-for-investment, we recognize education loan interest income as earned, adjusted for the amortization of premiums (which includes premiums from loan purchases and capitalized direct origination costs), discounts and Repayment Borrower Benefits. These adjustments result in income being recognized based upon the expected yield of the loan over its life after giving effect to expected prepayments (i.e., the effective interest rate method). We amortize premium and discount on education loans using a Constant Prepayment Rate (CPR) which measures the rate at which loans in the portfolio pay down principal compared to their stated terms. In determining the CPR, we only consider payments made in excess of contractually required payments. This would include loan refinancing and consolidations and other early payoff activity. For Repayment Borrower Benefits, the estimates of their effect on education loan yield are based on analyses of historical payment behavior of customers who are eligible for the incentives and its effect on the ultimate qualification rate for these incentives. We regularly evaluate the assumptions used to estimate the prepayment speeds and the qualification rates used for Repayment Borrower Benefits. In instances where there are changes to the assumptions, amortization is adjusted on a cumulative basis to reflect the change since the acquisition of the loan. We do not amortize any premiums, discounts or other adjustments to the basis of education loans when they are classified as held-for-sale.

Interest Expense

Interest expense is based upon contractual interest rates adjusted for the amortization of debt issuance costs, premiums and discounts. Our interest expense is also adjusted for net payments/receipts related to interest rate and foreign currency swap agreements that qualify and are designated as hedges, as well as the mark-to-market impact of derivatives and debt in fair value hedge relationships. Interest expense also includes the amortization of deferred gains and losses on closed hedge transactions that qualified as hedges. Amortization of debt issuance costs, premiums, discounts and terminated hedge-basis adjustments are recognized using the effective interest rate method.

Servicing Revenue

We perform loan servicing functions for third parties in return for a servicing fee. Our compensation is typically based on a per-unit fee arrangement or a percentage of the loans outstanding. We recognize servicing revenues associated with these activities based upon the contractual arrangements as the services are rendered. We recognize late fees on third-party serviced loans as well as on loans in our portfolio according to the contractual provisions of the promissory notes, as well as our expectation of collectability.

Asset Recovery and Business Processing Revenue

We account for certain asset recovery and business processing contract revenue (herein referred to as revenue from contracts with customers) in accordance with ASC 606, “Revenue from Contracts with Customers.” (All Business Processing segment and the majority of the Federal Education Loan segment asset recovery and business processing revenue is accounted for under ASC 606.) Revenue earned by our Federal Education Loans segment is derived from asset recovery activities related to the collection of delinquent education loans on behalf of third parties. Revenue earned by our Business Processing segment is derived from government services, which includes receivables management services and account processing solutions, and healthcare services, which includes revenue cycle management services.

2. Significant Accounting Policies (Continued)

Most of our revenue from contracts with customers is derived from long-term contracts, the duration of which is expected to span more than one year. These contracts are billable monthly, as services are rendered, based on a percentage of the balance collected or the transaction processed, a flat fee per transaction or a stated rate per the service performed. In accordance with ASC 606, the unit of account is a contractual performance obligation, a promise to provide a distinct good or service to a customer. The transaction price is allocated to each distinct performance obligation when or as the good or service is transferred to the customer and the obligation is satisfied.

Distinct performance obligations are identified based on the services specified in the contract that are capable of being distinct such that the customer can benefit from the service on its own or together with other resources that are available from the Company or a third party, and are also distinct in the context of the contract such that the transfer of the services is separately identifiable from other services promised in the contract. Most of our contracts include integrated service offerings that include obligations that are not separately identifiable and distinct in the context of our contracts. Accordingly, our contracts generally have a single performance obligation. A limited number of full-service offerings include multiple performance obligations.

Substantially all our revenue is variable revenue which is recognized over time as our customers receive and consume the benefit of our services in an amount consistent with monthly billings. Accordingly, we do not disclose variable consideration associated with the remaining performance obligation as we have recognized revenue in the amount we have the right to invoice for services performed. Our fees correspond to the value the customer has realized from our performance of each increment of the service (for example, an individual transaction processed or collection of a past due balance).

Transfer of Financial Assets and Extinguishments of Liabilities

Our securitizations and other secured borrowings are generally accounted for as on-balance sheet secured borrowings. See “Securitization Accounting” of this Note 2 for further discussion on the criteria assessed to determine whether a transfer of financial assets is a sale or a secured borrowing. If a transfer of loans qualifies as a sale, we derecognize the loan and recognize a gain or loss as the difference between the carrying basis of the loan sold and liabilities retained and the compensation received.

We periodically repurchase our outstanding debt in the open market or through public tender offers. We record a gain or loss on the early extinguishment of debt based upon the difference between the carrying cost of the debt and the amount paid to the third party and net of hedging gains and losses when the debt is in a qualifying hedge relationship.

We recognize the results of a transfer of loans and the extinguishment of debt based upon the settlement date of the transaction.

Derivative Accounting

Derivative instruments that are used as part of our interest rate and foreign currency risk management strategy include interest rate swaps, cross-currency interest rate swaps, and interest rate floor contracts. The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at its fair value. As more fully described below, if certain criteria are met, derivative instruments are classified and accounted for by us as either fair value or cash flow hedges. If these criteria are not met, the derivative financial instruments are accounted for as trading. Derivative positions are recorded as net positions by counterparty based on master netting arrangements exclusive of accrued interest and cash collateral held or pledged. Many of our derivatives, mainly fixed to variable or variable to fixed interest rate swaps and cross-currency interest rate swaps, qualify as effective hedges. For these derivatives, at the inception of the hedge relationship, the following is documented: the relationship between the hedging instrument and the hedged items (including the hedged risk, the method for assessing effectiveness, and the results of the upfront effectiveness testing), and the risk management objective and strategy for undertaking the hedge transaction. Each derivative is designated to either a specific (or pool of) asset(s) or liability(ies) on the balance sheet or expected future cash flows and designated as either a “fair value” or a “cash flow” hedge. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, generally using regression testing. For hedges of a pool of assets or liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in value of the derivative with no offsetting mark-to-market of the hedged item for the current period. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively, cease recording changes in the fair value of the hedged item, and begin amortization of any basis adjustments that exist related to the hedged item.

2. Significant Accounting Policies (Continued)

Fair Value Hedges

Fair value hedges are generally used by us to hedge the exposure to changes in the fair value of a recognized fixed rate asset or liability. We enter into interest rate swaps to economically convert fixed rate assets into variable rate assets and fixed rate debt into variable rate debt. We also enter into cross-currency interest rate swaps to economically convert foreign currency denominated fixed and floating debt to U.S. dollar denominated variable debt. For fair value hedges, we generally consider all components of the derivative’s gain and/or loss when assessing hedge effectiveness and generally hedge changes in fair values due to interest rates or interest rates and foreign currency exchange rates. For fair value hedges, both the derivative and the hedged item (for the risk being hedged) are marked-to-market through net interest income with any difference reflecting ineffectiveness.

Cash Flow Hedges

We use cash flow hedges to hedge the exposure to variability in cash flows for a forecasted debt issuance and for exposure to variability in cash flows of floating rate debt or assets. This strategy is used primarily to minimize the exposure to volatility from future changes in interest rates. For cash flow hedges, the change in the fair value of the derivative is recorded in other comprehensive income, net of tax, and recognized in earnings in the same period as the earnings effects of the hedged item. In the case of a forecasted debt issuance, gains and losses are reclassified to earnings over the period which the stated hedged transaction affects earnings. If we determine it is not probable that the anticipated transaction will occur, gains and losses are reclassified immediately to earnings. In assessing hedge effectiveness, generally all components of each derivative’s gains or losses are included in the assessment. We generally hedge exposure to changes in cash flows due to changes in interest rates or total changes in cash flow.

Trading Activities

When derivative instruments do not qualify as hedges, they are accounted for as trading instruments where all changes in fair value are recorded through earnings with no consideration for the corresponding change in fair value of the economically hedged item. Some of our derivatives, primarily Floor Income Contracts, basis swaps and certain other interest rate swaps do not qualify for hedge accounting treatment. Regardless of the accounting treatment, we consider these derivatives to be economic hedges for risk management purposes. We use this strategy to minimize our exposure to changes in interest rates.

The “gains (losses) on derivative and hedging activities, net” line item in the consolidated statements of income includes the mark-to-market gains and losses of our derivatives that do not qualify for hedge accounting, as well as the realized changes in fair value related to derivative net settlements and dispositions that do not qualify for hedge accounting.

Accounting for Stock-Based Compensation

We recognize stock-based compensation cost in our statements of income using the fair value-based method. Under this method we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the grant’s vesting period. We record stock-based compensation expense net of estimated forfeitures and as such, only those stock-based awards that we expect to vest are recorded. We estimate the forfeiture rate based on historical forfeitures of equity awards and adjust the rate to reflect changes in facts and circumstances, if any. Ultimately, the total expense recognized over the vesting period will equal the fair value of awards that actually vest.

2. Significant Accounting Policies (Continued)

Restructuring and Other Reorganization Expenses

From time to time we implement plans to restructure our business. In conjunction with these restructuring plans, involuntary benefit arrangements, disposal costs (including contract termination costs and other exit costs), as well as certain other costs that are incremental and incurred as a direct result of our restructuring plans, are classified as restructuring expenses in the consolidated statements of income.

The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, the Severance Plan). The Severance Plan provides severance benefits in the event of termination of the Company’s full-time employees and part-time employees who work at least 24 hours per week. The Severance Plan establishes specified benefits based on base salary, job level immediately preceding termination and years of service upon involuntary termination of employment. The benefits payable under the Severance Plan relate to past service, and they accumulate and vest. Accordingly, we recognize severance expenses to be paid pursuant to the Severance Plan when payment of such benefits is probable and can be reasonably estimated. Such benefits include severance pay calculated based on the Severance Plan, medical and dental benefits, and outplacement services expenses.

Contract termination costs are expensed at the earlier of (1) the contract termination date or (2) the cease use date under the contract. Other exit costs are expensed as incurred and classified as restructuring expenses if (1) the cost is incremental to and incurred as a direct result of planned restructuring activities and (2) the cost is not associated with or incurred to generate revenues subsequent to our consummation of the related restructuring activities.

Other reorganization expenses include certain internal costs and third-party costs incurred in connection with our cost reduction initiatives.

During 2023 and 2022, the Company incurred $25 million and $36 million, respectively, of restructuring/other reorganization expenses. In 2023, these expenses relate primarily to severance costs incurred in connection with the CEO transition as well as a facility lease termination and impairment of a facility held for sale in conjunction with the implementation of certain efficiency initiatives. Expense in 2022 primarily relates to costs for severance and facility lease terminations in connection with the Company's decision to exit the FFELP asset recovery business and consolidate certain business lines.

Income Taxes

We account for income taxes under the asset and liability approach which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of our assets and liabilities. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted.

“Income tax expense/(benefit)” includes (i) deferred tax expense/(benefit), which represents the net change in the deferred tax asset or liability balance during the year plus any change in a valuation allowance and (ii) current tax expense/(benefit), which represents the amount of tax currently payable to or receivable from a tax authority plus amounts accrued for unrecognized tax benefits. Income tax expense/(benefit) excludes the tax effects related to adjustments recorded in equity.

If we have an uncertain tax position, then that tax position is recognized only if it is more likely than not to be sustained upon examination based on the technical merits of the position. The amount of tax benefit recognized in the financial statements is the largest amount of benefit that is more than 50% likely of being sustained upon ultimate settlement of the uncertain tax position. We recognize interest related to unrecognized tax benefits in income tax expense/(benefit) and penalties, if any, in operating expenses.

Earnings (Loss) per Common Share

We compute earnings (loss) per common share (EPS) by dividing net income allocated to common shareholders by the weighted average common shares outstanding. Diluted earnings per common share is computed by dividing income allocated to common shareholders by the weighted average common shares outstanding plus amounts representing the dilutive effect of stock options outstanding, restricted stock, restricted stock units, and the outstanding commitment to issue shares under the Employee Stock Purchase Plan. See “Note 10 — Earnings (Loss) per Common Share” for further discussion.

Reclassifications

Certain reclassifications have been made to the balances as of and for the years ended December 31, 2022 and 2021, to be consistent with classifications adopted for 2023, which had no effect on net income, total assets or total liabilities.

2. Significant Accounting Policies (Continued)

Recently Issued Accounting Pronouncements

Effective in 2023 and Forward

Rate Reform

In March 2020 (and as amended in December 2022), the Financial Accounting Standards Board (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, the indexing to SOFR 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 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 has resulted and will continue to result in the $77 million releasing between 2023 and 2024 as the borrowers exit their current modification programs. $67 million of the $77 million was released in 2023, and we expect that the remaining $10 million will release in 2024.

Segment Reporting

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting – Improvements to Reportable Segment Disclosures,” which requires expanded disclosures regarding significant segment expenses for each reportable segment. Significant segment expenses include expenses that are regularly provided to the chief operating decision maker (CODM) and included in each reported measure of segment profit or loss. The ASU also requires disclosure of the CODM’s title and position and permits companies to disclose multiple segment profit or loss measures if the CODM uses these measures to allocate resources and assess segment performance. Companies must reconcile each measure of profit or loss quarterly to the consolidated income statement. This guidance became effective beginning after January 1, 2024, for fiscal years, and beginning after January 1, 2025, for interim periods. The Company continues to assess the impact of the reportable segment disclosure requirements.

Earnings (Loss) per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings (Loss) per Common Share

10. Earnings (Loss) per Common Share


	Years Ended December 31,
(In millions, except per share data)	2023		2022		2021
Numerator:
Net income	$	228	$	645	$	717
Denominator:
Weighted average shares used to compute basic EPS		122		142		170
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		2
Dilutive potential common shares(2)		1		2		2
Weighted average shares used to compute diluted EPS		123		144		172
Basic earnings per common share	$	1.87	$	4.54	$	4.23
Diluted earnings per common share	$	1.85	$	4.49	$	4.18

(1)

(2)

For the years ended December 31, 2023, 2022 and 2021, there were 0 million shares outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Borrowings - Expected Maturities of Long-term Borrowings (Parenthetical) (Detail) $ in Billions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
On-balance sheet securitization trust debt included in projected principal paydowns in 2024	$ 4.5
Aggregate principal amount of debt maturing in 2024	4.5
Aggregate principal amount of debt maturing in 2025	6.0
Aggregate principal amount of debt maturing in 2026	4.7
Aggregate principal amount of debt maturing in 2027	4.7
Aggregate principal amount of debt maturing in 2028	4.4
Aggregate principal amount of debt maturing in [2029-2043]	$ 29.8

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 739	$ 1,042	$ 1,393
Goodwill and acquired intangible asset impairment and amortization	10	19	30
Income tax expense (benefit)	85	182	219
Net income	228	645	717
Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	84	(95)	(184)
Total other income (loss)	(11)	(171)	(51)
Goodwill and acquired intangible asset impairment and amortization	(10)	(19)	(30)
Total Core Earnings adjustments to GAAP	83	(247)	(205)
Income tax expense (benefit)	8	(60)	(39)
Net income	75	(187)	(166)
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
Total other income (loss)	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(10)	(19)	(30)
Total Core Earnings adjustments to GAAP	10	19	30
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	84	(95)	(184)
Total other income (loss)	(11)	(171)	(51)
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Total Core Earnings adjustments to GAAP	$ 73	$ (266)	$ (235)

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	Navient Corporation
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		112,749,884
Entity Public Float			$ 1.7
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 Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the proxy statement (the “2024 Proxy Statement”) relating to the Registrant’s 2024 Annual Meeting of Shareholders, to be filed no later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	McLean, VA
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
Trading Symbol	None
Security Exchange Name	NASDAQ

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 48.5	$ 50.7	$ 58.8	$ 57.9
Unrecognized tax benefits recognition impact on effective tax rate	$ 38.3

Business Combinations, Goodwill and Acquired Intangible - Acquired Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Impairment of intagible asset	$ 10	$ 19	$ 30
Amortization of acquired intangible assets	10	14	$ 19
2024	9
2025	6
2026	5
2027	3
After 2027	$ 1
Series of Individually Immaterial Business Acquisitions [Member] \| Business Processing [Member] \| Customer, Services and Lending Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Impairment of intagible asset		$ 6

Borrowings - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding borrowings under facility	$ 57,628	$ 66,896
Issuance of unsecured debt	1,000	$ 0	$ 1,300
FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	1,900
Assets securing facility	2,100
Maximum unused capacity	408
Unencumbered Loans	$ 92
FFELP Loan ABCP Facilities [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Facility maturity date	2024-11
FFELP Loan ABCP Facilities [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Facility maturity date	2025-04
FFELP Loan \| Asset-backed Securities, Securitized Loans and Receivables [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	$ 181
Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	2,100
Assets securing facility	2,500
Maximum unused capacity	1,700
Unencumbered Loans	$ 1,100
Private Education Loan ABCP Facilities [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Facility maturity date	2024-06
Private Education Loan ABCP Facilities [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Facility maturity date	2025-06
Private Education Loan Repurchase Facilities \| Asset-backed Securities, Securitized Loans and Receivables [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	$ 400

Education Loans - Education Loan Portfolio by Program (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Ending Balance of education loans	$ 54,827	$ 62,250
Percentage to total education loans	100.00%	100.00%
Average Balance education loans	$ 59,654	$ 69,707
Average Effective Interest Rate of education loans	7.15%	4.53%
FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Ending Balance of education loans	$ 37,925	$ 43,525
Stafford Loans [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Ending Balance of education loans	$ 13,564	$ 15,691
Percentage to total education loans	25.00%	25.00%
Average Balance education loans	$ 14,949	$ 17,475
Average Effective Interest Rate of education loans	7.44%	3.93%
Consolidation Loans [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Ending Balance of education loans	$ 24,361	$ 27,834
Percentage to total education loans	44.00%	45.00%
Average Balance education loans	$ 26,242	$ 31,708
Average Effective Interest Rate of education loans	6.80%	4.04%
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Ending Balance of education loans	$ 16,902	$ 18,725
Percentage to total education loans	31.00%	30.00%
Average Balance education loans	$ 18,463	$ 20,524
Average Effective Interest Rate of education loans	7.42%	5.82%

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 60	$ 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	60	80
Derivative asset at fair value including accrued interest	62	85
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	46	62
Total collateral pledged	46	62
Derivative liability at fair value including accrued interest and premium receivable	$ 197	$ 266

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (255)	$ (194)	$ (302)
Total gains/(losses):
Included in earnings	$ 18	$ (104)	$ 84
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Mark-to-market gains (losses) recognized	Mark-to-market gains (losses) recognized	Mark-to-market gains (losses) recognized
Included in other comprehensive income	$ 0	$ 0	$ 0
Settlements	47	43	24
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(190)	(255)	(194)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	65	(62)	(154)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(2)	(4)	(8)
Total gains/(losses):
Included in earnings	1	1	3
Included in other comprehensive income	0	0	0
Settlements	0	1	1
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(1)	(2)	(4)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	1	1	3
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	(253)	(190)	(294)
Total gains/(losses):
Included in earnings	17	(105)	81
Included in other comprehensive income	0	0	0
Settlements	47	42	23
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(189)	(253)	(190)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	64	(63)	(157)
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	0	0	0
Total gains/(losses):
Included in earnings	0	0	0
Included in other comprehensive income	0	0	0
Settlements	0	0	0
Transfers in and/or out of level 3	0	0	0
Balance, end of period	0	0	0
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	$ 0	$ 0	$ 0

Business Combinations, Goodwill and Acquired Intangible (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Summary of Goodwill for Each Reporting Units and Reportable Segments

The following table summarizes our goodwill for our reporting units and reportable segments.


	As of December 31,
(Dollars in millions)	2023		2022
Federal Education Loans reportable segment:
FFELP Loans	$	227	$	227
Federal Education Loan Servicing		5		5
Total		232		232
Consumer Lending reportable segment:
Private Education Legacy In-School Loans		106		106
Private Education Refinance Loans		77		77
Private Education Recent In-School Loans		13		13
Total		196		196
Business Processing reportable segment:
Government Services		136		136
Healthcare Services		106		106
Total		242		242
Total goodwill	$	670	$	670

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of December 31, 2023							As of December 31, 2022
(Dollars in millions)	Cost Basis		Accumulated Impairment and Amortization(2)(3)			Net		Cost Basis(2)		Accumulated Impairment and Amortization(2)(3)			Net
Customer, services and lending relationships(1)	$	218	$	(212	)	$	6	$	218	$	(207	)	$	11
Software and technology		119		(110	)		9		119		(108	)		11
Trade names and trademarks		40		(30	)		10		40		(27	)		13
Total acquired intangible assets	$	377	$	(352	)	$	25	$	377	$	(342	)	$	35

(1)

In 2022 we impaired a customer relationship asset in the Business Processing reportable segment for $6 million as a result of exiting a line of business.

(2)

(3)

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income:
Cash and investments	$ 153	$ 62	$ 3
Total interest income	4,419	3,223	2,648
Total interest expense	3,557	2,102	1,316
Net interest income	862	1,121	1,332
Less: provisions for loan losses	123	79	(61)
Net interest income after provisions for loan losses	739	1,042	1,393
Other income (loss):
Servicing revenue	64	77	168
Asset recovery and business processing revenue	321	336	539
Other revenue	32	203	94
Gains on sales of loans	0	0	78
Losses on debt repurchases	(8)	0	(73)
Total other income	409	616	806
Expenses:
Direct operating expenses	508	534	745
Unallocated shared services expenses	292	242	462
Total operating expenses	800	776	1,207
Goodwill and acquired intangible asset impairment and amortization	10	19	30
Restructuring/other reorganization expenses	25	36	26
Total expenses	835	831	1,263
Income before income tax expense	313	827	936
Income tax expense (benefit)	85	182	219
Net income	228	645	717
Operating Segments [Member]
Interest income:
Net interest income	946	1,026	1,148
Less: provisions for loan losses	123	79	(61)
Other income (loss):
Losses on debt repurchases	0
Total other income	398	445	755
Expenses:
Total operating expenses	800	776	1,207
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	25	36	26
Total expenses	825	812	1,233
Income before income tax expense	396	580	731
Income tax expense (benefit)	93	122	180
Net income	303	458	551
Operating Segments [Member] \| Federal Education Loans [Member]
Interest income:
Cash and investments	76	32	0
Total interest income	2,977	1,987	1,405
Total interest expense	2,497	1,468	830
Net interest income	480	519	575
Less: provisions for loan losses	56	0	0
Net interest income after provisions for loan losses	424	519	575
Other income (loss):
Servicing revenue	52	65	162
Asset recovery and business processing revenue	0	6	51
Other revenue	14	31	25
Gains on sales of loans			0
Losses on debt repurchases	0		0
Total other income	66	102	238
Expenses:
Direct operating expenses	72	106	223
Unallocated shared services expenses	0	0	0
Total operating expenses	72	106	223
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	0	0	0
Total expenses	72	106	223
Income before income tax expense	418	515	590
Income tax expense (benefit)	99	108	136
Net income	319	407	454
Operating Segments [Member] \| Consumer Lending [Member]
Interest income:
Cash and investments	27	10	2
Total interest income	1,396	1,205	1,183
Total interest expense	816	611	541
Net interest income	580	594	642
Less: provisions for loan losses	67	79	(61)
Net interest income after provisions for loan losses	513	515	703
Other income (loss):
Servicing revenue	12	12	6
Asset recovery and business processing revenue	0	0	0
Other revenue	2	1	0
Gains on sales of loans			91
Losses on debt repurchases	0		0
Total other income	14	13	97
Expenses:
Direct operating expenses	151	148	162
Unallocated shared services expenses	0	0	0
Total operating expenses	151	148	162
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	0	0	0
Total expenses	151	148	162
Income before income tax expense	376	380	638
Income tax expense (benefit)	89	80	146
Net income	287	300	492
Operating Segments [Member] \| Business Processing [Member]
Interest income:
Cash and investments	0	0	0
Total interest income	0	0	0
Total interest expense	0	0	0
Net interest income	0	0	0
Less: provisions for loan losses	0	0	0
Net interest income after provisions for loan losses	0	0	0
Other income (loss):
Servicing revenue	0	0	0
Asset recovery and business processing revenue	321	330	488
Other revenue	0	0	0
Gains on sales of loans			0
Losses on debt repurchases	0		0
Total other income	321	330	488
Expenses:
Direct operating expenses	285	280	360
Unallocated shared services expenses	0	0	0
Total operating expenses	285	280	360
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	0	0	0
Total expenses	285	280	360
Income before income tax expense	36	50	128
Income tax expense (benefit)	8	10	29
Net income	28	40	99
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Cash and investments	50	20	1
Total interest income	50	20	1
Total interest expense	164	107	70
Net interest income	(114)	(87)	(69)
Less: provisions for loan losses	0	0	0
Net interest income after provisions for loan losses	(114)	(87)	(69)
Other income (loss):
Servicing revenue	0	0	0
Asset recovery and business processing revenue	0	0	0
Other revenue	5	0	5
Gains on sales of loans			0
Losses on debt repurchases	(8)		(73)
Total other income	(3)	0	(68)
Expenses:
Direct operating expenses	0	0	0
Unallocated shared services expenses	292	242	462
Total operating expenses	292	242	462
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	25	36	26
Total expenses	317	278	488
Income before income tax expense	(434)	(365)	(625)
Income tax expense (benefit)	(103)	(76)	(131)
Net income	(331)	(289)	(494)
Adjustments [Member] \| Reclassifications [Member]
Interest income:
Net interest income	32	(15)	(106)
Other income (loss):
Losses on debt repurchases	0
Total other income	(32)	15	106
Expenses:
Total operating expenses	0	0	0
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	0	0	0
Total expenses	0	0	0
Income before income tax expense	0	0	0
Income tax expense (benefit)	0	0	0
Net income	0	0	0
Adjustments [Member] \| Additions (Subtractions) [Member]
Interest income:
Net interest income	52	(80)	(78)
Other income (loss):
Losses on debt repurchases	0
Total other income	21	(186)	(157)
Expenses:
Total operating expenses	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(10)	(19)	(30)
Restructuring/other reorganization expenses	0	0	0
Total expenses	(10)	(19)	(30)
Income before income tax expense	83	(247)	(205)
Income tax expense (benefit)	8	(60)	(39)
Net income	75	(187)	(166)
Adjustments [Member] \| Total Adjustments [Member]
Interest income:
Net interest income	84	(95)	(184)
Net interest income after provisions for loan losses	84	(95)	(184)
Other income (loss):
Losses on debt repurchases	0
Total other income	(11)	(171)	(51)
Expenses:
Total operating expenses	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(10)	(19)	(30)
Restructuring/other reorganization expenses	0	0	0
Total expenses	(10)	(19)	(30)
Income before income tax expense	83	(247)	(205)
Income tax expense (benefit)	8	(60)	(39)
Net income	75	(187)	(166)
Education Loan Portfolio [Member]
Interest income:
Total interest income	4,266	3,161	2,645
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Federal Education Loans [Member]
Interest income:
Total interest income	2,901	1,955	1,405
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Consumer Lending [Member]
Interest income:
Total interest income	1,369	1,195	1,181
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Business Processing [Member]
Interest income:
Total interest income	0	0	0
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Other Segment [Member]
Interest income:
Total interest income	$ 0	$ 0	$ 0

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Results and Reconciliations to GAAP


	Year Ended December 31, 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	$	4,266													$	2,901	$	1,369	$	—	$	—
Cash and investments		153														76		27		—		50
Total interest income		4,419														2,977		1,396		—		50
Total interest expense		3,557														2,497		816		—		164
Net interest income (loss)		862		$	32		$	52		$	84		$	946		480		580		—		(114	)
Less: provisions for loan losses		123												123		56		67		—		—
Net interest income (loss) after provisions for loan losses		739														424		513		—		(114	)
Other income (loss):
Servicing revenue		64														52		12		—		—
Asset recovery and business processing revenue		321														—		—		321		—
Other revenue		32														14		2		—		5
Losses on debt repurchases		(8	)		—			—			—			—		—		—		—		(8	)
Total other income (loss)		409			(32	)		21			(11	)		398		66		14		321		(3	)
Expenses:
Direct operating expenses		508														72		151		285		—
Unallocated shared services expenses		292														—		—		—		292
Operating expenses		800			—			—			—			800		72		151		285		292
Goodwill and acquired intangible asset impairment and amortization		10			—			(10	)		(10	)		—		—		—		—		—
Restructuring/other reorganization expenses		25			—			—			—			25		—		—		—		25
Total expenses		835			—			(10	)		(10	)		825		72		151		285		317
Income (loss) before income tax expense (benefit)		313			—			83			83			396		418		376		36		(434	)
Income tax expense (benefit)(2)		85			—			8			8			93		99		89		8		(103	)
Net income (loss)	$	228		$	—		$	75		$	75		$	303	$	319	$	287	$	28	$	(331	)

(1)

Core Earnings adjustments to GAAP:


	Year Ended December 31, 2023
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	84		$	—		$	84
Total other income (loss)		(11	)		—			(11	)
Goodwill and acquired intangible asset impairment and amortization		—			(10	)		(10	)
Total Core Earnings adjustments to GAAP	$	73		$	10			83
Income tax expense (benefit)								8
Net income (loss)							$	75

(2)

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

15. Segment Reporting (Continued)


	Year Ended December 31, 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	$	3,161												$	1,955	$	1,195	$	—	$	—
Cash and investments		62													32		10		—		20
Total interest income		3,223													1,987		1,205		—		20
Total interest expense		2,102													1,468		611		—		107
Net interest income (loss)		1,121	$	(15	)	$	(80	)	$	(95	)	$	1,026		519		594		—		(87	)
Less: provisions for loan losses		79											79		—		79		—		—
Net interest income (loss) after provisions for loan losses		1,042													519		515		—		(87	)
Other income (loss):
Servicing revenue		77													65		12		—		—
Asset recovery and business processing revenue		336													6		—		330		—
Other revenue		203													31		1		—		—
Total other income (loss)		616		15			(186	)		(171	)		445		102		13		330		—
Expenses:
Direct operating expenses		534													106		148		280		—
Unallocated shared services expenses		242													—		—		—		242
Operating expenses		776		—			—			—			776		106		148		280		242
Goodwill and acquired intangible asset impairment and amortization		19		—			(19	)		(19	)		—		—		—		—		—
Restructuring/other reorganization expenses		36		—			—			—			36		—		—		—		36
Total expenses		831		—			(19	)		(19	)		812		106		148		280		278
Income (loss) before income tax expense (benefit)		827		—			(247	)		(247	)		580		515		380		50		(365	)
Income tax expense (benefit)(2)		182		—			(60	)		(60	)		122		108		80		10		(76	)
Net income (loss)	$	645	$	—		$	(187	)	$	(187	)	$	458	$	407	$	300	$	40	$	(289	)

(1)

Core Earnings adjustments to GAAP:


	Year Ended December 31, 2022
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	(95	)	$	—		$	(95	)
Total other income (loss)		(171	)		—			(171	)
Goodwill and acquired intangible asset impairment and amortization		—			(19	)		(19	)
Total Core Earnings adjustments to GAAP	$	(266	)	$	19			(247	)
Income tax expense (benefit)								(60	)
Net income (loss)							$	(187	)

(2)

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

15. Segment Reporting (Continued)


	Year Ended December 31, 2021
				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	$	2,645														$	1,405	$	1,181		$	—	$	—
Cash and investments		3															—		2			—		1
Total interest income		2,648															1,405		1,183			—		1
Total interest expense		1,316															830		541			—		70
Net interest income (loss)		1,332		$	(106	)	$	(78	)	$	(184	)	$	1,148			575		642			—		(69	)
Less: provisions for loan losses		(61	)											(61	)		—		(61	)		—		—
Net interest income (loss) after provisions for loan losses		1,393															575		703			—		(69	)
Other income (loss):
Servicing revenue		168															162		6			—		—
Asset recovery and business processing revenue		539															51		—			488		—
Other revenue		94															25		—			—		5
Gains on sales of loans		78															—		91			—		—
Losses on debt repurchases		(73	)														—		—			—		(73	)
Total other income (loss)		806			106			(157	)		(51	)		755			238		97			488		(68	)
Expenses:
Direct operating expenses		745															223		162			360		—
Unallocated shared services expenses		462															—		—			—		462
Operating expenses		1,207			—			—			—			1,207			223		162			360		462
Goodwill and acquired intangible asset impairment and amortization		30			—			(30	)		(30	)		—			—		—			—		—
Restructuring/other reorganization expenses		26			—			—			—			26			—		—			—		26
Total expenses		1,263			—			(30	)		(30	)		1,233			223		162			360		488
Income (loss) before income tax expense (benefit)		936			—			(205	)		(205	)		731			590		638			128		(625	)
Income tax expense (benefit)(2)		219			—			(39	)		(39	)		180			136		146			29		(131	)
Net income (loss)	$	717		$	—		$	(166	)	$	(166	)	$	551		$	454	$	492		$	99	$	(494	)

(1)

Core Earnings adjustments to GAAP:


	Year Ended December 31, 2021
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	(184	)	$	—		$	(184	)
Total other income (loss)		(51	)		—			(51	)
Goodwill and acquired intangible asset impairment and amortization		—			(30	)		(30	)
Total Core Earnings adjustments to GAAP	$	(235	)	$	30			(205	)
Income tax expense (benefit)								(39	)
Net income (loss)							$	(166	)

(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


	Years Ended December 31,
(Dollars in millions)	2023			2022			2021
GAAP net income	$	228		$	645		$	717
Core Earnings adjustments to GAAP:
Net impact of derivative accounting(1)		73			(266	)		(235	)
Net impact of goodwill and acquired intangible assets(2)		10			19			30
Net income tax effect(3)		(8	)		60			39
Total Core Earnings adjustments to GAAP		75			(187	)		(166	)
Core Earnings net income	$	303		$	458		$	551

(1)

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


	December 31,
(Dollars in millions)	2023		2022
FFELP Loans, net	$	37,925	$	43,525
Cash and investments(1)		1,520		2,746
Other		2,128		2,229
Total assets	$	41,573	$	48,500

(1)

Includes restricted cash and investments.

Consumer Lending [Member]

Asset Information for Loans Segment


	December 31,
(Dollars in millions)	2023		2022
Private Education Loans, net	$	16,902	$	18,725
Cash and investments(1)		497		617
Other		577		453
Total assets	$	17,976	$	19,795

(1)

Includes restricted cash and investments.

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Adjustment resulting from the change in the charge-off rate	$ 25.0	$ 30.0	$ 16.0
Expected future recoveries of current period defaults	47.0	57.0	22.0
Change in balance during period	(48.0)	(55.0)	(150.0)
Sale of private education loan			1.6
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Adjustment resulting from the change in the charge-off rate	25.0	30.0	16.0
Beginning of period expected future recoveries on previously fully charged-off loans	274.0	329.0	479.0
Expected future recoveries of current period defaults	47.0	57.0	22.0
Recoveries (cash collected)	(46.0)	(56.0)	(87.0)
Charge-offs (as a result of lower recovery expectations)	(49.0)	(56.0)	(35.0)
Reduction in expected recoveries related to regulatory settlement			(50.0)
End of period expected future recoveries on previously fully charged-off loans	226.0	274.0	329.0
Change in balance during period	(48.0)	(55.0)	(150.0)
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 the charge-off rate	$ (25.0)	$ (30.0)	$ (16.0)

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Additional Information (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 101,000,000	$ 83,000,000
ASU 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable	95,000,000	67,000,000	$ 82,000,000
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

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Common Share Repurchases, Issuances and Dividends Paid

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


	Years Ended December 31,
(Dollars and shares in millions, except per share amounts)	2023		2022		2021
Common stock repurchased(1)		18.0		24.8		34.4
Common stock repurchased (in dollars)(1)	$	310	$	400	$	600
Average purchase price per share(1)	$	17.21	$	16.13	$	17.46
Remaining common stock repurchase authority(1)	$	290	$	600	$	1,000
Shares repurchased related to employee stock- based compensation plans(2)		1.3		1.2		3.0
Average purchase price per share(2)	$	18.44	$	17.84	$	13.65
Common shares issued(3)		2.6		2.5		4.9
Dividends paid	$	78	$	91	$	107
Dividends per share	$	.64	$	.64	$	.64

(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.

Allowance for Loan Losses - Loan Type (Detail) - FFELP Loans [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans, gross	$ 38,140	$ 43,747	$ 52,903
Change	(5,607)
Stafford Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans, gross	12,171	14,019
Change	(1,848)
Consolidation Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans, gross	22,272	25,522
Change	(3,250)
Rehab Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans, gross	3,697	$ 4,206
Change	$ (509)

- 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

Business Combinations, Goodwill and Acquired Intangible - Summary of Goodwill for Each Reporting Units and Reportable Segments (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 670	$ 670
Federal Education Loans [Member]
Goodwill [Line Items]
Goodwill	232	232
Federal Education Loans [Member] \| FFELP Loans [Member]
Goodwill [Line Items]
Goodwill	227	227
Federal Education Loans [Member] \| Federal Education Loan Servicing [Member]
Goodwill [Line Items]
Goodwill	5	5
Consumer Lending Segment [Member]
Goodwill [Line Items]
Goodwill	196	196
Consumer Lending Segment [Member] \| Private Education Legacy In-School Loans [Member]
Goodwill [Line Items]
Goodwill	106	106
Consumer Lending Segment [Member] \| Private Education Refinance Loans [Member]
Goodwill [Line Items]
Goodwill	77	77
Consumer Lending Segment [Member] \| Private Education Recent In-School Loans [Member]
Goodwill [Line Items]
Goodwill	13	13
Business Processing [Member]
Goodwill [Line Items]
Goodwill	242	242
Business Processing [Member] \| Government Services [Member]
Goodwill [Line Items]
Goodwill	136	136
Business Processing [Member] \| Healthcare Services [Member]
Goodwill [Line Items]
Goodwill	$ 106	$ 106

Borrowings

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings

6. Borrowings

Borrowings consist of secured borrowings issued through our securitization program, borrowings through secured facilities, unsecured notes issued by us, and other interest-bearing liabilities related primarily to obligations to return cash collateral held.

The following table summarizes our borrowings.


	December 31, 2023															December 31, 2022
(Dollars in millions)	Short Term			Weighted Average Interest Rate(8)			Long Term			Weighted Average Interest Rate(8)			Total			Short Term			Weighted Average Interest Rate(8)			Long Term			Weighted Average Interest Rate(8)			Total
Unsecured borrowings:
Senior unsecured debt(1)	$	506			5.88	%	$	5,351			6.61	%	$	5,857		$	1,301			5.90	%	$	5,711			5.82	%	$	7,012
Total unsecured borrowings		506			5.88			5,351			6.61			5,857			1,301			5.90			5,711			5.82			7,012
Secured borrowings:
FFELP Loan securitizations(2)(3)(4)		59			6.84			35,626			6.06			35,685			76			6.01			42,675			4.96			42,751
Private Education Loan securitizations(5)		435			8.14			11,754			3.59			12,189			725			7.17			12,744			3.11			13,469
FFELP Loan ABCP facilities		1,854			6.60			89			6.29			1,943			923			5.31			386			5.33			1,309
Private Education Loan ABCP facilities		1,286			6.62			821			6.84			2,107			2,734			5.55			—			—			2,734
Other(6)		95			5.61			39			5.50			134			121			4.61			—			—			121
Total secured borrowings		3,729			6.76			48,329			5.47			52,058			4,579			5.74			55,805			4.54			60,384
Total before hedge accounting adjustments(7)		4,235			6.66			53,680			5.59			57,915			5,880			5.78			61,516			4.66			67,396
Hedge accounting adjustments		(9	)		.01			(278	)		.03			(287	)		(10	)		.01			(490	)		.04			(500	)
Total	$	4,226			6.67	%	$	53,402			5.62	%	$	57,628		$	5,870			5.78	%	$	61,026			4.70	%	$	66,896

(1)

Includes principal amount of $506 million and $1.3 billion of short-term debt as of December 31, 2023 and 2022, respectively. Includes principal amount of $5.4 billion and $5.7 billion of long-term debt as of December 31, 2023 and 2022, respectively.

(2)

Includes $59 million and $76 million of short-term debt and $122 and $0 million of long-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of December 31, 2023 and 2022, respectively.

(3)

Includes $1.6 billion and $1.8 billion of non-U.S. dollar-denominated debt as of December 31, 2023 and 2022, respectively, which has been hedged with swaps converting to U.S. dollars.

(4)

Includes defaulted FFELP secured debt tranches with a remaining principal amount of $1.6 billion as of December 31, 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 2031 and 2037. 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.

(5)

Includes $435 million and $725 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of December 31, 2023 and 2022, respectively.

(6)

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

(7)

Includes $38.2 billion and $44.9 billion of long-term floating rate debt as of December 31, 2023 and 2022, respectively, and $15.5 billion and $16.6 billion of long-term fixed rate debt as of December 31, 2023 and 2022, respectively.

(8)

Weighted average interest rate is as of end of period.

6. Borrowings (Continued)

As of December 31, 2023, the expected maturities of our long-term borrowings are shown in the following table.


	Expected Maturity
(Dollars in millions)	Senior Unsecured Debt			Secured Borrowings(1)			Total(2)
Year of Maturity
2024	$	—		$	4,528		$	4,528
2025		552			5,368			5,920
2026		523			4,115			4,638
2027		694			3,974			4,668
2028		513			3,867			4,380
2029-2048		3,069			26,477			29,546
Total before hedge accounting adjustments		5,351			48,329			53,680
Hedge accounting adjustments		(157	)		(121	)		(278	)
Total	$	5,194		$	48,208		$	53,402

(1)

We view our securitization trust debt as long-term based on the contractual maturity dates. However, we have projected the expected principal paydowns based on our current estimates regarding the loan prepayment speeds for purposes of this disclosure to better reflect how we expect this debt to be paid down over time. The projected principal paydowns in year 2024 include $4.5 billion related to the securitization trust debt.

(2)

The aggregate principal amount of debt that matures in each period is $4.5 billion in 2024, $6.0 billion in 2025, $4.7 billion in 2026, $4.7 billion in 2027, $4.4 billion in 2028 and $29.8 billion in 2029 to 2048.

Variable Interest Entities

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


	December 31, 2023
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	59	$	35,626		$	35,685		$	35,935	$	1,441	$	1,673		$	39,049
Private Education Loan securitizations		435		11,754			12,189			13,396		350		119			13,865
FFELP Loan ABCP facilities		1,854		89			1,943			1,897		77		92			2,066
Private Education Loan ABCP facilities		1,286		821			2,107			2,363		69		50			2,482
Total before hedge accounting adjustments		3,634		48,290			51,924			53,591		1,937		1,934			57,462
Hedge accounting adjustments		—		(121	)		(121	)		—		—		(190	)		(190	)
Total	$	3,634	$	48,169		$	51,803		$	53,591	$	1,937	$	1,744		$	57,272


	December 31, 2022
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			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

6. Borrowings (Continued)

Secured Facilities and Unsecured Debt

FFELP Loan ABCP Facilities

We have various ABCP borrowing facilities that we use to finance our FFELP Loans. Liquidity is available under these secured credit facilities to the extent we have eligible collateral and available capacity. The maximum borrowing capacity under these facilities will vary and is subject to each agreement’s borrowing conditions. These include but are not limited to the facility’s size, current usage and the availability and fair value of qualifying unencumbered FFELP Loan collateral. Our borrowings under these facilities are non-recourse. The maturity dates on these facilities range from November 2024 to April 2025. The interest rate on certain facilities can increase under certain circumstances. The facilities are subject to termination under certain circumstances. As of December 31, 2023, there was approximately $1.9 billion outstanding under these facilities, with approximately $2.1 billion of assets securing these facilities. As of December 31, 2023, the maximum unused capacity under these facilities was $408 million and we had $92 million of unencumbered FFELP Loans.

FFELP Loan Repurchase Facilities

We have FFELP Loan Repurchase Facilities that 1) provide liquidity for the acquisition of certain Navient-sponsored auction rate securities, where borrowings under the facility are secured by the auction rate securities; and 2) are collateralized by the net assets in previously issued FFELP Loan ABS trusts. The lenders also have unsecured recourse to Navient Corporation as Guarantor for any shortfall in amounts payable. Because these facilities are secured by Navient-sponsored instruments issued in previous securitizations, we show the debt as part of FFELP Loan securitizations in the various borrowing tables above. As of December 31, 2023, there was approximately $181 million outstanding under these facilities.

Private Education Loan ABCP Facilities

We have various ABCP borrowing facilities that we use to finance our Private Education Loans. Liquidity is available under these secured credit facilities to the extent we have eligible collateral and available capacity. The maximum borrowing capacity under these facilities will vary and is subject to each agreement’s borrowing conditions. These include but are not limited to the facility’s size, current usage and the availability and fair value of qualifying unencumbered Private Education Loan collateral. Our borrowings under these facilities are non-recourse. The maturity dates on these facilities range from June 2024 to June 2025. The interest rate on certain facilities can increase under certain circumstances. The facilities are subject to termination under certain circumstances. As of December 31, 2023, there was approximately $2.1 billion outstanding under these facilities, with approximately $2.5 billion of assets securing these facilities. As of December 31, 2023, the maximum unused capacity under these facilities was $1.7 billion and we had $1.1 billion of unencumbered Private Education Loans.

Private Education Loan Repurchase Facilities

These repurchase facilities are collateralized by the net assets in previously issued Private Education Loan ABS trusts. The lenders also have unsecured recourse to Navient Corporation as Guarantor for any shortfall in amounts payable. Because these facilities are secured by the Residual Interests in previous securitizations, we show the debt as part of Private Education Loan securitizations in the various borrowing tables above. As of December 31, 2023, there was approximately $0.4 billion outstanding under these facilities.

Senior Unsecured Debt

We issued $1.0 billion, $0 and $1.3 billion of unsecured debt in 2023, 2022 and 2021, respectively.

Debt Repurchases

The following table summarizes activity related to our senior unsecured debt repurchases.


	Years Ended December 31,
(Dollars in millions)	2023			2022		2021
Debt principal repurchased	$	850		$	—	$	2,577
Losses on debt repurchases	$	(8	)	$	—	$	(73	)

- 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

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+ Details

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.


	December 31, 2023															December 31, 2022
(Dollars in millions)	Short Term			Weighted Average Interest Rate(8)			Long Term			Weighted Average Interest Rate(8)			Total			Short Term			Weighted Average Interest Rate(8)			Long Term			Weighted Average Interest Rate(8)			Total
Unsecured borrowings:
Senior unsecured debt(1)	$	506			5.88	%	$	5,351			6.61	%	$	5,857		$	1,301			5.90	%	$	5,711			5.82	%	$	7,012
Total unsecured borrowings		506			5.88			5,351			6.61			5,857			1,301			5.90			5,711			5.82			7,012
Secured borrowings:
FFELP Loan securitizations(2)(3)(4)		59			6.84			35,626			6.06			35,685			76			6.01			42,675			4.96			42,751
Private Education Loan securitizations(5)		435			8.14			11,754			3.59			12,189			725			7.17			12,744			3.11			13,469
FFELP Loan ABCP facilities		1,854			6.60			89			6.29			1,943			923			5.31			386			5.33			1,309
Private Education Loan ABCP facilities		1,286			6.62			821			6.84			2,107			2,734			5.55			—			—			2,734
Other(6)		95			5.61			39			5.50			134			121			4.61			—			—			121
Total secured borrowings		3,729			6.76			48,329			5.47			52,058			4,579			5.74			55,805			4.54			60,384
Total before hedge accounting adjustments(7)		4,235			6.66			53,680			5.59			57,915			5,880			5.78			61,516			4.66			67,396
Hedge accounting adjustments		(9	)		.01			(278	)		.03			(287	)		(10	)		.01			(490	)		.04			(500	)
Total	$	4,226			6.67	%	$	53,402			5.62	%	$	57,628		$	5,870			5.78	%	$	61,026			4.70	%	$	66,896

(1)

(2)

(3)

Includes $1.6 billion and $1.8 billion of non-U.S. dollar-denominated debt as of December 31, 2023 and 2022, respectively, which has been hedged with swaps converting to U.S. dollars.

(4)

(5)

(6)

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

(7)

Weighted average interest rate is as of end of period.

Expected Maturities of Long-term Borrowings

As of December 31, 2023, the expected maturities of our long-term borrowings are shown in the following table.


	Expected Maturity
(Dollars in millions)	Senior Unsecured Debt			Secured Borrowings(1)			Total(2)
Year of Maturity
2024	$	—		$	4,528		$	4,528
2025		552			5,368			5,920
2026		523			4,115			4,638
2027		694			3,974			4,668
2028		513			3,867			4,380
2029-2048		3,069			26,477			29,546
Total before hedge accounting adjustments		5,351			48,329			53,680
Hedge accounting adjustments		(157	)		(121	)		(278	)
Total	$	5,194		$	48,208		$	53,402

(1)

(2)

Financing VIEs

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


	December 31, 2023
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	59	$	35,626		$	35,685		$	35,935	$	1,441	$	1,673		$	39,049
Private Education Loan securitizations		435		11,754			12,189			13,396		350		119			13,865
FFELP Loan ABCP facilities		1,854		89			1,943			1,897		77		92			2,066
Private Education Loan ABCP facilities		1,286		821			2,107			2,363		69		50			2,482
Total before hedge accounting adjustments		3,634		48,290			51,924			53,591		1,937		1,934			57,462
Hedge accounting adjustments		—		(121	)		(121	)		—		—		(190	)		(190	)
Total	$	3,634	$	48,169		$	51,803		$	53,591	$	1,937	$	1,744		$	57,272


	December 31, 2022
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			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

Summary of Activity Related to Senior Unsecured Debt Repurchases

The following table summarizes activity related to our senior unsecured debt repurchases.


	Years Ended December 31,
(Dollars in millions)	2023			2022		2021
Debt principal repurchased	$	850		$	—	$	2,577
Losses on debt repurchases	$	(8	)	$	—	$	(73	)

- 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

Allowance for Loan Losses - Summary of Performance and Related Loan Status of Loans Modified (Details) - Private Education Loans (Details) - Private Education Loans [Member] $ in Millions	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	$ 2,729
School/Deferment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	22
Forbearance [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	93
Financing Asset, Not Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	2,199
Financial Asset, 31 to 60 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	160
Financial Asset, 61 to 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	96
Financial Asset, 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	$ 159

Stockholders' Equity - Additional Information (Detail) - $ / shares	Dec. 31, 2023	Dec. 29, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized	1,125,000,000		1,125,000,000
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares issued	464,000,000		461,000,000
Common shares unissued but encumbered	16,000,000
Common Stock Shares Outstanding [Member]
Class of Stock [Line Items]
Common stock, shares issued	114,000,000
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock		$ 18.62

- 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.

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+ Details

Education Loans

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Education Loans

3. Education Loans

Education loans consist of FFELP and Private Education Loans.

There are two principal categories of FFELP Loans: Stafford and Consolidation Loans. Generally, Stafford loans have repayment periods of between 5 and 10 years. Consolidation Loans have repayment periods of 12 to 30 years. FFELP Loans do not require repayment, or have modified repayment plans, while the customer is in-school and during the grace period immediately upon leaving school. The customer may also be granted a deferment or forbearance for a period of time based on need, during which time the customer is not considered to be in repayment. Interest continues to accrue on loans in the in-school, deferment and forbearance period. FFELP Loans obligate the customer to pay interest at a stated fixed rate or a variable rate reset annually (subject to a cap) on July 1 of each year depending on when the loan was originated and the loan type. FFELP Loans disbursed before April 1, 2006

3. Education Loans (Continued)

earn interest at the greater of the borrower’s rate or a floating rate based on the Special Allowance Payment (SAP) formula, with the interest earned on the floating rate that exceeds the interest earned from the customer being paid directly by ED. For loans disbursed after April 1, 2006, FFELP Loans effectively only earn at the SAP rate, as the excess interest earned when the borrower rate exceeds the SAP rate (Floor Income) is required to be rebated to ED.

FFELP Loans are insured as to their principal and accrued interest in the event of default subject to a Risk Sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed after October 1, 1993 and before July 1, 2006, we receive 98% reimbursement on all qualifying default claims. For loans disbursed on or after July 1, 2006, we receive 97% reimbursement.

"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. Private Education Loans bear the full credit risk of the customer. Private Education Refinance Loans and in-school loans originated after 2020 generally have a fixed interest rate, whereas in-school loans originated prior to 2020 are mostly variable rate. The majority of in-school loans in our portfolio are cosigned. Similar to FFELP Loans, Private Education Loans are generally non-dischargeable in bankruptcy. Most loans have repayment terms of 10 to 15 years or more, and for loans made prior to 2009, payments are typically deferred until after graduation. However, since 2009 we began to encourage interest-only or fixed payment options while the customer is enrolled in school.

As of December 31, 2023, the balance of in-school loans that had been originated since 2020 was $641 million. These in-school Private Education Loans are generally fixed rate. In early 2020, Navient entered into a loan purchase agreement with a third party whereby Navient provides marketing services to the third party for the purpose of originating in-school loans, and once disbursed in-full those loans are purchased by Navient. The difference between the marketing fee paid to Navient by the third party and the premium paid to the third party by Navient for the loans, is deferred and amortized through loan income over the life of the loans. In October 2022, the agreement was amended to a Participation Agreement, whereby Navient purchases a participation interest in each loan immediately after disbursement, thereby carrying the loans on-balance sheet before holding legal title to the loan. Once the loan is fully disbursed, Navient purchases the remaining interest in the loan from the third party and full legal title to the loan is transferred to Navient.


	December 31, 2023					Year Ended December 31, 2023
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford Loans, net	$	13,564		25	%	$	14,949		7.44	%
FFELP Consolidation Loans, net		24,361		44			26,242		6.80
Private Education Loans, net		16,902		31			18,463		7.42
Total education loans, net	$	54,827		100	%	$	59,654		7.15	%


	December 31, 2022					Year Ended December 31, 2022
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford Loans, net	$	15,691		25	%	$	17,475		3.93	%
FFELP Consolidation Loans, net		27,834		45			31,708		4.04
Private Education Loans, net		18,725		30			20,524		5.82
Total education loans, net	$	62,250		100	%	$	69,707		4.53	%

As of December 31, 2023 and 2022, 85% and 84%, respectively, of our education loan portfolio was in repayment.

Derivative Financial Instruments - Impact of Derivatives on Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative Assets:
Derivative assets	$ 55	$ 56
Derivative Liabilities:
Derivative liabilities	(190)	(258)
Net total derivatives	(135)	(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	55	55
Derivative Liabilities:
Derivative liabilities	(189)	(255)
Net total derivatives	(134)	(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	55	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	55	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	(189)	(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	(189)	(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

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

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

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

14. 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


	Years Ended December 31,
	2023						2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	—	$	—	$	—	$	2	$	—	$	2	$	19	$	—	$	19
Government services		—		200		200		—		187		187		—		258		258
Healthcare services		—		121		121		—		143		143		—		230		230
Total	$	—	$	321	$	321	$	2	$	330	$	332	$	19	$	488	$	507

Revenue by Client Type


	Years Ended December 31,
	2023						2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	62	$	62	$	—	$	8	$	8	$	1	$	20	$	21
Guarantor agencies		—		—		—		2		—		2		18		—		18
Other institutions		—		—		—		—		—		—		—		—		—
State and local government		—		68		68		—		116		116		—		183		183
Tolling authorities		—		70		70		—		63		63		—		55		55
Hospitals and other healthcare providers		—		121		121		—		143		143		—		230		230
Total		—		321		321		2		330		332		19		488		507

As of December 31, 2023, 2022, and 2021 there was $95 million, $67 million, and $82 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-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

Allowance for Loan Losses - Loans Modified Accounts for TDR (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Modified loans	$ 250	$ 149
Charge-offs	280	124
Payment default	$ 46	$ 21

Segment Reporting - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment	4
Total assets	$ 61,375	$ 70,795
Business Processing [Member]
Segment Reporting Information [Line Items]
Total assets	380	390
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,400	$ 2,100

- Definition

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations

Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow:


	Years Ended December 31,
	2023			2022			2021
Statutory rate		21.0	%		21.0	%		21.0	%
Non-deductible regulatory-related expenses (1)		—			—			1.4
Unrecognized tax benefits, state, net of federal benefit		.8			(1.3	)		.2
Valuation allowance on disallowed interest expense carryovers, state, net of federal benefit		6.6			1.0			.7
State tax, net of federal benefit		(1.9	)		1.2			.2
Other, net		.6			.1			(.1	)
Effective tax rate		27.1	%		22.0	%		23.4	%

(1)

Components of Provision for Income Tax Expense (Benefit)

Income tax expense consists of:


	December 31,
(Dollars in millions)	2023			2022			2021
Current provision/(benefit):
Federal	$	63		$	(2	)	$	147
State		24			(25	)		19
Foreign		—			1			—
Total current provision/(benefit)		87			(26	)		166
Deferred provision/(benefit):
Federal		—			173			56
State		(2	)		35			(3	)
Foreign		—			—			—
Total deferred provision/(benefit)		(2	)		208			53
Provision for income tax expense/(benefit)	$	85		$	182		$	219

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following:


	December 31,
(Dollars in millions)	2023		2022
Deferred tax assets:
Loan reserves	$	237	$	297
Accrued expenses not currently deductible		39		33
Education loan premiums and discounts, net		32		41
Operating loss and credit carryovers		11		12
Stock-based compensation plans		5		5
Other		18		19
Total deferred tax assets		342		407
Deferred tax liabilities:
Market value adjustments on education loans, investments and derivatives		114		201
Acquired intangible assets		23		22
Original issue discount on borrowings		13		13
Other		7		11
Total deferred tax liabilities		157		247
Net deferred tax assets	$	185	$	160

Summary of Operating Loss and Credit Carryovers

The operating loss and credit carryovers consist of:


	December 31, 2023
(Dollars in millions)	Gross		Tax-Effected		Expiration	Corresponding Valuation Allowance(1)		Operating Loss and Credit Carryovers
Federal operating loss carryovers	$	34	$	7	Begins in 2032	$	1	$	6
State operating loss carryovers		559		37	Began in 2023		32		5
State IRC § 163(j) disallowed interest expense carryovers		4,173		65	Indefinite		65		—
			$	109		$	98	$	11

(1)

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits:


	December 31,
(Dollars in millions)	2023			2022			2021
Unrecognized tax benefits at beginning of year	$	50.7		$	58.8		$	57.9
Increases resulting from tax positions taken during a prior period		3.8			10.8			6.4
Decreases resulting from tax positions taken during a prior period		(4.5	)		(18.6	)		(4.2	)
Increases resulting from tax positions taken during the current period		7.4			6.7			6.4
Decreases related to settlements with taxing authorities		(3.8	)		(1.0	)		(.3	)
Increases related to settlements with taxing authorities		—			—			—
Reductions related to the lapse of statute of limitations		(5.1	)		(6.0	)		(7.4	)
Unrecognized tax benefits at end of year (1)	$	48.5		$	50.7		$	58.8

(1)

Income Taxes - Components of Provision for Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current provision/(benefit):
Federal	$ 63	$ (2)	$ 147
State	24	(25)	19
Foreign	0	1	0
Total current provision/(benefit)	87	(26)	166
Deferred provision/(benefit):
Federal	0	173	56
State	(2)	35	(3)
Foreign	0	0	0
Total deferred provision/(benefit)	(2)	208	53
Provision for income tax expense/(benefit)	$ 85	$ 182	$ 219

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Loan Losses
Allowance at beginning of period	$ 1,022	$ 1,271	$ 1,377
Provision:
Reversal of allowance related to loan sales			(107)
Remaining provision			46
Total provision	123	79	(61)
Charge-offs:
Gross charge-offs	(383)	(410)	(201)
Expected future recoveries on current period gross charge-offs	47	57	22
Total	(336)	(353)	(179)
Adjustment resulting from the change in charge-off rate	(25)	(30)	(16)
Net charge-offs	(361)	(383)	(195)
Decrease in expected future recoveries on previously fully charged-off loans	48	55	150
Allowance at end of period	832	1,022	1,271
FFELP Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period	222	262	288
Provision:
Reversal of allowance related to loan sales			0
Remaining provision			0
Total provision	56	0	0
Charge-offs:
Gross charge-offs	(63)	(40)	(26)
Expected future recoveries on current period gross charge-offs	0	0	0
Total	(63)	(40)	(26)
Adjustment resulting from the change in charge-off rate	0	0	0
Net charge-offs	(63)	(40)	(26)
Decrease in expected future recoveries on previously fully charged-off loans	0	0	0
Allowance at end of period	$ 215	$ 222	$ 262
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate	0.19%	0.10%	0.06%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment	0.00%	0.00%	0.00%
Net charge-offs as a percentage of average loans in repayment	0.19%	0.10%	0.06%
Ending total loans	$ 38,140	$ 43,747	$ 52,903
Average loans in repayment	33,047	40,332	45,781
Ending loans in repayment	30,436	34,372	44,390
Private Education Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period	800	1,009	1,089
Provision:
Reversal of allowance related to loan sales			(107)
Remaining provision			46
Total provision	67	79	(61)
Charge-offs:
Gross charge-offs	(320)	(370)	(175)
Expected future recoveries on current period gross charge-offs	47	57	22
Total	(273)	(313)	(153)
Adjustment resulting from the change in charge-off rate	(25)	(30)	(16)
Net charge-offs	(298)	(343)	(169)
Decrease in expected future recoveries on previously fully charged-off loans	48	55	150
Allowance at end of period	$ 617	$ 800	$ 1,009
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate	1.54%	1.59%	0.76%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment	0.14%	0.15%	0.08%
Net charge-offs as a percentage of average loans in repayment	1.68%	1.74%	0.84%
Ending total loans	$ 17,519	$ 19,525	$ 21,180
Average loans in repayment	17,749	19,796	20,150
Ending loans in repayment	$ 16,796	$ 18,770	$ 20,284

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

12 Months Ended

Dec. 31, 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


	Years Ended December 31,
	2023						2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	—	$	—	$	—	$	2	$	—	$	2	$	19	$	—	$	19
Government services		—		200		200		—		187		187		—		258		258
Healthcare services		—		121		121		—		143		143		—		230		230
Total	$	—	$	321	$	321	$	2	$	330	$	332	$	19	$	488	$	507

Revenue by Client Type


	Years Ended December 31,
	2023						2022						2021
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	62	$	62	$	—	$	8	$	8	$	1	$	20	$	21
Guarantor agencies		—		—		—		2		—		2		18		—		18
Other institutions		—		—		—		—		—		—		—		—		—
State and local government		—		68		68		—		116		116		—		183		183
Tolling authorities		—		70		70		—		63		63		—		55		55
Hospitals and other healthcare providers		—		121		121		—		143		143		—		230		230
Total		—		321		321		2		330		332		19		488		507

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Amount that will be equal to mark-to-market gain or loss over the life of the contract	$ 0

Derivative Financial Instruments - Carrying Value and Related Fair Value Hedging Adjustments of Liabilities (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Short-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	$ 490	$ 1,289
Hedge Basis Adjustments	(9)	(10)
Long-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	5,341	6,188
Hedge Basis Adjustments	$ (281)	$ (494)

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 228	$ 645	$ 717
Denominator:
Weighted average shares used to compute basic EPS	122	142	170
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	2
Dilutive potential common shares	1	2	2
Weighted average shares used to compute diluted EPS	123	144	172
Basic earnings per common share	$ 1.87	$ 4.54	$ 4.23
Diluted earnings per common share	$ 1.85	$ 4.49	$ 4.18

Borrowings - Expected Maturities of Long-term Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024	$ 4,500
2025	6,000
2026	4,700
2027	4,700
2028	4,400
2029-2048	29,800
Total	53,402	$ 61,026
Long-Term Borrowings [Member]
Debt Instrument [Line Items]
2024	4,528
2025	5,920
2026	4,638
2027	4,668
2028	4,380
2029-2048	29,546
Total before hedge accounting adjustments	53,680
Hedge accounting adjustments	(278)
Total	53,402
Long-Term Borrowings [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
2024	0
2025	552
2026	523
2027	694
2028	513
2029-2048	3,069
Total before hedge accounting adjustments	5,351
Hedge accounting adjustments	(157)
Total	5,194
Long-Term Borrowings [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
2024	4,528
2025	5,368
2026	4,115
2027	3,974
2028	3,867
2029-2048	26,477
Total before hedge accounting adjustments	48,329
Hedge accounting adjustments	(121)
Total	$ 48,208

Organization and Business

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

1. Organization and Business

Navient’s Business

Navient (Nasdaq: NAVI) provides technology-enabled education finance and business processing solutions that simplify complex programs and help millions of people achieve success. Our customer-focused, data-driven services deliver exceptional results for clients in education, health care and government. Learn more at navient.com.

With a focus on data-driven insights, service, compliance and innovative support, Navient’s business consists of:

•

Federal Education Loans

We own a portfolio of $38 billion of federally guaranteed Federal Family Education Loan Program (FFELP) Loans. As a servicer on our own portfolio and for third parties, we deploy data-driven approaches to support the success of our customers. Our flexible and scalable infrastructure manages large volumes of complex transactions, simplifying the customer experience and continually improving efficiency.

•

Consumer Lending

We help students and families succeed through the college journey with innovative planning tools, student loans and refinancing products. Our $17 billion Private Education Loan portfolio demonstrates high customer success rates. In 2023, we originated approximately $1 billion of Private Education Loans.

•

Business Processing

We leverage our loan servicing expertise to provide business processing solutions for approximately 500 public sector and healthcare organizations, and their tens of millions of clients, patients, and constituents. Our suite of omnichannel customer experience, digital processing and revenue cycle solutions enables our clients to deliver better results for the people they serve.

Income Taxes - Summary of Operating Loss and Credit Carryovers (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers, Tax-Effected	$ 109
Valuation allowance, Operating loss and credit carryovers	98	$ 79
Operating Loss and Credit Carryovers	11
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers, Gross	34
Net operating loss carryovers, Tax-Effected	$ 7
Net operating loss, Expiration	2032
Valuation allowance, Operating loss and credit carryovers	$ 1
Operating Loss and Credit Carryovers	6
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers, Gross	559
Net operating loss carryovers, Tax-Effected	$ 37
Net operating loss, Expiration	2023
Valuation allowance, Operating loss and credit carryovers	$ 32
Operating Loss and Credit Carryovers	5
State IRC § 163(j) disallowed interest expense carryovers, Gross	4,173
State IRC § 163(j) disallowed interest expense carryovers, Tax-Effected	$ 65
State IRC § 163(j) disallowed interest expense carryovers, Expiration	Indefinite
State IRC § 163(j) disallowed interest expense carryovers, Corresponding Valuation Allowance	$ 65
State IRC § 163(j) disallowed interest expense carryovers, Operating Loss and Credit carryovers	$ 0

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 18	$ (104)	$ 84
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 (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	$ 3
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
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	$ 17	$ (105)	$ 81
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

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Common Stock

Our shareholders have authorized the issuance of 1.125 billion shares of common stock. The par value of Navient common stock is $0.01 per share. At December 31, 2023, 114 million shares were issued and outstanding and 16 million shares were unissued but encumbered for outstanding stock options, restricted stock units, performance stock units and dividend equivalent units for employee compensation and remaining authority for stock-based compensation plans.

Dividend and Share Repurchase Program

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


	Years Ended December 31,
(Dollars and shares in millions, except per share amounts)	2023		2022		2021
Common stock repurchased(1)		18.0		24.8		34.4
Common stock repurchased (in dollars)(1)	$	310	$	400	$	600
Average purchase price per share(1)	$	17.21	$	16.13	$	17.46
Remaining common stock repurchase authority(1)	$	290	$	600	$	1,000
Shares repurchased related to employee stock- based compensation plans(2)		1.3		1.2		3.0
Average purchase price per share(2)	$	18.44	$	17.84	$	13.65
Common shares issued(3)		2.6		2.5		4.9
Dividends paid	$	78	$	91	$	107
Dividends per share	$	.64	$	.64	$	.64

(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 December 29, 2023 was $18.62.

- Definition

The entire disclosure for equity.

+ References

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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 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

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 321	$ 332	$ 507
Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	62	8	21
Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	2	18
Other Institutions [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0
State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	68	116	183
Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	70	63	55
Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	121	143	230
Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	2	19
Federal Education Loans [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	1
Federal Education Loans [Member] \| Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	2	18
Federal Education Loans [Member] \| Other Institutions [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0
Federal Education Loans [Member] \| State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0
Federal Education Loans [Member] \| Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0
Federal Education Loans [Member] \| Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0
Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	321	330	488
Business Processing [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	62	8	20
Business Processing [Member] \| Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0
Business Processing [Member] \| Other Institutions [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0
Business Processing [Member] \| State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	68	116	183
Business Processing [Member] \| Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	70	63	55
Business Processing [Member] \| Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	121	143	230
Federal Education Loan Asset Recovery Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	2	19
Federal Education Loan Asset Recovery Services [Member] \| Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	2	19
Federal Education Loan Asset Recovery Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0
Government Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	200	187	258
Government Services [Member] \| Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0
Government Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	200	187	258
Healthcare Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	121	143	230
Healthcare Services [Member] \| Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0
Healthcare Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 121	$ 143	$ 230

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

11. 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 2023, there were no significant transfers of financial instruments between levels, or changes in our methodology used to value our financial instruments.

Education Loans

Our FFELP Loans and Private Education Loans are accounted for at cost or at the lower of cost or market if the loan is held-for-sale. Fair values are determined by modeling loan cash flows using stated terms of the assets using mostly internally developed assumptions that are validated against market transactions when available.

FFELP Loans

The significant assumptions used to determine fair value of our FFELP Loans are prepayment speeds, default rates, cost of funds, discount rate, capital levels and expected Repayment Borrower Benefits to be earned. In addition, the Floor Income component of our FFELP Loan portfolio is valued with option models using both observable market inputs and internally developed inputs. A number of significant inputs into the models are internally derived and not observable in active markets. While the resulting fair value can be validated against market transactions where we are a participant, these markets are not considered active. As such, these are level 3 valuations.

Private Education Loans

The significant assumptions used to determine fair value of our Private Education Loans are prepayment speeds, default rates, recovery rates, cost of funds, discount rate and capital levels. A number of significant inputs into the models are internally derived and not observable in active markets. While the resulting fair value can be validated against market transactions where we are a participant, these markets are not considered active. As such, these are level 3 valuations.

Cash and Investments (Including “Restricted Cash”)

Cash and cash equivalents are carried at cost. Carrying value approximates fair value. The fair value of investments in commercial paper, ABCP, or demand deposits that have a remaining term of less than 90 days when purchased are estimated to equal their cost and, when needed, adjustments for liquidity and credit spreads are made depending on market conditions and counterparty credit risks. No additional adjustments were deemed necessary. These investments are level 2 valuations.

Borrowings

Borrowings are accounted for at cost in the financial statements except when denominated in a foreign currency or when designated as the hedged item in a fair value hedge relationship. When the hedged risk is the benchmark interest rate (which for us is SOFR) and not full fair value, the cost basis is adjusted for changes in value due to benchmark interest rates only. Foreign currency-denominated borrowings are re-measured at current spot rates in the financial statements. Fair value was determined through standard bond pricing models and option models (when applicable) using the stated terms of the borrowings, observable yield curves, foreign currency exchange rates, volatilities from active markets or from quotes from broker-dealers. Fair value adjustments for unsecured corporate debt are made based on indicative quotes from observable trades and spreads on credit default swaps specific to the Company. Fair value adjustments for secured borrowings are based on indicative quotes from broker-dealers. These adjustments for both secured and unsecured borrowings are material to the overall valuation of these items and, currently, are based on inputs from inactive markets. As such, these are level 3 valuations.

11. Fair Value Measurements (Continued)

Derivative Financial Instruments

All derivatives are accounted for at fair value in the financial statements. The fair value of a majority of derivative financial instruments was determined by standard derivative pricing and option models using the stated terms of the contracts and observable market inputs and are therefore classified as level 2 fair values. In some cases, we utilized internally developed inputs that are not observable in the market, and as such, classified these instruments as level 3 fair values. Complex structured derivatives or derivatives that trade in less liquid markets require significant estimates and judgment in determining fair value that cannot be corroborated with market transactions.

When determining the fair value of derivatives, we take into account counterparty credit risk for positions where there is exposure to the counterparty on a net basis by assessing exposure net of collateral held. See “Note 7 — Derivative Financial Instruments” for further discussion on methodology. The net credit risk adjustment (adjustments for our exposure to counterparties net of adjustments for the counterparties’ exposure to us) decreased the valuations at December 31, 2023 by $5 million.

Inputs specific to each class of derivatives disclosed in the table below are as follows:

•

Interest rate swaps — Fair value is determined using standard derivative cash flow models. Derivatives that swap fixed interest payments and SOFR interest payments are valued using the SOFR swap yield curve which is an observable input from an active market. These derivatives are level 2 fair value estimates in the hierarchy. Other derivatives swapping SOFR interest payments for another variable interest payment (primarily Prime) are valued using the SOFR swap yield curve and observable market spreads for the specified index. The markets for these swaps are generally illiquid as indicated by a wide bid/ask spread. The adjustment made for liquidity decreased the valuations by $1 million at December 31, 2023. These derivatives are level 3 fair value estimates.

•

Cross-currency interest rate swaps — Fair value is determined using standard derivative cash flow models. Derivatives hedging foreign-denominated bonds are valued using the SOFR swap yield curve (for both USD and the foreign-denominated currency), cross-currency basis spreads and forward foreign currency exchange rates. These inputs are observable inputs from active markets. In addition, these amortizing notional derivatives (derivatives whose notional amounts change based on changes in the balance of, or pool of, assets or debt) hedging trust debt use internally derived assumptions for the trust assets’ prepayment speeds and default rates to model the notional amortization. Management makes assumptions concerning the extension features of derivatives hedging rate-reset notes denominated in a foreign currency. These inputs are not market observable; therefore, these derivatives are level 3 fair value estimates.

•

Floor Income Contracts — Derivatives are valued using an option pricing model. Inputs to the model include the SOFR swap yield curve and SOFR interest rate volatilities. The inputs are observable inputs in active markets and these derivatives are level 2 fair value estimates.

The carrying value of borrowings designated as the hedged item in a fair value hedge is adjusted for changes in fair value due to benchmark interest rates and foreign-currency exchange rates. These valuations are determined through standard bond pricing models and option models (when applicable) using the stated terms of the borrowings, and observable yield curves, foreign currency exchange rates and volatilities.

11. Fair Value Measurements (Continued)


	Fair Value Measurements on a Recurring Basis
	December 31, 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		—		55		—			55			—		55			1			56
Cross-currency interest rate swaps		—		—		—			—			—		—			—			—
Total derivative assets(2)		—		55		—			55			—		55			1			56
Total	$	—	$	55	$	—		$	55		$	—	$	55		$	1		$	56
Liabilities(3)
Derivative instruments(1)
Interest rate swaps	$	—	$	—	$	(1	)	$	(1	)	$	—	$	(2	)	$	(3	)	$	(5	)
Floor Income Contracts		—		—		—			—			—		—			—			—
Cross-currency interest rate swaps		—		—		(189	)		(189	)		—		—			(253	)		(253	)
Total derivative liabilities(2)		—		—		(190	)		(190	)		—		(2	)		(256	)		(258	)
Total	$	—	$	—	$	(190	)	$	(190	)	$	—	$	(2	)	$	(256	)	$	(258	)

(1)

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

(2)

See “Note 7 — Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

(3)

11. 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.


	Year Ended December 31, 2023
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(2	)	$	(253	)	$	—	$	(255	)
Total gains/(losses):
Included in earnings(1)		1			17			—		18
Included in other comprehensive income		—			—			—		—
Settlements		—			47			—		47
Transfers in and/or out of level 3		—			—			—		—
Balance, end of period	$	(1	)	$	(189	)	$	—	$	(190	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date(2)	$	1		$	64		$	—	$	65


	Year Ended December 31, 2022
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(4	)	$	(190	)	$	—	$	(194	)
Total gains/(losses):
Included in earnings(1)		1			(105	)		—		(104	)
Included in other comprehensive income		—			—			—		—
Settlements		1			42			—		43
Transfers in and/or out of level 3		—			—			—		—
Balance, end of period	$	(2	)	$	(253	)	$	—	$	(255	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date(2)	$	1		$	(63	)	$	—	$	(62	)


	Year Ended December 31, 2021
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(8	)	$	(294	)	$	—	$	(302	)
Total gains/(losses):
Included in earnings(1)		3			81			—		84
Included in other comprehensive income		—			—			—		—
Settlements		1			23			—		24
Transfers in and/or out of level 3		—			—			—		—
Balance, end of period	$	(4	)	$	(190	)	$	—	$	(194	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date(2)	$	3		$	(157	)	$	—	$	(154	)

(1)

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


	Years Ended December 31,
(Dollars in millions)	2023		2022			2021
Gains (losses) on derivative and hedging activities, net	$	1	$	1		$	3
Interest expense		17		(105	)		81
Total	$	18	$	(104	)	$	84

(2)

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

11. 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 December 31, 2023			Valuation Technique	Input	Range and Weighted Average
Derivatives
Prime basis swaps	$	(1	)	Discounted cash flow	Constant Prepayment Rate	10%
					Bid/ask adjustment to discount rate	0.08%
Cross-currency interest rate swaps		(189	)	Discounted cash flow	Constant Prepayment Rate	5%
Other		—
Total	$	(190	)

The significant inputs that are unobservable or from inactive markets related to our level 3 derivatives detailed in the table above would be expected to have the following impacts to the valuations:

•

Prime basis swaps — These swaps do not actively trade in the markets as indicated by a wide bid/ask spread. A wider bid/ask spread will result in a decrease in the overall valuation. In addition, the unobservable inputs include Constant Prepayment Rates of the underlying securitization trust the swap references. A decrease in this input will result in a longer weighted average life of the swap which will increase the value for swaps in a gain position and decrease the value for swaps in a loss position, everything else equal. The opposite is true for an increase in the input.

•

Cross-currency interest rate swaps — The unobservable inputs used in these valuations are Constant Prepayment Rates of the underlying securitization trust the swap references. A decrease in this input will result in a longer weighted average life of the swap. All else equal in a typical currency market, this will result in a decrease to the valuation due to the delay in the cash flows of the currency exchanges as well as diminished liquidity in the forward exchange markets as you increase the term. The opposite is true for an increase in the input.

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


	December 31, 2023									December 31, 2022
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	36,590		$	37,925		$	(1,335	)	$	41,426		$	43,525		$	(2,099	)
Private Education Loans		16,287			16,902			(615	)		17,880			18,725			(845	)
Cash and investments		2,939			2,939			—			4,974			4,974			—
Total earning assets		55,816			57,766			(1,950	)		64,280			67,224			(2,944	)
Interest-bearing liabilities
Short-term borrowings		4,237			4,226			(11	)		5,879			5,870			(9	)
Long-term borrowings		51,566			53,402			1,836			57,652			61,026			3,374
Total interest-bearing liabilities		55,803			57,628			1,825			63,531			66,896			3,365
Derivative financial instruments
Floor Income Contracts		—			—			—			—			—			—
Interest rate swaps		54			54			—			51			51			—
Cross-currency interest rate swaps		(189	)		(189	)		—			(253	)		(253	)		—
Other		—			—			—			—			—			—
Excess of net asset fair value over carrying value							$	(125	)							$	421

Commitments, Contingencies and Guarantees - Additional Information (Detail)		1 Months Ended	3 Months Ended
	Apr. 12, 2023 USD ($)	Jan. 31, 2022 USD ($) StateAttorneysGeneral Borrower	Mar. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Accrued probable incurred loss					$ 73,000,000
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
Number of borrowers involved in cancellation of loan balance \| Borrower		66,000
Aggregate outstanding balance of loans cancelled		$ 1,700,000,000
Expense on cancellation of loans		50,000,000
One-time payment		$ 145,000,000
Regulatory expenses				$ 205,000,000
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

Derivative Financial Instruments - Credit Exposure Related Counterparties (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Exposure, net of collateral	$ 6	$ 11

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Derivative Instruments Gain Loss [Line Items]

Total gains (losses) on cash flow hedges

$ 16

$ 194

$ 55

Net changes in cash flow hedges, net of tax

^[1]

(68)

220

141

Interest Expense [Member]

Derivative Instruments Gain Loss [Line Items]

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

$ (84)

$ 26

$ 86

[1]	See “Note 7 — Derivative Financial Instruments.”

Education Loans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Loans, net	$ 54,827	$ 62,250
Percentage of education loan portfolio in repayment	85.00%	84.00%
FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans, net	$ 37,925	$ 43,525
After October 1 1993 and before July 1 2006 [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period	98.00%
On or After July 1 2006 [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period	97.00%
Weighted Average [Member]
Accounts Notes And Loans Receivable [Line Items]
Estimated weighted average life of education loans	5 years	6 years
Stafford Loans [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans, net	$ 13,564	$ 15,691
Stafford Loans [Member] \| Minimum [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	5 years
Stafford Loans [Member] \| Maximum [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	10 years
Consolidation Loans [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans, net	$ 24,361	27,834
Consolidation Loans [Member] \| Minimum [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	12 years
Consolidation Loans [Member] \| Maximum [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	30 years
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans, net	$ 16,902	$ 18,725
Private Education Loans [Member] \| Minimum [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	10 years
Private Education Loans [Member] \| Maximum [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	15 years
In School Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans, net	$ 641

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 228	$ 645	$ 717

- Definition

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

+ References

+ Details

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications, Amortized Cost		$ 250	$ 149
Interest Rate Reduction [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 1,668
Loan Modifications, % of Loan Type	9.50%
Loans receivable, weighted average rate of interest	5.30%	13.20%
More Than an Insignificant Payment Delay [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 923
Loan Modifications, % of Loan Type	5.30%
Loans receivable, weighted average period added to remaining life of loan	7 months
Combination Rate Reduction and Term Extension [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 138
Loan Modifications, % of Loan Type	0.80%
Loans receivable, weighted average rate of interest	5.20%	12.70%
Loans receivable, weighted average period added to remaining life of loan	8 years

Other Assets (Tables)

12 Months Ended

Dec. 31, 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)	December 31, 2023		December 31, 2022
Accrued interest receivable	$	2,081	$	2,031
Benefit and insurance-related investments		460		452
Income tax asset, net		122		132
Derivatives at fair value		55		56
Accounts receivable		101		83
Fixed assets		62		74
Other		33		38
Total	$	2,914	$	2,866

Business Combinations, Goodwill and Acquired Intangible - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Line Items]
Increase (decrease) in revenue	$ 74
Reduction in revenue from wind-down of pandemic-related contracts	83
Business Processing [Member]
Goodwill [Line Items]
Increase (decrease) in revenue	$ (9)

- 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/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 55	$ 56
Derivative liabilities	(190)	(258)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	55	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	(189)	(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	55	56
Total	55	56
Derivative liabilities	(190)	(258)
Total	(190)	(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	55	55
Total	55	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	0	1
Derivative liabilities	(190)	(256)
Total	(190)	(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	55	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	55	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	(189)	(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	(189)	(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

Other Assets

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

8. Other Assets

The following table provides the detail of our other assets.


(Dollars in millions)	December 31, 2023		December 31, 2022
Accrued interest receivable	$	2,081	$	2,031
Benefit and insurance-related investments		460		452
Income tax asset, net		122		132
Derivatives at fair value		55		56
Accounts receivable		101		83
Fixed assets		62		74
Other		33		38
Total	$	2,914	$	2,866

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2023			Dec. 31, 2022			Dec. 31, 2023			Dec. 31, 2022			Dec. 31, 2023			Dec. 31, 2022
Fair Values(1)
Derivative Assets:
Interest rate swaps	Interest rate	$	—	$	—	$	55		$	55		$	—		$	1		$	55		$	56
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		—			—			—			—			—			—
Total derivative assets(2)			—		—		55			55			—			1			55			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		—		—		(189	)		(253	)		—			—			(189	)		(253	)
Total derivative liabilities(2)			—		—		(189	)		(255	)		(1	)		(3	)		(190	)		(258	)
Net total derivatives		$	—	$	—	$	(134	)	$	(200	)	$	(1	)	$	(2	)	$	(135	)	$	(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)	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Gross position	$	55		$	56		$	(190	)	$	(258	)
Impact of master netting agreements		—			—			—			—
Derivative values with impact of master netting agreements (as carried on balance sheet)		55			56			(190	)		(258	)
Cash collateral (held) pledged		(60	)		(80	)		46			62
Net position	$	(5	)	$	(24	)	$	(144	)	$	(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 December 31, 2023					As of December 31, 2022
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	490	$	(9	)	$	1,289	$	(10	)
Long-term borrowings	$	5,341	$	(281	)	$	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)	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Gross position	$	55		$	56		$	(190	)	$	(258	)
Impact of master netting agreements		—			—			—			—
Derivative values with impact of master netting agreements (as carried on balance sheet)		55			56			(190	)		(258	)
Cash collateral (held) pledged		(60	)		(80	)		46			62
Net position	$	(5	)	$	(24	)	$	(144	)	$	(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 December 31, 2023					As of December 31, 2022
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	490	$	(9	)	$	1,289	$	(10	)
Long-term borrowings	$	5,341	$	(281	)	$	6,188	$	(494	)

Derivative Notional Values


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2023		Dec. 31, 2022
Notional Values:
Interest rate swaps	$	2.2	$	8.3	$	4.6	$	6.2	$	1.9	$	17.4	$	8.7	$	31.9
Floor Income Contracts		—		—		—		—		—		6.0		—		6.0
Cross-currency interest rate swaps		—		—		1.6		1.8		—		—		1.6		1.8
Total derivatives	$	2.2	$	8.3	$	6.2	$	8.0	$	1.9	$	23.4	$	10.3	$	39.7

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


	Total Gains (Losses)
	Years Ended December 31,
(Dollars in millions)	2023			2022			2021
Fair Value Hedges:
Interest Rate Swaps
Gains (losses) recognized in net income on derivatives	$	104		$	(610	)	$	(310	)
Gains (losses) recognized in net income on hedged items		(128	)		660			349
Net fair value hedge ineffectiveness gains (losses)		(24	)		50			39
Cross currency interest rate swaps
Gains (losses) recognized in net income on derivatives		64			(63	)		104
Gains (losses) recognized in net income on hedged items		(86	)		96			(55	)
Net fair value hedge ineffectiveness gains (losses)		(22	)		33			49
Total fair value hedges(1)(2)		(46	)		83			88
Cash Flow Hedges:
Total cash flow hedges(2)		—			—			—
Trading:
Interest rate swaps		11			130			30
Floor income contracts		—			41			34
Total trading derivatives(3)		11			171			64
Mark-to-market gains (losses) recognized	$	(35	)	$	254		$	152

(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)


	Years Ended December 31,
(Dollars in millions)	2023			2022		2021
Total gains (losses) on cash flow hedges	$	16		$	194	$	55
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)(1)		(84	)		26		86
Net changes in cash flow hedges, net of tax	$	(68	)	$	220	$	141

(1)

Includes net settlement income/expense.

Collateral Held and Pledged

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


(Dollars in millions)	December 31, 2023		December 31, 2022
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	60	$	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	$	60	$	80
Derivative asset at fair value including accrued interest	$	62	$	85
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	46	$	62
Total collateral pledged	$	46	$	62
Derivative liability at fair value including accrued interest and premium receivable	$	197	$	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.