0000950170-24-119084 | 10-Q | XBRL Viewer

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Business Combinations, Goodwill and Acquired Intangible Assets

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Business Combinations, Goodwill and Acquired Intangible Assets

4. Business Combinations, Goodwill and Acquired Intangible Assets

Goodwill

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



(Dollars in millions)	As of September 30, 2024		As of December 31, 2023
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
Healthcare Services		—		106
Total		—		242
Total goodwill	$	428	$	670

We last performed a quantitative goodwill impairment test by engaging an independent appraiser to estimate the fair values of these reporting units as of October 1, 2022. During the third quarter of 2024, we assessed relevant qualitative factors associated with the FFELP Loans and Government Services reporting units to determine whether it was "more-likely-than-not” that the fair value of these reporting units was less than their carrying values. Based on this qualitative assessment, we performed a quantitative impairment test to determine whether the fair values of these reporting units exceed their carry values. Based on the current performance of and economic environment impacting the other reporting units with goodwill as illustrated in the table above, we determined that neither a qualitative nor a quantitative interim impairment test was warranted to test goodwill associated with these reporting units.

For the FFELP Loans reporting unit, goodwill will be impaired at some point in the future due to the runoff nature of the portfolio although the timing of impairment remains uncertain. As a result of elevated prepayments experienced in the first nine months of 2024 (primarily as a result of ED's proposed debt relief regulations), the runoff nature of the portfolio and the passage of time, we performed a quantitative impairment test by engaging an independent appraiser to estimate the fair value of the reporting unit. The independent appraiser used an income approach to estimate the fair value of the reporting unit measuring the value of future economic benefit determined based on the reporting unit’s discounted cash flows derived from our portfolio cash flow projections.

Under our guidance, the third-party appraisal firm developed the discount rate for the reporting unit incorporating such factors as the risk-free rate, a market rate of return, a measure of volatility (Beta) and a company-specific and capital markets risk premium, as appropriate, to adjust for volatility and uncertainty in the economy and to capture specific risk related to the reporting unit. The discount rate reflects market-based estimates of capital costs and is adjusted for our assessment of a market participant’s view with respect to execution, source concentration and other risks associated with the projected cash flows of the reporting unit. We reviewed and approved the discount rate provided by the third-party appraiser including the factors incorporated to develop the discount rate for the FFELP Loans reporting unit.

FFELP Loans goodwill was not deemed impaired as a result of the quantitative impairment test as the fair value of the reporting unit was greater than the reporting unit’s carry value. However, our current projections of future cash flows would result in partial impairment of FFELP goodwill in 2025 earlier than previously estimated (as previously disclosed in our 2023 Form 10-K), and impairment may be accelerated into the fourth quarter of 2024 if elevated prepayment rates continue or if there is significant change in economic and other factors impacting the discount rate used to determine the fair value of the projected cashflows and thus the reporting unit. Since our estimate of future portfolio cash flows may change, the estimated timing of partial future impairment may also change.

4. Business Combinations, Goodwill and Acquired Intangible Assets (Continued)

With respect to the Government Services reporting unit, in the second half of September 2024, we were informed a contract that represented a significant portion of Government Services income would not be renewed in 2025. In addition, a federal program which is a significant part of a Government Services contract remained unfunded during the third quarter. There has been increased uncertainty as to when or if there will be congressional approval to fund this program which would result in the resumption of services provided by Government Services under this contract. These two events in September 2024 resulted in a significant decline in the estimated fair value of the reporting unit. Based on active discussions with potential buyers of the Government Services business and their indication of a potential purchase price, Navient concluded that Government Services’ $138 million of goodwill and acquired intangible assets were fully impaired. The remaining net book value of the Government Services reporting unit after the impairment was approximately $50 million as of September 30, 2024.

As it relates to our Business Processing Healthcare Services reporting unit, on September 19, 2024, Navient completed the sale of its membership interest in Xtend, LLC, which comprised the Company's healthcare services business, resulting in a $219 million gain on sale. As a result, $112 million of goodwill and acquired intangible assets were a part of our basis in this entity, and these assets were therefore removed from our balance sheet upon the sale.

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of September 30, 2024							As of December 31, 2023
(Dollars in millions)	Cost Basis		Accumulated Impairment and Amortization(3)(4)			Net		Cost Basis(3)		Accumulated Impairment and Amortization(3)(4)			Net
Customer, services and lending relationships(1)	$	139	$	(138	)	$	1	$	218	$	(212	)	$	6
Software and technology(1)(2)		93		(88	)		5		119		(110	)		9
Trade names and trademarks(1)(2)		13		(9	)		4		40		(30	)		10
Total acquired intangible assets	$	245	$	(235	)	$	10	$	377	$	(352	)	$	25

(1)

The Company’s sale of our healthcare services business in September 2024 resulted in the removal of $6 million in customer relationship, developed technology, and tradename assets.

(2)

During September 2024, $1 million of government services developed technology and tradename assets were impaired as a result of certain events that took place in mid-September 2024 as described above.

(3)

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.

(4)

We recorded amortization of acquired intangible assets of $2 million and $3 million in the three months ended September 30, 2024 and 2023, respectively, and $7 million and $10 million in the nine months ended September 30, 2024 and 2023, 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 $3 million, $4 million, $2 million, and $1 million in 2025, 2026, 2027 and after 2027, respectively.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, consolidated financial statements of Navient have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our 2023 Form 10-K. Definitions for certain capitalized terms used but not otherwise defined in this Form 10-Q can be found in our 2023 Form 10-K.
Recently Issued Accounting Pronouncements	Segment Reporting In November 2023, the Financial Accounting Standards Board (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.

Derivative Financial Instruments - Impact of Derivatives on Balance Sheet (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Assets:
Derivative assets	$ 60	$ 55
Derivative Liabilities:
Derivative liabilities	(164)	(190)
Net total derivatives	(104)	(135)
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	60	55
Derivative Liabilities:
Derivative liabilities	(164)	(189)
Net total derivatives	(104)	(134)
Trading [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	(1)
Net total derivatives	0	(1)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	60	55
Derivative Liabilities:
Derivative liabilities	0	(1)
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	60	55
Derivative Liabilities:
Derivative liabilities	0	0
Interest Rate Swaps [Member] \| Trading [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	(1)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	(164)	(189)
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	(164)	(189)
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

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Derivative Instruments Gain Loss [Line Items]

Total gains (losses) on cash flow hedges

$ (1)

$ 4

$ 3

$ 19

Net changes in cash flow hedges, net of tax

^[1]

(7)

(22)

(16)

(44)

Interest Expense [Member]

Derivative Instruments Gain Loss [Line Items]

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

$ (6)

$ (26)

$ (19)

$ (63)

[1]	See “Note 5 – Derivative Financial Instruments.”

Segment Reporting - Segment Results and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 78	$ 219	$ 333	$ 634
Goodwill and acquired intangible asset impairment and amortization	140	3	145	8
Income tax expense (benefit)	14	31	41	93
Net income (loss)	(2)	79	107	256
Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	20	(11)	38	51
Total other income (loss)	36	(26)	(11)	(44)
Goodwill and acquired intangible asset impairment and amortization	(140)	(3)	(145)	(8)
Total Core Earnings adjustments to GAAP	196	(34)	172	15
Income tax expense (benefit)	34	(12)	33	(7)
Net income (loss)	162	(22)	139	22
Net Impact of Goodwill and Acquired Intangible Assets [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	0	0	0	0
Total other income (loss)	0	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(140)	(3)	(145)	(8)
Total Core Earnings adjustments to GAAP	140	3	145	8
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	20	(11)	38	51
Total other income (loss)	36	(26)	(11)	(44)
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Total Core Earnings adjustments to GAAP	$ 56	$ (37)	$ 27	$ 7

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (2)

$ 79

$ 107

$ 256

Net changes in cash flow hedges, net of tax

^[1]

(7)

(22)

(16)

(44)

Total comprehensive income (loss)

$ (9)

$ 57

$ 91

$ 212

[1]	See “Note 5 – Derivative Financial Instruments.”

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

Commitments, Contingencies and Guarantees

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

. 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.

10. Commitments, Contingencies and Guarantees (Continued)

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.

Due to developments in the second half of 2023 and the first half of 2024 in connection with the Company's CFPB matter, the Company concluded a loss was probable and reasonably estimable. As of June 30, 2024, the contingency loss liability was $105 million. Navient reached an agreement to settle the CFPB lawsuit in September 2024. While we do not agree with the CFPB’s allegations, this resolution is consistent with our go-forward activities and is an important positive milestone in our transformation of the Company. As part of the settlement, pursuant to which the Company did not admit to any wrongdoing, Navient agreed to pay $120 million, which includes a $100 million payment that will be used by the CFPB to make payments to certain borrowers as determined by the CFPB, in addition to a $20 million penalty. In light of the contingency loss liability established in the amount of $105 million as of June 30, 2024, there was an additional $18 million of contingency expense recorded in third-quarter 2024. The $120 million was paid prior to September 30, 2024. The settlement prohibits Navient from servicing federal student loans (other than in the role as master servicer of Navient’s FFELP Loan portfolio), and further prohibits Navient from purchasing any FFELP Loans in the future. These restrictions are not expected to have a material impact on Navient’s business as Navient had already exited its Direct loan servicing contract with the Department of Education in 2021, and entered into an agreement with MOHELA to service Navient’s FFELP Loan portfolio in May 2024. It is not anticipated that the other requirements of the settlement will impact Navient’s go-forward business plans or operations.

10. 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.

Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 60	$ 55
Impact of master netting agreements, Assets	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	$ 60	$ 55
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Cash collateral (held) pledged, Assets	$ (55)	$ (60)
Net position, Assets	5	(5)
Derivative liabilities	(164)	(190)
Impact of master netting agreements, Liabilities	0	0
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	$ (164)	$ (190)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Cash collateral (held) pledged, Liabilities	$ 29	$ 46
Net position, Liabilities	$ (135)	$ (144)

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Results and Reconciliations to GAAP


	Three Months Ended September 30, 2024
				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	$	905													$	591		$	314	$	—	$	—
Cash and investments		43														25			6		—		12
Total interest income		948														616			320		—		12
Total interest expense		828														576			198		—		34
Net interest income (loss)		120		$	8		$	12		$	20		$	140		40			122		—		(22	)
Less: provisions for loan losses		42												42		(5	)		47		—		—
Net interest income (loss) after provisions for loan losses		78														45			75		—		(22	)
Other income (loss):
Servicing revenue		13														11			2		—		—
Asset recovery and business processing revenue		70														—			—		70		—
Other revenue		(26	)													—			—		—		10
Gain on sale of subsidiary		219														—			—		219		—
Total other income (loss)		276			(8	)		44			36			312		11			2		289		10
Expenses:
Direct operating expenses		121														20			44		57		—
Unallocated shared services expenses		63														—			—		—		63
Operating expenses		184			—			—			—			184		20			44		57		63
Goodwill and acquired intangible asset impairment and amortization		140			—			(140	)		(140	)		—		—			—		—		—
Restructuring/other reorganization expenses		18			—			—			—			18		—			—		—		18
Total expenses		342			—			(140	)		(140	)		202		20			44		57		81
Income (loss) before income tax expense (benefit)		12			—			196			196			208		36			33		232		(93	)
Income tax expense (benefit)(2)		14			—			34			34			48		9			6		54		(21	)
Net income (loss)	$	(2	)	$	—		$	162		$	162		$	160	$	27		$	27	$	178	$	(72	)

(1)

Core Earnings adjustments to GAAP:


	Three Months Ended September 30, 2024
(Dollars in millions)	Net Impact of Derivative Accounting		Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	20	$	—		$	20
Total other income (loss)		36		—			36
Goodwill and acquired intangible asset impairment and amortization		—		(140	)		(140	)
Total Core Earnings adjustments to GAAP	$	56	$	140			196
Income tax expense (benefit)							34
Net income (loss)						$	162

(2)

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

12. Segment Reporting (Continued)


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

(1)

Core Earnings adjustments to GAAP:


	Three Months Ended September 30, 2023
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	(11	)	$	—		$	(11	)
Total other income (loss)		(26	)		—			(26	)
Goodwill and acquired intangible asset impairment and amortization		—			(3	)		(3	)
Total Core Earnings adjustments to GAAP	$	(37	)	$	3			(34	)
Income tax expense (benefit)								(12	)
Net income (loss)							$	(22	)

(2)

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

12. Segment Reporting (Continued)


	Nine Months Ended September 30, 2024
			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	$	2,819												$	1,861		$	958	$	—	$	—
Cash and investments		129													75			20		—		34
Total interest income		2,948													1,936			978		—		34
Total interest expense		2,547													1,810			597		—		102
Net interest income (loss)		401	$	28		$	10		$	38		$	439		126			381		—		(68	)
Less: provisions for loan losses		68											68		(6	)		74		—		—
Net interest income (loss) after provisions for loan losses		333													132			307		—		(68	)
Other income (loss):
Servicing revenue		48													39			9		—		—
Asset recovery and business processing revenue		228													—			—		228		—
Other revenue		33													5			1		—		16
Gain on sale of subsidiary		219													—			—		219		—
Total other income (loss)		528		(28	)		17			(11	)		517		44			10		447		16
Expenses:
Direct operating expenses		351													53			110		188		—
Unallocated shared services expenses		182													—			—		—		182
Operating expenses		533		—			—			—			533		53			110		188		182
Goodwill and acquired intangible asset impairment and amortization		145		—			(145	)		(145	)		—		—			—		—		—
Restructuring/other reorganization expenses		35		—			—			—			35		—			—		—		35
Total expenses		713		—			(145	)		(145	)		568		53			110		188		217
Income (loss) before income tax expense (benefit)		148		—			172			172			320		123			207		259		(269	)
Income tax expense (benefit)(2)		41		—			33			33			74		28			47		60		(61	)
Net income (loss)	$	107	$	—		$	139		$	139		$	246	$	95		$	160	$	199	$	(208	)

(1)

Core Earnings adjustments to GAAP:


	Nine Months Ended September 30, 2024
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	38		$	—		$	38
Total other income (loss)		(11	)		—			(11	)
Goodwill and acquired intangible asset impairment and amortization		—			(145	)		(145	)
Total Core Earnings adjustments to GAAP	$	27		$	145			172
Income tax expense (benefit)								33
Net income (loss)							$	139

(2)

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

12. Segment Reporting (Continued)


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

(1)

Core Earnings adjustments to GAAP:


	Nine Months Ended September 30, 2023
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	51		$	—		$	51
Total other income (loss)		(44	)		—			(44	)
Goodwill and acquired intangible asset impairment and amortization		—			(8	)		(8	)
Total Core Earnings adjustments to GAAP	$	7		$	8			15
Income tax expense (benefit)								(7	)
Net income (loss)							$	22

(2)

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

Core Earnings Adjustments to GAAP

Summary of Core Earnings Adjustments to GAAP


	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in millions)	2024			2023			2024			2023
GAAP net income (loss)	$	(2	)	$	79		$	107		$	256
Core Earnings adjustments to GAAP:
Net impact of derivative accounting(1)		56			(37	)		27			7
Net impact of goodwill and acquired intangible assets(2)		140			3			145			8
Net tax effect(3)		(34	)		12			(33	)		7
Total Core Earnings adjustments to GAAP		162			(22	)		139			22
Core Earnings net income	$	160		$	57		$	246		$	278

(1)

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

(2)

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

(3)

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

Federal Education Loans [Member]

Asset Information for Loans Segment

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


(Dollars in millions)	September 30, 2024		December 31, 2023
FFELP Loans, net	$	31,522	$	37,925
Cash and investments(1)		1,250		1,520
Other		1,829		2,128
Total assets	$	34,601	$	41,573

(1)

Includes restricted cash and investments.

Consumer Lending [Member]

Asset Information for Loans Segment

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


(Dollars in millions)	September 30, 2024		December 31, 2023
Private Education Loans, net	$	16,005	$	16,902
Cash and investments(1)		444		497
Other		565		577
Total assets	$	17,014	$	17,976

(1)

Includes restricted cash and investments.

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 60	$ 55
Derivative liabilities	(164)	(190)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	60	55
Derivative liabilities	0	(1)
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	(164)	(189)
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	60	55
Total	60	55
Derivative liabilities	(164)	(190)
Total	(164)	(190)
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	60	55
Total	60	55
Derivative liabilities	0	0
Total	0	0
Fair Value Measurements Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Total	0	0
Derivative liabilities	(164)	(190)
Total	(164)	(190)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	60	55
Derivative liabilities	0	(1)
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	60	55
Derivative liabilities	0	0
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	0
Derivative liabilities	0	(1)
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	(164)	(189)
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	(164)	(189)
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

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Parenthetical) (Detail) $ in Billions	Sep. 30, 2024 USD ($)
Equity [Abstract]
Authorized multi-year share repurchased program amount	$ 1

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars and shares in millions, except per share amounts)	2024		2023		2024		2023
Common stock repurchased(1)		2.1		4.2		7.2		13.9
Common stock repurchased (in dollars)(1)	$	33	$	75	$	114	$	240
Average purchase price per share(1)	$	15.37	$	18.01	$	15.91	$	17.22
Remaining common stock repurchase authority(1)	$	176	$	360	$	176	$	360
Shares repurchased related to employee stock- based compensation plans(2)		—		—		.5		1.3
Average purchase price per share(2)	$	—	$	—	$	16.04	$	18.44
Common shares issued(3)		.1		.1		1.5		2.6
Dividends paid	$	17	$	19	$	53	$	59
Dividends per share	$	.16	$	.16	$	.48	$	.48

(1)

Common shares purchased under our share repurchase program. Our Board of Directors authorized a $1 billion multi-year share repurchase program in December 2021.

(2)

Comprises shares withheld from the vesting of restricted stock for employees’ tax withholding obligations.

(3)

Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on September 30, 2024 was $15.59.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Parenthetical) (Detail)	Sep. 30, 2024	Sep. 30, 2023
With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators, Excluding Refinance Loans, Percent	66.00%	65.00%

Stockholders' Equity - Additional Information (Detail)	Sep. 30, 2024 $ / shares
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock	$ 15.59

- 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

Borrowings

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings

3. Borrowings

The following table summarizes our borrowings.


	September 30, 2024									December 31, 2023
(Dollars in millions)	Short Term			Long Term			Total			Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt	$	1,053		$	4,804		$	5,857		$	506		$	5,351		$	5,857
Total unsecured borrowings		1,053			4,804			5,857			506			5,351			5,857
Secured borrowings:
FFELP Loan securitizations(1)(2)		136			29,087			29,223			59			35,626			35,685
Private Education Loan securitizations(3)		672			10,852			11,524			435			11,754			12,189
FFELP Loan ABCP facilities		1,490			75			1,565			1,854			89			1,943
Private Education Loan ABCP facilities		1,876			—			1,876			1,286			821			2,107
Other(4)		86			39			125			95			39			134
Total secured borrowings		4,260			40,053			44,313			3,729			48,329			52,058
Total before hedge accounting adjustments		5,313			44,857			50,170			4,235			53,680			57,915
Hedge accounting adjustments		(8	)		(162	)		(170	)		(9	)		(278	)		(287	)
Total	$	5,305		$	44,695		$	50,000		$	4,226		$	53,402		$	57,628

(1)

Includes $136 million and $59 million of short-term debt and $0 and $122 million of long-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of September 30, 2024 and December 31, 2023, respectively.

(2)

Includes defaulted FFELP secured debt tranches with a remaining principal amount of $1.2 billion as of September 30, 2024 as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2029 and 2038. 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.

(3)

Includes $672 million and $435 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of September 30, 2024 and December 31, 2023, respectively.

(4)

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

3. Borrowings (Continued)

Variable Interest Entities

We consolidated the following financing VIEs as of September 30, 2024 and December 31, 2023, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	September 30, 2024
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	136	$	29,087		$	29,223		$	29,785	$	1,189	$	1,257		$	32,231
Private Education Loan securitizations		672		10,852			11,524			12,567		330		111			13,008
FFELP Loan ABCP facilities		1,490		75			1,565			1,537		61		68			1,666
Private Education Loan ABCP facilities		1,876		—			1,876			2,173		51		64			2,288
Total before hedge accounting adjustments		4,174		40,014			44,188			46,062		1,631		1,500			49,193
Hedge accounting adjustments		—		(98	)		(98	)		—		—		(164	)		(164	)
Total	$	4,174	$	39,916		$	44,090		$	46,062	$	1,631	$	1,336		$	49,029


	December 31, 2023
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Business Combinations, Goodwill and Acquired Intangible Assets - Schedule of Acquired Intangible Assets (Parenthetical) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Amortization of acquired intangible assets		$ 2	$ 3	$ 7	$ 10
2025	$ 3	3		3
2026	4	4		4
2027	2	2		2
After 2027	1	1		1
Customer Relationship, Developed Technology and Tradename [Member]
Goodwill [Line Items]
Removal of intangible assets	6	$ 6		$ 6
Technology and Tradename [Member]
Goodwill [Line Items]
Impairment of intangible assets	$ 1

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Common Share Repurchases, Issuances and Dividends Paid

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars and shares in millions, except per share amounts)	2024		2023		2024		2023
Common stock repurchased(1)		2.1		4.2		7.2		13.9
Common stock repurchased (in dollars)(1)	$	33	$	75	$	114	$	240
Average purchase price per share(1)	$	15.37	$	18.01	$	15.91	$	17.22
Remaining common stock repurchase authority(1)	$	176	$	360	$	176	$	360
Shares repurchased related to employee stock- based compensation plans(2)		—		—		.5		1.3
Average purchase price per share(2)	$	—	$	—	$	16.04	$	18.44
Common shares issued(3)		.1		.1		1.5		2.6
Dividends paid	$	17	$	19	$	53	$	59
Dividends per share	$	.16	$	.16	$	.48	$	.48

(1)

Common shares purchased under our share repurchase program. Our Board of Directors authorized a $1 billion multi-year share repurchase program in December 2021.

(2)

Comprises shares withheld from the vesting of restricted stock for employees’ tax withholding obligations.

(3)

Common shares issued under our various compensation and benefit plans.

Business Combinations, Goodwill and Acquired Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

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.



(Dollars in millions)	As of September 30, 2024		As of December 31, 2023
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
Healthcare Services		—		106
Total		—		242
Total goodwill	$	428	$	670

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of September 30, 2024							As of December 31, 2023
(Dollars in millions)	Cost Basis		Accumulated Impairment and Amortization(3)(4)			Net		Cost Basis(3)		Accumulated Impairment and Amortization(3)(4)			Net
Customer, services and lending relationships(1)	$	139	$	(138	)	$	1	$	218	$	(212	)	$	6
Software and technology(1)(2)		93		(88	)		5		119		(110	)		9
Trade names and trademarks(1)(2)		13		(9	)		4		40		(30	)		10
Total acquired intangible assets	$	245	$	(235	)	$	10	$	377	$	(352	)	$	25

(1)

The Company’s sale of our healthcare services business in September 2024 resulted in the removal of $6 million in customer relationship, developed technology, and tradename assets.

(2)

(3)

(4)

- 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

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ (2)	$ 79	$ 107	$ 256
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) on sale of subsidiary	(219)	0	(219)	0
Goodwill and acquired intangible asset impairment and amortization expense	140	3	145	8
Stock-based compensation expense			17	21
Mark-to-market (gains) losses on derivative and hedging activities, net			87	(8)
Provisions for loan losses	42	72	68	68
Decrease (increase) in accrued interest receivable			341	(71)
(Decrease) in accrued interest payable			(53)	(10)
Decrease in other assets			111	56
(Decrease) increase in other liabilities			(153)	46
Total adjustments			344	110
Net cash provided by operating activities			451	366
Cash flows from investing activities
Education loans originated and acquired			(1,017)	(741)
Proceeds from payments on education loans			8,217	6,068
Other investing activities, net			0	6
Disposal of a subsidiary, net of cash disposed of			359	0
Net cash provided by investing activities			7,559	5,333
Cash flows from financing activities
Borrowings collateralized by loans in trust - issued			1,106	844
Borrowings collateralized by loans in trust - repaid			(8,289)	(7,813)
Long-term unsecured notes issued			0	495
Long-term unsecured notes repaid			(7)	(1,302)
Other financing activities, net			(44)	(115)
Common stock repurchased			(114)	(240)
Common dividends paid			(53)	(59)
Net cash used in financing activities			(8,010)	(7,705)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents			0	(2,006)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period			2,793	4,807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,793	2,801	2,793	2,801
Supplemental disclosure of cash flow information:
Interest paid			2,531	2,568
Income taxes paid			31	33
Income taxes refunds received			(2)	(2)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	1,143	977	1,143	977
Restricted cash and cash equivalents	1,650	1,824	1,650	1,824
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 2,793	$ 2,801	2,793	2,801
Asset-backed Securities, Securitized Loans and Receivables [Member]
Cash flows from financing activities
Asset-backed commercial paper conduits, net			$ (609)	$ 485

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2024 USD ($)
Segment Reporting [Abstract]
Amount that will be equal to mark-to-market gain or loss over the life of the contract	$ 0

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Details) - Private Education Loans [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 127	$ 65	$ 284	$ 123
Payment Default (Par)	129	67	290	129
Charge-offs (par)	$ 12	$ 3	$ 14	$ 5

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 55	$ 60
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	55	60
Derivative asset at fair value including accrued interest	59	62
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	29	46
Total collateral pledged	29	46
Derivative liability at fair value including accrued interest and premium receivable	$ 170	$ 197

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Allowance for Loan Losses
Beginning balance	$ 687	$ 857	$ 832	$ 1,022
Provision:
Total provision	42	72	68	68
Charge-offs:
Gross charge-offs	(94)	(101)	(301)	(298)
Expected future recoveries on current period gross charge-offs	11	12	32	36
Total	(83)	(89)	(269)	(262)
Adjustment resulting from the change in charge-off rate	(21)	(25)	(21)	(25)
Net charge-offs	(104)	(114)	(290)	(287)
Decrease in expected future recoveries on previously fully charged-off loans	26	30	41	42
Allowance at end of period	651	845	651	845
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance	194	200	215	222
Provision:
Total provision	(5)	36	(6)	51
Charge-offs:
Gross charge-offs	(9)	(16)	(29)	(53)
Expected future recoveries on current period gross charge-offs	0	0	0	0
Total	(9)	(16)	(29)	(53)
Adjustment resulting from the change in charge-off rate	0	0	0	0
Net charge-offs	(9)	(16)	(29)	(53)
Decrease in expected future recoveries on previously fully charged-off loans	0	0	0	0
Allowance at end of period	$ 180	$ 220	$ 180	$ 220
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized)	0.14%	0.19%	0.14%	0.21%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)	0.00%	0.00%	0.00%	0.00%
Net charge-offs as a percentage of average loans in repayment (annualized)	0.14%	0.19%	0.14%	0.21%
Ending total loans	$ 31,702	$ 39,801	$ 31,702	$ 39,801
Average loans in repayment	25,866	32,696	27,697	33,591
Ending loans in repayment	25,382	31,917	25,382	31,917
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance	493	657	617	800
Provision:
Total provision	47	36	74	17
Charge-offs:
Gross charge-offs	(85)	(85)	(272)	(245)
Expected future recoveries on current period gross charge-offs	11	12	32	36
Total	(74)	(73)	(240)	(209)
Adjustment resulting from the change in charge-off rate	(21)	(25)	(21)	(25)
Net charge-offs	(95)	(98)	(261)	(234)
Decrease in expected future recoveries on previously fully charged-off loans	26	30	41	42
Allowance at end of period	$ 471	$ 625	$ 471	$ 625
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized)	1.87%	1.66%	1.98%	1.56%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)	0.53%	0.56%	0.17%	0.18%
Net charge-offs as a percentage of average loans in repayment (annualized)	2.40%	2.22%	2.15%	1.74%
Ending total loans	$ 16,476	$ 17,958	$ 16,476	$ 17,958
Average loans in repayment	15,856	17,470	16,265	18,000
Ending loans in repayment	$ 15,659	$ 17,249	$ 15,659	$ 17,249

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Details) - Private Education Loans [Member] - USD ($) $ in Millions	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Interest Rate Concession [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 551		$ 592		$ 1,511	$ 1,488
Loan Modifications, % of Loan Type	3.30%		3.30%		9.20%	8.30%
Loans receivable, weighted average rate of interest	5.50%	13.20%	5.50%	13.40%	5.40%	5.20%	13.30%	13.10%
More Than an Insignificant Payment Delay [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 294		$ 305		$ 770	$ 773
Loan Modifications, % of Loan Type	1.80%		1.70%		4.70%	4.30%
Loans receivable, weighted average period added to remaining life of loan	5 months		6 months		5 months	6 months
Combination Rate Reduction and Term Extension [Member]
Accounts Notes And Loans Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 39		$ 42		$ 108	$ 119
Loan Modifications, % of Loan Type	0.20%		0.20%		0.70%	0.70%
Loans receivable, weighted average rate of interest	5.40%	12.70%	5.40%	13.00%	5.30%	5.20%	12.70%	12.60%
Loans receivable, weighted average period added to remaining life of loan	7 years		7 years		7 years	8 years

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Impact of Derivatives on Balance Sheet

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

Impact of Derivatives on Balance Sheet


		Cash Flow				Fair Value(3)						Trading					Total
(Dollars in millions)	Hedged Risk Exposure	Sep 30, 2024		Dec 31, 2023		Sep 30, 2024			Dec 31, 2023			Sep 30, 2024		Dec 31, 2023			Sep 30, 2024			Dec 31, 2023
Fair Values(1)
Derivative Assets:
Interest rate swaps	Interest rate	$	—	$	—	$	60		$	55		$	—	$	—		$	60		$	55
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		—			—			—		—			—			—
Total derivative assets(2)			—		—		60			55			—		—			60			55
Derivative Liabilities:
Interest rate swaps	Interest rate		—		—		—			—			—		(1	)		—			(1	)
Floor Income Contracts	Interest rate		—		—		—			—			—		—			—			—
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		(164	)		(189	)		—		—			(164	)		(189	)
Total derivative liabilities(2)			—		—		(164	)		(189	)		—		(1	)		(164	)		(190	)
Net total derivatives		$	—	$	—	$	(104	)	$	(134	)	$	—	$	(1	)	$	(104	)	$	(135	)

(1)

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

(2)

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


	Other Assets						Other Liabilities
(Dollar in millions)	September 30, 2024			December 31, 2023			September 30, 2024			December 31, 2023
Gross position	$	60		$	55		$	(164	)	$	(190	)
Impact of master netting agreements		—			—			—			—
Derivative values with impact of master netting agreements (as carried on balance sheet)		60			55			(164	)		(190	)
Cash collateral (held) pledged		(55	)		(60	)		29			46
Net position	$	5		$	(5	)	$	(135	)	$	(144	)

(3)

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


	As of September 30, 2024					As of December 31, 2023
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	992	$	(7	)	$	490	$	(9	)
Long-term borrowings	$	4,757	$	(165	)	$	5,341	$	(281	)

Gross Positions with Impact of Master Netting Agreements

(2)

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


	Other Assets						Other Liabilities
(Dollar in millions)	September 30, 2024			December 31, 2023			September 30, 2024			December 31, 2023
Gross position	$	60		$	55		$	(164	)	$	(190	)
Impact of master netting agreements		—			—			—			—
Derivative values with impact of master netting agreements (as carried on balance sheet)		60			55			(164	)		(190	)
Cash collateral (held) pledged		(55	)		(60	)		29			46
Net position	$	5		$	(5	)	$	(135	)	$	(144	)

Carrying Value and Related Fair Value Hedging Adjustments of Liabilities

(3)

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


	As of September 30, 2024					As of December 31, 2023
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	992	$	(7	)	$	490	$	(9	)
Long-term borrowings	$	4,757	$	(165	)	$	5,341	$	(281	)

Derivative Notional Values


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Sep 30, 2024		Dec 31, 2023		Sep 30, 2024		Dec 31, 2023		Sep 30, 2024		Dec 31, 2023		Sep 30, 2024		Dec 31, 2023
Notional Values:
Interest rate swaps	$	1.0	$	2.2	$	4.6	$	4.6	$	1.9	$	1.9	$	7.5	$	8.7
Floor Income Contracts		—		—		—		—		—		—		—		—
Cross-currency interest rate swaps		—		—		1.4		1.6		—		—		1.4		1.6
Total derivatives	$	1.0	$	2.2	$	6.0	$	6.2	$	1.9	$	1.9	$	8.9	$	10.3

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


	Total Gains (Losses)
	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in millions)	2024			2023			2024			2023
Fair Value Hedges:
Interest Rate Swaps
Gains (losses) recognized in net income on derivatives	$	135		$	(65	)	$	87		$	(66	)
Gains (losses) recognized in net income on hedged items		(146	)		68			(96	)		53
Net fair value hedge ineffectiveness gains (losses)		(11	)		3			(9	)		(13	)
Cross currency interest rate swaps
Gains (losses) recognized in net income on derivatives		59			(15	)		26			4
Gains (losses) recognized in net income on hedged items		(58	)		31			(22	)		(14	)
Net fair value hedge ineffectiveness gains (losses)		1			16			4			(10	)
Total fair value hedges(1)(2)		(10	)		19			(5	)		(23	)
Cash Flow Hedges:
Total cash flow hedges(2)		—			—			—			—
Trading:
Interest rate swaps		(36	)		26			11			44
Floor income contracts		—			—			—			—
Cross currency interest rate swaps		—			—			—			—
Other		—			—			—			—
Total trading derivatives(3)		(36	)		26			11			44
Mark-to-market gains (losses) recognized	$	(46	)	$	45		$	6		$	21

(1)

Recorded in interest expense in the consolidated statements of income.

(2)

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

(3)

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

Impact of Derivatives on Other Comprehensive Income (Equity)


	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in millions)	2024			2023			2024			2023
Total gains (losses) on cash flow hedges	$	(1	)	$	4		$	3		$	19
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)(1)		(6	)		(26	)		(19	)		(63	)
Net changes in cash flow hedges, net of tax	$	(7	)	$	(22	)	$	(16	)	$	(44	)

(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)	September 30, 2024		December 31, 2023
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	55	$	60
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	$	55	$	60
Derivative asset at fair value including accrued interest	$	59	$	62
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	29	$	46
Total collateral pledged	$	29	$	46
Derivative liability at fair value including accrued interest and premium receivable	$	170	$	197

(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

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

1. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited, consolidated financial statements of Navient have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our 2023 Form 10-K. Definitions for certain capitalized terms used but not otherwise defined in this Form 10-Q can be found in our 2023 Form 10-K.

Recently Issued Accounting Pronouncements

Segment Reporting

In November 2023, the Financial Accounting Standards Board (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 (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) per Common Share


	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions, except per share data)	2024			2023		2024		2023
Numerator:
Net income (loss)	$	(2	)	$	79	$	107	$	256
Denominator:
Weighted average shares used to compute basic EPS		108			120		111		124
Effect of dilutive securities:
Dilutive effect of restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP)(1)		—			1		1		1
Dilutive potential common shares(2)		—			1		1		1
Weighted average shares used to compute diluted EPS		108			121		112		125
Basic earnings (loss) per common share	$	(.02	)	$	.66	$	.97	$	2.06
Diluted earnings (loss) per common share	$	(.02	)	$	.65	$	.95	$	2.04

(1)

Includes the potential dilutive effect of additional common shares that are issuable upon the vesting of restricted stock, restricted stock units and performance stock units and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method.

(2)

For the three months ended September 30, 2024 and 2023, securities covering approximately 2 million and 0 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the nine months ended September 30, 2024 and 2023, securities covering approximately 0 million and 0 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term debt	$ 5,305	$ 4,226
Long-term debt	44,695	53,402
FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Debt tranches default principal amount	1,200
Long Term Senior Unsecured Debt [Member] \| FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	0	122
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term debt	5,313	4,235
Long-term debt	44,857	53,680
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term debt	136	59
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term debt	$ 672	$ 435

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

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

+ References + Details

Derivative Financial Instruments - Mark-to-Market Impact of Derivatives on Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	$ (36)	$ 26	$ 11	$ 44
Interest Expense and Derivative Instruments Hedging Activities [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	(46)	45	6	21
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	(10)	19	(5)	(23)
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	135	(65)	87	(66)
Gains (losses) recognized in net income on hedged items	(146)	68	(96)	53
Net fair value hedge ineffectiveness gains (losses)	(11)	3	(9)	(13)
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	59	(15)	26	4
Gains (losses) recognized in net income on hedged items	(58)	31	(22)	(14)
Net fair value hedge ineffectiveness gains (losses)	1	16	4	(10)
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	0	0	0	0
Trading [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	(36)	26	11	44
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	(36)	26	11	44
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	0		0	0
Trading [Member] \| Floor Income Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	0	0	0	0
Trading [Member] \| Other [Member]
Derivative Instruments Gain Loss [Line Items]
Mark-to-market gains (losses) recognized	$ 0	$ 0	$ 0	$ 0

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

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

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

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

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

Revenue by Service Type


	Three Months Ended September 30,
	2024						2023
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	—	$	—	$	—	$	—	$	—	$	—
Government services		—		43		43		—		57		57
Healthcare services		—		27		27		—		28		28
Total	$	—	$	70	$	70	$	—	$	85	$	85

	Nine Months Ended September 30,
	2024						2023
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	—	$	—	$	—	$	—	$	—	$	—
Government services		—		140		140		—		149		149
Healthcare services		—		88		88		—		91		91
Total	$	—	$	228	$	228	$	—	$	240	$	240

Revenue by Client Type


	Three Months Ended September 30,
	2024						2023
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	6	$	6	$	—	$	20	$	20
Guarantor agencies		—		—		—		—		—		—
State and local government		—		19		19		—		17		17
Tolling authorities		—		18		18		—		20		20
Hospitals and other healthcare providers		—		27		27		—		28		28
Total	$	—	$	70	$	70	$	—	$	85	$	85

	Nine Months Ended September 30,
	2024						2023
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	35	$	35	$	—	$	43	$	43
Guarantor agencies		—		—		—		—		—		—
State and local government		—		54		54		—		52		52
Tolling authorities		—		51		51		—		54		54
Hospitals and other healthcare providers		—		88		88		—		91		91
Total	$	—	$	228	$	228	$	—	$	240	$	240

As of September 30, 2024 and September 30, 2023, there was $41 million and $88 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
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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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

Consolidated Balance Sheets - Supplemental Information (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Short-term borrowings	$ 5,305	$ 4,226
Long-term borrowings	44,695	53,402
FFELP Loans [Member]
Loans, net	31,522	37,925
Private Education Loans [Member]
Loans, net	16,005	16,902
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Loans, net	46,062	53,591
Restricted cash	1,631	1,937
Other assets, net	1,336	1,744
Short-term borrowings	4,174	3,634
Long-term borrowings	39,916	48,169
Net assets of consolidated variable interest entities	4,939	5,469
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loans [Member]
Loans, net	31,322	37,832
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loans [Member]
Loans, net	$ 14,740	$ 15,759

- Definition

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

+ References + Details

Business Combinations, Goodwill and Acquired Intangible Assets - Summary of Goodwill for Each Reporting Units and Reportable Segments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 428	$ 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	0	242
Business Processing [Member] \| Government Services [Member]
Goodwill [Line Items]
Goodwill	0	136
Business Processing [Member] \| Healthcare Services [Member]
Goodwill [Line Items]
Goodwill	$ 0	$ 106

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Allowance for loans losses	$ 651	$ 832
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	465,000,000	464,000,000
Tax expense for accumulated other comprehensive loss	$ 1	$ 6
Common stock held in treasury	358,000,000	350,000,000
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	$ 180	$ 215
Private Education Loans [Member]
Allowance for loans losses	$ 471	$ 617

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term borrowings	$ 5,305	$ 4,226
Long-term borrowings	44,695	53,402
Total	50,000	57,628
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	5,313	4,235
Long-term borrowings	44,857	53,680
Total	50,170	57,915
Total Before Hedge Accounting Adjustments [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,053	506
Long-term borrowings	4,804	5,351
Total	5,857	5,857
Total Before Hedge Accounting Adjustments [Member] \| Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,053	506
Long-term borrowings	4,804	5,351
Total	5,857	5,857
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	136	59
Long-term borrowings	29,087	35,626
Total	29,223	35,685
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	672	435
Long-term borrowings	10,852	11,754
Total	11,524	12,189
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,490	1,854
Long-term borrowings	75	89
Total	1,565	1,943
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,876	1,286
Long-term borrowings	0	821
Total	1,876	2,107
Total Before Hedge Accounting Adjustments [Member] \| Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	86	95
Long-term borrowings	39	39
Total	125	134
Total Before Hedge Accounting Adjustments [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	4,260	3,729
Long-term borrowings	40,053	48,329
Total	44,313	52,058
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	(8)	(9)
Long-term borrowings	(162)	(278)
Total	$ (170)	$ (287)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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

The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During the third-quarters of 2024 and 2023, there were no significant transfers of financial instruments between levels.


	Fair Value Measurements on a Recurring Basis
	September 30, 2024										December 31, 2023
(Dollars in millions)	Level 1		Level 2		Level 3			Total			Level 1		Level 2		Level 3			Total
Assets
Derivative instruments:(1)
Interest rate swaps	$	—	$	60	$	—		$	60		$	—	$	55	$	—		$	55
Cross-currency interest rate swaps		—		—		—			—			—		—		—			—
Total derivative assets(2)		—		60		—			60			—		55		—			55
Total	$	—	$	60	$	—		$	60		$	—	$	55	$	—		$	55
Liabilities(3)
Derivative instruments(1)
Interest rate swaps	$	—	$	—	$	—		$	—		$	—	$	—	$	(1	)	$	(1	)
Floor Income Contracts		—		—		—			—			—		—		—			—
Cross-currency interest rate swaps		—		—		(164	)		(164	)		—		—		(189	)		(189	)
Total derivative liabilities(2)		—		—		(164	)		(164	)		—		—		(190	)		(190	)
Total	$	—	$	—	$	(164	)	$	(164	)	$	—	$	—	$	(190	)	$	(190	)

(1)

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

(2)

See "Note 5 – Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

(3)

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

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

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


	Three Months Ended September 30,
	2024											2023
	Derivative instruments											Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(1	)	$	(222	)	$	—	$	(223	)	$	(2	)	$	(234	)	$	—	$	(236	)
Total gains/(losses):
Included in earnings(1)		—			49			—		49			1			(27	)		—		(26	)
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			9			—		9			—			11			—		11
Transfers in and/or out of level 3		1			—			—		1			—			—			—		—
Balance, end of period	$	—		$	(164	)	$	—	$	(164	)	$	(1	)	$	(250	)	$	—	$	(251	)
Change in mark-to- market gains/ (losses) relating to instruments still held at the reporting date(2)	$	—		$	58		$	—	$	58		$	1		$	(16	)	$	—	$	(15	)


	Nine Months Ended September 30,
	2024											2023
	Derivative instruments											Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(1	)	$	(189	)	$	—	$	(190	)	$	(2	)	$	(253	)	$	—	$	(255	)
Total gains/(losses):
Included in earnings(1)		—			(3	)		—		(3	)		1			(33	)		—		(32	)
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			28			—		28			—			36			—		36
Transfers in and/or out of level 3		1			—			—		1			—			—			—		—
Balance, end of period	$	—		$	(164	)	$	—	$	(164	)	$	(1	)	$	(250	)	$	—	$	(251	)
Change in mark-to- market gains/ (losses) relating to instruments still held at the reporting date(2)	$	—		$	25		$	—	$	25		$	1		$	3		$	—	$	4

(1)

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


	Three Months Ended September 30,					Nine Months Ended September 30,
(Dollars in millions)	2024		2023			2024			2023
Gains (losses) on derivative and hedging activities, net	$	—	$	1		$	—		$	1
Interest expense		49		(27	)		(3	)		(33	)
Total	$	49	$	(26	)	$	(3	)	$	(32	)

(2)

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

Included in Earnings

(1)

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


	Three Months Ended September 30,					Nine Months Ended September 30,
(Dollars in millions)	2024		2023			2024			2023
Gains (losses) on derivative and hedging activities, net	$	—	$	1		$	—		$	1
Interest expense		49		(27	)		(3	)		(33	)
Total	$	49	$	(26	)	$	(3	)	$	(32	)

Unobservable Data Used in Recurring Valuations of Level 3

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


(Dollars in millions)	Fair Value at September 30, 2024			Valuation Technique	Input	Range and Weighted Average
Derivatives
Cross-currency interest rate swaps	$	(164	)	Discounted cash flow	Constant Prepayment Rate	5%
Other		—
Total	$	(164	)

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

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


	September 30, 2024									December 31, 2023
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	30,901		$	31,522		$	(621	)	$	36,590		$	37,925		$	(1,335	)
Private Education Loans		15,791			16,005			(214	)		16,287			16,902			(615	)
Cash and investments		2,933			2,933			—			2,939			2,939			—
Total earning assets		49,625			50,460			(835	)		55,816			57,766			(1,950	)
Interest-bearing liabilities
Short-term borrowings		5,320			5,305			(15	)		4,237			4,226			(11	)
Long-term borrowings		43,832			44,695			863			51,566			53,402			1,836
Total interest-bearing liabilities		49,152			50,000			848			55,803			57,628			1,825
Derivative financial instruments
Floor Income Contracts		—			—			—			—			—			—
Interest rate swaps		60			60			—			54			54			—
Cross-currency interest rate swaps		(164	)		(164	)		—			(189	)		(189	)		—
Other		—			—			—			—			—			—
Excess of net asset fair value over carrying value							$	13								$	(125	)

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, value	$ 33	$ 75	$ 114	$ 240
Average purchase price per share	$ 15.37	$ 18.01	$ 15.91	$ 17.22
Remaining common stock repurchase authority	$ 176	$ 360	$ 176	$ 360
Shares repurchased related to employee stock-based compensation plans	0	0	500,000	1,300,000
Average purchase price per share	$ 0	$ 0	$ 16.04	$ 18.44
Common shares issued	100,000	100,000	1,500,000	2,600,000
Dividends paid	$ 17	$ 19	$ 53	$ 59
Dividends per share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, shares	2,100,000	4,200,000	7,200,000	13,900,000
Common stock repurchased, value	$ 33	$ 75	$ 114	$ 240
Shares repurchased related to employee stock-based compensation plans	5,230	13,333	474,621	1,292,875
Common shares issued	103,110	147,497	1,496,193	2,594,688

Allowance for Loan Losses - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Period of hardship forbearance of payments	12 months
Period of hardship forbearance of payments for borrowers of substantial payments	24 months
Percentage guaranteed as to principal and accrued interest by federal goverment in event of default	97.00%

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 49	$ (26)	$ (3)	$ (32)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net
Gain (Losses) on Derivative Instruments [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 0	$ 1	$ 0	$ 1
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net
Interest Expense [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 49	$ (27)	$ (3)	$ (33)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net	Gains (losses) on derivative and hedging activities, net

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Summary of Disaggregation of Revenue from Contracts with Customers Accounted Under ASC 606 (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 70	$ 85	$ 228	$ 240
Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	6	20	35	43
Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	19	17	54	52
Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	18	20	51	54
Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	27	28	88	91
Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Federal Education Loans [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Federal Education Loans [Member] \| Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Federal Education Loans [Member] \| State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Federal Education Loans [Member] \| Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Federal Education Loans [Member] \| Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	70	85	228	240
Business Processing [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	6	20	35	43
Business Processing [Member] \| Guarantor Agencies [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Business Processing [Member] \| State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	19	17	54	52
Business Processing [Member] \| Tolling Authorities [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	18	20	51	54
Business Processing [Member] \| Hospitals and Other Healthcare Providers [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	27	28	88	91
Federal Education Loan Asset Recovery Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Federal Education Loan Asset Recovery Services [Member] \| Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Federal Education Loan Asset Recovery Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Government Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	43	57	140	149
Government Services [Member] \| Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Government Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	43	57	140	149
Healthcare Services [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	27	28	88	91
Healthcare Services [Member] \| Federal Education Loans [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	0	0	0	0
Healthcare Services [Member] \| Business Processing [Member]
Disaggregation Of Revenue [Line Items]
Total Revenue	$ 27	$ 28	$ 88	$ 91

Business Combinations, Goodwill and Acquired Intangible Assets - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 19, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill [Line Items]
Goodwill and acquired intangible assets		$ 438		$ 438		$ 695
Gain on sale of subsidiary		219	$ 0	219	$ 0
Remaining net book value after impairment		428		428		$ 670
Government Services [Member]
Goodwill [Line Items]
Goodwill and acquired intangible assets fully impaired		138		138
Goodwill and acquired intangible assets		$ 50		$ 50
Healthcare Services [Member]
Goodwill [Line Items]
Goodwill and acquired intangible assets	$ 112
Gain on sale of subsidiary	$ 219

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- 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

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	Navient Corporation
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	107,363,480
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36228
Entity Tax Identification Number	46-4054283
Entity Address, Address Line One	13865 Sunrise Valley Drive
Entity Address, City or Town	Herndon
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20171
City Area Code	703
Local Phone Number	810-3000
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Common Stock Par Value. 01 Per Share [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $.01 per share
Trading Symbol	NAVI
Security Exchange Name	NASDAQ
Senior Notes Due December 15, 2043 [Member]
Document Information [Line Items]
Title of 12(b) Security	6% Senior Notes due December 15, 2043
Trading Symbol	JSM
Security Exchange Name	NASDAQ
Preferred Stock Purchase Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Trading Symbol	None
Security Exchange Name	NASDAQ

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

9. Fair Value Measurements

We use estimates of fair value in applying various accounting standards in our financial statements. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. The fair value of the items discussed below are separately disclosed in this footnote.

During the three and nine months ended September 30, 2024, there were no significant transfers of financial instruments between levels, or changes in our methodology used to value our financial instruments.


	Fair Value Measurements on a Recurring Basis
	September 30, 2024										December 31, 2023
(Dollars in millions)	Level 1		Level 2		Level 3			Total			Level 1		Level 2		Level 3			Total
Assets
Derivative instruments:(1)
Interest rate swaps	$	—	$	60	$	—		$	60		$	—	$	55	$	—		$	55
Cross-currency interest rate swaps		—		—		—			—			—		—		—			—
Total derivative assets(2)		—		60		—			60			—		55		—			55
Total	$	—	$	60	$	—		$	60		$	—	$	55	$	—		$	55
Liabilities(3)
Derivative instruments(1)
Interest rate swaps	$	—	$	—	$	—		$	—		$	—	$	—	$	(1	)	$	(1	)
Floor Income Contracts		—		—		—			—			—		—		—			—
Cross-currency interest rate swaps		—		—		(164	)		(164	)		—		—		(189	)		(189	)
Total derivative liabilities(2)		—		—		(164	)		(164	)		—		—		(190	)		(190	)
Total	$	—	$	—	$	(164	)	$	(164	)	$	—	$	—	$	(190	)	$	(190	)

(1)

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

(2)

See "Note 5 – Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

(3)

9. Fair Value Measurements (Continued)

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


	Three Months Ended September 30,
	2024											2023
	Derivative instruments											Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(1	)	$	(222	)	$	—	$	(223	)	$	(2	)	$	(234	)	$	—	$	(236	)
Total gains/(losses):
Included in earnings(1)		—			49			—		49			1			(27	)		—		(26	)
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			9			—		9			—			11			—		11
Transfers in and/or out of level 3		1			—			—		1			—			—			—		—
Balance, end of period	$	—		$	(164	)	$	—	$	(164	)	$	(1	)	$	(250	)	$	—	$	(251	)
Change in mark-to- market gains/ (losses) relating to instruments still held at the reporting date(2)	$	—		$	58		$	—	$	58		$	1		$	(16	)	$	—	$	(15	)


	Nine Months Ended September 30,
	2024											2023
	Derivative instruments											Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(1	)	$	(189	)	$	—	$	(190	)	$	(2	)	$	(253	)	$	—	$	(255	)
Total gains/(losses):
Included in earnings(1)		—			(3	)		—		(3	)		1			(33	)		—		(32	)
Included in other comprehensive income		—			—			—		—			—			—			—		—
Settlements		—			28			—		28			—			36			—		36
Transfers in and/or out of level 3		1			—			—		1			—			—			—		—
Balance, end of period	$	—		$	(164	)	$	—	$	(164	)	$	(1	)	$	(250	)	$	—	$	(251	)
Change in mark-to- market gains/ (losses) relating to instruments still held at the reporting date(2)	$	—		$	25		$	—	$	25		$	1		$	3		$	—	$	4

(1)

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


	Three Months Ended September 30,					Nine Months Ended September 30,
(Dollars in millions)	2024		2023			2024			2023
Gains (losses) on derivative and hedging activities, net	$	—	$	1		$	—		$	1
Interest expense		49		(27	)		(3	)		(33	)
Total	$	49	$	(26	)	$	(3	)	$	(32	)

(2)

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

9. Fair Value Measurements (Continued)

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


(Dollars in millions)	Fair Value at September 30, 2024			Valuation Technique	Input	Range and Weighted Average
Derivatives
Cross-currency interest rate swaps	$	(164	)	Discounted cash flow	Constant Prepayment Rate	5%
Other		—
Total	$	(164	)

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


	September 30, 2024									December 31, 2023
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	30,901		$	31,522		$	(621	)	$	36,590		$	37,925		$	(1,335	)
Private Education Loans		15,791			16,005			(214	)		16,287			16,902			(615	)
Cash and investments		2,933			2,933			—			2,939			2,939			—
Total earning assets		49,625			50,460			(835	)		55,816			57,766			(1,950	)
Interest-bearing liabilities
Short-term borrowings		5,320			5,305			(15	)		4,237			4,226			(11	)
Long-term borrowings		43,832			44,695			863			51,566			53,402			1,836
Total interest-bearing liabilities		49,152			50,000			848			55,803			57,628			1,825
Derivative financial instruments
Floor Income Contracts		—			—			—			—			—			—
Interest rate swaps		60			60			—			54			54			—
Cross-currency interest rate swaps		(164	)		(164	)		—			(189	)		(189	)		—
Other		—			—			—			—			—			—
Excess of net asset fair value over carrying value							$	13								$	(125	)

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 60	$ 54
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	(164)	(189)
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	(164)
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	$ (164)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivatives	5
Derivative Asset (Liability) Net, Measurement Input [Extensible Enumeration]	Measurement Input, 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

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

. Derivative Financial Instruments

Summary of Derivative Financial Statement Impact

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

Impact of Derivatives on Balance Sheet


		Cash Flow				Fair Value(3)						Trading					Total
(Dollars in millions)	Hedged Risk Exposure	Sep 30, 2024		Dec 31, 2023		Sep 30, 2024			Dec 31, 2023			Sep 30, 2024		Dec 31, 2023			Sep 30, 2024			Dec 31, 2023
Fair Values(1)
Derivative Assets:
Interest rate swaps	Interest rate	$	—	$	—	$	60		$	55		$	—	$	—		$	60		$	55
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		—			—			—		—			—			—
Total derivative assets(2)			—		—		60			55			—		—			60			55
Derivative Liabilities:
Interest rate swaps	Interest rate		—		—		—			—			—		(1	)		—			(1	)
Floor Income Contracts	Interest rate		—		—		—			—			—		—			—			—
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		(164	)		(189	)		—		—			(164	)		(189	)
Total derivative liabilities(2)			—		—		(164	)		(189	)		—		(1	)		(164	)		(190	)
Net total derivatives		$	—	$	—	$	(104	)	$	(134	)	$	—	$	(1	)	$	(104	)	$	(135	)

(1)

(2)

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


	Other Assets						Other Liabilities
(Dollar in millions)	September 30, 2024			December 31, 2023			September 30, 2024			December 31, 2023
Gross position	$	60		$	55		$	(164	)	$	(190	)
Impact of master netting agreements		—			—			—			—
Derivative values with impact of master netting agreements (as carried on balance sheet)		60			55			(164	)		(190	)
Cash collateral (held) pledged		(55	)		(60	)		29			46
Net position	$	5		$	(5	)	$	(135	)	$	(144	)

(3)

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


	As of September 30, 2024					As of December 31, 2023
(Dollar in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	992	$	(7	)	$	490	$	(9	)
Long-term borrowings	$	4,757	$	(165	)	$	5,341	$	(281	)

5. Derivative Financial Instruments (Continued)

The above fair values include adjustments when necessary for counterparty credit risk and also reflect adjustments for illiquid derivatives as indicated by a wide bid/ask spread in the interest rate indices to which the derivatives are indexed.


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Sep 30, 2024		Dec 31, 2023		Sep 30, 2024		Dec 31, 2023		Sep 30, 2024		Dec 31, 2023		Sep 30, 2024		Dec 31, 2023
Notional Values:
Interest rate swaps	$	1.0	$	2.2	$	4.6	$	4.6	$	1.9	$	1.9	$	7.5	$	8.7
Floor Income Contracts		—		—		—		—		—		—		—		—
Cross-currency interest rate swaps		—		—		1.4		1.6		—		—		1.4		1.6
Total derivatives	$	1.0	$	2.2	$	6.0	$	6.2	$	1.9	$	1.9	$	8.9	$	10.3

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


	Total Gains (Losses)
	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in millions)	2024			2023			2024			2023
Fair Value Hedges:
Interest Rate Swaps
Gains (losses) recognized in net income on derivatives	$	135		$	(65	)	$	87		$	(66	)
Gains (losses) recognized in net income on hedged items		(146	)		68			(96	)		53
Net fair value hedge ineffectiveness gains (losses)		(11	)		3			(9	)		(13	)
Cross currency interest rate swaps
Gains (losses) recognized in net income on derivatives		59			(15	)		26			4
Gains (losses) recognized in net income on hedged items		(58	)		31			(22	)		(14	)
Net fair value hedge ineffectiveness gains (losses)		1			16			4			(10	)
Total fair value hedges(1)(2)		(10	)		19			(5	)		(23	)
Cash Flow Hedges:
Total cash flow hedges(2)		—			—			—			—
Trading:
Interest rate swaps		(36	)		26			11			44
Floor income contracts		—			—			—			—
Cross currency interest rate swaps		—			—			—			—
Other		—			—			—			—
Total trading derivatives(3)		(36	)		26			11			44
Mark-to-market gains (losses) recognized	$	(46	)	$	45		$	6		$	21

(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.

5. Derivative Financial Instruments (Continued)

Impact of Derivatives on Other Comprehensive Income (Equity)


	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in millions)	2024			2023			2024			2023
Total gains (losses) on cash flow hedges	$	(1	)	$	4		$	3		$	19
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)(1)		(6	)		(26	)		(19	)		(63	)
Net changes in cash flow hedges, net of tax	$	(7	)	$	(22	)	$	(16	)	$	(44	)

(1)

Includes net settlement income/expense.

Collateral

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


(Dollars in millions)	September 30, 2024		December 31, 2023
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	55	$	60
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	$	55	$	60
Derivative asset at fair value including accrued interest	$	59	$	62
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	29	$	46
Total collateral pledged	$	29	$	46
Derivative liability at fair value including accrued interest and premium receivable	$	170	$	197

(1)

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

(2)

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

Our corporate derivatives contain credit contingent features. At our current unsecured credit rating, we have fully collateralized our corporate derivative liability position (including accrued interest and net of premiums receivable) of $0 with our counterparties. Downgrades in our unsecured credit rating would not result in any additional collateral requirements. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings. At September 30, 2024 and December 31, 2023, we had a net positive exposure (derivative gain positions to us less collateral which has been posted by counterparties to us) related to Navient Corporation derivatives of $7 million and $6 million, respectively. The trusts are not required to post collateral to the counterparties. At September 30, 2024 and December 31, 2023, the net positive exposure on swaps in securitization trusts was $0 million and $0 million, respectively.

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

12. 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 and manages FFELP Loans and is the master servicer on this portfolio. Our long history of servicing quality, data-driven strategies and omnichannel education about federal repayment options translate into positive results for the millions of borrowers we serve. We generate revenue primarily through net interest income on our FFELP Loans.

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


(Dollars in millions)	September 30, 2024		December 31, 2023
FFELP Loans, net	$	31,522	$	37,925
Cash and investments(1)		1,250		1,520
Other		1,829		2,128
Total assets	$	34,601	$	41,573

(1)

Includes restricted cash and investments.

Consumer Lending Segment

Navient owns and manages Private Education Loans and is the master servicer for these portfolios. Through our Earnest brand, we also refinance and originate 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.


(Dollars in millions)	September 30, 2024		December 31, 2023
Private Education Loans, net	$	16,005	$	16,902
Cash and investments(1)		444		497
Other		565		577
Total assets	$	17,014	$	17,976

(1)

Includes restricted cash and investments.

12. Segment Reporting (Continued)

Business Processing Segment

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

•

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

•

Healthcare: This business was sold on September 19, 2024.

At September 30, 2024 and December 31, 2023, the Business Processing segment had total assets of $95 million and $380 million, respectively.

Other Segment

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

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

At September 30, 2024 and December 31, 2023, the Other segment had total assets of $1.7 billion and $1.4 billion, respectively.

12. 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.

12. Segment Reporting (Continued)

Segment Results and Reconciliations to GAAP


	Three Months Ended September 30, 2024
				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	$	905													$	591		$	314	$	—	$	—
Cash and investments		43														25			6		—		12
Total interest income		948														616			320		—		12
Total interest expense		828														576			198		—		34
Net interest income (loss)		120		$	8		$	12		$	20		$	140		40			122		—		(22	)
Less: provisions for loan losses		42												42		(5	)		47		—		—
Net interest income (loss) after provisions for loan losses		78														45			75		—		(22	)
Other income (loss):
Servicing revenue		13														11			2		—		—
Asset recovery and business processing revenue		70														—			—		70		—
Other revenue		(26	)													—			—		—		10
Gain on sale of subsidiary		219														—			—		219		—
Total other income (loss)		276			(8	)		44			36			312		11			2		289		10
Expenses:
Direct operating expenses		121														20			44		57		—
Unallocated shared services expenses		63														—			—		—		63
Operating expenses		184			—			—			—			184		20			44		57		63
Goodwill and acquired intangible asset impairment and amortization		140			—			(140	)		(140	)		—		—			—		—		—
Restructuring/other reorganization expenses		18			—			—			—			18		—			—		—		18
Total expenses		342			—			(140	)		(140	)		202		20			44		57		81
Income (loss) before income tax expense (benefit)		12			—			196			196			208		36			33		232		(93	)
Income tax expense (benefit)(2)		14			—			34			34			48		9			6		54		(21	)
Net income (loss)	$	(2	)	$	—		$	162		$	162		$	160	$	27		$	27	$	178	$	(72	)

(1)

Core Earnings adjustments to GAAP:


	Three Months Ended September 30, 2024
(Dollars in millions)	Net Impact of Derivative Accounting		Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	20	$	—		$	20
Total other income (loss)		36		—			36
Goodwill and acquired intangible asset impairment and amortization		—		(140	)		(140	)
Total Core Earnings adjustments to GAAP	$	56	$	140			196
Income tax expense (benefit)							34
Net income (loss)						$	162

(2)

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

12. Segment Reporting (Continued)


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

(1)

Core Earnings adjustments to GAAP:


	Three Months Ended September 30, 2023
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	(11	)	$	—		$	(11	)
Total other income (loss)		(26	)		—			(26	)
Goodwill and acquired intangible asset impairment and amortization		—			(3	)		(3	)
Total Core Earnings adjustments to GAAP	$	(37	)	$	3			(34	)
Income tax expense (benefit)								(12	)
Net income (loss)							$	(22	)

(2)

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

12. Segment Reporting (Continued)


	Nine Months Ended September 30, 2024
			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	$	2,819												$	1,861		$	958	$	—	$	—
Cash and investments		129													75			20		—		34
Total interest income		2,948													1,936			978		—		34
Total interest expense		2,547													1,810			597		—		102
Net interest income (loss)		401	$	28		$	10		$	38		$	439		126			381		—		(68	)
Less: provisions for loan losses		68											68		(6	)		74		—		—
Net interest income (loss) after provisions for loan losses		333													132			307		—		(68	)
Other income (loss):
Servicing revenue		48													39			9		—		—
Asset recovery and business processing revenue		228													—			—		228		—
Other revenue		33													5			1		—		16
Gain on sale of subsidiary		219													—			—		219		—
Total other income (loss)		528		(28	)		17			(11	)		517		44			10		447		16
Expenses:
Direct operating expenses		351													53			110		188		—
Unallocated shared services expenses		182													—			—		—		182
Operating expenses		533		—			—			—			533		53			110		188		182
Goodwill and acquired intangible asset impairment and amortization		145		—			(145	)		(145	)		—		—			—		—		—
Restructuring/other reorganization expenses		35		—			—			—			35		—			—		—		35
Total expenses		713		—			(145	)		(145	)		568		53			110		188		217
Income (loss) before income tax expense (benefit)		148		—			172			172			320		123			207		259		(269	)
Income tax expense (benefit)(2)		41		—			33			33			74		28			47		60		(61	)
Net income (loss)	$	107	$	—		$	139		$	139		$	246	$	95		$	160	$	199	$	(208	)

(1)

Core Earnings adjustments to GAAP:


	Nine Months Ended September 30, 2024
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	38		$	—		$	38
Total other income (loss)		(11	)		—			(11	)
Goodwill and acquired intangible asset impairment and amortization		—			(145	)		(145	)
Total Core Earnings adjustments to GAAP	$	27		$	145			172
Income tax expense (benefit)								33
Net income (loss)							$	139

(2)

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

12. Segment Reporting (Continued)


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

(1)

Core Earnings adjustments to GAAP:


	Nine Months Ended September 30, 2023
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	51		$	—		$	51
Total other income (loss)		(44	)		—			(44	)
Goodwill and acquired intangible asset impairment and amortization		—			(8	)		(8	)
Total Core Earnings adjustments to GAAP	$	7		$	8			15
Income tax expense (benefit)								(7	)
Net income (loss)							$	22

(2)

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

12. Segment Reporting (Continued)

Summary of Core Earnings Adjustments to GAAP


	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in millions)	2024			2023			2024			2023
GAAP net income (loss)	$	(2	)	$	79		$	107		$	256
Core Earnings adjustments to GAAP:
Net impact of derivative accounting(1)		56			(37	)		27			7
Net impact of goodwill and acquired intangible assets(2)		140			3			145			8
Net tax effect(3)		(34	)		12			(33	)		7
Total Core Earnings adjustments to GAAP		162			(22	)		139			22
Core Earnings net income	$	160		$	57		$	246		$	278

(1)

(2)

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

(3)

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

- 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

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+ Details

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income:
Cash and investments	$ 43	$ 41	$ 129	$ 111
Total interest income	948	1,170	2,948	3,338
Total interest expense	828	879	2,547	2,636
Net interest income	120	291	401	702
Less: provisions for loan losses	42	72	68	68
Net interest income (loss) after provisions for loan losses	78	219	333	634
Other income (loss):
Servicing revenue	13	15	48	48
Asset recovery and business processing revenue	70	85	228	240
Other revenue	(26)	31	33	59
Gain on sale of subsidiary	219	0	219	0
Total other income	276	131	528	347
Expenses:
Direct operating expenses	121	134	351	394
Unallocated shared services expenses	63	99	182	207
Total operating expenses	184	233	533	601
Goodwill and acquired intangible asset impairment and amortization	140	3	145	8
Restructuring/other reorganization expenses	18	4	35	23
Total expenses	342	240	713	632
Income before income tax expense	12	110	148	349
Income tax expense (benefit)	14	31	41	93
Net income (loss)	(2)	79	107	256
Operating Segments [Member]
Interest income:
Net interest income	140	280	439	753
Less: provisions for loan losses	42	72	68	68
Other income (loss):
Total other income	312	105	517	303
Expenses:
Total operating expenses	184	233	533	601
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	18	4	35	23
Total expenses	202	237	568	624
Income before income tax expense	208	76	320	364
Income tax expense (benefit)	48	19	74	86
Net income (loss)	160	57	246	278
Operating Segments [Member] \| Federal Education Loans [Member]
Interest income:
Cash and investments	25	19	75	56
Total interest income	616	797	1,936	2,250
Total interest expense	576	636	1,810	1,859
Net interest income	40	161	126	391
Less: provisions for loan losses	(5)	36	(6)	51
Net interest income (loss) after provisions for loan losses	45	125	132	340
Other income (loss):
Servicing revenue	11	12	39	39
Asset recovery and business processing revenue	0	0	0	0
Other revenue	0	3	5	10
Gain on sale of subsidiary	0		0
Total other income	11	15	44	49
Expenses:
Direct operating expenses	20	17	53	55
Unallocated shared services expenses	0	0	0	0
Total operating expenses	20	17	53	55
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	20	17	53	55
Income before income tax expense	36	123	123	334
Income tax expense (benefit)	9	29	28	78
Net income (loss)	27	94	95	256
Operating Segments [Member] \| Consumer Lending [Member]
Interest income:
Cash and investments	6	7	20	20
Total interest income	320	358	978	1,056
Total interest expense	198	208	597	610
Net interest income	122	150	381	446
Less: provisions for loan losses	47	36	74	17
Net interest income (loss) after provisions for loan losses	75	114	307	429
Other income (loss):
Servicing revenue	2	3	9	9
Asset recovery and business processing revenue	0	0	0	0
Other revenue	0	1	1	2
Gain on sale of subsidiary	0		0
Total other income	2	4	10	11
Expenses:
Direct operating expenses	44	44	110	124
Unallocated shared services expenses	0	0	0	0
Total operating expenses	44	44	110	124
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	44	44	110	124
Income before income tax expense	33	74	207	316
Income tax expense (benefit)	6	18	47	75
Net income (loss)	27	56	160	241
Operating Segments [Member] \| Business Processing [Member]
Interest income:
Cash and investments	0	0	0	0
Total interest income	0	0	0	0
Total interest expense	0	0	0	0
Net interest income	0	0	0	0
Less: provisions for loan losses	0	0	0	0
Net interest income (loss) after provisions for loan losses	0	0	0	0
Other income (loss):
Servicing revenue	0	0	0	0
Asset recovery and business processing revenue	70	85	228	240
Other revenue	0	0	0	0
Gain on sale of subsidiary	219		219
Total other income	289	85	447	240
Expenses:
Direct operating expenses	57	73	188	215
Unallocated shared services expenses	0	0	0	0
Total operating expenses	57	73	188	215
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	57	73	188	215
Income before income tax expense	232	12	259	25
Income tax expense (benefit)	54	3	60	6
Net income (loss)	178	9	199	19
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Cash and investments	12	15	34	35
Total interest income	12	15	34	35
Total interest expense	34	46	102	119
Net interest income	(22)	(31)	(68)	(84)
Less: provisions for loan losses	0	0	0	0
Net interest income (loss) after provisions for loan losses	(22)	(31)	(68)	(84)
Other income (loss):
Servicing revenue	0	0	0	0
Asset recovery and business processing revenue	0	0	0	0
Other revenue	10	1	16	3
Gain on sale of subsidiary	0		0
Total other income	10	1	16	3
Expenses:
Direct operating expenses	0	0	0	0
Unallocated shared services expenses	63	99	182	207
Total operating expenses	63	99	182	207
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	18	4	35	23
Total expenses	81	103	217	230
Income before income tax expense	(93)	(133)	(269)	(311)
Income tax expense (benefit)	(21)	(31)	(61)	(73)
Net income (loss)	(72)	(102)	(208)	(238)
Adjustments [Member] \| Reclassifications [Member]
Interest income:
Net interest income	8	7	28	24
Other income (loss):
Total other income	(8)	(7)	(28)	(24)
Expenses:
Total operating expenses	0	0	0	0
Goodwill and acquired intangible asset impairment and amortization	0	0	0	0
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	0	0	0	0
Income before income tax expense	0	0	0	0
Income tax expense (benefit)	0	0	0	0
Net income (loss)	0	0	0	0
Adjustments [Member] \| Additions (Subtractions) [Member]
Interest income:
Net interest income	12	(18)	10	27
Other income (loss):
Total other income	44	(19)	17	(20)
Expenses:
Total operating expenses	0	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(140)	(3)	(145)	(8)
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	(140)	(3)	(145)	(8)
Income before income tax expense	196	(34)	172	15
Income tax expense (benefit)	34	(12)	33	(7)
Net income (loss)	162	(22)	139	22
Adjustments [Member] \| Total Adjustments [Member]
Interest income:
Net interest income	20	(11)	38	51
Net interest income (loss) after provisions for loan losses	20	(11)	38	51
Other income (loss):
Total other income	36	(26)	(11)	(44)
Expenses:
Total operating expenses	0	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(140)	(3)	(145)	(8)
Restructuring/other reorganization expenses	0	0	0	0
Total expenses	(140)	(3)	(145)	(8)
Income before income tax expense	196	(34)	172	15
Income tax expense (benefit)	34	(12)	33	(7)
Net income (loss)	162	(22)	139	22
Education Loan Portfolio [Member]
Interest income:
Total interest income	905	1,129	2,819	3,227
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Federal Education Loans [Member]
Interest income:
Total interest income	591	778	1,861	2,194
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Consumer Lending [Member]
Interest income:
Total interest income	314	351	958	1,036
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Business Processing [Member]
Interest income:
Total interest income	0	0	0	0
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Other Segment [Member]
Interest income:
Total interest income	$ 0	$ 0	$ 0	$ 0

Derivative Financial Instruments - Carrying Value and Related Fair Value Hedging Adjustments of Liabilities (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Short-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	$ 992	$ 490
Hedge Basis Adjustments	(7)	(9)
Long-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	4,757	5,341
Hedge Basis Adjustments	$ (165)	$ (281)

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss)	$ (2)	$ 79	$ 107	$ 256
Denominator:
Weighted average shares used to compute basic EPS	108	120	111	124
Effect of dilutive securities:
Dilutive effect of restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan ("ESPP")	0	1	1	1
Dilutive potential common shares	0	1	1	1
Weighted average shares used to compute diluted EPS	108	121	112	125
Basic earnings (loss) per common share	$ (0.02)	$ 0.66	$ 0.97	$ 2.06
Diluted earnings (loss) per common share	$ (0.02)	$ 0.65	$ 0.95	$ 2.04

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	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]
Beginning Balance, Value at Dec. 31, 2022	$ 2,977	$ 4	$ (4,917)				$ 3,313	$ 87	$ 4,490
Beginning Balance, Shares at Dec. 31, 2022		461,087,590	(330,878,152)		130,209,438
Comprehensive income (loss):
Net Income (Loss)	256								256
Other comprehensive income (loss), net of tax	(44)							(44)
Total comprehensive income (loss)	212
Cash dividends:
Common stock	(59)								(59)
Dividend equivalent units related to employee stock-based compensation plans	(2)								(2)
Issuance of common shares	$ 15						15
Issuance of common shares, Shares	2,600,000	2,594,688			2,594,688
Stock-based compensation expense	$ 21						21
Common stock repurchased	(240)			$ (240)	$ (240)
Common stock repurchased, shares				(13,940,160)	(13,900,000)	(13,940,160)
Shares repurchased related to employee stock-based compensation plans	$ (24)		$ (24)
Shares repurchased related to employee stock-based compensation plans, Shares	(1,300,000)		(1,292,875)		(1,292,875)
Other	$ (2)		$ (2)
Ending Balance, Value at Sep. 30, 2023	2,898	$ 4	$ (5,183)				3,349	43	4,685
Ending Balance, Shares at Sep. 30, 2023		463,682,278	(346,111,187)		117,571,091
Beginning Balance, Value at Jun. 30, 2023	2,930	$ 4	$ (5,107)				3,343	65	4,625
Beginning Balance, Shares at Jun. 30, 2023		463,534,781	(341,932,917)		121,601,864
Comprehensive income (loss):
Net Income (Loss)	79								79
Other comprehensive income (loss), net of tax	(22)							(22)
Total comprehensive income (loss)	57
Cash dividends:
Common stock	(19)								(19)
Issuance of common shares	$ 2						2
Issuance of common shares, Shares	100,000	147,497			147,497
Stock-based compensation expense	$ 4						4
Common stock repurchased	$ (75)			$ (75)	$ (75)
Common stock repurchased, shares				(4,164,937)	(4,200,000)	(4,164,937)
Shares repurchased related to employee stock-based compensation plans, Shares	0		(13,333)		(13,333)
Other	$ (1)		$ (1)
Ending Balance, Value at Sep. 30, 2023	2,898	$ 4	$ (5,183)				3,349	43	4,685
Ending Balance, Shares at Sep. 30, 2023		463,682,278	(346,111,187)		117,571,091
Beginning Balance, Value at Dec. 31, 2023	2,760	$ 4	$ (5,254)				3,353	19	4,638
Beginning Balance, Shares at Dec. 31, 2023		463,715,048	(350,210,737)		113,504,311
Comprehensive income (loss):
Net Income (Loss)	107								107
Other comprehensive income (loss), net of tax	(16)							(16)
Total comprehensive income (loss)	91
Cash dividends:
Common stock	(53)								(53)
Dividend equivalent units related to employee stock-based compensation plans	(2)								(2)
Issuance of common shares	$ 4						4
Issuance of common shares, Shares	1,500,000	1,496,193			1,496,193
Stock-based compensation expense	$ 17						17
Common stock repurchased	(114)			$ (114)	$ (114)
Common stock repurchased, shares				(7,162,403)	(7,200,000)	(7,162,403)
Shares repurchased related to employee stock-based compensation plans	$ (7)		$ (7)
Shares repurchased related to employee stock-based compensation plans, Shares	(500,000)		(474,621)		(474,621)
Other	$ (2)		$ (2)
Ending Balance, Value at Sep. 30, 2024	2,694	$ 4	$ (5,377)				3,374	3	4,690
Ending Balance, Shares at Sep. 30, 2024		465,211,241	(357,847,761)		107,363,480
Beginning Balance, Value at Jun. 30, 2024	2,748	$ 4	$ (5,343)				3,367	10	4,710
Beginning Balance, Shares at Jun. 30, 2024		465,108,131	(355,698,037)		109,410,094
Comprehensive income (loss):
Net Income (Loss)	(2)								(2)
Other comprehensive income (loss), net of tax	(7)							(7)
Total comprehensive income (loss)	(9)
Cash dividends:
Common stock	(17)								(17)
Dividend equivalent units related to employee stock-based compensation plans	(1)								(1)
Issuance of common shares	$ 2						2
Issuance of common shares, Shares	100,000	103,110			103,110
Stock-based compensation expense	$ 5						5
Common stock repurchased	$ (33)			$ (33)	$ (33)
Common stock repurchased, shares				(2,144,494)	(2,100,000)	(2,144,494)
Shares repurchased related to employee stock-based compensation plans, Shares	0		(5,230)		(5,230)
Other	$ (1)		$ (1)
Ending Balance, Value at Sep. 30, 2024	$ 2,694	$ 4	$ (5,377)				$ 3,374	$ 3	$ 4,690
Ending Balance, Shares at Sep. 30, 2024		465,211,241	(357,847,761)		107,363,480

Segment Reporting - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment	4
Total assets	$ 53,440	$ 61,375
Business Processing [Member]
Segment Reporting Information [Line Items]
Total assets	95	380
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,700	$ 1,400

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
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-Subparagraph (i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Paragraph 32
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (bb)
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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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-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: 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/2009/role/commonPracticeRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 5,305	$ 4,226
Long-term borrowings	44,695	53,402
Total	50,000	57,628
Total assets	53,440	61,375
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	5,313	4,235
Long-term borrowings	44,857	53,680
Total	50,170	57,915
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	(8)	(9)
Long-term borrowings	(162)	(278)
Total	(170)	(287)
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,174	3,634
Long-term borrowings	39,916	48,169
Total	44,090	51,803
Loans	46,062	53,591
Cash	1,631	1,937
Other assets	1,336	1,744
Total assets	49,029	57,272
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	136	59
Long-term borrowings	29,087	35,626
Total	29,223	35,685
Loans	29,785	35,935
Cash	1,189	1,441
Other assets	1,257	1,673
Total assets	32,231	39,049
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	672	435
Long-term borrowings	10,852	11,754
Total	11,524	12,189
Loans	12,567	13,396
Cash	330	350
Other assets	111	119
Total assets	13,008	13,865
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,490	1,854
Long-term borrowings	75	89
Total	1,565	1,943
Loans	1,537	1,897
Cash	61	77
Other assets	68	92
Total assets	1,666	2,066
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,876	1,286
Long-term borrowings	0	821
Total	1,876	2,107
Loans	2,173	2,363
Cash	51	69
Other assets	64	50
Total assets	2,288	2,482
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,174	3,634
Long-term borrowings	40,014	48,290
Total	44,188	51,924
Loans	46,062	53,591
Cash	1,631	1,937
Other assets	1,500	1,934
Total assets	49,193	57,462
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	0	0
Long-term borrowings	(98)	(121)
Total	(98)	(121)
Loans	0	0
Cash	0	0
Other assets	(164)	(190)
Total assets	$ (164)	$ (190)

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments Gain Loss [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	$ 170,000,000	$ 197,000,000
Net positive exposure related to corporate derivatives	7,000,000	6,000,000
Net positive exposure on foreign currency swaps	0	$ 0
Counterparty [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	$ 0

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Parenthetical) (Details) - Private Education Loans [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 127	$ 65	$ 284	$ 123
Interest Rate Concession [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	96	44	216	78
More Than an Insignificant Payment Delay [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	25	18	54	39
Combination Rate Reduction and Term Extension [Member]
Accounts Notes And Loans Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 6	$ 3	$ 14	$ 6

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Notes And Loans Receivable [Line Items]
Adjustment resulting from the change in the charge-off rate	$ 21	$ 25	$ 21	$ 25
Expected future recoveries of current period defaults	11	12	32	36
Charge-offs (as a result of lower recovery expectations)	(94)	(101)	(301)	(298)
Change in balance during period	(26)	(30)	(41)	(42)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Adjustment resulting from the change in the charge-off rate	21	25	21	25
Expected future recoveries of current period defaults	11	12	32	36
Charge-offs (as a result of lower recovery expectations)	(85)	(85)	(272)	(245)
Change in balance during period	(26)	(30)	(41)	(42)
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	(21)	25	(21)	25
Charge offs related to resolution of loans in bankruptcy			28
Beginning of period expected future recoveries on previously fully charged-off loans	211	262	226	274
Expected future recoveries of current period defaults	11	12	32	36
Recoveries (cash collected)	(10)	(11)	(31)	(35)
Charge-offs (as a result of lower recovery expectations)	(27)	(31)	(42)	(43)
End of period expected future recoveries on previously fully charged-off loans	185	232	185	232
Change in balance during period	$ (26)	$ (30)	$ (41)	$ (42)
Private Education Loans [Member] \| Minimum [Member]
Accounts Notes And Loans Receivable [Line Items]
Net charge off rate on defaulted loans	82.30%	81.90%	82.30%	81.90%
Private Education Loans [Member] \| Maximum [Member]
Accounts Notes And Loans Receivable [Line Items]
Net charge off rate on defaulted loans	82.70%	82.30%	82.70%	82.30%

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

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

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

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

Revenue by Service Type


	Three Months Ended September 30,
	2024						2023
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	—	$	—	$	—	$	—	$	—	$	—
Government services		—		43		43		—		57		57
Healthcare services		—		27		27		—		28		28
Total	$	—	$	70	$	70	$	—	$	85	$	85

	Nine Months Ended September 30,
	2024						2023
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal Education Loan asset recovery services	$	—	$	—	$	—	$	—	$	—	$	—
Government services		—		140		140		—		149		149
Healthcare services		—		88		88		—		91		91
Total	$	—	$	228	$	228	$	—	$	240	$	240

Revenue by Client Type


	Three Months Ended September 30,
	2024						2023
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	6	$	6	$	—	$	20	$	20
Guarantor agencies		—		—		—		—		—		—
State and local government		—		19		19		—		17		17
Tolling authorities		—		18		18		—		20		20
Hospitals and other healthcare providers		—		27		27		—		28		28
Total	$	—	$	70	$	70	$	—	$	85	$	85

	Nine Months Ended September 30,
	2024						2023
(Dollars in millions)	Federal Education Loans		Business Processing		Total Revenue		Federal Education Loans		Business Processing		Total Revenue
Federal government	$	—	$	35	$	35	$	—	$	43	$	43
Guarantor agencies		—		—		—		—		—		—
State and local government		—		54		54		—		52		52
Tolling authorities		—		51		51		—		54		54
Hospitals and other healthcare providers		—		88		88		—		91		91
Total	$	—	$	228	$	228	$	—	$	240	$	240

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Investments	$ 140	$ 146
Cash and cash equivalents	1,143	839
Restricted cash and cash equivalents	1,650	1,954
Goodwill and acquired intangible assets, net	438	695
Other assets	2,542	2,914
Total assets	53,440	61,375
Liabilities
Short-term borrowings	5,305	4,226
Long-term borrowings	44,695	53,402
Other liabilities	746	987
Total liabilities	50,746	58,615
Commitments and contingencies
Equity
Common stock, par value $0.01 per share, 1.125 billion shares authorized: [0] million and 464 million shares issued, respectively	4	4
Additional paid-in capital	3,374	3,353
Accumulated other comprehensive income (net of tax expense of $[0] and $6, respectively)	3	19
Retained earnings	4,690	4,638
Total stockholders' equity before treasury stock	8,071	8,014
Less: Common stock held in treasury at cost: [0] million and 350 million shares, respectively	(5,377)	(5,254)
Total equity	2,694	2,760
Total liabilities and equity	53,440	61,375
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	31,522	37,925
Private Education Loans [Member]
Assets
Loans, net	$ 16,005	$ 16,902

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Parenthetical) (Details) - Private Education Loans [Member] - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 16,005	$ 16,902	$ 17,333
Interest Rate Concession [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 1,100		$ 1,200

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Loans in repayment and percentage of each status:
Loan allowance for losses	$ (651)	$ (845)	$ (832)	$ (687)	$ (857)	$ (1,022)
FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	31,702	39,801
Loan allowance for losses	(180)	(220)	(215)	(194)	(200)	(222)
Loans, net	31,522		37,925
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	31,702	39,801	38,140
Loan allowance for losses	(180)	(220)	(215)
Loans, net	$ 31,522	$ 39,581	$ 37,925
Dimensions of concentration risk	100.00%	100.00%	100.00%
Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	86.60%	83.20%	86.10%
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	3.70%	4.60%	3.90%
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	2.40%	3.00%	2.50%
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	7.30%	9.20%	7.50%
Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	80.10%	80.20%	79.80%
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	13.40%	16.80%	13.90%
Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	16.40%	16.40%	16.80%
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	$ 1,342	$ 1,636	$ 1,557
Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	4,978	6,248	6,147
Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	25,382	31,917	30,436
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	21,975	26,566	26,204
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	948	1,481	1,193
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	599	949	746
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	1,860	2,921	2,293
Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	16,476	17,958
Loan allowance for losses	(471)	(625)	(617)	$ (493)	$ (657)	$ (800)
Loans, net	16,005	17,333	16,902
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	16,476	17,958	17,519
Loan allowance for losses	(471)	(625)	(617)
Loans, net	$ 16,005	$ 17,333	$ 16,902
Dimensions of concentration risk	100.00%	100.00%	100.00%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	94.70%	95.30%	94.90%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.80%	1.80%	1.80%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.10%	1.00%	1.00%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	2.40%	1.90%	2.30%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	95.00%	96.10%	95.90%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Delinquent Loans in Repayment [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	5.30%	4.70%	5.10%
Private Education Loans [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	2.80%	2.00%	2.10%
Private Education Loans [Member] \| School/Grace/Deferment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 372	$ 365	$ 360
Private Education Loans [Member] \| Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	445	344	363
Private Education Loans [Member] \| Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	15,659	17,249	16,796
Private Education Loans [Member] \| Repayment [Member] \| Credit Concentration Risk [Member] \| Financing Asset, Not Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	14,827	16,435	15,935
Private Education Loans [Member] \| Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	282	304	308
Private Education Loans [Member] \| Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	173	176	173
Private Education Loans [Member] \| Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 90 Days Past Due [Member] \| Accounts Receivable [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 377	$ 334	$ 380

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	$ (2)	$ 79	$ 107	$ 256
Net tax effect	(14)	(31)	(41)	(93)
Operating Segments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	160	57	246	278
Net tax effect	(48)	(19)	(74)	(86)
Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	162	(22)	139	22
Core Earnings adjustments to GAAP	196	(34)	172	15
Net tax effect	(34)	12	(33)	7
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	56	(37)	27	7
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	$ 140	$ 3	$ 145	$ 8

- Definition

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

+ References

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+ 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

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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	2	0	0	0

Allowance for Loan Losses - Summary of Performance and Related Loan Status of Loans Modified (Details) - Private Education Loans [Member] - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	$ 2,388	$ 2,729	$ 2,380
Financing Asset, Not Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	1,969	2,199	2,039
Financial Asset, 31 to 60 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	137	160	133
Financial Asset, 61 to 90 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	64	96	61
Financial Asset, 90 Days Past Due [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	83	159	64
School/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	14	22	16
Forbearance [Member]
Accounts Notes And Loans Receivable [Line Items]
Payment status (Amortized Cost)	$ 121	$ 93	$ 67

Allowance for Loan Losses

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Allowance for Loan Losses

2. Allowance for Loan Losses

Allowance for Loan Losses Roll Forward


	Three Months Ended September 30, 2024
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	194		$	493		$	687
Total provision		(5	)		47			42
Charge-offs:
Gross charge-offs		(9	)		(85	)		(94	)
Expected future recoveries on current period gross charge-offs		—			11			11
Total(1)		(9	)		(74	)		(83	)
Adjustment resulting from the change in charge-off rate(2)		—			(21	)		(21	)
Net charge-offs		(9	)		(95	)		(104	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			26			26
Allowance at end of period	$	180		$	471		$	651
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)		.14	%		1.87	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.53	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.14	%		2.40	%
Ending total loans	$	31,702		$	16,476
Average loans in repayment	$	25,866		$	15,856
Ending loans in repayment	$	25,382		$	15,659

(1)

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

(2)

In third-quarter 2024, the net charge-off rate on defaulted Private Education Loans increased from 82.3% to 82.7%. This change resulted in a $21 million reduction to the balance of the expected future recoveries on previously fully charged-off loans.

(3)

At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance by charging off the entire loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately reflected as a reduction to expected future recoveries on previously fully charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on previously fully charged-off loans:


	Three Months Ended September 30,
(Dollars in millions)	2024
Beginning of period expected future recoveries on previously fully charged-off loans	$	211
Expected future recoveries of current period defaults		11
Recoveries (cash collected)		(10	)
Charge-offs (as a result of lower recovery expectations)		(27	)
End of period expected future recoveries on previously fully charged-off loans	$	185
Change in balance during period	$	(26	)

2. Allowance for Loan Losses (Continued)


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

(1)

(2)

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

(3)


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

2. Allowance for Loan Losses (Continued)


	Nine Months Ended September 30, 2024
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	215		$	617		$	832
Total provision		(6	)		74			68
Charge-offs:
Gross charge-offs		(29	)		(272	)		(301	)
Expected future recoveries on current period gross charge-offs		—			32			32
Total(1) (2)		(29	)		(240	)		(269	)
Adjustment resulting from the change in charge-off rate(3)		—			(21	)		(21	)
Net charge-offs		(29	)		(261	)		(290	)
Decrease in expected future recoveries on previously fully charged-off loans(4)		—			41			41
Allowance at end of period	$	180		$	471		$	651
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized) (3)		.14	%		1.98	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(3)		—	%		.17	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.14	%		2.15	%
Ending total loans	$	31,702		$	16,476
Average loans in repayment	$	27,697		$	16,265
Ending loans in repayment	$	25,382		$	15,659

(1)

$28 million of Private Education Loan net charge-offs is in connection with the resolution of certain private legacy loans in bankruptcy. This was previously reserved for in 2023.

(2)

(3)

(4)


	Nine Months Ended September 30,
(Dollars in millions)	2024
Beginning of period expected future recoveries on previously fully charged-off loans	$	226
Expected future recoveries of current period defaults		32
Recoveries (cash collected)		(31	)
Charge-offs (as a result of lower recovery expectations)		(42	)
End of period expected future recoveries on previously fully charged-off loans	$	185
Change in balance during period	$	(41	)

2. Allowance for Loan Losses (Continued)


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

(1)

(2)

(3)


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

2. Allowance for Loan Losses (Continued)

Key Credit Quality Indicators

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

FFELP Loans

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


	FFELP Loan Delinquencies
	September 30, 2024						December 31, 2023						September 30, 2023
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	1,342					$	1,557					$	1,636
Loans in forbearance(2)		4,978						6,147						6,248
Loans in repayment and percentage of each status:
Loans current		21,975			86.6	%		26,204			86.1	%		26,566			83.2	%
Loans delinquent 31-60 days(3)		948			3.7			1,193			3.9			1,481			4.6
Loans delinquent 61-90 days(3)		599			2.4			746			2.5			949			3.0
Loans delinquent greater than 90 days(3)		1,860			7.3			2,293			7.5			2,921			9.2
Total FFELP Loans in repayment		25,382			100	%		30,436			100	%		31,917			100	%
Total FFELP Loans		31,702						38,140						39,801
FFELP Loan allowance for losses		(180	)					(215	)					(220	)
FFELP Loans, net	$	31,522					$	37,925					$	39,581
Percentage of FFELP Loans in repayment					80.1	%					79.8	%					80.2	%
Delinquencies as a percentage of FFELP Loans in repayment					13.4	%					13.9	%					16.8	%
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					16.4	%					16.8	%					16.4	%

(1)

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

(2)

Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief 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)	September 30, 2024		September 30, 2023		Change
Stafford Loans	$	10,168	$	12,781	$	(2,613	)
Consolidation Loans		18,369		23,199		(4,830	)
Rehab Loans		3,165		3,821		(656	)
Total loans, gross	$	31,702	$	39,801	$	(8,099	)

2. Allowance for Loan Losses (Continued)

Private Education Loans

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


	Private Education Loan Credit Quality Indicators by Origination Year
	September 30, 2024
(Dollars in millions)	2024		2023			2022			2021			2020			Prior			Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	868	$	802		$	1,391		$	3,448		$	1,062		$	7,140		$	14,711			89	%
Below 640		14		23			77			139			32			1,480			1,765			11
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	58	$	70		$	67		$	88		$	18		$	516		$	817			5	%
Current/90 days or less delinquent		823		750			1,389			3,480			1,071			7,769			15,282			93
Greater than 90 days delinquent		1		5			12			19			5			335			377			2
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
Seasoning(1):
1-12 payments	$	830	$	430		$	29		$	21		$	3		$	42		$	1,355			8	%
13-24 payments		—		337			413			63			9			55			877			6
25-36 payments		—		—			982			1,704			22			97			2,805			17
37-48 payments		—		—			—			1,754			521			180			2,455			15
More than 48 payments		—		—			—			—			531			8,081			8,612			52
Loans in-school/ grace/deferment		52		58			44			45			8			165			372			2
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
Certain Loan Modifications(2):
Modified	$	—	$	8		$	75		$	174		$	55		$	5,400		$	5,712			35	%
Non-Modified		882		817			1,393			3,413			1,039			3,220			10,764			65
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
Cosigners:
With cosigner(3)	$	208	$	257		$	162		$	84		$	20		$	4,630		$	5,361			33	%
Without cosigner		674		568			1,306			3,503			1,074			3,990			11,115			67
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
School Type:
Not-for-profit	$	642	$	780		$	1,390		$	3,377		$	1,045		$	7,380		$	14,614			89	%
For-profit		240		45			78			210			49			1,240			1,862			11
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
Allowance for loan losses																			(471	)
Total loans, net																		$	16,005

Charge-Offs	$	—	$	(3	)	$	(8	)	$	(13	)	$	(3	)	$	(234	)	$	(261	)		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 modification disclosures required under ASU No. 2022-02.

(3)

Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 66% for total loans at September 30, 2024.

2. Allowance for Loan Losses (Continued)


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

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

(1)

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

(2)

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

(3)

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

2. Allowance for Loan Losses (Continued)


	Private Education Loan Delinquencies
	September 30, 2024						December 31, 2023						September 30, 2023
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	372					$	360					$	365
Loans in forbearance(2)		445						363						344
Loans in repayment and percentage of each status:
Loans current		14,827			94.7	%		15,935			94.9	%		16,435			95.3	%
Loans delinquent 31-60 days(3)		282			1.8			308			1.8			304			1.8
Loans delinquent 61-90 days(3)		173			1.1			173			1.0			176			1.0
Loans delinquent greater than 90 days(3)		377			2.4			380			2.3			334			1.9
Total loans in repayment		15,659			100	%		16,796			100	%		17,249			100	%
Total loans		16,476						17,519						17,958
Allowance for losses		(471	)					(617	)					(625	)
Loans, net	$	16,005					$	16,902					$	17,333
Percentage of loans in repayment					95.0	%					95.9	%					96.1	%
Delinquencies as a percentage of loans in repayment					5.3	%					5.1	%					4.7	%
Loans in forbearance as a percentage of loans in repayment and forbearance					2.8	%					2.1	%					2.0	%

(1)

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

(2)

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

(3)

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

2. Allowance for Loan Losses (Continued)

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 Service members 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.

2. Allowance for Loan Losses (Continued)

The following tables show the amortized cost basis as of September 30, 2024 and 2023 of the loans to borrowers experiencing financial difficulty that were modified during the respective period.


	Three Months Ended September 30, 2024
	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
(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	$	551		3.3	%	$	294		1.8	%	$	39		.2	%

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

	Nine Months Ended September 30, 2024
(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	$	1,511		9.2	%	$	770		4.7	%	$	108		.7	%

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

(1)

As of September 30, 2024 and 2023, there was $1.1 billion and $1.2 billion, respectively, of loans in the interest rate reduction program.

(2)

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

2. Allowance for Loan Losses (Continued)

For those loans modified in the three and nine months ended September 30, 2024 and 2023, the following tables show the impact of such modification.


Three Months Ended September 30, 2024
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 5.5%	Added an average 5 months to the remaining life of the loans	Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.7% to 5.4%.

Three Months Ended September 30, 2023
Loan Type	Interest Rate Reductions	More Than an Insignificant Payment Delay	Combination Rate Reduction and Term Extension
Private Education Loans	Reduced the weighted average contractual rate from 13.4% to 5.5%	Added an average 6 months to the remaining life of the loans	Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 13.0% to 5.4%.

Nine Months Ended September 30, 2024
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 13.3% to 5.4%	Added an average 5 months to the remaining life of the loans	Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.7% to 5.3%.

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

2. Allowance for Loan Losses (Continued)

The following table provides the amount of loan modifications for which a charge-off or payment default occurred in the respective period and within 12 months of the loan receiving a loan modification. 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2024		2023		2024		2023
Modified loans (amortized cost) (1)	$	127	$	65	$	284	$	123
Payment default (par)	$	129	$	67	$	290	$	129
Charge-offs (par)	$	12	$	3	$	14	$	5

(1)

For the three months ended September 30, 2024 and 2023, the modified loans include $96 million and $44 million, respectively, of Interest Rate Reduction, $6 million and $3 million, respectively, of Combination Rate Reduction and Term Extension, and $25 million and $18 million, respectively, of More Than Insignificant Payment Delay. For the nine months ended September 30, 2024 and 2023, the modified loans include $216 million and $78 million, respectively, of Interest Rate Reduction, $14 million and $6 million, respectively, of Combination Rate Reduction and Term Extension, and $54 million and $39 million, respectively, of More Than Insignificant Payment Delay.

The following table provides the performance and related loan status of Private Education Loans that have been modified during the 12-month period preceding the balance sheet dates below.


(Dollars in millions)	Payment Status (Amortized Cost)
Loan Status	September 30, 2024		December 31, 2023		September 30, 2023
Loans in school/deferment	$	14	$	22	$	16
Loans in forbearance		121		93		67
Loans current		1,969		2,199		2,039
Loans delinquent 31 - 60 days		137		160		133
Loans delinquent 61 - 90 days		64		96		61
Loans delinquent greater than 90 days		83		159		64
Total modified loans	$	2,388	$	2,729	$	2,380

Business Combinations, Goodwill and Acquired Intangible Assets - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	$ 245	$ 377
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(235)	(352)
Intangible assets subject to amortization, Net	10	25
Customer, Services And Lending Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	139	218
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(138)	(212)
Intangible assets subject to amortization, Net	1	6
Software and Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	93	119
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(88)	(110)
Intangible assets subject to amortization, Net	5	9
Trademarks and Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	13	40
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(9)	(30)
Intangible assets subject to amortization, Net	$ 4	$ 10

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Total Derivative Notional Values	$ 8,900,000,000	$ 10,300,000,000
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,000,000,000	2,200,000,000
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,000,000,000	6,200,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,900,000,000	1,900,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	7,500,000,000	8,700,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,000,000,000	2,200,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	4,600,000,000	4,600,000,000
Interest Rate Swaps [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,900,000,000	1,900,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	0	0
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	0
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,400,000,000	1,600,000,000
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	1,400,000,000	1,600,000,000
Cross-Currency Interest Rate Swaps [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 0	$ 0

Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.


	September 30, 2024									December 31, 2023
(Dollars in millions)	Short Term			Long Term			Total			Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt	$	1,053		$	4,804		$	5,857		$	506		$	5,351		$	5,857
Total unsecured borrowings		1,053			4,804			5,857			506			5,351			5,857
Secured borrowings:
FFELP Loan securitizations(1)(2)		136			29,087			29,223			59			35,626			35,685
Private Education Loan securitizations(3)		672			10,852			11,524			435			11,754			12,189
FFELP Loan ABCP facilities		1,490			75			1,565			1,854			89			1,943
Private Education Loan ABCP facilities		1,876			—			1,876			1,286			821			2,107
Other(4)		86			39			125			95			39			134
Total secured borrowings		4,260			40,053			44,313			3,729			48,329			52,058
Total before hedge accounting adjustments		5,313			44,857			50,170			4,235			53,680			57,915
Hedge accounting adjustments		(8	)		(162	)		(170	)		(9	)		(278	)		(287	)
Total	$	5,305		$	44,695		$	50,000		$	4,226		$	53,402		$	57,628

(1)

(2)

(3)

(4)

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

Financing VIEs

We consolidated the following financing VIEs as of September 30, 2024 and December 31, 2023, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	September 30, 2024
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	136	$	29,087		$	29,223		$	29,785	$	1,189	$	1,257		$	32,231
Private Education Loan securitizations		672		10,852			11,524			12,567		330		111			13,008
FFELP Loan ABCP facilities		1,490		75			1,565			1,537		61		68			1,666
Private Education Loan ABCP facilities		1,876		—			1,876			2,173		51		64			2,288
Total before hedge accounting adjustments		4,174		40,014			44,188			46,062		1,631		1,500			49,193
Hedge accounting adjustments		—		(98	)		(98	)		—		—		(164	)		(164	)
Total	$	4,174	$	39,916		$	44,090		$	46,062	$	1,631	$	1,336		$	49,029


	December 31, 2023
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	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

- 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 - Loan Type (Detail) - FFELP Loans [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	$ 31,702	$ 39,801
Change	(8,099)
Stafford Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	10,168	12,781
Change	(2,613)
Consolidation Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	18,369	23,199
Change	(4,830)
Rehab Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	3,165	$ 3,821
Change	$ (656)

- 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/disclosureRef
-Topic 310
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Loan allowance for losses	$ (651)	$ (687)	$ (832)	$ (845)	$ (857)	$ (1,022)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Loans, gross	16,476			17,958
Loan allowance for losses	(471)	$ (493)	(617)	(625)	$ (657)	$ (800)
Loans, net	16,005		$ 16,902	17,333
Loan, Net Charge-Offs in Year One	0			0
Loan, Net Charge-Offs in Year Two	(3)			(5)
Loan, Net Charge-Offs in Year Three	(8)			(7)
Loan, Net Charge-Offs in Year Four	(13)			(4)
Loan, Net Charge-Offs in Year Five	(3)			(5)
Loan, Net Charge-Offs in Year Prior	(234)			(213)
Total Net Charge-Offs	$ (261)			$ (234)
Percentage of Loan, Net Charge-Offs	100.00%			100.00%
FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 882			$ 613
Total Private Education Loan Credit Quality Indicators by Origination Year Two	825			1,694
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,468			4,161
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,587			1,329
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,094			1,269
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,620			8,892
Total Loans, gross	$ 16,476			$ 17,958
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	$ 868			$ 603
Total Private Education Loan Credit Quality Indicators by Origination Year Two	802			1,641
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,391			4,056
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,448			1,303
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,062			1,226
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,140			7,471
Total Loans, gross	$ 14,711			$ 16,300
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	89.00%			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	$ 14			$ 10
Total Private Education Loan Credit Quality Indicators by Origination Year Two	23			53
Total Private Education Loan Credit Quality Indicators by Origination Year Three	77			105
Total Private Education Loan Credit Quality Indicators by Origination Year Four	139			26
Total Private Education Loan Credit Quality Indicators by Origination Year Five	32			43
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,480			1,421
Total Loans, gross	$ 1,765			$ 1,658
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	11.00%			9.00%
Loan Status [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 882			$ 613
Total Private Education Loan Credit Quality Indicators by Origination Year Two	825			1,694
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,468			4,161
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,587			1,329
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,094			1,269
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,620			8,892
Total Loans, gross	$ 16,476			$ 17,958
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	$ 58			$ 40
Total Private Education Loan Credit Quality Indicators by Origination Year Two	70			73
Total Private Education Loan Credit Quality Indicators by Origination Year Three	67			87
Total Private Education Loan Credit Quality Indicators by Origination Year Four	88			20
Total Private Education Loan Credit Quality Indicators by Origination Year Five	18			27
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	516			462
Total Loans, gross	$ 817			$ 709
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	5.00%			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	$ 823			$ 572
Total Private Education Loan Credit Quality Indicators by Origination Year Two	750			1,614
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,389			4,062
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,480			1,305
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,071			1,236
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,769			8,126
Total Loans, gross	$ 15,282			$ 16,915
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	93.00%			94.00%
Loan Status [Member] \| Greater than 90 days Delinquent [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 1			$ 1
Total Private Education Loan Credit Quality Indicators by Origination Year Two	5			7
Total Private Education Loan Credit Quality Indicators by Origination Year Three	12			12
Total Private Education Loan Credit Quality Indicators by Origination Year Four	19			4
Total Private Education Loan Credit Quality Indicators by Origination Year Five	5			6
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	335			304
Total Loans, gross	$ 377			$ 334
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	$ 882			$ 613
Total Private Education Loan Credit Quality Indicators by Origination Year Two	825			1,694
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,468			4,161
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,587			1,329
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,094			1,269
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,620			8,892
Total Loans, gross	$ 16,476			$ 17,958
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	$ 830			$ 576
Total Private Education Loan Credit Quality Indicators by Origination Year Two	430			451
Total Private Education Loan Credit Quality Indicators by Origination Year Three	29			36
Total Private Education Loan Credit Quality Indicators by Origination Year Four	21			8
Total Private Education Loan Credit Quality Indicators by Origination Year Five	3			4
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	42			59
Total Loans, gross	$ 1,355			$ 1,134
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	8.00%			7.00%
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	337			1,185
Total Private Education Loan Credit Quality Indicators by Origination Year Three	413			1,948
Total Private Education Loan Credit Quality Indicators by Origination Year Four	63			17
Total Private Education Loan Credit Quality Indicators by Origination Year Five	9			15
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	55			68
Total Loans, gross	$ 877			$ 3,233
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	6.00%			18.00%
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	982			2,123
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,704			624
Total Private Education Loan Credit Quality Indicators by Origination Year Five	22			44
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	97			124
Total Loans, gross	$ 2,805			$ 2,915
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	17.00%			16.00%
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	1,754			669
Total Private Education Loan Credit Quality Indicators by Origination Year Five	521			791
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	180			202
Total Loans, gross	$ 2,455			$ 1,662
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	15.00%			9.00%
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	531			402
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,081			8,247
Total Loans, gross	$ 8,612			$ 8,649
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	52.00%			48.00%
Seasoning [Member] \| School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 52			$ 37
Total Private Education Loan Credit Quality Indicators by Origination Year Two	58			58
Total Private Education Loan Credit Quality Indicators by Origination Year Three	44			54
Total Private Education Loan Credit Quality Indicators by Origination Year Four	45			11
Total Private Education Loan Credit Quality Indicators by Origination Year Five	8			13
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	165			192
Total Loans, gross	$ 372			$ 365
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	$ 882			$ 613
Total Private Education Loan Credit Quality Indicators by Origination Year Two	825			1,694
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,468			4,161
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,587			1,329
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,094			1,269
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,620			8,892
Total Loans, gross	$ 16,476			$ 17,958
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%			100.00%
Certain Loan Modifications [Member] \| Modified [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 0			$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	8			28
Total Private Education Loan Credit Quality Indicators by Origination Year Three	75			116
Total Private Education Loan Credit Quality Indicators by Origination Year Four	174			43
Total Private Education Loan Credit Quality Indicators by Origination Year Five	55			78
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	5,400			5,926
Total Loans, gross	$ 5,712			$ 6,191
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	35.00%			34.00%
Certain Loan Modifications [Member] \| Non-Modified [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 882			$ 613
Total Private Education Loan Credit Quality Indicators by Origination Year Two	817			1,666
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,393			4,045
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,413			1,286
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,039			1,191
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,220			2,966
Total Loans, gross	$ 10,764			$ 11,767
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	$ 882			$ 613
Total Private Education Loan Credit Quality Indicators by Origination Year Two	825			1,694
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,468			4,161
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,587			1,329
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,094			1,269
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,620			8,892
Total Loans, gross	$ 16,476			$ 17,958
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	$ 208			$ 159
Total Private Education Loan Credit Quality Indicators by Origination Year Two	257			183
Total Private Education Loan Credit Quality Indicators by Origination Year Three	162			97
Total Private Education Loan Credit Quality Indicators by Origination Year Four	84			24
Total Private Education Loan Credit Quality Indicators by Origination Year Five	20			8
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	4,630			5,410
Total Loans, gross	$ 5,361			$ 5,881
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	$ 674			$ 454
Total Private Education Loan Credit Quality Indicators by Origination Year Two	568			1,511
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,306			4,064
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,503			1,305
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,074			1,261
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,990			3,482
Total Loans, gross	$ 11,115			$ 12,077
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	$ 882			$ 613
Total Private Education Loan Credit Quality Indicators by Origination Year Two	825			1,694
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,468			4,161
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,587			1,329
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,094			1,269
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	8,620			8,892
Total Loans, gross	$ 16,476			$ 17,958
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	$ 642			$ 576
Total Private Education Loan Credit Quality Indicators by Origination Year Two	780			1,604
Total Private Education Loan Credit Quality Indicators by Origination Year Three	1,390			3,919
Total Private Education Loan Credit Quality Indicators by Origination Year Four	3,377			1,270
Total Private Education Loan Credit Quality Indicators by Origination Year Five	1,045			1,181
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,380			7,483
Total Loans, gross	$ 14,614			$ 16,033
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	89.00%			89.00%
School Type [Member] \| For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 240			$ 37
Total Private Education Loan Credit Quality Indicators by Origination Year Two	45			90
Total Private Education Loan Credit Quality Indicators by Origination Year Three	78			242
Total Private Education Loan Credit Quality Indicators by Origination Year Four	210			59
Total Private Education Loan Credit Quality Indicators by Origination Year Five	49			88
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,240			1,409
Total Loans, gross	$ 1,862			$ 1,925
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	11.00%			11.00%

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Retained Earnings [Member]
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Carrying Value	$ 50,460	$ 57,766
Short-term borrowings, Carrying Value	5,305	4,226
Long-term borrowings, Carrying Value	44,695	53,402
Total	50,000	57,628
Total earning assets, Fair Value	49,625	55,816
Short-term borrowings, Fair Value	5,320	4,237
Long-term borrowings, Fair Value	43,832	51,566
Total interest-bearing liabilities, Fair Value	49,152	55,803
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	31,522	37,925
Loans receivable, Fair Value	30,901	36,590
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	60	54
Derivative financial instruments, Fair Value	60	54
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(164)	(189)
Derivative financial instruments, Fair Value	(164)	(189)
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	0	0
Derivative financial instruments, Fair Value	0	0
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	16,005	16,902	$ 17,333
Loans receivable, Fair Value	15,791	16,287
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	0	0
Total earning assets, Fair Value	(835)	(1,950)
Short-term borrowings, Fair Value	(15)	(11)
Long-term borrowings, Fair Value	863	1,836
Total interest-bearing liabilities, Fair Value	848	1,825
Excess of net asset fair value over carrying value	13	(125)
Difference [Member] \| FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(621)	(1,335)
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	(214)	(615)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	2,933	2,939
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 2,933	$ 2,939

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 1,740	$ 2,081
Benefit and insurance-related investments	457	460
Income tax asset, net	116	122
Derivatives at fair value	60	55
Accounts receivable	57	101
Fixed assets	54	62
Other	58	33
Total	$ 2,542	$ 2,914

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147478795/946-210-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (a)(4)
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-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Additional Information (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 57,000,000	$ 101,000,000
ASU 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable	41,000,000		$ 88,000,000
Contract assets	0
Contract liability	$ 0

- Definition

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

+ References + Details

Fair Value Measurements - Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (223)	$ (236)	$ (190)	$ (255)
Total gains/(losses):
Included in earnings	$ 49	$ (26)	$ (3)	$ (32)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax
Included in other comprehensive income	$ 0	$ 0	$ 0	$ 0
Settlements	9	11	28	36
Transfers in and/or out of level 3	1	0	1	0
Balance, end of period	(164)	(251)	(164)	(251)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	58	(15)	25	4
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(1)	(2)	(1)	(2)
Total gains/(losses):
Included in earnings	0	1	0	1
Included in other comprehensive income	0	0	0	0
Settlements	0	0	0	0
Transfers in and/or out of level 3	1	0	1	0
Balance, end of period	0	(1)	0	(1)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	0	1	0	1
Cross-Currency Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(222)	(234)	(189)	(253)
Total gains/(losses):
Included in earnings	49	(27)	(3)	(33)
Included in other comprehensive income	0	0	0	0
Settlements	9	11	28	36
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	(164)	(250)	(164)	(250)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	58	(16)	25	3
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	0	0	0	0
Total gains/(losses):
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Settlements	0	0	0	0
Transfers in and/or out of level 3	0	0	0	0
Balance, end of period	0	0	0	0
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	$ 0	$ 0	$ 0	$ 0

Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2024

Financing Receivable Allowance For Credit Losses [Line Items]

Allowance for Credit Losses and Recorded Investments in Loans


	Three Months Ended September 30, 2024
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	194		$	493		$	687
Total provision		(5	)		47			42
Charge-offs:
Gross charge-offs		(9	)		(85	)		(94	)
Expected future recoveries on current period gross charge-offs		—			11			11
Total(1)		(9	)		(74	)		(83	)
Adjustment resulting from the change in charge-off rate(2)		—			(21	)		(21	)
Net charge-offs		(9	)		(95	)		(104	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		—			26			26
Allowance at end of period	$	180		$	471		$	651
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)		.14	%		1.87	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(2)		—	%		.53	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.14	%		2.40	%
Ending total loans	$	31,702		$	16,476
Average loans in repayment	$	25,866		$	15,856
Ending loans in repayment	$	25,382		$	15,659

(1)

(2)

(3)


	Three Months Ended September 30,
(Dollars in millions)	2024
Beginning of period expected future recoveries on previously fully charged-off loans	$	211
Expected future recoveries of current period defaults		11
Recoveries (cash collected)		(10	)
Charge-offs (as a result of lower recovery expectations)		(27	)
End of period expected future recoveries on previously fully charged-off loans	$	185
Change in balance during period	$	(26	)

2. Allowance for Loan Losses (Continued)


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

(1)

(2)

(3)


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

2. Allowance for Loan Losses (Continued)


	Nine Months Ended September 30, 2024
(Dollars in millions)	FFELP Loans			Private Education Loans			Total
Beginning balance	$	215		$	617		$	832
Total provision		(6	)		74			68
Charge-offs:
Gross charge-offs		(29	)		(272	)		(301	)
Expected future recoveries on current period gross charge-offs		—			32			32
Total(1) (2)		(29	)		(240	)		(269	)
Adjustment resulting from the change in charge-off rate(3)		—			(21	)		(21	)
Net charge-offs		(29	)		(261	)		(290	)
Decrease in expected future recoveries on previously fully charged-off loans(4)		—			41			41
Allowance at end of period	$	180		$	471		$	651
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in charge-off rate (annualized) (3)		.14	%		1.98	%
Net adjustment resulting from the change in charge-off rate as a percentage of average loans in repayment (annualized)(3)		—	%		.17	%
Net charge-offs as a percentage of average loans in repayment (annualized)		.14	%		2.15	%
Ending total loans	$	31,702		$	16,476
Average loans in repayment	$	27,697		$	16,265
Ending loans in repayment	$	25,382		$	15,659

(1)

$28 million of Private Education Loan net charge-offs is in connection with the resolution of certain private legacy loans in bankruptcy. This was previously reserved for in 2023.

(2)

(3)

(4)


	Nine Months Ended September 30,
(Dollars in millions)	2024
Beginning of period expected future recoveries on previously fully charged-off loans	$	226
Expected future recoveries of current period defaults		32
Recoveries (cash collected)		(31	)
Charge-offs (as a result of lower recovery expectations)		(42	)
End of period expected future recoveries on previously fully charged-off loans	$	185
Change in balance during period	$	(41	)

2. Allowance for Loan Losses (Continued)


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

(1)

(2)

(3)


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

Age Analysis of Past Due Loans Delinquencies


	FFELP Loan Delinquencies
	September 30, 2024						December 31, 2023						September 30, 2023
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	1,342					$	1,557					$	1,636
Loans in forbearance(2)		4,978						6,147						6,248
Loans in repayment and percentage of each status:
Loans current		21,975			86.6	%		26,204			86.1	%		26,566			83.2	%
Loans delinquent 31-60 days(3)		948			3.7			1,193			3.9			1,481			4.6
Loans delinquent 61-90 days(3)		599			2.4			746			2.5			949			3.0
Loans delinquent greater than 90 days(3)		1,860			7.3			2,293			7.5			2,921			9.2
Total FFELP Loans in repayment		25,382			100	%		30,436			100	%		31,917			100	%
Total FFELP Loans		31,702						38,140						39,801
FFELP Loan allowance for losses		(180	)					(215	)					(220	)
FFELP Loans, net	$	31,522					$	37,925					$	39,581
Percentage of FFELP Loans in repayment					80.1	%					79.8	%					80.2	%
Delinquencies as a percentage of FFELP Loans in repayment					13.4	%					13.9	%					16.8	%
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					16.4	%					16.8	%					16.4	%

(1)

(2)

(3)

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


	Private Education Loan Delinquencies
	September 30, 2024						December 31, 2023						September 30, 2023
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	372					$	360					$	365
Loans in forbearance(2)		445						363						344
Loans in repayment and percentage of each status:
Loans current		14,827			94.7	%		15,935			94.9	%		16,435			95.3	%
Loans delinquent 31-60 days(3)		282			1.8			308			1.8			304			1.8
Loans delinquent 61-90 days(3)		173			1.1			173			1.0			176			1.0
Loans delinquent greater than 90 days(3)		377			2.4			380			2.3			334			1.9
Total loans in repayment		15,659			100	%		16,796			100	%		17,249			100	%
Total loans		16,476						17,519						17,958
Allowance for losses		(471	)					(617	)					(625	)
Loans, net	$	16,005					$	16,902					$	17,333
Percentage of loans in repayment					95.0	%					95.9	%					96.1	%
Delinquencies as a percentage of loans in repayment					5.3	%					5.1	%					4.7	%
Loans in forbearance as a percentage of loans in repayment and forbearance					2.8	%					2.1	%					2.0	%

(1)

(2)

(3)

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

Loans Type

Loan type:


(Dollars in millions)	September 30, 2024		September 30, 2023		Change
Stafford Loans	$	10,168	$	12,781	$	(2,613	)
Consolidation Loans		18,369		23,199		(4,830	)
Rehab Loans		3,165		3,821		(656	)
Total loans, gross	$	31,702	$	39,801	$	(8,099	)

Summary of Amortized Cost Basis of Loans to Borrowers

The following tables show the amortized cost basis as of September 30, 2024 and 2023 of the loans to borrowers experiencing financial difficulty that were modified during the respective period.


	Three Months Ended September 30, 2024
	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
(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	$	551		3.3	%	$	294		1.8	%	$	39		.2	%

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

	Nine Months Ended September 30, 2024
(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	$	1,511		9.2	%	$	770		4.7	%	$	108		.7	%

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

(1)

As of September 30, 2024 and 2023, there was $1.1 billion and $1.2 billion, respectively, of loans in the interest rate reduction program.

(2)

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

2. Allowance for Loan Losses (Continued)

For those loans modified in the three and nine months ended September 30, 2024 and 2023, the following tables show the impact of such modification.


Three Months Ended September 30, 2024
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 5.5%	Added an average 5 months to the remaining life of the loans	Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.7% to 5.4%.

Three Months Ended September 30, 2023
Loan Type	Interest Rate Reductions	More Than an Insignificant Payment Delay	Combination Rate Reduction and Term Extension
Private Education Loans	Reduced the weighted average contractual rate from 13.4% to 5.5%	Added an average 6 months to the remaining life of the loans	Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 13.0% to 5.4%.

Nine Months Ended September 30, 2024
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 13.3% to 5.4%	Added an average 5 months to the remaining life of the loans	Added an average 7 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.7% to 5.3%.

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

Schedule of Amount of Loans Modified and Payment Default


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2024		2023		2024		2023
Modified loans (amortized cost) (1)	$	127	$	65	$	284	$	123
Payment default (par)	$	129	$	67	$	290	$	129
Charge-offs (par)	$	12	$	3	$	14	$	5

(1)

Summary of Performance and Related Loan Status of Loans Modified

The following table provides the performance and related loan status of Private Education Loans that have been modified during the 12-month period preceding the balance sheet dates below.


(Dollars in millions)	Payment Status (Amortized Cost)
Loan Status	September 30, 2024		December 31, 2023		September 30, 2023
Loans in school/deferment	$	14	$	22	$	16
Loans in forbearance		121		93		67
Loans current		1,969		2,199		2,039
Loans delinquent 31 - 60 days		137		160		133
Loans delinquent 61 - 90 days		64		96		61
Loans delinquent greater than 90 days		83		159		64
Total modified loans	$	2,388	$	2,729	$	2,380

Private Education Loans [Member]

Financing Receivable Allowance For Credit Losses [Line Items]

Private Education Loan Portfolio Stratified by Key Credit Quality Indicators


	Private Education Loan Credit Quality Indicators by Origination Year
	September 30, 2024
(Dollars in millions)	2024		2023			2022			2021			2020			Prior			Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	868	$	802		$	1,391		$	3,448		$	1,062		$	7,140		$	14,711			89	%
Below 640		14		23			77			139			32			1,480			1,765			11
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	58	$	70		$	67		$	88		$	18		$	516		$	817			5	%
Current/90 days or less delinquent		823		750			1,389			3,480			1,071			7,769			15,282			93
Greater than 90 days delinquent		1		5			12			19			5			335			377			2
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
Seasoning(1):
1-12 payments	$	830	$	430		$	29		$	21		$	3		$	42		$	1,355			8	%
13-24 payments		—		337			413			63			9			55			877			6
25-36 payments		—		—			982			1,704			22			97			2,805			17
37-48 payments		—		—			—			1,754			521			180			2,455			15
More than 48 payments		—		—			—			—			531			8,081			8,612			52
Loans in-school/ grace/deferment		52		58			44			45			8			165			372			2
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
Certain Loan Modifications(2):
Modified	$	—	$	8		$	75		$	174		$	55		$	5,400		$	5,712			35	%
Non-Modified		882		817			1,393			3,413			1,039			3,220			10,764			65
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
Cosigners:
With cosigner(3)	$	208	$	257		$	162		$	84		$	20		$	4,630		$	5,361			33	%
Without cosigner		674		568			1,306			3,503			1,074			3,990			11,115			67
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
School Type:
Not-for-profit	$	642	$	780		$	1,390		$	3,377		$	1,045		$	7,380		$	14,614			89	%
For-profit		240		45			78			210			49			1,240			1,862			11
Total	$	882	$	825		$	1,468		$	3,587		$	1,094		$	8,620		$	16,476			100	%
Allowance for loan losses																			(471	)
Total loans, net																		$	16,005

Charge-Offs	$	—	$	(3	)	$	(8	)	$	(13	)	$	(3	)	$	(234	)	$	(261	)		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 66% for total loans at September 30, 2024.

2. Allowance for Loan Losses (Continued)


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

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

(1)

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

(2)

(3)

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

Commitments, Contingencies and Guarantees - Additional Information (Detail) $ in Millions	1 Months Ended	6 Months Ended	9 Months Ended
	Jan. 31, 2022 StateAttorneysGeneral	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Probable contingency loss liability		$ 105
Number of State Attorneys General under Agreement \| StateAttorneysGeneral	40
Settlement Payment			$ 120
Legal Settlements		$ 100
Loss Contingency Settlement Penalty			20
Accrual of loss contingency			$ 18

- 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

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Other	$ 2,542	$ 2,914
Total assets	53,440	61,375
Federal Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	31,522	37,925
Cash and investments	1,250	1,520
Other	1,829	2,128
Total assets	34,601	41,573
Consumer Lending [Member]
Segment Reporting Information [Line Items]
Loans, net	16,005	16,902
Cash and investments	444	497
Other	565	577
Total assets	$ 17,014	$ 17,976

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Earnings (Loss) per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) per Common Share

8. Earnings (Loss) per Common Share

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


	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions, except per share data)	2024			2023		2024		2023
Numerator:
Net income (loss)	$	(2	)	$	79	$	107	$	256
Denominator:
Weighted average shares used to compute basic EPS		108			120		111		124
Effect of dilutive securities:
Dilutive effect of restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP)(1)		—			1		1		1
Dilutive potential common shares(2)		—			1		1		1
Weighted average shares used to compute diluted EPS		108			121		112		125
Basic earnings (loss) per common share	$	(.02	)	$	.66	$	.97	$	2.06
Diluted earnings (loss) per common share	$	(.02	)	$	.65	$	.95	$	2.04

(1)

(2)

Other Assets (Tables)

9 Months Ended

Sep. 30, 2024

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

Schedule of Other Assets

The following table provides the detail of our other assets.


(Dollars in millions)	September 30, 2024		December 31, 2023
Accrued interest receivable	$	1,740	$	2,081
Benefit and insurance-related investments		457		460
Income tax asset, net		116		122
Derivatives at fair value		60		55
Accounts receivable		57		101
Fixed assets		54		62
Other		58		33
Total	$	2,542	$	2,914

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income:
Cash and investments	$ 43	$ 41	$ 129	$ 111
Total interest income	948	1,170	2,948	3,338
Total interest expense	828	879	2,547	2,636
Net interest income	120	291	401	702
Less: provisions for loan losses	42	72	68	68
Net interest income (loss) after provisions for loan losses	78	219	333	634
Other income (loss):
Servicing revenue	13	15	48	48
Asset recovery and business processing revenue	70	85	228	240
Other income	10	5	22	15
Gain on sale of subsidiary	219	0	219	0
Gains (losses) on derivative and hedging activities, net	(36)	26	11	44
Total other income	276	131	528	347
Expenses:
Salaries and benefits	72	99	259	302
Other operating expenses	112	134	274	299
Total operating expenses	184	233	533	601
Goodwill and acquired intangible asset impairment and amortization expense	140	3	145	8
Restructuring/other reorganization expenses	18	4	35	23
Total expenses	342	240	713	632
Income before income tax expense	12	110	148	349
Income tax expense	14	31	41	93
Net income (loss)	$ (2)	$ 79	$ 107	$ 256
Basic earnings (loss) per common share	$ (0.02)	$ 0.66	$ 0.97	$ 2.06
Average common shares outstanding	108	120	111	124
Diluted earnings (loss) per common share	$ (0.02)	$ 0.65	$ 0.95	$ 2.04
Average common and common equivalent shares outstanding	108	121	112	125
Dividends per common share	$ 0.16	$ 0.16	$ 0.48	$ 0.48
FFELP Loans [Member]
Interest income:
Total interest income	$ 591	$ 778	$ 1,861	$ 2,191
Less: provisions for loan losses	(5)	36	(6)	51
Private Education Loans [Member]
Interest income:
Total interest income	314	351	958	1,036
Less: provisions for loan losses	$ 47	$ 36	$ 74	$ 17

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2)	$ 79	$ 107	$ 256

- 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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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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+ Details

Other Assets

9 Months Ended

Sep. 30, 2024

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

Other Assets

. Other Assets

The following table provides the detail of our other assets.


(Dollars in millions)	September 30, 2024		December 31, 2023
Accrued interest receivable	$	1,740	$	2,081
Benefit and insurance-related investments		457		460
Income tax asset, net		116		122
Derivatives at fair value		60		55
Accounts receivable		57		101
Fixed assets		54		62
Other		58		33
Total	$	2,542	$	2,914

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Other Information

Director and Officer Trading Arrangements

During the quarter ended September 30, 2024, none of the Company’s directors or officers who are subject to the filing requirements of Section 16 of the Securities and Exchange Act 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, Item 408, except as described in the table below:


Name (Title)	Adoption/ Termination Date	Type of Trading Arrangement	Duration of Trading Arrangement(1)	Aggregate Number of Shares to be Purchased or Sold
Steve Hauber (Executive Vice President & Chief Administrative Officer)	July 26, 2024	Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c).	July 26, 2024 – September 30, 2025	Up to 30,000 shares Net shares to be received upon vesting of RSU awards vesting in February 2025(2)